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 Post subject: August 26th Wednesday Trade Results - Profit $11275.00
PostPosted: Wed Aug 26, 2015 9:18 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $11275.00 dollars or +225.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $11275.00 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=2155

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 rebounded from six days of consecutive losses on Wednesday with the S&P 500 spiking 3.9%. The benchmark index narrowed its weekly loss to 1.5% while the Nasdaq gained 4.2%, trimming this week's decline to 0.2%.

Equity indices began the day on a higher note after index futures rallied during overnight action. That advance occurred even as China's Shanghai Composite lost 1.3%, seeing little response to yesterday's rate cut from the People's Bank of China.

Once the trading day begun, the key indices spent the first three hours of action in a slow slide from their highs. The market saw little immediate reaction to comments from FOMC vice Chair William Dudley, who said that a case for a rate hike in September seems less compelling than it was a few weeks ago.

Despite the comments from Mr. Dudley, the market continued dripping from highs, but the S&P 500 was able to reverse course upon hitting the 1,880 level. Although there was nothing special about that mark, it is worth noting that the turn occurred as the dollar began rallying against the euro and yen, suggesting the return of carry flows. The greenback continued climbing alongside equities into the late afternoon, pushing the Dollar Index higher by 0.7%.

On a related note, Treasuries retreated during morning action and saw a second slide in the afternoon that sent the benchmark 10-yr yield higher by 12 basis points to 2.19%.

The considerable spike in yields kept the utilities sector (+1.7%) behind the broader market while the remaining nine groups gained between 2.8% and 5.3%.

The technology sector (+5.3%) finished in the lead after showing relative strength throughout the trading day. Large cap names like Apple (AAPL 109.62, +5.89), Facebook (FB 87.19, +4.19), and Google (GOOGL 659.74, +47.27) spiked between 5.1% and 7.7% while high-beta chipmakers also outperformed. The PHLX Semiconductor Index jumped 5.1% with all 30 components posting gains. Thanks to today's surge, the SOX index is now up 1.6% for the week.

Elsewhere, the health care sector (+4.3%) finished in second place, thanks in part to the relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 341.75, +16.49) spiked 5.1%, turning this week's loss into a 0.6% week-to-date gain.

Also of note, the energy sector (+3.5%) settled not far behind the broader market even though crude oil surrendered 1.6%, falling to $38.68/bbl. There was some M&A activity in the sector that may have been lost in the shuffle as Cameron (CAM 59.93, +17.46) surged 41.1% after agreeing to be acquired by Schlumberger (SLB 70.09, -2.43) for $14.80 billion in cash and stock, which translates to roughly $66.36/share.

Today's participation was well above average with more than 1.25 billion shares changing hands at the NYSE floor.

Economic data was limited to Durable Orders and MBA Mortgage Index:

Durable goods orders increased 2.0% in July after increasing an upwardly revised 4.1% (from 3.4%) in June while the Briefing.com consensus expected a decline of 0.6%
A big reason for the upside surprise came from the automotive sector as orders for motor vehicles and parts products rose 4.0% in July after increasing 0.8% in June.
Aircraft orders, which were expected to push overall durable goods orders into negative territory, declined a relatively modest 7.8%. That drop was easily offset by the aforementioned increase in motor vehicle orders
Excluding transportation, durable goods orders increased 0.6% in July after increasing an upwardly revised 1.0% (from 0.6%) in June while the consensus expected an increase of 0.4%
The weekly MBA Mortgage Index ticked up 0.2% to follow last week's 3.6% increase

Tomorrow, weekly Initial Claims (Briefing.com consensus 275K) and the second estimate of Q2 GDP (consensus 3.1%) will be released at 8:30 ET while the Pending Home Sales report for July (expected 1.0%) will cross the wires at 10:00 ET.

Nasdaq Composite -0.8% YTD
S&P 500 -5.8% YTD
Russell 2000 -6.0% YTD
Dow Jones Industrial Average -8.6% YTD

3:35 pm: [BRIEFING.COM]

The dollar index continued to climb higher today, which helped weigh on commodities, which are currently sitting at a 16-year low, according to the Bloomberg Commodity Index.
Metals all ended the day lower, led by silver, which ended floor trading -4.1% at $14.05/oz (Sept contract).
Dec gold lost -1.2% to $1124.470/oz, while Dec copper fell --0.6% to $2.25/lb.
WTI crude sold off into the close of pit trading today, ending the session -1.6% at $38.68/barrel.
In other energy, Sept natural gas lost flat at $2.69/MMBtu.

3:00 pm:

[BRIEFING.COM] The S&P 500 (+2.5%) has extended to a new session high with one hour remaining in the trading day.

If the benchmark index ends the day near its current level, it will narrow this week's loss to 2.9%. Meanwhile, the Nasdaq Composite (+2.7%) outperforms today and that gain has trimmed the Nasdaq's weekly decline to 1.7%.

Seven of ten sectors are now up 2.0% while the top-weighted technology sector has extended its gain to 3.6% after spending the entire session ahead of other sectors. Elsewhere, the utilities sector (+0.5%) trades behind the remaining groups as higher yields (10-yr yield +9 bps at 2.17%) prevent the rate-sensitive group from catching up to the broader market.

2:25 pm:

[BRIEFING.COM] The major averages have ticked down from their recent levels after charging back into the neighborhood of their opening highs. The S&P 500 trades higher by 1.7% while the Nasdaq (+1.8%) sits just ahead.

The top-weighted technology sector (+2.4%) remains in the lead, which has helped the market return near its high. However, in order for the market to extend to a fresh high, it would be necessary for other influential sectors like financials (+1.8%), consumer discretionary (+1.7%), and health care (+1.8%) to build on their current gains.

Interestingly, Treasuries have slumped to new lows, pushing the 10-yr yield up nine basis points to 2.16%.

2:00 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 flirting with a 2.0% gain.

A positive durable goods report was very surprising.

Durable goods orders increased 2.0% in July after increasing an upwardly revised 4.1% (from 3.4%) in June. The Briefing.com Consensus expected durable goods orders to decline 0.6%.

A big reason for the much better-than-expected gain in durable goods demand came from the automotive sector. Orders for motor vehicles and parts products rose 4.0% in July after increasing 0.8% in June. That move follows the huge increase in the production and assembly of motor vehicles that was reported in the July industrial production data.

Business capital demand remained very robust. Orders of nondefense capital goods excluding aircraft increased 2.2% in July after increasing an upwardly revised 1.4% (from 0.7%) in June. That was the largest increase in orders of business capital goods since a 5.8% gain in June 2014. Shipments, which factor into GDP growth calculations, rose 0.6% in July after increasing 0.9% in June.

1:35 pm:

[BRIEFING.COM] After slowly declining since the open, stocks caught some activity at the top of the hour and have continued to rally and recover earlier gains.

A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 71.14, +2.43), Merck & Co (MRK 52.97, +1.80), and Intel (INTC 26.64, +0.77) are outperforming. Exxon shares are higher amid strength in the energy sector, fueled by the near $15 bln deal announced this morning between Schlumberger and Cameron while Intel continues to outperform alongside its semiconductor peers.

Conversely, Coca-Cola (KO 38.15, +0.16) is the worst-performing Dow component.

Reclaiming losses from yesterday, the DJIA is still down 3.1% this week, and 9.8% this month.

1:00 pm:

[BRIEFING.COM] The major averages trade in the green at midday, but they have surrendered more than half of their opening gains. The S&P 500 (+1.0%) holds an 18-point gain after starting the day with a 47-point advance.

Just like yesterday, the market began the day on a considerably higher note after index futures rallied during overnight action. The overnight advance occurred even as China's Shanghai Composite fell 1.3% despite yesterday's rate cut from the People's Bank of China.

The key indices hit their highs during the first few minutes of the session, and they have headed lower in orderly fashion since then. The market saw a small bump in reaction to comments from FOMC vice Chair William Dudley, who said that a case for a rate hike in September seems less compelling than it was a few weeks ago. In addition to giving a small boost to equities, the remarks were met with some dollar weakness, pressuring the Dollar Index (94.82, +0.29) back to its flat line; however, the index has returned to its earlier high since then.

Six of ten sectors were up more than 2.0% at the start, but the steady retreat has only four sectors showing gains of more than 1.0% at this juncture (energy, technology, financials, and materials). The top-weighted technology sector remains higher by 1.7% and that strength has kept the broader market from seeing a larger retreat from highs.

As for materials, the group holds little sway over the market considering it accounts for just 3.0% of the S&P 500. Still, it is worth noting that Monsanto (MON 96.56, +7.14) has spiked 8.0% after the company said it is no longer seeking a merger with Syngenta (SYT 69.66, -8.43).

Staying on the M&A front, Cameron (CAM 59.96, +17.49) has soared 41.2% after agreeing to be acquired by Schlumberger (SLB 69.12, -3.39) for $14.80 billion in cash and stock, which translates to roughly $66.36/share. For its part, the energy sector (+1.0%) trades just ahead of the broader market, but crude oil has surrendered 1.0%, sliding to $38.99/bbl.

Treasuries retreated overnight, hitting their lows around 9:00 ET, but they have cut a third of their losses since then. The 10-yr yield remains higher by five basis points at 2.12% at this time.

Economic data was limited to Durable Orders and MBA Mortgage Index:

Durable goods orders increased 2.0% in July after increasing an upwardly revised 4.1% (from 3.4%) in June while the Briefing.com consensus expected a decline of 0.6%
A big reason for the upside surprise came from the automotive sector as orders for motor vehicles and parts products rose 4.0% in July after increasing 0.8% in June.
Aircraft orders, which were expected to push overall durable goods orders into negative territory, declined a relatively modest 7.8%. That drop was easily offset by the aforementioned increase in motor vehicle orders
Excluding transportation, durable goods orders increased 0.6% in July after increasing an upwardly revised 1.0% (from 0.6%) in June while the consensus expected an increase of 0.4%
The weekly MBA Mortgage Index ticked up 0.2% to follow last week's 3.6% increase

12:25 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading higher by 1.1%.

The benchmark index has returned into the middle of today's trading range, pulling almost all sectors from their highs. That being said, the materials space (+1.4%) has seen the smallest pullback, largely thanks to an 8.6% spike in Monsanto (MON 97.08, +7.66) after the company said it is no longer seeking a merger with Syngenta (SYT 69.47, -8.62).

Elsewhere, the other commodity-related sector-energy (+1.4%)-trades in-line with materials even as crude oil has slid 0.8% to $39.00/bbl.

11:55 am:

[BRIEFING.COM] Recent action saw the S&P 500 (+1.3%) slip out of the 20-point range that we highlighted in our previous update. As a result, the benchmark index now trades at a fresh intraday low as investors continue showing reluctance to step into the fold.

Interestingly, the market only saw a brief uptick after FOMC Vice Chair indicated that the case for a rate hike has gotten less compelling in recent weeks. Equities have moved to new intraday lows since then while Treasuries remain in the lower third of their trading ranges with the 10-yr yield up five basis points at 2.12%.

11:30 am:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading higher by 1.6%.

Overall, the S&P 500 has spent the early action inside a 20-point range with the 1,900 level serving as the midpoint. Seven sectors hold gains of 1.0% or more with five of the seven trading ahead of the broader market. Most notably, the three top-weighted groups-technology (+2.3%), health care (+1.8%), and financials (+1.7%)-outperform, and their performance deserves attention as they could hint at the near-term direction of the market. Together, the three sectors account for more than 52.0% of the entire market.

Elsewhere, the Dollar Index (94.78, +0.25) has begun inching back to its high after testing the unchanged level in reaction to earlier comments from FOMC Vice Chair William Dudley.

11:00 am:

[BRIEFING.COM] The Dow, Nasdaq, and S&P 500 all hold gains close to 1.8% apiece with the S&P 500 drifting near the 1,900 mark.

Equity indices saw a modest spike in recent action after FOMC Vice Chair William Dudley said that a case for a rate hike in September seems less compelling than it was a few weeks ago. Mr. Dudley made the remark during a Q&A portion after concluding a speech that did not include comments on monetary policy.

In addition to giving a small boost to equities, the remarks were met with some dollar weakness, pressuring the Dollar Index (94.61, +0.08) back near its flat line. Also of note, Treasuries have moved off their lows with the 10-yr yield remaining higher by four basis points at 2.11% after hitting the 2.16% level earlier.

10:40 am: [BRIEFING.COM]

The dollar trended negative overnight, before catching an upward reversal near the 94 level, on relatively muted Chinese equity volatility and ahead of US Durable Goods data.
The index rallied to near the flat-line ahead of the data, which showed an increase in orders of 2% for July, versus a consensus calling for a moderate decline.
Upon release of the stronger-than-expected data, the index continued its rally and is now holding solid gains at +0.1% to 94.60
Precious metals have sold off all morning, driven largely by risk-on trade flows and strength in the dollar.
Gold is now trading -1.7% to $1119.5/oz and silver is -4.2% to $13.99/oz
Oil stabilized overnight, trending modestly positive on momentum from yesterday evening's API inventory data release (showing a 7.3 mln barrel draw)
However, oil gave up those gains in early trade, largely in the face of a strengthening dollar and ahead of the morning's EIA data (expecting a 1 mln barrel build)
Upon release of the data, WTI spiked briefly higher, but reversed just as fast, and just now hit a new low for today.
WTI is -1.5% to $38.71/barrel for the session.
Natural gas has pulled back from morning highs near $2.71/MMBtu, on an interplay of warming weather trends and expectations for this week's EIA inventory data to show a build of ~60 bcf for the week-ending August 21. Nat gas is now modestly negative at -0.2% to $2.69/MMBtu
Copper is holding solid losses at -2.4% to $2.26/lb

9:55 am:

[BRIEFING.COM] Equity indices remain near their early highs with the Nasdaq (+1.9%) maintaining the lead.

The tech-heavy index has received broad support from the likes of Apple (AAPL 107.06, +3.33), Google (GOOGL 645.31, +32.84), and Facebook (FB 85.60, +2.60) while biotechnology also outperforms, evidenced by a 2.6% spike in the iShares Nasdaq Biotechnology ETF (IBB 333.68, +8.42).

Elsewhere, consumer discretionary (+1.8%) and financials (+1.7%) trade in-line with the S&P 500 while energy (+0.9%) and materials (+0.9%) have slipped from their early highs. On a related note, crude oil trades lower by 0.4% at $39.18/bbl after surrendering an earlier gain.

9:40 am:

[BRIEFING.COM] The major averages have spiked out of the gate with the Nasdaq Composite (+2.4%) pacing the opening move. Meanwhile, the S&P 500 trades higher by 2.3% with the technology sector (+2.8%) in the lead.

Six of ten sectors display early gains of 2.0% or more while the utilities sector (+0.9%) trades behind the other groups as higher yields pressure the rate-sensitive space. To that point, the 10-yr note sits on its low with the benchmark yield up eight basis points at 2.15%.

Elsewhere, the Dollar Index (94.81, +0.29) is higher by 0.3% as it hovers just below its session high.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +46.60. Nasdaq futures vs fair value: +108.40.

For the second day in a row, the stock market is on track for a sharply higher open as S&P 500 futures trade 47 points above fair value.

Last evening, futures on the benchmark index were down near 1.0%, but they began their rebound shortly after the start of trading in Asia, continuing the move through European action and into this morning. Futures hit their highs within the past 45 minutes after the Durable Orders report for July came in well ahead of expectations (+2.0%; Briefing.com consensus -0.6%).

In addition to boosting futures, the news nudged the Dollar Index (94.90, +0.37) to a fresh high, but it is worth noting that the index began gathering steam well before the data was released.

On the corporate front, Cameron (CAM 61.95, +19.48) is on track to open higher by 45.9% after agreeing to be acquired by Schlumberger (SLB 71.45, -1.07) for $14.80 billion in cash and stock, which translates to roughly $66.36/share.

Treasuries hover near their lows with the 10-yr yield up eight basis points at 2.16%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +51.00. Nasdaq futures vs fair value: +115.90.

The S&P 500 futures trade 51 points above fair value.

It was a mixed day of trading action in the Asian-Pacific markets, which saw Japan's Nikkei rebound 3.2% and China's Shanghai Composite decline another 1.3%. The loss in China was logged after stepped-up selling pressure late in the session that suggested investors remain nervous and weren't overly impressed with the scope of the latest easing measures announced by the People's Bank of China.

In economic data:
Japan's Corporate Services Price Index +0.6% year-over-year (expected +0.4%; prior +0.4%)
South Korea's August Consumer Confidence 102 (expected 99; prior 100)
Australia's Q2 Construction Work Done +1.6% quarter-over-quarter (expected -1.5%; prior -0.8%)
New Zealand's July Trade Balance -NZD649 mln (expected -NZD750 mln; prior -NZD194 mln) as Exports NZD4.20 bln (expected NZD3.85 bln; prior NZD4.14 bln) and Imports NZD4.85 bln (expected NZD4.50 bln; prior NZD4.33 bln)
Singapore's Industrial Production +1.0% month-over-month (expected +2.7%; prior -2.8%); -6.1% year-over-year (expected -3.3%; prior -4.0%)

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Japan's Nikkei rebounded 3.2% following the prior two sessions in which it plunged 8.7%. Buying efforts picked up throughout the session and the Nikkei ended near its highs for the day, driven by gains in the technology (+4.4%), consumer discretionary (+4.0%), and financials (+3.4%) sectors. TDK Corp (+10.2%), Nitto Denko Corp (+9.3%), and Tokyo Electric Power (+8.7%) paced the winners while Pacific Metals (-3.5%), Nippon Paper Industries (-2.5%), and Komatsu (-1.9%) led the laggards. Out of the 225 index members, 210 ended higher and 15 finished lower.
Hong Kong's Hang Seng declined 1.5% and ended near its lows for the day as selling efforts picked up in the afternoon session -- a move that mimicked trading in the mainland markets. Galaxy Entertainment Group (-5.6%), Hengan International (-5.1%), and Tingyi Cayman Islands Holding (-4.7%) were the biggest losers. Kunlun Energy (+3.5%), China Shenhua Energy (+2.5%), and CNOOC (+1.9%) topped a small group of winners. Out of the 50 index members, 11 ended higher, 36 finished lower, and 3 were unchanged.
China's Shanghai Composite dropped another 1.3%, coughing up a 4.3% gain in the final two hours of trading as sellers resumed their efforts. The downturn following the PBOC easing measures suggests participants were unimpressed with the scope of the PBOC's measures to help boost the economy and restore investor confidence. Separately, it was reported that the PBOC injected 140 billion yuan (~$22 bln) into the interbank money market on Wednesday, presumably to help offset capital outflows.

Major European indices began the day with sharp losses, but they have been climbing off their lows since the start of the session. At this juncture, regional markets hover near their flat lines.

Economic data was limited:
UK's August CBI Distributive Trades Survey rose to 24 from 21 (expected 18) while BBA Mortgage Approvals came in at 46,000, as expected (prior 44,800)
Swiss July Consumption Indicator rose to 1.64 from 1.61

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UK's FTSE is higher by 0.1% with miners and energy names leading the rebound. BP, BHP Billiton, Rio Tinto, and Royal Dutch Shell hold gains between 0.2% and 1.5%. On the downside, consumer names remain weak with Burberry and Persimmon both down near 1.8%.
In France, the CAC trades up 0.1% with about 1/3 of its components remaining in the red. Consumer names Accor, Danone, and L'Oreal hold losses between 0.4% and 1.7% while Technip and Airbus have jumped 6.0% and 2.2%, respectively.
Germany's DAX hovers just above its flat line with K+S up 0.9% and Deutsche Boerse trading higher by 0.8%. On the flip side, BMW, Daimler, and SAP are down between 0.3% and 2.1%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +45.00. Nasdaq futures vs fair value: +98.90.

The S&P 500 futures trade 45 points above fair value.

July durable goods orders rose 2.0%, while the Briefing.com consensus expected a decline of 0.6%. This comes after the prior month's revised reading reflected an increase of 4.1% (from 3.4%). Excluding transportation, durable orders increased 0.6% (consensus 0.4%) to follow the prior month's revised increase of 1.0% (from 0.6%).

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +40.10. Nasdaq futures vs fair value: +88.60.

U.S. equity futures trade sharply higher after enduring another volatile night that saw early weakness followed by a steady rebound. The S&P 500 futures trade 40 points above fair value.

Meanwhile, Treasuries have retreated with the 10-yr yield up four basis points at 2.12%.

On the economic front, the weekly MBA Mortgage Index ticked up 0.2% to follow last week's 3.6% increase while July Durable Orders (Briefing.com consensus -0.6%) will be reported at 8:30 ET.

In U.S. corporate news of note:

Abercrombie & Fitch (ANF 20.27, +3.00): +17.4% after beating estimates and issuing upbeat guidance.
Chico's FAS (CHS 15.00, +1.17): +8.5% in reaction to a bottom-line beat.
Express (EXPR 18.70, +1.80): +10.7% after beating estimates and guiding Q3 earnings above consensus.
Frontline (FRO 2.50, +0.18): +7.8% despite missing earnings estimates.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +3.2%, China's Shanghai Composite -1.3%, and Hong Kong's Hang Seng -1.5%
In economic data:
Japan's Corporate Services Price Index +0.6% year-over-year (expected +0.4%; prior +0.4%)
South Korea's August Consumer Confidence 102 (expected 99; prior 100)
Australia's Q2 Construction Work Done +1.6% quarter-over-quarter (expected -1.5%; prior -0.8%)
New Zealand's July Trade Balance -NZD649 mln (expected -NZD750 mln; prior -NZD194 mln) as Exports NZD4.20 bln (expected NZD3.85 bln; prior NZD4.14 bln) and Imports NZD4.85 bln (expected NZD4.50 bln; prior NZD4.33 bln)
Singapore's Industrial Production +1.0% month-over-month (expected +2.7%; prior -2.8%); -6.1% year-over-year (expected -3.3%; prior -4.0%)
In news:
China Financial Futures Exchange has announced an increase to margin requirements for stock index futures, aimed at curbing excessive speculation

Major European indices trade lower across the board. Germany's DAX -0.7%, France's CAC -0.6%, and UK's FTSE -0.5%. Elsewhere, Italy's MIB -0.6% and Spain's IBEX -0.6%
Economic data was limited:
UK's August CBI Distributive Trades Survey rose to 24 from 21 (expected 18) while BBA Mortgage Approvals came in at 46,000, as expected (prior 44,800)
Swiss July Consumption Indicator rose to 1.64 from 1.61
Among news of note:
European markets have spent the first half of the trading day in a steady rally off their opening lows, but more work remains if the indices are going to turn positive today

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +32.00. Nasdaq futures vs fair value: +60.70.

5:49 am: [BRIEFING.COM] Nikkei...18376.83...+570.10...+3.20%. Hang Seng...21080.39...-324.60...-1.50%.

5:49 am: [BRIEFING.COM] FTSE...5997.20...-84.10...-1.40%. DAX...10012.08...-116.00...-1.20%.

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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