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 Post subject: September 3rd Thursday Trade Results - Profit $1875.00
PostPosted: Fri Sep 04, 2015 1:05 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)

Attachment:
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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 @ $1875.00 dollars or +37.50 points, Light Crude Oil CL ($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 @ $1875.00 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=147&t=2163

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=271&t=2883 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 Thursday on a cautious note ahead of Friday's Nonfarm Payrolls report for August (Briefing.com consensus 217,000). The S&P 500 added 0.1% after being up as much as 1.3% while the Nasdaq Composite (-0.4%) underperformed throughout the session.

Equities climbed steadily through the first hour of action as global investors rushed into risk assets after European Central Bank President Mario Draghi indicated the ECB's quantitative easing program may be extended. To that point, the ECB made no changes to its policy course, but the central bank will now be allowed to buy up to 33.0% of any particular issue, up from the previous limit of 25.0%. On a related note, the ECB lowered its 2015 GDP forecast for the eurozone to 1.4% from 1.5%.

The news from Europe pressured the euro, sending the single currency lower by 0.8% against the dollar to 1.1125. The euro remained in the neighborhood of its low throughout the day while stocks reached their highs during the first 90 minutes of the day before pulling back.

The early advance was paced by the health care sector (-0.6%), but the influential group was also the first to retreat from its high while others followed suit. Biotechnology hinted at the impending weakness from the get-go as iShares Nasdaq Biotechnology ETF (IBB 338.63, -7.60) lagged throughout the session, ending lower by 2.2%.

Biotechnology's daylong underperformance also took its toll on the Nasdaq as the tech-heavy index spent the entire session behind the S&P 500. Meanwhile, large cap components like Apple (AAPL 110.37, -1.97), Google (GOOGL 637.05, -7.86), and Facebook (FB 88.10, -1.79) also struggled, which kept the technology sector (-0.1%) among today's laggards. That being said, high-beta chipmakers fared well, evidenced by a 0.8% gain in the PHLX Semiconductor Index. Only four index members posted losses while SunEdison (SUNE 11.94, +1.15) surged 10.7% after the company's Chief Executive Officer appeared on Bloomberg, saying the company expects to see positive cash flows later this year or early next year.

Elsewhere, the energy sector (+0.3%) was forced from its high by the late-afternoon weakness while crude oil jumped 1.0% to $46.30/bbl. Following today's advance, crude is set to enter the Friday session up 3.5% for the week versus a 1.4% week-to-date decline for the energy sector.

Treasuries entered the day with gains and settled near their highs after overcoming a brief intraday slip. The 10-yr note added four ticks, lowering its yield by two basis points to 2.17%.

Investor participation remained above average with more than 860 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Trade Balance, ISM Services, and Challenger Job Cuts:

The initial claims level increased to 282,000 for the week ending August 29 from a downwardly revised 270,000 (from 271,000) while the Briefing.com consensus expected an increase to 273,000
This was the first time the initial claims level exceeded 280,000 since the week ending July 11, but the overall trend supports a labor market that is at, or very near, full employment
The U.S. trade deficit narrowed to $41.90 billion in July from an upwardly revised $45.20 billion ($43.80 billion) while the Briefing.com consensus expected a decline to $42.70 billion
The goods deficit decreased to $61.40 billion in July from $64.80 billion in June while the services surplus was virtually unchanged at $19.60 billion
The ISM Non-Manufacturing Index declined to 59.0 in August from 60.3 in July while the Briefing.com consensus expected a fall to 58.4
The Challenger Job Cuts report for August showed a 2.9% increase to follow last month's 125.4% spike

Tomorrow, the August Nonfarm Payrolls report will be released at 8:30 ET (Briefing.com consensus 217,000).

Nasdaq Composite -0.1% YTD
S&P 500 -5.2% YTD
Russell 2000 -4.9% YTD
Dow Jones Industrial Average -8.1% YTD

3:40 pm: [BRIEFING.COM]

The dollar index continued to hold solid gains after surging higher in morning action. Oil prices were volatile once again, trading in a wide range today. In morning action, Oct WTI crude rallied as much as $2.73 to $48.41/barrel, but quickly lost ground, falling back near $46/barrel.
As we've been seeing more recently, extra volatility kicked in as the end of floor trading came near. Oil rallied some heading into the close, ending the day +1% at $46.30/barrel.
In other energy, Oct nat gas initially pulled back a little following storage data results, but rallied shortly after, rising as high as $2.73/MMBtu. Oct nat gas ended the day +2.65 at $2.72/MMBtu.

2:55 pm:

[BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the trading day. The benchmark index spent the first 90 minutes of the session in a steady climb, but selling pressure kicked in just below the 1,975 level, driving the index down for a test of its unchanged level.

For the time being, the S&P 500 has been able to maintain posture above its flat line, but the final hour is setting up to pretty interesting considering two heavily-weighted sectors-health care (-0.1%) and technology (+0.2%)-lag while financials (+0.7%) and consumer staples (+0.9%) trade ahead of the broader market. In all likelihood, one side will be triumphant over the other once the ongoing tug-of-war is resolved.

2:25 pm:

[BRIEFING.COM] The stock market has set a new low in recent action with the S&P 500 (+0.1%) briefly dipping below its flat line while the Nasdaq (-0.3%) has spent the past 30 minutes in the red.

In our midday update we highlighted the relative weakness in biotechnology and technology, which has fueled the pullback from late-morning highs. The technology sector is now down 0.1% while the health care sector has surrendered 0.4%. Unsurprisingly, biotechnology has added to its losses with the iShares Nasdaq Biotechnology ETF (IBB 339.41, -6.82) down 2.0%.

Elsewhere, Treasuries continue holding modest gains with the 10-yr yield down two basis points at 2.16% while the Dollar Index (96.31, +0.48) remains in the top third of today's range.

1:55 pm:

[BRIEFING.COM] The major averages continue trading near their recently-established lows.

Despite an appreciating dollar and a sharp drop in crude prices, weaker import demand pulled the trade deficit lower in August.

The U.S. trade deficit narrowed to $41.9 bln in July from an upwardly revised $45.2 bln ($43.8 bln) in June. The Briefing.com Consensus expected the trade deficit to decline to $42.7B.

The goods deficit decreased to $61.4 bln in July from $64.8 bln in June. The services surplus was virtually unchanged at $19.6 bln.

Total exports increased by $0.8 bln to $188.5 bln in July. Small gains in industrial supplies exports ($0.3 bln), capital goods ($0.2 bln), and automotive ($0.5 bln) were partially offset by a $0.4 bln decline in consumer goods exports.

Total imports fell by $2.5 bln to $230.4 bln in July. There were large declines in imports of consumer goods ($2.6) -- specifically from pharmaceuticals ($1.4 bln) and cell phones ($1.2 bln) -- and foods stuffs ($0.6 bln). Industrial supplies imports increased by $0.4 bln.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have seen some down-ticks since our last update, with the Nasdaq now trading in negative territory.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 29.24, +0.64), Cisco (CSCO 26.00, +0.35), and Visa (V 70.46, +0.84) are outperforming. Leading the Dow, Intel shares are being helped by notable strength in the semiconductor space following this morning's $400 mln acquisition of Pericom Semiconductor (PSEM 16.73, +4.55) by Diodes Intl (DIOD 21.53, +1.95).

Conversely, Caterpillar (CAT 74.10, -2.00) is the worst-performing Dow component, trading lower in sympathy after peer Joy Global (JOY 18.49, -3.64) reported its Q3 results, missing analyst expectations, and meaningfully lowering its FY15 guidance, which pushed shares to near 6 1/2 year lows.

Despite adding on to yesterday's gains, the DJIA is still down 1.3% this week.
Related Quotes

12:55 pm:

[BRIEFING.COM] The major averages hold midday gains with the S&P 500 (+0.6%) trading ahead of the Nasdaq Composite (+0.2%).

The first half of the Thursday affair has been relatively quiet with the market climbing steadily through the opening 90 minutes of the day before inching back to its opening levels. Today's big news was reported ahead of the opening bell after European Central Bank President Mario Draghi indicated the ECB is ready to expand its quantitative easing program if needed. To that point, the ECB made no changes to its current policy course, but the central bank will now be allowed to buy up to 33.0% of any particular issue, up from the previous limit of 25.0%.

The news sent European markets to fresh highs while U.S. stocks have held gains through the first half of the trading day. Nine sectors trade in the green at this time while the health care sector (-0.1%) has slumped to the bottom of the leaderboard after pacing the opening advance. Biotechnology has contributed to the pullback from highs, evidenced by a 1.5% decline in the iShares Nasdaq Biotechnology ETF (IBB 341.26, -4.97).

Furthermore, the relative weakness in the biotech group is partially responsible for the Nasdaq's underperformance. Meanwhile, the top-weighted technology sector (+0.5%) trades a bit behind the broader market as large cap names lag. On that note, Apple (AAPL 111.34, -1.01), Google (GOOGL 642.28, -2.63) and Facebook (FB 88.99, -0.91) show losses between 0.5% and 1.0%.

With health care and technology trailing the broader market, their performance deserves close attention during the afternoon since the two groups account for more than 35.0% of the entire market, which could influence the overall direction of afternoon trade.

Elsewhere, the energy sector (+0.8%) trades a bit ahead of the S&P 500 thanks to a 2.2% spike in crude oil, which has climbed to $47.27/bbl.

Treasuries hover near their highs after making a brief appearance in the red this morning. As a result, the 10-yr yield is lower by two basis points at 2.16%.

Economic data included Initial Claims, Trade Balance, ISM Services, and Challenger Job Cuts:

The initial claims level increased to 282,000 for the week ending August 29 from a downwardly revised 270,000 (from 271,000) while the Briefing.com consensus expected an increase to 273,000
This was the first time the initial claims level exceeded 280,000 since the week ending July 11, but the overall trend supports a labor market that is at, or very near, full employment
The U.S. trade deficit narrowed to $41.90 billion in July from an upwardly revised $45.20 billion ($43.80 billion) while the Briefing.com consensus expected a decline to $42.70 billion
The goods deficit decreased to $61.40 billion in July from $64.80 billion in June while the services surplus was virtually unchanged at $19.60 billion
The ISM Non-Manufacturing Index declined to 59.0 in August from 60.3 in July while the Briefing.com consensus expected a fall to 58.4
The Challenger Job Cuts report for August showed a 2.9% increase to follow last month's 125.4% spike

12:25 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (+0.8%) having spent the past two hours in a four-point range.

Today's big story was the news from the European Central Bank as President Mario Draghi indicated the ECB is prepared to expand its quantitative easing program. The news pressured the euro, sending the single currency to 1.1105 from 1.1230 against the dollar. The euro has ranged near its session low over the past two hours, allowing the Dollar Index to remain near its best level of the day.

Elsewhere, Treasuries have returned to their highs with the 10-yr yield now down two basis points at 2.16%.

11:55 am:

[BRIEFING.COM] Not much change in the market with the S&P 500 trading higher by 0.8%.

Sector standing has not changed much with energy (+1.3%) and materials (+1.1%) remaining ahead of the other eight sectors while only two sectors-financials (+1.0%) and telecom services (+1.0%)-are up 1.0% or more. Elsewhere, the top-weighted technology sector has narrowed its gain to 0.7% as several large cap names remain weak.

The technology sector deserves attention going into the afternoon, considering the group accounts for just over 20.0% of the entire market. That being said, chipmakers represent a pocket of strength, evidenced by a 1.8% gain in the PHLX Semiconductor Index.

11:25 am:

[BRIEFING.COM] Equity indices remain near their recent highs with the S&P 500 up 1.0% while the Nasdaq Composite (+0.8%) trades a bit behind the benchmark index.

The slight underperformance in the tech-heavy Nasdaq comes as several large cap names like Apple (AAPL 112.11, -0.23), Google (GOOGL 646.23, +1.32), and Facebook (FB 89.24, -0.65) underperform while biotechnology also lags with the iShares Nasdaq Biotechnology ETF (IBB 346.73, +0.50) up just 0.1% versus a 0.9% gain in the health care sector.

Similar to health care, two other countercyclical groups-consumer staples (+1.1%) and telecom services (+1.2%)-outperform while the utilities space (+0.7%) lags.

10:55 am:

[BRIEFING.COM] Equity indices have added to their early gains with the S&P 500 (+1.2%) remaining ahead of the Dow (+1.1%) and Nasdaq Composite (+0.9%).

All ten sectors trade in positive territory with six groups up 1.0% or more. The energy space (+2.1%) holds the lead despite struggling at the start of the session. The growth-sensitive group has been underpinned by crude oil, which has spiked 4.2% to $48.22/bbl. Meanwhile, the other commodity-related sector-materials (+1.6%)-follows right behind energy.

The continued strength in equities has been met with more selling in the Treasury market, returning the 10-yr yield to unchanged at 2.19%.

10:35 am: [BRIEFING.COM]

The dollar trended near flat overnight, before spiking higher in early trade on accommodative interest rate commentary from ECB President Mario Draghi
Despite making no changes to its interest rate, the commentary pushed the dollar higher going into the morning's US unemployment and manufacturing data
Upon release of higher-than-expected initial claim (and in-line cont. claim) data, the dollar continued to extend its prior gains and is now +0.6% to 96.41
WTI also saw muted trading overnight, preceding a strong rally that pushed the December contract to positives on the session
Early trading was highlighted by headlines indicating that Saudi Arabia's largest oil company (Aramco) lowered prices on medium and heavy crude oil exports to Asia
Currently, oil is holding strong gains at +3.1% to $47.68/barrel
Natural gas rallied to modest gains early, ahead of EIA inventory data that was expected to show a build of ~88 bcf for the week ending Aug. 28
Upon release of the data, nat gas futures are showing a mixed reaction despite bearish data. The December contract is now +0.6% to $2.66/MMBtu
Gold is seeing moderate selling pressure from the strengthening dollar, at -0.6% to $1126.80/oz, while silver is trending industrially higher at +1.2% to $14.85/oz
Copper has also rallied this morning, at +3% to $2.40/lb

10:00 am:

[BRIEFING.COM] The S&P 500 remains higher by 0.8% while the Nasdaq (+0.4%) underperforms.

Just reported, the ISM Services Index for July rose to 59.0 from 56.0 while the Briefing.com consensus expected an improvement to 56.3.

9:40 am:

[BRIEFING.COM] The stock market has climbed out of the gate with all ten sectors backing the early move higher.

The S&P 500 trades up 0.6% with the health care sector (+0.8%) setting the early pace. Elsewhere among influential sectors, technology (+0.5%) and financials (+0.5%) trade just ahead of the broader market while energy (unch) and industrials (+0.3%) underperform. The energy sector has shown relative weakness in the early going even as crude oil trades up 0.7% at $46.59/bbl.

Meanwhile, Treasuries have slipped from their highs, but they remain in the green with the 10-yr yield down a basis point at 2.17%.

The ISM Services Index for August (consensus 58.4) will be released at 10:00 ET.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +18.80.

The stock market is on track for a higher open with S&P 500 futures trading eight points above fair value. The overnight session in the futures market was fairly subdued as holiday market closures in China and Hong Kong removed some of the recent volatility. Futures climbed to highs shortly after Europe opened for action and they have briefly surged to new highs after European Central Bank President Mario Draghi signaled the bank's intention to continue its quantitative easing for longer.

The ECB made no changes to its interest rate corridor, but President Mario Draghi made accommodative comments, indicating larger asset purchases are in the cards due to a weaker recovery with renewed downside risks. Mr. Draghi announced the central bank will now be allowed to buy up to 33.0% of any particular issue, up from the previous limit of 25.0%.

The news sent European indices to new highs while U.S. futures spiked to new highs before returning to their previous levels. Meanwhile, the Dollar Index (96.48, +0.65) is now higher by 0.7% with the greenback adding 0.9% against the euro (1.1122).

Treasuries have climbed to new highs not long ago, pressuring the 10-yr yield to 2.16% (-3 bps).

On the economic front, the latest weekly initial jobless claims count totaled 282,000 while the Briefing.com consensus expected a reading of 273,000. Separately, the July trade balance showed a deficit of $41.90 billion while the Briefing.com consensus expected the deficit to come in at $42.70 billion.

Today's data will be topped off with the ISM Services Index for August (consensus 58.4), which will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +26.20.

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

Markets in the Asia-Pacific region finished Thursday mostly higher, supported by Wall Street's positive showing on Wednesday and a lack of drama related to trading in China's stock market, which was closed to commemorate the end of World War II. Australia (-1.4%) was a notable exception as it backtracked in the wake of a disappointing retail sales report.

In economic data:
Japan's August Nikkei Services PMI 53.7 (prior 51.2)
India's August Nikkei Services PMI 51.8 (prior 50.8)
South Korea's Revised Q2 GDP +0.3% quarter-over-quarter (expected +0.3%; prior +0.3%); +2.2% year-over-year (expected +2.2%; prior +2.2%)
Australia's July Retail Sales -0.1% month-over-month (expected +0.4%; prior +0.6%), August AIG Services Index 55.6 (prior 54.1), and July Trade Balance -AUD2.46 bln (expected -AUD3.10 bln; prior -AUD3.05 bln) as Exports +2.0% month-over-month (prior +3.0%) while Imports 0.0% month-over-month (prior +4.0%)

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Japan's Nikkei increased 0.5%, but had been up 2.1% shortly after the start of trading. The remainder of the session featured a steady fade from those opening gains. The health care (+1.2%), technology (+1.2%), financials (+0.8%), and industrials (+0.7%) sectors provided underlying support. Leading gainers included Minebea Co (+8.9%), Nippon Soda (+5.1%), and Nippon Electric Glass (+5.0%). The worst-performing issues were Furukawa (-3.2%), Tokuyama (-3.0%), and Yamato Holdings (-2.0%). Out of the 225 index members, 147 ended higher, 71 finished lower, and 7 were unchanged.
Hong Kong's Hang Seng: closed for holiday (Anniversary day of victory in war against Japan)
China's Shanghai Composite: closed for holiday (Victory Day)

Major European indices trade higher across the board with Germany's DAX (+2.3%) in the lead. The European Central Bank made no changes to its policy stance, keeping its interest rate corridor steady, as expected, but during his press conference, ECB President Mario Draghi indicated the central bank has increased its share limit for asset purchases to 33% from 25%, signaling that the quantitative easing program may continue for longer. Furthermore, the ECB has lowered its GDP forecast for 2015 to 1.4% from 1.5%.

Participants received several data points:
Eurozone August Services PMI 54.4 (expected 54.3; prior 54.3) while July Retail Sales +0.4% month-over-month (expected 0.6%; prior -0.2%); +2.7% year-over-year (consensus 2.0%; last 1.7%)
Germany's August Services PMI 54.9 (consensus 53.6; last 53.6)
UK's August Services PMI 55.6 (expected 57.6; last 57.4)
France's August Services PMI 50.6 (consensus 51.8; prior 51.8) while Q2 Unemployment Rate held at 10.3%
Italy's August Services PMI 54.6 (expected 53.0; prior 52.0)
Spain's August Services PMI 59.6 (consensus 59.6; last 59.7)

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In France, the CAC trades up 1.7% with all but three components in the green. Consumer names lead with Accor, Essilor International, and Pernod Ricard up between 1.7% and 2.3%. On the flip side, Electricite de France has given up 4.2%.
UK's FTSE is higher by 1.5% amid relative strength in airlines and miners. International Consolidated Airlines and easyJet are both up near 6.0% apiece while Anglo American, Antofagasta, BHP Billiton, and Glencore showing gains between 2.5% and 3.8%.
Germany's DAX has spiked 2.3% with all components trading in positive territory. Health care/consumer names outperform with Fresenius, Henkel, Bayer, and Merck adding between 2.1% and 4.1%. Utility provider E.On underperforms, up 0.2%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +21.90.

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

The latest weekly initial jobless claims count totaled 282,000 while the Briefing.com consensus expected a reading of 273,000. Today's tally was above the revised prior week count of 270,000 (from 271,000). As for continuing claims, they fell to 2.257 million from 2.266 million.

Separately, the July trade balance showed a deficit of $41.90 billion while the Briefing.com consensus expected the deficit to come in at $42.70 billion. The prior month's deficit was revised down to $45.20 billion from $43.80 billion.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +22.30.

U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover eight points above fair value after hitting their best levels of the morning shortly after Europe opened for action. Since then, futures have surrendered about a third of their gains while markets across Europe hold solid gains.

Treasuries are little changed with the 10-yr yield at 2.18%.

On the economic front, the Challenger Job Cuts report for August showed a 2.9% increase to follow last month's 125.4% spike. Meanwhile, weekly Initial Claims (Briefing.com consensus 273,000) and July Trade Balance (consensus -$42.70 billion) will both be released at 8:30 ET and the day's data will be topped off with the 10:00 ET release of the ISM Services Index for August (consensus 58.4).

In U.S. corporate news of note:

eBay (EBAY 27.16, +0.29): +1.1% after Piper Jaffray upgraded the stock to 'Neutral' from 'Underweight.'
Five Below (FIVE 34.80, -3.21): -8.5% after disappointing guidance overshadowed in-line earnings.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.5% while Hong Kong's Hang Seng and China's Shanghai Composite were both closed
In economic data:
Japan's August Nikkei Services PMI 53.7 (prior 51.2) India's August Nikkei Services PMI 51.8 (prior 50.8)
South Korea's Revised Q2 GDP +0.3% quarter-over-quarter (expected +0.3%; prior +0.3%); +2.2% year-over-year (expected +2.2%; prior +2.2%)
Australia's July Retail Sales -0.1% month-over-month (expected +0.4%; prior +0.6%), August AIG Services Index 55.6 (prior 54.1), and July Trade Balance -AUD2.46 bln (expected -AUD3.10 bln; prior -AUD3.05 bln) as Exports +2.0% month-over-month (prior +3.0%) while Imports 0.0% month-over-month (prior +4.0%)
In news:
The Bank of Japan does not see the need for additional monetary easing at this time, according to the Wall Street Journal

Major European indices trade higher across the board. Germany's DAX +1.6%, UK's FTSE +1.3%, and France's CAC +1.1%. Elsewhere, Italy's MIB +1.4% and Spain's IBEX +0.5%
Participants received several data points:
Eurozone August Services PMI 54.4 (expected 54.3; prior 54.3) while July Retail Sales +0.4% month-over-month (expected 0.6%; prior -0.2%); +2.7% year-over-year (consensus 2.0%; last 1.7%)
Germany's August Services PMI 54.9 (consensus 53.6; last 53.6)
UK's August Services PMI 55.6 (expected 57.6; last 57.4)
France's August Services PMI 50.6 (consensus 51.8; prior 51.8) while Q2 Unemployment Rate held at 10.3%
Italy's August Services PMI 54.6 (expected 53.0; prior 52.0)
Spain's August Services PMI 59.6 (consensus 59.6; last 59.7)
Among news of note:
The European Central Bank made no changes to its policy stance, keeping its interest rate corridor steady, as expected. The Marginal Lending Facility rate remains at 0.30%, the Main Refinancing Rate holds at 0.05%, and the Deposit Facility is at -0.20%

5:37 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +26.90.

5:37 am: [BRIEFING.COM] Nikkei...18182.39...+87.00...+0.50%. Hang Seng...Holiday.........

5:37 am: [BRIEFING.COM] FTSE...6188.01...+104.80...+1.70%. DAX...10251.77...+204.70...+2.00%.

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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