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 Post subject: September 8th Tuesday Trade Results - Profit $1437.50
PostPosted: Wed Sep 09, 2015 2:31 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1437.50 dollars or +28.75 points, Light Crude Oil CL ($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 @ $1437.50 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=147&t=2166

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


4:15 pm: [BRIEFING.COM] After losing 3.4% last week, the restless stock market began the holiday-shortened week with a broad-based surge. The Nasdaq Composite led the way, spiking 2.7% while the S&P 500 jumped 2.5% with the bulk of the advance taking place at the opening bell.

The buying surge at the start reflected a build-up of strength in the futures market that took root yesterday as U.S. futures labored their way higher alongside European equities. Once the Tuesday session began in Asia, China's Shanghai Composite rallied 2.9% with speculation of continued state support for equities overshadowing mediocre trade data (trade balance $60.24 billion; expected $48.20 billion) that showed a 5.5% year-over- year decline in exports (expected -6.0%) and a 13.8% drop in imports (expected -8.2%; prior -8.1%).

The late-afternoon gains in China stirred up overall risk tolerance, leading to more gains in the U.S. futures market while European equities enjoyed an opening surge. Better than expected economic data highlighted the European session as eurozone Q2 GDP was unexpectedly revised up to 0.4% quarter-over-quarter from 0.3%.

Once the U.S. cash market opened, equity indices spiked, hovering not far below their highs into the afternoon. All ten sectors contributed to the opening move higher, but daylong strength in heavily-weighted groups like technology (+2.8%), industrials (+2.8%), financials (+2.6%), and health care (+2.8%) kept the market from drifting too far away from its early high. The strength in those areas proved supportive in the late afternoon as the market charged to a fresh high during the last two hours of the session.

Despite the big push higher, today's trading volume was a bit below recent averages. That said, a final buying surge brought the NYSE floor total up to 898.5 million shares versus the 20-day average of 984 million.

The top-weighted technology sector was a clear outperformer at the start and the group remained among the leaders into the close. High-beta chipmakers rallied broadly with the PHLX Semiconductor Index surging 4.4% back to levels seen in mid-August. All 30 index components posted solid gains, but the spotlight was on Microchip (MCHP 44.86, +3.86), which spiked 9.4% after the company raised its guidance.

Similar to chipmakers, the high-beta biotechnology group enjoyed all-around strength, sending the iShares Nasdaq Biotechnology ETF (IBB 351.77, +14.67) higher by 4.4%. The biotech ETF climbed above its 200-day moving average (345.04) and helped the Nasdaq stay ahead of the broader market throughout the session.

With more than 2400 NYSE-listed issues ending the day with gains versus 650 decliners, green hues dominated most stock screens. Even the energy sector (+1.5%) was able to end the day well above its flat line even as crude oil futures shed 0.3%, slipping to $45.94/bbl.

Today's advance in equities lured some money out of the Treasury market as the 10-yr note retreated into the afternoon, settling near its low with the benchmark yield up seven basis points at 2.19%.

Investors received just one economic report today, which was met with little fanfare. The Consumer Credit report for July showed an increase of $19.10 billion, which was higher than the Briefing.com consensus estimate of $18.00 billion. The prior month's credit growth was revised to $27.00 billion from $20.70 billion.

Tomorrow's economic data will be limited to the 7:00 ET release of the weekly MBA Mortgage Index and the July Job Openings and Labor Turnover Survey, which will be reported at 10:00 ET.

Nasdaq Composite +1.6% YTD
Russell 2000 -3.5% YTD
S&P 500 -4.4% YTD
Dow Jones Industrial Average -7.5% YTD

3:30 pm: [BRIEFING.COM]

Copper held strong gains today, which came after Glencore announced it will suspend two mines.
At the end of today's pit session, Oct copper was +4.7% at $2.43/lb at the end of today's session.
Oil prices came back today. WTI crude oil was down near $44.20/barrel late last night, but rallied some today and ended the day -0.3% at $45.84/barrel.
Oct natural gas futures rallied some today, closing +2.3% at $2.71/MMBtu.
Dec gold ended the day unchanged at $1121.00/oz, while Dec silver closed +1.2% at $14.74/oz.

3:00 pm:

[BRIEFING.COM] The S&P 500 has extended its gain to 2.3% with one hour remaining in the session.

The Consumer Credit report for July was just released by the Federal Reserve and it showed an increase of $19.10 billion. That was higher than the Briefing.com consensus estimate of $18.00 billion. The prior month's credit growth was revised to $27.00 billion from $20.70 billion.

1:55 pm:

[BRIEFING.COM] The major averages continue drifting near their opening levels with the Nasdaq trading a bit ahead of S&P 500.

The lone highlight on this week's economic calendar is the August PPI report, which is set to be released on Friday.

Producer prices increased 0.2% in July after increasing 0.4% in June. The Briefing.com Consensus expects the PPI declined 0.1% in August.

Energy prices likely fell in August. The crude spot price declined nearly 20% to $43.11 per gallon and gasoline prices fell 4% to $2.602 per gallon.

Excluding food and energy, core PPI increased 0.3% for a second consecutive month in July. The consensus expects core PPI increased 0.1% in August.

The increase in core prices was the result of a 0.4% increase in services costs, and specifically a 9.9% increase in guestroom rental prices. Those prices likely normalized, leaving core price growth to follow soft pipeline pressures.

1:35 pm:

[BRIEFING.COM] The major U.S. indices hang on to meaningful gains to kick off the shortened week in a relatively quiet, controlled trading session.

A look inside the Dow Jones Industrial Average shows that General Electric (GE 24.86, +0.89), Wal-Mart (WMT 66.10, +2.21), and Boeing (BA 133.39, +3.63) are outperforming. GE is the best performing Dow component after winning EU approval to acquire Alstom's power and grid units, and reaffirmed its FY15 industrial earnings guidance. The positive reaction seen in GE shares has caused industrials to be the best performing sector in today's session, pulling up shares of Boeing in the mix.

Conversely, Chevron (CVX 76.60, -0.07) is the worst-performing and declining Dow component on the heels of weakness in crude oil futures.

With today's rally, the DJIA has reduced its decline for the year, and is now down a little over 8% in 2015.

12:55 pm:

[BRIEFING.COM] The major averages sport solid midday gains after enjoying an opening spike that has been followed by a sideways drift just below session highs. The S&P 500 trades up 1.8% while the Nasdaq Composite (+2.0%) outperforms.
Related Quotes

U.S. investors returned from an extended weekend to a theme that has been quite common as of late. Specifically, China's Shanghai Composite jumped 2.9% as speculation of continued state support for equities trumped mediocre trade data (trade balance $60.24 billion; expected $48.20 billion) that showed a 5.5% year-over- year decline in exports (expected -6.0%) and a 13.8% drop in imports (expected -8.2%; prior -8.1%).

The overnight buying frenzy continued with support from European markets as they rallied following an upward revision to eurozone Q2 GDP (+0.4% from 0.3%; no change expected).

Once the U.S. opening bell rang, the market spiked out of the gate, which has been followed by a slight pullback from highs. The pullback has been relatively small, considering market breadth has held strong with nearly five NYSE listings trading in the green for each decliner.

All ten sectors trade in the green with industrials (+2.2%), materials (+2.1%), and technology (+2.1%) trading ahead of other groups. The industrial sector has recently taken the lead while technology has received broad support. Chipmakers represent an area of considerable strength with the PHLX Semiconductor Index spiking 3.6% after Microchip (MCHP 44.26, +3.26) boosted its guidance.

In other high-beta areas, biotechnology has contributed to the relative strength in the Nasdaq Composite. The iShares Nasdaq Biotechnology ETF (IBB 346.73, +9.63) has jumped 2.9%, overtaking its 200-day moving average (345.01) in the process.

Although the vast majority of the market trades in the green, Alibaba Group (BABA 62.87, -1.04) has surrendered its intraday gain in reaction to cautious comments made by the company's management during a Citigroup conference call.

Elsewhere, Treasuries have retreated throughout the day, hitting their lows not long ago with the 10-yr yield up nearly seven basis points at 2.19%.

Investors did not receive any economic data this morning, but the Consumer Credit report for July will be released at 15:00 ET (Briefing.com consensus $18.00 billion).

12:25 pm:

[BRIEFING.COM] Equity indices have moved up from their recent levels, but the general dynamic has not changed much with the Nasdaq Composite (+2.0%) remaining ahead of the S&P 500 (+1.8%).

The tech-heavy Nasdaq has been powered by high-beta biotechnology and chipmaker names while large cap tech stocks have also pulled their weight, leaving the technology sector (+2.1%) among today's best performers. The top-weighted sector began the trading day in the lead, but has given up its top spot to industrials (+2.2%) not long ago.

Despite the sharp gains, the bulk of today's action took place at the open and the session has been relatively quiet since then.

12:00 pm:

[BRIEFING.COM] The major averages have nestled into narrow ranges near their session highs with the S&P 500 (+1.4%) hovering about ten points below its best level of the day.

With the market putting its best foot forward to start the week, the S&P 500 has been able to retrace nearly half of last week's 3.4% decline. All in all, the market has shown continued volatility in recent days with sizable swings taking place in the futures market overnight.

Given that dynamic, the CBOE Volatility Index (VIX 25.94, -1.86) is down nearly two points today, but remains well above levels seen earlier this year.

11:25 am:

[BRIEFING.COM] The stock market has essentially held its ground since our last update with the S&P 500 trading higher by 1.6% at this juncture.

So far today, we have been keeping a close eye on market breadth for clues about the strength of the pullback from opening highs. To that point, there are still more than four listings trading in the green for each decliner, indicating that the pullback from highs has been a function of stocks trimming their sizable gains rather than a large group of names reversing course and turning negative.

The technology sector (+2.1%) remains in the lead, powered by strength among chipmakers. The PHLX Semiconductor Index has jumped 3.5% with Microchip (MCHP 44.09, +3.09) surging 7.6% after the company raised its guidance.

10:50 am:

[BRIEFING.COM] Equity indices have backed away from their highs, but they continue trading well above their flat lines. The S&P 500 has narrowed its gain to 1.4% while the Nasdaq Composite (+1.7%) remains ahead.

The market has retreated steadily over the past hour, but market breadth has not deteriorated that much with advancing issues at the NYSE outpacing decliners by a 4:1 ratio. On a related note, all ten sectors remain in the green with technology (+1.9%) and financials (+1.4%) holding posture ahead of other groups.

Elsewhere, Treasuries are nearing their lows after seeing a small rebound over the past hour. The 10-yr yield is higher by five basis points at 2.18%.

10:35 am: [BRIEFING.COM]

The dollar traded lower overnight, extending last week's momentum- where US economic data continued to put a near-term fed rate hike in question
The index did see a reversal early however, rallying to just below the flat-line amidst mixed import data out of China (disappointing) and Germany (strong).
While the dollar is now trading at -0.2% to 96.00, it is worth noting that early strength put decent selling pressure on precious metals.
Oil traded down to overnight losses, bottoming near the mid $40 level, before seeing an extended rally to slight negatives on the session.
WTI price action was highlighted most notably by the import data out of China and reports indicating that Russia has ruled out coordinated price cuts with OPEC
December WTI has now faded a decent portion of its rally and is -2.3% to $45.01/barrel
Precious metals are trading mixed on the session, after posting early negatives on a strengthening dollar. Gold is -0.1% to $1120.70/oz while silver is +0.8% to $14.66/oz
Natural gas is trending just below its HoD at +2.1% to $2.42/MMBtu
Copper futures are up sharply this morning after Glencore, one of the largest natural resource mining companies in the world announces plans to suspend two copper mines for about 18 months in an effort to lower operating costs. In total, this would remove about 400,000 tonnes, which is a notable cut.
In 2014, global copper production was 18.7 mln. Glencore said it would be suspending production at its copper operations in Democratic Republic of Congo and Zambia. Copper futures are up sharply this morning after Glencore, one of the largest natural resource mining companies in the world announces plans to suspend two copper mines for about 18 months in an effort to lower operating costs.
In total, this would remove about 400,000 tonnes, which is a notable cut. In 2014, global copper production was 18.7 mln. Glencore said it would be suspending production at its copper operations in Democratic Republic of Congo and Zambia.

10:00 am:

[BRIEFING.COM] The major averages have maintained their early gains with the Nasdaq (+2.0%) climbing ahead of the S&P 500 (+1.7%) thanks to the combined strength in biotechnology and technology.

The iShares Nasdaq Biotechnology ETF (IBB 345.70, +8.60) has spiked 2.6%, climbing above its 200-day moving average (345.00), which has been an area of congestion for the past two weeks. On a related note, the health care sector has extended its gain to 1.9%.

Elsewhere, the technology sector (+2.3%) remains in the lead thanks to broad strength. Chipmakers have had an even better showing than the sector with the PHLX Semiconductor Index up 2.8%.

9:45 am:

[BRIEFING.COM] As expected, the market has charged out of the gate with the Dow, Nasdaq, and S&P 500 showing gains close to 1.9% apiece. The early advance has been broad-based with about 2400 NYSE-listed issues trading in the green versus just 320 decliners.

All ten sectors hold early gains of 1.0% or more with technology (+2.2%) and financials (+2.1%) in the lead while the health care sector (+1.7%) follows right behind. On the flip side, the energy sector (+1.3%) underperforms as oil trades down 1.7% at $45.26/bbl.

Elsewhere, Treasuries have inched up off their lows, but they remain down with the 10-yr yield up five basis points at 2.18%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +35.20. Nasdaq futures vs fair value: +78.80.

The stock market is on course for a sharply higher open with S&P 500 futures trading 35 points above fair value.

Index futures have charged higher overnight, building on gains that were registered yesterday while the cash market was closed for Labor Day. The Monday advance occurred amid strength in European equities that saw markets in France, Germany, and the UK climb between 0.5% and 0.7%. Those indices have followed yesterday's inconspicuous advance with a broad-based charge today. Economic data has been a supportive factor as Q2 GDP for the eurozone was unexpectedly revised up to 0.4% from 0.3% quarter-over-quarter.

Economic data was also the focus in Asia with China trade data coming in ahead of expectations on the headline level (trade balance $60.24 billion; expected $48.20 billion), but exports fell 5.5% year-over-year (expected -6.0%) and imports declined 13.8% year-over-year (expected -8.2%; prior -8.1%), with the latter highlighting concerns about China's domestic economy. Furthermore, the data did not show much improvement in imports of crude oil and iron ore-two components that are viewed as leading indicators of economic health. Despite the mediocre data, the Shanghai Composite spiked 2.9%, charging to highs into the close amid speculation of government involvement in the market.

U.S. Treasuries have recently dropped to new lows after retreating slowly through the morning. The 10-yr yield is currently higher by six basis points at 2.19%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +35.30. Nasdaq futures vs fair value: +77.10.

The S&P 500 futures trade 35 points above fair value.

Markets in the Asia-Pacific region came to life on Tuesday after some generally weak showings on Monday that followed on the heels of Wall Street's disappointing finish on Friday. Japan's Nikkei (-2.4%) was a notable exception on Tuesday to other markets which staged an afternoon rally in conjunction with China's Shanghai Composite. The latter shook off some weak trade data for August and soared 5.3% over the final two hours following a report of new infrastructure spending and speculation of government-backed purchases.

In economic data:

China's August Trade Balance $60.24 bln (expected $48.2 bln; prior $43.03 bln) as Exports -5.5% year-over-year (expected -6.0%; prior -8.3%) and Imports -13.8% year-over-year (expected -8.2%; prior -8.1%)
Japan's Q2 GDP revised to -0.3% quarter-over-quarter (expected -0.4%; prior -0.4%); -1.2% year-over-year (expected -1.8%; prior -1.6%). Separately, Q2 GDP Price Index +1.5% year-over-year (expected +1.6%; prior +1.6%), August Bank Lending +2.7% year-over-year (prior +2.6%), July Adjusted Current Account JPY 1.32 tln (expected JPY 1.25 tln; prior JPY 1.30 tln), and August Economy Watchers Current Index 49.3 (expected 52.1; prior 51.6)
Australia's August NAB Business Confidence 1.0 (expected 0.0; prior 4.0)
New Zealand's Q2 Manufacturing Sales Volume -0.2% quarter-over-quarter (prior -0.3%)

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Japan's Nikkei declined 2.4% on the heels of a modest 0.4% increase on Monday. The disappointing showing followed on the heels of a positive revision to Q2 GDP and weak trade data out of China. The downturn was led by the health care (-5.6%), consumer staples (-5.0%), and consumer discretionary (-2.6%) sectors. Shionogi & Co. (-8.8%), Kikkoman (-8.1%), and Kajima Corp (-7.5%) were the biggest losers while Pioneer (+8.4%), Kobe Steel (+3.3%), and Tokuyama (+3.1%) topped the list of winners. Out of the 225 index members, 46 ended higher, 169 finished lower, and 10 were unchanged.
Hong Kong's Hang Seng increased 3.3% after a 1.3% decline on Monday, surging as much as 3.5% over the final two hours in a move that mirrored a late rally in mainland shares. Wharf Holdings (+7.9%), Lenovo Group (+6.1%), and China Resources Land (+5.8%) led individual winners. Out of the 50 index members, 49 ended higher, none finished lower, and 1 was unchanged.
China's Shanghai Composite jumped 2.9% despite some generally weak trade data for August. On Monday the Composite dropped 2.6%. The Composite was down 2.3% for the day on Tuesday, but stormed back with a 5.3% rally over the final two hours to end the day in positive territory. That move was precipitated by news of $11 billion in new railway projects and speculation of government-backed purchases. Separately, Chinese authorities on Monday proposed a new circuit breaker system and a reduction in the income tax on dividends for shareholders owning stock for more than a year.

Major European indices trade higher across the board after registering gains on Monday. It is worth noting that Germany's Finance Minister Wolfgang Schaeuble has presented the 2016 budget to parliament, expecting to achieve a balanced budget in 2016 and 2017.

Participants received several data points:

Eurozone Q2 GDP was revised up to 0.4% from 0.3% quarter-over-quarter (consensus 0.3%); +1.5% year-over-year (expected 1.2%; last 1.2%)
Germany's July Trade Surplus EUR22.80 billion (expected EUR22.30 billion; prior EUR22.10 billion) as Imports +2.2% month-over-month (expected 0.5%; prior -0.8%) and Exports +2.4% month-over-month (consensus 0.7%; last -1.1%)
France's July Trade Deficit widened to EUR3.30 billion from EUR2.80 billion (expected deficit of EUR3.20 billion)
Swiss August Unemployment Rate held at 3.3%, as expected

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Germany's DAX is higher by 2.4%, pushing its weekly gain past 3.0% thanks to all-around strength. Daimler and BMW have both jumped near 4.0% apiece while Commerzbank is higher by 7.2% following an upgrade at JPMorgan.
France's CAC has jumped 2.0% today after adding 0.6% yesterday. Exporters Peugeot and Renault and financials AXA, BNP Paribas, and Societe Generale show gains between 2.3% and 3.5% while Technip is the lone decliner, down 1.0%.
UK's FTSE trades up 1.7%, extending its weekly gain to 2.2%. Financials lead the way with HSBC, Hargreaves Lansdown, and Standard Chartered up between 3.1% and 3.7%.

8:25 am: [BRIEFING.COM] S&P futures vs fair value: +33.50. Nasdaq futures vs fair value: +74.80.

U.S. equity futures remain well above their flat lines, but they have retreated from their highs reached around 6:00 ET. That being said, S&P 500 futures remain higher by 34 points against fair value after showing a 42 point gain earlier. The current increase puts the market on track for an upbeat open after the S&P 500 lost 3.4% last week.

Elsewhere, the Dollar Index is essentially unchanged near last week's levels. Despite the lack of change in the Index, the British pound has added 0.9% against the dollar (1.5405), but that has been offset with a 0.6% gain in the dollar versus the yen (119.63). As for the euro, the single currency is little changed against the greenback (1.1162) following today's release of an upward revision to eurozone Q2 GDP (+0.4% from 0.3%; no change expected).

Also of note, Treasuries have been dripping lower throughout the morning with the 10-yr yield up three basis points at 2.16%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +35.00. Nasdaq futures vs fair value: +79.80.

U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures trade 35 points above fair value after building on gains registered yesterday while the cash market was closed.

Meanwhile, Treasuries display modest losses with the 10-yr yield up three basis points at 2.16%.

Today's economic data will be limited to the 15:00 ET release of the Consumer Credit report for July (Briefing.com consensus $18.00 billion).

In U.S. corporate news of note:

Fitbit (FIT 34.60, +2.72): +8.5% after Morgan Stanley upgraded the stock to 'Overweight' from 'Equal-Weight.'
Microchip (MCHP 43.20, +2.20): +5.4% after the company raised its earnings and revenue guidance for Q2.
Wells Fargo (WFC 52.48, +1.19): +2.3% after Deutsche Bank upgraded the stock to 'Buy.'

Reviewing overnight developments:

Asian markets ended mixed after the Monday session also featured mixed action. Japan's Nikkei -2.4%, Hong Kong's Hang Seng -3.3%, and China's Shanghai Composite +2.9%
In economic data:
China's August Trade Balance $60.24 bln (expected $48.2 bln; prior $43.03 bln) as Exports -5.5% year-over-year (expected -6.0%; prior -8.3%) and Imports -13.8% year-over-year (expected -8.2%; prior -8.1%)
Japan's Q2 GDP revised to -0.3% quarter-over-quarter (expected -0.4%; prior -0.4%); -1.2% year-over-year (expected -1.8%; prior -1.6%). Separately, Q2 GDP Price Index +1.5% year-over-year (expected +1.6%; prior +1.6%), August Bank Lending +2.7% year-over-year (prior +2.6%), July Adjusted Current Account JPY 1.32 tln (expected JPY 1.25 tln; prior JPY 1.30 tln), and August Economy Watchers Current Index 49.3 (expected 52.1; prior 51.6)
Australia's August NAB Business Confidence 1.0 (expected 0.0; prior 4.0)
New Zealand's Q2 Manufacturing Sales Volume -0.2% quarter-over-quarter (prior -0.3%)
In news:
China's trade data did not show much improvement in imports of crude oil and iron ore-two components that are viewed as leading indicators of economic health

Major European indices trade higher across the board after registering gains on Monday. Germany's DAX +2.1%, France's CAC +1.9%, and UK's FTSE +1.7%. Elsewhere, Italy's MIB +1.9% and Spain's IBEX +1.4%
Participants received several data points:
Eurozone Q2 GDP was revised up to 0.4% from 0.3% (consensus 0.3%); +1.5% year-over-year (expected 1.2%; last 1.2%)
Germany's July Trade Surplus EUR22.80 billion (expected EUR22.30 billion; prior EUR22.10 billion) as Imports +2.2% month-over-month (expected 0.5%; prior -0.8%) and Exports +2.4% month-over-month (consensus 0.7%; last -1.1%)
France's July Trade Deficit widened to EUR3.30 billion from EUR2.80 billion (expected deficit of EUR3.20 billion)
Swiss August Unemployment Rate held at 3.3%, as expected
Among news of note:
Germany's Finance Minister Wolfgang Schaeuble has presented the 2016 budget to parliament, expecting to achieve a balanced budget in 2016 and 2017

5:46 am: [BRIEFING.COM] S&P futures vs fair value: +39.50. Nasdaq futures vs fair value: +89.80.

5:46 am: [BRIEFING.COM] Nikkei...17427.08...-433.40...-2.40%. Hang Seng...21259.04...+675.50...+3.30%.

5:46 am: [BRIEFING.COM] FTSE...6161.71...+87.20...+1.40%. DAX...10314.27...+205.70...+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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