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 Post subject: May 2nd Friday Trade Results - Profit $4115.00
PostPosted: Fri May 02, 2014 5:04 pm 
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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)
questions@thestrategylab.com (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 @ $740.00 dollars or +7.40 points, Emini ES ($ES_F) futures @ $3,375.00 dollars or +67.50 points, Light Crude Oil CL ($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 @ $4,115.00 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

In addition, all of my trades were posted real-time in the timestamp ##TheStrategyLab 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 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=130&t=1784

Quote:
If any of my real-time posted trades are via key concepts discussed in the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

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 WRB Analysis Tutorials @ 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

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).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=238&t=2329

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, 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.

Stocks: Down Friday, But Up For The Week

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

NEW YORK (CNNMoney)
Investors should have been dancing on their trading desks after a strong jobs report, but it seems they were sleeping under them instead.

The Dow, S&P 500 and Nasdaq all fell modestly Friday. Overall, it's been a quiet start to May for stocks.

But even though there was no rally in sight Friday, don't start the weekend on a sour note. Each of the major indexes ended the week up around 1%.

And how's this for a "spring seesaw?" It was the ninth straight week that the S&P 500 alternated between weekly gains and losses, according to Ryan Detrick, a strategist at Schaeffer's Investment Research.

As for that jobs report, the Labor Department said Friday that the economy added 288,000 jobs in April, far better than the 205,000 jobs economists surveyed by CNNMoney had predicted. The unemployment rate fell to 6.3% in April, down from 6.7% in March and beating the 6.6% forecast expected by economists.

Related: April jobs report: Unemployment rate falls, but for the wrong reasons

The dip in the unemployment rate was mostly due to fewer unemployed people entering the workforce. Still, the number of jobs added was impressive by other measures, with professional services, construction, and the food and beverage sectors showing strength.

"All things considered, today's report should be reassuring," said Jim Baird, Chief Investment Officer for Plante Moran Financial Advisors. "It appears that employers have bought into the idea that the weak stretch was weather-driven and would pass with time."

In corporate news, Linkedin (LNKD) beat revenue estimates Thursday, but shares plunged over 8% as investors worried about slowing growth for the career networking site. The stock is down over 31% this year.

*Video - Wall Street disconnects from LinkedIn

One StockTwits trader was a fan of Linkedin's product, but questioned its long term plans.

"$LNKD I am a recruiter. $LNKD Is an invaluable tool but growth is maxed out in major markets. Till they crack Japan&China, growth will slow," said alchemytrader67.

Another StockTwits thought the stock was too expensive at its current price.

"$LNKD I can't get past the valuation here," said tickertutor.

Shares of Wynn Resorts (WYNN, Fortune 500) surged more than 7% after the company received a series of analyst upgrades following its earnings report Thursday that showed an increase in first quarter profit, driven by growth in the Chinese gambling mecca of Macau.

"$WYNN how anyone didn't buy this is nuts. macau is flying," said macroQmicro on StockTwits.

"$WYNN It falls back to Management. Good Management and knowing how and where to define risk is crucial," said GICfutures.

Expedia (EXPE) reported slightly better than expected first quarter results Thursday, but the company's guidance outlook wasn't good enough for some investors, as shares dropped over 3.5% Friday.

Retail drugstore chain CVS (CVS, Fortune 500) bounced, even though the company's earnings came in short of estimates.

Shares of AstraZeneca (AZN) closed flat in London after the company rejected an improved bid for the British company from Pfizer (PFE, Fortune 500)worth £50 ($84.47) per share, or $106.4 billion. Pfizer shares slipped in New York trading.

European markets finished mixed, while Asian markets mostly moved forward Friday, but the gains were modest.

Image



4:10 pm: [BRIEFING.COM] The stock market finished an upbeat week on a cautious note as the major averages settled near their flat lines. The S&P 500 (-0.1%) shed less than three points, while the Russell 2000 (+0.1%) outperformed slightly. Interestingly, the bulk of today's trading activity took place before 11:00 ET, while the key indices spent the afternoon within a striking distance of their unchanged levels.

One hour ahead of the opening bell, the April Nonfarm Payrolls report pointed to the addition of 288,000 jobs (Briefing.com consensus 210,000), but the release was a bit mystifying as a sharp drop in the labor force pressured the unemployment rate to 6.3% from 6.7%.

On one hand, the surprise jump in payrolls suggests a release of pent-up demand following weather-related delays; however, there was nothing in the job creation data that pointed toward a weather-delayed shock. Sectors that were most affected by the weather, such as construction and mining, saw solid growth but nothing different than what was reported during the worst of the weather problems in February. On the other hand, the unemployment rate plunged from 6.7% to 6.3%, which resulted entirely from an 806,000 drop in the civilian labor force. Had the labor force stayed constant, the unemployment rate would have increased to 6.8%.

The enigmatic report was met with an initial spike in index futures and the Dollar Index, while gold and Treasuries slumped; however, those moves were short-lived as futures returned to unchanged by the opening bell, while the dollar, gold, and Treasuries also reversed their post-data moves. As a result, Treasuries settled near their highs, with the benchmark 10-yr yield down three basis points at 2.59%. Also of note, the 30-yr bond posted its third consecutive gain, pressuring its yield to 3.37%, a level that was last seen in June of last year.

With regard to gold futures, the yellow metal rose 1.1% to $1297.60/ozt. This put in a floor under miners (GDX +2.2%), which in turn gave support to the materials (+0.5%) sector.

The materials space ended in the lead and was followed closely by the energy sector (+0.3%), which was able to overcome a disappointing quarterly report from Chevron (CVX 124.72, -0.22). Crude oil, meanwhile, added 0.4% to $99.80/bbl.

Outside of the two commodity-linked sectors, the discretionary space (+0.3%) was the only other advancer. Homebuilders took part in the move higher as the iShares Dow Jones US Home Construction ETF (ITB 23.95, +0.34) gained 1.4%.

On the flip side, seven sectors registered losses, with utilities (-2.0%) leading the retreat, which was a bit peculiar considering the rate-sensitive sector tends to benefit from lower Treasury yields. To be fair, the selling may have been a function of some profit taking inside of a sector that remains well ahead of the other groups so far in 2014. Today's loss narrowed the sector's year-to-date gain to 11.7%, while the second-best performer of the year-energy-ended the session with a 5.3% advance so far this year.

Trading volume was below average as less than 685 million shares changed hands at the NYSE. This was likely a result of unwillingness among some participants to step in ahead of the weekend as the next couple days could change the state of affairs in Ukraine. Earlier today, Ukraine's military stormed the town of Slavyansk in an attempt to recapture a city that has been described as a stronghold for pro-Russian separatists. In response to the developments, Russia has called an emergency meeting of the United Nations Security Council.

Reviewing today's remaining data:
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Factory orders increased 1.1% in March after increasing a downwardly revised 1.5% (from 1.6%) in February. The Briefing.com consensus expected factory orders to increase 1.6%. Durable goods orders were revised up, increasing 2.9% from an originally reported 2.6%. Orders increased 2.3% in February. Excluding transportation, durable goods orders increased 2.4%, up from an originally reported 2.0%.

On Monday, the ISM Services report for April will be released at 10:00 ET (Briefing.com consensus 54.0).

S&P 500 +1.8% YTD
Dow Jones Industrial Average -0.4% YTD
Nasdaq Composite -1.3% YTD
Russell 2000 -2.9% YTD

Week in Review: Large Caps Outperform

The stock market began the new week on a mixed note despite showing early strength. Weakness among small-cap names resulted in the underperformance of the Russell 2000 (-0.6%) and the Nasdaq Composite (-0.03%), while the S&P 500 settled higher by 0.3%. Equity indices climbed out of the gate, emboldened by M&A activity in the heavily-weighted health care sector (+0.6%). The third-largest group served as an early leader with help from Pfizer, which jumped 4.2% after confirming its interest in AstraZeneca. Also of note, Forest Laboratories agreed to acquire Furiex Pharmaceuticals for $1.1 billion. Even though the health care sector rallied at the open, the broader market was unable to build on the strength as weakness in momentum names-including biotechnology-outweighed the early optimism. The iShares Nasdaq Biotechnology ETF spent the entire session between its 20- and 200-day moving averages before settling just above the 200-day average.

On Tuesday, equity indices rallied, with the S&P 500 (+0.5%) posting its second consecutive gain as eight sectors ended in the green. Momentum names, meanwhile, rebounded from Monday's relative weakness, which allowed the Nasdaq Composite (+0.7%) to finish ahead of the benchmark index. Stock indices began the session on an upbeat note, slowly building on their early gains throughout the afternoon. The energy sector (+0.4%) powered the opening advance thanks to better than expected earnings from BP and Valero Energy. BP surged 2.6%, while Valero displayed early strength, but spent the session in a steady retreat from its opening high, which mirrored the price action of the entire sector.

The major averages spent some time on either side of their respective flat lines on Wednesday, but when the dust settled, they ended with modest gains. The Dow Jones Industrial Average, S&P 500, and Nasdaq all added 0.3%, with the Dow registering its first green close for the year. The session featured another heavy dose of earnings and a full slate of economic data. Prior to the open, index futures jumped in reaction to a better-than-expected ADP Employment report, but promptly surrendered those gains when it was reported that GDP increased a puny 0.1% in the first quarter (Briefing.com consensus 1.0%). The disappointing report ensured a lower start for the major averages, but they only took one more step down before forging a rebound on the back of the industrial sector (+0.5%), which drew strength from transports. The Dow Jones Transportation Average jumped 0.7%, bolstered by above-consensus earnings reported by C.H. Robinson.

The stock market ended on a cautious note after enduring a sloppy session that lacked concerted sector leadership. The S&P 500 settled right below its flat line, while the Russell 2000 lost 0.5% after displaying intraday volatility. Equities began the first session of May near their flat lines amid the lack of leadership from overseas as most global markets were closed for Labor Day. Despite the quiet open, small caps were active from the get-go as the Russell 2000 retreated as much as 1.1% during the first hour of action. The index halted its slide at the 200-day moving average (1113.73), which has been acting as an area of support since mid-April. Meanwhile, the S&P 500 spent the bulk of the afternoon within four points of its flat line as individual sectors traded in mixed fashion. Most notably, consumer discretionary (+0.4%) and utilities (+0.3%) outperformed throughout the session, with the utilities sector extending its 2014 advance to 14.0%.

3:40 pm: [BRIEFING.COM]

Gold, silver and copper futures rallied today following a pullback in the dollar index
Gold pushed above the $1300/oz level, while silver rose above the $19.50/zo area.
Gold pulled back a little and ended the day with a modest gain. Silver lost 2.1% at $19.56/oz
Crude oil remain consolidates in the afternoon session and closed $0.33 higher at $99.81/barrel.
Nat gas continued to slide lower and finished 4 cents lower $4.67/MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the final session of the week.

With this week drawing to a close, investors have just one more busy week of quarterly earnings ahead, while the number of reporting companies will drop considerably during the week of the 12th.

Next week, however, quarterly reports will continue pouring in with Pfizer (PFE 30.73, -0.43), Sysco (SYY 36.19, -0.01), Tyson Foods (TSN 42.69, +0.28), and Realogy (RLGY 42.58, -0.15) expected to report their results ahead of Monday's opening bell.

2:25 pm: [BRIEFING.COM] Equity indices remain near their flat lines, with the Dow Jones Industrial Average (-0.3%) showing the largest loss.

The price-weighted index lags as 17 of its 30 components display losses, and five of the 17 are down 1.0% or more. For the most part, the weakness has been concentrated in components of the health care sector as Johnson & Johnson (JNJ 99.09, -1.44), Pfizer (PFE 30.69, -0.46), and Merck (MRK 58.24, -1.38) display losses between 1.4% and 2.3%.

On the upside, Boeing (BA 130.06, +1.59) is the leading index performer, trading higher by 1.3%.

2:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) inch to a fresh session low, while the Russell 2000 has slipped back to its flat line. The recent move lower also featured a retreat in the financial sector, which now hovers in the red.

Despite the downticks, the stock market remains inside narrow ranges as the quiet afternoon continues. In all likelihood, today's final trading volume is likely to come in below average (~704 million), considering only 350 million shares have changed hands so far.

The A/D line at the NYSE remains positive, with 1.4 issues trading in the green for each decliner.

1:30 pm: [BRIEFING.COM] The stock market has found it difficult to move higher today, which some may find surprising given the strong nonfarm payrolls gain for April. There are various explanations for why the stock market's reaction hasn't been more positive. There are two in particular that appear to be resonating:

The S&P 500 ran into technical resistance after challenging its prior all-time closing high at 1890.90 earlier in the session; and
The fact that the Treasury market's reaction hasn't been more negative

Remarkably, the yield on the 10-yr note, which spiked to 2.67% after the release of the employment report, has come back all the way to 2.58% and is pushing its lowest closing level this year (2.58%), which was set in early February when the stock market was reeling from selling interest to begin the year.

There has been some talk of geopolitical concerns surrounding Russia-Ukraine as contributing to the Treasury market's turnaround. Whatever the case may be, the sticking point for a lot of stock market participants continues to be that the strength in longer-dated Treasury securities doesn't fit with views that the economy is set to hit escape velocity soon.

1:00 pm: [BRIEFING.COM] The S&P 500 trades flat at midday, while small caps outperform (Russell 2000 +0.6%). Equity indices displayed some strength during the first 90 minutes of action, but the benchmark average returned to its flat line around 11:00 ET, and has been anchored to that level since then.

Prior to the open, the April Nonfarm Payrolls report pointed to the addition of 288,000 jobs (Briefing.com consensus 210,000), but the release was a bit mystifying as the labor force saw its largest decline on record, pressuring the unemployment rate to 6.3% from 6.7%.

On one hand, the surprise jump in payrolls suggests a release of pent-up demand following weather-related delays; however, there was nothing in the job creation data that pointed toward a weather-delayed shock. Sectors that were most affected by the weather, such as construction and mining, saw solid growth but nothing different than what was reported during the worst of the weather problems in February. On the other hand, the unemployment rate plunged from 6.7% to 6.3%, resulting entirely from an 806,000 drop in the civilian labor force. Had the labor force stayed constant, the unemployment rate would have increased to 6.8%.

Index futures and the Dollar Index spiked immediately following the report, while Treasuries sold off. Interestingly, all of the moves reversed in short order, placing gold futures and Treasuries in the green, while futures retreated from their highs into the opening bell. At this juncture, the 10-yr note is higher by six ticks with its yield down two basis points at 2.59%. More notably, the long bond has extended yesterday's advance, pressuring its yield to 3.37%, which represents the lowest level since last June.

Also of note, gold futures hover at their best levels of the session (+1.4% at $1300.70/ozt), which has provided a measure of support to mining stocks. The Market Vectors Gold Miners ETF (GDX 24.30, +0.51) is higher by 2.1%, while the broader materials sector (+0.7%) trades ahead of the remaining groups.

The materials space is being followed closely by the other commodity-related sector, energy (+0.5%), while crude oil trades up 0.4% at $99.81/bbl. The energy sector has been able to shake off a disappointing quarterly report from Dow component Chevron (CVX 124.84, -0.10), which trades little changed.

On the downside, the health care sector (-0.6%) is a notable laggard due to its size relative to other groups. The third-largest sector is under pressure amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 229.42, -3.08) is lower by 1.3%.

With the major averages trading not far from their flat lines on the final session of the week, it is likely many participants are sticking to the sidelines ahead of a weekend that could introduce new developments to the standoff between Russia and Ukraine. Earlier, Ukraine's military stormed the town of Slavyansk in an attempt to recapture a city that has been described as a stronghold for pro-Russian separatists. In response to the developments, Russia has called an emergency meeting of the United Nations Security Council.

Reviewing today's remaining data:

Factory orders increased 1.1% in March after increasing a downwardly revised 1.5% (from 1.6%) in February. The Briefing.com consensus expected factory orders to increase 1.6%. Durable goods orders were revised up, increasing 2.9% from an originally reported 2.6%. Orders increased 2.3% in February. Excluding transportation, durable goods orders increased 2.4%, up from an originally reported 2.0%.

12:30 pm: [BRIEFING.COM] Not much change has taken place since our last update as the S&P 500 remains right above its flat line. Should the benchmark index continue along this path for the rest of the day, it will finish the week with a gain of 1.1%. The price-weighted Dow Jones Industrial Average is on pace to register a comparable advance, while the Russell 2000 and Nasdaq sport respective week-to-date gains of 0.8% and 1.4%.

Of the ten individual sectors, nine are angling for a higher finish for the week, with telecom services (+2.8%) and technology (+2.1%) in the lead. On the downside, the utilities sector is lower by 1.2% so far this week, which has trimmed its year-to-date gain to 11.9%.

12:00 pm: [BRIEFING.COM] The S&P 500 remains little changed while small caps outperform. The Russell 2000 trades higher by 0.5% and the tech-heavy Nasdaq Composite sports a modest advance of 0.2%.

Yesterday, the Russell 2000 was very active, spending some time on each side of the broader market after finding support at its 200-day moving average. Today, the small cap index outperforms as it challenges its 20-day moving average (1133.70).

For its part, the Nasdaq Composite has drawn strength from high-beta chipmakers. Texas Instruments (TXN 45.90, +0.67) trades up 1.5% after receiving an upgrade from Nomura, while the broader PHLX Semiconductor Index is higher by 0.7%. Despite the strength among chipmakers, many top-weighted tech names and smaller high-growth names are among the laggards. LinkedIn (LNKD 151.83, -9.39) is lower by 5.8% despite reporting above-consensus earnings. The company raised its fiscal-year 2014 guidance, but kept it below analyst estimates.

11:30 am: [BRIEFING.COM] Equity indices remain within points of their flat lines, while individual sectors are split down the middle.

All four countercyclical sectors and the largest S&P 500 group-technology-represent the four decliners, while consumer discretionary (+0.3%), energy (+0.4%), financials (+0.1%), materials (+0.4%), and industrials (+0.1%) outperform.

Notably, the two leading sectors-energy and materials-have received support from their underlying commodities. Crude oil is higher by 0.5% at $99.86/bbl, while copper and gold futures trade higher by 1.2% and 1.5%, respectively. Copper futures hover near $3.06/lb, while gold futures are at $1302.20/ozt.

The strength in gold has given a boost to mining shares as the Market Vectors Gold Miners ETF (GDX 24.28, +0.48) trades higher by 2.0%.

10:55 am: [BRIEFING.COM] The major averages have retreated from their highs in a move that coincided with Treasuries reclaiming all of their post-NFP losses. The 10-yr note is now higher on the session with its yield down two basis points at 2.59%. Similarly, the Dollar Index (79.53, 0.00) has slumped to a fresh session low, with a fair share of the move occurring due to yen strength.

Currently, the dollar/yen pair hovers near 102.25, which puts it below the 102.50 area where it traded ahead of this morning's jobs report.

With safe-haven assets in demand, participants are likely reducing their exposure ahead of the weekend, considering the next couple days could introduce something unexpected to the Russia-Ukraine standoff. Earlier, Ukraine's military stormed the town of Slavyansk in an attempt to recapture a city that has been described as a stronghold for pro-Russian separatists. In response to the developments, Russia has called an emergency meeting of the United Nations Security Council.

10:35 am: [BRIEFING.COM]

Select commodities are getting a boost as the dollar index sells off in current action, such as precious metals, which just hit new highs on the day
June gold is now +0.8% at $1293/oz, while July silver is +2.1% at $19.45/oz
June WTI crude oil rose as high as $100.09/barrel overnight, but has been sliding lower since. Crude is now +0.2% at $99.64/barrel
Natural gas has been rather volatile this morning and is currently modestly lower at $4.70/MMBtu, down 0.4%
June copper spiked four cents to a new high on the day at $3.08/lb. Copper is currently +1.6% at $3.07/lb

10:00 am: [BRIEFING.COM] The S&P 500 (+0.1%) continues holding a slim gain, while the Nasdaq has made a brief appearance in the red amid relative weakness in the technology sector (-0.1%).

The just-released factory orders report for March indicated orders increased 1.1%, which was worse than the Briefing.com consensus estimate that called for an increase of 1.6%. The February reading was revised down to 1.5% from 1.6%.

9:40 am: [BRIEFING.COM] The major averages began the session near their flat lines before extending to fresh session highs. The S&P 500 trades higher by 0.2% with six sectors showing gains.

Heavily-weighted consumer discretionary (+0.6%) and financials (+0.5%) are the early leaders, while the four countercyclical sectors lag. Consumer staples, health care, and telecom services all hover just below their flat lines, while the utilities sector lags with a loss of 1.1%.

The early weakness in utilities is a result of a spike in Treasury rates that occurred after the release of the April Nonfarm Payrolls report. The benchmark 10-yr yield is higher by four basis points at 2.66% after notching a session high just below the 2.68% level.

Also of note, the U.S. Dollar Index (79.84, +0.31) remains near its highest level of the session following the recent data-driven spike. The Factory Orders report for March (consensus 1.6%) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +12.20. The stock market is on track to begin the session on a flat note following a busy morning that featured the release of the Nonfarm Payrolls report for April.

April nonfarm payrolls came in at 288,000, well ahead of the 210,000 increase expected by the Briefing.com consensus. While the data overwhelmingly surprised on the positive side, the employment report shows a bit of a confusing labor market. On one hand, the surprise jump in payrolls suggests a release of pent-up demand following weather-related delays; however, there was nothing in the job creation data that pointed toward a weather-delayed shock. Sectors that were most affected by the weather, such as construction and mining, saw solid growth but nothing different than what was reported during the worst of the weather problems in February.

On the other hand, the unemployment rate plunged from 6.7% to 6.3% (consensus 6.6%), but the entire decline resulted from an 806,000 drop in the civilian labor force. The number of workers actually employed declined by 73,000. The labor force participation rate dropped to 62.8% from 63.2%. If the labor force did not decline, the unemployment rate would have increased to 6.8%.

Index futures surged in reaction to the report, but they have since dropped to fresh session lows as steady payroll growth suggests the Fed will maintain its tapering pace. A similar belief is being conveyed by the Treasury market where the 10-yr note sits on its low with the benchmark 10-yr yield up five basis points at 2.67%.

The Factory Orders report for March (consensus 1.6%) will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +5.70. The S&P 500 futures trade right below fair value.

Asian markets ended the final session of the week in mixed fashion, while China's Shanghai Composite remained closed for Labor Day. Also of note, China's Index Academy reported the 23rd consecutive month of rising home prices across major cities, but the increase in April was very slight at 0.1%.

In economic data, Japan's Household Spending surged 7.2% year-over-year in March ahead of the sales tax hike that went into effect on April 1 (consensus 1.0%, prior -2.5%). Separately, the Unemployment Rate held steady at 3.6%, as expected. Hong Kong's Retail Sales fell 1.3% year-over-year (expected 7.2%, prior -2.3%). Australia's PPI rose 0.9% quarter-over-quarter (consensus 0.5%, prior 0.2%) and HIA New Home Sales increased 0.2% month-over-month (prior 4.6%). New Zealand's ANZ Commodity Price Index fell 4.0% month-over-month (-0.1% prior). Indonesia's Inflation rose 7.25% year-over-year, as expected, while Core Inflation increased 4.66% (consensus 4.67%, prior 4.61%). Separately, the trade surplus narrowed to $670 million from $790 million (expected surplus of $500 million).

Japan's Nikkei slipped 0.2% despite spending the session in a climb off its early low. Utilities lagged, with Chubu Electric Power and Kansai Electric Power down 2.1% and 2.5%, respectively.
Hong Kong's Hang Seng rallied 0.6% with help from heavyweight names. Tencent Holdings and Hutchinson Whampoa gained 2.5% and 2.0%, respectively. On the downside, China Mobile lost 0.8%.
China's Shanghai Composite was closed.

Major European indices trade mixed after the release of regional manufacturing surveys. Eurozone Manufacturing PMI ticked up to 53.4 from 53.3 (consensus 53.3), while the Unemployment Rate held steady at 11.8% (expected 11.9%). Germany's Manufacturing PMI slipped to 54.1 from 54.2 (expected 54.2). Great Britain's Construction PMI fell to 60.8 from 62.5 (forecast 62.0). French Manufacturing PMI increased to 51.2 from 50.9 (expected 50.9). Italy's Manufacturing PMI jumped to 54.0 from 52.4 (expected 52.8). Spain's Manufacturing PMI ticked down to 52.7 from 52.8 (consensus 53.4). Swiss SVME PMI improved to 55.8 from 54.4 (expected 55.5).

Among news of note, Ukraine's military stormed the town of Slavyansk in an attempt to recapture the city that has been described as a stronghold for pro-Russian separatists.

In France, the CAC is lower by 0.5% as Carrefour weighs. The stock trades down 4.4% after receiving a downgrade. On the upside, telecom provider Orange is higher by 2.8%.
Germany's DAX holds a loss of 0.1%. Drug maker Merck is among the laggards, down 1.0%. On the upside, Deutsche Telekom leads with a gain of 3.3%.
Great Britain's FTSE trades up 0.2% with support from Royal Bank of Scotland, which trades higher by 9.9% after reporting upbeat results. Consumer names lag with Associated British Foods and Pearson lower by 2.4% and 1.3%, respectively.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.00. The S&P 500 futures trade five points above fair value.

April nonfarm payrolls came in at 288,000, while the Briefing.com consensus expected a reading of 210,000. Nonfarm private payrolls added 273,000 against the 205,000 expected by the consensus. The unemployment rate fell to 6.3%, while the consensus expected a reading of 6.6%.

Hourly earnings were unchanged while the Briefing.com consensus expected an uptick of 0.2%. The average workweek was reported at 34.5, which matched the consensus expectations.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +1.70. U.S. equity futures trade little changed amid mixed action overseas. The S&P 500 futures hover less than a point above fair value; however, some volatility is expected around 8:30 ET when the latest Nonfarm Payrolls report (Briefing.com consensus 210,000) crosses the wires.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.2%, Hong Kong's Hang Seng +0.6%, and China's Shanghai Composite was closed.
In economic data:
Japan's Household Spending surged 7.2% year-over-year in March ahead of the sales tax hike that went into effect on April 1 (consensus 1.0%, prior -2.5%). Separately, the Unemployment Rate held steady at 3.6%, as expected.
Hong Kong's Retail Sales fell 1.3% year-over-year (expected 7.2%, prior -2.3%).
Australia's PPI rose 0.9% quarter-over-quarter (consensus 0.5%, prior 0.2%) and HIA New Home Sales increased 0.2% month-over-month (prior 4.6%).
New Zealand's ANZ Commodity Price Index fell 4.0% month-over-month (-0.1% prior).
Indonesia's Inflation rose 7.25% year-over-year, as expected, while Core Inflation increased 4.66% (consensus 4.67%, prior 4.61%). Separately, the trade surplus narrowed to $670 million from $790 million (expected surplus of $500 million).
In news:
In China, the Index Academy saw the 23rd consecutive month of rising home prices across major cities, but the April increase was very modest at 0.1%.

Major European indices trade mixed. France's CAC -0.6%, Germany's DAX -0.1%, and Great Britain's FTSE +0.2%. Elsewhere, Italy's MIB +0.4% and Spain's IBEX +0.2%.
Participants received several data points:
Eurozone Manufacturing PMI ticked up to 53.4 from 53.3 (consensus 53.3), while the Unemployment Rate held steady at 11.8% (expected 11.9%).
Germany's Manufacturing PMI slipped to 54.1 from 54.2 (expected 54.2).
Great Britain's Construction PMI fell to 60.8 from 62.5 (forecast 62.0).
French Manufacturing PMI increased to 51.2 from 50.9 (expected 50.9).
Italy's Manufacturing PMI jumped to 54.0 from 52.4 (expected 52.8).
Spain's Manufacturing PMI ticked down to 52.7 from 52.8 (consensus 53.4).
Swiss SVME PMI improved to 55.8 from 54.4 (expected 55.5).
Among news of note:
Ukraine's military stormed the town of Slavyansk in an attempt to recapture the city that has been described as a stronghold for pro-Russian separatists.

In U.S. corporate news:

Akamai Technologies (AKAM 56.24, +1.71): +3.1% following its better than expected results.
Cooper Tire (CTB 27.50, +1.76): +6.8% after beating earnings estimates on light revenue.
CVS Caremark (CVS 72.40, -0.69): -0.9% following its one-cent miss on in-line revenue.
Expedia (EXPE 72.50, -1.37): -1.9% despite reporting a one-cent beat on above-consensus revenue.
Pfizer (PFE 31.00, -0.15): -0.5% after AstraZeneca (AZN 80.92, -0.17) rejected Pfizer's takeover bid.
Kraft (KRFT 56.27, -0.42): -0.7% after beating earnings estimates on below-consensus revenue.
Wynn Resorts (WYNN 215.00, +8.37): +4.1% following its better than expected report.

In addition to April Nonfarm Payrolls, participants will receive the Factory Orders report for March (consensus 1.6%), which will be released at 10:00 ET.

6:48 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +1.50.

6:48 am: [BRIEFING.COM] Nikkei...14457.51...-27.60...-0.20%. Hang Seng...22260.67...+126.70...+0.60%.

6:48 am: [BRIEFING.COM] FTSE...6815.83...+7.20...+0.10%. DAX...9604.47...+1.20...0.00.

Special thanks to Bloomberg, CNNMoney, 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

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