TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 6:56 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: June 6th Friday Trade Results - Profit $3155.00
PostPosted: Fri Jun 06, 2014 4:17 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)
http://twitter.com/wrbtrader (24/7)

Attachment:
060614-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3155.00.png
060614-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3155.00.png [ 174.47 KiB | Viewed 317 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,280.00 dollars or +12.80 points, Emini ES ($ES_F) futures @ $1,875.00 dollars or +37.50 points, Light Crude Oil CL ($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 @ $3,155.00 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=131&t=1811

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=240&t=2365

-----------------------------

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.

Stock Market Starts Weekend Off Right

Attachment:
060614-Key-Price-Action-Markets.png
060614-Key-Price-Action-Markets.png [ 1.15 MiB | Viewed 338 times ]

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

NEW YORK (CNNMoney)
This is how to start your Friday off right: More money in your stock portfolio.

The stock market once again closed at record levels thanks to a stronger-than-expected jobs report on Friday morning.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all closed about half a percent higher for the day, with the Dow hitting 16,924.28 and the S&P 500 ending at 1,949.44.

This week has been a strong one overall for the markets. All three of the major indexes have gained at least 1%. The Nasdaq is up over 1.8% as tech stocks continue to rebound from the spring sell-off.

"The US economy says please have a quiet and enjoyable weekend," wrote Societe General's Kit Juckes in a note to investors.

Related: Oh, the places you'll go (for yield)!

Here were the top talking points from the trading day:

1. Jobs! Lots of 'em: Things are looking good in the job market. The government said the U.S. economy created 217,000 jobs last month, more than the 200,000 expected by economists polled by CNNMoney.

That's not as much as the 282,000 jobs created in April, but it's enough to get America back to where the labor market was before the recession. The unemployment rate also held steady at 6.3%. Now, the economy needs to create enough jobs for the additional folks who have joined the labor force since then.

Related: Has your stock portfolio recovered since the financial crisis?

2. Apple slices... Today was the last trading day before Apple's 7-for-1 stock split goes into effect. The stock closed at $645.6 today, down slightly for the day. It will be under $100 when it opens on Monday. The move doesn't change anything about the company, except making it easier for average investors to buy the stock.

David Ikenberry, a University of Colorado professor who studied stock splits way back in 1995, said stocks that split do tend to show gains after because the split is taken as a sign that management wants to keep things affordable for smaller investors so they can get in on the good times.

"When the stock price gets high, the story -- and it's just a story -- the stock price was perceived as expensive and outside the range of retail investors," he said.

3. Afternoon snacks news: Green Mountain Coffee Roasters (GMCR) shot up 8.4% in late afternoon trading to lead the S&P 500, although a reason hasn't quite emerged. Competitor SodaStream (SODA), which traded pretty evenly throughout the day, enjoyed a tidy 2% bounce as well.

Diamond Foods (DMND) shares fell about 11%. Diamond, the company behind Emerald Nuts and Pop Secret, is out of favor with investors after delivering poor earnings and mediocre sales in its quarterly filing yesterday.

4. Stock movers: Bank of America, Amazon, Joy Global: Bank of America (BAC) is on the verge a deal with the Justice Department that could lead to a $12 billion settlement related to the bank's mortgage banking practice. Investors took this as a good sign with the stock finishing 1% higher.

Amazon (AMZN, Tech30), which is in the midst of a tiff over book publication rights with Hachette, ended Friday up 1.9%. The stock has rallied since unveiling a YouTube video to tout a new product launch on June 18. It's expected to be a smartphone with a 3D screen.

5. International markets: European markets did well on Friday, led by a 1.7% rise in Spain, as the ECB's stimulus package continued to bolster appetite for riskier assets. London's FTSE 100 climbed about 0.7%. The euro slipped slightly against the dollar.

Asian stocks were mixed. Chinese and Japanese stocks were modestly lower, but India's Sensex is still enjoying its Modimoon, closing up 1.5%.

Image



4:15 pm: [BRIEFING.COM] The major averages finished the first week of June on an upbeat note with small-cap stocks leading the charge. The Russell 2000 gained 1.0%, extending its weekly advance to 2.7%, while the S&P 500 added 0.5% to finish the week higher by 1.3%.

Stocks spent the first 90 minutes of action in a steady climb, while the remainder of the session saw range-bound action just below the highs.

The early charge took place after the Nonfarm Payrolls report confirmed that recent trends in the labor market remain intact. Specifically, the addition of 217,000 payrolls (Briefing.com consensus 220,000) reflected a gradual improvement in the labor market, while the participation rate remained low (held at 62.8%), and hourly earnings grew modestly (+0.2%).

The middle-of-the-road report was not weak enough to cause concerns about the overall economy, but it was also not strong enough to lead to concerns about faster policy tightening from the Fed. As such, equity indices continued on their recent course.

After showing relative weakness over the past few weeks, small-cap stocks outperformed their blue chip counterparts. As a result of the increased risk tolerance among investors, the Russell 2000 rallied 2.7% this week, finishing well ahead of the Dow Jones Industrial Average, which added 1.2%.

Fittingly, growth-sensitive sectors paced today's advance with five of six cyclical groups ending ahead of the broader market. The industrial sector (+1.0%) finished in the lead, while energy (+0.8%) and financials (+0.7%) followed.

Industrials received broad support from transports and defense contractors. The Dow Jones Transportation Average (+0.9%) extended to a fresh record high, pushing its year-to-date gain to 10.9%. Defense contractors, meanwhile, were underpinned by General Electric (GE 27.18, +0.41). The largest sector component rose 1.5%, while the PHLX Defense Index climbed 0.8%.

Elsewhere, the energy space was boosted by Dow component ExxonMobil (XOM 101.60, +1.05), which rallied 1.0%. Another Dow member, Chevron (CVX 124.19, +0.67), kept pace with ExxonMobil during the session, but narrowed its gain to 0.5% into the close. For its part, crude oil added 0.3% to $102.77/bbl.

Also of note, the financial sector extended its weekly gain to 2.3%, solidifying its spot atop the leaderboard. The industrial sector was the only other group to add more than 2.0% for the week (2.2%), while the remaining cyclical groups advanced between 1.2% and 1.8%.

On the countercyclical side, the telecom services sector (unch) lost 1.2% for the week, while consumer staples (+0.3%), health care (-0.1%), and utilities (-0.4%) posted respective weekly gains of 0.3%, 0.7%, and 0.7%.

With stocks ending on their highs, the CBOE Volatility Index (VIX 10.78, -0.90) got crushed again, cratering lower by 7.6% as participants did not see the need to hedge their risk exposure. The near-term volatility measure ended at its lowest level since early 2007.

Treasuries displayed some intraday volatility, but finished the day little changed. The 10-yr note slumped ahead of the jobs report, but rallied immediately after. The gains did not hold as the benchmark note slipped back to lows over the course of the session. The 10-yr note shed three ticks with its yield rising one basis point to 2.59% after notching a low at 2.53%.

Once again, participation was well below average with 629 million shares changing hands at the NYSE floor.

Taking another look at today's data:

Nonfarm payrolls increased by 217,000 (Briefing.com consensus 220,000)
April nonfarm payrolls were revised to 282,000 from 288,000
Total private payrolls increased by 216,000 (Briefing.com consensus 230,000)
April private payrolls were revised to 270,000 from 273,000
The unemployment rate held at 6.3% (Briefing.com consensus 6.4%)
The U6 unemployment rate, which also accounts for marginally attached workers and people employed part-time for economic reasons, dipped to 12.2% from 12.3%
Average hourly earnings increased 0.2% (Briefing.com consensus 0.2%)
The average workweek was 34.5 hours (Briefing.com consensus 34.5)
Consumer credit increased a robust $26.80 billion in April from an upwardly revised increase of $19.50 billion (from $17.50 billion) in March. That April figure was well above the Briefing.com consensus estimate of $15.00 billion.

Revolving credit increased by $8.80 billion, from $861.60 billion to $870.40 billion, suggesting consumers were doing more purchasing with credit cards

Once again, though, it was non-revolving credit that led the increase, surging $18.00 billion to $2,304.60 billion from $2,286.60 billion

Monday's session will be free of noteworthy economic data.

S&P 500 +5.5% YTD
Nasdaq Composite +3.5% YTD
Dow Jones Industrial Average +2.1% YTD
Russell 2000 +0.1% YTD

Week in Review: Small-Caps Surge

The stock market kicked off June on an unassuming note. The S&P 500 added 0.1% after spending the bulk of the day near its flat line, while the Nasdaq Composite (-0.1%) and Russell 2000 (-0.5%) underperformed throughout the session. Equity indices displayed slim gains at the open, but small-cap stocks struggled from the get go. The major averages then had the rug pulled out from under them after a disappointing ISM Index for May (53.2 versus Briefing.com consensus 55.6) crossed the wires. Although stocks slumped to lows in reaction to the report, they were able to trim their losses over the next 90 minutes. The Nasdaq and Russell 2000 could not return into positive territory, while the Dow and S&P 500 managed to regain their flat lines. The recovery in the blue chip indices was assisted by headlines indicating that the original ISM report did not contain the correct seasonal adjustment data. Those headlines were accompanied by reports suggesting 56.0 was the correct reading for May, but when the final release from the ISM crossed the wires, it revealed that the index climbed to 55.4 and not 56.0.

On Tuesday, the stock market finished on a modestly lower note, but small-cap stocks underperformed once again. The Russell 2000 slipped 0.2%, while the S&P 500 snapped its three-day win streak, shedding less than a point. Equity indices faced an uphill climb from the opening bell, but the S&P 500 was able to cut the bulk of its losses during the initial 45 minutes of action; however, the early rebound attempt was stonewalled by the underperformance of small-caps. With high-beta names unable to gain any significant traction, the benchmark index returned to its earlier low. The S&P 500 then staged another recovery, which placed it right below its flat line by the close. To be sure, the (nearly) flat finish reflected a lack of concerted sector leadership during the trading day. On the cyclical side, energy (+0.3%) and financials (+0.1%) posted modest gains, while the remaining four sectors lost between 0.1% and 0.3%.

The major averages finished the Wednesday session on a modestly higher note with the Nasdaq Composite (+0.4%) in the lead. Like the Nasdaq, the Russell 2000 (+0.4%) also outperformed the S&P 500 (+0.2%), while the Dow Jones Industrial Average (+0.1%) lagged throughout the session. For the third day in a row, the stock market maintained a narrow range amid spotty sector leadership. Trading volume remained light with just 579 million shares changing hands at the NYSE versus a long-term average of 700 million. The quiet trading environment was a reflection of a wait-and-see approach employed by investors ahead of Thursday's policy decision from the European Central Bank and Friday's U.S. Nonfarm Payrolls report.

The stock market finished the Thursday session on an upbeat note after receiving a shot in the arm from an easing announcement made by the European Central Bank. Small-cap stocks led the way with the Russell 2000 climbing 2.1%, while the S&P 500 advanced 0.7% with all ten sectors posting gains. Prior to the open, the European Central Bank announced several easing measures after the past few months were filled with speculation surrounding potential stimulus from the ECB. The central bank lowered all three of its interest rates (main refinancing rate to 0.15% from 0.25%, marginal lending facility rate to 0.40% from 0.75%, and deposit facility rate to -0.10% from 0.00%), announced the deployment of a targeted long term refinancing operation [LTRO], and said preparations for purchases of asset-backed securities have begun. In addition, the ECB announced it will stop sterilizing purchases under its Securities Market Program [SMP]. One of the factors that forced the action was the continued strength of the euro, which has been stubbornly holding just below its best level since late 2011. The announcement knocked the single currency down...for about three hours. The euro/dollar pair slumped from 1.3600 to 1.3500 following the announcement, but rallied all the way to 1.3655 by the end of the New York session. Conversely, the Dollar Index (80.39, -0.28), which was boosted initially, slumped to lows by the close.

3:30 pm: [BRIEFING.COM]
Related Stories

S&P 500 Hits New High; Indexes End Week With Gains Investor's Business Daily
Major Indexes Holding Gains As More Stocks Break Out Investor's Business Daily
US STOCKS-Wall St gains; S&P 500 sets record intraday high Reuters
Stock Market News for June 05, 2014 Zacks
Stock Market News for May 23, 2014 Zacks

Aug gold touched a session high of $1258.20 per ounce in early morning action following the Nonfarm Payrolls report that showed an addition of 217K payrolls vs the Briefing.com consensus of 220K.
However, the yellow metal fell to a session low of $1245.70 per ounce moments after equity markets opened and remained in negative territory for the remainder of pit trade. It settled with a 0.1% loss at $1252.70 per ounce, booking a gain of 0.5% for the week.
July silver also pulled back from its session high of $19.20 per ounce set shortly after floor trade opened and traded as low as $18.88 per ounce. It eventually settled with a 0.5% loss at $19.00 per ounce, cutting gains for the week to 1.8%.
July crude oil touched a session high of $103.12 per barrel moments after floor trade opened but slipped into the red and to a session low of $102.27 per barrel in late morning action. It managed to recover back into positive territory and settled 0.2% higher at $102.67 per barrel, booking a loss of 0.1% for the week.
July natural gas came off its session low of $4.68 per MMBtu and rose as high as $4.74 per MMBtu. It pulled back heading into the close and settled 0.4% higher at $4.71 per MMBtu, gaining 3.7% for the week.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the final session of the week.

Just released, the Consumer Credit report for April was just released by the Federal Reserve and it showed that consumer credit increased by $26.80 billion. That was higher than the Briefing.com consensus estimate of $15.00 billion. The prior month's credit growth was revised higher to $19.50 billion from $17.50 billion.

2:30 pm: [BRIEFING.COM] Not much change in the stock market as the S&P 500 hovers less than a point below its best level of the day. In fact, the benchmark index has traded within a couple points of its session high since 10:30 ET.

The past few weeks have seen very light volume totals and even yesterday's session, which included the ECB announcement, did not see above average activity as 615 million shares changed hands at the NYSE (700 million average). Similarly, today's session is unlikely to surpass the 200-day average since only 322 million shares have been traded at the NYSE so far.

1:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% as afternoon action continues to unfold in a rather uneventful fashion. The Dow (+0.5%), meanwhile, has vaulted over the S&P 500, which leaves the benchmark index trading behind the other major indices.

If the major averages hold their levels into the close, the S&P 500 will post a weekly gain of 1.3% and extend its year-to-date advance to 5.4%. This would solidify the S&P 500 as this year's leading index, while the Russell 2000, Dow, and Nasdaq hold respective year-to-date gains of 0.1%, 2.1%, and 3.3%.

1:30 pm: [BRIEFING.COM] It has been another good run for the major indices today with bulls calling the shots after the May employment report struck just the right chord for monetary policy addicts. That is, it was neither really strong nor really weak. It was mostly more of the same, so market participants had no basis to think they should move forward their expectations for the timing of the first rate hike by the Federal Reserve.

Recognizing that the Fed does indeed seem to be on a policy line of holding rates lower for longer, buyers stepped up to keep the major indices trending higher. The Russell 2000 has been a popular stopping point in that respect. It is up 1.0% today after gaining 2.0% on Thursday.

In conjunction with the continued stock market gains, the CBOE Volatility Index (VIX 11.03, -0.65) has continued to collapse. It is down 5.6% today and trading at its lowest level since February 2007.

Separately, the 10-yr note has coughed up all of its post-employment report gains. It is now unchanged for the day, yielding 2.58% (up five basis points for the intraday low).

1:00 pm: [BRIEFING.COM] At midday, the major averages hover just a shade below their highs. Small-cap stocks lead with the Russell 2000 trading higher by 1.1%, while the S&P 500 sports an advance of 0.5% with eight sectors in the green.

The stock market was off the races at the sound of the opening bell after the Nonfarm Payrolls report, released an hour ahead of the open, confirmed that recent trends in the labor market remain intact. Specifically, the addition of 217,000 payrolls (Briefing.com consensus 220,000) reflected the gradual improvement in the labor market, while the participation rate remained low (held at 62.8%), and hourly earnings grew modestly (+0.2%).

While the report wasn't particularly strong, it also was not weak enough to cause participants to reassess the overall picture. As such, equities were able to build on this week's gains.

Most notably, the Russell 2000 is on pace to end the week with a 2.8% gain versus a 1.3% increase for the S&P 500. This represents a bit of a change in leadership from previous weeks that saw relative strength among blue chip stocks.

Outside of the Russell 2000, growth-sensitive sectors have also had a strong week when compared to their countercyclical counterparts. The financial sector (+0.7%) is on track to post a weekly advance of 2.3%, while the other five cyclical sectors are all up at least 1.3% for the week. For comparison, the utilities sector is the only defensive group that is up more than 1.0% this week (+1.2%).

Energy (+0.9%) and industrials (+0.8%) occupy the top two spots on today's leaderboard. The energy sector has received support from Chevron (CVX 124.59, +1.07) and ExxonMobil (XOM 101.46, +0.91) as the two Dow components show gains close to 0.9% apiece. Crude oil, meanwhile, saw overnight gains, but now trades higher by 0.2% at $102.72/bbl.

Elsewhere, industrials have been boosted by General Electric (GE 27.09, +0.32), which trades higher by 1.2%. Transport stocks also trade ahead of the broader market with the Dow Jones Transportation Average up 0.6%.

On the downside, health care (-0.2%) and telecom services (-0.4%) hold modest losses.

Interestingly, Treasuries only saw some brief selling after the jobs report before surging to highs. The 10-yr note has since slipped from its best level of the day, but remains up one tick with its yield down one basis point at 2.58%.

Taking another look at the jobs report:

Nonfarm payrolls increased by 217,000 (Briefing.com consensus 220,000)
April nonfarm payrolls were revised to 282,000 from 288,000
Total private payrolls increased by 216,000 (Briefing.com consensus 230,000)
April private payrolls were revised to 270,000 from 273,000
The unemployment rate held at 6.3% (Briefing.com consensus 6.4%)
The U6 unemployment rate, which also accounts for marginally attached workers and people employed part-time for economic reasons, dipped to 12.2% from 12.3%
The average workweek was 34.5 hours (Briefing.com consensus 34.5)

The Consumer Credit report (Briefing.com consensus $15.00 billion) will be released at 15:00 ET.

12:25 pm: [BRIEFING.COM] Not much change in the major averages as they continue hovering a bit below their best levels of the day. For the second day in a row, cyclical sectors are having a better showing than their defensive counterparts, which is the result of increased risk tolerance among participants after yesterday's easing announcement from the European Central Bank.

Fittingly, the financial sector (+0.7%) is the only group that sports a week-to-date gain of 2.0% or more. The second-largest sector is higher by 2.3% this week, while the second-best performing group-industrials-trades up 1.9% for the week.

On the downside, the telecom services sector (-0.4%) is on track to post a weekly loss of 1.5%.

12:00 pm: [BRIEFING.COM] The major averages hover near their highs after their opening run higher has turned into a jog along the top end of today's range. Eight of ten sectors sport gains with energy (+0.8%) and industrials (+0.7%) in the lead.

The energy sector has received support from its top-weighted components as Chevron (CVX 124.45, +0.93) and ExxonMobil (XOM 101.33, +0.78) are both up near 0.8%. Meanwhile, crude oil has slumped from its morning highs and now trades flat at $102.41 per barrel.

Elsewhere, the industrial sector remains near its high even though the PHLX Defense Index (+0.6%) has retreated from its best level of the session. However, General Electric (GE 27.08, +0.30) has picked up the slack, extending its gain to 1.1%.

11:30 am: [BRIEFING.COM] The S&P 500 (+0.4%) remains near its recent level, while the Nasdaq Composite (+0.6%) and Russell 2000 (+1.2%) have notched fresh session highs.

High-growth tech names have contributed to the relative strength of the Nasdaq, while some large-caps are struggling to stay in the green. On that note, Apple (AAPL 647.52, +0.17) and Google (GOOG 553.78, -0.12) are both little changed.

Also of note, biotech stocks have not rallied alongside other high-beta listings. The iShares Nasdaq Biotechnology ETF (IBB 245.10, -0.09) trades flat, while the broader health care sector is lower by 0.2%. The health care space has struggled to keep up with the broader market this week and its current loss has narrowed its week-to-date gain to 0.5%. Only consumer staples and telecom services have had a worse showing for the week. The staples sector holds a slim week-to-date gain (+0.2%), while the telecom sector is down 1.6% so far this week.

11:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.4%, extending its weekly gain to 1.2%. The benchmark index made the bulk of its advance during the first 30 minutes of action before leveling off at its session high. The small-cap Russell 2000 has followed the same path, but the index outperforms with a solid gain of 1.1%. Including the gain, the Russell 2000 is on track to finish the week higher by 2.8%.

The Russell 2000 ended May on a quiet note after spending the bulk of the month near its 200-day moving average. The index also tested that level earlier this week, but has been able to break out of the recent range after yesterday's ECB decision. The small-cap index is now back at levels last seen in early April and is up 4.7% over the past two weeks.

On the flip side, blue chips displayed relative strength in May while the Russell struggled, but that dynamic has flipped so far in June. The Dow Jones Industrial Average holds a week-to-date gain of 1.1%.

10:30 am: [BRIEFING.COM]

Energy futures are higher, metals are higher excl copper and agriculture is mixed. Dollar index is currently +0.2% at 80.50
Copper futures are extending losses for the week, and are now at a 4-week low, as the China port investigation in Qingdao remains ongoing.
July copper fell as low as $3.03/lb this morning and is now -1.5% at $3.05/lb
Gold and silver futures pulled back modestly this morning following employment data.
Aug gold fell as low as $1242.70/oz and is now -0.4% at $1248.20/oz. July silver is -0.7% at $18.95/oz.
July natural gas futures have been selling off this morning and are now -0.2% at $4.69/MMBtu
Crude oil has been higher all morning and rose as high as $103.12/barrel. Crude is now +0.3% at $102.82/barrel

10:00 am: [BRIEFING.COM] Equity indices remain near their highs with the S&P 500 trading up 0.3%.

Since our opening update, the health care sector has climbed into the green, but the influential group continues to lag. Biotechnology, meanwhile, trades in line with the sector (IBB UNCH).

Elsewhere, yesterday's leading group, industrials (+0.6%) has seized the lead, with the strength largely due to the outperformance of defense contractors. Dow component Boeing (BA 137.80, +0.98) is higher by 0.7%, while the broader PHLX Defense Index trades up 0.8%.

On the downside, the telecom services sector (-0.4%) is the lone decliner.

9:45 am: [BRIEFING.COM] The major averages began the Friday session on an upbeat note with small-cap stocks in the lead. The Russell 2000 trades higher by 0.7%, while the S&P 500 sports a modest gain of 0.3% with seven sectors showing gains.

All six cyclical groups hover in the green and the materials space (+0.2%) is the only underperformer among growth-sensitive sectors. Meanwhile, heavily-weighted consumer discretionary (+0.4%), financials (+0.4%), and technology (+0.4%) all trade ahead of the broader market.

On the downside, health care (-0.01%) and telecom services (-0.2%) hover just below their respective flat lines.

Treasuries have slipped from their highs, but continue showing gains. The 10-yr yield is lower by two basis points at 2.57%.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +11.70. The major averages are on track for an upbeat start to the final session of the week as futures on the S&P 500 trade three points above fair value. Futures held slim gains in overnight action before spiking to highs after the Nonfarm Payrolls report indicated the addition of 217,000 payrolls in May. The reading was essentially in line with the Briefing.com consensus (220,000) and was good enough to boost the futures market.

Interestingly, Treasuries also rallied in reaction to the data with the 10-yr note surging from a session low to a new high. The benchmark note will enter the session with a nine tick gain and its yield down four basis points at 2.55%.

One more economic data point remains on today's calendar in the form of the Consumer Credit report (Briefing.com consensus $15.00 billion), which will be released at 15:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +13.50. The S&P 500 futures trade four points above fair value.

The major Asian markets ended lower, while India's Sensex (+1.5%) outperformed notably. According to Reuters, Japan's Prime Minister Shinzo Abe urged the Government Pension Investment Fund to accelerate the fund's asset allocation review, which will result in more funds being directed towards the equity market.

In economic data:
Japan's Leading Index fell to 106.6 from 107.1 (expected 106.2).
Australia's AIG Construction Index rose to 46.7 from 45.9.
South Korea's GDP increased an in-line 0.9% quarter-over-quarter, while the year-over-year reading rose 3.9%, which also met expectations.

------

Japan's Nikkei shed 0.01% after bouncing around its flat line for the duration of the session. Chipmaker Sumco Corp displayed noteworthy strength, surging 11.3%. On the downside, SoftBank lost 1.6%.
Hong Kong's Hang Seng slumped into the close, losing 0.7%. Hong Kong & China Gas tumbled 11.4%. China Petroleum & Chemical Corp outperformed, climbing 1.3%.
China's Shanghai Composite lost 0.5% after spending the entire session in the red as tech names weighed. Dongfeng Electronic Technology and Xinjiang Dushanzi Tianli High & New Tech Co both lost near 3.5%.
India's Sensex rose 1.5%, ending just a shade below its session high. Oil & Natural Gas Corp soared 11.1% and GAIL India advanced 7.9%. Infosys lagged, falling 1.3%.

European indices trade higher across the board. Notably, peripheral bond yields have fallen to fresh record lows following yesterday's ECB decision to introduce additional easing measures. Italy's 10-yr yield is lower by 16 basis points at 2.77%, while Spain's 10-yr yield is down 17 basis points at 2.66%.

Participants received several data points:
Germany's Industrial Production rose 0.2% month-over-month (consensus 0.4%, previous -0.6%), while the trade surplus expanded to EUR17.70 billion from EUR15.00 billion (expected surplus of EUR15.20 billion).
Great Britain's trade deficit widened to GBP8.92 billion from GBP8.29 billion (expected deficit of GBP8.65 billion), while Inflation Expectations slipped to 2.6% from 2.8%.
French trade deficit narrowed to EUR3.90 billion from EUR4.90 billion (expected deficit of EUR5.00 billion), while the government budget deficit widened to EUR64.20 billion from EUR28.00 billion (expected deficit of EUR50.00 billion).
Spain's Industrial Production rose 4.3% year-over-year (consensus 1.9%, previous 0.9%).
Swiss CPI rose 0.3% month-over-month (consensus 0.2%, previous 0.1%), while the year-over-year reading ticked up 0.2% (consensus 0.1%, prior 0.0%).

------

Germany's DAX is higher by 0.4%. Commerzbank leads with a gain of 2.5%, while exporters BMW and Volkswagen trade higher by 0.6% and 0.8%, respectively.
Great Britain's FTSE trades up 0.4%. Financials outperform with RSA Insurance and Schroders both up near 2.0%. Unilever is the weakest performer, down 1.6%.
In France, the CAC holds an advance of 0.7%. AXA, Credit Agricole, and Societe Generale are up between 2.0% and 2.9%. Steelmaker Vallourec lags, down 1.9%.
Spain's IBEX outperforms with a gain of 1.6% amid broad strength. Acciona, Banco de Sabadell, Bankinter, and CaixaBank are up between 1.4% and 3.6%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +3.20. The S&P 500 futures trade two points above fair value.

May nonfarm payrolls came in at 217,000, while the Briefing.com consensus expected a reading of 220,000. Nonfarm private payrolls added 216,000 against the 230,000 expected by the consensus. The unemployment rate held steady at 6.3%, while the consensus expected a reading of 6.4%.

Hourly earnings ticked up 0.2%, as expected by the Briefing.com consensus. The average workweek was reported at 34.5, which also matched consensus expectations.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +3.20. U.S. equity futures hold slim gains amid upbeat action overseas. The S&P 500 futures trade one point above fair value; however, some volatility is expected to surround the 8:30 ET release of the Nonfarm Payrolls report for May. The Briefing.com consensus expects the jobs report to indicate the addition of 220,000 payrolls.

Reviewing overnight developments:

Major Asian markets ended lower. Hong Kong's Hang Seng -0.7%, China's Shanghai Composite -0.5%, and Japan's Nikkei settled just below its flat line.
In economic data:
Japan's Leading Index fell to 106.6 from 107.1 (expected 106.2).
Australia's AIG Construction Index rose to 46.7 from 45.9.
South Korea's GDP increased an in-line 0.9% quarter-over-quarter, while the year-over-year reading rose 3.9%, which also met expectations.
In news:
According to Reuters, Japan's Prime Minister Shinzo Abe urged the Government Pension Investment Fund to accelerate the fund's asset allocation review, which will result in more funds being directed towards the equity market.

European indices trade higher across the board. Germany's DAX +0.4%, Great Britain's FTSE +0.4%, and France's CAC +0.5%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +1.3%.
Participants received several data points:
Germany's Industrial Production rose 0.2% month-over-month (consensus 0.4%, previous -0.6%), while the trade surplus expanded to EUR17.70 billion from EUR15.00 billion (expected surplus of EUR15.20 billion).
Great Britain's trade deficit widened to GBP8.92 billion from GBP8.29 billion (expected deficit of GBP8.65 billion), while Inflation Expectations slipped to 2.6% from 2.8%.
French trade deficit narrowed to EUR3.90 billion from EUR4.90 billion (expected deficit of EUR5.00 billion), while the government budget deficit widened to EUR64.20 billion from EUR28.00 billion (expected deficit of EUR50.00 billion).
Spain's Industrial Production rose 4.3% year-over-year (consensus 1.9%, previous 0.9%).
Swiss CPI rose 0.3% month-over-month (consensus 0.2%, previous 0.1%), while the year-over-year reading ticked up 0.2% (consensus 0.1%, prior 0.0%).
Among news of note:
Peripheral bond yields have fallen to fresh record lows following yesterday's ECB decision to introduce additional easing measures. Italian and Spanish 10-yr yields are both lower by 17 basis points at 2.76% and 2.65%, respectively.

In U.S. corporate news:

Bank of America (BAC 15.37, -0.06): -0.4% amid reports the bank may have to pay in excess of $12 billion to settle mortgage probes.
CONSOL Energy (CNX 48.16, +0.75): +1.6% after Goldman Sachs upgraded the stock to 'Buy' from 'Neutral.'

The Nonfarm Payrolls report for May will be released at 8:30 ET (Briefing.com consensus 220K), while the April Consumer Credit report (consensus $15.00 billion) will cross the wires at 15:00 ET.

6:28 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.00.

6:28 am: [BRIEFING.COM] Nikkei...15077.24...-2.10...0.00. Hang Seng...22951.00...-158.70...-0.70%.

6:28 am: [BRIEFING.COM] FTSE...6835.53...+22.00...+0.30%. DAX...9965.29...+18.50...+0.20%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr