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 Post subject: August 28th Friday Trade Results - Profit $5025.00
PostPosted: Fri Aug 28, 2015 5:54 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $5025.00 dollars or +100.50 points, Light Crude Oil CL ($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 @ $5025.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=146&t=2157

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=269&t=2840 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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

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


4:25 pm: [BRIEFING.COM] After enduring a whirlwind week, the major averages ranged near their flat lines throughout the Friday session, ending little changed. The S&P 500 (+0.1%) and Nasdaq Composite (+0.3%) eked out slim gains while the Dow Jones Industrial Average (-0.1%) underperformed throughout the day. Despite the sideways action on Friday, the rally on Wednesday and Thursday allowed the S&P 500 to end the week higher by 0.9% while the Nasdaq jumped 2.5% for the week.

With one more session remaining in August, the S&P 500 is on track to lose 5.8% for the month while the Nasdaq is down 6.2% since the end of July.

Equities began today's affair with losses in most sectors, but the energy space (+2.3%) was an early standout following yesterday's 10.0% spike in crude oil. The energy component wasn't done there, rallying 6.3% today to end the pit session at $45.22/bbl. For the week, WTI crude gained 10.6% after dipping below $38.00/bbl on Monday.

The early strength in the energy sector served as an encouraging factor and other sectors began climbing in sympathy shortly after the start. The advance briefly placed the S&P 500 above its flat line, but the index slid back into the red after Federal Reserve vice chair Stanley Fischer appeared on CNBC.

Mr. Fischer's appearance did not provide that much fresh insight as he indicated that a September rate hike remains a possibility and that it's still too early to make the call right now; however, that was enough for the jittery market to slide back into negative territory. That move coincided with a jump in the Dollar Index (96.12, +0.37) while Treasuries surrendered their intraday gains, ending the day unchanged with the 10-yr yield at 2.18%.

The slide from highs was fairly broad-based and it pulled the energy sector from its high. Still the group ended with a solid gain while other sectors joined energy in the green during the final hour thanks to a broad surge that lifted the market back into positive territory. For the week, the energy sector jumped 3.7%, ending ahead of the technology sector, which spiked 2.9% for the week. The top-weighted group saw a stunning reversal after being down 6.9% at its lowest point on Monday.

Although the volatility appeared to have subsided on Friday, the CBOE Volatility Index (VIX 26.16, +0.06) was up almost three points before a late unwind saw the gauge surrender its entire increase. That being said, the VIX remains elevated at 26.00%, indicating that investors remain on the lookout for large swings.

With the broad market stumbling about like an overserved sailor, stock-specific news had been largely ignored this week. However, investors did receive a few earnings reports since Thursday's closing bell. Retail names posted mixed results with Aeropostale (ARO 0.92, -0.34) and bebe stores (BEBE 1.35, -0.52) missing bottom-line estimates while Big Lots (BIG 48.58, +6.58), Gamestop (GME 42.49, -3.71), and Ulta Salon (ULTA 159.00, -1.24) reported bottom-line beats.

Once again, participation was well above average with more than a billion shares changing hands at the NYSE floor.

Economic data was limited to Personal Income/Spending data and Michigan Sentiment:

Personal income increased 0.4% for a fourth consecutive month in July while the Briefing.com Consensus expected an increase of 0.4%
Wages and salaries increased 0.5% in July after increasing 0.2% in June, which was slightly weaker than what was implied in the July employment report
Personal spending increased 0.3% for a second consecutive month in July, following an upward revision to June spending (from 0.2% to 0.3%) while the consensus expected an increase of 0.4%
Core PCE prices increased 0.1% for a fourth consecutive month in July
The University of Michigan Consumer Sentiment Index was revised down to 91.9 in the final July reading from a preliminary reading of 92.9 while the Briefing.com consensus expected a revision up to 93.0
The move in consumer sentiment was opposite of the trend in the Conference Board's Consumer Confidence Index, which spiked to 101.5, its highest level since January

Monday's data will be limited to the 9:45 ET release of the Chicago PMI for August (Briefing.com consensus 54.7).

Nasdaq Composite +1.9% YTD
S&P 500 -3.5% YTD
Russell 2000 -3.6% YTD
Dow Jones Industrial Average -7.1% YTD

Week in Review: Volatility Rears Ugly Head

Global equity markets began the last full week of August with a broad-based tumble that began overnight in Asia and continued into the U.S. session. When the dust settled, the S&P 500 was down 3.9% after opening with a 5.3% loss while the Nasdaq Composite lost 3.8% after starting the day with an 8.8% decline. The Monday retreat began unfolding shortly after Asian markets opened for action with continued concerns about global economic growth weighing on investor sentiment. China's Shanghai Composite paced the overseas weakness, plunging 8.5%, after the weekend went by without direct policy intervention from the People's Bank of China. Instead, pension funds managed by local governments were allowed to invest in the stock market, but that development was all but ignored. There was no respite during the European session as equity indices across the old continent faced daylong pressure with France's CAC, Germany's DAX, and UK's FTSE losing between 4.7% and 5.4%. Notably, an extension of recent selling in the DAX resulted in the index widening its slide from record highs to 22.0%, representing bear market territory. Once the U.S. session got going, a chaotic first hour ensued, featuring wide spreads, low liquidity, and a mad dash for volatility protection. In fact, the CBOE Volatility Index (VIX 40.03, +12.00) did not produce any quotes during the first 30 minutes of the session, but once quotes resumed, the index soared past levels seen during the May 2010 flash crash. The VIX notched its high just below 53.50%, but retreated into the 40.00% area by the close. The selling was far-reaching with just 136 NYSE listings ending in the green. Given that dynamic, it wasn't surprising to see all ten sectors end the day in negative territory with losses ranging from 3.1% (telecom services) to 5.2% (energy). The energy sector finished the day behind other groups, widening its Q3 decline to 20.5% as crude oil contributed to the persistent weakness. The energy component was clipped by the overarching global macro concerns, tumbling 5.4% to $38.25/bbl.

Equity indices ended the Tuesday session on a lower note despite starting the day with a sharp spike. The S&P 500 lost 1.4% after being up 2.9% while the Nasdaq Composite surrendered 0.4% after being up 3.6%. The market began the day with a broad-based spike after most global stock markets rebounded during overnight action. Interestingly, the rebound did not include China's Shanghai Composite as the index lost 7.6%. After the close, the People's Bank of China cut its main lending rate 25 basis points to 4.6% and lowered its reserve requirement ratio 50 basis points to 18.0%. The PBoC rate-cut announcement took place well after Asian markets ended for the day, but the news was met with a spike in S&P futures. Once the trading day began, the S&P 500 rallied through the first two hours of action, but returned into the middle of its trading range during the afternoon, and fell to lows during the final 60 minutes of the session. In some ways, the selling during the final hour resembled action observed on Monday morning as liquidity dried up notably and bid-ask spreads widened past typical levels. The S&P 500 surrendered nearly 40 points during the final hour, pulling all sectors into the red. Interestingly, the utilities sector (-3.2%) ended at the bottom of the leaderboard as the rate-sensitive group suffered from higher yields intraday and extended its losses during afternoon selling. More notably, heavily-weighted sectors like financials (-1.7%), industrials (-1.6%), and health care (-1.4%) underperformed throughout the day while consumer discretionary (-0.4%) and technology (-1.2%) surrendered their gains after being up more than 3.0% apiece.

The stock market rebounded from six days of consecutive losses on Wednesday with the S&P 500 spiking 3.9%. The benchmark index narrowed its weekly loss to 1.5% while the Nasdaq gained 4.2%, trimming this week's decline to 0.2%. Equity indices began the day on a higher note after index futures rallied during overnight action. That advance occurred even as China's Shanghai Composite lost 1.3%, seeing little response to Tuesday's rate cut from the People's Bank of China. Once the trading day begun, the key indices spent the first three hours of action in a slow slide from their highs. The market saw little immediate reaction to comments from FOMC vice chair William Dudley, who said that a case for a rate hike in September seems less compelling than it was a few weeks ago. Despite the comments from Mr. Dudley, the market continued dripping from highs, but the S&P 500 was able to reverse course upon hitting the 1,880 level. Although there was nothing special about that mark, it is worth noting that the turn occurred as the dollar began rallying against the euro and yen, suggesting the return of carry flows. The greenback continued climbing alongside equities into the late afternoon, pushing the Dollar Index higher by 0.7%.

The market registered its second consecutive advance on Thursday with the S&P 500 jumping 2.4% while the Nasdaq Composite (+2.5%) outperformed slightly.The market endured a late afternoon swoon, but was able to return to its high by the close. Equities began the trading day on an upbeat note after the overnight session featured a rally across major global equity markets. China's Shanghai Composite took part in that move, soaring 5.3%, but the spike was reportedly aided by an intervention from the People's Bank of China. Once the U.S. session got going, stocks followed the lead from Asia, rallying across the board with the energy sector pacing the advance. The growth-sensitive sector surged 5.0% while crude oil settled on its high, spiking 10.3% to $42.53/bbl., which represented the largest gain since 2009. Similar to energy, the remaining nine sectors posted solid gains. Meanwhile, the S&P 500 surrendered 30 points in just an hour but reclaimed all 30 of those points during the next 30 minutes or so, highlighting the elevated volatility that has been in place as of late. To that point, at their Monday lows, the Dow, Nasdaq, and S&P 500 were down 6.6%, 8.8%, and 5.3%, respectively. At their highs on Thursday, they were up 8.4%, 12.3%, and 6.6% from those lows, respectively.

3:30 pm: [BRIEFING.COM]

Oil is the big story... again. Crude extended yesterday's huge rally by surging again today.
In today's floor session, Oct crude finished the day +6.4% at $45.20/barrel, rallying a total of 17% in the past two sessions.
In other energy, Sept nat gas rose 2% to finish at $2.74/MMBtu.
Sept silver lost some steam today, falling -0.8% in pit trading to end at $14.53/oz.
Meanwhile, Dec gold rallied +2% to $1133.60/oz, while Sept copper rose as well, climbing a modest +0.4% to $2.34/lb.

3:05 pm:

[BRIEFING.COM] Equity indices remain near their flat lines going into the final hour with the S&P 500 (-0.2%) holding a slim loss while the Nasdaq Composite (+0.1%) outperforms.

Given their current levels, the major averages are on track to register gains for the week despite suffering sharp losses on Monday and Tuesday. The Nasdaq has had the best showing, adding 2.3% this week while the S&P 500 and Dow have climbed 0.7% and 1.0%, respectively. However, the indices remain down in August with one more session remaining on Monday. The Dow and Nasdaq have given up close to 6.5% apiece while the S&P 500 has surrendered 6.0% since the end of July.

Elsewhere, Treasuries ended the day with modest losses, sending the 10-yr yield higher by two basis points to 2.19%.

2:30 pm:

[BRIEFING.COM] The major averages continue spinning their wheels not far below their flat lines with the S&P 500 down 0.3%.

Today's Personal Income and Spending Report showed few surprises.

Personal income increased 0.4% for a fourth consecutive month in July. There were no revisions to the June income data. The Briefing.com Consensus expected personal income to increase 0.4%.

Personal spending increased 0.3% for a second consecutive month in July, following an upward revision to June spending (from 0.2% to 0.3%). The consensus expected personal spending to increase 0.4%.

The personal saving rate increased for a second consecutive month, from 4.7% in June to 4.9% in July. Trends, however, look pretty stable since the harsh winter weather temporarily boosted savings levels in January and February.

All-in-all, trends remain exactly where they left off in June.

1:55 pm:

[BRIEFING.COM] The major averages have slid to new session lows, but they are now back in the lower portion of the sideways trading range that was in effect prior to the recent slip.

All in all, the market has struggled for direction throughout the day, sliding from session highs after comments made by Federal Reserve vice chair Stanley Fischer were interpreted as somewhat hawkish.
Related Quotes

The energy sector (+2.2%) remains well ahead of the broader market while crude oil is on track to end the day with a 6.2% gain at $45.20/bbl. On the flip side, the health care sector (-1.1%) has weighed throughout the session with biotechnology contributing to the weakness. The iShares Nasdaq Biotechnology ETF (IBB 348.67, -2.24) is lower by 0.6%.

1:35 pm:

[BRIEFING.COM] Stocks remain lower at this time in a controlled session as traders take a breather following this week's non-stop volatile action.

A look inside the Dow Jones Industrial Average shows Wal-Mart (WMT 64.65, -1.43), Pfizer (PFE 32.63, -0.63), and Johnson & Johnson (JNJ 97.78, -1.44) are underperforming. These three Dow laggards are weaker amid general weakness in their respective sectors, which are the worst performing sectors on the day, only behind utilities.

Conversely, Chevron (CVX 80.67, +3.03) is the best-performing Dow component as crude oil extends its rally, gaining 7% to $45.55/bbl today.

As we near the close of the week, the DJIA is currently up 0.75% this week, but still down 6.3% in August, with Monday being the final trading day of the month.

1:00 pm:

[BRIEFING.COM] The major averages trade in mixed fashion at midday after spending some time on both sides of their flat lines. The S&P 500 holds a slim loss (-0.2%) while the Nasdaq Composite (+0.1%) outperforms.

Equity indices began the day on a cautious note after Thursday's surge left the S&P 500 up 0.8% for the week after the benchmark index lost 5.5% between Monday and Tuesday. Eight sectors began the day with losses while energy (+3.0%) spiked out of the gate amid continued strength in crude oil. The energy component was little changed in the early morning, but has been rallying throughout the day. WTI crude is currently higher by 6.8% at $45.47/bbl, which puts it on track to end the week higher by 11.0%.

The market spent the first two hours in a slow grind that placed the S&P 500 in the green, but the index slumped back to its session low after Federal Reserve Vice Chair Stanley Fischer appeared on CNBC and addressed the inevitable rate-hike question.

Mr. Fischer did not provide that much insight, indicating that a September rate hike remains a possibility and that it's still too early to make the call right now, but that was enough for the anxious market to slide back into negative territory while the Dollar Index (96.26, +0.52) jumped and Treasuries surrendered their intraday gains. The benchmark 10-yr yield is higher by two basis points at 2.18%.

Eight sectors remain in the red with utilities (-1.6%) pressured by the increase in yields while heavily-weighted financials (-0.6%) and health care (-0.8%) have kept the market under pressure. For its part, the top-weighted technology sector outperforms slightly, trading flat. High-beta chipmakers have done well, evidenced by a 0.7% jump in the PHLX Semiconductor Index. Only three components trade in the red while heavyweight Intel (INTC 28.52, +0.80) has climbed 2.9%.

On the earnings front, Autodesk (ADSK 47.55, -2.45) has given up 4.9% after cautious guidance spurred by changes to the company's business model overshadowed a bottom-line beat.

Economic data was limited to Personal Income/Spending data and Michigan Sentiment:

Personal income increased 0.4% for a fourth consecutive month in July while the Briefing.com Consensus expected an increase of 0.4%
Wages and salaries increased 0.5% in July after increasing 0.2% in June, which was slightly weaker than what was implied in the July employment report
Personal spending increased 0.3% for a second consecutive month in July, following an upward revision to June spending (from 0.2% to 0.3%) while the consensus expected an increase of 0.4%
Core PCE prices increased 0.1% for a fourth consecutive month in July
The University of Michigan Consumer Sentiment Index was revised down to 91.9 in the final July reading from a preliminary reading of 92.9 while the Briefing.com consensus expected a revision up to 93.0
The move in consumer sentiment was opposite of the trend in the Conference Board's Consumer Confidence Index, which spiked to 101.5, its highest level since January

12:30 pm:

[BRIEFING.COM] After three hours of gyrations, the S&P 500 (-0.2%) is essentially back where it started the trading day.

Just like at the start of the day, only two sectors trade in the green (energy and materials) while the remaining sectors hold losses. The utilities sector (-1.5%) sits at the bottom of the leaderboard, but more notably, health care (-1.0%) and consumer staples (-0.7%) trade well behind the broader market.

Despite this week's wild trading action, the S&P 500 remains on course to end the week higher by 0.7% while the Nasdaq is on track to add 2.2% for the week after being down more than 9.6%.

11:55 am:

[BRIEFING.COM] The major averages have backed away from their recently-established highs with the move taking place after Federal Reserve Vice Chair Stanley Fischer appeared on CNBC and indicated that a September rate hike remains a possibility and that it's still too early to make the call right now.

Mr. Fischer did not really provide that much insight, but it appears the market, which has suffered from recent anxiety to say the least, had expected a more dovish stance. The S&P 500 (-0.1%) is now back below its flat line while the Nasdaq sits right on its unchanged level.

Treasuries, meanwhile, have surrendered all of their gains, turning negative, with the 10-yr yield now up two basis points a 2.18%.

11:30 am:

[BRIEFING.COM] Recent action saw the Nasdaq Composite (+0.4%) make a move into the green while the S&P 500 (+0.2%) has followed suit.

The top-weighted technology sector (+0.2%) has turned positive, joining consumer discretionary (+0.6%), energy (+2.4%), and materials (+0.7%) in the green. Meanwhile, financials (-0.3%), health care (-0.3%), industrials (-0.1%), and consumer staples (-0.4%) remain in the red, but they have been pulled off their lows by the strength in their peers.

Elsewhere, crude oil (+4.6% at $44.53/bbl) remains near its session high, which deserves attention since that strength has underpinned today's leading sector-energy.

11:00 am:

[BRIEFING.COM] The major averages remain in negative territory with the S&P 500 trading lower by 0.2% after making a brief appearance in the green.

Seven sectors trade in negative territory, which explains why the benchmark index has acted heavy so far, while notable outperformance in energy (+2.3%) has kept the index relatively close to its flat line so far today. The energy sector has powered ahead as crude oil enjoys its second day of big gains. Fervent buying has the energy component trading higher by 4.3% at $44.36/bbl after surging 10% yesterday.

Also of note, the consumer discretionary sector has just returned to its flat line while financials (-0.5%), technology (-0.3%), and health care (-0.6%) remain weak.

10:40 am: [BRIEFING.COM]

The dollar traded flat overnight, before dipping early to modest negatives ahead of morning US consumer income/spending data (both of which were in-line w/ est.)
Also driving momentum in the dollar are headlines from Fed speakers in Jackson Hole WY, which lend themselves to rate-hike sentiment
The index bounced into positive territory later in the morning, ahead of a Michigan Sentiment reading that came in modestly underwhelming (91.9 vs. a 93.0 est.)
The dollar is now holding moderate gains at +0.3% to 95.93
Crude traded positive overnight, before seeing a modest pullback early to negative territory after yesterday's ~+10% rally.
Highlighted by news reports that Venezuela is requesting an emergency OPEC meeting to address current prices, and today's Baker Hughes data, WTI is +4.4% to $44.40/barrel
Natural gas has seen strength all session and is currently extending today's gains, despite yesterday's bearish EIA inventory report (showing a 69 bcf build vs. 61 bcf est.)
October Nat gas is now trading +1.6% to 2.71/MMBtu
Metals are trading higher this morning, with gold at +1.3% to $1136.80/oz, silver at +1.1% to $14.57/oz and copper +1.3% to $2.36/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades lower by 0.1%.

Just released, the University of Michigan Consumer Sentiment report for August was revised down to 91.9 from 92.9 while the Briefing.com consensus expected the reading to improve to 93.0.

9:45 am:

[BRIEFING.COM] The major averages began the trading day on a modestly lower note with the S&P 500 (-0.2%) trading a bit behind the Nasdaq (-0.1%).

Eight of ten sectors display early weakness while energy (+0.9%) and materials (+0.3%) hold gains. The two growth-sensitive groups outperform thanks a second day of general strength in commodities. For instance, crude oil trades up 0.4% at $42.74/bbl on top of yesterday's 10.0% surge.

On the downside, the early losses have been held in check with financials (-0.6%) at the bottom of the leaderboard while the remaining sectors trade much closer to their flat lines. Notably, the top-weighted technology sector (-0.1%) is essentially unchanged so far today.

Elsewhere, Treasuries remain just below their highs with the 10-yr yield at 2.13% (-3 bps).

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -25.20.

The stock market is on track for a lower open as S&P 500 futures trade 12 points below fair value after spending the entire night in negative territory.

Index futures retreated overnight even as most markets across Asia posted gains. That advance included China's Shanghai Composite, which spiked 4.8% amid continued reports of government involvement in the market. This time around, it was reported that a two-trillion yuan pension fund is expected to invest in equities. In addition, separate reports indicated China Securities Financing Corporation was preparing to borrow CNY1.4 trillion from the banking system in order to prop up stocks. Despite the Friday jump, the index fell 7.8% for the week.

Meanwhile in Europe, major indices trade with modest losses after climbing off their earlier lows. It is worth noting that a caretaker government has been appointed in Greece ahead of the snap election on September 20 with Vassiliki Thanou assuming the duties of prime minister. Ms. Thanou previously served as president of Greece's Supreme Court.

U.S. Treasuries have oscillated near their flat lines this morning and they currently sit on their highs with the 10-yr yield down three basis points at 2.13%. Treasuries advanced following today's personal income/spending data, which was essentially in-line with expectations. Specifically, July personal income rose an in-line 0.4%, personal spending increased 0.3% (Briefing.com consensus 0.4%), and core PCE prices rose 0.1%, as expected.

One more data point awaits as the final reading of the Michigan Sentiment index for August (expected 93.0) will be released at 10:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -21.10.

The S&P 500 futures trade nine points below fair value.

Markets in the Asia-Pacific region ended Friday mostly higher, following a familiar script from the day before that saw them advance on the heels of a strong showing from Wall Street and a late spike in China's market that was helped along by speculation the government was in the market buying stocks.

In economic data
China's July Industrial profits -2.9% year-over-year (prior -0.3%)
Japan's July Household Spending +0.6% month-over-month (expected +2.2%; prior -3.0%); -0.2% year-over-year (expected +1.3%; prior -2.0%), July Retail Sales +1.6% year-over-year (expected +1.1%; prior +0.9%), July Jobs/Applications Ratio 1.21 (expected 1.19; prior 1.19). Separately, July National CPI +0.2% year-over-year (expected +0.2%; prior +0.4%); National Core CPI 0.0% year-over-year (expected -0.2%; prior +0.1%), August Tokyo CPI +0.1% year-over-year (expected +0.1%; prior +0.2%); Tokyo Core CPI -0.1% year-over-year (expected -0.2%; prior -0.1%), and July Unemployment Rate 3.3% (expected 3.4%; prior 3.4%)

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Japan's Nikkei increased 3.0% and finished near its highs for the session following a batch of economic data that featured weaker than expected household spending, stronger than expected retail sales, and higher than expected core CPI data. Gains were led by the industrials (+4.1%), materials (+3.9%), and technology (+3.3%) sectors. Furukawa (+11.9%), Sumitomo Metal Mining (+9.3%), and Sharp Corp (+8.9%) topped the list of winners. Ana Holdings (-1.1%) and NTT Docomo (-0.7%) were the only two stocks to lose ground. Out of the 225 index members, 222 ended higher, 2 finished lower, and 1 was unchanged. For the week, the Nikkei declined 1.5%.
Hong Kong's Hang Seng declined 1.0% after falling 1.7% in the final hour of trading, failing to follow suit with the mainland market. Bank of Communications (-4.7%), Industrial & Commercial Bank of China (-4.1%), and China Construction Bank (-3.8%) were the worst-performing issues. Lenovo Group (+6.7%), Kunlun Energy (+3.2%), and China Shenhua Energy (-2.9%) were the biggest losers. Out of the 50 index members, 12 ended higher and 38 finished lower. For the week, the Hang Seng declined 3.6%.
China's Shanghai Composite increased 4.8%, aided by another late surge of buying interest that saw the Composite jump as much as 3.4% in the final 90 minutes of trading. Once again, it was believed that government buying played a large part in things. There was a separate report, too, that pension funds are getting ready to deploy over $300 billion in stocks and other assets. Friday's advance came despite a report that showed industrial profits declined 2.9% year-over-year in July. For the week, the Shanghai Composite declined 7.8%.

Major European indices trade lower across the board with Italy's MIB (-1.3%) showing the largest decline. On a separate note, a caretaker government has been appointed in Greece ahead of the snap election on September 20 with Vassiliki Thanou assuming the duties of prime minister. Ms. Thanou previously served as president of Greece's Supreme Court.

Participants received several data points:
Eurozone August Business and Consumer Survey ticked up to 104.2 from 104.0 (expected 103.8)
UK's preliminary Q2 GDP +0.7% quarter-over-quarter; +2.6% year-over-year, as expected. Separately, preliminary Q2 Business Investment +2.9% quarter-over-quarter (expected 1.7%; last 2.0%)
France's July PPI -0.1% month-over-month (prior -0.2%)
Italy's July Wage Inflation +0.1% month-over-month (prior 0.1%); +1.2% year-over-year (prior 1.1%). Separately, August Consumer Confidence rose to 109.0 from 106.7 (consensus 107.5) while Business Confidence ticked down to 102.5 from 103.5 (expected 103.7)
Spain's July Retail Sales +4.1% year-over-year (consensus 0.9%; prior 2.4%) while August CPI -0.3% month-over-month (prior -0.9%); -0.4% year-over-year (consensus -0.1%; last 0.1%)
Swiss Q2 GDP +0.2% quarter-over-quarter (expected -0.1%; prior -0.2%); +1.2% year-over-year (consensus 0.9%; last 1.2%)

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UK's FTSE is lower by 0.3% with consumer names among the laggards. Coca-Cola HBC, Marks & Spencer, WM Morrison Supermarkets, and Tesco are down between 1.4% and 2.1%. On the upside, energy names outperform with BG Group and Royal Dutch Shell up 1.9% and 1.2%, respectively.
In France, the CAC trades down 0.4% with more than 2/3 of the index in negative territory. Renault, Peugeot, and Michelin are both down near 1.5% while Vivendi is the weakest performer, down 2.1%.
Germany's DAX has given up 0.6% amid losses in most components. Exporters BMW, Daimler, and Volkswagen are down between 0.8% and 1.2%. On the flip side, K+S outperforms, trading higher by 0.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -9.80. Nasdaq futures vs fair value: -23.20.

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

July personal income rose 0.4%, which is what the Briefing.com consensus expected. Meanwhile, personal spending rose 0.3% while the consensus expected a reading of 0.4%.

Core PCE prices rose 0.1%, which is what the consensus expected.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -26.80.

U.S. equity futures trade near their lows after spending the night in a steady retreat. The S&P 500 futures have notched pre-market lows within the past hour and they currently hover 11 points below fair value.

Meanwhile, Treasuries have inched up with the 10-yr yield down a basis point at 2.15%.

On the economic front, July Personal Income (Briefing.com consensus 0.4%), Spending (expected 0.4%), and core PCE Prices (expected 0.1%) will be reported at 8:30 ET while the final reading of the Michigan Sentiment index for August (expected 93.0) will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Autodesk (ADSK 47.46, -2.54): -5.1% after cautious guidance spurred by changes to the company's business model overshadowed a bottom-line beat.
Gamestop (GME 46.15, -0.05): -0.1% despite beating earnings/revenue estimates and raising its outlook.
Smith & Wesson (SWHC 17.29, +1.07): +6.6% in reaction to better than expected results and above-consensus guidance.
Ulta Salon (ULTA 116.00, +5.76): +3.6% in reaction to better than expected earnings and in-line guidance.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +4.8%, Japan's Nikkei +3.0%, and Hong Kong's Hang Seng -1.0%
In economic data:
China's July Industrial profits -2.9% year-over-year (prior -0.3%)
Japan's July Household Spending +0.6% month-over-month (expected +2.2%; prior -3.0%); -0.2% year-over-year (expected +1.3%; prior -2.0%), July Retail Sales +1.6% year-over-year (expected +1.1%; prior +0.9%), July Jobs/Applications Ratio 1.21 (expected 1.19; prior 1.19). Separately, July National CPI +0.2% year-over-year (expected +0.2%; prior +0.4%); National Core CPI 0.0% year-over-year (expected -0.2%; prior +0.1%), August Tokyo CPI +0.1% year-over-year (expected +0.1%; prior +0.2%); Tokyo Core CPI -0.1% year-over-year (expected -0.2%; prior -0.1%), and July Unemployment Rate 3.3% (expected 3.4%; prior 3.4%)
In news:
A two trillion yuan Chinese pension fund is expected to invest in the stock market as officials continue trying to contain the decline in equities

Major European indices trade lower across the board. UK's FTSE -0.6%, Germany's DAX -0.7%, and France's CAC -0.5%. Elsewhere, Italy's MIB -1.2% and Spain's IBEX -0.2%
Participants received several data points:
Eurozone August Business and Consumer Survey ticked up to 104.2 from 104.0 (expected 103.8)
UK's preliminary Q2 GDP +0.7% quarter-over-quarter; +2.6% year-over-year, as expected. Separately, preliminary Q2 Business Investment +2.9% quarter-over-quarter (expected 1.7%; last 2.0%)
France's July PPI -0.1% month-over-month (prior -0.2%)
Italy's July Wage Inflation +0.1% month-over-month (prior 0.1%); +1.2% year-over-year (prior 1.1%). Separately, August Consumer Confidence rose to 109.0 from 106.7 (consensus 107.5) while Business Confidence ticked down to 102.5 from 103.5 (expected 103.7)
Spain's July Retail Sales +4.1% year-over-year (consensus 0.9%; prior 2.4%) while August CPI -0.3% month-over-month (prior -0.9%); -0.4% year-over-year (consensus -0.1%; last 0.1%)
Swiss Q2 GDP +0.2% quarter-over-quarter (expected -0.1%; prior -0.2%); +1.2% year-over-year (consensus 0.9%; last 1.2%)
Among news of note:
A caretaker government has been appointed in Greece ahead of the snap election on September 20 with Vassiliki Thanou assuming the duties of prime minister. Ms. Thanou previously served as president of Greece's Supreme Court.

6:07 am: [BRIEFING.COM] S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -18.70.

6:07 am: [BRIEFING.COM] Nikkei...19136.32...+561.90...+3.00%. Hang Seng...21612.39...-226.20...-1.00%.

6:07 am: [BRIEFING.COM] FTSE...6193.95...+1.90...+0.00%. DAX...10257.14...-53.60...-0.50%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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