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 Post subject: January 14th Thursday Trade Results - Profit $7437.50
PostPosted: Fri Jan 15, 2016 12:46 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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011416-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+7437.50.png
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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 @ $7437.50 dollars or +148.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $7437.50 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=152&t=2266

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 Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=282&t=3016 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] The stock market ended its Thursday affair near its best level of the day thanks to daylong rallying. The last half hour saw a bit of selling pressure, but the S&P 500 settled within x points of its high. Today's rally occurred alongside a rebound in crude oil, while dovish remarks from St. Louis's Fed President James Bullard provided extra ammunition. The tech-heavy Nasdaq (+2.0%) lead the S&P 500 (+1.7%) and the Dow Jones Industrial Average (+1.4%).

Before the opening bell, JPMorgan Chase (JPM 58.20, +0.86) reported above-consensus Q4 earnings of $1.32 per share while revenue rose 0.6% year-over-year to $22.89 billion. During the company's conference call, JPMorgan addressed its first loan loss reserve build in six years, which was driven by downgrades, specifically in the company's oil and gas portfolio. The company went on to state that oil companies have been surprisingly resilient and that they expect to see a normal cycle increase as the economy looks "pretty good."

Elsewhere, St. Louis Fed President James Bullard stated that the "very substantial" decline in energy pricing has implications for monetary policy, but Mr. Bullard still believes that four rate hikes this year "sounds about right." Interestingly, stocks surged immediately following the comments, all but ignoring his unchanged outlook for the fed funds rate path. For its part, crude oil also built on its gain, ending its pit session higher by 2.6% at $31.22/bbl.

The strength in crude helped the energy sector (+4.5%) end in the lead while health care (+2.7%), technology (+2.0%), telecom services (+1.8%), and materials (+1.4%) followed.

In the energy space, Dow components Chevron (CVX 85.47, +4.14) and Exxon Mobil (XOM 79.12, +3.47) took advantage of the advance in oil, leading the index, with respective gains of 5.1% and 4.6%. Elsewhere in the energy space, pipeline companies Kinder Morgan (KMI 13.98 +1.03) and Williams Companies (WMB 18.29, +4.68) showed relative strength, climbing 8.0% and 34.4%, respectively. The pair had a strong showing despite a 5.7% decline in natural gas to $2.14/MMbtu.

Switching to the consumer discretionary space (+0.7%), the sector was anchored by large-cap components Home Depot (HD 119.62, -1.78) and Lowe's (LOW 69.91, +0.01) which underperformed with performances of -1.5% and unchanged, respectively. The cyclical sector was also hurt by continued weakness in Nike (NKE 58.51, -0.27) and Netflix (NFLX 107.06, +0.50).

Despite JPMorgan's above-consensus earnings, the financial sector (+1.0%) finished its day near the bottom of the board ahead of tomorrow morning's reports from Citigroup (C 45.38, +0.19), PNC (PNC 86.87, +0.97), and Wells Fargo (WFC 50.64, +0.91).

Looking at the top-weighted technology space, the high-beta chipmakers kept pace with the broader sector, evidenced by the 2.1% gain in the PHLX Semiconductor Index. Index component, Intel (INTC 32.74, +0.83) gained 2.6% ahead of the company's earnings release set for this evening.

Treasuries surrendered their slim overnight gains amid the rally in equities, leaving the 10-yr note unchanged with its yield at 2.09%.

True to recent form, trading volume was heavy with more than 1.2 billion shares changing hands at the NYSE floor.

Today's economic data included weekly Initial/Continuing Claims and December import/export prices:

The Initial Claims report showed that claims increased to 284,000 from last week's unrevised rate of 277,000 (Briefing.com consensus 275,000)
This was above the Briefing.com consensus but within the 250,000-300,000 range that has held since July 2014.
The Department of Labor said there were no special factors influencing the latest initial claims reading, which pushed the four-week moving average up by 3,000 to 278,750.
Continuing claims for the week ending January 2 were 2.263 million, an increase of 33,000 from the previous week's revised level of 2.234 million (from 2.230 million).
The four-week moving average for continuing claims increased by 5,250 to 2.224 million.
Import prices excluding oil fell 0.4% in December after declining 0.2% in November
Export prices excluding agriculture decreased 1.0% in December after falling 0.6% in November

Tomorrow, December CPI (Briefing.com consensus +0.1%), December Retail Sales (Briefing.com consensus +0.1%) and January Empire Manufacturing Index (Briefing.com consensus -3.5) will be reported at 8:30 ET. The December Industrial Production report (Briefing.com consensus 77.5%) will cross the wires at 9:15 ET while November Business Inventories (Briefing.com consensus +0.0%) and the preliminary reading of the Michigan Sentiment Index for January (Briefing.com consensus 92.6) will both be released at 10:00 ET.

Russell 2000 -9.7% YTD
Nasdaq -7.8% YTD
Dow Jones -6.0% YTD
S&P 500 -6.0% YTD

3:45 pm: [BRIEFING.COM]

The dollar index traded higher today, helping weigh on commodities, such as metals
Feb gold finished out today's session -$13.70 at $1073.40/oz, while Mar silver slipped 3% to $13.77/oz
Mar copper closed two cents higher at $1.98/lb
Moving onto the energy space, natural gas futures were weak today and extended losses following the weekly EIA storage data
Feb natural gas ended the day -6% at $2.14/MMBtu. WTI oil rose some today, following severe weakness in recent weakness
Front-month Feb crude close floor trading +2.6% at $31.22/barrel

3:00 pm:

[BRIEFING.COM] As trading enters its final hour the stock market trades at a new session high. The tech-heavy Nasdaq (+2.6%) leads the S&P 500 (+2.1%).

On top of the leaderboard, energy (+4.8%), health care (+3.0%), technology (+2.6%), and telecom services (+2.2%) lead while consumer staples (+0.9%), consumer discretionary (+1.5%), financials (+1.6%), and utilities (+1.7%) round out the board.

Looking at the Dow Jones Transportation Average (+1.7%), the major airlines have underpeformed in the composite with United Continental Holdings (UAL 48.32, +0.25), Delta Airlines (DAL 45.54, +0.60), and American Airlines (AAL 40.71, +0.61) all feeling pressure from the 2.4% climb in oil during today's session. The three companies have gained between 0.5% and 1.5%. Elsewhere in the composite, Avis (CAR 26.84, -0.34) is the only component in negative territory at this juncture.

Switching to Treasuries, the benchmark note has traded slightly higher in recent action with its yield now unchanged again at 2.10%.

2:30 pm:

[BRIEFING.COM] The major averages hover below their session highs with the Dow Jones Industrial Average (+1.6%) trailing the S&P 500 (+1.8%) and the tech-heavy Nasdaq (+2.0%).

At the front of the pack, energy (+4.6%), health care (+2.8%), technology (+2.1%), and telecom services (+1.9%),outperform. On the flipside, consumer staples (+0.7%), consumer discretionary (+0.9%), financials (+1.3%), and utilities (+1.3%) round out the board.

In the technology space, the high-beta chipmakers have kept pace with the broader sector for most of the day, evidenced by the 2.0% gain in the PHLX Semiconductor Index. Index component, Intel (INTC 32.49, +0.58) has gained 1.9% ahead of the company's earnings release after today's close. Elsewhere in the the chipmakers, Qualcomm (QCOM 47.64, +1.54) outperforms with a climb of 3.3%

Switching to commodities, WTI crude looks to end its pit session off its high with oil gaining 2.4% at $31.22/bbl. Elsewhere in commodities, natural gas has slid 5.6% to $2.14/MMbtu after the EIA reported that there was a 168 billion cubic feet draw on inventories compared to the foretasted 178 billion cubic feet draw.

2:00 pm:

[BRIEFING.COM] As afternoon trading continues the major indices notch new highs with the Nasdaq (+2.1%) outperforming the S&P 500 (+1.8%).

On the leaderboard, energy (+4.1%), health care (+2.9%), technology (+1.9%), and telecom services (+1.6%) leads while consumer staples (+0.7%), consumer discretionary, (+0.8%), and utilities (+1.2%) round out the board.

Looking at financials (+1.3%), JPMorgan Chase (JPM 59.02, +1.68) leads the space after the company reported Q4 earnings this morning. The company beat on EPS with $1.32 per share and reported that revenue rose 0.6% year-over-year, to $22.89 billion. The company has climbed 2.8% in light of this. Citigroup (C 45.52, +0.33), PNC (PNC 86.64, +0.74),and Wells Fargo (WFC 50.56, +0.83) have each advanced between 0.9% and 1.8% ahead of releasing their earnings before tomorrow's opening bell.

Switching to commodities, WTI crude has moved higher with oil now up 3.7% at $31.60/bbl.

Treasuries trade near their lows with the benchmark note's yield higher by two basis points at 2.11.%

1:35 pm:

[BRIEFING.COM] The major U.S. indices have continued to grind higher in recent trade, setting new session highs.

A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 79.69, +4.04), Chevron (CVX 85.17, +3.84), and JPMorgan (JPM 59.19, +1.85) are outperforming. Exxon and Chevron are higher as energy stocks rally, vastly outperforming the broad market, while JPMorgan is higher after reporting its Q4 earnings, which beat on both the top and bottom line.

Conversely, Home Depot (HD 119.74, -1.66) is the worst-performing and lone Dow component in negative territory.

With today's strong session, the DJIA has trimmed its year-to-date losses to 5.75%.

Elsewhere, the Treasury's $13 bln 30-year reopening auction at the top of the hour drew a high yield of 2.905% on a bid-to-cover of 2.29.

1:10 pm:

[BRIEFING.COM] The stock market shows a solid midday advance after all the major indices rallied from their lows in the first hour of trading. Through the first half of the trading day, upward momentum in oil and remarks from the St. Louis Fed President James Bullard have helped the market put together a rally. The major indices hover just below their highs with the Dow Jones Industrial Average (+1.4%) and the S&P 500 (+1.4%) keeping pace with the tech-heavy Nasdaq (+1.5%).

Overnight, the People's Bank of China injected 160 billion yuan in reverse 7-day repos and continued to pin the yuan near its recently higher levels. While this intervention did little to stop a selloff in broader regional markets, the Shanghai Composite was able to advance 2.0%.

Morning trade began on a higher note as better than expected earnings from JPMorgan Chase (JPM 58.84, +1.50) outweighed a disappointing initial claims report.

Just as the market was near its session low, a comment from St. Louis Fed President Bullard would ease market concerns regarding the future path of the Feds fund rate as Mr. Bullard stated that the "very substantial' move in oil has implications on monetary policy. This happened to coincide with sharp buying action in WTI crude, which spurred on a similar rally in equities. WTI crude has been able to defend the $31.00/bbl price level since the commodity's rally this morning. Oil currently trades higher by 2.6% at $31.29/bbl.

On the leaderboard, energy (3.5%), health care (+2.6%), technology (+1.4%), telecom service (+1.3%), and utilities (+1.1%) lead. On the flipside, consumer discretionary (+0.4%), consumer staples (+0.4%), and materials (+0.8%) trail.

Looking at the energy sector, Dow components Chevron (CVX 85.00, +3.64) and Exxon Mobil (XOM 79.41, +3.76) lead the index with advances of 4.4% and 4.8%, respectively. Elsewhere in the space, pipeline companies show the best performances with Kinder Morgan (KMI 13.51, +0.56) and Williams Companies (WMB 15.80, +2.19) gaining 4.4% and 16.1%, respectively.

In the technology space, Apple (AAPL 98.82, +1.43) has traded behind the sector for the entire trading day while fellow sector large-cap Microsoft (MSFT 52.71, +1.07) outperforms with a gain of 2.2%.

Switching to the consumer discretionary space, the sector has been hurt by poor outings from Home Depot (HD 119.06, -2.38) and Lowe's (LOW 69.23, -0.67) which sport losses of 1.7% and 0.9%, respectively. Elsewhere in the space, Disney (DIS 98.50, +0.50) and Netflix (NFLX 105.60, -1.01) underperform with respective returns of +0.3% and -0.8%.

The Dow Jones Transportation Average continues to underperform with an uptick of 0.8%. Rail companies in the composite have rebounded from yesterday's sharp selling with Union Pacific (UNP 75.50, +1.65) and Norfolk Southern (NSC 72.25, +0.80) with advances of 2.3% and 1.1%, respectively.

In Treasuries, the benchmark note has moved off of its session high as equities rose. The yield on the 10-yr note is now higher by two basis point at 2.11%.

Economic data released today included weekly Initial and Continuing Claims and December import/export prices:

The Initial Claims report showed that claims increased to 284,000 from last week's unrevised rate of 277,000 (Briefing.com consensus 275,000)
This was above the Briefing.com consensus but within the 250,000-300,000 range that has held since July 2014.
The Department of Labor said there were no special factors influencing the latest initial claims reading, which pushed the four-week moving average up by 3,000 to 278,750.
Continuing claims for the week ending January 2 were 2.263 million, an increase of 33,000 from the previous week's revised level of 2.234 million (from 2.230 million).
The four-week moving average for continuing claims increased by 5,250 to 2.224 million.
Import prices excluding oil fell 0.4% in December after declining 0.2% in November
Export prices excluding agriculture decreased 1.0% in December after falling 0.6% in November

12:30 pm:

The major averages have ticked up in recent trading with the S&P 500 (+1.2%) and the tech-heavy Nasdaq (+1.2%) now pacing each other.

On the leaderboard, energy (+3.4%), health care (+2.3%), telecom services (+1.5%), technology (+1.3%), and financials (+0.9%) lead. Rounding out the board, consumer discretionary (+0.2%), consumer staples (+0.6%), materials (+0.7%), and utilities (+0.8%) trail.

[BRIEFING.COM] Switching to the consumer discretionary space, the sector has been hurt by poor outings from Home Depot (HD 119.34, -2.05) and Lowe's (LOW 68.99, -0.91) which sport losses of 1.7% and 1.3%, respectively. Elsewhere in the space, Netflix (NFLX 105.96, -0.60) continues to see selling pressure as yesterday's research note estimating domestic subscriber weakness continues to weigh. The stock is down 0.5% today.

In commodities, WTI crude has managed to sustain the $31.00 price level as oil trades higher by 2.6% at $31.28/bbl.

Treasuries trade lower with the benchmark note's yield now lower by only one basis point at 2.09%.

12:00 pm:

[BRIEFING.COM] The major averages float below their recent levels with the Dow Jones Industrial Average (+1.1%) leading the S&P 500 (+0.9%) and the tech-heavy Nasdaq (+0.8%).

In sectors, energy (+2.7%), health care (+1.8%), telecom services (+1.4%), technology (+1.1%), utilities (+0.8%) and industrials (+0.7%) top the board. On the flipside, consumer discretionary (UNCH), consumer staples (+0.5%), and materials (+0.6%) round out the board.

Moving to the heavily-weighted technology space, Apple (AAPL 98.15, +0.76) has traded behind the sector for the entire trading day after Best Buy (BBY 26.40, -2.86) cited weak mobile phone and tablet sales as contributing factors for lowering the electronics store's sales outlook. Best Buy saw revenue decline 3.6% year-over-year while domestic revenue was down 0.8% to $10.05 billion. Elsewhere in the technology group, sector large-cap Microsoft (MSFT 52.76, +1.12) outperforms while Facebook (FB 95.87, +0.43) has defended its flat line in recent trade.

Meanwhile, in Treasuries, the benchmark note remains little changed with its yield lower by two basis points at 2.08%.

11:35 am:

[BRIEFING.COM] The major averages have drifted below their session highs with the S&P 500 (+0.8%) leading the Nasdaq (+0.4%).

In front of the pack, energy (+2.6%),telecom service (+1.5%), health care (+1.4%), utilities (+1.3%), and financials (+0.6%) lead while consumer discretionary (-0.2%), materials (+0.4%), and consumer staples (+0.5%) trail.

Looking at the health care space, sector large caps Johnson & Johnson (JNJ 98.74, +1.72) and Pfizer (PFE 31.11, +0.74) outpace the broader sector with outperformances of +1.8% and +2.4%, respectively. Pfizer is climbing after a Bloomberg report stated that the company is mulling over a sale of its pumps and device business. Elsewhere in the space, biotechnology struggles to keep pace evidenced by the 0.8% uptick in the iShares Nasdaq Biotechnology ETF (IBB 282.41, +2.27).

Meanwhile in commodities, WTI crude has slipped from its session high to flirt with its $31.00/bbl price level. Oil trades higher by 1.7% at $31.02/bbl.

Treasuries have seen more interest as the rally in equities has slowed down. The benchmark note's yield is lower by two basis points at 2.08%.

11:00 am:

[BRIEFING.COM] The major indices hover below their newly achieved session highs with the Dow Jones Industrial Average (+1.2%) pacing the S&P 500 (+1.2%) while the Nasdaq (+1.1%) trails.

On the top of the leaderboard, energy (+3.7%), health care (+2.0%), telecom service (+1.5%), industrials (+1.5%), and financials (+1.3%) lead while consumer staples (+0.4%), utilities (+0.5%), and consumer discretionary (+0.6%) underperform.

Looking in the energy sector, Dow components Chevron (CVX 85.00, +3.67) and Exxon Mobil (XOM 78.90, +3.25) lead the index with advances of 4.5% and 4.2%, respectively. Elsewhere in the energy space, pipeline companies Kinder Morgan (KMI 13.69 +0.74) and Williams Companies (WMB 15.48, +1.87) show relative strength with respective gains of 5.8% and 13.9%. The goodwill in the energy group comes as WTI crude climbs 3.6% as oil trades at $31.60/bbl.

In Treasuries, the benchmark note has fallen from its high and now trades near its low with yield on the 10-yr note unchanged at 2.09%.

10:40 am: [BRIEFING.COM]

Natural gas futures sold off this morning following the weekly EIA storage data
Ahead of the data, nat gas futures were trading lower and following the data, losses extended
Feb nat gas is now -4% at $2.18/MMBtu
WTI is higher again today
Front-month Feb crude oil continues to climb higher and just hit a new HoD, now +3.3% at $31.48/barrel
Precious metals are weak this morning, Feb gold is -0.4% at $1082.20/oz now, while Mar silver is -2.7% at $13.78/oz

10:00 am:

[BRIEFING.COM] The major averages have slid from their flat lines with the S&P 500 (-0.4%) leading the Nasdaq (-1.0%).

Energy (+0.4%) is the only cyclical sector trading in the green at this juncture. Elsewhere, countercyclical utilities (+1.1%), telecom services (+0.6%), and consumer staples (UNCH) join it in positive territory. On the flipside, consumer discretionary (-1.4%), technology (-0.7%), materials (-0.6%), and industrials (-0.6%) round out the board.

In Treasuries, the benchmark note trades on its high with its yield lower four basis points at 2.06%.

9:45 am:

[BRIEFING.COM] Equity indices all briefly opened above their flat lines, but at this juncture the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.2%) lead the Nasdaq (UNCH).

On the leaderboard, utilities (+1.0%), energy (+0.7%), consumer staples (+0.4%), and telecom services (+0.3%) lead while consumer discretionary (-0.3%), technology (-0.1%), and materials (-0.1%) trail.

Meanwhile in commodities, WTI crude has slipped from its overnight high but remains higher by 1.5% at $30.94/bbl.

Treasuries have spent their morning on their highs with the 10-yr yield higher by three basis points at 2.07%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +21.00.

The stock market is on track for a modestly higher open with S&P 500 futures trading ten points above fair value. Futures have climbed in recent action as they moved off overnight lows.

Overnight, the People's Bank of China continued to fix the yuan slightly higher and injected 160 billion yuan in reverse 7-day repos. This did little to calm markets outside of China as regional indices declined with the exception the Shanghai Composite (+2.0%). Meanwhile in Europe, the ECB released its policy minutes.

The week thus far has been quiet on the economic front, but participants received a few data points this morning. This week's initial jobless claims disappointed showing an increase to 284,000 (Briefing.com consensus 275,000) while continuing claims rose to 2.263 million from last week's revised tally of 2.234 million (2.230 million). Separately, export prices, excluding agriculture, decreased 1.0% in December. Excluding oil, import prices decreased 0.4%.

On the corporate front, JPMorgan Chase (JPM 58.60, +1.26) trades higher by 2.2% following the company releasing Q4 earnings this morning. The company reported a beat with EPS coming in at $1.32/share and revenue tallying at $22.9 billion. Elsewhere, Infosys (INFY 17.62, +1.16) has climbed 7.1% after reporting a Q3 earnings of $0.23, narrowly beating consensus expectations and beating on revenue. Additionally, the company raised FY 2016 guidance from revenue growth of 11.5%-13.5% to +12.8%-13.2%.

In Treasuries, the benchmark note has moved off its high, but the yield on the 10-yr note remains lower by one basis point at 2.08%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +19.10.

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

Equity markets in the Asia-Pacific region endured another session that ended with losses in most markets while China's Shanghai Composite outperformed, climbing 2.0%. Keep in mind that even after today's rally, which was reportedly assisted by a sizable liquidity injection from the People's Bank of China, the index is still down 15.0% already this year. Elsewhere, Japan's Nikkei was down more than 4.0% in the early going, but narrowed its loss to 2.7% by the close. It is worth noting that investor sentiment appeared to be improving in the early going, but reports of a terrorist attack in Jakarta, Indonesia weighed on risk tolerance.

In economic data:
Japan's November Core Machinery Orders -14.4% month-over-month (expected -7.9%; previous 10.7%); +1.2% year-over-year (consensus 6.3%; last 10.3%). Separately, December CGPI -0.3% month-over-month (expected -0.4%; previous -0.1%); -3.4% year-over-year (consensus -3.5%; prior -3.6%)
Australia's December Employment Change -1,000 (expected -12,500; previous 75,000) and Unemployment Rate held at 5.8% (consensus 5.9%)
New Zealand's December Electronic Card Retail Sales -0.2% month-over-month (expected 0.5%; prior 0.3%); +5.3% year-over-year (last 3.7%)
India's December WPI Inflation -0.7% year-over-year (consensus -1.2%; previous -2.0%)
The Bank of Korea left its key interest rate unchanged at 1.5%, as expected

---Equity Markets---

Japan's Nikkei fell 2.7% with every sector losing more than 1.8%. The decline was paced by industrials (-3.3%) and health care (-3.3%) while energy (-3.0%) and consumer staples (-3.0%) also struggled notably. Sumitomo, Eisai, Alps Electric, Sony, Toho, Sharp, and Mitsubishi Heavy Industries fell between 4.2% and 5.8%. On the upside, only five names posted gains with Nikon advancing 3.0% after receiving an analyst upgrade.
Hong Kong's Hang Seng rallied into the close, but still lost 0.6%. Consumer names like Want Want China, Li & Fung, and CK Hutchinson lost between 1.1% and 4.3% while property names also finished near the bottom. New World Development, Cheung Kong Property Holdings, and Henderson Land registered losses between 1.1% and 2.6%.
China's Shanghai Composite gained 2.0%. Baoshan Iron & Steel, Wuhan Iron & Steel, and Shanxi Coal posted gains between 2.9% and 8.2%. Elsewhere, Bank of China added 0.3% and CITIC Securities gained 2.5%.

Major European indices have retreated steadily through the early portion of the trading day with Germany's DAX (-2.1%) and France's CAC (-2.0%) leading the slide. European markets have not shown much of a reaction to the latest policy decision and meeting minutes from the Bank of England. The central bank kept its key rate and the purchase program unchanged at their respective 0.5% and GBP375 billion while the minutes showed no change in sentiment among policymakers. Eight members voted for no change to policy while Ian McCafferty remained in the rate hike camp.

In economic data:
Germany's December WPI -0.8% month-over-month (expected 0.1%; previous -0.2%) and Annual GDP +1.7% (expected 1.6%; previous 1.6%)
Italy's November Industrial Production -0.5% month-over-month (consensus 0.2%; last 0.5%); +0.9% year-over-year (expected 2.5%; last 3.0%)

---Equity Markets---

Germany's DAX has slid 2.1% with all but one component trading in the red. Daimler, BMW, and Deutsche Bank are down between 4.0% and 5.0% while K+S has added 0.2%. Elsewhere, Bayer, Merck, and Adidas have given up between 1.9% and 3.0%.
France's CAC trades down 2.0% amid broad weakness. Renault has tumbled 18.5% after French authorities raided the company's offices. Peer Peugeot is the second weakest performer, down 6.2%, while financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 1.9% and 3.2%.
UK's FTSE is lower by 1.2% with discretionary names struggling while a handful of consumer staples outperform. InterContinental Hotels, TUI, and EasyJet are down between 3.6% and 6.7% while Tesco and Sainsbury show respective gains of 3.9% and 1.4% after Tesco beat sales estimates.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +16.00.

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

The latest weekly initial jobless claims count totaled 284,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was below the unrevised prior week count of 277,000. As for continuing claims, they rose to 2.263 million from last week's revised tally of 2.234 million (2.230 million).

Separately, Import prices excluding oil fell 0.4% in December after declining 0.2% in November while export prices excluding agriculture decreased 1.0% in December after falling 0.6% in November.

8:05 am: S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +7.00.

[BRIEFING.COM] U.S. equity futures trade near their highs with S&P 500 futures currently trading four points above fair value.

In Treasuries, the benchmark note has moved off its high but the 10-yrs yield remains lower by one basis points at 2.09%.

On the economic front, the weekly Initial Claims Report (Briefing.com consensus 275k) and December Import/Export Prices will cross the wires at 8:30 ET.

In U.S. corporate news of note:

JPMorgan Chase (JPM 58.40, +1.06): +1.9% after reporting a 4Q beat with EPS coming in at $1.32/share and revenue coming in at $22.9 billion
GoPro (GPRO 11.15, -3.46): -23.7% following the company guiding Q4 revenue below consensus to $435 million from $500-550 million. The company also announced that it will be cutting its workforce by 7%.
Yelp (YELP 20.25, -1.82): -8.3% after receiving a downgrade to 'Sell' from 'Neutral' at B. Riley & Co.
Best Buy (BBY 27.45, -1.81): -6.2% following the company reporting holiday sales revenue declining 3.6% to 10.96 billion and lowering Q4 revenue.
Infosys (INFY 17.25, +0.79): +4.8% after beating on earnings and revenue estimates
Taiwan Semiconductor (TSM 20.61, +0.13):+0.6% following the company reporting a beat on earnings and revenue estimates

Reviewing overnight developments:

Asian indices endured a shaky session with Japan's Nikkei -2.7%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite +2.0%.
In economic data:
Japan's November Core Machinery Orders -14.4% month-over-month (expected -7.9%; previous 10.7%); +1.2% year-over-year (consensus 6.3%; last 10.3%). Separately, December CGPI -0.3% month-over-month (expected -0.4%; previous -0.1%); -3.4% year-over-year (consensus -3.5%; prior -3.6%)
Australia's December Employment Change -1,000 (expected -12,500; previous 75,000) and Unemployment Rate held at 5.8% (consensus 5.9%)
New Zealand's December Electronic Card Retail Sales -0.2% month-over-month (expected 0.5%; prior 0.3%); +5.3% year-over-year (last 3.7%)
India's December WPI Inflation -0.7% year-over-year (consensus -1.2%; previous -2.0%)
The Bank of Korea left its key interest rate unchanged at 1.5%, as expected
In news:
In Indonesia, at least seven people were killed after a suspected terrorist attack was carried out in the city of Jakarta.

Europeans indices trade sharply lower with Germany's DAX -2.3%, France's CAC -2.3%, and the U.K. FTSE -1.4%.
In economic data:
Germany's December WPI -0.8% month-over-month (expected 0.1%; previous -0.2%) and Annual GDP +1.7% (expected 1.6%; previous 1.6%)
Italy's November Industrial Production -0.5% month-over-month (consensus 0.2%; last 0.5%); +0.9% year-over-year (expected 2.5%; last 3.0%)
In news:
The Bank of England has kept its key rate and the purchase program unchanged at their respective 0.5% and GBP375 billion

6:00 am: [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -5.10.

6:00 am: [BRIEFING.COM] Nikkei...17241...-474.70...-2.70%. Hang Seng...19817.4...-117.50...-0.60%.

6:00 am: [BRIEFING.COM] FTSE...5850.26...-110.70...-1.90%. DAX...9688...-273.00...-2.70%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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