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 Post subject: January 20th Wednesday Trade Results - Profit $22625.00
PostPosted: Thu Jan 21, 2016 12:45 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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012016-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+22625.00.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 @ $22625.00 dollars or +452.50 points, Light Crude Oil CL ($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 @ $22625.00 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=152&t=2270

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.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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


4:15 pm: [BRIEFING.COM] The major averages ended the Wednesday affair off their lowest levels as a rebound effort gained traction during the afternoon. The reversal in equities was partly fueled by recovering oil prices, but more likely, a short-term oversold market invited participants to take on more risk. Despite the rebound effort, the major indices ended in negative territory with the Dow Jones Industrial Average (-1.4%) trailing the S&P 500 (-1.1%) and the Nasdaq (-0.4%) .

Ahead of today's session, the People's Bank of China disappointed market participants by not enacting new stimulus measures in light of yesterday's GDP report. The release showed that China's economy grew 1.6% quarter-over-quarter in Q4 and 6.8% year-over-year, and elicited speculation that China would institute new stimulus provisions. Asian and European indices sold off in response to inactivity from the central bank, dragging oil prices lower with them. Oil was down more than 6.5% before recovering to a 3.7% decline at $28.35/bbl.

In front of the pack, health care (+0.2%), technology (-0.6%), materials (-0.7%), and consumer discretionary (-1.0%) outperformed while energy (-2.9%), utilities (-2.3%), financials (-2.1%), and telecom services (-1.6%) displayed the steepest declines.

Prior to the open, Goldman Sachs (GS 153.75, -3.07) reported bottom-line results that may not compare to estimates due to litigation charges on above-consensus revenue. Initially, investors focused on revenue falling 5.5% year-over-year, but soon turned their focus to the company's limited oil and gas exposure. During the company's conference call, the firm disclosed $10 billion dollars of total exposure to the energy sector with reserves in the high single digits. Goldman outperformed the broader sector with its loss being limited to 2.0%. Other large banks were likely impacted by recent disclosures of increased loan loss reserves to deal with their own exposure to the oil and gas industry. This is evidenced by Citigroup (C 40.49, -1.45) and JPMorgan Chase (JPM 55.51, -1.50) declining 3.5% and 2.6% after both banks disclosed expanded loan loss reserves.

Switching to the health care space, the sector climbed to the top of the leaderboard thanks to a reversal in biotechnology. This reversal was evidenced by the 3.5% gain in the iShares Nasdaq Biotechnology ETF (IBB 285.49, +7.65), which was down as much as 1.1% inter day. Elsewhere in the space, large-cap components AbbVie (ABBV 57.15, +2.16) and UnitedHealth (UNH 114.79, +2.21) outperformed with respective advances of 3.9% and 2.0%.

In the consumer discretionary space, large-cap Amazon (AMZN 571.77, -2.71) rallied off of its session low, narrowing its loss to 0.5%. Elsewhere in the space, Dow component Nike (NKE 59.04, +0.72) rose 1.2% and reclaimed its 200-day moving average (57.50). Netflix (NFLX 107.74, -0.15) also staged a sharp reversal after a poor initial response to its earnings as domestic growth concerns outweighed a bottom-line beat.

In the technology space, heavy-weights Microsoft (MSFT 50.79, +0.23) and Apple (AAPL 96.82, +0.16) were able to overcome heavy selling pressure and end their days in positive territory. Fellow large-cap constituents Facebook (FB 94.35, -0.91) and Alphabet (GOOGL 718.56, -0.52) were unable to move past their flat lines, but were able to mount sharp reversals.

Today's affair generated one of the highest volume totals of the year with more than 1.4 billion shares changing hands at the NYSE floor.

Treasuries began their day sharply higher as the selloff in equities attracted safe haven flows. By the close the major indices had trimmed their deepest losses and the benchmark note pulled back from its high with the yield on the 10-yr note lower by seven basis points at 1.99%.

Economic data included the weekly MBA Mortgage Index, December CPI, December Core CPI, December Housing Starts, and December Building Permits.

The MBA Mortgage Index showed a seasonally adjusted increase of 9.0% in mortgage applications.
Total CPI declined 0.1% in December (Briefing.com consensus 0.0%) with the indexes for both energy and food declining for the second month in a row.
Excluding food and energy, core CPI was up 0.1% (Briefing.com consensus +0.2%).
This was the smallest increase in core CPI since August
Total CPI is up 0.7% year-over-year, versus 0.5% in November, and core CPI is up 2.1% year-over-year versus 2.0% in November..
Building permits decreased to a seasonally adjusted annualized rate of 1.232 million in December (Briefing.com consensus 1.289 million).
Housing starts decreased 2.5% in December to a seasonally adjusted annual rate of 1.149 million (Briefing.com consensus 1.197 mln) which left them up 6.4% year-over-year.
The number of units under construction increased to 981,000 in December from 965,000 in November.
Building permits dipped to 1.232 million (Briefing.com consensus 1.200 mln) from a downwardly revised 1.282 million (from 1.289 mln) in November
The dip was much smaller than expected thanks to a 1.8% pickup in permits for single-family units.

Tomorrow, weekly initial claims (Briefing.com consensus 280k) and the January Philadelphia Fed Survey (Briefing.com consensus -4.0) will cross the wires at 8:30 ET.

Russell 2000 -12.0 YTD
Nasdaq -10.7% YTD
Dow Jones -9.5% YTD
S&P 500 -9.0 YTD

3:45 pm: [BRIEFING.COM]

WTI crude oil prices recovered some off of today's LoD of $27.56/barrel, closing out its floor trading session at $28.35/barrel, down 3.7%
In other energy, Feb natural gas futures finished +1% at $2.12/MMBtu
In the metals space, precious metals showed some gains, while copper slipped some
Feb gold rose $15.30 to $1106.20/oz, while Mar silver rose 1.7% to $14.15/oz
Copper fell two cents to $1.96/lb in floor trade

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trading , the major indices have all returned to the upper half of their trading ranges. The S&P 500 (-1.7%) trails the Nasdaq (-0.7%).

The leaderboard remains little changed with energy (-4.3%), utilities (-2.7%), and financials (-2.5%) showing the steepest declines. On the top of the board, health care (UNCH), technology (-1.3%), materials (-1.3%), and consumer discretionary (-1.5%) outperforming.

Switching to the materials space, large-cap constituent Dow Chemical (DOW 40.83, -1.24) and LyondellBasell (LYB 71.34, -2.64) have underpeformed with declines of 2.7% and 3.3%, respectively. Elsewhere in the group, PPG Industries (PPG 94.11, +2.76) outperforms in the space ahead of the company's earnings release tomorrow.

In Treasuries, the benchmark note has ticked lower with the yield on the 10-yr note lower by six basis points at 1.99%.

2:30 pm:

[BRIEFING.COM] The major averages have recovered from their lowest levels and float below their afternoon highs. The Dow Jones Industrial Average (-2.4%) still posts a 389-point decline as it trails the S&P 500 (-2.1%).

Energy (-4.3%) continues to post the worse loss of the day while utilities (-3.0%), financials (-2.8%), and consumer staples (-2.3%) round out the bottom of the board. On the flipside, health care (-0.4%), technology (-1.7%), and materials (-1.8%) outperform.

Looking at the consumer discretionary space, large-cap Amazon (AMZN 561.50, -12.98) has rallied off of its session low now showing a loss of 2.3%. Elsewhere in the space, Nike (NKE 58.13, -0.19) as the stock reclaims its 200-day moving average (57.50). Netflix (NFLX 108.35, +0.45) has also staged a reversal along with the broader market as it moves into positive territory with a 0.3% uptick.

In commodities, WTI crude looks to end its pit session off of its low. Oil has declined 4.2% to $28.34/bbl after recovering from a 6.5% decline.

2:00 pm:

[BRIEFING.COM] The major averages have rallied up off their session lows with the tech-heavy Nasdaq (-1.1%) leading the S&P 500 (-1.9%) and the Dow Jones Industrial Average (-2.2%).

Rounding out the sectors, energy (-4.4%), utilities (-2.9%), financials (-2.6%), and consumer staples (-2.1%) underperform the market. On the top of the board, health care (-0.5%), technology (-1.7%), and consumer discretionary (-1.9%) post the slimmest losses.

Health care has climbed to the top of the leaderboard in recent trading, aided by a reversal in biotechnology evidenced by the 0.8% in the iShares Nasdaq Biotechnology ETF (IBB 280.00, +2.16). Elsewhere in the space, AbbVie (ABBV 56.29, +1.30) outperforms with a 2.3% advance after the company was granted Breakthrough Therapy Designation by the FDA for their drug Venetoclax.

Treasuries have ticked down from their highs as equities have trimmed their losses. The yield on the benchmark note is lower eight basis points at 1.97%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to drag in deep negative territory, although have seen a slight uptick in recent trade.

A look inside the Dow Jones Industrial Average shows that with all 30 Dow components in the red, Chevron (CVX 76.01, -5.50), IBM (IBM 120.79, -7.32), and Exxon Mobil (XOM 72.13, -4.27) are underperforming. Chevron and Exxon are lower as the energy sector gets crushed, -5.5%, with WTI crude futures hitting new multi year lows, dropping 6% in the session. IBM on the other hand is weak after reporting its Q4 results and offering downside FY16 guidance.

Conversely, Pfizer (PFE 30.45, -0.24) is the best-performing Dow component as health care outperforms the broad market.

With today's steep sell-off, the DJIA is now down 10.7% in 2016.

1:05 pm:

[BRIEFING.COM] The stock market shows heavy midday losses with all the major indices adding to their steep opening declines. Global growth concerns and deflationary pressures weigh heavily on the markets as the beginning of earnings season does little to calm investor sentiment. The major averages have ticked up past their session lows with the S&P 500 (-2.9%) keeping pace with the Dow Jones Industrial Average (-2.9%) and trailing the tech-heavy Nasdaq (-2.7%).

Overnight, market participants awaited but did not receive stimulus measures that were speculated to come from the People's Bank of China. This speculation followed yesterday's GDP report which showed the slowest growth reading out of China since 2009. In reaction to the People's Bank of China's inactivity markets in Asia and Europe sold off, taking oil prices with them. Although WTI crude mounted a minor rally into the U.S. open this was unable to be sustained and the commodity has slipped 6.5% to $27.67/bbl.

On the bottom of the board, energy (-4.9%), financials (-3.4%), consumer discretionary (-3.0%), and materials (-3.0%) underperform the market. On the flipside, health care (-1.9%), telecom services (-2.3%), consumer staples (-2.6%), and technology (-2.6%) post the slimmest losses.

Prior to the open Goldman Sachs (GS 152.99, 3.88) reported Q4 earnings with a beat on EPS at $4.68 with above consensus revenue. Initially, investors focused on revenue falling 5.5% year-over-year, but have since turned their focus to the company's limited oil and gas exposure. Goldman has outperformed the broader sector and market with its loss being limited to 2.4% thus far. Other large banks such as Citigroup (C 39.98, -1.96) and JPMorgan Chase (JPM 55.26, -1.76) have fared worse with respective declines of 4.6% and 3.1% after both banks disclosed expanded loan loss reserves.

Looking at the energy group, Kinder Morgan (KMI 11.63, -0.91) shows relative weakness with a loss of 7.4%. The company has set a new 52-week low (11.20) this session, ahead of reporting earnings after today's close. Elsewhere in the space, Dow component Chevron (CVX 76.40, -5.11) underperforms the sector while fellow Dow component Exxon Mobil (XOM 72.88, -3.52) outperforms. The two show respective declines of 6.2% and 4.6%.

Moving to the consumer discretionary space, large-cap Amazon (AMZN 553.21, -21.27) outpaces the losses in the broader group with a decline of 3.7%. Since the beginning of the month Amazon has declined more than 18%. Fellow heavy-weight, Home Depot (HD 114.45, -5.31) has dipped beneath its 200-day moving average (117.89) in its 4.4% decline. Elsewhere in the sector, Netflix (NFLX 101.46, -6.43) has slid 5.8% after the company's domestic subscriber growth disappointed market expectations. The company has ticked under is 200-day moving average (102.99).

In the technology space , the high-beta chipmakers have shown relative strength, evidenced by the 0.8% decline in the PHLX Semiconductor Index.

Treasuries have notched a new high this session with the yield on the benchmark note lower by 10 basis points at 1.95%.

Economic data included the weekly MBA Mortgage Index, December CPI, December Core CPI, December Housing Starts, and December Building Permits.

The MBA Mortgage Index showed a seasonally adjusted increase of 9.0% in mortgage applications.
Total CPI declined 0.1% in December (Briefing.com consensus 0.0%) with the indexes for both energy and food declining for the second month in a row.
Excluding food and energy, core CPI was up 0.1% (Briefing.com consensus +0.2%).
This was the smallest increase in core CPI since August
Total CPI is up 0.7% year-over-year, versus 0.5% in November, and core CPI is up 2.1% year-over-year versus 2.0% in November..
Building permits decreased to a seasonally adjusted annualized rate of 1.232 million in December (Briefing.com consensus 1.289 million).
Housing starts decreased 2.5% in December to a seasonally adjusted annual rate of 1.149 million (Briefing.com consensus 1.197 mln) which left them up 6.4% year-over-year.
The number of units under construction increased to 981,000 in December from 965,000 in November.
Building permits dipped to 1.232 million (Briefing.com consensus 1.200 mln) from a downwardly revised 1.282 million (from 1.289 mln) in November
The dip was much smaller than expected thanks to a 1.8% pickup in permits for single-family units.

12:30 pm:

[BRIEFING.COM] The major indices trade at fresh session lows with the the tech-heavy Nasdaq (-3.3%) pacing the S&P 500 (-3.3%).

Energy (-5.7%) continues to post the worse loss of the day while financials (-3.9%), consumer discretionary (-3.7%), and materials (-3.6%) round out the bottom of the board. On the flipside, telecom services (-2.6%), health care (-2.7%), and consumer staples (-3.0%) outperform.

In the consumer discretionary space, sector large-cap Amazon (AMZN 550.00, -24.47) paces the losses in the broader group with a decline of 4.3%. Since the beginning of the month Amazon has declined more than 18%. Fellow heavy-weight, Home Depot (HD 114.25, -5.51) has dipped beneath its 200-day moving average (117.89). Elsewhere in the sector, Netflix (NFLX 99.75, -8.15) has slid 7.4% after the company's domestic subscriber growth disappointed market expectations. The company has ticked under is 200-day moving average (102.99).

Looking at commodities, WTI crude has ticked off its session low but remains down by 6.5% at $27.65/bbl.

Switching to Treasuries, the benchmark note trades near its high with the yield on the 10-yr note lower by 11 basis points at 1.95%.

12:00 pm:

[BRIEFING.COM] As afternoon trading begins, the major averages trade near new session lows with the S&P 500 (-2.9%) underperforming the Dow Jones Industrial Average (-2.8%).

On the bottom of the board, energy (-4.9%), financials (-3.4%), consumer discretionary (-3.3%), and materials (-3.2%) underperform the market. On the flipside, telecom services (-2.0%), health care (-2.1%), consumer staples (-2.4%), and utilities (-2.6%) post the slimmest losses.

In the energy group, Kinder Morgan (KMI 11.46, -1.09) shows relative weakness with a loss of 8.7%. The company set a new 52-week low (11.20) ahead of reporting earnings after today's close. Elsewhere in the space, Dow component Chevron (CVX 76.30, -5.21) underperforms the sector while fellow Dow component Exxon Mobil (XOM 73.43, -2.97) outperforms with respective declines of 6.3% and 3.9%.

Switching to commodities, WTI crude has surrendered the $28.00/bbl price level with the energy component now down 5.7% at $27.90/bbl.

11:30 am:

[BRIEFING.COM] The major averages have ticked up off their session lows. The tech-heavy Nasdaq (-2.7%) and the S&P 500 (-2.6%) underperform the Dow Jones Industrial Average (-2.5%).

Rounding out the sectors, energy (-4.2%), financials (-2.9%), and consumer discretionary (-2.9%) underperform the market. On the top of the board, health care (-2.0%), consumer staples (-2.1%), telecom services (-2.2%), and utilities(-2.3%) post the slimmest losses.

In the technology space (-2.5%), sector large-cap Facebook (FB 90.92, -4.34) has slid under its 200-day moving average (92.61) despite a positive comment from Axiom capital, which rates the company a 'Buy' with a price target of $126. The company underperforms with a decline of 4.6%. Elsewhere, fellow large-cap components Apple (AAPL 94.27, -2.37) and Alphabet (GOOGL 699.96, -19.22) struggle with respective losses of 2.4% and 2.6%. The high-beta chipmakers have shown relative strength, evidenced by the 0.9% decline in the PHLX Semiconductor Index.

In commodities, WTI crude trades lower by 4.8% at $28.14/bbl. Elsewhere in commodities, gold has gained 1.3% on the day at $1,102.80/ozt as safe haven investors flock to the metal.

11:00 am:

[BRIEFING.COM] The major indices trade near at fresh session lows with the the tech-heavy Nasdaq (-3.2%) trailing the S&P 500 (-2.9%).

On the bottom of the leaderboard, energy (-4.8%), consumer discretionary (-3.5%), financials (-3.3%), and materials (-3.2%) round out the sectors. On the flipside, telecom services (-1.9%), utilities (-2.1%), consumer staples (-2.2%), and health care (-2.3%) outperform.

In the financial space, large-cap components Bank of America (BAC 13.51, -0.73) and Citigroup (C 39.64, -2.40) underperform the space with declines of 5.1% and 5.4%, respectively. Elsewhere, Goldman Sachs (GS 153.99, -2.83) shows relative strength after its earnings report which disclosed a beat on EPS on above consensus revenue. On Goldman's conference call, the company stated that its exposure to the oil and gas sector has not moved materially with funded and unfunded exposure just over $10 billion.

Switching to Treasuries, the benchmark note has notched a new session high with its yield falling ten basis points at 1.95%.

10:35 am: [BRIEFING.COM]

Mar WTI crude oil prices rose overnight, hitting as high as $31.35/barrel
However, this move lost steam and prices sold off pretty hard
In current trade. Mar crude oil is -3.8% at $28.46/barrel, sitting near its new LoD
In other energy, Feb natural gas is trading modestly higher this morning, currently +1.3% at $2.12/MMBtu
Gold is near today's high. The front-month Feb gold contract is now +1.2% at $1101.86/oz
Silver, on the other hand, is currently -0.1% at $14.11/oz
Copper remains below $2.00/lb, currently -0.5% at $1.97/lb

10:00 am:

[BRIEFING.COM] The major averages have dipped lower with the tech-heavy Nasdaq (-2.3%) now leading the decline while the S&P 500 (-2.1%) follows.

Trailing the pack, energy (-3.8%), materials (2.4%), financials (-2.3%), and consumer discretionary (-2.3%) underperform. The countercyclical sectors top the leaderboard with telecom services (-0.9%), utilities (-1.0%), health care (-1.4%), and consumer staples (-1.6%) leading.

The Dow Jones Transportation average is sporting a loss of 3.0% as rail companies show relative weakness with Union Pacific (UNP 72.18, -1.94) and CSX Corp. (CSX 22.00, -0.73) sporting respective declines of 2.5% and 3.3%.

Meanwhile in commodities, WTI crude has fallen into the session with a decline of 3.9% at $28.42/bbl.

9:45 am:

[BRIEFING.COM] The stock market has opened sharply lower following a selloff in futures. The Nasdaq (-1.8%) paces the Dow Jones Industrial Average (-1.8%) and the S&P 500 (-1.8%).

Rounding out the leaderboard, energy (-3.8%), materials (-2.3%), financials (-2.2%), and technology (-2.0%) trail. On the flipside, utilities (-0.7%), telecom services (-1.1%), and consumer staples (-1.2%) lead.

Looking inside the Dow, IBM (IBM 119.76, -8.35) shows the worst performance in the index with a 6.5% decline. This comes after the company issued below consensus EPS guidance for FY 2016 after beating Q4 EPS estimates with in-line revenue.

Switching to commodities, WTI crude has surrendered the $29.00/bbl price level into the open. Oil trades lower by 2.9% at $28.71/bbl.

In Treasuries, the benchmark note has returned to its high with its yield lower by seven basis points at 1.98%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -31.00. Nasdaq futures vs fair value: -65.20.

The stock market is on track for a sharply lower open as S&P 500 futures trade 31 points below fair value.

Overnight, market participants were surprised when the People's Bank of China failed to unveil a rate cut, a reduction in the required reserve ratio, or any other stimulus measure in the wake of yesterday's lackluster GDP report. This lack of action resulted in broad selling pressure in Asian markets that carried oil and equities indices lower.

On the economic front, Total CPI dipped to -0.1% (Briefing.com consensus 0.0%) in December while core CPI, which excludes food and energy, increased 0.1% (Briefing.com consensus +0.2%). Elsewhere, Housing starts rose to a seasonally adjusted annualized rate of 1.149 million units in December (Briefing.com consensus 1.197 million units). Building permits decreased to a seasonally adjusted annualized rate of 1.232 million in December (Briefing.com consensus 1.289 million).

In corporate news, shares of Goldman Sachs (GS 154.25 -2.57) have declined 1.6% in pre-market trading, after the company released Q4 earnings. While the company posted a top and bottom line beat, investors have focused on revenue falling 5.5% year-over-year. Furthermore, diluted earnings per common share came in at $1.27 compared to the Q4 2014 $4.38 and the Q3 2015 $2.90. Elsewhere, Netflix (NFLX 109.74, +1.85) has gained 1.7% after the company reported a beat on EPS of $0.10 per share on in-line revenue.

Moving to commodities, WTI crude has ticked up of its overnight low and now trades lower by 1.9% as it retakes the $29.00/bbl price level.

Treasuries have traded on their highs overnight as heavy selling pressure impacted futures and equities. The yield on the 10-yr note is lower by six basis points at 1.99%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -27.70. Nasdaq futures vs fair value: -58.50.

The S&P 500 futures trade 28 points below fair value.

Markets across Asia ended the midweek session on a broadly lower note. Japan's Nikkei dove 3.7%, extending its slide from the June high to 21.0%+, meaning the index is now in bear market territory. The overnight retreat was relatively steady as equity indices marched lower throughout the session. Regional markets all but ignored a report from China Securities Journal, which was released shortly before the closing bell on Wall Street, calling for a cut to the reserve requirement ratio.

Economic data was limited:
China's FDI +6.4% (previous 7.9%)
Japan's January Reuters Tankan Index fell to 6 from 9
Australia's January Westpac Consumer Sentiment -3.5% (previous -0.8%)
New Zealand's Q4 CPI -0.5% quarter-over-quarter (expected -0.2%; last 0.3%); +0.1% year-over-year (consensus 0.4%; prior 0.4%)

---Equity Markets---

Japan's Nikkei fell 3.7% to levels not seen since late 2014. Selling was widespread, leaving just two names marginally in the green. Every sector settled deep in the red with energy (-5.3%), financials (-4.5%), industrials (-4.4%), and consumer discretionary (-4.2%) pacing the retreat. Sony, Softbank, Inpex, Toshiba, Fujitso, Mazda Motor, TEPCO, and Isuzu Motors lost between 5.4% and 8.0%.
Hong Kong's Hang Seng dove 3.8% with all 50 components posting losses. Gaming and property names were among the laggards with Galaxy Entertainment, Cheung Kong Property Holdings, Henderson Land, and Sands China falling between 6.0% and 7.8%. Elsewhere, Want Want China outperformed, shedding 0.2%.
China's Shanghai Composite lost 1.0%. Baoshan Iron & Steel, Shenyang Commercial City, and Guizhou Panjiang Refined Coal lost between 5.1% and 6.0% while Bank of China fell 1.7% and China Shipbuilding Industry surrendered 3.7%.

Major European indices have retreated through the first half of the session while the euro trades just above its lowest level of the day (1.0917) after sliding from its high (1.0975) at the start of the equity session. The broad-based retreat has weighed on all regional markets, sending them back to levels last seen at the end of 2014.

In economic data:
Germany's December PPI -0.5% month-over-month (expected -0.4%; previous -0.2%); -2.3% year-over-year (consensus -2.2%; last -2.5%)
UK's November Average Earnings Index + Bonus +2.0% (expected 2.1%; last 2.4%). Separately, December Claimant Count Change -4,300 (expected 2,500; previous -2,200) and November Unemployment Rate ticked down to 5.1% from 5.2% (consensus 5.2%)
Swiss January ZEW Expectations -3.0 (prior 16.6)

---Equity Indices---

Germany's DAX has fallen 1.9% with all 30 names showing losses of at least 1.0%. Financials Deutsche Bank and Commerzbank hold respective losses of 5.3% and 5.0% while exporters Volkswagen, BMW, and Daimler show losses between 3.3% and 4.1%.
UK's FTSE trades down 2.5% with all but one name in the red. Miners BHP Billiton, Anglo American, and Glencore are down between 5.0% and 7.5% while Randgold Resources has bucked the trend, climbing 2.9%.
France's CAC has surrendered 2.5% with ArcelorMittal leading the slide. The steelmaker has surrendered 7.1% while financials BNP Paribas, Credit Agricole, and Societe Generale are down between 3.8% and 4.7%.

8:30 am: S&P futures vs fair value: -30.00. Nasdaq futures vs fair value: -67.10.

[BRIEFING.COM] The S&P 500 futures trade 30 points below fair value.

Total CPI was dipped to -0.1% (Briefing.com consensus 0.0%) in December while core CPI, which excludes food and energy, increased 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 0.7% and core CPI is up 2.1%.

Separately, Housing starts rose to a seasonally adjusted annualized rate of 1.149 million units in December, which was down from a revised 1.179 million units in November (from 1.173 million). The Briefing.com consensus expected starts to increase to 1.197 million units. Building permits decreased to a seasonally adjusted annualized rate of 1.232 million in December from an unrevised 1.280 million for November. The Briefing.com consensus expected a reading of 1.289 million.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -34.50. Nasdaq futures vs fair value: -75.90.

U.S. equity futures trade sharply lower with S&P 500 futures trading 35 points below fair value.

In Treasuries, the benchmark note trades on its high with the yield on the 10-yr note lower by seven basis points at 1.98%.

On the economic front, the weekly MBA Mortgage Index was reported at 7:00 ET, showing a seasonally adjusted increase of 9.0% in mortgage applications. Meanwhile, December CPI (Briefing.com consensus 0.0%), December Core CPI (Briefing.com consensus +0.2%), December Housing Starts (Briefing.com consensus 1197k), and Building Permits (Briefing.com consensus 1200k) will cross the wires at 8:30 ET.

In U.S. corporate news of note:

Netflix (NFLX 111.20, +3.40): +3.1% after the company released Q4 earnings that showed a beat with EPS of $0.10 on in-line revenue, the company also kept Q3 guidance in-line
Goldman Sachs (GS 154.32, -2.50): -1.6% following the company posting a beat on earnings with EPS of $4.68 with a beat on revenue; diluted EPS were $1.27 compared to $2.90 for Q3 2015.
IBM (IBM 122.00, -6.11):-4.8% after the company issued FY16 EPS guidance below analyst expectations; the company also beat on Q4 earnings with EPS of $4.84 on in-line revenue
Micron Technology (MU 10.32, -0.48):-4.4% following a target price downgrade from Mizuho from $15 to $12
Cree, Inc. (CREE 24.67, +0.38): +1.6% after company beat on their Q2 earnings while guiding Q3 EPS above consensus at $0.22-0.29

Reviewing overnight developments:

Asian markets ended their session broadly lower with Hong Kong's Hang Seng -3.8%, Japan's Nikkei -3.7%, and China's Shanghai Composite -1.0%.
In economic data:
China's FDI +6.4% (previous 7.9%)
Japan's January Reuters Tankan Index fell to 6 from 9
Australia's January Westpac Consumer Sentiment -3.5% (previous -0.8%)
New Zealand's Q4 CPI -0.5% quarter-over-quarter (expected -0.2%; last 0.3%); +0.1% year-over-year (consensus 0.4%; prior 0.4%)
In news:
Overnight, Japan's Nikkei entered bear market territory after the index extended its losses to more than 21.0% from its June high

European have slipped thus far in their sessions with France's CAC -3.4%, the U.K.'s FTSE -3.2%, and Germany's DAX -3.0%.
In economic data:
Germany's December PPI -0.5% month-over-month (expected -0.4%; previous -0.2%); -2.3% year-over-year (consensus -2.2%; last -2.5%)
UK's November Average Earnings Index + Bonus +2.0% (expected 2.1%; last 2.4%). Separately, December Claimant Count Change -4,300 (expected 2,500; previous -2,200) and November Unemployment Rate ticked down to 5.1% from 5.2% (consensus 5.2%)
Swiss January ZEW Expectations -3.0 (prior 16.6)

6:10 am: [BRIEFING.COM] S&P futures vs fair value: -37.00. Nasdaq futures vs fair value: -83.50.

6:10 am: [BRIEFING.COM] Nikkei...16416...-632.20...-3.70%. Hang Seng...18886...-749.50...-3.80%.

6:10 am: [BRIEFING.COM] FTSE...5692.40...-184.40...-3.10%. DAX...9352.81...-311.40...-3.20%.

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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