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 Post subject: January 22nd Friday Trade Results - Profit $2750.00
PostPosted: Fri Jan 22, 2016 6:39 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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012216-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2750.00.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 @ $2750.00 dollars or +55.00 points, Light Crude Oil CL ($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 @ $2750.00 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=2272

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


4:20 pm: [BRIEFING.COM] The stock market ended a volatile week on a sharply higher note thanks to a broad-based rally. The tech-heavy Nasdaq (+2.7%) outperformed both the S&P 500 (+2.0%) and the Dow Jones Industrial Average (+1.3%). The Friday spike was fueled by factors like:

A rebound from near-term oversold conditions
Speculation regarding additional monetary easing in Europe and Japan; and
An extension of yesterday's rally in oil

Equities began 2016 on a difficult note. Eight of the ten sectors in the S&P 500 entered today's trading session showing losses on the week, but all ten sectors entered with month-to-date losses between 13.0% (materials) and 0.5% (utilities). The heavy selling pressure experienced since the beginning of 2016 represent the worst start to a new year and even with today's spike losses in the Nasdaq, Dow Jones Industrial Average, and S&P 500 range between 8.3% and 6.7%.

Global markets have grappled with growth concerns to begin the year, and overnight indices found some relief as speculation regarding continued easing measures from the Bank of Japan followed yesterday's remarks from European Central Bank President Mario Draghi who stated that the central bank "will need to review and therefore possibly reconsider" its monetary policy stance in March.

Crude oil has gotten off to an even worse start than equities, with WTI crude declining more than 20.0% at its lowest point. However, the energy component rallied overnight, building on its gain from yesterday, climbing more than 9.4%. WTI crude backed away from its high, but still advanced 8.5% to $32.05/bbl.

In front of the pack energy (+4.3%), technology (+2.8%), telecom service (+2.4%), and financials (+2.0%) outperformed while industrials (+0.8%), health care (+1.6%), consumer staples (+1.6%), and consumer discretionary (+1.7%) trailed.

The top-performing energy sector was aided by oilfield services giant Schlumberger (SLB 65.20, +3.75), which climbed 6.1% after reporting a Q4 earnings beat on in-line revenue. The stock was also helped after the company announced a $10 billion dollar share buyback. Meanwhile, Dow components Chevron (CVX 83.54, +2.49) and Exxon Mobil (XOM 76.57, +2.47) slightly underperformed the broader sector with gains of 3.1% and 3.3%, respectively.

For its part, the top-weighted technology sector was led by large-cap constituent Apple (AAPL 101.42, +5.12), which advanced 5.3%. This followed bullish commentary from Piper Jaffray, who advised investors to purchase shares before the company's earnings release next week, citing a possible 50.0% upside on the stock. To be fair though, fellow tech large-caps Microsoft (MSFT 52.29, +1.81), Alphabet (GOOGL 745.46, +18.79), and Facebook (FB 97.94, +3.78) also attracted heavy buying interest with advances between 2.6% and 4.0%.

In the Dow Jones Transportation Average (+1.3%), rail giants Union Pacific (UNP 69.99, -1.01) and Norfolk Southern (NSC 68.59, -1.48) showed relative weakness posting the worst losses in the composite. The two companies fell 1.4% and 2.5%, respectively. On the other hand, the Kansas City Southern (KSU 67.41 +2.87) outperformed after reporting above consensus Q4 earnings of $1.23 per share. The stock rallied 4.5% to top the composite.

Elsewhere, the consumer discretionary space (+1.7%) ended its day near the bottom of the board. However, sector heavyweights Amazon (AMZN 596.38, +21.36) and Disney (DIS 96.90, +2.88) were able to climb off midweek lows to top the group. The two names gained 3.7% and 3.1%, respectively. Meanwhile, Starbucks (SBUX 59.17, +0.14) inched off its session low, ending just above its flat line after issuing below consensus Q2 guidance in its earnings report. During today's trade, Starbucks surrendered its 50-day moving today (59.38).

Treasuries spent their session climbing off their opening lows that were brought on by a rally in equities. The benchmark note settled just below its flat line with its yield rising one basis point to 2.05%.

Market participation was true to recent form with more than a billion shares changing hands at the NYSE floor. Additionally, advancing issues at the NYSE outpaced decliners by nearly 9 to 1.

On the economic front, today's data included the December Existing Home Sales and December's Leading Indicators.

Existing home sales surged 14.7% month-over-month in December to a seasonally adjusted annual rate of 5.46 million units from 4.76 million in November (Briefing.com consensus 5.12 million)
This was the largest monthly increase ever recorded.
December closed out the strongest year of existing home sales (5.26 million) since 2006 (6.48 million).
We wouldn't expect a repeat of such strong growth in January, partly because there is a scarcity of available inventory.
At the December sales pace, the inventory of unsold homes stood at a 3.9-month supply, which is the lowest since January 2005. A 6.0-month supply is typically maintained during normal periods of buying and selling.
The median existing home price for all housing types increased 7.6% year-over-year to $224,100, which marked the 46th consecutive month of year-over-year gains. The median existing single-family home price was up 8.0% to $226,000.
The Conference Board's Leading Economic Index declined 0.2% in December following an upwardly revised 0.5% increase (from 0.4%) for November (Briefing.com consensus -0.1%)
Notably, it was said in the release that the Leading Economic Index increased 0.7% in the second half of 2015, which was much slower than the 2.0% growth seen in the first half of the year.
The December downturn was paced by negative contributions from the ISM new orders index (-0.1) and building permits (-0.1), as well as average weekly initial claims (-0.07) and stock prices (-0.05).
Those areas offset a 0.22 percentage point contribution from the interest rate spread.
Separately, the Coincident Economic Index increased 0.1% in December while the Lagging Economic Index increased 0.2%.

There is no economic data on tap for Monday.

Russell 2000 -10.2% YTD
Nasdaq -8.3% YTD
Dow Jones -7.6% YTD
S&P 500 -6.7% YTD

Week in Review: Stocks Bounce Off January Lows

Volatility in the stock market highlighted the first two weeks of 2016 and the third week was no different as equity indices extended their year-to-date ranges to the downside before ending the week on a higher note. A broad-based rally on Friday helped the major averages register gains for the week with the Nasdaq Composite spiking 2.3% since Friday while the S&P 500 (+1.4%) and Dow Jones Industrial Average (+0.7%) followed.

To be sure, while the advance lifted the market off its lowest level since early 2014, equity indices remain deep in the red for 2016 with the S&P 500 down 6.7% for the month while the Nasdaq Composite is lower by 8.3% since the end of December. Eight sectors show month-to-date losses between 2.7% (consumer staples) and 11.2% (materials) while countercyclical telecom services and utilities hold respective January gains of 1.1% and 1.2%.

The telecom services sector was lifted near the top of the 2016 leaderboard with Verizon (VZ 47.04, +1.17) surging almost 6.0% after reporting earnings. The carrier delivered results just ahead of analysts' average expectations, but the subsequent strength was likely a function of participants seeking relative safety within the countercyclical sector.

The telecom sector accounts for just 2.3% of the S&P 500 so other groups had to contribute to the weekly advance. To that point, all but two sectors finished the week in the green with consumer discretionary (+2.5%), technology (+2.4%), and consumer staples (+1.8%) showing relative strength while industrials (-0.04%) and financials (-0.5%) could not end the week in positive territory.

The past week featured several quarterly reports from large companies, but the overall focus remained on the global macro environment and the shifting expectations for impending action from major central banks. On Thursday, the European Central Bank made no changes to its policy stance, but ECB President Mario Draghi said during his press conference that the governing council "will need to review and possibly reconsider" its monetary policy stance in March. This was viewed as a sign of more easing on the way and global equities responded with a rally. Later on Thursday, Nikkei reported that the Bank of Japan is looking at expanding the reach of its own stimulus measures, which contributed to the bid in equities that persisted into Friday.

It wasn't just stocks; however, as crude oil also rallied during the latter portion of the week, surging from a 2016 low of $26.19/bbl to $32.19/bbl in just two sessions. The advance took place despite a bearish inventory report and was likely intensified by a short squeeze. WTI crude ended the week higher by 9.4%, narrowing its January loss to 13.1%.

3:40 pm: [BRIEFING.COM]

WTI crude oil exploded higher today, following comments about possible stimulus from the EBC and BOJ, and following severe weakness recently
In today's session. Front-month Mar crude oil futures gained a total of 8.5% in floor trading to end the day at $32.05/barrel
In other energy, Mar natural gas ended today's session flat at $2.14/MMBtu
Metals were flat to mixed today with Feb gold losing $2.20 to $1096.10/oz today and Mar silver ending flat at $14.09/oz.
Mar copper also ended the day flat, closing at $2.00/lb

3:00 pm:

[BRIEFING.COM] The major averages have drifted lower following the end of oil's pit session. The tech-heavy Nasdaq (+2.3%) leads the S&P 500 (+1.8%) as the benchmark index defends the 1901/1902 resistance level.

In front of the pack, energy (+3.9%), technology (+2.6%), telecom services (+2.4%), and financials (+1.9%) lead while industrials (+0.7%), health care (+1.4%), and utilities (+1.6%) trail.

The sharp uptick in oil did not help the consumer discretionary space (+1.5%). However, sector heavy-weights Amazon (AMZN 596.82, +21.80) and Disney (DIS 96.80, +2.78) were able to climb off midweek lows to top the group. The two names gained 3.8% and 3.0%, respectively. Meanwhile, fellow large-cap constituent Starbucks (SBUX 58.56, -0.47) has inched off its session low, but still remains down after the company issued below consensus Q2 guidance during its earnings report. During today's trade Starbucks surrendered its 50-day moving today (59.38).

Treasuries continue to tick higher with the yield on the benchmark note now unchanged at 2.04%.

2:30 pm:

[BRIEFING.COM] The major averages have slipped from fresh session highs with the tech-heavy Nasdaq (+2.4%) leading the S&P 500 (+1.9%).

The leaderboard remains little changed with energy (+3.7%) outpacing the other sectors. On the flipside, industrials (+0.7%), utilities (+1.7%), health care (+1.7%), and consumer staples (+1.9%) trail.

In the Dow Jones Transportation Average (+1.4%), rail giants Union Pacific (UNP 69.26, -1.74) and Norfolk Southern (NSC 68.90, -1.17) have shown relative weakness posting the worst losses in the composite. The two companies are down 2.5% and 1.7%, respectively. On the other hand, the Kansas City Southern (KSU 66.62, +2.08) has outperformed after reporting above consensus Q4 EPS at $1.23 per share. The company has gained 3.2% to top the composite.

The advance in the major indices was spurred on by a leg higher in WTI crude. The commodity up as much as 9.4% before it closed its pit session at $32.08/bbl (+8.7%).

2:00 pm:

[BRIEFING.COM] The major averages have climbed up near their session highs with the Nasdaq (+2.4%) ahead of the S&P 500 (+1.9%) and the Dow Jones Industrial Average (+1.2%). Currently, the benchmark index has been able to hold its footing near its 1901/1902 resistance level (1903.30).

On the top of the leaderboard, energy (+3.5%), technology (+2.3%), telecom services (+2.0%), and financials (+1.9%) lead while industrials (+0.6%), health care (+1.5%), and utilities (+1.6%) trail.

The financial space began it's day down 12.7% in the month of January. Thus far today, heavyweight constituents JPMorgan Chase (JPM 56.96, +1.71), Wells Fargo (WFC 49.12, +1.11), and Citigroup (C 41.08, +0.93) have been able to top the space with advance of 3.1%, 2.3%, and 2.3%, respectively. Citigroup has also been helped by the disclosure of insider purchasing by the CEO and Director of fifty thousand shares worth approximately $2.1 million.

In recent trade, WTI crude has reached new highs as oil eyes the $32.00/bbl price level. The commodity has climbed 8.1% at $31.91/bbl.

1:35 pm:

[BRIEFING.COM] The major US indices continue to rest comfortably in positive territory as stocks are set to end the week with gains.

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 200.23, +3.93), Microsoft (MSFT 52.18, +1.70), and Walt Disney (DIS 97.05, +3.03) are outperforming. Apple share are leading the Dow higher, after reclaiming the $100 level, on the heels of positive commentary from Piper Jaffray this morning over the pending iPhone 7 launch. Disney shares meanwhile are strong amid a bullish Barron's article, stating that shares appear oversold.

Conversely, American Express (AXP 54.83, -7.81) is the worst-performing Dow component after reporting its fourth quarter earnings and providing light long term guidance. The long term guidance, considered by many to be disappointing, has drawn a number of cautious analyst notes this morning.

For the week, the DJIA is currently up 0.4%, and has trimmed its YTD losses to 7.9%

1:10 pm:

[BRIEFING.COM] The major averages have slid from their highest levels of the day, but still show moderate gains at midday. The tech-heavy Nasdaq (+2.2%) leads the S&P 500 (+1.7%) and the Dow Jones Industrial Average (+1.0%). Contributing factors to today's rally included:

A rebound from near-term oversold conditions
Speculation regarding additional monetary easing in Europe and Japan; and
An extension of yesterday's rally in oil

Equities and oil began 2016 in a sea of red. Before yesterday's session, oil had declined more than 20.0% since the start of 2016. Meanwhile the Nasdaq, Dow Jones Industrial, and the S&P 500 all began their day showing losses between 10.7 and 8.6% in the month of January.

Overnight, global indices and oil rallied amid speculation of continued easing measures from the European Central Bank and the Bank of Japan. This speculation followed comments from ECB President Mario Draghi who stated that the central bank "will need to review and therefore possibly reconsider" its monetary policy stance in March. Meanwhile, speculation regarding monetary policy from the Bank of Japan has followed a report from Nikkei stating that the BoJ is considering steps to counter the deflationary pressure from crude oil's slide. WTI crude was able to capitalize on this sentiment and its oversold condition, to rally more than 7.0%. Oil trades higher by 7.1% at $31.63/bbl.

On the top of the leaderboard, energy (+3.4%), technology (+2.3%), telecom service (+1.9%), and financials (+1.7%) lead. On the flipside, industrials (+0.3%), utilities (+1.1%), consumer staples (+1.4%), and health care (+1.4%) trail.

The top-performing energy sector has been aided by oilfield service giant Schlumberger (SLB 64.52, +3.07), which has climbed 5.0% today after reporting a Q4 earnings beat with EPS of $0.65 on in-line revenue. The company also announced a $10 billion dollar share buyback. Meanwhile, Dow components Chevron (CVX 82.69, +1.64) and Exxon Mobil (XOM 75.66, +1.56) slightly underperform the broader sector with gains of 1.6% apiece.

Elsewhere, the top-weighted technology sector is being led by large-cap constituent Apple (AAPL 100.18, +3.90) which has advanced 4.1%. The company is being helped by bullish commentary from Piper Jaffray which advised investors to purchase shares before the company's earnings release Tuesday of next week. To be fair though, fellow tech large-caps Microsoft (MSFT 52.12, +1.62), Alphabet (GOOGL 745.66, +18.99), and Facebook (FB 97.34, +3.18) have also fared well with advances between 2.5% and 3.4%.

Moving to the industrials sector, heavyweight General Electric (GE 28.03, -0.56) has slid after the company reported an 8.0% decline in industrial profits in Q4. This decline comes despite the company posting a beat on EPS. Elsewhere in the space, Rockwell Collins (COL 83.50, -2.30) also underperforms after reporting a revenues miss during their earnings report this morning. Both companies cited dollar strength as headwinds.

On the countercylical side, biotechnology has shown relative strength in the health care group, evidenced by the 2.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 286.28, +7.69).

Treasuries have crawled off their lows as the major indices returned some of their advance from the opening rally. The yield on the benchmark note remains high by two basis points at 2.06%.

On the economic front, today's data included the December Existing Home Sales and December's Leading Indicators.

Existing home sales surged 14.7% month-over-month in December to a seasonally adjusted annual rate of 5.46 million units from 4.76 million in November (Briefing.com consensus 5.12 million)
This was the largest monthly increase ever recorded.
December closed out the strongest year of existing home sales (5.26 million) since 2006 (6.48 million).
We wouldn't expect a repeat of such strong growth in January, partly because there is a scarcity of available inventory.
At the December sales pace, the inventory of unsold homes stood at a 3.9-month supply, which is the lowest since January 2005. A 6.0-month supply is typically maintained during normal periods of buying and selling.
The median existing home price for all housing types increased 7.6% year-over-year to $224,100, which marked the 46th consecutive month of year-over-year gains. The median existing single-family home price was up 8.0% to $226,000.
The Conference Board's Leading Economic Index declined 0.2% in December following an upwardly revised 0.5% increase (from 0.4%) for November (Briefing.com consensus -0.1%)
Notably, it was said in the release that the Leading Economic Index increased 0.7% in the second half of 2015, which was much slower than the 2.0% growth seen in the first half of the year.
The December downturn was paced by negative contributions from the ISM new orders index (-0.1) and building permits (-0.1), as well as average weekly initial claims (-0.07) and stock prices (-0.05).
Those areas offset a 0.22 percentage point contribution from the interest rate spread.
Separately, the Coincident Economic Index increased 0.1% in December while the Lagging Economic Index increased 0.2%.

12:30 pm:

[BRIEFING.COM] The major indices have ticked lower from their recent levels with the Nasdaq (+2.0%) ahead of the S&P 500 (+1.5%) and the Dow Jones Industrial Average (+0.8%).

Little has changed on the leaderboard, with energy (+2.7%) advancing its gains as WTI crude moves back to its session high. The commodity has gained 7.0% today to trade at $31.61/bbl. The commodity-sensitive space is followed by technology (+2.2%), telecom services (+1.9%), and now financials (+1.5%).

In the health care space (+1.5%), biotechnology has shown relative strength today, evidenced by the 2.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 285.99, +7.24). Elsewhere, sector large-caps AbbVie (ABBV 58.08, -0.27) and Merck & Co. (MRK 51.00, +0.08) underperform with respective performances of -0.5% and 0.1%.

Treasuries, have inched higher with the yield on the benchmark note now lower by two basis points at 2.06%.

12:05 pm:

[BRIEFING.COM] The major averages drift beneath their recent levels with the tech-heavy Nasdaq (+1.6%) leading the S&P 500 (+1.3%). The Nasdaq has benefited more from this oversold rally, but even with today's trade the index is down 9.1% this month. Meanwhile, the benchmark has declined 7.4% over that same period.

On the bottom of leaderboard, energy's (+2.0%) lead over technology (+1.9%) has shrunk in recent action while materials (+1.1%) has slid behind both consumer discretionary (+1.2%) and financials (+1.3%).

The heavily-weighted technology sector is being led by large-cap constituent Apple (AAPL 99.47, +3.17) which has advanced 3.3%. The company is being helped by bullish commentary from Piper Jaffray. To be fair though, fellow tech large-caps Microsoft (MSFT 52.12, +1.62), Alphabet (GOOGL 743.04, +16.37), and Facebook (FB 96.65, +2.47) have also fared well with advances between 2.2% and 3.1%.

11:30 am:

[BRIEFING.COM] The stock market has pared some of its gains as the major indices were unable to break through key resistance levels earlier this morning. This may have cause participants to sell on strength, seeing as the averages hover beneath their recent levels, with the S&P 500 surrendering the 1900 price level. The tech-heavy Nasdaq (+2.0%) remains ahead of benchmark index (+1.5%).

Energy (+2.9%) continues to show the strongest performance of the day with technology (+2.2%), materials (+1.7%), and consumer discretionary (+1.5%) following. Meanwhile, industrials (+0.3%), utilities (+0.8%), and health care (+1.3%) trail.

Moving to the industrials sector, heavy-weight General Electric (GE 27.80, -0.79) has extended its opening slide after the company reported an 8.0% decline in industrial profits in Q4. However, the company was still able to post a beat on EPS with light revenue. Elsewhere in the space, Rockwell Collins (COL 81.99, -3.81) also underperforms after reporting a revenues miss during their earnings report this morning.

In Treasuries, the benchmark note has ticked lower with the yield on the 10-yr higher by one basis point to 2.07%.

10:55 am:

[BRIEFING.COM] The major averages have slid from their best levels of the day but remain sharply higher with the tech-heavy Nasdaq (+2.1%) leading the S&P 500 (+1.6%).

In front of the pack, energy (+2.9%), technology (+2.2%), materials (+1.7%), and consumer discretionary (+1.7%) lead while industrials (+0.3%), utilities (+0.8%), and health care (+1.3%) round out the board.

Switching to the energy space, oilfield service giant Schlumberger (SLB 63.32, +1.89) has climbed 3.1% today after reporting a Q4 earnings beat with EPS of $0.65 on in-line revenue. The company is also benefiting from news of a $10 billion dollar share buyback. Meanwhile, Dow components Chevron (CVX 82.38, +1.33) and Exxon Mobil (XOM 75.28, +1.18) slightly underperform the broader sector with gains of 1.6%, apiece.

On the commodities front, WTI crude has climbed 5.9% today with the oil currently trading at $31.27/bbl.

Treasuries have ticked up from their lowest levels with the yield on the benchmark note higher by three basis points to 2.06%.

10:40 am: [BRIEFING.COM]

Energy futures began the day on a strong note following comments about possible stimulus from the EBC and BOJ
Mar WTI crude oil is currently trading +6.8% at $31.55/barrel
In other energy, Mar natural gas is down one cent at $2.13/MMBtu
Heating oil futures are +8.8% at $0.99/gallon and RBOB gasoline is +4.6% at $1.10/gallon
Metals are trading higher despite a strong dollar index
Gold and silver just now rallied to a new high for today
Dec gold is +0.3% at $1101.40/oz, while Mar silver is +1.5% at $14.32/oz

10:00 am:

[BRIEFING.COM] The major averages trade near their session highs with the S&P 500 climbing 1.9%.

Just released, existing home sales for December grew 14.7% from November to an annualized rate of 5.46 million units while the Briefing.com consensus expected a reading of 5.12 million.

Elsewhere, the CB Leading Indicators report for December was down 0.2% (Briefing.com consensus -0.1%) from a revised November reading of 0.5% (from 0.4%).

9:45 am:

[BRIEFING.COM] As expected, the stock market opened sharply higher, with the tech-heavy Nasdaq (+1.7%) leading the advance while the S&P 500 (+1.5%) and the Dow Jones Industrial Average (+1.2%) follow.

On the top of the leaderboard, energy (+3.8%), materials (+2.2%), technology (+2.0%), and financials (+1.5%) lead. On the flipside, utilities (+0.5%), consumer staples (+0.8%), telecom services (+1.0%) and industrials (+1.1%) trail.

In commodities, WTI crude has rallied 6.5% to $31.42/bbl.

Switching over to Treasuries, the benchmark note trades at its lowest level of the day with the yield on the 10-yr note higher by three basis points at 2.07%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +27.00. Nasdaq futures vs fair value: +74.00.

The stock market is on track for a broadly higher open as S&P 500 futures trade 27 points above fair value.

Overnight, equities and oil rallied in step with one another as possible easing measures from European and Japan's Central Banks spurred equity markets forward. This speculation comes on the heels of yesterday's remarks from European Central Bank President Mario Draghi. Mr. Draghi stated that the central bank "will need to review and therefore possibly reconsider" its monetary policy stance in March as downside risks have increased in 2016. Elsewhere, Nikkei reported that the Bank of Japan is considering steps to counter the hit to inflation from crude oil's slide.

On the economic front, today's data will be limited to December's Existing Home Sales (Briefing.com consensus 5.12 million) and December's Leading Indicators (Briefing.com consensus -0.1%) with both set to cross the wires at 10:00 ET.

In corporate news of note, Schlumberger (SLB 63.40, +1.95) is trading higher by 3.2% after the company beat on Q4 earnings, with $0.65 per share on in-line revenue. The company also announced a $10 billion dollar share buyback. Elsewhere, General Electric (GE 27.95, -0.64) is trading lower by 2.2% after the company's earnings report pointed to an 8.0% decline in industrial profits in Q4. Losses in the oil and gas industries are seen as the main culprit for the weak growth figure. The company stated that revenue might not compare to analyst expectation due to divestments and the Alstom acquisition. Despite all this, General Electric posted an EPS beat with $0.52 per share on light revenue.

Treasuries have ticked up off their lows with the yield on the benchmark note now higher by three basis points at 2.06%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +24.30. Nasdaq futures vs fair value: +67.80.

The S&P 500 futures trade 24 points above fair value.

Equity markets across Asia ended another down week on a higher note thanks to a rebound that took shape in overnight action. Regional indices took a cue from the modest advance on Wall Street while reports from Nikkei speculating about more easing from the Bank of Japan provided added fuel. Accordingly, Japan's Nikkei soared 5.9% to lead the way while other indices followed. The same flows have weighed on the yen, sending the dollar/yen pair to a test of 118.31, which represents the highest level since the first half of January. In recent trade the dollar/yen pair has slid back to 118.00.

Economic data was limited:
Japan's Preliminary Manufacturing PMI 52.4 (expected 52.8; previous 52.6)
Singapore's Q4 URA Property Index -0.5% quarter-over-quarter (prior -0.5%)

---Equity Markets---

Japan's Nikkei spiked 5.9%, but still registered its third consecutive weekly loss, falling 1.1%. Every sector took part in the rally with utilities (+6.1%), consumer discretionary (+6.1%), energy (+5.9%), materials (+5.9%), and industrials (+5.9%) ending in the lead. Sumitomo Realty & Development, Toho, Unitika, Nissan Chemical, SUMCO, Fast Retailing, and Softbank posted gains between 7.9% and 10.5%.
Hong Kong's Hang Seng jumped 2.9%, narrowing its weekly loss to 2.3%. The Friday advance was broad-based with all but one name ending in the green. Sands China, China Shenhua Energy, Petrochina, CNOOC, and Galaxy Entertainment paced the rally with gains between 6.7% and 11.2%.
China's Shanghai Composite gained 1.3%, ending the week with a slim gain of 0.5%. China Railway Erju, China State Construction, and Shanxi Coal rose between 2.1% and 7.4% while Bank of China gained 0.6% and CITIC Securities advanced 1.2%.

Major European indices trade higher across the board as participants pounce on equities following yesterday's dovish remarks from Mario Draghi and overnight headlines suggesting more easing from the Bank of Japan. The region-wide rally has masked some recent developments on the Spanish political front. Specifically, Podemos leader Pablo Iglesias met with the King of Spain today, signaling his intention to form a government with Pedro Sanchez of PSoE (Socialists) and Alberto Garzon of Izquierda Unida (United Left). For its part, Spain's IBEX (+3.3%) has spent the first half of the session among the leaders while Spain's 10-yr note has built on yesterday's gain, dropping its yield three basis points to 1.68%.

In economic data:
Eurozone preliminary January Manufacturing PMI 52.3 (expected 53.0; previous 53.2) and preliminary January Services PMI 53.6 (consensus 54.2; last 54.2)
Germany's preliminary January Manufacturing PMI 52.1 (consensus 53.0; last 53.2) and preliminary Services PMI 55.4 (expected 55.6; prior 56.0)
UK's December Retail Sales -1.0% month-over-month (consensus -0.3%; last 1.3%); +2.6% year-over-year (expected 4.3%; last 4.5%). Separately, December Core Retail Sales -0.9% month-over-month (consensus -0.3%; last 1.3%); +2.1% year-over-year (consensus 3.5%; last 3.4%)
France's preliminary January Manufacturing PMI 50.0 (expected 51.3; previous 51.4) and preliminary Services PMI 50.6 (expected 50.2; prior 49.8)

---Equity Markets---

Germany's DAX is higher by 2.0% with all 30 components in the green. Basic materials names like Heidelbergcement, Lanxess, K+S, and BASF lead with gains between 2.8% and 4.4%. As for financials, Commerzbank and Deutsche Bank hold respective gains of 2.8% and 2.6%.
UK's FTSE has spiked 2.0% with all but five names showing gains at this juncture. Royal Dutch Shell and BP have benefited from the rebound in oil, surging 6.0% and 3.7%, respectively. Select miners also display strength with Antofagasta and BHP Billiton up 5.7% and 3.8%, respectively.
France's CAC has surged 3.2% with Technip up 7.0% and Total higher by 5.1%. Consumer names also outperform with Carrefour and Kering both up near 5.0%. On the flip side, Alstom has given up 0.4%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +26.50. Nasdaq futures vs fair value: +74.50.

Equity futures trade near their highest pre-market levels with S&P 500 futures now trading 27 points above fair value.

In specific company news, Starbucks (SBUX 57.27, -1.76) has slipped 3.0% after the company issued below consensus guidance of $0.38-0.39 per share in Q2. Elsewhere, Apple (AAPL 98.29, +1.99) has jumped 2.1% after a recent comment from Piper Jaffray recommend that investors buy shares before next week's quarterly earnings results. The firm pointed to the possible iPhone 7 launch in September as a catalyst.

On the commodities front, WTI crude has been able to climb to its best level of the week. Oil currently trades higher by 5.4% at $31.13/bbl.

Treasuries remain on their lows as equity futures continue to post respectable gains. The yield on the benchmark note is higher by three basis points at 2.06%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +26.50. Nasdaq futures vs fair value: +74.00.

U.S. equity futures trade near their pre-market highs with S&P 500 futures trading 27 points above fair value.

Meanwhile, Treasuries sit near their lows with the benchmark's yield higher by three basis points to 2.07%.

On the economic front, today's data will be limited to December's Existing Home Sales (Briefing.com consensus 5.12 million) and December's Leading Indicators (Briefing.com consensus -0.1%) with both set to cross the wires at 10:00 ET.

In U.S. corporate news of note:

General Electric (GE 27.95, -0.64): -2.2% after it reported an EPS beat with $0.52 on light revenue. The company stated that revenue may not compare to analyst expectation due to divestments and the Alstom acquisition.
Starbucks (SBUX 57.25, -1.78): -3.0% following the company issuing below consensus guidance of $0.38-0.39 for Q2, while results for Q1 beat on EPS with in-line revenue
Legg Mason (LM 32.76, +0.99): +3.1% after EPS for Q3 beat at $1.45 per share but missed on revenue
American Express (AXP 59.14, -3.50): -5.6% following their Q4 EPS of $1.23 falling short of last year's $1.39 per share
Schlumberger (SLB 63.40, +1.95): +3.2% after the company announced a $10 billion dollar share buyback after beating Q4 EPS on in-line revenue

Reviewing overnight developments:

Asian indices ended their week on a higher note with Japan's Nikkei +5.9%, Hong Kong's Hang Seng +2.9%, and China's Shanghai Composite +1.3%.
Economic data was limited:
Japan's Preliminary Manufacturing PMI 52.4 (expected 52.8; previous 52.6)
Singapore's Q4 URA Property Index -0.5% quarter-over-quarter (prior -0.5%)
In news:
Reports from Nikkei speculated about more easing from the Bank of Japan.
The dollar/yen pair traded as high as 118.31, which is the highest level since the first half of January.

European indices trade broadly higher with France's CAC +3.3%, the U.K.'s FTSE +2.4%, and Germany's DAX +2.1%.
In economic data:
Eurozone preliminary January Manufacturing PMI 52.3 (expected 53.0; previous 53.2) and preliminary January Services PMI 53.6 (consensus 54.2; last 54.2)
Germany's preliminary January Manufacturing PMI 52.1 (consensus 53.0; last 53.2) and preliminary Services PMI 55.4 (expected 55.6; prior 56.0)
UK's December Retail Sales -1.0% month-over-month (consensus -0.3%; last 1.3%); +2.6% year-over-year (expected 4.3%; last 4.5%). Separately, December Core Retail Sales -0.9% month-over-month (consensus -0.3%; last 1.3%); +2.1% year-over-year (consensus 3.5%; last 3.4%)
France's preliminary January Manufacturing PMI 50.0 (expected 51.3; previous 51.4) and preliminary Services PMI 50.6 (expected 50.2; prior 49.8)
In news:
Equities continue to respond positively to yesterday's dovish remarks from Mario Draghi, which suggested more easing.
Pablo Iglesias met with the King of Spain today, signaling his intention to form a government with Pedro Sanchez and Alberto Garzon. The two are members of the PSoE (Socialists) and Izquierda Unida (United Left) parties, respectively.

5:58 am: [BRIEFING.COM] S&P futures vs fair value: +24.30. Nasdaq futures vs fair value: +63.80.

5:58 am: [BRIEFING.COM] Nikkei...16958.5...+941.30...+5.90%. Hang Seng...19080.5...+538.40...+2.90%.

5:58 am: [BRIEFING.COM] FTSE...5896.28...+122.50...+2.10%. DAX...9752.9...+178.90...+1.90%.

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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