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 Post subject: February 18th Thursday Trade Results - Profit $5000.00
PostPosted: Fri Feb 19, 2016 4:57 am 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3249
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)

Attachment:
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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 @ $5000.00 dollars or +100.00 points, Light Crude Oil CL ($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 @ $5000.00 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=153&t=2293

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=285&t=3049 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


4:15 pm: [BRIEFING.COM] The major averages ended the day on a modestly lower note as equity indices pulled back from a three day rally. Today's loss of momentum can be attributed to the financial sector moving from leader to laggard, short-term overbought conditions, volatile oil trade, and key earnings misses. A final hour sell off pushed the major indices to their worst levels of the day as investors demonstrated increased risk aversion. The Nasdaq Composite (-1.0%) was the worst performer while the S&P 500 (-0.5%) and the Dow Jones Industrial Average (-0.3%) registered slimmer losses.

The economically-sensitive financial sector (-0.6%) was under pressure today after dovish remarks from St. Louis Fed President and FOMC voting member James Bullard called into question future fed funds rate hikes. Overnight, President Bullard voiced his opinion that the Fed can afford to be more patient in raising its policy rate. This weighed on the sector as continued low rates would limit banks' earnings prospects.

The benchmark index had trimmed its February loss from 4.9% to 1.2% over the past three trading days, with the consumer discretionary space (-0.7%) and technology (-0.7%) trimming their respective monthly losses from 6.4% and 6.2% to 2.3% and 2.5%. Today's action saw a pullback from the three-day rally.

On the commodities front, volatile oil trade weighed on the broader market as a bearish reading from the Department of Energy's weekly inventory report offset some additional speculation regarding whether OPEC and non-OPEC states could agree to a production cap agreement. The EIA inventory report showed a 2.147 million barrel build in crude inventories compared to last week's 0.754 barrel draw. This forced WTI crude to pare most of its gain, ending the day higher by 0.1% at $30.68/bbl. As a result, energy (-0.9%) settled with the worst loss of the day.

Dow component Wal-Mart (WMT 64.12, -1.99) tumbled 3.0% after defensive guidance overshadowed a bottom-line beat. The retail giant posted the worst performance in the composite while also leading the broader consumer staples sector (-0.5%) lower. Elsewhere in the Dow, IBM (IBM 132.45, +6.35) outperformed after receiving an upgrade at Morgan Stanley from "Equal-Weight" to "Overweight". The upgrade cited IBM's faster than expected move to analytics and cloud-focused business.

In the heavyweight technology space, fellow large names were not able to draw on IBM's success as Apple (AAPL 96.26, -1.86), Facebook (FB 103.47, -1.73), and Alphabet (GOOGL 717.51, -14.46) all displayed relative weakness. NVIDIA (NVDA 30.04, +2.38) outperformed, surging 8.6%, in the PHLX Semiconductor Index (-0.6%) after reporting above-consensus results with better than expected guidance for Q1.

Biotechnology underperformed, evidenced by a 2.6% tumble in the iShares Nasdaq Biotechnology ETF (IBB 259.42, -6.90). To be fair though, health care component Johnson & Johnson (JNJ 104.24, +1.74) was the only large-cap able to maintain traction in positive territory.

Today's trade saw a retreat to risk-off assets with the Treasury Complex, gold, and the yen rallying to end the day. Meanwhile, utilities (+1.6%) and telecom services (+1.1%) saw a revival in interest that had led the spaces to the best performances in volatile January and February. The yield on the 10-yr note ended its day seven basis points lower at 1.74% while gold ended higher by 2.3% at $1,238.60/ozt. On the foreign exchange front, the dollar/yen pair ended lower by 0.7% at 113.25.

Today's participation was in the neighborhood of the recent average with 1.05 billion shares changing hands at the NYSE floor.

Today's economic data included the weekly initial claims report, the February Philadelphia Fed Survey, and January Leading Indicators:

The latest initial claims report showed claims falling by 7,000 to 262,000 (Briefing.com consensus 274,000) for the week ending February 13.
That is the lowest initial claims reading in the last 12 weeks and places claims at the lower end of the 250,000-300,000 range they have been pinned at since July 2014.
The Department of Labor said there were no special factors influencing the initial claims data, which pushed the four-week moving average down 8,000 to 281,250.
Continuing claims for the week ending February 6 increased by 30,000 to 2.273 million (Briefing.com consensus 2.237 mln)
The four-week moving average for this series up 13,500 to 2.263 million, which is the highest level since the week of August 28, 2015.
The Philadelphia Fed Index showed some slight improvement with a reading of -2.8 for February (Briefing.com consensus -2.9) versus -3.5 for January.
The dividing line between expansion and contraction is 0.0. February marked the sixth straight month the general business activity index has been below zero, signalling that there has been a persistent contraction in regional manufacturing activity.
Strikingly, the indexes for all business indicators showed lower readings than the prior month and only one index -- the shipments index -- registered a reading above zero. Specifically, the shipments index dropped to 2.5 from 9.6 in January.
The closely-watched new orders index fell to -5.3 from -1.4 while the number of employees index declined to -5.0 from -1.9. The indexes for both prices paid (to -2.2 from -1.1) and prices received (to -4.5 from -2.8) also fell deeper into negative territory.
Separately, the diffusion index for future general activity dipped to 17.3 from 19.1. That index has been trending lower since last summer and is now at its lowest level since November 2012.
The Conference Board's Leading Economic Index declined 0.2% in January (Briefing.com consensus 0.2%) showed slight improvement from the downwardly revised 0.3% decline (from -0.2%) for December.
The decline in January was paced by large negative contributions from stock prices (-0.27 percentage points), initial claims (-0.11 percentage points), and the ISM New Orders Index (-0.08 percentage points).
Eight of the ten indicators are known ahead of time, so the variability to the consensus estimate typically revolves around building permits, which are usually released a day ahead of the report, and the Conference Board's estimate for manufacturers' new orders, nondefense capital goods orders excluding aircraft.
The Leading Economic Index increased 0.3% for the six-month period ending in January versus a 1.8% growth rate seen during the previous six months. Separately, the Coincident Economic Index increased 0.3% in January while the Lagging Economic Index increased 0.1%.

Tomorrow's economic data will be limited to the 8:30 ET release of January CPI (Briefing.com consensus -0.1%) and Core CPI (Briefing.com consensus +0.1%).

3:40 pm: [BRIEFING.COM]

Oil futures are sliding lower in electronic trade and just hit a new low for the day
In floor trade, Mar crude finished the day +0.1% at $30.68/barrel
In other energy, despite positive weekly EIA storage data, Mar nat gas reversed and closed -5% at $1.85/MMBtu
Precious metals got a boost today, but copper slipped one cent to $2.07/lb
Apr gold gained +1.3% to $1226.70/oz, while Mar silver rose +0.3% to $15.42/oz

3:00 pm:

[BRIEFING.COM] The major averages teeter near the middle of their trading ranges as the Dow Jones Industrial Average (UNCH) flirts with its flat line. The S&P 500 (-0.2%) trades eight points off its session low.

On the bottom of the leaderboard, the consumer discretionary sector (-0.3%) follows financials (-0.4%), and energy (-0.6%) trails.

In the consumer discretionary space, Home Depot (HD 120.28, -0.93) demonstrates relative weakness while influential component Netflix (NFLX 91.60, -3.16) has surrendered 3.4% thus far. Meanwhile, Priceline (PCLN 1,251.17, +15.61) continues to outperform after its earnings report. In other earnings related news, Jack In The Box (JACK 64.28, -12.61) has plummeted 16.4% thus far after missing bottom-line results in its Q4 earnings report and issuing below-consensus guidance for full year 2016.

2:30 pm:

[BRIEFING.COM] The major indices have inched off their lows as the Dow Jones Industrial Average (UNCH) outperforms the S&P 500 (-0.2%). The benchmark index rests seven points off its worst level.

The heavyweight technology space (-0.3%) trades narrowly behind the broader market even though high-beta chipmakers have demonstrated relative strength with NVIDIA (NVDA 30.31, +2.65) climbing 9.6% after reporting better than expected results with above-consensus guidance for Q1. Separately, Apple (AAPL 96.88, -1.25) has slipped 1.3%.

On the currency front, the U.S. Dollar Index (96.92, +0.14) has bounced off its session low as the dollar/yen pair climbs off its lowest level of the day. Currently, the currency pair trades at 113.62 (-0.4%) after bouncing off the recent low at 113.47.

Elsewhere, oil is about to end its pit session higher by 0.1% at $30.68/bbl.

2:00 pm:

[BRIEFING.COM] The major averages hover above fresh session lows with the S&P 500 (-0.5%) trading ahead of the Nasdaq Composite (-0.9%). The benchmark index sits two points above the recently-established low.

The commodity-sensitive energy space (-1.0%) and financials (-1.0%) pace one another on the bottom of the leaderboard. The latest downturn has followed oil's decline into negative territory. Currently WTI crude trades lower by 0.3% at $30.58/bbl.

In the financial group, money center banks trade near their worst levels of the day as Bank of America (BAC 12.13, -0.42) and Citigroup (C 38.83, -0.95) have tumbled 3.5% and 2.5%, respectively. The sector is seeing a pullback from its recent rally following dovish commentary from St. Louis Fed President Bullard regarding future rate hikes, which has weighed on the rate-sensitive space. Conversely, Welltower (HCN 58.78, +2.25) outperforms after reporting an earnings beat before today's session and announcing the formation of a $555 million joint venture with Canada Pension Plan Investment Board.

The yield on the 10-yr note has hit a fresh session low, declining six basis points to 1.76%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have seen some selling pressure since our last update as stocks drag in negative territory.

A look inside the Dow Jones Industrial Average shows that Wal-Mart (WMT 63.99, -2.12), Caterpillar (CAT 65.50 ,-1.76), and JPMorgan (JPM 57.37, -0.10) are underperforming. Wal-Mart is weighing on the Dow following this morning's Q4 earnings and light Fiscal Year guidance. Caterpillar is lower after reporting rolling 3 month retail sales data and presenting at a Barclays investor conference. At the conference, the company reaffirmed its 2016 guidance and offered cautious commentary on the industry. JPMorgan is trading in line with peers as financials underperform, putting in today's heaviest losses.

Conversely, IBM (IBM 132.13, +6.03) is the best-performing Dow component after this morning's upgrade to Overweight from Equal Weight at Morgan Stanley and the announcement of a $2.6 bln acquisition of Truven Health Analytics.

Despite today's pullback, the DJIA is still up 2.8% this week alone.

Elsewhere, at the top of the hours the Treasury's $7 bln 10-year TIPS auction as met with poor demand as the auctioned tailed 5 basis points. The offering drew a high yield of 1.12% on a bid-to-cover of 2.11

1:10 pm:

[BRIEFING.COM] The stock market shows modest losses at midday as this week's rally loses momentum. Contributing factors to today's sputtering performance have included recent overbought conditions, the financial sector underperforming the broader market, a bearish reading from the Department of Energy's inventory report, and key earnings misses. Currently the Nasdaq (-0.6%) trades behind both the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.1%).

Over the last two trading days, the benchmark index was able to cut its February loss from 4.0% to 1.0% as equities rallied off their mid-month lows. To that point, the oversold financial (-0.6%), technology (-0.3%), and consumer discretionary (-0.4%) sectors were able to trim their losses on the month from between 6.1% and 6.3% to between 1.1% and 3.7%. Today's action could be seen as a pullback from this week's sharp reversal. Furthermore, dovish comments from St. Louis Fed President (and FOMC voting member) James Bullard may be weighing on financials, as the persistence of low rates weigh on banks' earnings prospects.

Meanwhile, oil hit a speed bump in its recent winning streak as a bearish reading from the Department of Energy's weekly inventory report forced the commodity to trim some of its gain. The EIA Inventory report showed a 2.147 million barrel build in crude inventories compared to last week's 0.754 barrel draw. Positive sentiment regarding the possibility of a production cap agreement has been able to keep the energy component in positive territory. As a result, WTI crude has pared its gain to 1.1% at $31.00/bbl.

Inside the blue chip Dow Jones Industrial Average, IBM (IBM 132.35, +6.25) leads the composite with a 5.0% climb after receiving an upgrade at Morgan Stanley from "Equal-Weight" to "Overweight". The bullish note centered on IBM's accelerated move to analytics and cloud-focused business. Despite IBM's relative strength the broader technology sector trades a bit behind the broader market with large tech names such as Facebook (FB 103.66, -1.54) and Alphabet (GOOGL 720.90, -11.07) showing relative weakness.

The energy sector (-0.5%) has fallen down the leaderboard as oil and gas companies return some of this week's gains. Energy giant Chevron (CVX 87.61, -0.70) trades behind the broader sector. Meanwhile, Devon Energy (DVN 19.71, -0.62) continues its two day losing streak since reporting below-consensus Q4 revenue before yesterday's open. Devon has surrendered 7.3% since Tuesday and announced a 69 million share stock offering at $18.75 per share.

Retail giant Wal-Mart (WMT 64.09, -2.04) has weighed on the consumer staples sector (-0.4%) after the company's defensive guidance overshadowed a bottom-line beat.

In the heavily-weighted health care space (-0.1%) biotechnology underperforms while large-caps Johnson & Johnson (JNJ 104.48, +2.98) and Pfizer (PFE 29.88, +0.25) keep the broader sector above its flat line. For its part, the iShares Nasdaq Biotechnology ETF (IBB 262.80, -3.52) has declined 1.3%.

Treasury yields have fallen throughout today's session as investors return to safe haven strategies. The yield on the 10-yr note is lower by four basis points at 1.78%. On that note, gold has also seen increased buying interest as the commodity climbs 1.2% to trade at $1,226.00/ozt. Furthermore, the foreign exchange market has also shown signs of risk aversion with the yen (113.54) rising 0.5% against the dollar.

Today's economic data included the weekly initial claims report, the February Philadelphia Fed Survey, and January Leading Indicators:

The latest initial claims report showed claims falling by 7,000 to 262,000 (Briefing.com consensus 274,000) for the week ending February 13.
That is the lowest initial claims reading in the last 12 weeks and places claims at the lower end of the 250,000-300,000 range they have been pinned at since July 2014.
The Department of Labor said there were no special factors influencing the initial claims data, which pushed the four-week moving average down 8,000 to 281,250.
Continuing claims for the week ending February 6 increased by 30,000 to 2.273 million (Briefing.com consensus 2.237 mln)
The four-week moving average for this series up 13,500 to 2.263 million, which is the highest level since the week of August 28, 2015.
The Philadelphia Fed Index showed some slight improvement with a reading of -2.8 for February (Briefing.com consensus -2.9) versus -3.5 for January.
The dividing line between expansion and contraction is 0.0. February marked the sixth straight month the general business activity index has been below zero, signalling that there has been a persistent contraction in regional manufacturing activity.
Strikingly, the indexes for all business indicators showed lower readings than the prior month and only one index -- the shipments index -- registered a reading above zero. Specifically, the shipments index dropped to 2.5 from 9.6 in January.
The closely-watched new orders index fell to -5.3 from -1.4 while the number of employees index declined to -5.0 from -1.9. The indexes for both prices paid (to -2.2 from -1.1) and prices received (to -4.5 from -2.8) also fell deeper into negative territory.
Separately, the diffusion index for future general activity dipped to 17.3 from 19.1. That index has been trending lower since last summer and is now at its lowest level since November 2012.
The Conference Board's Leading Economic Index declined 0.2% in January (Briefing.com consensus 0.2%) showed slight improvement from the downwardly revised 0.3% decline (from -0.2%) for December.
The decline in January was paced by large negative contributions from stock prices (-0.27 percentage points), initial claims (-0.11 percentage points), and the ISM New Orders Index (-0.08 percentage points).
Eight of the ten indicators are known ahead of time, so the variability to the consensus estimate typically revolves around building permits, which are usually released a day ahead of the report, and the Conference Board's estimate for manufacturers' new orders, nondefense capital goods orders excluding aircraft.
The Leading Economic Index increased 0.3% for the six-month period ending in January versus a 1.8% growth rate seen during the previous six months. Separately, the Coincident Economic Index increased 0.3% in January while the Lagging Economic Index increased 0.1%.

12:30 pm:

[BRIEFING.COM] The stock market has advanced off its session low to trade in the middle of today's trading range. The S&P 500 (-0.1%) is roughly seven points off its high and its low.

The financials sector (-0.6%) currently shows the largest decline of the day as energy (-0.3%) trims its loss. Meanwhile, consumer staples (-0.4%) and materials (-0.4%) jockey one another.

In the heavily-weighted health care sector (+0.2%), large-cap constituents Johnson & Johnson (JNJ 104.48, +2.98) and Pfizer (PFE 30.01, +0.38) have shown relative strength with respective advances of 1.9% and 1.3%. Meanwhile, biotechnology has shown relative weakness.

The yield on the 10-yr note has inched higher in recent trade, but remains lower by three basis points at 1.79%.

11:55 am:

[BRIEFING.COM] The major averages have climbed off their session lows with the Dow Jones Industrial Average (-0.2%) outperforming the S&P 500 (-0.3%). Currently, the two indices trade 26 points and sixpoints off their lows, respectively.

The countercyclical sectors outperform with the exception of consumer staples (-0.7%). Conversely, the utilities sector (+1.5%) continues to show the best performance of the day followed by telecom services (+0.7%) and health care (UNCH).

The consumer staples space has underperformed the broader market for today's entire session as Wal-Mart (WMT 63.07, -3.04) weighs on the sector. The retail giant topped earnings expectations, but fell short with its fiscal 2017 net sales guidance. Currently Wal-Mart trades lower by 4.6% while the retailer sub-group trades lower in sympathy.

On the commodities front, WTI crude continues to trim its gain with oil currently higher by 0.4% at $30.77/bbl. Separately, gold has climbed 0.7% to $1,220.10.

11:25 am:

[BRIEFING.COM] The major averages hover above new session lows with the Nasdaq Composite (-0.8%) trailing the S&P 500 (-0.6%). At this juncture, the benchmark index is one point above its session low.

The move lower corresponded with a bearish reading from the Department of Energy's weekly inventory report. The report showed a 2.147 million barrel build in crude inventories compared to last week's 0.754 barrel draw. As a result, WTI crude has pared its gain to 0.6% at $30.84/bbl.

Energy (-1.3%) has fallen down the leaderboard as oil and gas companies return some of this week's gains. Chevron (CVX 87.50, -0.81) has surrendered 0.9% in recent action while ConocoPhillips (COP 33.65 -0.26) has lost 0.8%. Meanwhile, Devon Energy (DVN 19.28, -1.05) retested session lows (19.21). Devon has tumbled on the announcement of a 69 million share stock offering and a target price reduction at RBC Capital Markets to $35.00 from $50.00.

Treasury yields sank further in recent trade with the yield on the 10-yr note now lower by four basis points to 1.78%.

10:55 am:

[BRIEFING.COM] The Dow Jones Industrial Average (UNCH) continues to outperform the S&P 500 (-0.2%), as the benchmark index trades one point above its session low.

Inside the blue chip index, IBM (IBM 133.43, +7.33) leads the composite with a 5.8% climb after receiving an upgrade at Morgan Stanley from "Equal-Weight" to "Overweight". The bullish note centered on IBM's accelerated move to analytics and cloud-focused business. Meanwhile, fellow Dow component Johnson & Johnson (JNJ 104.04, +1.54) outperforms after showing little change earlier in the week while Exxon Mobil (XOM 82.88, +0.88) shows relative strength, thanks to a rally in oil. WTI crude currently trades higher by 3.4% at $31.69/bbl.

On that note, oil traders are on the lookout for the Department of Energy's weekly inventory statistics, which will be released at 11:00 ET.

Treasury yields continue to trade near their session lows with the yield on the 10-yr note lower by two basis points at 1.79%.

10:50 am: [BRIEFING.COM]

The dollar index is trading higher this morning, which is helping add some pressure on the commodities space
WTI oil is rising again back near $34/barrel... Apr crude is now +2.9% at $33.92/barrel
Natural gas is finding some strength following the weekly EIA storage data
However, it remains in negative territory, now -1.8% at $1.91/MMBtu.
Gold, silver and copper are trading near the unchanged mark this morning
Apr gold is now +0.2% at $1214.40/oz, while Mar silver is -0.1% at $15.37/oz
Copper is unchanged at $2.07/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.2%) hovers three points above its session low as it leads the tech-heavy Nasdaq (-0.3%)

Just released, the CB Leading Indicators report for January was down 0.2%( Briefing.com consensus -0.2%) from a revised December reading of -0.3% (from -0.2%).

Separately, the Treasury Complex trades higher with the yield on the 10-yr note lower by two basis points at 1.79%.

9:45 am:

[BRIEFING.COM] The major averages began their day on a mixed note with the Dow Jones Industrial Average (UNCH) leading the Nasdaq Composite (-0.2%) and the S&P 500 (-0.2%).

Six of ten sectors trade in the red with losses between UNCH (health care) and 0.8% (consumer discretionary). On the positive side of the leaderboard technology (+0.3%) trails utilities (+0.5%) while telecom services (UNCH) defends its flat line.

On the commodities front, WTI crude has slipped from its high but oil remains higher by 2.4% at $31.39/bbl. Elsewhere, gold trades lower by 0.1% at $1,210.50/ozt.

In currencies, the U.S. Dollar Index (96.90, +0.13) has trimmed its advance as the dollar/yen pair loses ground. At this juncture the currency pair trades at 113.68 (-0.4%).

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +15.90.

The stock market is on track for a modestly higher open with the S&P 500 futures trading five points above fair value. Futures have been lifted by developments at home and abroad as dovish commentary from St. Louis Fed President (and FOMC voting member) James Bullard and rising oil prices boost sentiment.

After yesterday's close Fed President Bullard voiced his concern that it would be "unwise" to continue a normalization strategy in the wake of declining inflation expectations. Meanwhile, oil continues to rise as participants look towards supply caps from OPEC and non-OPEC states and a bullish inventory report from the API. On a related note, the Department of Energy's official weekly inventory report will cross the wires at 11:00 ET. Currently, WTI crude trades higher by 3.3% at $31.67/bbl.

In corporate news, Devon Energy (DVN 19.18, -1.15) has declined 5.7% in pre-market after the company announced a 69 million share stock offering at $18.75 per share. Additionally, Devon Energy was downgraded at RBC Capital Markets with a price target reduction to $35.00 from $50.00. Shifting gears, Wal-Mart (WMT 63.50, -2.61) has surrendered 4.0% after the retail giant missed revenue estimates in its Q4 earnings report and offered below-consensus estimates for FY17 sales.

Treasury yields are flat with the yield on the 10-yr note unchanged at 1.82%.

On the economic front, the weekly initial jobless claims count totaled 262,000 (Briefing.com consensus 274,000) while continuing claims rose to 2.273 million from 2.243 million (revised from 2.239 million). Separately, the Philadelphia Fed Survey for February fell to -2.8 (Briefing.com consensus -2.9) from -3.5. Today's economic data will be capped off with the 10:00 ET release of January Leading Indicators (Briefing.com consensus -0.2%).

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +20.10.

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

Equity markets in the Asia-Pacific region ended Thursday on a mostly higher note amid a sizable batch of economic data that was mixed. Notably, China reported its latest inflation numbers with January CPI rising an in-line 0.5% month-over-month while the year-over-year reading (+1.8%) came in just below expectations (+1.9%). Separately, January PPI fell 5.3% against expectations of a 5.4% drop. Elsewhere, Australia's employment figures disappointed while Japan's trade data showed disappointing import/export figures.

In economic data:
China's January CPI +0.5% month-over-month, as expected; +1.8% year-over-year (consensus 1.9%; last 1.6%). January PPI -5.3% year-over-year (consensus -5.4%; last -5.9%)
Japan's January adjusted trade balance JPY120 billion (expected JPY60 billion; previous JPY20 billion) as exports fell 12.9% year-over-year (consensus -11.3%; last -8.0%) and imports declined 18.0% (expected -16.0%; previous -18.0%)
Australia's January Employment Change -7,900 (expected 15,000; previous -800). Participation rate held at 65.2%, as expected while the Unemployment Rate rose to 6.0% from 5.8% (consensus 5.8%)
New Zealand's Input PPI -1.2% quarter-over-quarter (last 1.6%) and Output PPI -0.8% quarter-over-quarter (last 1.3%)

---Equity Markets---

Japan's Nikkei climbed 2.3% with nine sectors registering solid gains. Energy (+4.4%), Materials (+3.9%), and industrials (+3.3%) paced the rally while most other groups followed. SUMCO, Mitsubishi, Fujitsu, Sumitomo Metal Mining, Minebea, and Okuma spiked between 5.8% and 9.0%. On the downside, Yokogawa Electric, Bridgestone, and Softbank lost between 1.9% and 4.3%.
Hong Kong's Hang Seng advanced 2.3% with all but two names ending in the green. Financials and energy-related names were at the forefront of the rally with Petrochina, CNOOC, China Petroleum & Chemical, Ping An, China Life Insurance, and China Construction Bank adding between 2.4% and 6.0%. On the downside, Tingyi and Li & Fung lost 0.6% and 0.5%, respectively.
China's Shanghai Composite shed 0.2% after a range-bound session. China Shipbuilding fell 1.4%, CITIC Securities lost 0.4%, and Pacific Securities added 1.6%.

Major European indices trade mostly higher while UK's FTSE (-0.4%) underperforms. Today has been relatively quiet on the economic front, but it is worth noting that EU leaders are taking part in a two-day summit in Brussels aimed at keeping Britain in the EU.

In economic data:
Eurozone December Current Account EUR25.50 billion (expected EUR22.30 billion; previous EUR26.90 billion)
Spain's trade deficit narrowed to EUR1.79 billion from EUR1.90 billion (expected deficit of EUR2.00 billion)
France's January CPI -1.0% month-over-month, as expected (previous 0.2%)
Swiss January trade surplus expanded to CHF3.51 billion from CHF2.59 billion (expected surplus of CHF2.67 billion)

---Equity Markets---

UK's FTSE is lower by 0.4% amid weakness in mining and energy-related names. Anglo American, Rio Tinto, Randgold Resources, and Royal Dutch shell are down between 1.3% and 4.2%. On the upside, Centrica has spiked 5.6% while consumer names like Sainsbury and Coca-Cola HBC hold respective gains of 2.3% and 0.9%.
In France, the CAC has climbed 0.9% with most components in the green. Cap Gemini leads with a 6.0% gain following upbeat results. Similarly, hotel operator Accor (+3.6%) has also responded positively to its quarterly results. Elsewhere, exporters Renault and Peugeot hold respective gains of 1.9% and 1.5% while Legrand is the weakest performer, surrendering 0.8%.
Germany's DAX has rallied 1.5% with Volkswagen, BMW, and Daimler up between 1.2% and 2.7%. Utilities RWE and E.On hold respective gains of 5.9% and 5.5% while financials lag. Commerzbank hovers just below its flat line while Deutsche Bank trades down 0.4%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +17.00.

The S&P 500 futures trade 5 points above fair value.

The latest weekly initial jobless claims count totaled 262,000 while the Briefing.com consensus expected a reading of 274,000. Today's tally compared to 269,000 in the prior week. As for continuing claims, they rose to 2.273 million from 2.243 million (revised from 2.239 million).

Separately, the Philadelphia Fed Survey for February fell to -2.8 from -3.5 while economists polled by Briefing.com had expected an increase to -2.9.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +19.40.

U.S. equity futures hover near overnight highs with the S&P 500 futures trading six points above fair value. Overnight, oil rallied on continued hopes for OPEC and non-OPEC states to agree to a proposed production cap. Meanwhile, the commodity has also benefited from a bullish inventory report from the API. Currently, WTI crude trades higher by 2.9% at $31.54/bbl.

On the economic front, the weekly initial claims (Briefing.com consensus 274k) and the February Philadelphia Fed Survey (Briefing.com consensus -2.9) will cross the wires at 8:30 ET. Separately, January Leading Indicators (Briefing.com consensus -0.2%) will be reported at 10:00 ET.

Treasury yields trade mostly flat with the yield on the 10-yr note unchanged at 1.82%.

In U.S. corporate news of note:

Wal-Mart (WMT 62.99, -3.12): -4.7% after reporting an EPS beat on lighter than expected revenue in Q1 and guiding FY17 sales below consensus
NVIDIA (NVDA 29.98, +2.32): +8.4% following the company reporting a top and bottom-line beat after yesterday's close and guiding revenue above-consensus estimates for Q1
IBM (IBM 129.80, +3.70): +2.9% after the company was upgraded from "Equal-Weight" to "Overweight" at Morgan Stanley
Jack In The Box (JACK 62.30, -14.61): -19.0% after the company reported an earnings miss on in-line revenue while guiding FY16 EPS below-consensus

Reviewing overnight developments:

Asian-Pacific indices ended mostly higher with Japan's Nikkei +2.3%, Hong Kong's Hang Seng +2.3%, and China's Shanghai Composite -0.2%.
In economic data:
China's January CPI +0.5% month-over-month, as expected; +1.8% year-over-year (consensus 1.9%; last 1.6%). January PPI -5.3% year-over-year (consensus -5.4%; last -5.9%)
Japan's January adjusted trade balance JPY120 billion (expected JPY60 billion; previous JPY20 billion) as exports fell 12.9% year-over-year (consensus -11.3%; last -8.0%) and imports declined 18.0% (expected -16.0%; previous -18.0%)
Australia's January Employment Change -7,900 (expected 15,000; previous -800). Participation rate held at 65.2%, as expected while the Unemployment Rate rose to 6.0% from 5.8% (consensus 5.8%)
New Zealand's Input PPI -1.2% quarter-over-quarter (last 1.6%) and Output PPI -0.8% quarter-over-quarter (last 1.3%)

European indices trade on a mixed note with Germany's DAX +1.7%, France's CAC +0.9%, and the U.K.'s FTSE -0.3%.
In economic data:
Eurozone December Current Account EUR25.50 billion (expected EUR22.30 billion; previous EUR26.90 billion)
Spain's trade deficit narrowed to EUR1.79 billion from EUR1.90 billion (expected deficit of EUR2.00 billion)
France's January CPI -1.0% month-over-month, as expected (previous 0.2%)
Swiss January trade surplus expanded to CHF3.51 billion from CHF2.59 billion (expected surplus of CHF2.67 billion)
In news:
EU leaders are taking part in a two-day summit in Brussels aimed at keeping Britain in the EU

6:08 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +18.10.

6:08 am: [BRIEFING.COM] Nikkei...16197...+361.00...+2.30%. Hang Seng...19363...+438.00...+2.30%.

6:08 am: [BRIEFING.COM] FTSE...6006.54...-23.80...-0.40%. DAX...9467.10...+89.90...+1.00%.

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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