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 Post subject: February 19th Friday Trade Results - Profit $13187.50
PostPosted: Fri Feb 19, 2016 4:46 pm 
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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:
021916-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+13187.50.png
021916-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+13187.50.png [ 94.8 KiB | Viewed 123 times ]

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 @ $13187.50 dollars or +263.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $13187.50 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=153&t=2294

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


4:10 pm: [BRIEFING.COM] The major averages ended an up week on a mixed note as investors deliberated the effect of hotter than expected CPI data on future fed funds rate hikes. Meanwhile, a fresh dose of weakness from the oil patch and some disappointing earnings results and guidance added fodder to today's early selling. The major averages were able to recover from their lows and end with the Nasdaq Composite (+0.4%) leading both the S&P 500 (UNCH) and the Dow Jones Industrial Average (-0.1%). The indices managed respective weekly gains of 3.9%, 2.8%, and 2.6%.

Prior to the opening bell, market participants received hotter than expected CPI data that showed a flat reading for total CPI in January (Briefing.com consensus -0.1%) and a 0.3% month-over-month increase in core CPI (Briefing.com consensus +0.1%). While the Fed favors the PCE Price Index when discerning inflation trends, it will certainly view this CPI data as a marker of progress toward achieving its inflation target. That understanding raised some doubts about the Fed holding off on another rate hike this year. Currently, the fed funds futures market estimates the likelihood of a rate increase through 2017 as below 50.0%.

A broad-based decline followed this uncertainty as sectors trimmed their gains from earlier in the week. Four sectors were able to remain in positive territory for the day with consumer discretionary (+0.3%), technology (+0.2%), consumer staples (+0.2%), and financials (+0.1%) ending above their flat lines. Meanwhile, commodity-sensitive materials (-1.1%) and telecom services (-0.7%) settled with the largest losses.

A decline in crude oil pushed the energy sector to the bottom of the leaderboard for most of the day, as the energy-component slipped 3.5% to $31.74/bbl to end its week. In the energy space, independent oil and gas companies posted some of the largest losses. On that note, Anadarko Petroleum (APC 35.35, -1.68) plunged 4.5% after the company had its senior debt downgraded to Ba1 from Baa2 by Moody's.

In the heavyweight technology space, the high-beta chipmakers demonstrated relative strength with component Applied Materials (AMAT 18.38, +1.21) leading the PHLX Semiconductor Index (+0.5%). Applied Materials rallied 7.1% after reporting bottom-line results above analyst expectations while issuing better than expected earnings guidance for the second quarter.

Industrial component Deere (DE 76.96, -3.35) surrendered 4.2% after lowering its full year 2016 revenue estimates by 10.0%. This tumble also followed an earnings beat on lighter than expected revenue. Dow component Caterpillar (CAT 65.41, -0.71) demonstrated relative weakness as it traded lower in sympathy with the broader industrial sector (-0.2%).

Retailers and apparel names underperformed in the consumer discretionary space (+0.3%) after V.F. Corp. (VFC 58.55, -2.70) and Nordstrom (JWN 49.17, -3.55) both missed bottom line results and issued below consensus guidance. The discretionary sector was the top performer of the week, spiking 4.3%.

The Treasury complex ended the day slightly lower after retracing the bulk of its early losses. The yield on the 10-yr note ended higher by one basis point at 1.75%.

On the currency front, the U.S. Dollar Index (96.63, -0.32) ended its day lower as pressure from the strengthening yen weighed. The dollar/yen pair slipped 0.6% to 112.64.

Today's participation was comparable to the recent average with more than 1.13 billion shares changing hands at the NYSE floor.

Taking another look at the January CPI Report:

In January total CPI was unchanged (Briefing.com consensus -0.1%) as a 2.8% drop in the energy index was offset by increases across-the-board for all items less food and energy.
That would be core CPI and it increased 0.3% month-over-month (Briefing.com consensus +0.1%).
With the January readings, total CPI is up 1.4% year-over-year on an unadjusted basis while core CPI is up 2.2%. In fact, that is the highest 12-month change in core CPI since June 2012 and it exceeds the 1.9% average annualized increase over the last 10 years.
The Fed favors the PCE Price Index when discerning inflation trends, yet it will certainly view the CPI data as a marker of progress toward achieving its inflation target.
The largest price increases contributing to core inflation in January were seen in the price indexes for apparel (+0.6%) and medical care services (+0.5%), yet a 0.3% increase for the shelter index certainly carried some influential weight in pushing up core inflation. These are trends that consumers might not like to see, yet they are precisely what the Fed is hoping to see.

There is no economic data of note set to be released on Monday.

Russell 2000 -11.1% YTD
Nasdaq -10.0% YTD
S&P 500 -6.2% YTD
Dow Jones -5.9% YTD

Week in Review: Oil and Stocks Climb, But So Does Yen

The stock market rebounded from two weeks of losses with the S&P 500 climbing 2.8% during the holiday-shortened week. The benchmark index fared better than the Dow Jones Industrial Average (+2.6%), but worse than the Nasdaq Composite, which spiked 3.9%.

The advance in U.S. equities occurred alongside gains in overseas markets like Japan's Nikkei (+6.8%), Hong Kong's Hang Seng (+5.3%), China's Shanghai Composite (+3.1%), Germany's DAX (+4.8%), and France's CAC (+5.7%). Even Italy's MIB managed a 2.4% gain for the week despite a 1.4% drop on Friday that was highlighted by aggressive selling in bank stocks.

U.S. stocks also struggled at the start of Friday's session, but the S&P 500 was able to end the day little changed thanks to relative strength in top-weighted sectors like technology and financials. For the week, the two sectors gained 3.8% and 2.5%, respectively, with the financial sector narrowing its 2016 loss to 12.2%.

The holiday-shortened week started with a three-day rally that lifted stocks off their February lows. True to recent form, the move occurred alongside an advance in crude oil with the commodity seeing a boost amid reports that a production freeze agreement between OPEC and non-OPEC members may be in the cards. WTI crude ended the week higher by 7.8% at $31.74/bbl with short covering likely contributing to the surge. Separately, dovish comments from FOMC voting members Eric Rosengren and James Bullard contributed to the rally in equities.

Interestingly, the advance in stocks and oil took place without the presence of risk-on undertones in the foreign exchange market. To that point, the Japanese yen registered its third consecutive weekly gain (+0.4%) against the dollar, pressuring the dollar/yen pair to 112.63 after a brief test of the 114.80 area early in the week. The currency pair ended the week fewer than 200 pips above its 2016 low of 110.96 that was notched on February 11. For its part, the Dollar Index (96.63, -0.32) snapped its two-week skid, ending the week higher by 0.7%.

3:35 pm: [BRIEFING.COM]

The dollar index continued to trade lower today, but this didn't help commodities that much, which are currently -0.8%, as measured by the Bloomberg Commodity Index
Apr crude oil held losses today and closed today's session -3.4% at $31.74/barrel
Mar nat gas also finished out the day lower, ending -2.7% at $1.80/MMBtu
Metals were mixed with precious metals showing modest moves
Apr gold rose 0.3% today to $1230.70/oz, while Mar silver slipped -0.3% to $15.38/oz
Mar copper gained one cent to $2.08/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its last hour of trading for the week, the major averages have slipped lower from their recent levels. The Dow Jones Industrial Average (-0.4%) trails the S&P 500 (-0.3%) and the Nasdaq Composite (+0.%) with the benchmark index sitting seven points off its session high.

All ten sectors trade in the red with losses between 1.3% (energy) and 0.1% (technology).

The industrial sector (-0.3%) continues to be weighed down by Deere (DE 76.96, -3.35), which has tumbled 4.2% after lowering its full year 2016 revenue estimates 10% to $23.2 billion. The company also reported a bottom-line beat on lighter than expected revenue this morning. Fellow industrial constituent Caterpillar (CAT 65.14, -0.98) trades lower in sympathy with Deere, shedding 1.5%.

In the consumer discretionary space (-0.1%), V.F. Corp. (VFC 58.86, -2.39) has plummeted 3.9% after issuing earnings guidance below analyst estimates and missing top and bottom line figures. Fellow textile name PVH (PVH 74.12, -2.26) has fallen 3.0% in sympathy with V.F. Corp.

On the commodities front, WTI crude ended the pit session lower by 3.5% at $31.74/bbl.

2:25 pm:

[BRIEFING.COM] The major averages have floated higher in recent action, bringing the S&P 500 (UNCH) within one point of its session high.

Five sectors currently trade in the green with consumer staples (+0.1%) and consumer discretionary (+0.1%) now following financials (+0.2%) and technology (+0.3%) in positive territory.

Elsewhere, the Dow Jones Transportation Average (+0.1%) trades narrowly ahead of the broader market as airlines outperform. United Continental (UAL 53.75, +1.81) has climbed 3.5% after a bullish note from Cowen lauded the speed and scope of the company's first quarter 2016 share repurchase program. Additionally, the industry group as a whole may be experiencing a net benefit from a slip in oil prices. On that note, Delta Airlines (DAL 46.84, +0.39) and American Airlines (AAL 39.85, +0.30) have advanced 0.8% apiece.

On the commodities front, WTI crude trades lower by 2.9% at $31.97/bbl ahead of the close of its pit session.

2:00 pm:

[BRIEFING.COM] The S&P 500 (-0.2%) has trade sideways in recent action with the benchmark index 13 points off its session low.

At this juncture, the leaderboard remains little changed from our previous updates with energy (-1.3%) and materials (-1.1%) showing the largest losses while technology (+0.3%) and financials (+0.1%) are the only sectors trading in the green.

The heavily-weighted health care space (-0.1%), shows relative strength as large-cap component Bristol-Myers Squibb (BMY 64.02, +0.70) climbs 1.1%. Meanwhile, biotechnology also outperforms, evidenced by a 0.7% uptick in the iShares Nasdaq Biotechnology ETF (IBB 261.32, +1.90). The broader health care sector has gained 2.4% this week, compared to the 2.7% advance in the benchmark index.

The yield on the 10-yr note remains just above its flat line, up one basis point at 1.75%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices remain mixed at this time and are flat since our last update in today's quiet trade.

A look inside the Dow Jones Industrial Average shows that Boeing (BA 114.59, -2.98), Chevron (CVX 85.30, -1.43), and Caterpillar (CAT 65.10, -1.02) are underperforming. Chevron shares are weak in tandem with the entire energy sector as crude oil pulls back 3.5%, while Caterpillar is lower in sympathy following peer Deere's (DE 77.49, -2.84) Q1 earnings, and trimmed FY16 guidance.

Conversely, American Express (AXP 54.71, +0.56) is the best-performing Dow component as shares display relative strength, extending their recent winning streak.

Nearing the close of the week, the DJIA has gained 2.4% since last Friday, but is still down 6.1% this year.

1:05 pm:

[BRIEFING.COM] The stock market trades in mixed fashion at midday as investors weigh positive CPI data that may bolster the Fed's argument to continue raising rates in 2016. Additionally, weakness in crude oil and some lackluster earnings results have dampened investor sentiment. At this juncture, the Dow Jones Industrial Average (-0.3%) trades behind the S&P 500 (-0.2%) and the tech-heavy Nasdaq (+0.4%).

Ahead of today's session, market participants received hotter than expected CPI data that showed a flat reading for total CPI in January (Briefing.com consensus -0.1%) and a 0.3% month-over-month increase in core CPI (Briefing.com consensus +0.1%). While the Fed favors the PCE Price Index when discerning inflation trends, it will certainly view this CPI data as a marker of progress toward achieving its inflation target. In response, equity indices sold off to begin their day with participants speculating that these numbers might be good enough to support the Fed's case for more rate hikes this year. However, stocks have climbed off their lowest levels of the day with the technology sector (+0.2%) leading the rebound.

Meanwhile, crude oil succumbed to continued pressure overnight as overseas trade outweighed potential supply caps with bearish overtones from the Department of Energy's inventory report. The commodity has continued its decline in the U.S. session with WTI crude trading lower by 3.5% at $31.77/bbl.

The pressure in oil has forced commodity-sensitive energy (-1.5%) and materials (-1.1%) to the bottom of the leaderboard. Meanwhile, technology (+0.2%), and financials (+0.1%) trade above their respective flat lines, as the only two gainers of the day.

In the energy group, Anadarko Petroleum (APC 34.90, -2.13) has plummeted 5.8% after Moody's downgraded its senior debt from Baa2 to Ba1. Meanwhile, energy giant Chevron (CVX 85.19, -1.53) underperforms the broader sector, which has trimmed its weekly gain to 1.3% from 2.7%

The PHLX Semiconductor Index (+0.6%) outperforms with component Applied Materials (AMAT 18.75, +1.58) climbing 9.0%. Applied Materials has benefited from above consensus bottom-line results and better than expected earnings guidance for Q2.

Retail names have recovered slightly following early weakness brought on by Nordstrom (JWN 48.92, -3.79) issuing below-consensus full year 2017 guidance. The company also reported a bottom line miss.

Elsewhere, Deere (DE 77.65, -2.68) has been a drag on the industrials sector (-0.3%) after issuing full year guidance below analyst estimates and missing top line results on its Q4 earnings report.

The Treasury complex trades modestly lower with the yield on the 10-yr note higher by two basis points at 1.76%. The U.S. Dollar Index (96.66, -0.29) continues to see headwinds from yen strength. Currently the yen trades higher by 0.7% at 112.45 against the dollar.

Taking another look at the January CPI Report:

In January total CPI was unchanged (Briefing.com consensus -0.1%) as a 2.8% drop in the energy index was offset by increases across-the-board for all items less food and energy.
That would be core CPI and it increased 0.3% month-over-month (Briefing.com consensus +0.1%).
With the January readings, total CPI is up 1.4% year-over-year on an unadjusted basis while core CPI is up 2.2%. In fact, that is the highest 12-month change in core CPI since June 2012 and it exceeds the 1.9% average annualized increase over the last 10 years.
The Fed favors the PCE Price Index when discerning inflation trends, yet it will certainly view the CPI data as a marker of progress toward achieving its inflation target.
The largest price increases contributing to core inflation in January were seen in the price indexes for apparel (+0.6%) and medical care services (+0.5%), yet a 0.3% increase for the shelter index certainly carried some influential weight in pushing up core inflation. These are trends that consumers might not like to see, yet they are precisely what the Fed is hoping to see.

12:35 pm:

[BRIEFING.COM] The major indices have ticked lower in recent action as the Dow Jones Industrial Average (-0.4%) underperforms the S&P 500 (-0.2%). At this juncture, the benchmark index is 11 points off its low.

Currently, four of the heaviest weighted sectors trade ahead of the broader market with technology (+0.2%), financials (+0.1%), health care (UNCH) and consumer discretionary (-0.1%) displaying relative strength.

In the economically-sensitive financial sector, money center banks trade on a mixed note with Wells Fargo (WFC 47.88, +0.14) and Bank of America (BAC 12.10, -0.14) showing the largest movement in either direction. Since last Thursday the two names have gained 4.0% and 5.3%, respectively. Meanwhile, the broader financial sector has climbed 4.4% over the same period.

12:05 pm:

[BRIEFING.COM] The major averages hover below fresh session highs as the S&P 500 (-0.1%) has rallied 12 points off its low.

Relative strength in top-weighted technology (+0.2%) and financials (+0.2%) sectors has helped the benchmark index return into the neighborhood of its flat line while energy (-1.5%) remains at the bottom of the leaderboard amid continued weakness in crude oil, which is now down 3.4% at $31.81/bbl. Elsewhere, gold has climbed 0.5% to $1,232.50/ozt.

Meanwhile, the 10-yr note is back below its flat line after rallying off its low. The benchmark yield is higher by a basis point at 1.75%.

11:30 am:

[BRIEFING.COM] The major indices have essentially held their ground since our last update with the S&P 500 (-0.3%) trading 10 points above its worst level of the day.

Commodity-sensitive energy (-1.7%) and materials (-0.9%) have trimmed their losses on the bottom of the leaderboard, but the sectors continue to show weakness with WTI crude trading lower by 3.9% at $31.66/bbl.

In the energy group, independent oil and gas names show the largest losses with Anadarko Petroleum (APC 34.67, -2.34) plummeting 6.4%. The company is also suffering from a downgrade of its senior debt at Moody's to Ba1 from Baa2. Meanwhile, the broader sector has trimmed its weekly gain to 1.1% from 2.7%. Separately, Dow component Chevron (CVX 85.03, -1.70) shows the worst performance in that index, falling 1.9%.

On the currency front, the U.S. Dollar Index (96.72, -0.23) has seen rising pressure from the strengthening yen, as the dollar/yen pair trades at 112.66 (-0.5%).

11:00 am:

[BRIEFING.COM] The tech-heavy Nasdaq (UNCH) has managed to climb out of negative territory while the S&P 500 (-0.3%) trades 10 points above its session low, but has yet to make an appearance above its flat line.

The heavyweight technology space (+0.1%) trades in the green along with consumer staples (+0.1%) while the remaining sectors hover in the red.

The high-beta chipmakers have started another strong session as the PHLX Semiconductor Index (+0.3%) outperforms. Index constituent Applied Materials (AMAT 18.59, +1.42) has climbed 8.3% after reporting better than expected bottom-line results in Q1 and guiding Q2 earnings above consensus. Meanwhile, the broader semiconductor index has outperformed this week, with a week-to-date advance of 5.6% compared to the 2.5% gain in the S&P 500, over the same period.

On the commodities front, WTI crude hovers near its session low, trading lower by 4.3% at $31.53/bbl.

10:50 am: [BRIEFING.COM]

Commodities are mixed today, but mostly lower
Energy futures are certainly weak with oil and natural gas sitting near today's lows
Apr crude oil is now -4.2% at $31.56/barrel, while Mar natural gas is -1.9% at $1.82/MMBtu
Apr gold is managing to show a gain, now +0.4% at $1231.10/oz
However, Mar silver is -0.3% at $15.38/oz, while Mar copper is -0.2% at $2.07/lb

10:00 am:

[BRIEFING.COM] The stock market hovers above its opening low with the S&P 500 (-0.6%) trading five points above that level.

Consumer discretionary (-0.8%) has climbed off its low as energy (-1.3%) and materials (-1.2%) jockey one another on the bottom of the leaderboard.

In the consumer discretionary space, Nordstrom (JWN 47.00, -5.72) demonstrates relative weakness with other retail names trading lower in sympathy. Nordstrom plummeted 10.3% after reporting a bottom-line miss on in-line revenue after yesterday's close. The company also issued full year 2017 guidance below analyst estimates. Additionally, V.F. Corp. (VFC 57.37, -3.88) has declined 6.3% after missing on top and bottom-line results in its Q4 earnings report.

Treasury yields continue to slip from their pre-market highs as the yield on the 10-yr note trades lower by one basis point at 1.74%.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their day on a lower note with the S&P 500 (-0.7%) leading the decline while the Nasdaq Composite (-0.5%) follows.

All ten sectors opened their day in negative territory. Energy (-1.1%) and consumer discretionary (-1.1%) show the largest declines while most remaining sectors show losses between 0.4% (technology) and 0.9% (utilities).

On the commodities front, WTI crude has tumbled 2.9% to $31.97/bbl while gold has climbed 0.3% at $1,229.50/ozt.

Meanwhile in currencies, the dollar/yen pair has slid in recent action with the pair trading at 112.93 (-0.3%).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -19.00.

The stock market is on track for a modestly lower open with S&P 500 futures trading eight points below fair value. U.S. equity futures have extended their losses following the release of a hotter than expected CPI report for January.

In January total CPI was unchanged (Briefing.com consensus -0.1%) as a 2.8% drop in the energy index was offset by increases across-the-board for all items less food and energy. That would be core CPI and it increased 0.3% month-over-month (Briefing.com consensus +0.1%). Including the January readings, total CPI is up 1.4% year-over-year on an unadjusted basis while core CPI is up 2.2%. In fact, that is the highest 12-month change in core CPI since June 2012 and it exceeds the 1.9% average annualized increase over the last 10 years.

Index futures stumbled following the report with participants speculating whether this number is good enough to support the Fed's case for more rate hikes this year.

The Treasury Complex fell to fresh lows after the report and Treasuries remain on the defensive. At this juncture, the yield on the 10-yr note is higher by two basis points at 1.76%. Additionally, the Dollar Index (96.89, -0.06) backed away from a fresh high after the initial response. The dollar/yen pair has played a large role in that regard with the pair falling from 113.19 to 112.95.

In company-specific news, Deere (DE 77.70, -2.63) has tumbled 3.3% in pre-market after missing on top-line results due to headwinds from dollar strength. The company also issued below-consensus guidance for full year 2016. Separately, Best Buy (BBY 29.80, -0.95) is on track to open lower by 1.0% after being downgraded to "Neutral" from "Buy" at Goldman Sachs.

On the commodities front, WTI crude has declined 3.0% to $31.94/bbl. Meanwhile, gold has ticked higher by 0.2% at $1,227.50/ozt.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -19.00.

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

Equity markets across Asia ended the week on a mostly lower note and the overall sentiment was marred by yen strength, which developed during yesterday's session on Wall Street and carried into overnight action. Japan's Nikkei (-1.4%) spent the entire session in negative territory, but the index was able to cut its loss in half by the end of the trading day. Elsewhere, the People's Bank of China announced it will conduct open-market operations on a daily basis and will release statements on days when there is insufficient demand for such actions.

Economic data was limited:
Japan's All Industries Activity Index -0.9% month-over-month (expected -0.3%; last -1.1%) and February Reuters Tankan Index ticked up to 7 from 6
South Korea's January PPI -0.5% month-over-month (previous -0.2%); -3.3% year-over-year (consensus -4.0%)

---Equity Markets---

Japan's Nikkei lost 1.4%, trimming its weekly gain to 6.8%. Just about every sector ended in the red while utilities (+0.1%) outperformed. On the flip side, energy (-4.3%), technology (-3.0%), and materials (-2.4%) struggled. Trend Micro plunged 14.2% in reaction to disappointing results while Inpex, Alps Electric, TDK, Citizen Holdings, Mazda Motor, Furukawa Electric, Pioneer, and Komatsu lost between 3.4% and 9.4%.
Hong Kong's Hang Seng shed 0.4%, but gained 5.3% for the week. Gaming and energy-related names underperformed with the likes of Sands China, Galaxy Entertainment, Kunlun Energy, China Shenhua Energy, and CNOOC falling between 1.3% and 3.1%. On the upside, Wharf Holdings, Tingyi, Want Want China, and Li & Fung advanced between 1.8% and 3.0%.
China's Shanghai Composite slipped 0.1%, but gained 3.1% for the week. Agricultural Bank of China, Hainan HNA Infrastructure, and Nanning Department Store lost between 0.7% and 3.7% while Ningbo Marine, China Shipbuilding, and Sany Heavy Industries added between 0.6% and 3.4%.

Major European indices trade lower across the board with investors keeping an eye on the second day of the EU summit aimed at keeping Great Britain in the European Union. British Prime Minister David Cameron commented briefly on the proceedings, saying there is no deal in place at this time and such agreement will only be signed if he gets "what Britain needs." The pound (1.4274) has given up 0.4% against the dollar while the euro (1.1097) trades little changed against the greenback. Elsewhere, Italy's MIB (-1.5%) underperforms amid notable weakness in bank stocks.

In economic data:
Germany's January PPI -0.7% month-over-month (expected -0.3%; last -0.5%); -2.4% year-over-year (consensus -2.0%; last -2.3%)
UK's January Retail Sales +2.3% month-over-month (consensus 0.8%; last -1.4%); +5.2% year-over-year (expected 3.6%; last 2.3%). Core Retail Sales +2.3% month-over-month (expected 0.7%; last -1.3%); +5.0% year-over-year (consensus 3.5%; last 1.8%). Separately, January Public Sector Net Borrowing -GBP11.81 billion (expected -GBP13.95 billion; previous GBP7.49 billion)

---Equity Markets---

UK's FTSE is lower by 0.6% with roughly 80% of its components in the red. Financials appear among the laggards with Royal Bank of Scotland, Standard Chartered, Prudential, and Old Mutual down between 2.2% an 3.1%. Select miners display strength with Fresnillo and Randgold Resources both up near 2.0% while consumer names like ITV, Dixons Carphone, and Imperial Brands show gains between 0.6% and 1.2%.
Germany's DAX trades down 0.9% with heavyweights leading the decline. Volkswagen has tumbled 5.1% while Deutsche Bank, Commerzbank, Daimler, and BMW show losses between 2.3% and 3.2%. Only a few names sit in the green with Beiersdorf up 2.4% while Lanxess, Linde, and Adidas show gains between 0.2% and 1.4%.
France's CAC has given up 0.9% amid broad weakness. Financials BNP Paribas, Credit Agricole, and Societe Generale are down between 2.3% and 2.9% while Peugeot and Renault hold respective losses of 1.5% and 2.2%.
Italy's MIB has surrendered 1.5% with Banca Pop Emilia Romagna, Banco Popolare, Unipol, Intesa Sanpaolo, Unicredit, and Banca di Milano Scarl down between 3.3% and 7.5%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -14.00.

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

Just released, total CPI was flat (Briefing.com consensus -0.1%) in January while core CPI, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.1%). On a year-over-year basis, total CPI is up 1.4% and core CPI is up 2.2%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -4.00.

U.S. equity futures hover above overnight lows with the S&P 500 futures trading two points below fair value.

Overnight, futures have been under pressure as the March contract on WTI crude slipped 1.5% to $30.30/bbl. Meanwhile, disappointing earnings results and a wait-and-see view ahead of the January CPI report has not helped matters. January CPI (Briefing.com consensus -0.1%) and Core CPI (Briefing.com consensus +0.1%) data will cross the wires at 8:30 ET.

The yield on the 10-yr note trades lower by one basis point at 1.74%.

In U.S. corporate news of note:

Deere & Company (DE 79.00, -1.33): -1.7% following the company lowering FY16 guidance below-consensus despite reporting an earnings beat on lighter than expected revenue in Q4
VF Corp. (VFC 56.50, -4.75): -7.8% after the company reported top and bottom-line misses in Q4 and issued FY16 guidance below analyst estimates
Citigroup (C 38.87, -0.05): -0.1% following the company confirming its intention to sell its Consumer Banking operations in Brazil, Argentina, and Colombia
Qualcomm (QCOM 49.66, +0.58): +1.2% after the company and Lenovo (LNVGY) signed a 3G/4G patent licence agreement for business in China

Reviewing overnight developments:

Asian sessions ended their week on a lower note with Japan's Nikkei -1.4%, Hong Kong's Hang Seng -0.4%, and China's Shanghai Composite -0.1%.
Economic data was limited:
Japan's All Industries Activity Index -0.9% month-over-month (expected -0.3%; last -1.1%) and February Reuters Tankan Index ticked up to 7 from 6
South Korea's January PPI -0.5% month-over-month (previous -0.2%); -3.3% year-over-year (consensus -4.0%)
In news:
The People's Bank of China announced it will conduct open-market operations on a daily basis and will release statements on days when there is insufficient demand for such actions.

European indices trade lower across the board with France's CAC -0.6%, Germany's DAX -0.4%, and the U.K.'s FTSE -0.3%. Elsewhere, Italy's MIB has surrendered 0.9% with noticeable weakness coming from the bank stocks.
In economic data:
Germany's January PPI -0.7% month-over-month (expected -0.3%; last -0.5%); -2.4% year-over-year (consensus -2.0%; last -2.3%)
UK's January Retail Sales +2.3% month-over-month (consensus 0.8%; last -1.4%); +5.2% year-over-year (expected 3.6%; last 2.3%). Core Retail Sales +2.3% month-over-month (expected 0.7%; last -1.3%); +5.0% year-over-year (consensus 3.5%; last 1.8%). Separately, January Public Sector Net Borrowing -GBP11.81 billion (expected -GBP13.95 billion; previous GBP7.49 billion)
In news:
Investors eyed developments in the EU summit aimed at keeping Britain in the European Union.
British Prime Minister David Cameron commented briefly on the proceedings, saying there is no deal in place at this time and such agreement will only be signed if he gets "what Britain needs.
The pound (1.4263) has given up 0.4% against the dollar while the euro (1.1101) trades little changed against the greenback.

5:53 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -3.30.

5:53 am: [BRIEFING.COM] Nikkei...15967...-229.60...-1.40%. Hang Seng...19285.5...-77.60...-0.40%.

5:53 am: [BRIEFING.COM] FTSE...5973.43...+1.50...+0.00%. DAX...9431.55...-32.10...-0.30%.

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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