TheStrategyLab.com Free Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
It is currently Sun Apr 22, 2018 4:59 pm

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: February 26th Friday Trade Results - Profit $3125.00
PostPosted: Fri Feb 26, 2016 6:40 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3114
Location: Canada
Image

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:
022616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3125.00.png
022616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3125.00.png [ 93.14 KiB | Viewed 73 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 @ $3125.00 dollars or +62.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3125.00 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=2299

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.

Attachment:
022616-Key-Price-Action-Markets.png
022616-Key-Price-Action-Markets.png [ 1.22 MiB | Viewed 53 times ]

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


4:10 pm: [BRIEFING.COM] The stock market ended an upbeat week with a hiccup as the implications of a hotter than expected core PCE reading (0.3%; Briefing.com consensus of 0.1%) augmented concerns regarding a sooner than expected Fed rate hike. Today's trade saw a continuation of oil and equities moving largely in tandem while the heavyweight financial sector (+0.9%) maintained its recent leadership role. The Nasdaq Composite (+0.2%) managed to finish ahead of the S&P 500 (-0.2$) and the Dow Jones Industrial Average (-0.3%).

The major averages slipped from their morning highs shortly after the hotter than expected Personal Income and Spending report was released. The data received a good deal of attention today as the PCE Index is the Fed's preferred inflation gauge, and this reading can be seen as supportive of further rate hikes. As a result, the economically-sensitive financial space (+0.7%) was able to remain ahead of the broader market and only trailed the materials space (+1.3%). Despite today's outperformance, the financial sector still shows the largest monthly loss (-2.1%) out of the ten economic sectors.

The commodity-sensitive materials and energy (+0.4%) groups enjoyed an early rally alongside crude oil this morning. However, that rally lost some momentum as the energy component struggled to maintain the height of its advance ($34.66/bbl). To be fair though, oil has jumped 3.2% since its pit close last Friday. As for today, WTI crude ended higher by 1.1% at $32.75/bbl.

The energy group pared most of its advance after oil slipped from its high, but independent oil and gas names were still able to top the sector. On that note, Apache (APA 39.47, +1.68) and ConocoPhillips (COP 34.12, +1.06) climbed a respective 4.5% and 3.2%. Interesting to note, both companies received downgrades from Moody's on their senior unsecured notes (to Baa3 and Baa2, respectively).

The influential technology sector (-0.3%), ended its day behind the broader market. Underperformance from sector-large caps contributed to the broader weakness as Microsoft (MSFT 51.30, -0.80) and Alphabet (GOOGL 724.86, -4.26) ended lower by 1.5% and 0.6%, respectively.

Meanwhile, health care (-0.2%) abandoned some early strength as large-caps also anchored that group. Conversely, biotechnology demonstrated relative strength with the iShares Nasdaq Biotechnology ETF (IBB 261.49, +2.17) climbing 0.8%. For the week, the ETF climbed 1.1%

Today's trade saw relative weakness among the countercyclical sectors with health care (-0.2%), telecom services (-0.4%), consumer staples (-1.4%), and utilities (-2.7%) all finishing behind the broader market.

The greenback strengthened today, evidenced by the 0.8% gain in the U.S. Dollar Index (98.09, +0.80). The euro/dollar pair finished at 1.0937 (-0.7%) while the dollar/yen rose to 113.94 (+0.9%).

The Treasury complex began its day broadly lower and remained largely range bound throughout the session. The yield on the 10-yr note managed to close off its high (1.78%), but remained up four basis points at 1.76%.

Today's participation was once again beneath the recent average with fewer than 1.005 billion shares changing hands at the NYSE floor.

Today's economic data included the the second estimate of Q4 GDP, PCE Prices for January, and the final reading of the February Michigan Sentiment Index:

The second estimate indicates fourth quarter GDP increased at an annual rate of 1.0% (Briefing.com consensus 0.4%) versus the advance estimate of 0.7%. The GDP Deflator was revised up to 0.9% (Briefing.com consensus 0.8%) from 0.8%.
The good is that fourth quarter GDP was revised up. The bad is that we're still only talking 1.0% growth. The upward revision was basically the result of private inventory investment decreasing less than previously estimated.
With the advance estimate, the change in inventories subtracted 0.45 percentage points from GDP growth, yet the second estimate showed a drag of only 0.14 percentage points.
The drag from net exports was also less as it subtracted 0.25 percentage points from GDP growth versus 0.47 percentage points in the advance estimate.
Personal spending saw a slight downward revision to 2.0% growth with the second estimate versus 2.2% in the advance estimate. That downtick was led by lower spending on durable and nondurable goods.
Final sales of domestic product, which exclude the change in private inventories, were unchanged at 1.2%.
The Personal Income and Spending report for January produced a slate of good economic news. Income increased 0.5% month-over-month (Briefing.com consensus +0.4%), spending increased 0.5% (Briefing.com consensus +0.3%), and the core PCE Price Index, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.1%).
This compendium of data leans in the Fed's favor for rationalizing another rate hike. The pressing question is this: Might it be enough to prompt another rate increase at the March 15-16 FOMC meeting?
Time will tell, yet there was some key support offered for the Fed's inflation view and the notion that the Fed is making progress toward reaching its 2.0% inflation target (remember, progress toward, not actual achievement, is the guiding principle these days for the Fed).
To this end, the PCE Price Index is up 1.3% year-over-year versus 0.7% in December. The core PCE Price Index is now up 1.7% year-over-year versus 1.5% in December.
The January income gain flowed from increases in all income variables, paced by a 0.7% increase in rental income and a 0.6% gain in wages and salaries.
The personal spending gain, in turn, stemmed from increases in spending on both goods (+0.4%) and services (+0.6%). Durable goods spending was up 1.2% while nondurable goods spending was flat.
Real personal spending jumped 0.4%, which will be a positive input for first quarter GDP computations. The personal savings rate held steady at 5.2%.
The final reading for the University of Michigan Consumer Sentiment Index for February checked in at 91.7 (Briefing.com consensus 91.0) above the preliminary reading of 90.7.
The final reading for January was 92.0. The Sentiment Index is 6.5% below its cyclical peak of 98.1 in January 2015, which the report suggests hardly merits a recession warning.
For added perspective, the Sentiment Index hit a cyclical peak of 96.9 in January 2007 and then declined 27% to 70.8 in February 2008.
Relative to the final January reading, the Current Economic Conditions Index improved to 106.8 in February from 106.4. The Index of Consumer Expectations dipped to 81.9 from 82.7.
The release noted that consumers are a little more cautious about year-ahead prospects for the economy, but that the outlook for their personal financial situation has improved to its best level in ten years.
Currently, consumers think the the slowdown in GDP growth will only have a slight negative impact on jobs.

Keep in mind that the G20 Summit is taking place in Shanghai throughout the weekend.

Monday's economic data will include Chicago PMI for February (Briefing.com consensus 52.0) and Pending Home Sales for January (Briefing.com consensus +0.7%), which will be released at 9:45 ET and 10:00 ET, respectively.

Russell 2000 -8.4% YTD
Nasdaq -8.3% YTD
S&P 500 -4.7% YTD
Dow Jones -4.5% YTD

Week in Review: Stocks and Rate Hike Odds on the Rise

The stock market registered its second consecutive weekly advance with the S&P 500 climbing 1.6%. The benchmark index extended its two-week rally to 4.5%, turning its February loss to a 0.4% gain. The Nasdaq outpaced the benchmark index this week (+1.9%), but remains down 0.5% for the month.

To little surprise, this week's rally in equities occurred alongside a bid in the crude oil market, which sent the energy component higher by 3.2% to $32.75/bbl. Interestingly, the energy sector was among the weakest performers, climbing just 0.4% for the week.

Several reports suggested that equity investors were longing for some sort a coordinated intervention being agreed to at the weekend G-20 summit in Shanghai, but U.S. Treasury Secretary Jack Lew cautioned not to expect any sort of a crisis response outside of a commitment to fiscal reforms. On a related note, German Finance Minister Wolfgang Schaeuble said on Friday that the debt-financed growth model has reached its limits and that there is no shortage of policy proposals, but rather a lack of policy implementation.

The rally in equities hit a speed bump on Friday after the second revision to fourth quarter GDP (+1.0%; Briefing.com consensus 0.4%) and January Core PCE Prices (+0.3%; Briefing.com consensus 0.1%) strengthened the case for the Federal Reserve's rate hike argument. The PCE Price Index is the Fed's preferred inflation gauge and it followed hotter than expected January PPI (+0.1%; Briefing.com consensus -0.2%), core PPI (+0.4%; Briefing.com consensus 0.0%), CPI (0.0%; Briefing.com consensus -0.1%), and core CPI (+0.3%; Briefing.com consensus +0.1%) readings. As a result, the fed fund futures market saw a shift in rate hike expectations with the market now pricing in a 53.0% chance of the next hike in December after not expecting another hike until after February of 2017 prior to Friday's session.

3:45 pm: [BRIEFING.COM]

Oil prices started the day off strong, but by afternoon trade, oil was just extending its pullback
By the end of today's floor session, Apr crude oil closed -1.1% at $32.75/barrel
In other energy, nat gas had a nice recovery, closing flat at $1.79/MMBtu (Apr contract)
In the metals space, Apr gold slipped -1.5% to $1220.60/oz, while Mar silver closed -3.2% at $14.69/oz

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the Nasdaq Composite (+0.1%) leads the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.4%). The benchmark index trades two points above a fresh session low.

The consumer discretionary sector (-0.2%) has extended its loss as technology (-0.4%) now trades in-line with telecom services (-0.4%).

The discretionary space shows broad weakness after climbing 2.7% this week, trailing only materials (+2.9%) during that period. Gap (GPS 26.89, -0.71) underperforms the group with a decline of 2.6% after issuing below-consensus earnings guidance for 2017. Separately, the company announced an authorization to repurchase $1 billion worth of shares. However, debt repayments will supersede the buyback. Elsewhere in the sector, Netflix (NFLX 94.63, +0.10) struggles to maintain its footing north of its flat line. The name has slipped after being up 3.1%.

2:25 pm:

[BRIEFING.COM] The major averages have traded in sideways fashion in recent trade. Currently, the S&P 500 (UNCH) hovers two points above its session low.

In the industrials sector (+0.3%), United Technologies (UTX 97.37, -0.70) has slipped in recent action after the company presented a letter stating that, beyond regulatory concerns, the potential Honeywell (HON 103.76, -0.43) offer "grossly undervalues" the company. The broader sector has gained 4.5% in February following only materials (+8.0%) on the monthly leaderboard. Elsewhere in the space, rail companies and transports outperform.

On that note, the Dow Jones Transportation Average has gained 0.7% with constituents Union Pacific (UNP 80.2, +1.00) and Norfolk Southern (NSC 75.3,, +1.71) climbing 1.3% and 2.1%, respectively.

On the currency front, the yen floats near its session low as the dollar/yen pair trades at 113.94 (+0.9%).

2:00 pm:

[BRIEFING.COM] The major average have ticked lower since the last update with the Dow Jones Industrial Average (-0.2%) trading behind the S&P 500 (-0.1). At this point, the benchmark trades index trades at a fresh session low.

The leaderboard remains little changed with countercyclical utilities (-2.5%) and consumer staples (-1.7%) leading the downside while materials (+1.4%) and financials (+1.0%) outperform.

In the consumer staples space, retail giants Wal-Mart (WMT 66.31, -1.73) and Costco (COST 149.46, -5.26) underperform. Meanwhile, sector component Monster Beverage (MNST 130.15, -2.96) demonstrates relative weakness after reporting top-and bottom-line results below analyst estimates. Conversely, Kraft Heinz (KHC 77.67, +2.71) has climbed 3.6% after reporting an earnings beat after yesterday's close. The broader sector shows a meager advance of 0.3% in February and 0.2% this week.

On the commodities front, WTI crude has slipped to a session low $32.88/bbl (-0.6%).

1:30 pm:

[BRIEFING.COM] The major U.S. indices are clinging to small gains as we head into the remaining hours of today's quiet trading session.

A look inside the Dow Jones Industrial Average shows that DuPont (DD 61.82, +1.40), Boeing (BA 119.14, +2.32), and Goldman Sachs (GS 150.54, +2.29) are outperforming. DuPont is the leading Dow component as materials outperform notably, gaining over 1.8% amid a flat market.

Conversely, Wal-Mart (WMT 66.61, -1.43) is the worst-performing Dow component as consumer staples, today's second weakest sector, lag.

With today's mild trade, the DJIA is poised to end the week higher by 1.9%.

1:05 pm:

[BRIEFING.COM] The major averages began their final session of the week on a positive note, but have since slipped from their opening highs as the hotter than expected core PCE index (0.3%; Briefing.com consensus of 0.1%) reignites concerns that the Fed may be raising rates sooner than it was previously expected. In addition, today's trade has focused on an extended rally in crude oil and leadership from the heavyweight financial (+1.2%) sector. At this juncture, the Nasdaq Composite (+0.3%) and the S&P 500 (+0.3%) outperform the Dow Jones Industrial Average (+0.2%).

Ahead of today's session, upbeat overseas trade helped crude oil rally to a fresh February high ($34.66/bbl). However, since the opening bell the energy component has been unable to maintain this level. Currently, WTI crude trades higher by 1.0% at $33.41/bbl. As a result of the move in oil, commodity-sensitive energy (+1.3%) and materials (+1.8%) have been able to lead the other sectors.

In the energy group, independent oil and gas companies have demonstrated relative strength as the group enjoys the reprieve from falling oil prices. Meanwhile, EOG Resources (EOG 66.94, -1.56) has managed to rebound off its session low (66.14), but has since returned to negative territory. The company reported a bottom-line beat on light revenue after yesterday's close.

The economically-sensitive financial space (+1.4%) has shown key sector leadership throughout today's session as the space responds to the above consensus reading of the PCE Price Index. The January reading saw core prices rise 0.3% (Briefing.com consensus of 0.1%). This data point is receiving a good deal of attention as it is the Fed's preferred inflation gauge and this reading can be seen as supportive of further rate hikes. As a result, the financial sector has outperformed as further rate increases would improve the group's earnings prospects.

On the flipside, the heavily-weighted technology space (-0.1%) has lagged this session as large-cap constituents continue to underperform. On that note, Alphabet (GOOGL 725.52, -3.60), Facebook (FB 107.67, -0.40), and Microsoft (MSFT 51.27, -0.83) have tumbled between 0.3% and 1.6%. Meanwhile, Intuit (INTU 95.03, -5.03) has dropped 5.0% despite reporting top-and bottom-line results above analyst estimates for Q2.

The countercyclical sectors have underperformed thus far with consumer staples (-1.2%) and utilities (-2.2%) showing the widest losses of the day. On that note, the two groups show the slimmest weekly gains with respective upticks of 0.6% and 0.4%.

The Treasury complex began its day broadly lower and has remained largely range bound. At this juncture the yield on the 10-yr note is lower by six basis points at 1.77%.

On the currency front, the U.S. Dollar Index (98.14, +0.85) has climbed as the greenback strengthens against the euro and the yen. Currently, the euro/dollar pair trades at 1.0924 (-0.09%) while the dollar/yen trades at 113.87 (+0.8%).

Today's economic data included the the second estimate of Q4 GDP, PCE Prices for January, and the final reading of the February Michigan Sentiment Index:

The second estimate indicates fourth quarter GDP increased at an annual rate of 1.0% (Briefing.com consensus 0.4%) versus the advance estimate of 0.7%. The GDP Deflator was revised up to 0.9% (Briefing.com consensus 0.8%) from 0.8%.
The good is that fourth quarter GDP was revised up. The bad is that we're still only talking 1.0% growth. The upward revision was basically the result of private inventory investment decreasing less than previously estimated.
With the advance estimate, the change in inventories subtracted 0.45 percentage points from GDP growth, yet the second estimate showed a drag of only 0.14 percentage points.
The drag from net exports was also less as it subtracted 0.25 percentage points from GDP growth versus 0.47 percentage points in the advance estimate.
Personal spending saw a slight downward revision to 2.0% growth with the second estimate versus 2.2% in the advance estimate. That downtick was led by lower spending on durable and nondurable goods.
Final sales of domestic product, which exclude the change in private inventories, were unchanged at 1.2%.
The Personal Income and Spending report for January produced a slate of good economic news. Income increased 0.5% month-over-month (Briefing.com consensus +0.4%), spending increased 0.5% (Briefing.com consensus +0.3%), and the core PCE Price Index, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.1%).
This compendium of data leans in the Fed's favor for rationalizing another rate hike. The pressing question is this: Might it be enough to prompt another rate increase at the March 15-16 FOMC meeting?
Time will tell, yet there was some key support offered for the Fed's inflation view and the notion that the Fed is making progress toward reaching its 2.0% inflation target (remember, progress toward, not actual achievement, is the guiding principle these days for the Fed).
To this end, the PCE Price Index is up 1.3% year-over-year versus 0.7% in December. The core PCE Price Index is now up 1.7% year-over-year versus 1.5% in December.
The January income gain flowed from increases in all income variables, paced by a 0.7% increase in rental income and a 0.6% gain in wages and salaries.
The personal spending gain, in turn, stemmed from increases in spending on both goods (+0.4%) and services (+0.6%). Durable goods spending was up 1.2% while nondurable goods spending was flat.
Real personal spending jumped 0.4%, which will be a positive input for first quarter GDP computations. The personal savings rate held steady at 5.2%.
The final reading for the University of Michigan Consumer Sentiment Index for February checked in at 91.7 (Briefing.com consensus 91.0) above the preliminary reading of 90.7.
The final reading for January was 92.0. The Sentiment Index is 6.5% below its cyclical peak of 98.1 in January 2015, which the report suggests hardly merits a recession warning.
For added perspective, the Sentiment Index hit a cyclical peak of 96.9 in January 2007 and then declined 27% to 70.8 in February 2008.
Relative to the final January reading, the Current Economic Conditions Index improved to 106.8 in February from 106.4. The Index of Consumer Expectations dipped to 81.9 from 82.7.
The release noted that consumers are a little more cautious about year-ahead prospects for the economy, but that the outlook for their personal financial situation has improved to its best level in ten years.
Currently, consumers think the the slowdown in GDP growth will only have a slight negative impact on jobs.

12:25 pm:

[BRIEFING.COM] The major indices hover just above their session lows with the S&P 500 (+0.1%) remaining ahead of the Dow Jones Industrial Average (UNCH).

The influential technology sector (-0.2%) trails consumer discretionary (-0.1%) as the two heavyweights trade below their flat lines.

The health care space (+0.2%) has retreated throughout today's session along with the broader market. Large-cap Eli Lilly (73.73, -1.09) underperforms the broader sector. Meanwhile, biotechnology has shown relative strength, evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 261.02, +1.70). Separately, Dow component Pfizer (PFE 30.27, -0.33) trades behind the price-weighted index.

WTI crude has climbed in recent action, trading higher by 2.1% at $33.76/bbl.

12:00 pm:

[BRIEFING.COM] The major averages float above their session lows with the S&P 500 (+0.2%) trading four points off its worst level of the day.

At this juncture, five sectors trade in the red with countercyclical utilities (-2.6%), consumer staples (-1.2%), and technology (-0.1%) leading the downside.

In the technology space, large-cap constituents Microsoft (MSFT 51.30, -0.79) and IBM (IBM 132.57, -1.92) have surrendered 1.5% and 1.4% respectively. Meanwhile, Intuit (INTU 94.35, -5.72) has dropped 5.7% despite reporting top-and bottom-line results above analyst estimates for Q2. Separately, HP (HPQ 10.92, +0.58) recovers from yesterday's post earnings selloff. The name is now up 1.3% since Wednesday's close, after being down 4.3% yesterday.

Despite the downturn in equities, the Treasury complex trades little changed. The yield on the 10-yr note is higher by five basis points at 1.76%.

On the commodities front, WTI crude has parred its advance to 1.0% at $33.42/bbl.

11:30 am:

[BRIEFING.COM] The stock market has slipped lower in recent action as the S&P 500 (+0.2%) trades seven points below its session high.

Five sectors trade in the green with materials (+1.6%) leading the energy (+1.2%) and financial (+1.0%) sectors. The energy and materials spaces are the main beneficiaries from the extended rally in crude oil. At this juncture, WTI crude trades higher by 1.3% at $33.50/bbl. For the week the energy component has gained 12.7%.

In the energy space, EOG Resources (EOG 69.19, +0.69) has been able to rebound from its session low (66.14) as investors respond to the company's bottom-line beat on below-consensus revenue. To be fair though, EOG may have also been hurt by its disclosure of no current hedges in place for its oil investments. Elsewhere, energy giants Chevron (CVX 85.45, +0.15) and Exxon Mobil (82.33, +0.32) underperform the broader sector, which has pared its February loss to 0.8%.

11:00 am:

[BRIEFING.COM] The major averages have slid from their opening highs as the S&P 500 (+0.4%) trades four points off its best levels of the day.

The stock market slipped lower in response to a hotter than expected PCE Price Index. The January reading saw core prices rise 0.3% compared to the Briefing.com consensus of 0.1%. This data point is receiving a good deal of attention as it is the Fed's preferred inflation gauge and this reading can be seen as supportive of further rate hikes.

The economically-sensitive financial space (+1.2%) has climbed since the data was released as the group's earnings prospect would improve with further rate hikes. Currently, Bank of America (BAC 12.76, +0.44) and Wells Fargo (WFC 48.42, +0.67) have climbed 3.6% and 1.4%, respectively. Separately, Charles Schwab (SCHW 25.17, +1.08) has climbed 4.5% today. The broader financial sector remains down 1.6% for the month of February despite a 2.0% climb this week.

The U.S. Dollar Index (98.17, +0.88) edges higher as the euro/dollar pair moves lower to trade at 1.0928 (-0.8%)

The yield on the 10-yr briefly climbed to 1.78% but has since slipped back to 1.76% (+5 bps).

10:45 am: [BRIEFING.COM]

Commodities are trading flat, as measured by the Bloomberg Commodity Index, in morning activity and strength in the dollar index is definitely a notable negative catalyst, as least for some. Currently, the index is near today's high
WTI oil rallied in early morning trade, but lost steam and sold off sharply.
However, the volatility continues and oil is ticking back up some now. Apr crude is +1.4% at $3.54/barrel in current trade
Nat gas is weak again, currently sitting at today's low. Apr nat gas is now -2.5% at $1.74/MMBtu
Precious metals are feeling pressure from the dollar strength... Apr gold is now -1.3% at $1222.30/oz, while Mar silver is -2% at $14.86/oz
Copper rallies notably this morning and is still holding solid gains. Copper is now +2.7% at $2.12/lb

10:05 am:

[BRIEFING.COM] The major averages hover below their opening highs as the S&P 500 (+0.2%) trades six points off its high.

Just released, January personal income rose 0.5%, while the Briefing.com consensus expected an increase of 0.4%. Meanwhile, January personal spending came in at 0.5%, while Briefing.com expected an increase of 0.3%.

Separately, Core PCE prices for January came in at 0.3% while the Briefing.com consensus expected an increase of 0.1%. December's reading was revised higher to 0.1% from a flat reading.

Meanwhile, the University of Michigan Consumer Sentiment report for February was revised higher to 91.7 from 90.7 while the Briefing.com consensus expected 91.0.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their day on a higher note as the Nasdaq Composite (+0.7%) leads the S&P 500 (+0.5%).

Seven of ten sectors have opened their day in the green with commodity-sensitive energy (+1.5%) and materials (+1.1%) leading the advance. Meanwhile, the remaining gainers show upticks between 0.8% (financials) and 0.3% (consumer discretionary). Countercyclical utilities (-0.7%), consumer staples (-0.3%), and telecom services (-0.2%) show the only declines.

On the commodities front, WTI crude trades higher by 3.2% at $34.14/bbl while gold trades lower by 0.7% at $1,230.60/ozt.

The Treasury complex trades broadly lower with the yield on the 10-yr note higher by five basis points at 1.76%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +33.30.

The stock market is on track for a higher open with the S&P 500 futures trading 12 points above fair value.

Global equity markets rose in tandem with oil overnight as the energy component extended its rally. At this juncture, WTI crude trades higher by 3.5% at $34.24/bbl. Meanwhile, U.S. equity futures received a boost from the second estimate of fourth quarter GDP. The report showed that the economy expanded by 1.0% in the fourth quarter compared to the previous reading of 0.7% and the Briefing.com consensus of 0.4%. Meanwhile, the Personal Income and Spending report is set to be released at 10:00 ET.

The U.S. Dollar Index (97.83, +0.53) rallied on the news of the revision, with the greenback strengthening against the euro and the yen. Currently, the euro/dollar pair trades at 1.0964 (-0.5%) while the dollar/yen trades at 113.45 (+0.4%). The Treasury complex fell to new session lows as demand falls for the safe haven assets. The yield on the 10-yr note is higher by four basis points at 1.76%.

On the corporate front, Gap (GPS 26.68, -0.92) has surrendered 3.3% after the company issued below consensus estimates for full year 2017 earnings. Meanwhile, revenue fell 6.9% year-over-year in the fourth quarter. Another retailer, J.C. Penney (JCP 8.56 +0.20) has gained 2.4% in pre-market action after reporting a bottom-line beat on in-line revenue in the fourth quarter. The company also reported that same store sales rose 4.1% in Q4 and increased 4.5% for the full year.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +35.50.

The S&P 500 futures trade 14 points above fair value.

It was a sea of green across the Asia-Pacific region as just about every market ended the week on a higher note going into this weekend's G20 summit in Shanghai. There were rumblings suggesting some sort of a coordinated intervention could take place, but earlier this week, U.S. Treasury Secretary Jack Lew warned not to expect any grand agreements. The currency market has been less upbeat than equities with the yen inching higher against the dollar.

In economic data:
China's January House Prices +2.5% year-over-year (previous +1.6%)
Japan's January National CPI 0.0% year-over-year, as expected (previous 0.2%) and National Core CPI 0.0% year-over-year (expected -0.2%; last 0.1%). Separately, February Tokyo CPI 0.1% year-over-year (consensus -0.3%; last -0.3%) and Tokyo Core CPI -0.1% year-over-year (expected -0.2%; previous -0.1%)
Singapore's January Industrial Production +9.3% month-over-month (expected -1.8%; last -5.4%); -0.5% year-over-year (consensus -4.8%; last -11.9%)
New Zealand's January trade deficit widened to NZD3.58 billion from NZD3.55 billion (expected deficit of NZD3.84 billion)

---Equity Markets---

Japan's Nikkei ticked up 0.3%, ending the week higher by 1.4%. Eight sector posted gains on Friday with utilities (+1.5%) and consumer staples (+0.5%) in the lead while energy (-0.6%) and financials (-0.1%) lagged. Unitika, Tokuyama, Nisshin Steel Holdings, Alps Electric, TDK, Japan Tobacco, and TEPCO posted gains between 2.1% and 4.0%. On the downside, Sharp plunged 11.4% amid concerns that Foxconn's buyout of Sharp may not get completed.
Hong Kong's Hang Seng rose 2.5% to end the week higher by 0.4%. All but two components ended the day in positive territory with Tingyi surging 7.5% while Kunlun Energy, China Petroleum & Chemical, CNOOC, and Petrochina rallied between 4.7% and 5.8%.
China's Shanghai Composite climbed 1.0%, but lost 3.3% for the week. Bank of China and Agricultural Bank of China both gained near 1.2% while Aluminum Corp of China and Ningbo Marine surged 6.9% and 6.4%, respectively.

Major European indices trade higher across the board with Germany's DAX (+2.1%) and France's CAC (+2.1%) pacing the advance. Germany's Finance Minister made comments regarding the G20 summit overnight, saying that room for monetary and fiscal policy expansion appears to be exhausted and that talking about additional stimulus distracts from the real tasks at hand.

In economic data:
Eurozone February Business and Consumer survey fell to 103.8 from 106.7 (expected 104.4)
France's Q4 GDP +0.3% quarter-over-quarter (expected 0.2%; last 0.2%), January Consumer Spending +0.6% month-over-month (expected 0.6%; last 1.0%), and January PPI -0.8% month-over-month (previous -1.2%)
Italy's January Wage Inflation 0.0% month-over-month (previous 0.0%); +0.7% year-over-year (previous 1.3%)
Spain's CPI -0.8% month-over-month (expected -0.5%; last -0.3%)

---Equity Markets---

UK's FTSE has climbed 1.5% with miners and financials showing strength. Anglo American, Rio Tinto, Glencore, Standard Chartered, and HSBC are up between 2.7% and 5.2%. On the downside, Sports Direct, Dixons Carphone, and Merlin Entertainments hold losses between 1.2% and 2.8%.
France's CAC trades up 2.1% amid broad strength. ArcelorMittal, Carrefour, and Schneider Electric lead with gains close to 3.5% apiece while financials BNP Paribas, Credit Agricole, and Societe Generale are up between 1.1% and 2.2%.
Germany's DAX is higher by 2.1% with all but four names in the green. Volkswagen trades up 3.3% while Deutsche Bank and Commerzbank hold respective gains of 2.7% and 1.3%. Heavyweights BASF and Siemens also outperform with both names up near 2.4%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +40.40.

The S&P 500 futures trade 14 points above fair value.

The second estimate of fourth quarter GDP pointed to an expansion of 1.0%, up from the 0.7% increase observed in the preliminary reading. The Briefing.com consensus expected a reading of 0.4%. The fourth quarter GDP Deflator rose to 0.9% while the consensus expected a revision to 0.8%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +28.30.

U.S. equity futures trade higher with the S&P 500 futures trading nine points above fair value.

Overnight, futures have risen in lockstep with oil as the energy component extends its recent rally. At this juncture, WTI crude trades higher by 1.1% at $33.42/bbl. Meanwhile, positive overseas sessions have added to the boosted sentiment.

On the economic front, data will include the second estimate of Q4 GDP (Briefing.com consensus 0.4%) and PCE Prices for January (Briefing.com consensus 0.1%), which will both cross the wires at 8:30 ET. Meanwhile, the final reading of the February Michigan Sentiment Index (Briefing.com consensus 91.0) will be released at 10:00 ET.

The Treasury complex trades broadly lower with the yield on the 10-yr note now higher by two basis points at 1.73%.

In U.S. corporate news of note:

Weight Watchers (WTW 11.75, -3.80): -24.4% after reporting bottom-line results below analyst estimates in Q4
J.C. Penney (JCP 8.56, +0.20): +2.4% following the company raising FY17 earnings estimates above-consensus and on beating bottom-line results in Q4
Herbalife (HLF 52.00, +6.24): +13.6% after the company reported a beat on top and-bottom line values while issuing below-consensus FY16 earnings guidance
Palo Alto Networks (PANW 147.09, +6.80): +4.9% following better than expected results in Q4 and a target price increase at RBC Capital Markets (from $185 to $195)

Reviewing overnight developments:

Asian markets ended the week on a higher note with Hong Kong's Hang Seng +2.5%, China's Shanghai Composite +1.0%, and Japan's Nikkei +0.3%.
In economic data:
China's January House Prices +2.5% year-over-year (previous +1.6%)
Japan's January National CPI 0.0% year-over-year, as expected (previous 0.2%) and National Core CPI 0.0% year-over-year (expected -0.2%; last 0.1%). Separately, February Tokyo CPI 0.1% year-over-year (consensus -0.3%; last -0.3%) and Tokyo Core CPI -0.1% year-over-year (expected -0.2%; previous -0.1%)
Singapore's January Industrial Production +9.3% month-over-month (expected -1.8%; last -5.4%); -0.5% year-over-year (consensus -4.8%; last -11.9%)
New Zealand's January trade deficit widened to NZD3.58 billion from NZD3.55 billion (expected deficit of NZD3.84 billion)
In news:
U.S. Treasury Secretary Jack Lew warned not to expect any grand agreements at this weekend's G20 summit in Shanghai.
The currency market has been less upbeat than equities with the yen inching higher against the dollar.

European indices trade higher with France's CAC +1.4%, Germany's DAX +1.3%, and the U.K.'s FTSE +1.0%.
In economic data:
Eurozone February Business and Consumer survey fell to 103.8 from 106.7 (expected 104.4)
France's Q4 GDP +0.3% quarter-over-quarter (expected 0.2%; last 0.2%), January Consumer Spending +0.6% month-over-month (expected 0.6%; last 1.0%), and January PPI -0.8% month-over-month (previous -1.2%)
Italy's January Wage Inflation 0.0% month-over-month (previous 0.0%); +0.7% year-over-year (previous 1.3%)
Spain's CPI -0.8% month-over-month (expected -0.5%; last -0.3%)
In news:
Germany's Finance Minister made comments regarding the G20 summit overnight, saying that room for monetary and fiscal policy expansion appears to be exhausted and that talking about additional stimulus distracts from the real tasks at hand.

6:08 am: [BRIEFING.COM] S&P futures vs fair value: +16.30. Nasdaq futures vs fair value: +42.80.

6:08 am: [BRIEFING.COM] Nikkei...16188...+48.10...+0.30%. Hang Seng...19364...+475.40...+2.50%.

6:08 am: [BRIEFING.COM] FTSE...6082.37...+68.80...+1.10%. DAX...9530.43...+199.00...+2.10%.

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic Bookmark and Share  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr