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 Post subject: March 18th Friday Trade Results - No Trades
PostPosted: Fri Mar 18, 2016 5:12 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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)

Quote:
No trades today for me. I was ready to trade today until I saw the opening price action...there was a rare inverse correlation between Emini TF futures versus Emini NQ futures for about 15 minutes along with the low volatility price action of the VIX. In addition, my trading instrument Emini ES futures WRB Analysis volatility was extremely low...all of which would have produced a very difficult trading day had I traded the Emini ES futures. The final straw for my "no trading" decision was the fact that I was having disconnection and computer problems all day soon after 0945am est.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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=154&t=2316

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:
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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 on a positive note as the S&P 500 (+0.4%) extended its win streak to five weeks and also managed to enter positive territory on a year-to-date basis (year-to-date +0.3%). Contributing factors to today's trade included leadership from the weary health care (+1.3%) and financial (+1.0%) sectors, a reversal in crude oil, and the inability to clear a key resistance level in the benchmark index.

Today's trading day began on a higher note as strength from the oil patch lent support to the broader market. However, this early support reversed as volatility increased in the oil trade. WTI crude came under pressure as investors took to profit taking in light of the week-to-date gain of 6.4% in the energy component. To be fair though, the first uptick of the year in the Baker Hughes U.S. Rig Count (387; prior 386) may have contributed to the air of selling pressure. WTI crude ended its day lower by 1.2% at $41.16/bbl.

Despite the tumble in crude, the major averages were able to maintain their footing in positive territory as heavyweight sectors outperformed. To that point, health care (+1.3%), financials (+1.0%), and industrials (+0.8%) were able to end the day with the largest gains. Meanwhile, the largest losses came from telecom services (-1.0%), utilities (-0.6%), and consumer staples (-0.2%). Interesting to note though, the two best performers of the day show the largest year-to-date declines with health care and financials down a respective 7.1% and 4.6% so far in 2016. Conversely, the two worst performers have the largest gains in 2016 with utilities and telecom services climbing a respective 12.4% and 13.3%.

Heavily-weighted health care (+1.3%) benefited from some broad-based strength as drug manufactures, drug wholesalers, and biotechnology all demonstrated relative strength. On that note, McKesson (MCK 158.31, +6.62) outperformed after the company announced its restructuring plan. Meanwhile, biotechnology trimmed its weekly losses. The iShares Nasdaq Biotechnology ETF (IBB 251.34, +4.25) ended its day higher by 1.7%, but finished with a loss of 4.1% over the week.

In the economically-sensitive financial sector, money center banks demonstrated relative strength as increases to JPMorgan Chase's (JPM 60.48, +1.73) and Bank of America's (BAC 13.79, +0.39) share buyback programs moved them to the top of the sector. The broader group traded higher in sympathy, extending its week-to-date gain to 1.5%.

The Dow Jones Transportation Average (+1.5%) continued its recent streak of outperformance as airlines topped the index, which benefited the broader industrial sector (+0.8%). Separately, large-cap Boeing (BA 133.96, +3.26) climbed 2.5% in the aerospace sub-group. To be fair though, the entire space is likely benefiting from recent weakness in the U.S. Dollar.

The U.S. Dollar Index (95.11, +0.35) ended its days near its high, but lost 1.2% for the week. The greenback managed to make up some ground against the yen and the euro today with the dollar/yen pair ending higher by 0.2% at 111.57 while the euro/dollar pair ended down 0.3% (1.1277).

Today's trade saw the S&P 500 (+0.4%) re-test a resistance level at 2050/52, but the index was unable to clear that level. As a result, the broader market ended off its best levels of the day with the Dow Jones Industrial Average (+0.7%) finishing ahead of the Nasdaq Composite (+0.4%) and the S&P 500 (+0.4%).

The Treasury complex traversed a narrow range today as the yield on the 10-yr note fluctuated between 1.87% and 1.89% before ending at the bottom of that range.

Today's participation was well above the recent average as options expiration boosted the number of shares traded on the NYSE floor to more than 2.147 billion.

Today's economic data was limited to the preliminary reading of the Michigan Sentiment Index for March:

In a bit of a surprise, the preliminary University of Michigan Consumer Sentiment Survey showed a dip in consumer sentiment to 90.0 from the final reading of 91.7 for February. The Briefing.com consensus estimate projected a slight increase to 92.2.
The downturn in consumer sentiment in March did not match at all with the strong upturn in investor sentiment in March, as expressed in quickly rising stock prices. The reason being, according to the report, is that consumers were worried more about prospects for the economy and had an expectation that gas prices would start moving higher during the year ahead.
The latter may have contributed to a pickup in consumers' expected change in inflation rates for the next year and next five years to 2.7%, respectively. In February, the expected inflation rate for both periods was 2.5%. In March 2015, however, the expected change in the inflation rate for the next year was 3.0% while the expected change in the inflation rate for the next five years was 2.8%.
Concerns about the economy and rising gas prices helped drive a downturn in the Expectations Index to 80.0 from 81.9, although the Current Economic Conditions Index also slipped to 105.6 from 106.8.
Notwithstanding the aforementioned concerns, consumers reportedly still felt good about their own personal financial situations as they did not expect the low growth to lead to an appreciable rise in the unemployment rate.
The report said consumers do not anticipate a recession, yet they no longer expect the economy either to do better than the 2.4% growth rate recorded in the past two years.

Monday's economic calendar will also be light with Existing Home Sales for February (Briefing.com consensus 5.37 million) set to cross the wires at 10:00 ET.

Week in Review: Chugging Along

The stock market continued its rebound off February lows,locking in its fifth consecutive weekly gain. The S&P 500 spiked 1.3% for the week and theadvance lifted the benchmark index into positive territory for the year. As aresult, the S&P 500 will enter the last full week of March with a year-to-date gain of 0.3%.

Two weeks ago, the market's main focus was on the EuropeanCentral Bank and there was no shortage of central bank talk during this pastweek either. However, unlike the ECB, the Bank of Japan, Bank of England, SwissNational Bank, and the Federal Reserve all stuck to their guns and held thepolicy line.

The stock market saw little movement on Monday and Tuesday,but Wednesday afternoon featured a rally in equities after the Federal Reserve acquiescedto the market's desire and did not introduce another rate hike. The Fed heldpat even though a 4.9% unemployment rate and a 2.3% year-over-year increase incore CPI offered data-based grounds to raise the fed funds rate or, at the veryleast, to strike a more hawkish-sounding tone regarding the glide path tonormalization. Instead, the Fed struck a more dovish tone than what the markethad expected and dialed back its own rate hike outlook. Specifically, the Fed'sdot plot now shows that policymakers expect only two more rate hikes in 2016after the previous forecast called for four.

According to the dot plot, the median fed funds rate at theend of 2016 is projected at 0.875% vs 1.375% in December while the median rateat the end of 2017 is projected at 1.9% versus 2.4% after the December meeting.

Furthermore, the Fed cut its 2016 growth forecast for theU.S. to 2.2% from 2.4% and adjusted its 2016 core PCE forecast to 1.4-1.7% from1.5-1.7%. In addition to a dimmed view of domestic growth, the Fed mentionedthat "global economic and financial developments continue to pose risks"after not expressing a similar concern in December.

Altogether, the Fed's newfound dovishness was music to thestock market's ear while the Dollar Index logged its third consecutive weeklydecline, falling 1.1% to levels lastseen in October.

3:40 pm: [BRIEFING.COM]

Strength in the dollar index helped keep pressure on commodities today
Energy futures slipped lower today and metals declined as well
May crude oil lost steam and gave up today's gains, sliding lower in today's trading activity
By the end of the session, May crude was -1.2 at $41.16/barrel
In other energy Apr nat gas was weak as well, closing -2.1% at $1.90/MMBtu
Apr gold lost -0.9% today to end at $1254.00/oz and May silver fell -1.4% to $15.81/oz

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the Dow Jones Industrial Average (+0.6%) leads both the Nasdaq Composite (+0.4%) and the S&P 500 (+0.3%). Currently, the Dow Jones and the benchmark index show respective year-to-date gains of 0.9% and 0.1% while the tech-heavy Nasdaq is down 4.4% year-to-date.

In front of the pack, heavily-weighed financials (+0.7%) and health care (+1.4%) have extended their gains. Meanwhile, energy (-0.4%) now follows utilities (-0.5%) and telecom services (-0.6%) on the bottom of the board. The two worst-performing sectors of the day are the best-performing groups on a year-to-date basis. To that point, utilities and telecom services have spiked a respective 12.6% and 13.7% since the beginning of the year.

The U.S. Dollar Index (95.04, +0.28) hovers below its best level of the day as the greenback rebounds from yesterday's downturn. The dollar/yen pair trades higher by 0.2% at 111.55 while euro/dollar has lost 0.4% (1.1275).

2:30 pm:

[BRIEFING.COM] The major averages have floated higher since the last update as the Dow Jones Industrial Average (+0.5%) trades ahead of the S&P 500 (+0.3%).

Heavily-weighted technology (+0.1%) and consumer discretionary (+0.1%) now follow the financial sector (+0.6%) and the industrial group (+0.7%) on the positive side of the leaderboard.

In the discretionary space (+0.1%), Amazon (AMZN 548.50, -10.94) hovers above its session low, which has weighed on the broader discretionary sector. The Nasdaq 100 (+0.1%) heavyweight has tumbled 3.3% since the beginning of the week. Meanwhile, Wynn Resorts (WYNN 94.68, +5.88) has climbed 6.6% after Macquarie upgraded the Macau casino sector to "Neutral." Conversely, fast casual restaurant name Chipotle Mexican Grill (CMG 459.51, -12.07) continues to see weakness after warning about first quarter results on Tuesday. The stock has plunged 9.7% week-to-date compared to a 1.4% gain in the broader dictionary sector over that time.

On the commodities front, oil has slipped 0.4% to trade at $41.49/bbl ahead of the energy component's pit close at 14:30 ET. Including today's trade, WTI crude has climbed 8.7% week-to-date.

2:00 pm:

[BRIEFING.COM] The major averages have ticked off their recent lows as the S&P 500 (+0.3%) trades ahead of the Nasdaq (+0.2%).

Seven of ten sectors trades in the red with losses between 0.1% (consumer discretionary) and 0.5% (telecom services). Meanwhile, industrials (+0.6%) and financials (+0.6%) now pace one another behind health care (+1.2%).

In the health care space (+1.2%), McKesson (MCK 158.30, +6.61) has climbed 4.4% after announcing its restructuring plan that includes a workforce reduction aimed at lowering operating costs. Meanwhile, AmerisourceBergen (ABC 87.48, +1.60) received a boost following news that Walgreens Boot Alliance (WBA 83.43, +0.13) exercised warrants to increase the company's stake in Amerisouce to 14.97%. The broader sector has surrendered 2.2% this week and shows the largest year-to-date loss (-7.2%) among the ten economic sectors.

In international news, Belgium officials are confirming that they have caught Salah Abdeslam, who was being sought in connection with last November's Paris attacks.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have selling some mild selling pressure in recent trade, but still sport healthy gains as the end of the trading week nears.

A look inside the Dow Jones Industrial Average shows that Goldman Sachs (GS 156.90, +3.99), JPMorgan (JPM 60.00, +1.25), and Boeing (BA 132.99, +2.29) are outperforming. JPMorgan announced last night that its Board had authorized an additional $1.8 bln increase to its equity repurchase program, while Goldman is benefiting from the general strength seen in financials, which is one of today's top performing sectors. Similarily, the strong session from industrials is helping Boeing outperform.

Conversely, Microsoft (MSFT 83.78, -0.88) is the worst-performing Dow component as shares pull back following strong action this week, having gained 3% going into today.

At current levels, the DJIA is up nearly 6.3% this week, bringing its YTD gains to 0.75%

1:05 pm:

[BRIEFING.COM] The stock market trades broadly higher at midday as the S&P 500 (+0.4%) looks to extend its winning-streak to five weeks. Contributing factors to today's trade have included the outperformance of the heavyweight health care (+1.3%) and financial (+0.6%) sectors, as well as volatility from the oil pit. Currently, the Dow Jones Industrial Average (+0.6%) and Nasdaq Composite (+0.6%) lead the benchmark index.

Ahead of today's session, global bourses moved modestly higher as risk appetite continued its post-FOMC trend. As a result, oil was able to continue its recent rally while safe haven gold slipped following its 2.9% jump yesterday.

Since the opening bell, however, some volatility returned to the oil market as the energy component struggled to remain in positive territory. At this juncture, WTI crude trades lower by 1.0% at $41.23/bbl. Accordingly, the energy sector (-0.3%) moved lower in lockstep and surrendered its earlier 0.8% gain. Currently, independent oil and gas names and oil field service names show the largest losses in the group.

Despite the downturn in oil, the broader market has demonstrated resilience as heavily-weighted health care (+1.3%), financials (+0.6%), and industrials (+0.6%) lead the advance. Conversely, countercyclical telecom services (-0.4%), utilities (-0.3%), and consumer staples (-0.2%) lead to the downside.

In the health care space (+1.3%), biotechnology demonstrates relative strength as the subgroup rebounds from this week's loss. To that point, the iShares Nasdaq Biotechnology ETF (IBB 251.94, +4.85) has gained 2.0% today, but remains lower by 3.8% on a week-to-date basis. The broader health care space has lost 2.1% over that same period.

Money center banks outperform in the economically-sensitive financial sector (+0.6%) as the the sub-group trades higher in sympathy with JPMorgan Chase (JPM 59.98, +1.23) and Bank of America (BAC 13.75, +0.35). The two names have outperformed after announcing expanded share buyback programs. Separately, Dow component Goldman Sachs (GS 156.83, +3.92) tops the price-weighted index.

The heavyweight technology sector (+0.2%) underperforms the broader market as large-cap constituents lag. Microsoft (MSFT 53.96, -0.69) and Alphabet (GOOGL 754.52, -3.96) recovered from some early heavier losses, but remain down a respective 1.3% and 0.5%. Meanwhile, Adobe Systems (ADBE 93.80, +3.84) has spiked 4.3% after reporting better-than-expected first quarter results and offering guidance for full year 2016 earnings that came in above analysts' estimates.

On the mergers and acquisition front, a Chinese consortium led by Anbang Insurance Group reached an agreement with Starwood Hotels (HOT 79.99, +3.60) to acquire the company for $78.00 per share. However, it is expected that Marriott (MAR 73.30, +1.50) will counter this offer in an attempt to move forward with its merger with Starwood Hotels.

The U.S. Dollar Index (95.04, +0.28) has ticked higher in recent action as the greenback gains against the yen and the euro. The euro/dollar pair trades at 1.1269 (-0.4%) after slipping from a high of 1.1302. Meanwhile, the dollar/yen pair trades higher by 0.2% (111.55).

The Treasury complex trades broadly higher as the yield on the 10-yr note falls two basis points to 1.88%.

Today's economic data was limited to the preliminary reading of the Michigan Sentiment Index for March:

In a bit of a surprise, the preliminary University of Michigan Consumer Sentiment Survey showed a dip in consumer sentiment to 90.0 from the final reading of 91.7 for February. The Briefing.com consensus estimate projected a slight increase to 92.2.
The downturn in consumer sentiment in March did not match at all with the strong upturn in investor sentiment in March, as expressed in quickly rising stock prices. The reason being, according to the report, is that consumers were worried more about prospects for the economy and had an expectation that gas prices would start moving higher during the year ahead.
The latter may have contributed to a pickup in consumers' expected change in inflation rates for the next year and next five years to 2.7%, respectively. In February, the expected inflation rate for both periods was 2.5%. In March 2015, however, the expected change in the inflation rate for the next year was 3.0% while the expected change in the inflation rate for the next five years was 2.8%.
Concerns about the economy and rising gas prices helped drive a downturn in the Expectations Index to 80.0 from 81.9, although the Current Economic Conditions Index also slipped to 105.6 from 106.8.
Notwithstanding the aforementioned concerns, consumers reportedly still felt good about their own personal financial situations as they did not expect the low growth to lead to an appreciable rise in the unemployment rate.
The report said consumers do not anticipate a recession, yet they no longer expect the economy either to do better than the 2.4% growth rate recorded in the past two years.

12:25 pm:

[BRIEFING.COM] The major averages have traded largely sideways in recent action as the Dow Jones Industrial Average (+0.6%) extends its year-to-date gain to 0.9%. Meanwhile, the S&P 500 (+0.5%) trades nine points off its session low.

The leaderboard remains little changed as countercyclical telecom services (-0.3%), utilities (-0.2%), and consumer staples (-0.1%) underperform. Meanwhile, energy (-0.3%) joins them as the only other group in negative territory.

The industrial sector (+0.7%) has been able to extend its recent rally as the space extends its gain to 3.3% over a week-to-date basis. The airlines have demonstrated relative strength as Delta Airlines (DAL 50.00, +1.38) and American Airlines (AAL 43.13, +1.03) climb 2.8% and 2.5%, respectively. Meanwhile, Boeing (BA 133.38, +2.68) outperforms in the aerospace sub-group. Separately, the Dow Jones Transportation Average (+1.3%) has extended its month-to-date gain to 9.8%.

On the commodities front, WTI crude flirts with its flat line at $41.65/bbl while gold has slipped 0.9% to trade at $1,253.60/ozt.

12:00 pm:

[BRIEFING.COM] The major averages have slipped lower since our last update as the S&P 500 (+0.4%) trades four points off its best level of the day.

Oil has slipped into negative territory as the energy component trades lower by 0.1% at $41.60/bbl. Meanwhile, the heavily-weighted financial sector (+0.7%) has been passed on the top of the leaderboard by countercyclical health care (+1.2%).

In the economically-sensitive financial sector, money center banks demonstrate relative strength. The group trades higher in sympathy with JPMorgan Chase (JPM 60.12, +1.37) and Bank of America (BAC 13.75, +0.35) after both names announced additions to their share buyback programs. JPMorgan Chase authorized an increase of $1.88 billion in its equity repurchase program while Bank of America authorized the repurchase of $800 million worth of common stock. Bank of America approved its additional purchases to offset share dilution from employee incentive compensation. Separately, Dow component Goldman Sachs (GS 156.93, +4.02) is the best performer in the price-weighted index.

11:30 am:

[BRIEFING.COM] The stock market has carved out a new session high since our last update with the tech-heavy Nasdaq (+0.5%) moving ahead of the S&P 500 (+0.5%). The benchmark index has extended its year-to-date gain to 0.3%.

At this juncture, two sectors trade in the red as telecom services (-0.2%) and utilities (-0.1%) trim their week to date gains to 1.7% and 2.3%, respectively.

The technology sector (+0.4%) has shaken some initial weakness as the space recovers from a loss of 0.2%. The group has been able to move higher as large cap constituents pick up off their lows. To that point, Microsoft (MSFT 54.28, -0.38) and Alphabet (GOOGL 758.43, -0.05) have recovered from respective losses of 1.6% and 0.9%. Elsewhere, Adobe Systems (ADBE 94.76, +4.80) has rallied 5.2% after reporting an earnings beat in the first quarter and issuing full year 2016 guidance that came in above analysts' estimates.

11:00 am:

[BRIEFING.COM] The S&P 500 (+0.4%) has traded largely sideways as the benchmark index trades two points off its best level of the day.

The market slipped lower in tandem with oil as the energy component narrowed its gain to 0.7% at $41.97/bbl. Meanwhile, the energy sector moved from leader to laggard as the space surrendered a gain of 0.8% to trade lower by 0.1%.

In the energy space (-0.1%), Dow component Exxon Mobil (XOM 83.94, -0.16) demonstrates relative weakness after receiving a "Reduce" designation at Nomura with a price target of $70. Separately, independent oil and gas names, which outperformed at the start of the session, have surrendered their opening gains. On that note, ConocoPhillips (COP 43.32, +0.31) has narrowed its gain to 0.7% after being up 3.2%. The broader energy space has gained 2.2% week-to-date, compared to the 1.4% uptick in the S&P 500.

The Treasury complex rests slightly below a session high as the yield on the 10-yr note drops three basis points to 1.87%.

10:40 am: [BRIEFING.COM]

The dollar index is modestly higher this morning, which is helping provide a little pressure on commodities
Oil rallied again this morning, rising to new highs for the day in morning trade
However, in the past 30 minutes, oil has lost some steam and pulled back
In current trade, May crude oil is +0.7% at $41.94/barrel
In other energy, Apr natural gas is pulling back as well and is not sitting near today's low. Apr nat gas is now -1.2% at $1.92/MMBtu
Metals are lower as well
Gold and silver have been sliding lower this morning and recently hit new lows for today
Apr gold is now -0.9% at $1253.40/oz, while May silver is -0.9% at $15.89/oz

10:05 am:

[BRIEFING.COM] The major U.S. indices have ticked off their opening levels with the S&P 500 (+0.4%) trading two points off its best level of the day.

Just released, the preliminary reading of the University of Michigan Consumer Sentiment survey for March decreased to 90.0 (Briefing.com consensus 92.2) from the reading of 91.7 that was reported in February.

The heavily-weighted technology sector (-0.1%) shows the largest loss while consumer staples (UNCH) and utilities (UNCH) flirt with their respective flat lines.

The U.S. Dollar Index (94.90, +0.14) stumbled out of the gate as the greenback lost ground to the yen and euro. The euro/dollar pair has trimmed its loss to 0.2% (1.1294) while the dollar/yen trades at 111.47 (+0.1%).

9:45 am:

[BRIEFING.COM] The major averages began their day on a higher note as the S&P 500 (+0.3%) trades ahead of the Nasdaq Composite (+0.2%).

Seven of ten sectors trade in the green with the financial sector (+0.8%) and materials (+0.8%) leading the pack. On the flipside, countercyclical utilities (-0.3%) and consumer staples (-0.2%) shows the largest declines. The remaining advancers show gains between 0.1% (health care) and 0.6% (industrials) .

Lodging names have shown relative strength as the sector trades higher in sympathy with Starwood Hotels (HOT 80..29, +3.90). The company is benefiting from an offer to be acquired by a Chinese consortium for $78.00 per share. Elsewhere, Wynn Resorts (WYNN 95.29, +6.49) has rallied 7.3%.

On the commodities front, WTI crude trades higher by 1.5% ($42.35/bbl) while gold remains down 1.0% at $1,252.70/ozt.

The Treasury complex remains broadly higher with the yield on the 10-yr note at 1.88% (-1 bps).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.40.

The stock market is on track for a flat open as the S&P 500 futures trade three points above fair value.

U.S. equity futures received a modest bid overnight as investors continued to show an increased appetite for risk. Support from the oil patch has also helped matters as oil extends its rally. In its latest leg higher, WTI crude has gained 1.9% and trades at $42.47/bbl. Separately, the S&P 500 is on track for its fifth-straight week of gains, as the benchmark index shows an uptick of 0.9% week-to-date. Meanwhile, the Dow Jones Industrial Average will begin its day above its flat line for the year. The price-weighted index was pushed into positive territory for 2016 yesterday (+0.3% year-to-date).

It's a relatively quiet day on the economic front, with the only headline release being the Michigan Sentiment Index for March (Briefing.com consensus 92.2). However, investors will get a chance to hear from several members of the Federal Open Market Committee. New York Fed President Dudley began remarks at 9:00 ET while Boston Fed President Rosengren and St. Louis Fed President Bullard will begin their speeches at 10:00 ET and 14:00 ET, respectively.

On the corporate front, Starwood Hotels (HOT 78.50, +2.11) reached an agreement with the Chinese consortium led by Anbang Insurance Group to acquire the company for $78.00 per share in cash. It is expected that Marriott (MAR 72.05, +0.25) will counter this offer and attempt to move forward with its merger with Starwood Hotels.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +11.30.

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

Asian markets finished the week on a mostly higher note with China's Shanghai Composite (+1.7%) pacing the advance. The overnight session was fairly quiet, but it is worth pointing out that press reports in Japan suggest Prime Minister Shinzo Abe's cabinet may delay the implementation of the second consumption tax increase by up to two years. The increase is currently set to go into effect in April 2017.

In economic data:
China's February House Prices +3.6% year-over-year (consensus 2.5%; last 2.5%)
South Korea's February PPI 0.0% month-over-month (expected -0.4%; last -0.5%); -3.4% year-over-year (consensus -3.7%; -3.3%)

---Equity Markets---

Japan's Nikkei lost 1.3% to end the week lower by 1.3%. Nine sectors ended the day in negative territory with communications (-1.5%), health care (-1.5%), consumer staples (-1.5%), and consumer discretionary (-1.5%) showing relative weakness. Alps Electric, Fuji Heavy Industries, Mazda Motor, Tokio Marine Holdings, and Takeda Pharmaceuticals lost between 2.6% and 3.7%.
Hong Kong's Hang Seng added 0.8%, extending its weekly gain to 2.3%. Galaxy Entertainment Group, Sands China, Tencent Holdings, Bank of East Asia, Ping An Insurance, and China Life Insurance ended among the leaders with gains between 1.7% and 9.6%.
China's Shanghai Composite spiked 1.7%, ending the week higher by 5.2%. CITIC Securities, Pacific Securities, and China Shipbuilding posted gains between 2.0% and 2.8%.

Major European indices trade in the green, having climbed off their opening levels. The advance in stocks has taken place amid some euro weakness that has pressured the single currency 0.3% to 1.1287 against the dollar. European Central Bank member Peter Praet spoke today, reminding the market that the ECB still has more ammunition and could continue cutting the deposit rate.

In economic data:
Eurozone Q4 Labor Cost Index +1.3% year-over-year (expected 1.5%; last 1.1%)
Germany's February PPI -0.5% month-over-month (expected -0.2%; last -0.7%); -3.0% year-over-year (consensus -2.6%; last -2.4%)

---Equity Markets---

Germany's DAX is higher by 0.2% with RWE in the lead. The utility stock has climbed 3.4% while exporters Volkswagen, BMW, and Daimler show gains between 0.8% and 1.6%. Deutsche Bank has spiked 1.6% while Merck and Bayer are both down near 0.7%.
France's CAC has added 0.2% with financials contributing to the advance. Societe Generale trades up 2.0% while Credit Agricole and BNP Paribas show respective gains of 0.6% and 1.0%. On the downside, Essilor International and Vinci trade lower by 1.0% and 0.6%, respectively.
UK's FTSE trades up 0.3% with select miners among the leaders. BHP Billiton, Anglo American, and Glencore are up between 2.4% and 3.7%. On the flip side, homebuilders lag with Persimmon and Taylor Wimpey down 1.8% and 1.2%, respectively.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +13.10.

The S&P 500 futures float five points above fair value.

In corporate news of note, Valeant Pharmaceuticals (VRX 30.53, +0.84) has climbed 2.8% as it rebounds from its post-earnings selloff. The stock remains down 55.8% since the company reported below-consensus fourth quarter results and guided its first quarter earnings below consensus on March 15.

The U.S. Dollar Index (94.93, +0.17) regained some strength overnight, but the greenback has slipped against the euro in recent action. The euro/dollar pair trades at 1.1287 (-0.3%) after ticking off the 1.1264 level. Meanwhile, the dollar/yen pair trades at 111.50 (+0.1%).

On the commodities front, WTI crude has extended its rally despite last night's uptick in the dollar. The energy component trades higher by 1.5% ($42.30/bbl). Meanwhile, gold has stumbled 1.0% to trade at $1,252.10/ozt.

8:00 am: S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +10.30.

[BRIEFING.COM] U.S. equity futures trade modestly higher as the S&P 500 futures hover four points above fair value.

Ahead of today's session, oil extended its rally as the energy component climbed 1.7% to trade at $40.88/bbl. Meanwhile, today's data will be limited to the 10:00 ET release of the Michigan Sentiment Index for March (Briefing.com consensus 92.2). However, investors will also hear from three Federal Open Market Committee voting members. New York Fed President Dudley will speak at 9:00 ET while Boston Fed President Rosengren and St. Louis Fed President Bullard will begin their remarks at 10:00 ET and 14:00 ET, respectively.

The Treasury complex trades modestly higher with the yield on the 10-yr note slipping one basis point to 1.89%.

In U.S. corporate news of note:

Tiffany & Co (TIF 70.15, +0.03): +0.0% after reporting an earnings beat in the fourth quarter, but issuing below-consensus Q1 and full year 2016 earnings estimates
Adobe Systems (ADBE 95.99, +6.03): +6.7% following top and bottom-line beats in the first quarter and issuing guidance for the first quarter above consensus
JPMorgan Chase (JPM 59.38, +0.63): +1.1% after announcing a $1.88 billion increase to its equity repurchase program
PayPal (PYPL 39.55, -0.38): -1.0% following a downgrade at Stifel from "Buy" to "Hold"

Reviewing overnight developments:

Asian markets ended the week a mixed note with China's Shanghai Composite +1.7%, Hong Kong's Hang Seng +0.8%, and Japan's Nikkei -1.3%.
In economic data:
China's February House Prices +3.6% year-over-year (consensus 2.5%; last 2.5%)
South Korea's February PPI 0.0% month-over-month (expected -0.4%; last -0.5%); -3.4% year-over-year (consensus -3.7%; -3.3%)
In news:
Press reports in Japan suggest Prime Minister Shinzo Abe's cabinet may delay the implementation of the second consumption tax increase by up to two years.
The increase is currently set to go into effect in April 2017.

European indices trade modestly higher with the U.K.'s FTSE +0.3%, France's CAC +0.4%, and Germany's DAX trading flat.
In economic data:
Eurozone Q4 Labor Cost Index +1.3% year-over-year (expected 1.5%; last 1.1%)
Germany's February PPI -0.5% month-over-month (expected -0.2%; last -0.7%); -3.0% year-over-year (consensus -2.6%; last -2.4%)
In news:
The advance in stocks has taken place amid some euro weakness that has pressured the single currency 0.3% to 1.1277 against the dollar.
European Central Bank member Peter Praet spoke today, reminding the market that the ECB still has more ammunition and could continue cutting the deposit rate.

5:52 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +4.80.

5:52 am: [BRIEFING.COM] Nikkei...16725...-211.60...-1.30%. Hang Seng...20672...+167.80...+0.80%.

5:52 am: [BRIEFING.COM] FTSE...6218.14...+17.00...+0.30%. DAX...9901.00...+8.80...+0.10%.

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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