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 Post subject: March 23rd Wednesday Trade Results - Profit $1875.00
PostPosted: Thu Mar 24, 2016 7:21 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $1875.00 dollars or +37.50 points, Light Crude Oil CL ($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 @ $1875.00 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=2319

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.

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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 stock market spent the Wednesday session under selling pressure as a tumble in crude oil fueled a retreat in the broader market. Meanwhile, hawkish commentary from St. Louis Fed President Bullard (FOMC voting member), the underperformance of the heavyweight financial sector (-0.8%), and some below-consensus earnings results led the averages to their worst levels of the day. The Nasdaq Composite (-1.1%) ended the Wednesday affair behind both the S&P 500 (-0.6%) and the Dow Jones Industrial Average (-0.5%).

Before the opening bell, crude oil abandoned the $41.00/bbl price level after the API weekly inventory report showed a larger-than-expected build. Later, the energy component and the major averages carved out fresh session lows following the release of the Department of Energy's more influential stockpile data. The report showed that crude oil levels increased by 9.35 million barrels (consensus 3.09 million barrel) over the last week. By the end of its pit session, oil had surrendered 4.3% ($39.79/bbl).

Separately, hawkish commentary from St. Louis Fed President Bullard added to uncertainty in the broader market. President Bullard argued that rising inflation expectations would call for more rate hikes and that an April hike is not off the table. President Bullard's hawkish note raised speculation that there may be growing dissent on the FOMC with regards to the direction of the fed funds rate.

Heavily-weighted technology (-0.6%), consumer discretionary (-0.6%), health care (-0.6%), and financials (-0.8%) all joined energy (-2.1%) on the bottom of the leaderboard. Conversely, countercyclical utilities (+0.7%) and consumer staples (UNCH) ended above their flat lines.

Commodity-sensitive energy (-2.1%) displayed broad weakness as independent oil and gas names, refiners, and pipeline companies all showed steep losses. The broader sector has tumbled 2.9% thus far this week, but remains higher by 8.5% in the month of March. On a month-to-date basis WTI crude remains up 17.4%.

In the heavyweight technology space (-0.6%), data storage names displayed relative weakness as Western Digital (WDC 48.72, -2.62) and Seagate Technology (STX 34.80, -2.24) plummeted 5.1% and 6.1%, respectively. Additionally, the high-beta chipmakers underperformed, evidenced by the 1.3% decline in the PHLX Semiconductor Index.

The health care space (-0.6%) fell as biotechnology retraced yesterday's rebound effort. The iShares Nasdaq Biotechnology ETF (IBB 254.26, -8.68) surrendered all of its gain from yesterday and trimmed its week-to-date gain to 1.5%. Separately, health care provider and Dow component UnitedHealth (UNH 129.79, +1.77) ended at the top of the price-weighted index.

Meanwhile, Nike (NKE62.44, -2.46) had the worst showing in the Dow. The consumer discretionary name (-0.6%) fell after reporting disappointing top-line results for the third quarter. Elsewhere in the group, media name Time Warner (TWX 70.69, 2.13) plunged 2.9%.

The Treasury complex ended its day broadly higher as the group gained amid the downturn in equities. The yield on the 10-yr note ended its day lower by five basis points at 1.88%.

Today's participation was once again on the lighter side, with fewer than 839 million shares changing hands on the NYSE floor.

Today's economic data was limited to the weekly MBA Mortgage Index and the February New Homes Sales Report:

The weekly MBA Mortgage Index showed a seasonally adjusted downtick of 3.3%, compared to last week's 3.3% decline.
New home sales, which are counted when a contract is signed, were at a seasonally adjusted annual rate of 512,000 in February, up 2.0% from an upwardly revised level of 502,000 (from 494,000) for January. The February number was nearly spot-on with the Briefing.com consensus estimate of 511,000.
As expected, sales in the West saw a huge reversal from the weakness in January, surging 38.5% to a seasonally adjusted annual rate of 151,000. January sales, which fell 32.7%, were reportedly impeded by abnormally wet weather.
Notwithstanding the big uptick in the West, total new home sales growth was still only modest due to a 4.1% decline in sales in the South, which is the biggest region for new home sales, accounting for 55% of new home sales in February. On a year-over-year basis, new home sales in the South are down 14.3%.
The Northeast saw the biggest drop in February, with sales declining 24.2%, and was followed by the Midwest, which saw sales slump 17.9% from January. Those downturns are apt to be blamed on inclement winter weather conditions. The March report will reveal if that in fact was the case.
The median sales price of new houses sold in February was $301,400, up 6.2% from January and up 2.6% from the same period a year ago.
At the current sales pace, there is a 5.6-month supply of new homes for sale, which is unchanged from January.

Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 268k) and Durable Goods Orders for February (Briefing.com consensus -2.9%), which will both cross the wires at 8:30 ET.

3:35 pm: [BRIEFING.COM]

The dollar index experienced a steady and unidirectional climb all day, weighing heavily on commodities.
WTI Crude Oil futures fell sharply lower and closed near the low of the day below $40/bbl
Natural gas futures fell 4%, giving back all of yesterday's gains to finish notably lower at $1.79/MMBtu
Gold staged a modest recovery today off yesterday's lows
Silver fell in morning trading and consolidated to end the day near its lows around $15.27/oz
Copper closed 2% lower at $2.24/lb

3:00 pm:

[BRIEFING.COM] The S&P 500 (-0.6%) carved out a fresh session low shortly after WTI crude ended its day down 4.1% ($39.79/bbl), which leaves the benchmark index behind the Dow Jones Industrial Average (-0.5%).

The heavily-weighted financial sector (-0.7%) has slipped past consumer discretionary (-0.6%) and health care (-0.6%), remaining ahead of materials (-1.1%) and energy (1.9%) on the bottom of the board.

In the financial group (-0.7%), life insurance companies continue their recent bout of underperformance as MetLife (MET 43.33, -0.76) and Prudential (PRU 72.78, -1.34) have slid 2.9% apiece since Monday. This compares to a 1.2% loss in the broader sector over that period. Separately, PayPal (PYPL 40.27, -1.05) has trimmed its week-to-date gain to 2.2% as it pulls back from its recent high. The stock remains higher by 5.1% in the month of March, compared to a 6.9% gain in the financial group.

2:30 pm:

[BRIEFING.COM] The stock market continues its sideways trade as the Nasdaq Composite shows a loss of 0.7% while the S&P 500 (-0.4%) trades ahead of the tech-heavy index.

In the industrial space (-0.3%) airlines outperform following reports that Virgin America (VA 34.83, +4.16) is mulling a sale of part or all of its core business. Meanwhile, low-cost carriers such as JetBlue (JBLU 20.70, +0.57) and Southwest Airlines (LUV 44.62, +0.01) have traded higher in sympathy with Virgin America. The news has done little to help the major airlines, as American Airlines (AAL 42.11, -0.64) extends its two-day losing streak to 3.1%.

The broader Dow Jones Transportation Average (-0.1%) demonstrates relative strength as Kansas City Southern (KSU 86.12, +0.67) and Landstar System (LSTR 66.91, +0.58) outperform.

The Treasury complex trades at a fresh session high as the yield on the 10-yr note falls six basis points to 1.88%.

On the commodities front, WTI crude trades lower by 3.3% at $40.08/bbl ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have traded sideways since our last update as the S&P 500 (-0.4%) hovers three points above its worst level of the day.

The heavyweight financial sector (-0.5%) and health care (-0.6%) have extended their losses, but they remain ahead of materials (-0.8%) and energy (-1.6%) on the leaderboard.

In the technology space (-0.3%), high-beta chipmakers demonstrate relative weakness as the PHLX Semiconductor Index falls 0.9%. Meanwhile, Oracle (ORCL 40.88, -0.50) has slipped 1.2% after announcing that it would be filing a lawsuit against Hewlett Packard Enterprise (HPE 17.40, -0.11) alleging copyright infringement regarding its Solaris operating system. Separately, Western Digital (WDC 49.13, -2.2,) and Seagate Technology (STX 35.09, -1.94) have plunged 4.3% and 5.2%, respectively.

On the commodities front, WTI crude floats above its session low of $40.06/bbl as the energy component shows a loss of 3.2% ($40.13/bbl). Meanwhile, gold ended its day lower by 2.0% at $1,223.90/ozt.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to drag in negative territory, trading relatively flat since our last update.

A look inside the Dow Jones Industrial Average shows that Nike (NKE 63.28, -1.62), Chevron (CVX 93.86, -1.64), and Caterpillar (CAT 74.44, -1.11) are underperforming. Nike reported its fiscal third quarter results and offered light fourth quarter guidance while Chevron is trading lower in tandem with the entire energy sector, which is down more than 1.5% today.

Conversely, UnitedHealth Group (UNH 130.17, +2.15) as shares extend their recent winning streak, gaining nearly 3% this week.

For the week, the DJIA is down 0.23%, but still up 0.8% for the year.

1:10 pm:

[BRIEFING.COM] The major averages trade broadly lower at midday, retreating alongside crude oil. Meanwhile, hawkish commentary from Fed President and FOMC voting member James Bullard and some disappointing earnings results have also kept pressure on equities. Currently, the Nasdaq Composite (-0.7%) outpaces the losses in the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.1%).

Ahead of today's session, futures were pressured by an overnight tumble in oil. The energy component slipped after a larger-than-expected build was reported in the API's weekly inventories report. As a result, the energy component abandoned the $41.00/bbl level shortly before the cash market opened. Crude oil extended its losses following the release of the Department of Energy's stockpile data. The report showed that crude oil inventories rose by 9.35 million barrels compared to the 3.09 million barrel estimate. As a result, WTI crude has plunged 3.3% to trade at $40.09/bbl.

On the central bank front, St. Louis Fed President Bullard struck a hawkish tone this morning as the FOMC voter stated that he would like to see interest rates edging higher to a more normal setting in light of rising inflation. The Fed President also stated that all meetings should be "live meetings" and that a rate increase is on the table for the April FOMC meeting.

On the leaderboard, the downturn in oil has dragged commodity-sensitive energy (-1.5%) and materials (-0.6%) to the bottom of the board where they are joined by heavily-weighted health care (-0.5%), financials (-0.4%), and consumer discretionary (-0.4%).

In the energy sector (-1.5%), pipeline companies and independent oil and gas names have extended their opening losses. Meanwhile, oil gas refining companies also underperform despite a larger-than-expected draw from gasoline reserves (4.64 million barrels; consensus 1.48 million barrels). Separately, Dow component Exxon Mobil (XOM 84.13, +0.01) outperforms the broader sector but underperforms in the price-weighted index.

Biotechnology abandoned its recent rebound effort, as the sub-group weighs on the heavily-weighted health care space (-0.5%). The iShares Nasdaq Biotechnology ETF (IBB 255.96, -6.98) helped lead yesterday's advance as it climbed 3.0%, but the ETF has since surrendered most of those gains. The biotech sub-group trades lower by 2.7% today and has cut its week-to-date gain to 2.1%.

The iShares Dow Jones US Home Construction ETF (ITB 26.32, -0.15) has tumbled 0.6% in the consumer discretionary space (-0.4%) despite a rebound in February's New Home Sales. Meanwhile, Nike (NKE 63.02, -1.87) underperforms after third quarter revenue missed analyst expectations and the company issued disappointing guidance. However, the company did beat bottom-line estimates for the quarter.

Countercyclical utilities (+0.7%) and consumer staples (+0.1%) are the only sectors in positive territory as both groups enjoy a safe haven bid. On that note, the Treasury complex gained at the start of the session and has continued to gain since then. Currently, the yield on the 10-yr note is lower by five basis points at 1.89.

The U.S. Dollar Index (96.15, +0.51) has gained today as the yen and the euro continue to lose some steam. The euro/dollar pair trades lower by 0.4% at 1.1174 while the dollar/yen pair has jumped to 112.67 (+0.3%).

Today's economic data was limited to the weekly MBA Mortgage Index and the February New Homes Sales Report:

The weekly MBA Mortgage Index showed a seasonally adjusted downtick of 3.3%, compared to last week's 3.3% decline.
New home sales, which are counted when a contract is signed, were at a seasonally adjusted annual rate of 512,000 in February, up 2.0% from an upwardly revised level of 502,000 (from 494,000) for January. The February number was nearly spot-on with the Briefing.com consensus estimate of 511,000.
As expected, sales in the West saw a huge reversal from the weakness in January, surging 38.5% to a seasonally adjusted annual rate of 151,000. January sales, which fell 32.7%, were reportedly impeded by abnormally wet weather.
Notwithstanding the big uptick in the West, total new home sales growth was still only modest due to a 4.1% decline in sales in the South, which is the biggest region for new home sales, accounting for 55% of new home sales in February. On a year-over-year basis, new home sales in the South are down 14.3%.
The Northeast saw the biggest drop in February, with sales declining 24.2%, and was followed by the Midwest, which saw sales slump 17.9% from January. Those downturns are apt to be blamed on inclement winter weather conditions. The March report will reveal if that in fact was the case.
The median sales price of new houses sold in February was $301,400, up 6.2% from January and up 2.6% from the same period a year ago.
At the current sales pace, there is a 5.6-month supply of new homes for sale, which is unchanged from January.

12:30 pm:

[BRIEFING.COM] The major indices have ticked off their worst levels of the day as the S&P 500 (-0.3%) floats four points above its session low.

The leaderboard remains little changed with commodity-sensitive energy (-1.5%) and materials (-0.7%) trailing the heavily-weighted financial (-0.4%) and health care (-0.4%) sectors.

The heavyweight health care space (-0.4%) hovers above sessions lows as biotechnology abandons its recent rebound effort. The iShares Nasdaq Biotechnology ETF (IBB 256.52, -6.42) trades lower by 2.4%, but remains up 2.4% over a week-to-date period. Meanwhile, the broader sector is up 0.8% since the beginning of the week. Conversely, Dow component UnitedHealth (UNH 130.03, +2.01) shows the largest gain in the price-weighted index.

The U.S. Dollar Index (96.16, +0.52) floats near its best level of the day as the yen and the euro lose ground. The euro/dollar pair has tumbled 0.5% to 1.1164 while the dollar/yen is higher by 0.3% (112.69).

12:00 pm:

[BRIEFING.COM] The major averages trade at fresh session lows as the pullback in the broader market continues with the tech-heavy Nasdaq (-0.9%) outpacing the losses in the S&P 500 (-0.5%).

Sectors like consumer staples (UNCH) and utilities (+0.6%) have benefited from a modest bid this morning as the two countercyclical sectors outperform. The pair remain the only sectors in positive territory for the day.

The utilities sector (+0.4%) is likely benefiting from the rally in Treasuries, which has pressured yields. The countercyclical sector offers competitive dividend yields and has gained 12.4% year-to-date as the yield on the 10-yr note plunged from 2.27% at the start of 2016. Currently, the yield on the 10-yr note is at 1.90% (-4 bps), showing a loss of 37 basis points since the start of the year.

Separately, shares of consumer discretionary component Yum! Brands (YUM 80.62, +1.70) have rallied 2.2% amid reports the company could spin off its China stake to KKR (KKR 14.56, -0.31).

On the commodities front, WTI crude trades lower by 3.3% at $40.10/bbl while gold trades lower by 2.2% at $1,221.10/ozt.

11:30 am:

[BRIEFING.COM] The S&P 500 (-0.4%) has carved out a fresh session low since the last update while the Dow Jones Industrial Average (-0.3%) trades narrowly ahead.

Commodity-sensitive energy (-2.0%) and materials (-0.8%) show the largest losses while heavily-weighted consumer discretionary (-0.5%) and financials (-0.5%) also trail the broader market.

In the consumer discretionary space (-0.5%), Nike (NKE 62.36, -2.54) has rebounded off its session low (61.15), but remains down 4.0% after reporting lackluster top-line results and issuing disappointing guidance. Meanwhile, Time Warner (TWX 71.40, 1.42) and Viacom (VIAB 39.78, -1.00) weigh in the media sub-group. Conversely, Amazon (AMZN 568.47, +7.99) outperforms as it gains 1.4%. The retail giant has extended its rally to 3.6% for the week, compared to the 0.5% loss in the broader sector.

The yield on the 10-yr note has slipped further in recent action and is now down three basis points at 1.91%.

11:00 am:

[BRIEFING.COM] The major averages float above session lows with the S&P 500 (-0.3%) trading three points above its worst level of the day.

On the leaderboard, energy (-1.2%) sunk further into negative territory following the release of the Department of Energy's weekly stockpile report. The report showed that crude oil inventories rose by 9.35 million barrels compared to the 3.09 million barrel estimate. Meanwhile, gasoline inventories showed a draw of 4.64 million barrels compared to a 1.48 million barrel estimate. As a result, WTI crude has extended its decline to 2.6% ($40.37/bbl).

In the energy space (-1.3%), oil and gas refiners slipped from their best levels of the day shortly following the stockpile data while independent oil and gas names continue to underperform the broader sector. To that point, Valero Energy (VLO 66.29, +0.22) trimmed a 1.0% gain before the report to trade higher by 0.3% while ConocoPhillips (COP 40.73, -1.19) has plunged 2.8%.

Elsewhere, gold has ticked off its worst level of the day ($1,216.30/ozt), but remains lower by 2.3% at $1,220.50/ozt.

10:45 am: [BRIEFING.COM]

The dollar index is +0.5% higher this morning, which is really helping weigh on commodities
Nat gas rallied up initially at the open to a high of $1.90/MMBtu before trading back near its opening price of $1.83/MMBtu
May crude just extended losses, hitting a new LoD and is now -2.6% at $40.38/barrel
In other energy, Apr nat gas lost steam, and is now -0.2% at $1.86/MMBtu in current trade
Metals are weak as well and sitting new lows for the day
Apr gold is currently -2.3% at $1220.00/oz, while May silver is -3.7% at $15.30/oz
May copper is -2.1% at $2.24/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.3%) floats near its session low as the broader market pulls back from its impressive run over the past month. To that point, the benchmark index has gained 5.8% since the beginning of March.

Countercyclical consumer staples (+0.2%) has crossed its flat line while utilities (-0.2%) and health care (-0.2%) follow the group on the leaderboard.

In the consumer staples sector (+0.2%), Dean Foods (DF 17.15, +0.23) has rallied 1.7% as it rebounds from larger weekly losses. The stock has surrendered 12.7% since Monday. Separately, General Mills (GIS 60.48, -0.31) has bounced off its session low (60.14) after reporting a bottom-line beat on lighter than expected revenue in the third quarter.

Just released, New Home Sales in February hit an annualized rate of 512,000, which was above the revised January rate of 502,000 (from 494,000), and more than the 511,000 that was expected by the Briefing.com consensus.

Separately, the Energy Information Administration's weekly inventory report will cross the wires at 10:30 ET.

9:45 am:

[BRIEFING.COM] The stock market opened on a lower note as the tech-heavy Nasdaq (-0.4%) outpaced the losses in the S&P 500 (-0.3%).

All ten sectors began their day in negative territory with commodity-sensitive energy (-0.6%) and materials (-0.9%) leading to the downside. Meanwhile, countercyclical health care (-0.1%) and consumer staples (-0.1%) shows the slimmest losses. The remaining decliners show down ticks between 0.3% (utilities) and 0.5% (consumer discretionary).

In the health care space, health care providers demonstrate relative strength with UnitedHealth (UNH 128.26, +0.24) climbing 0.2%. Meanwhile, Express Scripts (ESRX 68.02, +0.50) has rebounded 0.7% from its 2.1% week-to-date decline. This compares to a 1.2% gain in the broader sector over that period.

On the commodities front, WTI crude trades lower by 1.8% at $40.69/bbl while gold has surrendered 2.4% to trade at $1,219.00/ozt.

The Treasury complex continues to trade at session highs as the yield on the 10-yr note remains down two basis points to 1.92%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: +0.30.

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

Futures moved lower in lockstep with oil as the energy component succumbed to pressure following this week's API report, which showed a larger-than-expected build in crude stockpiles (8.79 million barrels; consensus 2.70 million barrels). Currently, WTI crude trades lower by 1.9% at $40.67/bbl. Furthermore, investors will look to the Energy Information Administration's inventories, which will cross the wires at 10:30 ET.

Meanwhile, some below-consensus top-line results from Nike (NKE 61.12, -3.78) and General Mills (GIS 60.30, -0.49) may also be contributing to the downturn. The two names have slipped a respective 5.8% and 0.8% after reporting bottom-line beats on light revenue. Elsewhere, Red Hat (RHT 73.50, 2.21) disappointed investors with its fourth quarter billings, which overshadowed a bottom-line beat. The stock is down 2.9% in pre-market trading.

The Treasury complex has gained in recent action as the yield on the 10-yr note slips two basis points to 1.93%.

Today's economic calendar is light with only the February New Homes Sales Report (Briefing.com consensus 511k) on tap. The report is scheduled to cross the wires at 10:00 ET. Separately, the weekly MBA Mortgage Index showed a seasonally adjusted decline of 3.3%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +7.40.

The S&P 500 futures trade one point above fair value.

Equity markets across the Asia-Pacific region ended Wednesday on a mixed, and mostly quiet, note. In China, Premier Li Keqiang said the country's economy will achieve the 6.5-7.0% growth target range thanks to reforms. Elsewhere, Bank of Japan Governor Haruhiko Kuroda reiterated he expects the Japanese economy to hit the 2.0% CPI target in the first half of 2017.

In economic data:
Japan's March Reuters Tankan Index slipped to 6 from 7
Singapore's February CPI -0.8% year-over-year, as expected (previous -0.6%)

---Equity Markets---

Japan's Nikkei lost 0.3% amid relative weakness in sectors like technology (-1.2%), materials (-1.1%), and industrials (-0.9%). TDK, Alps Electric, Nitto Denko, Kubota, Mitsubishi, and Hitachi Construction Machinery lost between 2.3% and 4.5%. On the upside, Fast Retailing, Obayashi, and Sumitomo Realty & Development gained between 1.5% and 3.1%.
Hong Kong's Hang Seng slipped 0.3%. Property names like China Overseas, New World Development, and Cheung Kong Property Holdings registered losses between 0.5% and 2.6%. Conversely, Tingyi, Sands China, and Galaxy Entertainment gained between 1.6% and 4.1%.
China's Shanghai Composite rose 0.4%. Brokerage names remained in focus with CITIC Securities, Pacific Securities, and Founder Securities gaining between 0.5% and 2.0%.

Major European indices trade mostly higher with Germany's DAX (+1.0%) showing relative strength while other indices hover near their flat lines. In the UK, London Mayor Boris Johnson testified before a Treasury select committee, saying that, according to bankers, a Brexit would not impact the financial sector. The pound has traded down to 1.4152 (-0.4%) against the dollar in recent action.

Economic data was limited:
Italy's February Wage Inflation +0.1% month-over-month (last 0.0%); +0.8% year-over-year (last 0.7%)
Spain's PPI -1.3% year-over-year (last -2.5%)
Swiss March ZEW Expectations improved to 2.5 from -5.9

---Equity Markets---

UK's FTSE is higher by 0.1%. Kingfisher leads with a 2.9% gain after reporting better than expected results. Other consumer names have also shown strength with Carnival, SKY, Unilever, Taylor Wimpey, and InterContinental Hotels up between 0.8% and 2.2%. On the flip side, Sports Direct has fallen 4.5% in reaction to its guidance while miners Antofagasta, Randgold Resources, and Fresnillo show losses between 1.4% and 1.8%.
France's CAC trades up 0.4%. Lafarge, Peugeot, and Solvay are up between 1.3% and 2.2% while consumer names like L'Oreal, Pernod Ricard, and Danone have climbed between 1.4% and 2.0%. Financials lag with BNP Paribas, Credit Agricole, and Societe Generale down between 1.2% and 1.4%.
Germany's DAX has spiked 1.0% amid broad strength. Infineon leads with a 2.9% gain while health care names like Bayer, Merck, and Fresenius follow wit gains between 1.5% and 2.0%. Financials have not been able to keep pace as Commerzbank and Deutsche Bank hold respective losses of 0.9% and 1.7%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +8.90.

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

On the corporate front, Red Hat (RHT 74.40, -1.31) has tumbled 1.7% in pre-market action after its fourth quarter billings missed analysts' estimates, masking better than expected earnings and revenue. Separately, Dean Foods (DF 17.37, +0.45) has rebounded 2.7% from yesterday's selloff following Wal-Mart's (WMT 67.87, +0.00) confirmation of building a milk processing plant in Fort Wayne, Indiana.

The U.S. Dollar Index (95.95, +0.31) has moved higher this morning as the yen and the euro continue to lose some steam. The euro/dollar pair trades lower by 0.3% at 1.1183 while the dollar/yen pair has jumped to 112.83 (+0.4%).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +11.40.

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

Overnight futures moved to their lows following the release of the weekly American Petroleum Institute's inventory report. The report showed that crude stockpiles rose by 8.79 million barrels compared to the estimate of a 2.70 million barrel build. At this juncture, WTI crude trades lower by 0.7% ($41.16/bbl). Meanwhile, investors will look to the Department of Energy's more influential inventories at 10:30 ET. On the central bank front, Philadelphia Fed President Harker struck a hawkish note when he stated that the Fed should consider an interest rate increase as early as next month.

Futures managed to tick off their lowest levels as European regional indices rebounded from yesterday's decline. Risk appetite also increased at home as gold tumbled 1.4% to trade at $1,230.80/ozt while Treasuries moved modestly lower. Currently, the yield on the 10-yr note is lower by one basis point at 1.93%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted down tick of 3.3%. Meanwhile, the February New Homes Sales Report (Briefing.com 511k) will cross the wires at 10:00 ET. Separately, St. Louis Fed President and FOMC voting member James Bullard will deliver a speech at 9:00 ET.

In U.S. corporate news of note:

Nike (NKE 61.60, -3.30): -5.1% following the company reporting disappointing top-line results despite a bottom-line beat
Gilead Sciences (GILD 91.53, -2.19): -2.3% after a Federal Judge upheld two of Merck's (MRK 54.04, +1.01) patents for its Hepatitis C treatment
Krispy Kreme (KKD 13.96, -1.42): -9.2% following the company issuing below-consensus earnings guidance for full year 2017
General Mills (GIS 59.40, -1.39): -2.3% after reporting a top-line miss ahead of today's session

Reviewing overnight developments:

Asian markets ended their day on a mixed note with Japan's Nikkei -0.3%, Hong Kong's Hang Seng -0.3%, and China's Shanghai Composite +0.4%.
In economic data:
Japan's March Reuters Tankan Index slipped to 6 from 7
Singapore's February CPI -0.8% year-over-year, as expected (previous -0.6%)
In news:
In China, Premier Li Keqiang said the country's economy will achieve the 6.5-7.0% growth target range thanks to reforms.
Bank of Japan Governor Haruhiko Kuroda reiterated that he expects the Japanese economy to hit the 2.0% CPI target in the first half of 2017

European markets trade higher with Germany's DAX +1.1%, France's CAC +0.5%, and the U.K.'s FTSE +0.2%.
Economic data was limited:
Italy's February Wage Inflation +0.1% month-over-month (last 0.0%); +0.8% year-over-year (last 0.7%)
Spain's PPI -1.3% year-over-year (last -2.5%)
Swiss March ZEW Expectations improved to 2.5 from -5.9
In news:
In the UK, London Mayor Boris Johnson testified before a Treasury select committee, saying that, according to bankers, a Brexit would not impact the financial sector.
The pound traded down to 1.4160 against the dollar, but the pair has returned to 1.4175 (-0.3%) in recent action.

5:51 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +10.00.

5:51 am: [BRIEFING.COM] Nikkei...17001...-47.60...-0.30%. Hang Seng...20615...-51.50...-0.30%.

5:51 am: [BRIEFING.COM] FTSE...6204.83...+12.10...+0.20%. DAX...10072.96...+83.00...+0.80%.

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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