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 Post subject: April 1st Friday Trade Results - Profit $2312.50
PostPosted: Fri Apr 01, 2016 6:36 pm 
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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 @ $2312.50 dollars or +46.25 points, Light Crude Oil CL ($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 @ $2312.50 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=155&t=2328

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=289&t=3100 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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


4:10 pm: [BRIEFING.COM] The stock market ended an upbeat week on a higher note as investors focused on the largely in-line reading of the March jobs report. Additional factors that impacted today's trade included a downturn in oil, a transitory rebound in the dollar, and leadership from the heavily-weighted health care (+1.3%), technology (+0.9%), and financial (+0.8%) sectors. The Nasdaq Composite (+0.9%) finished the day ahead of the Dow Jones Industrial Average (+0.6%) and the S&P 500 (+0.6%).

Today's session started on a wobbly note as investors adopted a risk-off posture ahead of and immediately following the release of the Employment Situation Report for March. The reading of the report showed progress towards the Fed's dual mandate, as nonfarm payrolls increased by 215,000 (Briefing.com consensus 200,000) and average hourly earnings ticked higher by 0.3% (Briefing.com consensus 0.3%). However, the near-term impact of this report is likely to be diminished considering recent dovish commentary from Fed Chair Janet Yellen. In remarks made on Wednesday, Ms. Yellen had acknowledged strong employment readings, but still called for a cautious path towards interest rate normalization given global economic concerns.

The broader market staged a rebound off its low as heavily-weighted health care (+1.3%), technology (+0.7%), and financials (+0.8%) moved up the leaderboard in the opening hour. The groups were able to maintain their leadership positions throughout the session and finished their day ahead of the broader market.

Conversely, the energy sector (-1.4%) ended its day with the largest loss as a slump in oil weighed on the sector. The energy component was pressured throughout the day as commentary from Saudi Arabian Crown Prince Mohammed bin Salman cast doubts on the country's participation in a supply freeze agreement. Additionally, early strength from the dollar also weighed. WTI crude ended its day lower by 4.0% at $36.76/bbl.

Biotechnology outperformed in the countercyclical health care (+1.3%) as the group rebounded from its difficult start to the year. The iShares Nasdaq Biotechnology ETF (IBB 268.31, +7.50) gained 2.8% as the sub-group moved higher in sympathy with Regeneron Pharmaceuticals (REGN 405.25, +44.81). Regeneron spiked 12.4% today after reporting positive results in two phase-three trials of its Dupilumab medication. The broader health care space extended its week to date gain to 1.9%.

The heavily-weighted financial sector (+0.8%) also rebounded from larger losses today, as the space trimmed its 2016 decline to 4.8%. The group demonstrated broad strength as credit service names and investment brokerage companies outperformed. On that note, Dow component Goldman Sachs (GS 159.82, +2.84) topped the price-weighted index.

The Dow Jones Transportation Average (-0.7%) underperformed today as the sector pulled back from larger year to date gains. Major airlines showed the largest losses in the index as American Airlines (AAL 39.52, -1.49) and United Continental (UAL 56.72, -3.14) surrendered 3.6% and 5.3%, respectively, after receiving downgrades at Deutsche Bank.

The U.S. Dollar Index (94.58, +0.00) surrendered early gains, falling to its flat line in the early afternoon. The euro gained 0.1% against the dollar and ended at 1.1394 while the dollar/yen pair finished at 111.63 (-0.8%).

The Treasury complex traversed a narrow range today as the yield on the 10-yr fluctuated between 1.77% (UNCH) and 1.80% (+3 bps). The yield on the 10-yr note ended higher by one basis point at 1.78%.

Today's participation was above the recent average as more than 958 million shares changed hands on the NYSE floor.

Today's economic data included the Employment Situation Report for March, ISM Index for March, Construction Spending for February, and the final reading of Michigan Consumer Sentiment:

Nonfarm payrolls increased by 215,000 (Briefing.com consensus 200,000)
February nonfarm payrolls revised to 245,000 from 242,000
Private sector payrolls increased by 195,000 (Briefing.com consensus 195,000)
February private sector payrolls revised to 236,000 from 230,000
Unemployment rate was 5.0% (Briefing.com consensus 4.9%) versus 4.9% in February
The U-6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, was 9.8% versus 9.7% in February
March hourly earnings were up 0.3% (Briefing.com consensus +0.3%) after being down 0.1% in February.
Over the last 12 months, average hourly earnings have risen 2.3% versus 2.2% in February
The average workweek was unchanged at 34.4 (Briefing.com consensus 34.5)
The labor force participation rate was 63.0% versus 62.9% in February
The ISM Index for March checked in at 51.8, up from 49.5 in February and above the Briefing.com consensus estimate of 50.6.
A number below 50.0 denotes contraction, which is where the index has been trapped for five consecutive months prior to today's release. The five-month streak of readings below 50 was the longest stretch of this kind since 2009.
The March improvement was driven by increases in most sub-indices of the report. The New Orders Index rose to 58.3 from 51.5; the Imports Index rose to 49.5 from 49.0; the Exports Index increased to 52.0 from 46.5; the Supplier Deliveries Index rose to 50.2 from 49.7; and the Prices Index surged to 51.5 from 38.5.
Although the vast majority of components improved, the Employment Index slipped to 48.1 from 48.5.
Total construction spending was down 0.5% in February (Briefing.com consensus +0.2%). Furthermore, construction spending in January was revised up to 2.1% from 1.5%.
Total construction spending is up 10.3% year-over-year, with private construction spending up 10.6% and public construction spending up 9.2%.
The final reading for the University of Michigan Consumer Sentiment Survey for March increased to 91.0 (Briefing.com consensus 90.5) from the preliminary reading of 90.0.
Despite the upward revision, the March reading marked a downturn from the final reading of 91.7 for February and a similar showing in January (92.0).

Monday's economic data will be limited to the 10:00 ET release of Factory Orders for February (Briefing.com consensus -1.7%).

Week in Review: Stocks Climb as Fed Chair Remains Dovish

The major averages enjoyed another round of weekly gains asthe first quarter came to a close. The S&P 500 gained 1.8% for the week whilethe Nasdaq Composite outperformed, climbing 3.0% since last Friday.

Although the Nasdaq showed relative strength during theweek, the tech-heavy index remains down 1.9% for the year versus a 1.4% gain inthe S&P 500.

The first two days of the week were very quiet withinvestors sitting on their hands ahead of Fed Chair Janet Yellen's speech thatwas scheduled for Wednesday. Ms. Yellen spoke before the Economic Club of NewYork and her remarks were interpreted as decidedly dovish. All in all, FedChair Yellen echoed her recent comments in the speech, which was a relief forthe market that was becoming concerned about the Fed Chair assuming a morehawkish posture, akin to St. Louis Fed President and FOMC voting member JamesBullard.

Over the past couple weeks Mr. Bullard was quoted by variousoutlets as cautioning that the next rate hike is not far off and that a hike inApril is entirely possible. However, all those worries were cast aside after Ms.Yellen's speech focused heavily on global growth concerns and emphasized theimportance of employing a cautious approach to raising rates. As a result,stocks, Treasuries, and gold surged at the expense of the dollar.

By putting so much emphasis on international developments,Fed Chair Yellen essentially moved the goalposts, indicating the Fed is nolonger targeting just "progress towards 2.0% inflation and an unemploymentrate below 6.5%," but also looking to maintain global economic stability.

As the week wore on, investors received the EmploymentSituation report for March (215K; Briefing.com consensus 200K), which showedaverage hourly earnings growth of 0.3% (Briefing.com consensus +0.3%). Thisreport strengthened the rate hike argument, but Fed Chair Yellen's speech wasstill fresh in the minds of investors. Accordingly, stocks began Friday underpressure, but rallied off their lows as investors weighed domestic economic conditionsagainst the global growth picture.

On Friday afternoon the fed funds futures market priced in a53.0% chance of the next rate hike taking place in September after assigning a41.3% chance to a September hike on Thursday.

3:30 pm: [BRIEFING.COM]

The dollar gave back most of its early morning gains, consolidating lower, but not appearing to aid commodities in the afternoon
Commodities, as measured by the Bloomberg Commodity index, are down -1.1% at 77.94
Crude oil fell sharply and consolidated in the afternoon, trending with downward bias the rest of the trading day, closing near lows of the day
May WTI crude oil futures closed down -4.0% at $36.76/barrel
Natural gas rallied sharply off its low of the day in early afternoon trading, but ultimately closed near parity with yesterday's closing price
May natural gas closed -0.5% at $1.95/MMBtu
In precious metals, gold staged an afternoon rally, closing near its high for the day but still lower compared to yesterday's close
June gold futures closed -1.0% at $1223.50/oz
Silver briefly fell to fresh new lows of the day in the afternoon before closing near the midpoint of its notable early morning steep drop
May silver futures closed down -2.7% at $15.06/oz
Base metal copper exhibited volatility, making new lows for the day in the afternoon and closing near there for the day
May copper futures closed down -0.9% at $2.16/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the major U.S. indices trade near their best levels of the day. At this juncture, the Nasdaq Composite (+0.6%) leads the S&P 500 (+0.4%).

Two sectors remain beneath their flat lines as energy (-1.1%) and telecom services (-0.4%) underperform the broader market.

In the consumer discretionary space (+0.5%), retail names Kohl's (KSS 45.74, -0.86) and Macy's (M 43.02, -1.08) lag while Urban Outfitters (URBN 34.20, +1.11) has gained 3.4% after disclosing positive comparable sales. Elsewhere, Netflix (NFLX 105.59, +3.36) has gained 3.3% after receiving an upgrade at Atlantic Equities to "Overweight" from "Neutral". The broader discretionary sector has gained 2.5% week to date and only trails technology (+0.7%) over that time (week-to-date +2.6%).

On the commodities front, WTI crude ended its day lower by 4.0% at $36.76/bbl. This represents a 6.9% loss in the energy component since last week.

2:30 pm:

[BRIEFING.COM] The tech-heavy Nasdaq (+0.7%) leads the Dow Jones Industrial Average (+0.5%) and the S&P 500 (+0.4%).

The industrial sector (UNCH) has moved up to flirt with its flat line as it follows materials (+0.1%) and consumer discretionary (+0.4%) on the leaderboard. Meanwhile, health care (+1.1%) extends its lead over consumer staples (+0.9%).

In the countercyclical consumer staples sector (+0.9%), food product names display relative strength as General Mills (GIS 64.70, +1.35) and Mondelez International (MDLZ 40.99, +0.87) gain 2.1% and 2.2%, respectively. Conversely, tobacco names Reynolds American (RAI 50.10, -021) and Altria (MO 62.79, +0.13) trade behind the broader sector and market. Separately, Walgreens Boot Alliance (WBA 86.40, +2.15) outperforms ahead of its earnings report next Tuesday before the open.

The U.S. Dollar Index (94.61, +0.03) trades sideways as the greenback surrenders the entirety of its post-jobs report gain. Thus far, the euro has gained 2.0% against the dollar since last week and currently trades at 1.1393 (+0.1% today). Meanwhile, the dollar has lost 1.1% against the yen over that period as the pair trades at 111.79 (-0.7% today).

2:00 pm:

[BRIEFING.COM] The major averages float below their session highs as the Dow Jones Industrial Average (+0.4%) leads the S&P 500 (+0.3%).

The leaderboard remains little changed with health care (+0.9%), consumer staples (+0.8%), financials (+0.7%), and technology (+0.5%) leading the advance.

In the heavyweight technology sector (+0.5%), large cap Facebook (FB 115.84, +1.74) outperforms after yesterday's 0.5% slide. Elsewhere, data storage names Western Digital (WDC 46.41, -0.83) and Seagate Technology (STX 33.68, -0.76) have declined 1.5% and 1.9%, respectively. The two show respective week to date performances of -3.5% and +1.7%, compared with a weekly gain of 2.4% in the broader sector. High-beta chipmakers underperform the broader tech space as Qualcomm (QCOM 50.46, -0.67) falls 1.3%. On the flipside, Micron Technology (MU 10.82, +0.35) has rallied 3.5% after yesterday's earnings report and subsequent slip.

On the commodities front, WTI crude trades lower by 3.5% at $37.00/bbl while gold ended its pit session lower by 1.0% at $1,223.50/ozt.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have ticker higher since our last update as stocks trade near their session highs.

A look inside the Dow Jones Industrial Average shows that Visa (V 77.57, +1.09), Goldman Sachs (GS 159.08, +2.10), & JPMorgan (JPM 59.94, +0.72) are outperforming amid strength in their respective sectors.

Conversely, Chevron (CVX 94.32, -1.08) is the Dow's worst-performing component as the energy sector pulls back amid a 3.5% slump in crude oil futures.

With equities at intra-day highs, the DJIA is up more than 1.3% this week.

1:05 pm:

[BRIEFING.COM] The stock market trades on a modestly higher note at midday as the major averages shake some early weakness following the release of the Employment Situation Report for March. Other focal points of today's trade have included a fleeting rebound in the dollar, struggling oil prices, and the outperformance of the heavyweight health care (+0.7%), financials (+0.5%), and technology (+0.3%) sectors. Currently, the Nasdaq Composite (+0.4%) and the Dow Jones Industrial Average (+0.2%) outperform the S&P 500 (+0.1%).

Futures adopted a risk off posture ahead of the release of the Nonfarm Payrolls reading for March and in light of mixed data from overseas. The largely in-line employment report led to some initial selling pressure in the cash market, as it indicated progress towards the Fed's dual mandate. However, the report lost some of its influence in the wake of recent dovish commentary from Fed Chair Yellen, who said the Fed needs to take into account global developments when deciding policy.

Separately, a sustained downturn in commodities has kept pressure on energy (-1.7%) and materials (-0.3%) thus far today. Currently, WTI crude trades lower by 4.0% at $36.79/bbl. Commodities collectively underperformed today as a rebound in the dollar weighed in the early going. However, the U.S. Dollar Index (94.62, +0.03) has fallen back towards its flat line as the greenback loses momentum against the euro and the yen. The euro trades 0.1% higher against the dollar (1.1393) while the dollar/yen pair has lost 0.7% to trade at 111.76.

As for the broader market, a rebound in the heavily-weighted health care (+0.7%), financial (+0.5%), and technology (+0.3%) sectors helped to lead the averages off their opening lows.

In the heavyweight health care space (+0.7%), biotechnology outperforms, evidenced by the 1.5% gain in the iShares Nasdaq Biotechnology ETF (IBB 266.66, +5.85). The sub-group has benefited from a gain in Regeneron Pharmaceuticals (REGN 409.53, +49.09) following positive results involving its experimental eczema treatment. The broader sector has trimmed its 2016 loss to 5.3%.

Economically-sensitive financials (+0.5%) have benefited from the largely in-line Employment Situation Report and relative strength from money center banks. The sub-group may be benefiting from an uptick in the fed funds futures market. The fed funds futures market estimates the probability of a rate hike at the September meeting at 54.0%. Prior to today's data, the first Fed meeting with a 50.0%+ probability of a hike was not until December (55.4%).

The Dow Jones Transportation Average (-1.1%) demonstrates relative weakness as the index moves into negative territory for the week (week-to-date -0.9%). The group is being weighed down by major airline names. On that note, Delta Airlines ( 47.08, -1.60), and American Airlines (AAL 39.76, -1.25) have declined 3.3% and 3.1%, respectively.

The yield on the 10-yr note rose during the uptick in equities, but has since returned to its flat line. At this juncture, the yield on the 10-yr note is unchanged at 1.77% while the yield on the 2-yr note is higher by three basis points at 0.75%.

Today's economic data included the Employment Situation Report for March, ISM Index for March, Construction Spending for February, and the final reading of Michigan Consumer Sentiment:

Nonfarm payrolls increased by 215,000 (Briefing.com consensus 200,000)
February nonfarm payrolls revised to 245,000 from 242,000 and January nonfarm payrolls revised to 168,000 from 172,000
Private sector payrolls increased by 195,000 (Briefing.com consensus 195,000)
February private sector payrolls revised to 236,000 from 230,000 and January private sector payrolls revised to 182,000 from 158,000
Unemployment rate was 5.0% (Briefing.com consensus 4.9%) versus 4.9% in February
The U-6 unemployment rate, which accounts for the total unemployed plus persons marginally attached to the labor force and the underemployed, was 9.8% versus 9.7% in February
March hourly earnings were up 0.3% (Briefing.com consensus +0.3%) after being down 0.1% in February.
Over the last 12 months, average hourly earnings have risen 2.3% versus 2.2% in February
The average workweek was unchanged at 34.4 (Briefing.com consensus 34.5)
March manufacturing workweek slipped to 40.6 hours from 40.7 hours in February. Factory overtime was 3.3 hours for the fourth month in a row
The labor force participation rate was 63.0% versus 62.9% in February
The ISM Index for March checked in at 51.8, up from 49.5 in February and above the Briefing.com consensus estimate of 50.6.
A number below 50.0 denotes contraction, which is where the index has been trapped for five consecutive months prior to today's release. The five-month streak of readings below 50 is the longest stretch of this kind since 2009.
The March improvement was driven by increases in most sub-indices of the report. The New Orders Index rose to 58.3 from 51.5; the Imports Index rose to 49.5 from 49.0; the Exports Index increased to 52.0 from 46.5; the Supplier Deliveries Index rose to 50.2 from 49.7; and the Prices Index surged to 51.5 from 38.5.
Although the vast majority of components improved, the Employment Index slipped to 48.1 from 48.5.
The report stipulated that the average PMI reading for January, February, and March (49.8) corresponds to a real GDP growth of 2.1% on an annualized basis.
Total construction spending was down 0.5% in February (Briefing.com consensus +0.2%). Furthermore, construction spending in January was revised up to 2.1% from 1.5%.
Total construction spending is up 10.3% year-over-year, with private construction spending up 10.6% and public construction spending up 9.2%.
The weakness in February was driven by public construction spending, which decreased 1.7% on the back of a 2.8% drop in residential spending.
Public nonresidential spending, which accounts for a large share of total public construction spending, was down 1.7%.
Private construction also decreased, falling 0.1%, with nonresidential construction dropping 1.3% while residential construction increased 0.9%.
The decline in nonresidential construction was mostly due to a 15.0% drop in the Communication category and a 6.0% drop in Manufacturing.
The final reading for the University of Michigan Consumer Sentiment Survey for March increased to 91.0 (Briefing.com consensus 90.5) from the preliminary reading of 90.0.
Despite the upward revision, the March reading marked a downturn from the final reading of 91.7 for February and a similar showing in January (92.0).
According to the report, an improvement in economic expectations pushed up the overall index while the index of current economic conditions held unchanged at 105.6.
The survey noted that consumers expect the slower pace of economic growth is likely to put an end to declines observed in the unemployment rate.

12:30 pm:

[BRIEFING.COM] The stock market continues to float beneath its session high as the Dow Jones Industrial Average (+0.1%) leads the S&P 500 (UNCH).

In front of the pack, health care (+0.6%), consumer staples (+0.6%), and financials (+0.4%) lead while technology (+0.2%) and consumer discretionary (+0.2%) pace one another.

In the consumer discretionary space, lodging names and automotive companies demonstrate relative weakness. In the lodging sub-group, Starwood Hotels (HOT 79.19, -4.24) has slid 5.1% after the company confirmed that the Chinese consortium led by Anbang Insurance withdrew its offer for the company. Meanwhile, Marriott (MAR 66.99, -4.19) has fallen 5.9% since Starwood reaffirmed its commitment to merge with the hotel giant. On the automotive side, shares of General Motors (GM 30.56, -0.87) and Ford (F 13.12, -0.38) have been under pressure since they reported that year-over-year March sales grew 6.0% and 8.0%, respectively. Conversely, Tesla Motors (TSLA 237.23, +7.28) trades higher by 3.4% after unveiling the Model 3. Recently, CEO Elon Musk tweeted that Model 3 reservations totaled 180k in the first 24 hours.

The U.S. Dollar Index (94.62, +0.03) stumbled back towards its flat line as the euro and the yen gained against the greenback. The euro trades higher by 0.2% (1.1398) against the dollar while the dollar/yen pair trades at 111.86 (-0.6%).

12:00 pm:

[BRIEFING.COM] The major U.S. indices have traded largely sideways since our last update as the S&P 500 (+0.1%) extends its 2016 gain to 0.9%.

Countercyclical telecom services (-0.8%) and utilities (-0.6%) currently lead energy (-1.6%) on the bottom of the leaderboard.

A continued downturn in crude oil has kept pressure on commodity-sensitive energy (-1.6%). At this juncture, WTI crude trades lower by 3.6% at $36.97/bbl while natural gas has slipped 0.9% ($1.94/MMbtu). Accordingly, independent oil and gas companies, refiners, and oilfield service names all demonstrate relative weakness. Separately, energy giant and Dow component Chevron (CVX 94.34, -1.06) is the worst performing constituent in the price-weighted index. The broader energy sector has erased its week-to-date gain and is now down 1.3% for the week. Meanwhile, the benchmark index has gained 1.4% since Friday.

The Treasury complex has inched off its low as the yield on the 10-yr note moves back to 1.78% (+1 bps).

11:35 am:

[BRIEFING.COM] The major averages float under session highs as the Nasdaq Composite (+0.4%) leads the S&P 500 (+0.1%). The benchmark index has rallied 19 points off its session low.

The heavyweight financial (+0.3%) and technology (+0.3%) sectors continue to trade neck-and-neck, leading consumer discretionary (+0.2%).

In the economically-sensitive financial sector (+0.3%), Capital One (COF 70.50, +1.18) outperforms following an upgrade at JP Morgan to "Overweight" from "Neutral." Elsewhere, money center banks display relative strength with Bank of America (BAC 13.60, +0.08) and Citigroup (C 42.17, +0.42) gaining a respective 0.7% and 1.0%. The rate-sensitive group may be responding to a bump in the fed funds futures market, which now reflects an above 50.0% probability of a rate hike at the September meeting (54.0%). Prior to today's employment data, the first 50.0%+ probability of a rate hike was not being priced in until December (55.4%).

On the currency front, the U.S. Dollar Index (94.89, +0.31) hovers below its best level of the day as the greenback attempts to rebound against sharper weekly losses against the yen and euro. The dollar has trimmed its loss to 0.3% (112.25) against the yen after rebounding from the 111.86. Meanwhile, the euro/dollar pair has lost 0.2% and trades at 1.1362 after slipping from the 1.1434 level.

11:00 am:

[BRIEFING.COM] The major averages have rallied into positive territory as the the Dow Jones Industrial Average (+0.2%) and the Nasdaq Composite (+0.2%) lead the S&P 500 (UNCH).

Five sectors trade in the green with countercyclical consumer staples (+0.5%) leading the heavily-weighted health care (+0.4%), financial (+0.3%), and technology (+0.3%) spaces.

In the health care space (+0.4%), Regeneron Pharmaceuticals (REGN 387.87, +27.34) outperforms after reporting positive top-line results for its Dupilumab drug. Furthermore, the broader biotechnology sub-group outperforms as the iShares Nasdaq Biotechnology ETF (IBB 265.66, +4.85) climbs 1.9%. Separately, Dow component UnitedHealth (UNH 130.25, +1.34) tops the price-weighted index. The broader health care space has extended its weekly gain to 1.0%.

On the Treasuries front, the yield on the 10-yr note has climbed along with equities as it moves from 1.77% (UNCH) at the open to 1.80% (+3 bps).

10:30 am: [BRIEFING.COM]

The dollar index rallies above yesterday's close, putting notable pressure on commodities in morning trade
Commodities, as measured by the Bloomberg Commodity Index, are down -1.5% at 77.68
Crude oil sees declines in the morning, finding resistance around $38.33/barrel twice before heading notably lower
May crude oil futures are currently down -2.9% at $37.17/barrel
Natural gas extends yesterday's losses in morning trade, as a reminder: EIA inventory data released yesterday showed a larger than expected draw of -25 bcf compared to expectations for a draw of about -23 bcf
May natural gas futures are currently down -1% at $1.94/MMBtu
In precious metals, gold was initially under pressure following the March unemployment report, but bounced off its low of the day
June gold futures are currently down -1.9% at $1212.60/oz
Silver saw a steep drop from yesterday's close in morning trade
May silver futures are currently down -3.9% to $14.87/lb
Copper ticks modestly lower
May copper futures are currently down -0.5% at $2.17/lb

10:00 am:

[BRIEFING.COM] The major averages have ticked off their opening lows as the S&P 500 (-0.6%) trades five points off its worst level.

Just released, the ISM Index for March indicated an increase to 51.8 from 49.5 while the Briefing.com consensus expected a reading of 50.6.

Separately, construction spending fell 0.5% (Briefing.com consensus +0.2%) in February, with a revision from 1.5% to 2.1% in January.

Finally, the University of Michigan Consumer Sentiment report for March was revised higher to 91.0 from 90.0 while the Briefing.com consensus expected 90.5.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their day on a lower note as the S&P 500 (-0.8%) trades behind the Nasdaq Composite (-0.7%) and the Dow Jones Industrial Average (-0.6%).

Nine of ten sectors opened beneath their flat lines as energy (-1.9%), materials (-1.4%), telecom services (-1.3%), and industrials (-1.2%) round out the board. The remaining decliners show losses between 0.5% (technology) and 0.8% (financials). On the flipside, the utilities (UNCH) sector flirts with its flat line.

The Dow Jones Transportation Average (-1.8%) exhibits relative weakness as airline names underperform in the index. On that note, United Continental (UAL 57.10, -2.76), Delta Airlines ( 46.91, -1.77), and American Airlines (AAL 39.33, -1.67) have declined between 3.7% and 4.6% following downgrades to "Hold" from "Buy" at Deutsche Bank.

On the commodities front, WTI crude trades lower by 4.0% at $36.82/bbl while gold has slipped 1.3% ($1,219.40/ozt).

9:19 am: [BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -26.60.

The stock market is on track for a lower open with S&P 500 futures trading 13 points below fair value. Futures carved out new lows following the release of the better than expected Employment Situation report for March.

The report showed that nonfarm payrolls increased by 215,000, compared to the Briefing.com consensus, which called for an increase of 200,000. Meanwhile, average hourly earnings increased 0.3% (Briefing.com consensus 0.3%) while the unemployment rate ticked up to 5.0% from 4.9% (Briefing.com consensus 4.9%). To be fair though, interest rate implications from the report have been diminished given the recent dovish commentary from Fed Chair Janet Yellen. However, the report does show progress towards the Fed's dual mandate.

The U.S. Dollar Index (94.72, +0.07) pared losses heading up to and following the jobs report. Currently, the euro/dollar pair trades flat at 1.1383 after slipping from the 1.1434 level ahead of the report. The dollar has lost 0.5% against the yen as the pair trades at 111.98. A bump in the dollar has not helped dollar-denominated commodities, as oil and gold extend their earlier losses. WTI crude trades down 3.9% at $36.83/bbl while gold has slipped 1.4% ($1,218.10/ozt).

On the corporate front, BlackBerry (BBRY 7.60, -0.49) fell 6.1% in pre-market trading after the company's revenue showed a decline of 29.7% year-over-year in the fourth quarter. However, the company was able to beat bottom-line estimates for the quarter. Separately, Starwood Hotels (HOT 79.60, -3.83) slumped 4.6% after the Anbang Insurance and the Chinese consortium withdrew its offer on the company. The hotel chain has since reaffirmed its intention to merge with Marriott (MAR 67.34, -3.84).

Today's economic data will be capped off with the ISM Index for March (Briefing.com consensus 50.6), Construction Spending for February (Briefing.com consensus 0.2%), and the final reading of Michigan Consumer Sentiment (Briefing.com consensus 90.5). All three reports will cross the wires at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -27.10.

The S&P 500 futures trade 13 points below fair value.

The Asian equity markets were generally under pressure heading into the April US Jobs' report due out later this morning. Markets were more active than usual for an evening preceding the NFP data, which can be attributed to the flurry of macro data that was released overnight. The broad based weakness in equities began with in Japan, where the Nikkei dove over 3.5% after the Q1 Tankan Survey fell short of expectations on all major components. The factor that may have troubled investors the most was a miss on the Cap-ex component, The dismal reading sent shock-waves throughout shares in the Nikkei, which saw all major sectors with declines of over 3% or more. Consumer discretionary names were hit the hardest, falling 4.3% with concern that the strengthening yen will hurt exports. In China, the Shanghai responded negatively to the S&P ratings revision that occurred after China was closed yesterday, with a declines in the early stages of the day, before finishing up 0.2%. A massive exodus out of equities may have been prevented by the better than expected PMI with a 50.2 reading (vs 49.4e). None the less, the Chinese Finance Minister did not go so far as to state the decision by S&P was unfair, but he did defend the Mainland's economy.

Economic data:
China: Mar Caixin PMI Manufacturing: 49.7 vs 48.3e; Mar Manufacturing PMI: 50.2 vs 49.4e; and Mar Non-manufacturing PMI: 53.8 vs 52.7 in Feb
Japan: Q1 Tankan Large Manufacturing Index: 6 vs 8e - Manufacturers Outlook: 3 vs 7e -All-industry Capex: -0.9% vs -0.7%e; and Mar Final PMI Manufacturing: 49.1 vs 49.1 Prelim
South Korea: Mar PMI Manufacturing: 49.5 vs 48.7 in Feb and Mar Trade Balance: $9.8 bln vs $8.5 bln
Australia: Mar AIG Manufacturing Index: 58.1 vs 53.5 in Feb

---Equity Markets ---

Japan's Nikkei fell 3.6% with Consumer Disc (-4.3%) and Health Care (-4.2%), Tech (-4.0%) and Industrials (-4.0%) all heading the charge lower. Sentiment was so bac that the best performing sector was Consumer Staples, which still finished the day down 3.1%. Panasonic stood out as an outlier to the broader market, dropping 11% today after the co lowered its guidance outlook in a presentation yesterday.
Hong Kong's Hang Seng continued to see a lack of any buying interest and down 1.3%. Gaming stocks were in focus today after the Macau Gaming Inspection and Coordination Bureau reported March gross gaming revenue down 16.3% YoY. This news was not well received with Sands China falling 4.5% and Galaxy Entertainment dropping 3.8% on the day. On more positive note, Gome Electrical Appliances gained 2.7% on the session after the co exceeded its FY15 earnings expectations.
China's Shanghai Composite gained 0.2% today. With macro data/news taking center stage, Mainland shares saw a choppy day. Financials had a down beat day, with the likes of Guosen Securities dropping 2.1% on concerns surrounding dim sum bond default. Also, Agricultural Bank of China fell 1.3% after the co released its FY15 earnings.

Major European indices trade lower across the board with France's CAC (-2.6%) and Germany's DAX (-2.6%) pacing the retreat. With today's defensive tone, most regional indices are set to end the week in negative territory. For its part, the euro has inched higher against the dollar, trading up to 1.1401 (+0.2%).

In economic news:
Eurozone March Manufacturing PMI 51.6 (expected 51.4; previous 51.4)
Germany's March Manufacturing PMI 50.7 (consensus 50.4; last 50.4)
UK's March Manufacturing PMI 51.0 (expected 51.2; last 50.8) and March Nationwide HPI +0.8% month-over-month (expected 0.5%; last 0.4%); +5.7% year-over-year (consensus 5.2%; last 4.8%)
France's March Manufacturing PMI 49.6, as expected (previous 49.6)
Italy's March Manufacturing PMI 53.5 (consensus 52.5; previous 52.2) and February Unemployment Rate 11.7% (expected 11.5%; last 11.6%)
Spain's March Manufacturing PMI 53.4 (expected 54.1; last 54.1)
Swiss March SVME PMI 53.2 (expected 51.0; last 51.6) and February Retail Sales -0.2% year-over-year (consensus 0.5%; last -0.1%)

---Equity Markets---

UK's FTSE is lower by 1.4% with consumer names among the laggards. Sports Direct, Burberry, SKY, and Tesco show losses between 2.4% and 4.5%. On the upside, drugmaker Shire has climbed 1.8%.
Germany's DAX has surrendered 2.6% amid broad weakness. Beiersdorf is the weakest performer, down 2.8%, while exporters BMW, Volkswagen, and Daimler show losses between 2.0% and 2.9%. On the flip side, Thyssenkrupp has spiked 4.8% and Deutsche Bank trades up 0.5%.
France's CAC trades down 2.6% with all but four names in negative territory. Safran, Schneider Electric, Total, and L'Oreal lead the slide with losses between 3.3% and 4.0%. Exporters Renault and Peugeot hold respective losses of 2.3% and 2.9% while financials trade mostly higher. Credit Agricole, BNP Paribas, and Societe Generale show gains between 0.1% and 0.7%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -13.70.

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

March nonfarm payrolls came in at 215,000 while the Briefing.com consensus expected a reading of 200,000. The prior month's reading was revised up to 245,000 from 242,000. Nonfarm private payrolls added 195,000, which was in-line with the consensus. The unemployment rate increased to 5.0% (Briefing.com consensus 4.9%).

Average hourly earnings increased 0.3%, which was also in-line with the consensus. The average workweek was reported at 34.4 while the consensus expected a reading of 34.5.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -15.90.

U.S. equity futures trade lower with the S&P 500 futures trading eight points below fair value.

Futures slipped as participants adopted a risk-off posture ahead of the influential Employment Situation Report for March. The Briefing.com consensus calls for a 200K increase in Nonfarm Payrolls while it also expects the Unemployment Rate to hold at 4.9%. Meanwhile, it was an active night on the data front as investors responded to Japan's Q1 Tankan Survey, which fell short of expectations on all major components with particular emphasis being put on a missed Cap-ex reading. Separately, in China, investors attempted to balance yesterday's outlook revision from Standard & Poor's against the first expansion in its Caixin Manufacturing PMI in nine months. On the commodities front, a slide in oil prices has not helped matters as WTI crude slips 2.6% to trade at $37.37/bbl.

On the economic front, today's data will include the 8:30 ET release of the Employment Situation Report for March (Briefing.com consensus 200k). Separately, the ISM Index for March (Briefing.com consensus 50.6), Construction Spending for February (Briefing.com consensus 0.2%), and the final reading of Michigan Consumer Sentiment (Briefing.com consensus 90.5) will each cross the wires at 10:00 ET.

The Treasury complex trades modestly lower with the yield on the 10-yr note rising one basis point to 1.78%.

In U.S. corporate news of note:

Tesla Motors (TSLA 245.00, +15.23): +6.6% after unveiling the Model 3 last night and announcing 115k reservations for the vehicle
Starwood Hotels (HOT 79.98, -3.45): -4.1% following the Chinese consortium led by Anbang Insurance withdrawing its offer on the hotel chain
Netflix (NFLX 102.80, +0.57): +0.6% after reports indicated that the company will not be investigated by the FCC for video "throttling"
Marvell Technologies (MRVL 120.00, -0.31): -3.0% following the company requesting an extension to file its 10-K form and indicating a net loss for fiscal 2016

Reviewing overnight developments:

Asian-Pacific indices ended their week mostly lower with Japan's Nikkei -3.6% and Hong Kong's Hang Seng -1.3% while China's Shanghai Composite gained 0.2%.
Economic data:
China: Mar Caixin PMI Manufacturing: 49.7 vs 48.3e; Mar Manufacturing PMI: 50.2 vs 49.4e; and Mar Non-manufacturing PMI: 53.8 vs 52.7 in Feb
Japan: Q1 Tankan Large Manufacturing Index: 6 vs 8e - Manufacturers Outlook: 3 vs 7e - All-industry Capex: -0.9% vs -0.7%e; and Mar Final PMI Manufacturing: 49.1 vs 49.1 Prelim
South Korea: Mar PMI Manufacturing: 49.5 vs 48.7 in Feb and Mar Trade Balance: $9.8 bln vs $8.5 bln
Australia: Mar AIG Manufacturing Index: 58.1 vs 53.5 in Feb
In news:
The Chinese Finance Minister did not go so far as to state the decision by S&P was unfair, but he did defend the Mainland's economy.

European indices trade lower with France's CAC -2.4%, Germany's DAX -2.2%, and U.K.'s FTSE -1.4%.
In economic news:
Eurozone March Manufacturing PMI 51.6 (expected 51.4; previous 51.4)
Germany's March Manufacturing PMI 50.7 (consensus 50.4; last 50.4)
UK's March Manufacturing PMI 51.0 (expected 51.2; last 50.8) and March Nationwide HPI +0.8% month-over-month (expected 0.5%; last 0.4%); +5.7% year-over-year (consensus 5.2%; last 4.8%)
France's March Manufacturing PMI 49.6, as expected (previous 49.6)
Italy's March Manufacturing PMI 53.5 (consensus 52.5; previous 52.2) and February Unemployment Rate 11.7% (expected 11.5%; last 11.6%)
Spain's March Manufacturing PMI 53.4 (expected 54.1; last 54.1)
Swiss March SVME PMI 53.2 (expected 51.0; last 51.6) and February Retail Sales -0.2% year-over-year (consensus 0.5%; last -0.1%)
In news:
The euro has inched higher against the dollar, trading up to 1.1420 (+0.4%).

6:10 am: [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -18.30.

6:10 am: [BRIEFING.COM] Nikkei...16164...-594.50...-3.60%. Hang Seng...20499...-277.80...-1.30%.

6:10 am: [BRIEFING.COM] FTSE...6096.89...-78.00...-1.30%. DAX...9795.63...-169.90...-1.70%.

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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