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 Post subject: April 7th Thursday Trade Results - Profit $5625.00
PostPosted: Fri Apr 08, 2016 6:54 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)

Attachment:
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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 @ $5625.00 dollars or +112.50 points, Light Crude Oil CL ($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 @ $5625.00 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=155&t=2332

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.


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


4:10 pm: [BRIEFING.COM] The stock market ended the day on a broadly lower note as uncertainty over the global economy led investors towards safe havens. Today's loss dragged the S&P 500 (-1.2%) back into negative territory for the year (year-to-date -0.1%) as relative weakness from the heavily-weighted financial (-1.9%) and technology (-1.4%) pressured the broader market. The Nasdaq Composite (-1.5%) ended its day behind the benchmark index (-1.2%) and the Dow Jones Industrial Average (-1.1%).

Today's session started on a lower note as weakness in overseas trade undercut yesterday's post-Fed minutes rally. The major headlines overnight included an extended gain in the yen, a downturn in oil, and a bid in safe havens. The defensive posture continued throughout today's session as investors shifted their attention to growth concerns here at home. On that note, first quarter earnings are scheduled to pick-up next week as investors continue to lower their expectations for the quarter. Additionally, if earnings fall, this would mark the fourth consecutive quarterly decline in corporate earnings.

All ten sectors ended their day beneath their flat lines with financials (-1.9%), telecom services (-1.4%). technology (-1.4%), and materials (-1.3%) leading the downside. Conversely, utilities (UNCH), energy (-0.6%), and industrials (-0.7%) ended with the slimmest losses.

A downturn in European banks led to a tumble in the heavyweight financial sector (-1.9%) as money center banks, investment brokerages, asset management companies, and life insurance names all traded lower in sympathy. The broader financial sector extended its week to date decline to 3.4% and its year to date loss to 8.1%. Separately, Dow component Goldman Sachs (GS 150.41, -4.78) ended its day as the worst performer in the price-weighted index.

In the technology space (-1.6%), heavily-weighted Apple (AAPL 108.54, -2.42) moved into negative territory for the month (month-to-date 0.4%) after having its price target lowered to $130 from $140 at BTIG Research. Elsewhere, Yahoo! (YHOO 36.17, -0.49) briefly moved into the green after reports indicated that both Verizon (VZ 52.00, -1.52) and Alphabet's (GOOGL 760.12, -7.95) Google were considering bids for the web portal.

Biotechnology underperformed in the health care (-1.1%) group after yesterday's 6.0% gain in the iShares Nasdaq Biotechnology ETF (IBB 280.69, -5.11). The ETF lost 1.8% today, but remains higher by 4.5% for the week.

The commodity-sensitive energy (-0.8%) sector was able to finish near the top of the leaderboard despite a downturn in crude oil. WTI crude ended its day down 2.4% ($36.84/bbl), extending its April loss to 2.7%. In the space, refining names displayed relative strength after yesterday's dip by the group. Separately, Baker Hughes (BHI 41.93, -0.90) lost 2.1% in light of a declining rig count and as its merger with Halliburton (HAL 36.25, -0.19) remains in jeopardy.

The U.S. Dollar Index (94.56, +0.13) ended its day slightly higher after recouping some losses against the yen and gaining some ground against the euro. The dollar/yen pair finished lower by 1.3% at 108.41 while the euro lost 0.3% against the dollar (1.1370).

The Treasury complex gained as equities continued their retreat. By the end of the session, the yield on the 10-yr note was lower by seven basis points at 1.69%.

Today's participation was above the recent average as more than 913 million shares changed hands on the NYSE floor.

Today's economic data included weekly initial claims and consumer credit for February:

The latest initial claims report provided some economic news worth cheering about. Claims for the week ending April 2 were 267,000 (Briefing.com consensus 270,000), a decrease of 9,000 from the previous week's unrevised level.
That marked the 57th straight week initial claims have been below 300,000, which is the longest streak since 1973.
The four-week moving average for initial claims increased slightly to 266,750, yet still remains near its lowest level since April 2000.
Continuing claims for the week ending March 26 rose to 2.191 million from 2.172 million in the prior week.
Even so, the four-week moving average for this series dipped to 2.189 million from 2.191 million.
Total outstanding consumer credit increased by $17.3 billion in February (Briefing.com consensus $14.4 billion) after increasing an upwardly revised $14.8 billion (from $10.5 billion) in January.
The growth in February was powered by a $14.3 billion increase in nonrevolving credit. Revolving credit increased by $3.0 billion.
In the preceding 12-month period leading up to February, consumer credit had risen by an average of $18.3 billion.
In February, consumer credit increased at a seasonally adjusted annual rate of 5.75%.

Tonight, Fed Chair Yellen and former Fed Chairs Ben Bernanke, Alan Greenspan, and Paul Volcker will take part in a panel titled, "When the Federal Reserve Speaks...the World Listens." The discussion will begin at 17:30 ET.

Tomorrow's data will be limited to Wholesale Inventories for February (Briefing.com consensus -0.2%), which will cross the wires at 10:00 ET.

Russell 2000 -3.8% YTD
Nasdaq Composite -3.2% YTD
S&P 500 -0.1% YTD
Dow Jones +0.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index consolidates near the highs of the day in afternoon pit trading, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.3% at 77.45
Crude oil initially saw losses in the morning before bouncing of the low of the day and rallying into the close, still below the previous day's closing price
May crude oil futures closed down $0.47 (-1.3%) at $37.27/barrel
Natural gas initially spikes upward and remains in a sustained uptrend all day into the close of pit trading after the release of EIA inventory data
May natural gas futures closed up $0.11 (+5.8%) at $2.02/MMBtu
EIA weekly natural gas inventory data showed a build of +12 bcf vs expectations for a build of about +7 bcf
In precious metals, gold heads slightly lower and consolidates, closing near its lows for the day but still above the previous day's closing price
June gold futures closed up $13.20 (+1.1%) at $1237.30/oz
Silver saw a similar move compared to gold, dropping slightly lower during the day, but still closing above the previous day's pit trading closing price
May silver futures closed today's session $0.12 higher (+0.8%) at $15.18/oz
Base metal copper consolidated around the lows seen in the morning to close afternoon pit trading notably lower
May copper futures closed $0.06 lower (-2.8%) at $2.08/lb

3:00 pm:

[BRIEFING.COM] The major averages have moved back towards lows as the S&P 500 (-1.6%) trails the Dow Jones Industrial Average (-1.3%). The benchmark index hovers one point above its low.

On the leaderboard, the heavily-weighted financial (-2.2%) sector trails technology (-1.6%) and health care (-1.5%).

The Consumer Credit report for February was just released by the Federal Reserve and it showed an increase of $17.22 billion while the Briefing.com consensus expected growth of $14.40 billion. The prior month's credit growth was revised higher to $14.90 billion from $10.5 billion.

In corporate news of note, shares of Yahoo! (YHOO 36.97, +0.32) have rebounded as reports indicate that Verizon (VZ 51.94, -1.58) plans to make a bid for the web portal.

On the commodities front, WTI crude ended its day lower by 2.4% $36.84/bbl. This represents a 2.7% decline month to date.

2:30 pm:

[BRIEFING.COM] The stock market continues to hover near a fresh session low as the S&P 500 extends its decline to 1.5%. The benchmark index has erased its year to date gain and is now down 0.4% in 2016.

The utilities sector (-0.1%) shows the slimmest loss as it leads industrials (-1.0%), consumer staples (-1.2%), and energy ( -1.3%) on the leaderboard.

The health care space (-1.5%) trades in-line with the broader market as the group trims its week to date gain to 0.9%. Separately, biotechnology underperforms, evidenced by the 1.8% decline in the iShares Nasdaq Biotechnology ETF (IBB 280.63, -5.17). The ETF gained 6.0% yesterday, but has since trimmed its weekly gain to 4.6%. Elsewhere in the broader sector, Humana (HUM 174.14, -6.20) underperforms among health care plan names as the stock falls 3.5%.

On the commodities front, WTI crude trades lower by 2.1% ahead of its pit session close at 14:30 ET. Separately, safe haven gold ended its pit session at $1,237.30 (+1.1%), but has risen to $1,240.20/ozt (+1.3%) in electronic trade.

2:00 pm:

[BRIEFING.COM] The major averages have carved out fresh session lows in recent trade as the Nasdaq Composite (-1.4%) and the S&P 500 (-1.3%) continue to lead the downside.

All ten sectors trade in the red with financials (-1.9%), technology (-1.5%), telecom services (-1.4%), and health care (-1.2%) leading the retreat.

In the consumer discretionary space (-1.2%), apparel retailers demonstrate relative weakness after the release of some same stores sales data for March. On that note, the SPDR S&P Retail ETF (XRT 44.29, -1.07) has declined 2.4%. Conversely, large cap Starbucks (SBUX 61.35, +0.51) demonstrates relative strength as the stock gains 0.9%. In the leisure sub-group, Wynn Resorts (WYNN 98.53, +8.98) has gained 10.0% after announcing plans to open a resort. The announcement was followed by an analyst upgrade at Telsey Advisory Group from "Market Perform" to "Outperform." The casino and hotel operator also received a price target increase at the firm, from $67 to $112.

The yield on the 10-yr note has slipped to a fresh session low 1.69% (-6 bps).

1:30 pm:

[BRIEFING.COM] The major U.S. indices have bounced slightly since your last update, but the Dow Jones Industrial Average is still showing triple digit losses in afternoon trading.

A look inside the Dow shows that Goldman Sachs (GS 151.25, -3.94), Verizon (VZ 52.21, -1.31), and JPMorgan (JPM 57.83, -0.98) are underperforming. Goldman and JPMorgan are notably weak as financials as a whole trade lower, putting in today's worst sector performance while Verizon was downgraded this morning at both Jefferies and Bernstein.

Conversely, United Technologies (UTX 101.33, +0.96) is the best-performing Dow component as shares add to yesterday's gains.

At current levels, the DJIA is down 1.13% this week, and has cut its year-to-date gains to 0.97%

1:05 pm:

[BRIEFING.COM] The stock market trades on a sharply lower note at midday as a move to safe havens and a decline from the oil pit weigh on the broader market. Other focal points of today's trade have included a large gain in the yen and the underperformance of the heavily-weighted financial (-1.6%) and technology (-1.3%) sectors. Currently, the Nasdaq Composite (-1.1%) outpaces the losses in the S&P 500 (-1.0%) and the Dow Jones Industrial Average (-0.9%).

Global economic concerns captured the attention of investors as a leg lower in the dollar/yen pair and disappointing sessions overseas dampened investor sentiment. Meanwhile, increasing fears over earnings growth at home have also pressured the market. To that point, if first quarter corporate earnings fall this would represent the fourth consecutive quarterly decline.

Additionally, if earnings estimates for the year are revised lower this would extend an already stretched price-to-earnings ratio. The S&P 500 closed yesterday trading at 17.5x forward twelve-month earnings estimates, which is nearly a 10% premium to the 15-year average, according to S&P Capital IQ.

For its part, crude oil has done little to calm investor sentiment as the commodity pulls back from yesterday's 5.0% gain. The energy component currently trades lower by 2.5% ($36.78/bbl), and has trimmed its week to date gain to 0.1%. Elsewhere in commodities, gold has gained 1.2% to trade at $1,238.60/ozt.

Early selling pressure in the cash market was compounded by the underperformance of the heavily-weighted financial (-1.4%), and technology (-1.1%) sectors. Meanwhile, materials (-1.1%) and consumer discretionary (-1.0%) have since joined them on the bottom of the leaderboard.

The economically-sensitive financial sector (-1.4%) has extended its week to date decline to 2.9% as it trades lower in sympathy with European banks. On that note, Deutsche Bank (DB 15.60, -0.55) has fallen 3.4%. Separately, JPMorgan Chase (JPM 57.82, -0.98) has slid 1.7% after CEO Jamie Dimon issued a letter to the company's shareholders warning of illiquidity in choppy markets and the dangers that a "Brexit" poses.

In the heavily-weighted technology (-1.1%) space, large cap constituent Apple (AAPL 109.47, -1.49) underperforms after receiving a price target decrease at BTIG Research. However, the firm maintained its "Buy" designation on the stock. Meanwhile, software names underperforms as Oracle (ORCL 40.17, -0.58) and Adobe (ADBE 93.84, -1.56) decline 1.4% and 1.6%, respectively.

Baker Hughes (BHI 42.02, -0.81) underperforms in the energy space (-0.7%) after reporting that international rig counts declined 21.0% year-over-year in March. Meanwhile, the company may still be seeing headwinds as its merger with Halliburton (HAL 36.26, -0.18) remains in jeopardy. On a related note, headlines have indicated that Halliburton may be forced to pay $3.5 billion to Baker Hughes in break up fees, should the antitrust suit brought forward by the Department of Justice keep the companies from merging.

The U.S. Dollar Index (94.47, +0.04) hovers above its flat line as yen strength outweighs weakness in the euro. The dollar/yen pair has surrendered 1.5% and trades at 108.12 while the euro has slipped 0.2% against the dollar to 1.1380.

The yield on the 10-yr note has dipped throughout the session as the downturn in equities continues. Currently, the yield on the 10-yr note is lower by six basis points at 1.70%.

Today's economic data included weekly initial claims:

The latest initial claims report provided some economic news worth cheering about. Claims for the week ending April 2 were 267,000 (Briefing.com consensus 270,000), a decrease of 9,000 from the previous week's unrevised level.
That marked the 57th straight week initial claims have been below 300,000, which is the longest streak since 1973.
The four-week moving average for initial claims increased slightly to 266,750, yet still remains near its lowest level since April 2000.
Continuing claims for the week ending March 26 rose to 2.191 million from 2.172 million in the prior week.
Even so, the four-week moving average for this series dipped to 2.189 million from 2.191 million.

Today's data will be capped off with Consumer Credit for February (Briefing.com consensus $14.40 billion), which will be released at 15:00 ET.

12:30 pm:

[BRIEFING.COM] The major indices hover above their session lows as the Nasdaq Composite (-1.2%) trails the S&P 500 (-1.0%).

The utilities (UNCH) sector has given up an early gain and now flirts with its flat line as it leads industrials (-0.6%) and energy (-0.8%) on the top of the leaderboard.

In the industrial group (-0.6%), aerospace and defense names demonstrate relative strength as United Technology (UTX 100.63, +0.26) and General Dynamics (GD 132.06, +0.34) gain 0.3% apiece. The broader industrial sector sports a week to date loss of 1.9%, compared to a loss of 1.3% in the benchmark index.

The Dow Jones Transportation Average (-0.7%) was able to rebound from larger opening losses as rail names recovered. To that point, Union Pacific (UNP 78.53, +0.18) and Norfolk Southern (NSC 81.37, +0.22) rallied off respective opening losses of 1.2% and 1.7% to trade above their flat lines. Losses in the index are being led by Avis Budget (CAR 24.24, -0.86), which has declined 3.4%.

On the commodities front, WTI crude trades lower by 2.3% ($36.87/bbl) while gold has gained 1.4% to trade at $1,240.60/ozt.

12:00 pm:

[BRIEFING.COM] The S&P 500 (-0.9%) trades four points above its session low as it trails the Dow Jones Industrial Average (-0.8%).

Commodity-sensitive materials (-1.0%) keep pace with technology (-1.0%), which leaves the pair ahead of financials (-1.2%) and telecom services (-1.3%) on the leaderboard.

In the technology space (-1.1%), heavily-weighted component Apple (AAPL 109.37, -1.59) has declined 1.4% after having its price target decreased to $130 from $140 at BTIG Research. Meanwhile, data storage names underperform in the group as Seagate Technology (STX 33.27, -0.45) and Western Digital (WDC 43.43, -1.29) decline 1.4% and 2.9%, respectively. Meanwhile, high-beta chipmakers trade in-line with the broader sector, evidenced by the 1.0% decline in the PHLX Semiconductor Index.

The U.S. Dollar Index (94.40, -0.03) hovers above its low as the dollar/yen pair moves off its low (107.72) and the greenback continues to sport a gain against the euro. Currently, the euro/dollar pair trades at 1.1387 (-0.1%) while the dollar remains down 1.7% against the yen at 107.93.

11:30 am:

[BRIEFING.COM] The stock market trades at a fresh session low as the S&P 500 (-1.0%) trims its year to date gain to 0.1%. Elsewhere, the Nasdaq Composite (-1.3%) outpaces the losses in the Dow Jones Industrial Average (-1.0%).

Heavily-weighted financials (-1.3%) and technology (-1.2%) have trimmed their lead over telecom services (-1.6%) in the back of the pack. Meanwhile, consumer discretionary (-1.0%) now paces commodity-sensitive materials (-1.1%).

The energy space (-0.8%) is trading lower as a downturn in crude oil weighs on the sector. Currently, WTI crude trades down 2.4% at $36.86/bbl. The energy component has lost 3.5% in April, compared to a 1.5% decline in the broader energy sector. Oil and gas refiners outperform in the group after yesterday's weakness. To that point, Valero Energy (VLO 61.64, -0.04) has declined 0.1% after losing 2.3% yesterday. Meanwhile, Dow component Exxon Mobil (XOM 82.35, -0.96) underperforms that index and the broader sector.

The Treasury complex continues to gain as the yield on the 10-yr note slips six basis points to 1.70%.

11:25 am: [BRIEFING.COM]

The dollar index falls in morning trade, putting pressure on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.5% at 77.26
Crude oil falls, bouncing slightly to trade near its low of the day just above $37.00/barrel
May crude oil futures are down $0.73 (-1.9%) at $37.01/barrel
Reminder: Yesterday, crude oil inventories showed a draw of -4.937 mln barrels, consensus called for a build of +3.1 mln barrels
API inventory data the previous day showed a draw of -4.3 mln barrels, compared to last week's build of +8.8 mln barrels
Natural gas rallies to a new high of the day after the release of EIA nat gas inventory data
May natural gas futures are up $0.08 (+4.2%) at $1.99/MMBtu
Natural gas inventory: showed a build of +12 bcf vs expectations for a build of about +7 bcf
In precious metals, gold had a steady morning rally and is consolidating just off its highs for the day
June gold futures are up $17.91 (+1.5%) at $1242.01/oz
Silver spikes sharply up, trading near its high of the day
May silver futures are up $0.24 (+1.6%) at $15.30/oz
Base metal copper consolidates lower in morning trade
May copper futures are down $0.06 (-2.8%) at $2.08/lb

11:00 am:

[BRIEFING.COM] The major averages have ticked below their opening levels and currently hover above fresh session lows. At this juncture, the Nasdaq Composite (-1.0%) trails the Dow Jones Industrial Average (-0.9%) and the S&P 500 (-0.8%).

Telecom services (-1.6%) have extended their opening loss as the sector trails financials (-1.2%), materials (-1.0%), and technology (-1.0%) on the leaderboard. Conversely, industrials (-0.5%) sport the slimmest loss.

The economically-sensitive financial sector (-1.2%) trades lower in sympathy with European banks as growth concerns weigh. Meanwhile, JPMorgan Chase (JPM 57.98, -0.82) trades lower by 1.4% after CEO Jamie Dimon issued a letter to the company's shareholders warning of illiquidity in the wake of choppier markets. Furthermore, Mr. Dimon cautioned as to the ramifications of Britain's proposed exit from the European Union. Elsewhere, Dow component Goldman Sachs (GS 151.48, -3.71) is the worst performer in the price-weighted index.

The U.S. Dollar Index (94.47, +0.04) hovers above its flat line as a rally in the yen outweighs weakness in the euro. The dollar/yen pair has surrendered 1.7% and trades at 107.97 while the euro has slipped 0.3% against the dollar to 1.1370.

10:00 am:

[BRIEFING.COM] The major averages hover near session lows as the Dow Jones Industrial Average (-0.6%) and the S&P 500 (-0.6%) trade neck-and-neck while the tech-heavy Nasdaq (-0.7%) underperforms.

Countercyclical telecom services (-1.3%) trails heavily-weighted technology (-0.9%) and financials (-0.9%) on the leaderboard. Meanwhile, utilities (+0.4%) in now the lone gainer.

The high-beta chipmakers display relative weakness, evidenced by the 1.3% decline in the PHLX Semiconductor Index. In the group, Xilinx (XLNX 46.17, -1.05) and ON Semiconductor (ON 9.52, -0.22) have declined 2.3% apiece. Meanwhile, Intel (INTC 31.48, -0.60) has slipped 2.0%.

Separately, WTI crude trades lower by 0.9% at $37.41/bbl while natural gas has gained 3.2% to trade at $1.97/MMbtu.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened its day on a lower note as the Dow Jones Industrial Average (-0.6%) outpaced the losses in the S&P 500 (-0.5%).

Eight sectors opened their day beneath their flat lines as telecom services (-1.3%), financials (-0.9%), and industrials (-0.8%) lead the downside. Conversely, countercyclical utilities (+0.2%) and energy (UNCH) are the only gainers. The remaining decliners show losses between 0.3% (consumer discretionary) and 0.7% (technology).

The Dow Jones Transportation Average (-1.4%) demonstrates relative weakness as freight and rail names underperform. On that note, C.H. Robinson (CHRW 71.82, -1.84) has lost 2.5% while CSX (CSX 24.57, -0.27) has declined 1.2%.

On the commodities front, WTI crude trades lower by 0.6% at $37.52/bbl while gold has gained 1.5% ($1,245.00/ozt).

The Treasury complex has moved to fresh highs as the yield on the 10-yr note slips three basis points to 1.72%.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -22.10.

The stock market is on track for a lower open as the S&P 500 futures trade 11 points below fair value. Futures retreated from their highs as a mixed session in Asia and weakness in European bourses undercut yesterday's strong finish in domestic markets. A downturn in oil may also be weighing on sentiment as WTI crude slips 0.9% ($37.41/bbl) after yesterday's 5.0% spike. Additionally, investors could be looking to decrease their risk amid stretching valuations. The S&P 500 closed yesterday trading at 17.5x forward twelve-month earnings estimates, which is nearly a 10% premium to the 15-year average, according to S&P Capital IQ.

The U.S. Dollar Index (94.61, +0.18) has trimmed its gain as the greenback loses more ground to the yen. The dollar/yen pair has tumbled 1.4% to 108.22. Meanwhile, the euro gave back earlier gains registered against the dollar following dovish remarks from European Central Bank President Draghi. The single currency trades lower by 0.5% against the dollar at 1.1346.

In specific company news, Apple (AAPL 110.44, -0.52) has lost 0.5% in pre-market action after receiving a price target decrease at BTIG Research. The firm lowered its target to $130 from $141, but maintained its "Buy" rating on the company. Separately, ConAgra (CAG 46.20, +0.77) trades higher by 1.7% after beating top and bottom-line estimates in the third quarter.

Economic data has been limited to initial claims, which came in at 267,000 (Briefing.com consensus 270,000). This compared to last week's reading of 270,000. Meanwhile, continuing claims rose to 2.191 million from 2.172 million. Today's data will be capped off with Consumer Credit for February (Briefing.com consensus $14.40 billion), which will be released at 15:00 ET.

On the central bank front, Fed Chair Yellen and former Fed Chairs Ben Bernanke, Alan Greenspan, and Paul Volcker will take part in a panel titled, "When the Federal Reserve Speaks...the World Listens." The discussion will begin at 17:30 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -18.70.

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

Equity markets across the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei edged up 0.2%, but that masked significant yen strength, which pressured the dollar/yen pair below the 108.50 area. The spike in the Japanese currency occurred after Bank of Japan Governor Haruhiko Kuroda said the central bank is ready to introduce more easing if necessary. Separately, Chief Cabinet Secretary Yoshihide Suga said that foreign exchange markets are becoming one-sided and that the government is watching and ready to act.

In economic data:
Japan's Foreign Bonds Buying -JPY1,555.10 billion (previous JPY1,164.30 billion) and Foreign Investment in Japanese Stocks JPY415.20 billion (last -JPY358.80 billion)
Australia's March AIG Construction Index 45.2 (last 46.1)

---Equity Markets---

Japan's Nikkei added 0.2% with five sectors ending in the green. Health care (+2.8%), communications (+1.5%), and energy (+1.5%) outperformed while utilities (-1.1%) and financials (-0.7%) lagged. Sumitomo Dainippon Pharma, Keisei Electric Railway, Konami, Sumitomo, Takeda Pharmaceuticals, and Yamaha gained between 1.7% and 2.9%. On the downside, Mazda, Fast Retailing, Alps Electric, and Dai-ichi Life Insurance lost between 1.9% and 3.6%.
Hong Kong's Hang Seng rose 0.3% with roughly half of its components posting gains. CNOOC, Tencent Holdings, China Mobile, Lenovo, and Belle International show gains between 0.9% and 2.2%. On the flip side, Bank of East Asia, Bank of Communications, and China Life Insurance registered losses between 1.0% and 2.1%.
China's Shanghai Composite fell 1.4% with CITIC Heavy Industries, China Petroleum & Chemical, and Sinopec Oilfield Services losing between 0.6% and 2.8%.

Most major European indices trade near their flat lines while Italy's MIB (-1.3%) underperforms amid significant weakness in financials. It is worth noting that a Dutch referendum on closer political and economic ties with Ukraine showed that 64% of voters rejected the treaty. The vote had a turnout of 32%, which was just over the 31% threshold needed to validated the results. This vote served as another reminder of growing differences within the European Union with countries pushing back against giving more power to Brussels.

In economic data:
UK's March Halifax House Price Index +2.6% month-over-month (expected 0.7%; last -1.5%); +10.1% year-over-year (consensus 0.7%; previous -1.5%)
France's February Current Account -EUR3.90 billion (expected -EUR1.00 billion; previous -EUR2.20 billion). Separately, February Trade deficit widened to EUR5.20 billion from EUR3.90 billion (expected deficit of EUR3.80 billion)
Spain's February Industrial Production +2.2% year-over-year (consensus 3.2%; last 3.4%)

---Equity Markets---

France's CAC trades down 0.2% with bank stocks pressuring the index. BNP Paribas, Credit Agricole, Societe Generale, and AXA are down between 1.2% and 2.1%. On the upside, drug maker Sanofi has climbed 0.9%.
UK's FTSE trades lower by 0.2% with financials among the laggards. Lloyds Banking, Aviva, RBS, Old Mutual, and Barclays are down between 1.1% and 4.0%. Select consumer names have shown strength with Marks & Spencer, Sainsbury, Sports Direct, and Kingfisher up between 0.9% and 3.3%.
Germany's DAX is lower by 0.3% with most components in the red. Daimler leads the retreat with a 4.2% loss while Deutsche Bank, Commerzbank, BMW, and BASF show losses between 0.8% and 2.4%.
Italy's MIB has given up 1.3%. UBI Banca, Banca Pop Emilia Romagna, BMPS, Mediobanca, Intesa Sanpaolo, and Unicredit lead the retreat with losses between 3.0% and 4.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -17.90.

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

The latest weekly initial jobless claims count totaled 267,000 while the Briefing.com consensus expected a reading of 270,000. Today's tally compared to 276,000 in the prior week. As for continuing claims, they rose to 2.191 million from 2.172 million (revised from 2.173 million).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -23.40.

U.S. equity futures hover above overnight lows as the S&P 500 futures trade 11 points below fair value.

Futures slipped overnight as investors shifted their focus back towards uncertainty over global growth and concerns over stretched valuations in the domestic market. Meanwhile, overseas sessions are sporting a lackluster showing as developments in the foreign exchange market dominate headlines. The U.S. Dollar Index (94.56, +0.13) has picked up in recent trade, but the greenback remains pressured by the yen. The dollar/yen pair remains down by 1.2% at 108.45. Elsewhere, the euro has slipped 0.3% (1.1370) against the dollar. For its part, the Treasury complex trades higher with the yield on the 10-yr note lower by two basis points at 1.73%.

On the economic front, data will be limited to weekly initial claims (Briefing.com consensus 270k) and Consumer Credit for February (Briefing.com consensus $14.40 billion), which will be released at 8:30 ET and 15:00 ET, respectively. Interestingly, Fed Chair Yellen will take part in a panel discussion at 17:30 ET. The title of the panel is, "When the Federal Reserve Speaks...the World Listens", and will also include former Fed Chairs Ben Bernanke, Alan Greenspan, and Paul Volcker.

In U.S. corporate news of note:

Valeant Pharmaceuticals (VRX 35.89, +1.72): +5.0% after confirming lender consent to amend filing deadlines in return for interest rates increases on its debt
Twitter (TWTR 16.78, -0.48): -2.8% following a price target decrease at Morgan Stanley from $18 to $16
Bed Bath & Beyond (BBBY 50.50, +1.69): +3.5% after reporting a bottom-line beat for Q4 and initiating a quarterly dividend of $0.125/share
Wynn Resorts (WYNN 94.05, +4.50): +5.0% following an upgrade to "Outperform" at Telsey Advisory Group and a price target increase to $112 from $67
Yahoo! (YHOO 35.83, -0.83): -2.3% after headlines indicated that the company's disclosures to potential buyers signal declining revenue and earnings

Reviewing overnight developments:

Asian-Pacific indices ended Thursday on a mixed note with China's Shanghai Composite -1.4%, Japan's Nikkei +0.2%, and Hong Kong's Hang Seng +0.3%
In economic data:
Japan's Foreign Bonds Buying -JPY1,555.10 billion (previous JPY1,164.30 billion) and Foreign Investment in Japanese Stocks JPY415.20 billion (last -JPY358.80 billion)
Australia's March AIG Construction Index 45.2 (last 46.1)
In news:
Bank of Japan Governor Haruhiko Kuroda said the central bank is ready to introduce more easing if necessary.
The dollar/yen pair fell to the 108.50 area with continued strength from the yen.
Chief Cabinet Secretary Yoshihide Suga said that foreign exchange markets are becoming one-sided and that the government is watching and ready to act.

European indices trade flat with Germany's DAX -0.4%, France's CAC -0.3%, and the U.K.'s FTSE -0.3%. Elsewhere, Italy's MIB has surrendered 1.7%.
In economic data:
UK's March Halifax House Price Index +2.6% month-over-month (expected 0.7%; last -1.5%); +10.1% year-over-year (consensus 0.7%; previous -1.5%)
France's February Current Account -EUR3.90 billion (expected -EUR1.00 billion; previous -EUR2.20 billion). Separately, February Trade deficit widened to EUR5.20 billion from EUR3.90 billion (expected deficit of EUR3.80 billion)
Spain's February Industrial Production +2.2% year-over-year (consensus 3.2%; last 3.4%)
In news:
A Dutch referendum on closer political and economic ties with Ukraine showed that 64% of voters rejected the treaty.
The vote had a turnout of 32%, which was just over the 31% threshold needed to validated the results.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -20.90.

5:57 am: [BRIEFING.COM] Nikkei...15750...+34.50...+0.20%. Hang Seng...20266...+59.40...+0.30%.

5:57 am: [BRIEFING.COM] FTSE...6158.6...-3.00...-0.10%. DAX...9591.94...-32.60...-0.30%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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