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 Post subject: April 22nd Friday Trade Results - Profit $4062.50
PostPosted: Fri Apr 22, 2016 5:25 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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042216-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4062.50.png
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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 @ $4062.50 dollars or +81.25 points, Light Crude Oil CL ($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 @ $4062.50 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=2343

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 a mixed week on a wobbly note as disappointing earnings results from the likes of Alphabet (GOOG 718.77, -40.37) and Microsoft (MSFT 51.78, -4.00) weighed on the technology (-1.9%) sector. The major averages ended off their lows as crude oil extended its recent rally and the heavyweight financial sector (+1.0%) outperformed. The Nasdaq Composite lost 0.8%, ending the week lower by 0.7% while the S&P 500 (UNCH) locked in a weekly gain of 0.5%.

Equity indices spent the bulk of their trading day in negative territory, pressured by heavily-weighted technology (-1.9%) and consumer discretionary (-0.3%). The two sectors traded behind the market for the entire session and helped waylay a larger rebound attempt. For its part, crude oil added support to the broader market as the energy component finished the day higher by 1.4% ($43.77/bbl).

The major averages would carve out new session lows in the late morning, spurred on by growing losses in the heavyweight health care space (+0.2%). However, the broader market would stage a recovery in the afternoon, as eight sectors extended their gains. By the end of the session, energy (+1.3%), financials (+1.0%), utilities (+0.9%), and telecom services (+0.8%) topped the leaderboard. Meanwhile, technology (-1.9%) and consumer discretionary (-0.3%) finished with the only losses.

In the technology space (-1.9%), Alphabet (GOOG 718.77, -40.37) fell 5.3% after it disappointed investors with a bottom-line miss in the first quarter. Particularly, participants focused on rising investments in its mobile search platform and increasing traffic acquisition costs. Meanwhile, Microsoft (MSFT 51.78, -4.00) fell 7.2% as slowing consumer PC sales and weaker than expected fourth-quarter revenue guidance preyed on investor confidence. The broader sector trimmed its 2016 gain to 0.2%.

The consumer discretionary space (-0.3%) also suffered from some unsatisfactory quarterly results as large cap Starbucks (SBUX 57.68, -2.96) fell 4.9% after missing comparable store sales growth forecasts. The coffee chain did report in-line results for the first quarter though. Elsewhere, Dow component McDonald's (MCD 125.50, -0.29) ended its session lower despite reporting top-and-bottom-line results that came in above analysts' estimates. The company saw global comparable sales rise 6.2%, which was also above estimates.

In the energy space (+1.3%), independent oil and gas companies outperformed as crude oil extended its weekly gain to 8.3%. On the flipside, oilfield service name Schlumberger (SLB 79.93, -0.34) underperformed the sector as participants weighed falling global activity against largely in-line results. Schlumberger noted that total North American revenue fell 25.0%, while its U.S. land rig count declined by 31.0%.

The financial sector (+1.0%) extended its weekly gain to 2.8% as better than expected results from E*TRADE (ETFC 26.14, +0.80) and SunTrust Banks (STI 41.96, +2.09) capped off a strong week.

On the currency front, the U.S. Dollar Index (95.11, +0.51) ended its day broadly higher as the yen and euro weakened against the greenback. The dollar/yen pair jumped 2.0% (111.63) after comments from Japanese officials alluded to the possibility that the Bank of Japan may apply negative interest rates to bank loans. For its part, the euro/dollar pair fell 0.6% to 1.1226.

Treasuries ended the day lower with the yield on the 10-yr note rising two basis points to 1.88%. This represents a 13-basis point gain from last Friday's settlement at 1.75%.

Today's trading volume was strong with more than one billion shares changing hands at the NYSE floor.

There was no economic data of note released today.

Monday's economic data will be limited to March New Home Sales (Briefing.com consensus 521k), which will cross the wires at 10:00 ET.

Dow Jones +3.3% YTD
S&P 500 +2.3% YTD
Russell 2000 +0.8% YTD
Nasdaq Composite -2.0% YTD

Week in Review: S&P 500 Continues Higher While Nasdaq Lags

The past week saw the S&P 500 notch a fresh high for theyear before registering its second consecutive weekly gain. The benchmark indexadded 0.5% for the week while the Nasdaq underperformed, shedding 0.7%.

Investors did not receive any market-moving data during thepast week, which kept the Atlanta Fed's GDPNow forecast for the first quarter unchangedat 0.3%. The advance estimate of first-quarter GDP will be reported on Thursdayat 8:30 ET, a day after the Federal Open Market Committee announces its latestpolicy decision.

The Fed meeting will be the highlight of next week, but thefed funds futures market remains convinced that there is just a 1.0% chance ofa rate hike being announced on Wednesday.

Investors received the first heavy batch of first-quarter earningsduring the past week and the results have been mixed relative to loweredexpectations. Disappointing results from Alphabet (GOOG) and Microsoft (MSFT) kept theNasdaq behind the S&P 500 while economically-sensitive rail carriers like Union Pacific (UNP) and Norfolk Southern (NSC) topped marketexpectations, masking year-over-year declines in revenue.

The advance in stocks was accompanied by some selling in theTreasury market that sent the benchmark 10-yr yield to 1.88% from the previousweek's settlement at 1.75%.

3:30 pm: [BRIEFING.COM]

The dollar index hits an intra-day high of 95.18 before reversing and trending lower, still up +0.5% on the day, trading at the 95.06 level, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.6% at 83.05
Crude oil heads lower, consolidating near the midpoint of its early morning rally, still higher on the day
June crude Oil futures rose $0.59 (+1.4%) to $43.77/barrel
Reminder: The next OPEC meeting is scheduled for June 2016
Natural gas stages an afternoon rally, closing near its high of the day
May natural gas closed $0.07 higher (+3.4%) at $2.14/MMBtu
Natural gas is currently up +8.2% for the week; a good portion of those gains were seen on Tuesday, despite a lack of a clear cut catalyst
We may be seeing some buying on some weather along with the monthly rollover for natural gas futures as next week June (M) becomes the front month for natural gas
In precious metals, gold initially dropped to fresh lows around the $1229.50/oz level before reversing and making up some of those losses, still closing lower on the day
June gold ended today's session down $20.80 (-1.7%) to $1229.40/oz
Silver rallies off the morning lows, but still ends pit trading lower on the day
May silver closed today's session $0.18 lower (-1.1%) at $16.91/oz
Base metal copper edges up in afternoon pit trading
May copper closed $0.01 higher (+0.4%) at $2.26/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the major averages trade well off their lows with the tech-heavy Nasdaq (-0.8%) trailing the S&P 500 (UNCH) and the Dow Jones Industrial Average (+0.1%).

The heavyweight technology (-1.8%) sector trails consumer discretionary (-0.2%), consumer staples (+0.2%), and health care (+0.2%) on the bottom of the leaderboard.

The PHLX Semiconductor Index (+0.3%) demonstrates relative strength as the index trims its week-to-date loss to 0.6%. In the group, Qualcomm (QCOM 52.67, +1.01) has gained 1.9% as it rebounds from its post-earnings decline. Conversely, Intel (INTC 31.55, -0.42) has fallen 1.3%.

In the broader technology space (-1.8%), Visa (V 79.22, -1.57) has declined 1.9% after lowering revenue, growth, and earnings guidance for 2016. However, the company did report a bottom-line beat on in-line revenue for the first quarter.

The Treasury complex has slipped lower as the yield on the 10-yr note rises two basis points to 1.88%

WTI crude ended the week higher by 1.4% at $43.77/bbl. This represents a gain of 8.3% since last Friday's pit close.

2:30 pm:

[BRIEFING.COM] The major averages have ticked higher as the S&P 500 (UNCH) trades behind the Dow Jones Industrial Average (+0.1%).

Consumer staples (+0.2%), health care (+0.3%), and industrials (+0.3%) hover just above their flat lines.

In the health care space (+0.3%), biotechnology has turned positive after showing relative weakness earlier. For the week, the iShares Nasdaq Biotechnology ETF (IBB 287.79, +0.24) has gained 2.6%, compared to a 2.6% gain in the broader health care group. Elsewhere, Perrigo (PRGO 121.08, -7.60) has declined by 5.6% after reports speculated that the company's CEO, Joseph Papa, is a likely candidate to replace Michael Pearson as CEO of Valeant Pharmaceuticals (VRX 35.90, +2.55).

On the commodities front, WTI crude trades higher by 1.3% ($43.73/bbl) ahead of its pit session close at 14:30 ET. Meanwhile, gold ended its day at $1,229.40/ozt (-1.7%; -20.80).

2:00 pm:

[BRIEFING.COM] The broader market floated higher in recent action as the Nasdaq Composite trims its loss to 1.0%. The tech-heavy index remains behind both the S&P 500 (-0.1%) and the Dow Jones Industrial Average (+0.1%).

Eight sectors trade in the green with energy (+1.1%), financials (+1.0%), utilities (+0.8%), and materials (+0.8%) topping the board.

The energy space (+1.1%) has outperformed today as WTI crude trades higher by 1.6% at $43./bbl. For the week, the energy component has gained 8.5%, compared to a 5.0% gain in the broader energy sector. Schlumberger (SLB 79.74, -0.53) has narrowed a 3.2% loss to 0.7% in recent action. The company reported earnings before the bell, which fell in line with analysts' estimates. Schlumberger also left its overall outlook on the oil market unchanged. Its total North American revenue fell 25.0% as its U.S. land rig count declined by 31.0%. On a somewhat related note, this week's Baker Hughes Total Rig Count fell by 8 rigs to 343.

1:25 pm:

[BRIEFING.COM] Equity indices remain near their lowest levels of the day as significant weakness in the technology sector (-2.3%) pressures the S&P 500 (-0.4%) and the Nasdaq Composite (-1.2%).

The underperformance in the tech sector has kept the Nasdaq well behind the broader market, but the index has also had to contend with relative weakness in biotechnology. To that point, the iShares Nasdaq Biotechnology ETF (IBB 285.89, -1.66) is lower by 0.5% while the broader health care sector (-0.2%) trades a bit closer to its flat line.

On the upside, the energy sector (+0.7%) trades comfortably ahead of the S&P 500 thanks to a 1.1% spike in crude oil, which has climbed to $43.65/bbl.

Treasuries have spent the day just below their flat lines and they continue showing slim losses with the 10-yr yield up one basis point at 1.87%.

1:10 pm:

[BRIEFING.COM] The stock market trades on a lower note at midday as an earnings-fueled downturn in technology (-2.3%) weighs on the major averages. Today's action has also been impacted by the outperformance of the heavily-weighted financial (+0.8%) sector and an extended rally in crude oil. The Nasdaq Composite (-1.3%) trades behind the S&P 500 (-0.4%) and the Dow Industrial Average (-0.2%).

The major averages opened under pressure as weaker than expected results from heavily-weighted Alphabet (GOOG 717.04, -42.10) and Microsoft (MSFT 51.75, -4.02) weighed on the broader market. However, the indices briefly lifted from their opening levels as health care (-0.1%) climbed the leaderboard. This uptick would prove to be short-lived though as the countercyclical sector succumbed to selling pressure in biotechnology.

The major averages carved out fresh session lows shortly thereafter as the technology sector (-2.3%) moved to a new low. Six sectors trade in positive territory at midday with energy (+1.0%), financials (+0.8%), and utilities (+0.5%) leading the way. Conversely, heavily-weighted technology (-2.3%) and consumer discretionary (-0.5%) round out the leaderboard.

In the technology group (-2.3%), Alphabet (GOOG 717.04, -42.10) and Microsoft (MSFT 51.75, -4.02) show respective losses of 5.6% and 7.2% as investors ruminate over bottom-line misses in the first quarter. Microsoft also disappointed participants by lowering fourth quarter revenue estimates below consensus. Separately, Facebook (FB 109.77, -3.66) trades lower in sympathy with the two names. Additionally, the broader technology space has entered negative territory for the year, showing a loss of 0.2% in 2016.

Online retailer Amazon (AMZN 617.37, -13.63) weighs on the consumer discretionary (-0.5%) sector. The stock trades lower by 2.2% ahead of earnings on April 28. Starbucks (SBUX 57.14, -3.50) has surrendered 5.8% as first-quarter global comparable store sales growth misses expectations. Separately, lodging names underperform as Marriott (MAR 65.84, -2.39) falls 3.5%.

In the industrial space (-0.1%), Honeywell (HON 113.15, -1.77) and General Electric (GE 30.43, -0.55) display relative weakness after reporting their first quarter earnings. Honeywell topped estimates for the first quarter, but lowered revenue guidance for the second quarter. General Electric has been pressured by a decline in organic revenue as investors weigh a mixed quarter. Elsewhere, the Dow Jones Transportation Average (+0.8%) outperforms after Norfolk Southern (NSC 91.27, +8.64) beat bottom-line estimates for the quarter.

The financial sector (+0.8%) has extended its week to date gain to 2.6% as life insurance names demonstrate relative strength. On that note, MetLife (MET 46.95, +0.83) has extended its weekly gain to 5.2%. Meanwhile, SunTrust Banks (STI 41.82, +1.95) has gained 4.9% after topping analysts' estimates for the first quarter.

The U.S. Dollar Index (95.13, +0.53) has spiked as the yen tumbles against the greenback. The dollar/yen pair trades higher by 2.0% (111.62) as investors respond to commentary suggesting that the Bank of Japan could potentially apply negative interest rates to bank loans. Elsewhere, the euro/dollar pair has lost 0.6% (1.1225).

The Treasury complex trades lower with the yield on the 10-yr note rising one basis point to 1.87%.

Investors did not receive any economic data today.

12:30 pm:

[BRIEFING.COM] The major averages have ticked lower since our last update as the Nasdaq Composite (-1.3%) trails the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.2%).

Five sectors trade in the green with energy (+1.1%), financials (+0.7%), and utilities (+0.6%) outperforming.

In the industrial space (-0.1%), Honeywell (HON 113.37, -1.55) and General Electric (GE 30.41, -0.56) have declined a respective 1.4% and 1.8%. Honeywell topped estimates for the first quarter, but has been unable to gain as investors look to below-consensus revenue guidance for the second quarter. Meanwhile, General Electric has been pressured by a decline in organic revenue.

The Dow Jones Transportation Average (+0.6%) outperforms as strength in rail names outweighs a downturn in airlines. The rail sub-group trades higher with Norfolk Southern (NSC 91.20, +8.57). The stock has gained 10.4% after beating bottom-line estimates for the quarter. Meanwhile, American Airlines (AAL 36.08, -1.93) has tumbled 4.8% after issuing second quarter unit revenue figures that came in below analysts' estimates.

11:55 am:

[BRIEFING.COM] The S&P 500 (-0.3%) trades three points above its session low as the index trails the Dow Jones Industrial Average (-0.2%). For the week, the two indices show respective gains of 0.2% and 0.4%.

The heavyweight health care space (UNCH) has moved up to flirt with its flat line as it leads industrials (-0.2%), consumer discretionary (-0.6%) and technology (-2.1%).

In the financial sector (+0.8%), E*TRADE (ETFC 26.26, +0.92) has gained 3.6% after reporting a bottom-line beat on in-line revenue for the first quarter. The company's top line showed a 7.0% increase year-over-year. Life insurance names demonstrate relative strength as MetLife (MET 46.95, +0.83) extends its weekly gain to 5.2%. The broader financial sector has gained 2.5% this week and only trails energy (+1.0%; week-to-date 4.9%) over that period.

The Treasury complex continues to trade on a lower note with the yield on the 10-yr note rising one basis point to 1.88%. This represents a 13-basis point move from last Friday's settlement at 1.75%.

11:30 am:

[BRIEFING.COM] The major U.S. indices continue to hover near session lows as the Nasdaq Composite (-1.3%) trails the S&P (-0.4%).

Five sectors trade in positive territory with energy (+0.8%), financials (+0.8%), and utilities (+0.6%) leading the pack.

In the consumer discretionary space (-0.8%), large cap Starbucks (SBUX 57.22, -3.42) has fallen 5.6% after reporting that first-quarter global comparable store sales growth came in below consensus. However, the coffee shop operator did report in-line earnings and revenue for the period. Elsewhere, Amazon (AMZN 613.43, -17.57) has fallen 2.8% as it trades lower with other Nasdaq constituents. Investors could be looking to book some profits here as the name has gained 3.3% in April, compared to a gain of 1.1% in the benchmark index. Conversely, Viacom (VIAB 43.03, +0.48) has gained 1.2% after receiving a price target increase at Topeka Capital. The media name will report earnings on April 28, before the opening bell.

On the commodities front, WTI crude trades higher by 1.7% at $43.93/bbl while gold has fallen to $1,243.50/ozt (-0.5%).

11:00 am:

[BRIEFING.COM] The major averages continue to see pressure as the Nasdaq Composite (-1.4%), S&P 500 (-0.4%), and the Dow Jones Industrial Average (-0.3%) slide to new session lows.

Five sectors trade in the red with technology (-2.3%), consumer discretionary (-0.7%), health care (-0.3%), and industrials (-0.2%) leading the downside.

In the technology group (-2.3%), heavyweights Alphabet (GOOG 716.47, -42.67) and Microsoft (MSFT 54.57, -4.21) have surrendered a respective 5.6% and 7.6% following disappointing quarterly reports. Meanwhile, fellow large cap Facebook (FB 109.33, -4.11) trades lower in sympathy with the pair, as investors look ahead to its earnings report on April 27. The broader technology sector sports the largest monthly loss among cyclical sectors (-2.4%), with only consumer discretionary (-0.8%; month-to-date -0.2%) joining it in the red over that period.

The U.S. Dollar Index (94.92, +0.32) has moved back towards its session high as the greenback extends its gain over the yen and the euro. The dollar/yen pair trades higher by 1.8% (111.43) while the euro has slipped 0.3% against the dollar (1.1254).

10:30 am: [BRIEFING.COM]

The dollar index trends higher (+0.4%), hovering around the 94.93 level as morning pit trading commences, not appearing to weigh on commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.5% at 83.99
Crude oil sees a notable morning spike, trading near its highs of the day
June crude oil futures are currently up $1.14 (+2.6%) at $44.32/barrel
Next Opec meeting is scheduled for June
Natural gas stages a brief morning rally before reversing & dropping slightly into negative territory, oscillating around this area, currently trading slightly above parity with the previous session's close
May natural gas futures are currently up $0.02 (+0.8%) at $2.08/MMBtu
In precious metals, gold initially trended lower before bouncing off the $1241.90/oz level and reversing some of its losses, trading lower on the day
June gold futures are currently down $4.50 (-0.4%) at $1245.80/oz
Silver exhibits notable volatility in morning pit trading, currently trading near its high of the day
May silver futures are currently up $0.23 (+1.4%) at $17.33/oz
Base metal copper rallies for the third consecutive day
May copper futures are currently up $0.04 (+1.9%) at $2.29/lb

10:00 am:

[BRIEFING.COM] The major averages have continued to move off their opening levels as the Nasdaq Composite (-0.6%) trades behind the S&P 500 (+0.1%).

In front of the pack, commodity-sensitive energy (+1.5%) leads financials (+1.1%), materials (+0.9%), and utilities (+0.9%). Conversely, technology (-1.4%) trails industrials (-0.1%) and consumer staples (-0.1%).

In the consumer staples space (-0.1%), Kimberly-Clark (KMB 124.75, -7.00) has tumbled 5.2% after reporting a bottom-line beat on light revenue in the first quarter. The broader sector sports the second-largest loss on a week to date basis, declining 2.8%. This trails only utilities (+0.9%; week-to-date -3.3%) over that period.

The U.S. Dollar Index (94.93, +0.33) has ticked off its session high as the yen regains some ground against the greenback. The dollar/yen pair trades higher by 1.7% at 111.29. Meanwhile, the euro has slipped 0.3% against the dollar (1.1256).

9:45 am:

[BRIEFING.COM] The major averages began the day on a mixed note as the tech-heavy Nasdaq (-0.6%) trailed the S&P 500 (UNCH) and the Dow Jones Industrial Average (+0.2%).

Eight sectors opened in the green with energy (+1.0%), financials (+0.9%), utilities (+0.8%), and materials (+0.8%) leading the way. Conversely, technology (-1.4%) and consumer staples (-0.2%) are the only decliners. The remaining gainers show upticks between 0.1% (industrials) and 0.5% (health care).

In the technology sector (-1.4%), software large cap Microsoft (MSFT 51.82, -3.96) has tumbled 7.1% after issuing cautious guidance for the fourth quarter.

The Dow Jones Transportation Average (+0.6%) sports a modest gain as airline names demonstrate relative weakness. The sub-group trades lower with American Airlines (AAL 37.26, -2.74). The company disappointed investors with its revenue per passenger readings for the quarter.

On the commodities front, WTI crude trades higher by 1.4% at $43.79/bbl while gold has slipped 0.6% to $1,242.80/ozt.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -50.70.

The stock market is on track for a lower open as the S&P 500 futures trade three points below fair value. Meanwhile, the Nasdaq futures continue to show a larger loss as heavily-weighted Microsoft (MSFT 52.78, -3.00) and Alphabet (GOOG 723.00, -36.14) weigh on Nasdaq futures.

Disappointing earnings results have depressed futures as investors continue to assess a mixed first quarter. Overseas, below-consensus readings of Services PMIs out of Germany and the eurozone added to the negative tenor. Furthermore, the U.S. Dollar Index (94.91, +0.31) spiked overnight as the yen tumbled against the greenback. The dollar/yen pair trades higher by 1.6% (111.25) as investors respond to commentary suggesting that the Bank of Japan could potentially apply negative interest rates to bank loans.

In company specific news, Visa (V 78.20, -2.59) has slid 3.2% in pre-market as investors weigh a bottom-line beat against lowered revenue and earnings guidance. Meanwhile, Valeant Pharmaceuticals (VRX 35.35, +2.00) has gained 6.0% after reports indicated that the company is discussing hiring Perrigo (PRGO 123.02, -5.66) CEO Joseph Papa to replace its Chief Executive. Separately, Norfolk Southern (NSC 87.03, +4.4) trades higher by 5.5% after the company reported a bottom-line beat on in-line revenue for the first quarter. The company's railway operating ratio increased to 70.1% from 62.1% in the prior year.

WTI crude has extended its gain to 1.4% ($43.79/bbl) as investors look forward to this afternoon's Baker Hughes Rig count. The reading will cross the wires at 13:05 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -44.50.

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

Equity markets across the Asia-Pacific region ended the week on a mixed note. Japan's Nikkei outperformed other regional markets, climbing 1.2%, amid reports suggesting the Bank of Japan may begin lending to banks at negative rates. The speculation boosted equities while pressuring the yen into the 111.10 area against the dollar.

In economic data:
Japan's April Manufacturing PMI 48.0 (expected 49.6; previous 49.1) and Tertiary Industry Activity Index -0.1% month-over-month (expected -0.4%; last 0.7%)
Singapore's Q1 URA Property Index -0.7% quarter-over-quarter (previous -0.7%)

---Equity Markets---

Japan's Nikkei added 1.2%, extending its weekly gain to 4.3%. Eight sectors ended in the green with financials (+2.8%) and consumer discretionary (+1.6%) showing relative strength. Mitsubishi UFJ Financial, Fukuoka Financial Group, Sumitomo Mitsui Trust, Sumitomo Mitsui Financial, Shinsei Bank, Chiba Bank, and Fast Retailing paced the rally with gains between 3.4% and 6.6%.
Hong Kong's Hang Seng lost 0.6%, but gained 0.8% for the week. China Shenhua Energy, Power Assets, Bank of China, ICBC, and Wharf Holdings posted losses between 1.6% and 2.9% while gaming names like Galaxy Entertainment and Sands China both lost near 2.6%.
China's Shanghai Composite added 0.2%, but lost 3.9% for the week. Hareon Solar and Shanghai Prosolar both gained near 3.0% while China Eastern Airlines and Wuhan Iron & Steel lost 5.3% and 2.3%, respectively.

Major European indices trade in mixed fashion with UK's FTSE (-1.1%) trailing other regional markets. Investors received a handful of PMI readings this morning, but most reports came in below market expectations. Elsewhere, the Deputy Chairman of Germany's CDU party voiced renewed concerns about the low interest rate environment fostered by European Central Bank policy.

In economic data:
Eurozone April Manufacturing PMI 51.5 (expected 51.8; previous 51.6) and April Services PMI 53.2 (consensus 53.3; last 53.1)
Germany's April Manufacturing PMI 51.9 (expected 51.0; last 50.7) and April Services PMI 54.6 (consensus 55.2; last 55.1)
France's April Manufacturing PMI 48.3 (consensus 49.8; last 49.6) and April Services PMI 50.8 (consensus 50.2; last 49.9)
Italy's February Industrial New Orders +3.8% year-over-year (previous 0.1%) and Industrial Sales -0.2% year-over-year (last -0.3%). Separately, February Retail Sales +0.3% month-over-month; +2.7% year-over-year (last -0.8%)

---Equity Markets---

UK's FTSE trades lower by 1.1% with miners showing the largest losses. Anglo American, Rio Tinto, Antofagasta, and Glencore are down between 3.0% and 3.4%. Energy-related names also lag with Royal Dutch Shell and BP both down near 1.8%. On the upside, homebuilders Barratt Developments, Persimmon, and Taylor Wimpey show gains between 1.0% and 2.1%.
Germany's DAX is down 0.4% amid significant weakness in exporters. Daimler, Volkswagen, and BMW are down between 2.3% and 7.1% with Daimler showing the biggest loss after US officials asked the company to review its emissions certification process. On the flip side, Adidas, SAP, Fresenius, and Lufthansa are up between 0.7% and 1.4%.
France's CAC is lower by 0.3%. Kering is the weakest performer, down 4.9%, after its quarterly results failed to impress investors. Elsewhere, ArcelorMittal, Peugeot, Lafarge, and Renault are down between 1.3% and 2.9%. Conversely, Essilor International, Veolia Environment, and Vinci are all up near 1.0%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -42.10.

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

In further earnings-related news, Dow component McDonald's (MCD 129.00, +3.21) has gained 2.6% after reporting top and bottom-line results that came in above analysts' estimates. The company reported that global comparable store sales rose by 6.2%, compared to the estimated 4.5% increase. Separately, fellow Dow member General Electric (GE 30.71, -0.27) has slipped 0.9% as investors look to declining organic revenue as opposed to the bottom-line beat for the quarter.

The U.S. Dollar Index (94.94, +0.34) hovers near its session high as the yen and euro slide against the greenback. The dollar has gained 1.3% against the yen, trading at 110.91. Meanwhile, the euro/dollar pair trades lower by 0.3% (1.1253).

On the commodities front, WTI crude trades higher by 0.7% at $43.50/bbl while gold has slipped 0.2% to $1,248.40/ozt.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -38.10.

The S&P 500 futures trade within a point of fair value while Nasdaq futures underperform following disappointing results from Alphabet (GOOG 723.90, -35.24) and Microsoft (MSFT 53.12, -2.66). Futures slipped overnight as investors examined a string of weaker-than-expected quarterly earnings reports. Meanwhile, economic data out of Europe disappointed participants as Services PMI readings out of Germany and the eurozone fell below analysts' estimates. Separately, automakers are weighing on European indices as manufactures worry about the growing number of companies impacted by emission scandals. For its part, WTI crude has been able to extend its weekly gain, as oil trades higher by 0.6% at $43.43/bbl.

The Treasury complex trades on a flat note with the yield on the 10-yr note higher by one basis point at 1.87%.

There is no economic data of note scheduled for release today.

In U.S. corporate news of note:

Alphabet (GOOG 723.90, -35.24): -4.6% after missing bottom-line estimates in Q1 on in-line revenue
Microsoft (MSFT 53.12, -2.66): -4.8% following a bottom line miss in Q3 and lowering Q4 revenue below-consensus
Starbucks (SBUX 58.51, -2.13): -3.5% after reporting in-line results for Q2, but disappointing on comparable store sales growth
General Electric (GE 30.62, -0.36): -1.2% following the company reporting a bottom-line beat on light revenue
Caterpillar (CAT 77.43, -1.23): -1.6% after missing bottom-line estimates in Q1 and lowering FY16 revenue guidance
Honeywell (HON 115.00, +0.08): +0.1% after reporting a top and bottom-line beat for the quarter and raising FY16 guidance

Reviewing overnight developments:

Asia-Pacific indices ended the week on a mixed note with Japan's Nikkei +1.2%, China's Shanghai Composite +0.2%, and Hong Kong's Hang Seng -0.6%.
In economic data:
Japan's April Manufacturing PMI 48.0 (expected 49.6; previous 49.1) and Tertiary Industry Activity Index -0.1% month-over-month (expected -0.4%; last 0.7%)
Singapore's Q1 URA Property Index -0.7% quarter-over-quarter (previous -0.7%)
In news:
In Japan, reports indicated that the Bank of Japan may begin lending to banks at negative rates.
The speculation boosted equities while pressuring the yen into the 110.80 area against the dollar.

European indices trade lower with the U.K.'s FTSE -1.1%, Germany's DAX -0.4%, and France's CAC -0.3%.
In economic data:
Eurozone April Manufacturing PMI 51.5 (expected 51.8; previous 51.6) and April Services PMI 53.2 (consensus 53.3; last 53.1)
Germany's April Manufacturing PMI 51.9 (expected 51.0; last 50.7) and April Services PMI 54.6 (consensus 55.2; last 55.1)
France's April Manufacturing PMI 48.3 (consensus 49.8; last 49.6) and April Services PMI 50.8 (consensus 50.2; last 49.9)
Italy's February Industrial New Orders +3.8% year-over-year (previous 0.1%) and Industrial Sales -0.2% year-over-year (last -0.3%). Separately, February Retail Sales +0.3% month-over-month; +2.7% year-over-year (last -0.8%)
In news:
The Deputy Chairman of Germany's CDU party voiced renewed concerns about the low interest rate environment fostered by European Central Bank policy.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -42.00.

5:50 am: [BRIEFING.COM] Nikkei...17572.5...+208.90...+1.20%. Hang Seng...21467...-155.20...-0.70%.

5:50 am: [BRIEFING.COM] FTSE...6326.57...-54.90...-0.90%. DAX...10345.5...-89.20...-0.90%.

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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