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 Post subject: April 25th Monday Trade Results - Profit $5562.50
PostPosted: Tue Apr 26, 2016 1:16 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:
042516-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+5562.50.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 @ $5562.50 dollars or +111.25 points, Light Crude Oil CL ($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 @ $5562.50 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=2344

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 quiet session on a lower note as investors maintained a risk-off posture ahead of a busy week. Today's decline can be attributed to a downturn in crude oil, presumed profit-taking, and the underperformance of the heavily weighted industrial sector (-0.6%). The Dow Jones Industrial Average (-0.2%) finished in-line with the S&P 500 (-0.2%) and the Nasdaq Composite (-0.2%).

The equity market opened under selling pressure as investors set their sights on this week's Fed meeting. The FOMC will begin its two-day policy meeting tomorrow, and is largely expected to leave interest rates unchanged. However, participants will be looking for clues regarding the central bank's assessment of the economy and any possible changes to the Fed's path towards interest rate normalization. As a result, today's session saw limited interest in risk assets as investors looked to lock in gains after the broader market's recent run.

The key indices hit their lows in the late morning and briefly bounced off those levels through the early morning. The averages would trim their losses further in the final hour of trade. By the end of the session, six sectors remained in negative territory while countercyclical consumer staples (+0.7%) and telecom services (+0.3%) ended with the largest gains.

The commodity-sensitive energy (-1.1%) and materials (-0.6%) spaces rounded out the leaderboard while industrials (-0.6%), health care (-0.4%), and financials (-0.3%) followed.

The energy space (-1.1%) experienced broad-based weakness as the broader sector pulled back along with crude oil. On that note, WTI crude ended its day lower by 2.4% at $42.72/bbl. Meanwhile, Halliburton (HAL 40.04, -0.80) declined 2.0% after announcing its first-quarter revenue ahead of schedule and postponing its conference call until May 3. The company cited an April 30 deadline for its proposed merger with Baker Hughes (BHI 45.04, -1.39) as reason for its delayed call.

In the industrial space (-0.6%) transport names displayed relative weakness, evidenced by the 1.2% decline in the Dow Jones Transportation Average. American Airlines (AAL 37.00, -1.21) underperformed among major airlines as investors continued to focus on below-consensus second quarter unit revenue figures and competition among value airlines. Separately, Union Pacific (UNP 87.61, -2.02) declined by 2.3% as the name pulled back from its recent post-earnings gain. The stock has gained 4.5% since reporting on April 21.

Generic drug names displayed relative weakness in the health care space (-0.4%). The sub-group traded lower in sympathy with Perrigo (PRGO 99.40, -21.95), which lowered its first quarter and full-year earnings estimates below consensus. Furthermore, Perrigo also moved lower after reports indicated that CEO Joseph Papa was departing the company to head up Valeant Pharmaceuticals (VRX 35.16, -0.82).

In the consumer discretionary space (+0.2%), media names outperformed after the Justice Department and the FCC approved Charter Communication's (CHTR 207.01, +9.10) proposed acquisition of Time Warner Cable (TWC 209.63, +8.18).

The U.S. Dollar Index (94.83, -0.29) ended off its session low as the yen and the euro gained against the greenback. The dollar/yen pair finished at 111.22 (-0.5%) while the euro gained 0.3% against the dollar (1.1261).

The Treasury complex finished its day moderately lower as the yield on the 10-yr note rose to 1.90% (+1 bps).

Today's participation fell in-line with the recent average as more than 861 million shares changed hands on the NYSE floor.

Today's economic data was limited to March New Home Sales:

New home sales in March ran at a seasonally adjusted annual rate of 511,000 (Briefing.com consensus 521,000).
That was down 1.5% from February, which saw an upward revision to 519,000 from a previously reported 512,000
Taking into account the February revision, the March result was pretty much in-line with economists' expectations, so the headline disappointment isn't as big as it might appear at first blush.
Moreover, new home sales in March were up 5.4% versus the same period a year ago.
The latter point notwithstanding, sales activity moderated in March, evidenced by a sales pace that was below the prior 3-month average of 526,000.
Interestingly, the moderation in sales occurred with a 1.8% year-over-year decline in the median sales price to $288,000.
At the current sales pace, the inventory of unsold new homes stands at a 5.8 months' supply, which is closing in on the 6.0-months' supply that is typically associated with normal periods of buying and selling.
In March 2015, there was a 5.1 months' supply of unsold homes.

Tomorrow's economic data will include Durable Goods Orders for March (Briefing consensus +1.7%) and February Case-Schiller 20-city Index (Briefing.com consensus +5.6%), which will be released at 8:30 ET and 9:00 ET, respectively. Finally, April Consumer Confidence (Briefing.com consensus 96.7) will cross the wires at 10:00 ET.

Dow Jones +3.2% YTD
S&P 500 +2.2% YTD
Russell 2000 +0.1% YTD
Nasdaq Composite -2.2% YTD

3:30 pm: [BRIEFING.COM]

The dollar index stages a modest rally off its lows of the day around the 94.70 level, weighing on commodities, still down -0.3% at 94.81
Commodities, as measured by the Bloomberg Commodity Index, are down -0.2% at 82.88
After an initial morning rally, crude oil sees a largely uni-directional downtrend in afternoon pit trading, consolidating/closing near its lows for the day
June crude oil futures fell $1.05 (-2.4%) to $42.72/barrel
Contributing factors that may be helping to keep oil prices above $40.00/barrel include:
Positive CFTC Commitment of Traders (COT) report on Friday (spec funds boost bullish bets the most since last May, according to data from the Commodity Futures Trading Commission) COT report showed WTI crude light sweet oil contracts rose 8,733 contracts to 297,733 (short contracts on managed money side was 75,862)
Weakness in dollar index
Gasoline demand has been improving as summer driving season approaches
Natural gas trades notably lower in the morning, bouncing off its low of the day around $2.16/MMBtu, closing just above this level, still lower on the day
June natural gas closed $0.08 lower (-3.5%) at $2.19/MMBtu
Natural gas production in the lower 48 United States averaged 72.2 bln cubic feet per day in Mar, which is down just over 1 Bcf/d compared to the Feb avg. On a month-over-month basis, Mar natural gas production was down nearly 2% from Feb
In precious metals, gold drifts away from its highs of the day in the afternoon, after testing resistance around the $1242.50/oz level 4 times
June gold ended today's session up $10.90 (+0.9%) to $1240.30/oz
Silver ends near its lows of the day, still modestly higher
May silver closed today's session $0.10 higher (+0.6%) at $17.01/oz
Base metal copper edges lower to end afternoon pit trading
May copper futures closed $0.01 lower (-0.4%) at $2.25/lb
Agriculture futures experienced notable movement in afternoon pit trading
The National Agricultural Statistics Service will be releasing a crop report today at 4 pm ET, a contributing factor to the notable gains seen in grain prices in afternoon pit trading
July corn closed $0.13 higher (+3.5%) at $3.84/bushel
July wheat closed $0.12 higher (+2.6%) at $4.78/bushel
July soybeans closed $0.26 higher (+2.6%) at $10.10/bushel

2:55 pm:

[BRIEFING.COM] As the stock market enters into its final hour of trade, the S&P 500 (-0.4%) trades in-line with the Dow Jones Industrial Average (-0.4%) and the behind the Nasdaq Composite (-0.3%).

Seven sectors trade in the red with energy (-1.7%), materials (-0.9%), and industrials (-0.8%) sporting the largest losses. The remaining decliners show losses between 0.1% (utilities) and 0.5% (financials).

In the consumer discretionary space (UNCH), media names demonstrate relative strength as the sub-group trades higher following reports that the Justice Department and the FCC approved Charter Communication's (CHTR 201.20, +3.29) proposed acquisition of Time Warner Cable (TWC 206.46, +5.01).

Separately, in the consume staples group (+0.6%), Tyson Foods (TSN 64.53, +1.46) has gained 2.3% after Cleveland Research made positive comments about the name. The stock was also initiated at Argus with a "Buy" rating and a price target of $80.00.

WTI crude ended its pit session lower by 2.4% at $42.72/bbl while natural gas fell 3.5% to $2.19/MMbtu.

2:30 pm:

[BRIEFING.COM] The stock market has moved lower in recent action as the Nasdaq Composite (-0.5%) trades behind the S&P 500 (-0.4%).

Two of the four countercyclical sectors trade in positive territory with consumer staples (+0.5%) and telecom services (+0.3%) topping the leaderboard. Meanwhile, consumer discretionary (UNCH) and utilities (-0.1%) follow the pair.

In the health care space (-0.6%), Mylan Labs (MYL 45.17, -3.12) has fallen 6.1% as it moves lower in sympathy with Perrigo (PRGO 102.09, -19.26). Perrigo has surrendered 15.5% after offering below-consensus first quarter results and lowering its full-year 2016 earnings guidance. The company has received several downgrades following the first quarter warning. It was also confirmed today that Perrigo's CEO, Joseph Papa, accepted the role of CEO at Valeant Pharmaceuticals (VRX 35.50, -0.48). Meanwhile, biotechnology underperforms, evidenced by the 1.1% decline in the iShares Nasdaq Biotechnology ETF (IBB 285.18, -3.16).

WTI crude trades lower by 2.5% ($42.63/bbl) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have traded sideways recent trade as the Dow Jones Industrial Average (-0.3%) trades in-line with the S&P 500 (-0.3%).

Commodity-sensitive materials (-0.7%) trade in-line with industrials (-0.7%), and the two follow financials (-0.5%) and health care (-0.5%) on the leaderboard.

In the consumer discretionary space (UNCH), L Brands (LB 78.23, +1.47) outperforms after receiving an upgrade to "Buy" from "Hold" at Stifel. Meanwhile, Dow component McDonald's (MCD 127.12, +1.61) has gained 1.2% after receiving a price target increase to $140 from $135 at RBC Capital Markets. The fast food chain ended Friday modestly lower after reporting above-consensus first-quarter results. Conversely, influential Netflix (NFLX 93.64, -2.25) demonstrates relative weakness as it continues its recent losing streak. On that note, the stock declined 14.0% last week after disappointing investors with its quarterly report.

On the commodities front, WTI crude has carved out a fresh session low at $42.85/bbl (-2.0%) while gold ended its day higher by 0.9% ($1,240.30/ozt).

1:35 pm:

[BRIEFING.COM] The major U.S. indices remain in the red, but have continued to ticker higher after bouncing off this morning's lows.

A look inside the Dow Jones Industrial Average shows that Caterpillar (CAT 76.75, -1.57), Goldman Sachs (GS 164.73, -2.02), and Visa (V 78.27, -0.84) are underperforming.

Conversely, McDonald's (MCD 127.21, +1.71) is the best-performing Dow component after RBC Capital Mkts raised their price target on the name to $140.

Today's pullback has trimmed the DJIA's April gains to 1.5%.

Elsewhere, at the top of the hour, the Treasury's $26 bln 2-year auction drew a high yield of 0.842% (When-Issued 0.841%) on a bid-to-cover of 2.64.

1:10 pm:

[BRIEFING.COM] The stock market trades on a lower note as midday as investors adopt a risk-off posture ahead of an eventful week. Today's trade has also featured some pressure towards profit taking, vacillating oil prices, and the underperformance of the financial (-0.7%) and industrial (-0.9%) spaces. At midday, the Dow Jones Industrial Average (-0.3%) trades in-line with the S&P 500 (-0.3%) and the Nasdaq Composite (-0.3%).

Global bourses slipped overnight as investors booked some profits following cautious commentary out of China and ahead of central bank meetings at the Fed and the Bank of Japan. On that note, the FOMC is scheduled to begin its two-day April policy meeting tomorrow. The central bank is widely expected to leave its key fed funds rate unchanged, but investors will be looking for clues as to the path of future rate hikes. Market expectations remain low with the fed funds futures market placing the first above 50.0% probability of a rate hike on the November meeting (53.0%).

A downturn in oil also led to some increased pressure as the energy component pared a slim gain shortly after the opening bell. WTI crude trades lower by 1.1% at $43.25/bbl while the commodity-sensitive energy sector (-1.2%) has fallen to the bottom of the leaderboard. The space trades behind materials (-0.7%), industrials (-0.7%), and financials (-0.5%).

In the energy space (-1.2%), pipeline companies and independent oil and gas names sport the largest losses as investors lock in some profits given the recent rally. The broader sector has gained 6.8% over the month of April, which compares to a gain of 13.0% in oil. Meanwhile, Kinder Morgan (KMI 17.47, -0.65) and Williams Companies (WMB 18.78, -0.76) have declined by a respective 3.5% and 3.9% after Barron's issued cautious commentary on the names.

Rail companies underperform in the industrial space (-0.7%) as the sub-group trims some post-earnings gains. On that note Norfolk Southern (NSC 90.43, -0.90) and Union Pacific (UNP 87.51, -2.12) have shed a respective 1.0% and 2.4%, but remain higher in April by 8.6% and 10.0%, respectively. This compares to a gain of 0.6% in the broader industrial sector. Meanwhile, 3M (MMM 168.19, -0.47) has declined 0.3% ahead its first-quarter earnings tomorrow morning.

The financial sector (-0.5%) has trimmed its month to date gain to 4.1% as money center banks and life insurance names underperform. On that note, MetLife (MET 45.98, 0.91) has declined 2.0%. Meanwhile, Citigroup (C 46.52, -0.45) has lost 1.0%, but still sports a gain of 11.4% in the month of April.

In the heavyweight technology space (-0.2%), Alphabet (GOOG 719.62, +0.85) and Microsoft (MSFT 51.91, +0.13) trade on a flat note after declining a respective 5.3% and 7.2% on Friday. Meanwhile fellow large cap Apple (AAPL 105.05, -0.63) trades lower ahead of its earnings report tomorrow evening.

The U.S. Dollar Index (94.75, -0.36) floats near a session low as the euro and yen gain against the greenback. The euro/dollar pair trades higher by 0.4% (1.1271) while the dollar/yen pair shows a loss of 0.5% (111.22).

The Treasury complex trades at session lows as the yield on the 10-yr note rises one basis point to 1.90%.

Today's economic data was limited to March New Home Sales:

New home sales in March ran at a seasonally adjusted annual rate of 511,000 (Briefing.com consensus 521,000).
That was down 1.5% from February, which saw an upward revision to 519,000 from a previously reported 512,000
Taking into account the February revision, the March result was pretty much in-line with economists' expectations, so the headline disappointment isn't as big as it might appear at first blush.
Moreover, new home sales in March were up 5.4% versus the same period a year ago.
The latter point notwithstanding, sales activity moderated in March, evidenced by a sales pace that was below the prior 3-month average of 526,000.
Interestingly, the moderation in sales occurred with a 1.8% year-over-year decline in the median sales price to $288,000.
At the current sales pace, the inventory of unsold new homes stands at a 5.8 months' supply, which is closing in on the 6.0-months' supply that is typically associated with normal periods of buying and selling.
In March 2015, there was a 5.1 months' supply of unsold homes.

12:30 pm:

[BRIEFING.COM] The major averages have traded sideways since our last update as the S&P 500 (-0.5%) trades in-line with the Nasdaq Composite (-0.5%).

Eight sectors remain in negative territory with energy (-1.5%), materials (-0.9%), and industrials (-0.9%) underperforming. The remaining decliners show losses between 0.2% (utilities) and 0.7% (financials).

The technology space (-0.4%) trades slightly ahead of the broader markets as the sector looks towards pivotal earnings reports later this week. Heavily-weighted Apple (AAPL 105.02, -0.66) is scheduled to report its earnings results after tomorrow's closing bell. Investors will be paying particularly close attention to iPhone sales and estimates, hoping to see a rebound from last quarter's disappointing guidance. Meanwhile, fellow large cap Facebook (FB 109.91, -0.65) will report its first quarter earnings on April 27 after the close. Separately, Alphabet (GOOG 717.81, -0.96) and Microsoft (MSFT 51.86, +0.08) trade on a flat note after disappointing participants with their latest quarterly results on Friday.

The PHLX Semiconductor Index (-0.6%) has extended its April loss to 1.8%, compared to a 2.4% loss in the broader tech space.

12:00 pm:

[BRIEFING.COM] The major indices continue to float above their session lows as the Dow Jones Industrial Average (-0.6%) trades in-line with the S&P 500 (-0.6%).

The utilities sector (-0.1%), consumer discretionary (-0.4%), and technology (-0.5%) currently show the slimmest losses as they trail consumer staples (+0.2%) and telecom services (+0.2%).

In the financial sector (-0.8%), money center banks and life insurance companies demonstrate relative weakness. On that note, Citigroup (C 46.31, -0.66) and Bank of America (BAC 14.83, -0.27) have declined 1.5% and 1.8%, respectively. However, for the month of April, the two names have gained a respective 10.9% and 9.7%. This compares to an uptick of 3.8% in the broader financial sector. On a year to date basis, the financial sector rounds out the leaderboard with a loss of 2.0%.

The Treasury complex has inched off its session low, but the yield on the 10-yr note remains higher by one basis point at 1.89%.

On the commodities front, WTI crude trades lower by 1.4% at $43.12/bbl while natural gas has gained 1.9% ($2.18/MMbtu).

11:30 am:

[BRIEFING.COM] The S&P 500 (-0.6%) recently ticked off a fresh session low as the index trades four points above its worst level of the day.

In front of the pack, countercyclical consumer staples (+0.2%) lead utilities (UNCH) and telecom services (UNCH).

The energy space (-1.3%) continues to see broad-based weakness as the sector slides with oil, trimming its monthly gain. The energy space has gained 6.7% in April, compared to a 13.6% gain in WTI crude. In the group, Halliburton (HAL 40.03, -0.81) has declined by 1.9% after pre-announcing its first quarter revenue. The company will hold its conference call on May 3, where investors will look for clues on the state of Halliburton's merger with Baker Hughes (BHI 45.07, -1.35).

The U.S. Dollar Index (94.70, -0.42) hovers above a fresh session low as the euro extends its gain against the greenback. The euro/dollar pair trades higher by 0.5% (1.1276) after ticking off the 1.1252 level at the open. The dollar continues to show a 0.6% loss against the yen as the pair floats near the 111.10 level.

11:00 am:

[BRIEFING.COM] The major averages float in the neighborhood of their session lows as the Dow Jones Industrial Average (-0.7%) trades behind the S&P 500 (-0.6%).

Nine sectors trade in the red with commodity-sensitive energy (-1.4%) and materials (-1.0%) trailing heavily-weighted industrials (-1.0%) and financials (-0.9%).

In the industrial space (-1.0%), rail names demonstrate relative weakness as the sub-group pulls back from a monthly gain. Union Pacific (UNP 87.24, -2.39) has gained 9.7% since the beginning of April, compared to a gain of 0.4% in the broader industrial sector and 0.6% in the Dow Jones Transportation Average (-1.2%). Meanwhile, Caterpillar (CAT 76.60, -1.72) has extended its post-earnings decline to 2.6% after reporting a bottom-line miss on April 22. Separately, 3M (MMM 166.70, -1.96) has shed 1.2% ahead of its first-quarter earnings report, which will be released tomorrow before the opening bell.

WTI crude slipped from the $43.80/bbl shortly after the open and currently trades lower by 0.5% at $43.81/bbl. Elsewhere, gold has moved off its best level, but remains higher by 0.9% at $1,240.40/ozt.

10:30 am: [BRIEFING.COM]

The dollar index trends lower as morning pit trading commences, currently down -0.3% at the 94.80 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.40% at 83.39
Crude oil sees an initial spike, exhibiting notable volatility this morning, range trading between modest gains & losses
June crude oil futures are currently down $0.17 (-0.4%) at $43.56/barrel
A few catalysts for oil today include:
Positive CFTC Commitment of Traders report on Friday (spec funds boost bullish bets the most since last May, according to data from the Commodity Futures Trading Commission)
COT report showed WTI crude light sweet oil contracts rose 8,733 contracts to 297,733 (short contracts on managed money side was 75,862)
Weakness in dollar index
Gasoline demand has been improving as summer driving season approaches
Natural gas opened initially higher in morning pit trading before entering a notable downtrend, trading near its low of the day
June natural gas futures are currently down $0.08 (-3.5%) at $2.19/MMBtu
Natural gas futures have changed their front month to June, as indicated by the active amount of volume in these contracts
Its worth mentioning that New York regulators recently blocked a natural gas pipeline running through the NorthEastern U.S. by refusing to issue a water permit
In precious metals, gold stages a morning rally, consolidating near its highs of the day
June gold futures are currently up $11.50 (+0.9%) at $1241.50/oz
Silver trends upwards, trading near its high of the day in morning pit trading
May silver futures are currently up $0.17 (+1.0%) at $17.07/oz
Base metal copper edges modestly higher in morning pit trading
May copper futures are currently up $0.01 (+0.4%) at $2.27/lb
This marks the fourth consecutive trading session of gains for May copper futures

10:00 am:

[BRIEFING.COM] The major averages have slipped lower in recent trade as the S&P 500 extends its opening loss to 0.4%. Meanwhile, the Dow Jones Industrial Average (-0.5%) trails the tech-heavy Nasdaq (-0.3%).

The commodity-sensitive energy (-0.9%) space trails materials (-0.6%), financials (-0.5%), industrials (-0.5%), and health care (-0.4%).

In the technology group (-0.3%), Xerox (XRX 9.97, -1.20) displays relative weakness after missing bottom-line estimates for the first quarter. Meanwhile, the high-beta chipmakers outperform, evidenced by the 0.2% gain in the PHLX Semiconductor Index.

The Treasury complex has slipped lower in recent action as the yield on the 10-yr note slips two basis points to 1.90%.

Just released, New Home Sales in March hit an annualized rate of 511,000, which was below the revised February rate of 519,000 (from 512,000), and less than the 521,000 that was expected by the Briefing.com consensus.

9:45 am:

[BRIEFING.COM] The stock market began its day under pressure as the Dow Jones Industrial Average (-0.4%) trades behind the S&P 500 (-0.3%) and the Nasdaq Composite (-0.2%).

All ten sectors began the day under their flat lines as energy (-0.8%) and materials (-0.6%) lead the losses. The remaining sectors show downticks between 0.1% (technology) and 0.5% (financials).

In the Dow Jones Transportation Average (-0.3%) rail names demonstrate relative weakness after last week's strong finish. Meanwhile, airlines outperform as they rebound from last week's losses. On that note, United Continental (UAL 51.31, +0.57) has gained 1.1%, rebounding from last week's 10.8% decline.

On the commodities front, WTI crude trades flat at $43.73/bbl while gold has gained 0.8% to trade at $1,239.30/ozt.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -16.60.

The stock market is on track for a lower open as the S&P 500 futures float seven points below fair value. Futures tracked oil in quiet overseas trade as investors look forward to a busy week. On that note, March Durable Goods Orders (Briefing.com consensus +1.7%) will be released tomorrow at 8:30 ET while the Federal Open Market Committee will begin its two-day policy meeting. Currently, WTI crude trades lower by 0.2% at $43.63/bbl. For its part, safe haven gold has extended its gain to 0.5% ($1,236.10/ozt).

In company specific news, Perrigo (PRGO 106.81, -14.54) has tumbled 12.0% after lowering first quarter and full year earnings estimates below consensus. Perrigo also announced that it will be promoting John Hendrickson to CEO and Laurie Brlas to Chairman. The move follows former CEO Joseph Papa departing the company to accept the position of CEO at Valeant Pharmaceuticals (VRX 36.90, +0.92). Separately, Laboratory Corp (LH 125.00, +3.23) trades higher by 2.7% after beating analysts' estimates for the first quarter. The company raised its full-year earnings guidance above consensus.

The. U.S. Dollar Index (94.90, -0.22) has moved off its low as the yen and the euro trim their gains over the dollar. The dollar/yen pair trades lower by 0.5% at 111.18 while the euro has gained 0.2% again the dollar to trade at 1.1250.

The Treasury complex trades lower with the yield on the 10-yr note rising one basis point to 1.89%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -10.20.

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

Equity markets in the Asia-Pacific region began the trading week on a lower note, but losses were contained for the most part. Japan's Nikkei (-0.8%) led the retreat while the yen strengthened, sending the dollar/yen pair lower by 0.5% to 111.13. Staying in Japan, press reports indicate Prime Minister Shinzo Abe will present a special budget that will focus on earthquake relief. Elsewhere, People's Bank of China Deputy Governor Chen Yulu cautioned against rising credit risks faced by financials.

In economic data:
Japan's Corporate Services Price Index +0.2%, as expected (previous +0.2%) and Leading Index 96.8 (previous 99.8)
Singapore's March CPI -1.0% year-over-year (consensus -0.7%; last -0.8%)

---Equity Markets---

Japan's Nikkei lost 0.8% with eight sectors ending in the red. Communications (-1.8%), technology (-1.1%), and consumer staples (-1.1%) underperformed while financials (+1.0%) showed relative strength. Sony, Mitsubishi, Obayashi, Fast Retailing, Suzuki Motor, and Tokyo Electron lost between 2.2% and 6.0%. On the upside, Sharp, Dai-ichi Life Insurance, Sony Financial, and Toyota Motor gained between 1.2% and 5.5%.
Hong Kong's Hang Seng fell 0.8%. China Resources Power, Li & Fung, Ping An Insurance, Tencent Holdings, and China Life Insurance lost between 1.5% and 2.5%. Conversely, Tingyi, Lenovo Group, and Galaxy Entertainment gained between 0.9% and 2.3%.
China's Shanghai Composite shed 0.4% with Industrial Bank, China Construction Bank, and Inner Mongolia BaoTou Steel falling between 0.2% and 1.3%.

Major European indices trade lower across the board with Italy's MIB (-1.3%) trailing other regional indices amid weakness in select financials. In news, European Central Bank member Vitor Constancio said that ECB policy contributes to financial integration, but that integration has slowed recently.

In economic data:
Germany's April Ifo Business Climate 106.6 (expected 107.0; previous 106.7). April Business Expectations 100.4 (expected 100.8; last 100.0) and Current Assessment 113.2 (consensus 113.8; last 113.8)
UK's April CBI Industrial Trends Orders -11 (expected -15; last -14)

---Equity Markets---

France's CAC is lower by 0.6% with ArcelorMittal sliding 3.4%. Financials also lag with BNP Paribas, Societe Generale, and Credit Agricole down between 1.2% and 1.6%. A handful of index components hold gains with Safran, Renault, and Klepierre up between 1.2% and 2.3%.
UK's FTSE is down 0.6% amid weakness in miners and financials. Anglo American, BHP Billiton, Rio Tinto, Glencore, Randgold Resources, and Antofagasta show losses between 2.4% and 6.4% while Standard Chartered, Prudential, HSBC, and RBS show losses between 1.3% and 4.0%.
Germany's DAX has given up 0.7% with Deutsche Bank pacing the retreat. The stock has tumbled 2.3% while exporters Volkswagen and Daimler are both down near 1.0%. Conversely, Merck has jumped 3.1%.
Italy's MIB trades down 1.3% with Unicredit, Intesa Sanpaolo, UBI Banca, and Mediobanca sliding between 1.5% and 3.2%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -14.50.

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

On the corporate front, Xerox (XRX 10.65, -0.52) trades lower by 4.7% after missing bottom-line estimates for the first quarter. The company announced plans to spin off its BPO arm in July of 2016. Separately, Halliburton (HAL 40.84, 0.00) is unchanged after pre-announcing above-consensus revenue for the first quarter. Halliburton also postponed its conference call until May 3.

The. U.S. Dollar Index (94.73, -0.38) hovers above a session low as the yen and the euro sport gains against the greenback. The dollar has lost 0.7% (110.91) against the yen after the pair recently slipped from the 111.15 level. Meanwhile, the euro/dollar pair trades higher by 0.3% at 1.1258.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -8.20.

U.S. equity futures trade lower with the S&P 500 futures hovering two points below fair value. Overnight, global bourses assumed a risk-off posture ahead of a data heavy week, which features central bank meetings in the U.S. and Japan. The FOMC will convene April 26 and 27 and release its latest policy statement at 14:00 ET on April 27. It is believed that this meeting will not result in a fed funds rate hike, as the fed funds futures market currently estimates the likelihood of a rate increase at 2.0% for the April meeting. However, investors will be looking for clues from the committee as to the future path of rate increases. Separately, oil began the week on a lower note with WTI crude slipping 0.8% to $43.36/bbl.

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

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

In U.S. corporate news of note:

Tribune Publishing (TPUB 12.30, +4.78): +63.6% after Gannett (GCI 15.77, +0.00) announced an offer to acquire the company for $12.25 a share in an all cash transaction
Valeant Pharmaceuticals (VRX 37.80, +1.82): +5.1% after reports indicated that Perrigo (PRGO 112.00, -9.35) will not fight to keep CEO Joseph Papa from moving to Valeant
Philips (PHG 26.81, -1.47): -5.2% after missing bottom-line estimates for the first quarter

Reviewing overnight developments:

Asia-Pacific indices ended the day lower with Japan's Nikkei -0.8%, Hong Kong's Hang Seng -0.8%, and China's Shanghai Composite -0.4%.
In economic data:
Japan's Corporate Services Price Index +0.2%, as expected (previous +0.2%) and Leading Index 96.8 (previous 99.8)
Singapore's March CPI -1.0% year-over-year (consensus -0.7%; last -0.8%)
In news:
In Japan, press reports indicate Prime Minister Shinzo Abe will present a special budget that will focus on earthquake relief.
The dollar/yen pair traded lower overnight to 111.10 (-0.6%).
The People's Bank of China Deputy Governor Chen Yulu cautioned against rising credit risks faced by financials.

European indices trade lower with the U.K.'s FTSE -0.8%, Germany's DAX -0.8%, and France's CAC -0.6%. Elsewhere, Italy's MIB has slid 1.1%.
In economic data:
Germany's April Ifo Business Climate 106.6 (expected 107.0; previous 106.7). April Business Expectations 100.4 (expected 100.8; last 100.0) and Current Assessment 113.2 (consensus 113.8; last 113.8)
UK's April CBI Industrial Trends Orders -11 (expected -15; last -14)
In news:
European Central Bank member Vitor Constancio said that ECB policy contributes to financial integration, but that integration has slowed recently.

5:58 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -3.30.

5:58 am: [BRIEFING.COM] Nikkei...17439...-133.20...-0.80%. Hang Seng...21304...-162.60...-0.80%.

5:58 am: [BRIEFING.COM] FTSE...6282.47...-28.00...-0.40%. DAX...10289.90...-83.60...-0.80%.

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

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

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


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