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 Post subject: April 26th Tuesday Trade Results - Profit $3500.00
PostPosted: Wed Apr 27, 2016 1:21 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
042616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3500.00.png
042616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3500.00.png [ 93.78 KiB | Viewed 280 times ]

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 @ $3500.00 dollars or +70.00 points, Light Crude Oil CL ($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 @ $3500.00 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=2345

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 major averages ended their day little changed as investors evaluated a slew of quarterly earnings results against the potential implications of tomorrow's policy statement from the Fed. Additional focal points of today's trade included a rally in crude oil, weaker-than-expected economic data, and the underperformance of the heavily-weighted technology (-0.4%) and health care (-0.4%) sectors. The Nasdaq Composite (-0.2%) ended behind both the Dow Jones Industrial Average (+0.1%) and the S&P 500 (+0.2%).

Equity indices began the day modestly higher as investors weighed the effects of below-consensus March Durable Goods Orders (+0.8%; Briefing.com consensus +1.7%). The reading added another disappointing piece of economic news to the recent string of weaker-than-expected data. This in turn helped support the belief that the Fed is likely to hold off on hiking interest rates. Currently, the fed funds futures market calculates the odds of a rate hike resulting from the April meeting at zero percent.

The major averages trimmed their initial gain after April Consumer Confidence (94.2; Briefing.com consensus 96.7) also disappointed investors. Furthermore, this downturn in the major indices also corresponded to a leg lower in the heavyweight technology (-0.7%) and health care (-0.6%) sectors. The stock market ended on mixed a mixed note while five sectors ended in the red. Heavily-weighted technology (-0.4%) and health care (-0.4%) finished with the largest losses while energy (+1.4%), materials (+1.1%), industrials (+0.9%), and financials (+0.7%) topped the leaderboard.

In the technology space (-0.4%), large cap names demonstrated relative weakness as Microsoft (MSFT 51.44, -0.67) and Alphabet (GOOG 708.14, -15.01) traded lower ahead of Apple's (AAPL 104.35, -0.73) earnings report. Conversely, the high-beta chipmakers outperformed as the group moved higher with Micron Technology (MU 11.51, +0.96). Micron gained 9.1% after Mizuho released a research note that stated the company will likely benefit from its competitors' capital expenditure cuts.

Biotechnology underperformed in the health care space (-0.4%), evidenced by a loss of 1.6% in the iShares Nasdaq Biotechnology ETF (IBB 281.40, -4.55). The sub-group is pulling back from larger monthly gains, as the ETF trims its April advance to 7.9%. This compares to a gain of 5.2% in the broader sector over that period. Separately, Eli Lilly (LLY 76.27, -1.67) slipped 2.1% after its bottom-line missed analysts' estimates in the first quarter.

The energy space (+1.4%) outperformed as crude gained 2.9% ($43.94) ahead of this week's inventory data. In the group, independent oil and gas names outperformed as they moved higher in sympathy with BP (BP 33.49, +1.70). BP jumped 5.4% after beating bottom-line estimates on light revenue in the first quarter. Additionally, the company left its dividend unchanged at $0.10 per share. Dow component Exxon Mobil (XOM 87.63, +0.30) ended near its flat line after Standard & Poor's lowered its credit rating to "AA+" from "AAA." The ratings agency maintained a stable outlook for the energy company.

The U.S. Dollar Index (94.59, -0.25) finished its session off its low as traders shifted their attention back towards central bank meetings at the Fed and Bank of Japan. The euro/dollar pair ended higher by 0.2% at 1.1287 while the dollar finished lower by 0.2% against the yen (111.42).

The Treasury complex fell throughout the session as the yield on the 10-yr note rose three basis points to 1.94%.

Today's participation was above the recent average as more than 897 million shares changed hands on the NYSE floor.

Today's data included March Durable Goods Orders, February Case-Schiller 20-city Index, and April Consumer Confidence:

The Durable Goods Orders report for March this morning certainly validated the view that the FOMC isn't going to act at this week's meeting.
Specifically, durable goods orders increased 0.8% in March (Briefing.com consensus +1.7%) after declining a downwardly revised 3.1% (from -2.8%) in February.
Excluding transportation, orders declined 0.2% (Briefing.com consensus +0.5%) after declining a downwardly revised 1.3% (from -1.0%) in February.
New order activity in March was helped by a 65.7% increase in defense aircraft and parts, yet that increase was offset to a large extent by a 5.7% decline in nondefense aircraft and parts orders, a 3.0% decline in motor vehicle and parts orders, and a 1.6% decline in orders for fabricated metal products.
Machinery orders rose 0.5% after a 3.5% decline in February and primary metals orders jumped 0.8% on the back of a 0.2% decline in the prior month.
Nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- were unchanged after declining 2.7% in February and are down 1.1% year-over-year.
Shipments of these same goods, which will count in the forecast for first quarter GDP, were up 0.3% after declining 1.8% in February and 1.4% in January.
Case-Shiller 20-city Home Price Index for February rose 5.4%, which fell below the Briefing.com consensus of 5.6%. This followed the previous month's unrevised reading of 5.7%.
The Conference Board's Consumer Confidence Index registered a 94.2 reading for April (Briefing.com consensus 96.7) versus a downwardly revised 96.1 reading (from 96.2) for March. The cause of the dip was all about the outlook.
The Present Situation Index actually increased in April to 116.4 from 114.9 in March. The Expectations Index, however, fell to 79.3 from 83.6.
Comments from the Conference Board indicate the consumer's outlook has moderated. That moderation was attributed in part to feeling less optimistic about business conditions improving over the next six months, anticipating there will be fewer jobs, and not expecting, as much as before, that their incomes will increase.
The April reading was roughly flat with the 94.3 reading seen in April 2015.

Tomorrow's economic data will include the 7:00 ET release of the weekly MBA Mortgage Index. Meanwhile, Pending Home Sales (Briefing.com consensus +0.3%) and the latest FOMC Rate Decision (Briefing.com consensus 0.5%) will be released at 10:00 ET and 14:00 ET, respectively.

3:30 pm: [BRIEFING.COM]

The dollar index rallies off its morning low of the day around 94.24 in the afternoon, still down -0.3% at 94.58
Commodities, as measured by the Bloomberg Commodity Index, are up +1.2% at 83.84
Crude oil trades nearly flat in the afternoon, consolidating around its highs for the day after an early morning rally
June crude oil futures rose $1.22 (+2.9%) to $43.94/barrel
API inventory data is scheduled to be released today after the close
EIA petroleum inventory data is scheduled to be released tomorrow at 10:30 ET
Natural gas finds support at $2.00/MMBtu and stages a modest rally, still closing below the previous session's closing price
June Natural Gas closed $0.03 lower (-1.4%) at $2.16/MMBtu
In precious metals, gold drifts slightly upward in the afternoon
June gold ended today's session up $3.10 (+0.3%) to $1243.40/oz
Silver saw a similar move to gold, consolidating near its highs of the day
May silver closed today's session $0.10 higher (+0.6%) at $17.11/oz
Base metal copper falls below the previous day's close
May copper closed $0.01 lower (-0.4%) at $2.24/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (-0.3%) trades behind the Dow Jones Industrial Average (-0.1%) and the S&P 500 (UNCH).

Five sectors trade in the red with technology (-0.6%), telecom services (-0.6%), health care (-0.5%), and consumer staples (-0.5%) rounding out the board.

The next round of earnings results will be reported after today's close with eBay (EBAY 24.52, +0.30), Twitter (TWTR 17.66, +0.57), Chipotle Mexican Grill (CMG 441.45, 1.65), and Apple (AAPL 104.46, -0.62) among the names scheduled to release their results.

In the financial sector (+0.6%), Comerica (CMA 44.99, +1.31) outperforms after raising its dividend 5.0% to $0.22 per share. Conversely, Public Storage (PSA 256.24, -2.25) underperforms ahead of tonight's earnings report. To be fair though, the larger rate-sensitive real estate investment trust sub-group is trading lower ahead of tomorrow's policy statement from the Fed. While a move tomorrow remains unlikely, investors will look for clues regarding a potential rate hike in June.

On the commodities front, WTI crude ended its day higher by 2.9% at $43.94/bbl while natural gas finished its pit session lower by 1.4% at $2.16/MMbtu.

2:30 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has crossed its flat line as it leads the Dow Jones Industrial Average (UNCH) and the tech-heavy Nasdaq (-0.3%).

In front of the pack, energy (+1.4%), materials (+1.2%), and industrials (+0.7%) lead while financials (+0.6%) and consumer discretionary (+0.2%) follow.

Among commodity-sensitive materials (+1.0%), Alcoa (AA 10.61, +0.45) has gained 4.4% after having coverage initiated at Rosenblatt with a price target of $15 and a "Buy" designation. Meanwhile, heavyweight Dow Chemicals (DOW 53.74, +1.20) trades higher in sympathy with DuPont (DD 67.61, +1.64). DuPont reported quarterly results that beat analysts' expectations for the first quarter. The broader materials sector has gained 5.8% in April and trails only energy (+1.4%; month-to-date +8.5%) over that period.

WTI crude trades higher by 3.4% ($44.10/bbl) ahead of its pit session close at 14:30 ET. If the energy component is able to hold this level, this will be the first close above $44.00/bbl since November 6, 2015.

1:55 pm:

[BRIEFING.COM] The major averages have floated lower in recent action as the Nasdaq Composite (-0.3%) continues to trail the Dow Jones Industrial Average (-0.%) and the S&P 500 (UNCH).

Countercyclical health care (-0.6%) trades behind telecom services (-0.6%), consumer staples (-0.5%), and the influential technology sector (-0.4%).

In the consumer discretionary space (+0.1%), heavily-weighted component Amazon (AMZN 617.70, -8.49) displays relative weakness. Amazon is scheduled to report first-quarter earnings after the market closes on April 28. The stock has gained 4.1% in April, compared to a gain of 0.7% in the broader sector. Elsewhere, McGraw-Hill Financial (MHFI 106.04, +2.88) trades higher by 2.8% after beating bottom-line estimates for the quarter on light revenue. McGraw-Hill reported that the sale of J.D. Power is expected to close in the third quarter.

On the commodities front, WTI crude trades higher by 3.1% at $43.98/bbl. Meanwhile, gold ended its pit session higher by 0.3% at $1,243.40/ozt.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to trade mixed in afternoon trading, with the S&P500 outperforming.

A look inside the Dow Jones Industrial Average shows that Procter & Gamble (PG 79.41, -2.00), Microsoft (MSFT 51.32, -0.79), & 3M (MMM 166.10, -2.28) are underperforming. P&G reported fiscal third quarter results and cautioned it expects fourth quarter earnings to be significantly lower than those from the same period in the prior year. They attributed the anticipated drop in earnings to a combination of increased advertising investments, a higher tax rate, headwinds from foreign exchange and lower non-operating income. 3M also reported its quarterly results, which exceeded analyst estimates, and reaffirmed its full year outlook.

Conversely, DuPont (DD 67.57, +1.61) is the best-performing Dow component after reporting strong Q1 earnings, beating both top and bottom-line expectations, and boosting its full year outlook. DuPont also stated that it continues to make progress on its pending merger of equals with Dow Chemical (DOW 53.77, +1.23), which it expects to close in the second half of this year.

Amid a flat session, the DJIA is at current levels up 1.64% in April, and 3.16% in 2016.

Elsewhere, at the top of the hour, the Treasury's $34 bln 5-year note auction drew a high yield of 1.410% on a bid-to-cover of 2.41.

1:05 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as investors digest the latest round of quarterly earnings reports. Furthermore, today's action has included an uptick in oil, below-consensus readings of economic data, and the outperformance of heavily-weighted financials (+0.7%) and industrials (+0.6%). The S&P 500 (+0.1%) trades ahead of both the Dow Jones Industrial Average (UNCH) and the Nasdaq Composite (-0.2%).

Today's session began on a higher note as investors ruminated over weaker-than-expected economic data ahead of tomorrow's policy statement from the Fed. Today's datapoints appear to support the market's belief that it is unlikely that the Fed will raise rates at this meeting. On that note, the fed funds futures market estimates the odds of a rate hike tomorrow at 0.0%.

Equity indices slipped from their opening level shortly after the release of a below-consensus reading of April Consumer Confidence (94.2; Briefing.com consensus 96.7). Additionally, heavily-weighted health care (-0.5%), technology (-0.3%), and consumer discretionary (+0.1%) moved down the leaderboard to pressure the broader market.

The major indices have since trimmed their losses as six sectors trade in the green. Currently, commodity-sensitive energy (+1.1%) and materials (+0.8%) lead heavily-weighted financials (+0.7%) and industrials (+0.6%). Conversely, health care (-0.5%) and consumer staples (-0.4%) sport the largest losses.

The energy space (+1.1%) has benefited from an uptick in crude oil as investors look forward to this week's latest inventory data. Currently, WTI crude trades higher by 3.1% at $43.94/bbl. In the sector, Dow component Exxon Mobil (XOM 87.78, +0.44) recovered from some weakness following Standard & Poor's decision to lower its credit rating to "AA+" from "AAA." The ratings agency maintained a stable outlook for the energy company. Separately, BP (BP 33.41, +1.62) has gained 5.1% after reporting a bottom-line beat on light revenue. The company announced that it would leave its dividend unchanged at $0.10 a share.

In the industrial space (+0.6%), transport names trade on a mixed note as rail names demonstrate relative strength while airlines underperform. The airline sub-group continues to see pressure from quarterly earnings as JetBlue Airways (JBLU 20.03, -0.34) leads the group lower. Meanwhile, Lockheed Martin (LMT 230.25, +3.95) has gained 1.7% after reporting above-consensus bottom-line results for the first quarter.

Biotechnology demonstrates relative weakness in the health care space (-0.5%), evidenced by the 1.8% decline in the iShares Nasdaq Biotechnology ETF (IBB 280.95, -5.00). Elsewhere, pharmaceutical name Eli Lilly (LLY 76.48, -1.46) has shed 1.9% after missing bottom-line estimates for the first quarter. Separately, Express Scripts (ESRX 73.74, +0.02) trades flat after missing top-line estimates and announcing that its CEO will retire on May 4.

In the technology space (-0.2%), Apple (AAPL 104.32, -0.76) has slid 0.7% ahead of its quarterly earnings report this evening. Participants will be paying particularly close attention to smartphone guidance. Meanwhile, the high-beta chipmakers outperform, evidenced by the 1.3% gain in the PHLX Semiconductor Index.

The U.S. Dollar Index (94.54 -0.30) trades off its session low as the greenback recovers from some weaker-than-expected data. The euro/dollar pair trades higher by 0.2% at 1.1295 while the dollar has lost 0.1% against the yen to trade at 111.38.

The Treasury complex has slipped throughout the session as the yield on the 10-yr note rises three basis points to 1.94%.

Today's data included March Durable Goods Orders, February Case-Schiller 20-city Index, and April Consumer Confidence:

The Durable Goods Orders report for March this morning certainly validated the view that the FOMC isn't going to act at this week's meeting.
Specifically, durable goods orders increased 0.8% in March (Briefing.com consensus +1.7%) after declining a downwardly revised 3.1% (from -2.8%) in February.
Excluding transportation, orders declined 0.2% (Briefing.com consensus +0.5%) after declining a downwardly revised 1.3% (from -1.0%) in February.
New order activity in March was helped by a 65.7% increase in defense aircraft and parts, yet that increase was offset to a large extent by a 5.7% decline in nondefense aircraft and parts orders, a 3.0% decline in motor vehicle and parts orders, and a 1.6% decline in orders for fabricated metal products.
Machinery orders rose 0.5% after a 3.5% decline in February and primary metals orders jumped 0.8% on the back of a 0.2% decline in the prior month.
Nondefense capital goods orders, excluding aircraft -- a proxy for business spending -- were unchanged after declining 2.7% in February and are down 1.1% year-over-year.
Shipments of these same goods, which will count in the forecast for first quarter GDP, were up 0.3% after declining 1.8% in February and 1.4% in January.
Case-Shiller 20-city Home Price Index for February rose 5.4%, which fell below the Briefing.com consensus of 5.6%. This followed the previous month's unrevised reading of 5.7%.
The Conference Board's Consumer Confidence Index registered a 94.2 reading for April (Briefing.com consensus 96.7) versus a downwardly revised 96.1 reading (from 96.2) for March. The cause of the dip was all about the outlook.
The Present Situation Index actually increased in April to 116.4 from 114.9 in March. The Expectations Index, however, fell to 79.3 from 83.6.
Comments from the Conference Board indicate the consumer's outlook has moderated. That moderation was attributed in part to feeling less optimistic about business conditions improving over the next six months, anticipating there will be fewer jobs, and not expecting, as much as before, that their incomes will increase.
The April reading was roughly flat with the 94.3 reading seen in April 2015.

12:25 pm:

[BRIEFING.COM] The major averages have traded largely sideways since our last update as the S&P 500 (+0.2%) trades ahead of the Dow Jones Industrial Average (+0.1%), and the Nasdaq Composite (UNCH).

Commodity-sensitive energy (+1.2%) has extended its lead over materials (+1.0%), financials (+0.7%), and industrials (+0.7%).

In the technology sector (UNCH), large cap constituents demonstrate relative weakness ahead of Apple's (AAPL 104.71, -0.37) earnings report this evening. Investors will pay particularly close attention to smartphone sales and guidance after Nikkei reported on the potential extension of iPhone production cuts into the second quarter. Meanwhile, high-beta chipmakers outperform, evidenced by the 1.6% gain in the PHLX Semiconductor Index. In the index, Micron Technology (MU 11.55, +1.00) leads as it benefits from a note from Mizuho that stated the company will likely gain from capital expenditure cuts by competitors.

The Treasury complex floats at a session low as the yield on the 10-yr note rises two basis points to 1.94%.

11:55 am:

[BRIEFING.COM] The stock market has moved higher since our last update as the S&P 500 (+0.2%) extends its move into positive territory. The benchmark index trades six points off its session low.

Six sectors trade in the green with consumer discretionary (+0.1%), utilities (+0.3%), industrials (+0.5%), and financials (+0.6%) showing the slimmest gains.

The industrial sector (+0.5%) outperforms as Lockheed Martin (LMT 229.62, +3.32) continues to show strength after beating analysts' estimates for the first quarter. The company reported that its top line grew by 15.7% year-over-year. Elsewhere, rail names demonstrate relative strength with CSX (CSX 27.60, +0.40) and Norfolk Southern (NSC 93.60, +2.23) gaining a respective 1.7% and 2.4%. Separately, machinery name Ingersoll-Rand (IR 65.53, +1.50) has gained 2.3% after beating bottom-line estimates in its first quarter and raising its earnings estimates for 2016 above consensus.

On the commodities front, WTI crude has extended its gain to 3.1% ($43.95/bbl) while gold trades at $1,244.60/ozt (+0.4%).

11:25 am:

[BRIEFING.COM] The major indices have traded sideways as the Nasdaq Composite (-0.3%) trails the Dow Jones Industrial Average (-0.1%) and the S&P 500 (UNCH).

In front of the pack, energy (+0.7%), materials (+0.7%), industrials (+0.5%), and financials (+0.5%) outperform.

In the health care space (-0.7%), biotechnology demonstrates relative weakness, evidenced by the 2.3% decline in the iShares Nasdaq Biotechnology ETF (IBB 279.32, -6.62). In the broader sector, Eli Lilly (LLY 76.45, -1.49) underperforms after reporting below-consensus bottom-line results for the first quarter. However, the company did raise its full-year earnings estimates to $3.50-$3.60 from $3.45-$3.55. Separately, Perrigo (PRGO 101.08, +1.68) has gained 1.7% as it rebounds from yesterday's 18.1% decline. The health care space has surrendered 1.0% this week, but remains higher by 4.9% in the month of April.

The Treasury complex has moved to a new low as the yield on the 10-yr note rises two basis points to 1.93%.

10:55 am:

[BRIEFING.COM] The major averages float in the neighborhood of fresh session lows as the Nasdaq Composite (-0.3%) trails the S&P 500 (UNCH).

Five sectors trade in the red as heavily-weighted health care (-0.5%), technology (-0.4%), and consumer discretionary (-0.1%) sport the largest losses of the day.

The energy space (+0.6%) is benefiting from an uptick in oil as WTI crude trades higher by 1.9% ($43.46/bbl). In the sector, BP (BP 33.23, +1.44) outperforms after reporting mixed results for the first quarter. Bottom-line figures came in above consensus while revenue missed analysts' expectations. Furthermore, the company reported that revenue fell 28.9% year-over-year. However, the company announced that it would leave its dividend unchanged at $0.10 a share. Elsewhere, refining names underperform with Valero Energy (VLO 61.56, -0.20) and Marathon Petroleum (MPC 40.89, -0.29) declining a respective 0.3% and 0.7%.

The U.S. Dollar Index (94.41, -0.43) has ticked higher as the euro trims its gain against the greenback. The euro/dollar pair trades higher by 0.4% at 1.1311 while the dollar has lost 0.1% against the yen (111.11).

10:30 am: [BRIEFING.COM]

The dollar index trends lower, currently down -0.6% at 94.24, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.5% at 83.32
Crude oil rallies to fresh new highs of the day in morning pit trading
June crude oil futures are currently up $0.85 (+2.0%) at $43.50/barrel
Contributing factors supporting oil prices are:
Weakness in the dollar index
Gasoline demand improvements as the summer driving season approaches
Natural gas sees an initial morning decline before rallying off its lows of the day, still trading below the previous session's close
May natural gas futures are down $0.04 (-2.1%) at $2.02/MMBtu
The past two trading sessions, natural gas has fallen -5.6%, trading just above a key heavily-watched level at $2.00/MMBtu
In precious metals, gold spikes up, reversing all losses seen this morning, trading just off its highs of the day
June gold futures are currently up $4.50 (+0.4%) at $1244.60/oz
Silver appears to be moving in tandem with gold as morning pit trading commences, trading just off its highs of the day
May silver futures are up $0.04 (+0.2%) at $17.05/oz
Base metal copper drifts lower in morning pit trading, adding onto yesterday's losses after 4 previous sessions of consecutive rallies seen last week
May copper futures are currently down $0.01 (-0.7%) at $2.24/lb

10:00 am:

[BRIEFING.COM] The major averages have extended their opening gain as the S&P 500 (+0.4%) trades in-line with the Nasdaq Composite (+0.4%).

In front of the pack, industrials (+0.8%), energy (+0.6%), materials (+0.5%), and financials (+0.5%) outperform. Meanwhile, health care (UNCH) has crossed its flat line as it rounds out the board.

Just released, the Consumer Confidence reading for April came in at 94.2 while economists polled by Briefing.com expected the survey to hit 96.7. This followed the prior month's revised reading of 96.1 (from 96.2).

The U.S. Dollar Index (94.23 -0.61) has moved back towards its session low after the weaker-than-expected consumer confidence reading. The euro/dollar pair trades higher by 0.5% (1.1329) after slipping from the 1.1338 level. Meanwhile, the dollar has declined 0.2% against the yen to the 110.95 level.

9:45 am:

[BRIEFING.COM] The stock market began the day on a flat note as the Dow Jones Industrial Average (+0.2%) trades ahead of the S&P 500 (+0.1%) and the Nasdaq Composite (+0.1%).

Nine sectors opened above their flat lines as commodity-sensitive materials (+0.6%) and energy (+0.5%) lead. The remaining gainers show upticks between 0.1% (technology) and 0.4% (industrials). Conversely, health care (-0.1%) sports the only loss.

In the materials space (+0.6%), aluminum and mining names demonstrate relative strength as the group trades higher with Alcoa (AA 10.22, +0.06). The company has gained 0.6% after being initiated at Rosenblatt with a "Buy" designation and a price target of $15.

Defense names outperform in the industrial sector (+0.4%) after Lockheed Martin (LMT 230.38, +4.07) beat top-and-bottom-line estimates for the first quarter.

On the commodities front, WTI crude trades higher by 1.8% ($43.40/bbl) while gold has gained 0.3% ($1,243.80/ozt).

9:21 am: [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +11.00.

The stock market is on track for a slightly higher open as the S&P 500 futures trade four points above fair value. Futures ticked lower after the release of weaker-than-expected durable goods orders for March. Durable goods orders increased 0.8% (Briefing.com consensus + 1.7%) while, excluding transportation, durable orders decreased by 0.2% (Briefing.com consensus +0.5%). This negative reading also pressured the U.S. Dollar Index (94.35, -0.50) to a fresh session low as the yen and euro gained against the greenback. The euro has gained 0.4% against the dollar (1.1317) while the dollar/yen pair trades lower by 0.2% at 110.94.

In company specific news, DuPont (DD 66.81, +0.84) trades higher by 1.3% after reporting above-consensus results for the first quarter. The company also raised its earnings outlook for full-year 2016 to $3.05-$3.20 from $2.95-$3.10. Meanwhile, Eli Lilly (LLY 76.98, -0.96) trades lower by 1.2% after missing bottom-line estimates for the quarter; however, the company raised its full-year earnings estimates. The company's Elanco Animal Health Division also announced that it licensed rights to Artana Therapeutic's (PETX 7.87, +0.96) Galliprant. Separately, Express Scripts (ESRX 73.00, -0.72) has declined 1.0% after missing top-line estimates and announcing that CEO Paz will retire on May 4, but stay on as Chairman of the Company.

Today's economic data will be capped off with April Consumer Confidence (Briefing.com consensus 96.7), which will cross the wires at 10:00 ET. Additionally, the Federal Open Market Committee will begin its two-day policy meeting, which will conclude tomorrow with the 14:00 ET release of the central bank's latest policy statement. Investors will be looking for clues as to the Fed's view of economic conditions and whether the commentary raises the likelihood of a rate hike at the June meeting.

On the commodities front, WTI crude has extended its gain to 1.6% ($43.30/bbl) while gold has crossed its flat line with a gain of 0.3% ($1,243.70/ozt).

9:01 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.80.

The S&P 500 futures have ticked higher as they trade six points above fair value.

Just released, the Case-Shiller 20-city Home Price Index for February rose 5.4%, which fell below the Briefing.com consensus of 5.6%. This followed the previous month's unrevised reading of 5.7%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +12.50.

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

Equity markets in the Asia-Pacific region ended Tuesday on a mixed note. All in all, it was a quiet session as participants await commentary from the Federal Reserve and Bank of Japan. The Fed will release its latest policy statement on Wednesday afternoon while the Bank of Japan's statement will follow late Wednesday evening. Staying in Japan, press reports have speculated that a supplementary budget for earthquake recovery could reach JPY600 billion; however, Finance Minister Taro Aso cautioned that an amount has not been set yet.

In economic data:
South Korea's Q1 GDP +0.4% quarter-over-quarter (expected 0.5%; last 0.7%); +2.7% year-over-year, as expected (previous 3.1%)
Hong Kong's March trade deficit widened to HKD47.00 billion (expected deficit of HKD35.00 billion; previous deficit of HKD33.20 billion). Imports fell 5.8% month-over-month (expected -7.5%; last -10.1%) and exports declined 7.0%, as expected (previous -10.4%)
Singapore's March Industrial Production +1.0% month-over-month, as expected (previous -4.7%); -0.5% year-over-year (consensus -2.7%; last -3.8%)

---Equity Markets---

Japan's Nikkei fell 0.5% amid weakness in eight sectors. Financials (-2.1%), materials (-1.0%), and consumer discretionary (-0.8%) paced the slide while consumer staples (+0.6%) and health care (+0.2%) outperformed. Mitsubishi Motors tumbled 9.8% while JFE Holdings, Sony Financial, Pioneer, Dai-ichi Life Insurance, Sumitomo Mitsui Financial, and Komatsu lost between 2.4% and 4.9%.
Hong Kong's Hang Seng added 0.5% with help from casino and gaming names. Galaxy Entertainment, Sands China, and Tencent Holdings advanced between 1.2% and 1.6% while financials HSBC and Bank of China posted respective gains of 1.6% and 1.0%.
China's Shanghai Composite climbed 0.6%. Aluminum Corp of China, China Construction Bank, China Minsheng Banking, and CITIC Securities added between 0.2% and 1.1%.

Major European indices trade little changed while Italy's MIB (+1.8%) outperforms thanks to strength in bank names. It is worth noting that Germany's lawmakers have invited European Central Bank President Mario Draghi to testify on monetary policy before the Bundestag. Separately, the latest Brexit poll showed that 51.0% of respondents would vote to keep the UK in the European Union.

Economic data was limited:
UK's BBA Mortgage Approvals 45,100 (expected 46,000; previous 45,600)
Italy's Non-EU trade surplus widened to EUR4.04 billion from EUR2.61 billion

---Equity Markets---

France's CAC is lower by 0.2% amid losses in roughly half of its components. Vivendi has slumped 5.1% while Bouygues, Sanofi, Essilor International, Danone, Pernod Ricard, and Louis Vuitton are down between 0.3% and 3.8%. Financials have shown relative strength with BNP Paribas, Credit Agricole, and Societe Generale down between 1.8% and 2.2%.
Germany's DAX trades flat. Basic materials names Thyssenkrupp and Linde are both down near 2.0% while exporters BMW, Daimler, and Volkswagen show gains between 0.9% and 2.2%. Financials also outperform with Deutsche Bank and Commerzbank up 3.3% and 2.1%, respectively.
UK's FTSE has climbed 0.4% with Standard Chartered leading the advance. The stock has surged 11.8% in reaction to better than expected earnings. A handful of other financials also show relative strength with Lloyds Banking, HSBC, RBS, and Barclays up between 0.7% and 2.4%.
Italy's MIB has jumped 1.8% amid gains in 39 of its 40 components. UBI Banca, Unicredit, Banco Popolare, and BMPS lead with gains between 3.9% and 6.2%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +11.90.

The S&P 500 futures trade six points above fair value after pulling back following disappointing durable goods readings.

Just released, March durable goods orders increased 0.8% while the Briefing.com consensus expected an uptick of 1.7%. This comes after the prior month's revised reading of -3.1% (from -2.8%). Excluding transportation, durable orders decreased 0.2% (Briefing.com consensus +0.5%) to follow the prior month's revised reading -1.3% (from -1.0%).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +12.00.

U.S. equity futures trade higher with the S&P 500 futures hovering six points above fair value. Futures ticked higher overnight as investors ruminated over a fresh batch of quarterly earnings reports and looked forward to economic data. Meanwhile, today marks the beginning of the FOMC's two-day April policy meeting. The latest policy statement from the committee will be released tomorrow at 14:00 ET. For its part, WTI crude trades higher by 1.2% ($43.17/bbl) ahead of this evening's stockpile data from the American Petroleum Institute.

Treasuries trade on a flat note with the yield on the 10-yr note unchanged at 1.91%.

On the economic front, 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.

In U.S. corporate news of note:

T-Mobile US (TMUS 42.05, +0.87): +2.1% after reporting a top-and-bottom-line beat for Q1 and raising guidance for customer and earnings in FY16
Procter & Gamble (PG 81.50, +0.09): +0.1% following the company beating bottom-line estimates on in-line revenue for Q3.
Whirlpool (WHR 177.00, -9.04): -4.9% after missing analysts' estimates in the first quarter, but reaffirming FY16 earnings
Spirit Airlines (SAVE 51.36, +1.78): +3.6% following the company reporting a bottom-line beat on in-line revenue for Q1
3M (MMM 167.00, -1.38): -0.8% after reporting above-consensus results for the first quarter
Coach (COH 40.50, +0.31): +0.8% following the company beating bottom-line estimates and estimating Q4 comps to turn positive

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with China's Shanghai Composite +0.6%, Hong Kong's Hang Seng +0.5%, and Japan's Nikkei -0.5%.
In economic data:
South Korea's Q1 GDP +0.4% quarter-over-quarter (expected 0.5%; last 0.7%); +2.7% year-over-year, as expected (previous 3.1%)
Hong Kong's March trade deficit widened to HKD47.00 billion (expected deficit of HKD35.00 billion; previous deficit of HKD33.20 billion). Imports fell 5.8% month-over-month (expected -7.5%; last -10.1%) and exports declined 7.0%, as expected (previous -10.4%)
Singapore's March Industrial Production +1.0% month-over-month, as expected (previous -4.7%); -0.5% year-over-year (consensus -2.7%; last -3.8%)
In news:
On the central bank front, the Fed will release its latest policy statement on Wednesday afternoon while the Bank of Japan's statement will follow late Wednesday evening.
In Japan, press reports have speculated that a supplementary budget for earthquake recovery could reach JPY600 billion
However, Finance Minister Taro Aso cautioned that an amount has not been set yet.

European bourses trade flat with the U.K.'s FTSE +0.4%, Germany's DAX +0.1%, and France's CAC -0.1%. Elsewhere, Italy's MIB has gained 1.9%.
Economic data was limited:
UK's BBA Mortgage Approvals 45,100 (expected 46,000; previous 45,600)
Italy's Non-EU trade surplus widened to EUR4.04 billion from EUR2.61 billion
In news:
Germany's lawmakers have invited European Central Bank President Mario Draghi to testify on monetary policy before the Bundestag.
The latest "Brexit" poll showed that 51.0% of respondents would vote to keep the UK in the European Union.

5:54 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +12.00.

5:54 am: [BRIEFING.COM] Nikkei...17353...-86.00...-0.50%. Hang Seng...21407...+102.80...+0.50%.

5:54 am: [BRIEFING.COM] FTSE...6287.95...+27.00...+0.40%. DAX...10329.79...+35.40...+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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