TheStrategyLab.com Free Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
It is currently Thu Sep 21, 2017 12:44 pm

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: May 23rd Monday Trade Results - No Trades Holiday
PostPosted: Mon May 23, 2016 9:47 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2953
Location: Canada
Image

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
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades today for me because of the Canada holiday. I rested and enjoyed the sunny outdoor day.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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 live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script. 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 the free ##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=156&t=2366

The free chat room is not a signal calling chat room. I do not mentor (never have) and there's no education in the free chat room although I occasionally give real-time WRB Analysis. Yet, members are allowed to ask questions. The free chat room is on IRC via users request but I also use two other different communication software (e.g. Skype) for other users that do not like IRC simple text format.

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=291&t=3143 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.

Attachment:
052316-Key-Price-Action-Markets.png
052316-Key-Price-Action-Markets.png [ 1.21 MiB | Viewed 58 times ]

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


4:15 pm: [BRIEFING.COM] The S&P 500 (-0.2%) began its week on a flat note with the index traversing a narrow eight-point range. Focal points for today's action included hawkish commentary from FOMC members, a downtick in the dollar, a modest loss in oil, and the underperformance of the heavily-weighted health care (-0.5%) sector. The benchmark index (-0.2%) finished behind the Nasdaq Composite (-0.1%) and the Dow Jones Industrial Average (-0.1%).

The major indices began their day on a choppy note as investors ruminated over a string of hawkish remarks from members of the Federal Open Market Committee. Over the weekend, Boston Fed President and FOMC voter Eric Rosengren kept the door open for a June rate hike when he stated that criteria for the next hike are "on the verge" of being met. St. Louis Fed President James Bullard and San Francisco Fed President John Williams also echoed this sentiment when they each stated that an interest rate hike could be argued for sooner than the market expects.

Oil rebounded from a session low before the cash market opened, but pressured equities as it hovered beneath its flat line. The energy component ended lower by 0.6% ($48.12/bbl). Meanwhile, countercyclical utilities (-1.0%) and telecom services (-0.7%) showed the largest losses as rate-sensitive groups continued to struggle.

Equities established new lows in the final hour of trade as heavily-weighted health care (-0.5%) and consumer discretionary (-0.4%) joined utilities (-1.0%) and telecom services (-0.7%) on the bottom of the leaderboard. On the flipside, materials (+1.2%) and consumer staples (UNCH) ended at the front of the pack.

In the materials space (+1.2%), Monsanto (MON 106.00, +4.48) gained 4.4% after receiving an offer to be acquired by Bayer (BAYRY 95.48, -4.72) for $122 per share in cash. Monsanto shares have risen 17.3% since reports first indicated that Bayer was interested in the company on May 11.

The high-beta chipmakers outperformed as the sub-group moved higher on reports that Apple (AAPL 96.43, +1.21) requested 78 million units of the iPhone 7 from its suppliers, which is more than what was previously expected. Elsewhere, Red Hat (RHT 74.80, +1.63) gained 2.2% after receiving positive commentary from Barron's.

Biotechnology outperformed in the health care group (-0.5%), evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 266.03, +1.85). Conversely, CIGNA (CI 126.15, -5.13) fell 3.9% after headlines signaled that there were disagreements with Anthem (ANTM 133.18, -2.55) over their potential merger. Furthermore, the Department of Justice recently voiced concerns regarding the merger of the two health care providers.

In the consumer discretionary sector (-0.4%), retail names continued to underperform as the SPDR S&P Retail ETF (XRT 40.87, -0.39) lost 1.0%. On that note, ETF components Best Buy (BBY 33.00, +0.66) and AutoZone (AZO 742.08, -19.48) are scheduled to report earnings tomorrow morning.

The U.S. Dollar Index (95.29, -0.05) pulled back as the greenback trimmed its gain over commodity currencies and the euro. The euro/dollar pair finished flat at 1.1218 while the dollar gained 0.3% against the Canadian dollar (1.3148). Separately, the dollar lost 0.8% against the yen (109.27).

Treasuries ended on a mixed note with the yield on the 10-yr note ending at 1.83% (-1 bps). Meanwhile, the yield on the 2-yr note rose one basis point to 0.89%. The 2-yr yield has increased by 11 basis points since April's settlement (0.78%) while the yield on the 10-yr note has dropped one.

Today's participation fell below the recent average as fewer than 800 million shares changed hands on the NYSE floor.

Investors did not receive any economic data today.

Tomorrow's economic data will be limited to the April New Home Sales Report (Briefing.com consensus 521,000), which will be released at 10:00 ET.

Nasdaq Composite -4.8% YTD
Russell 2000 -2.2% YTD
S&P 500 +0.2% YTD
Dow Jones +0.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar index turns negative, giving up its initial morning gains, down -0.1% around the 95.23 level
Commodities, as measured by the Bloomberg Commodity Index, are down -0.6% at 84.38
Crude oil stages a modest rally off its afternoon lows around $47.60/barrel, still extending last session's losses & closing in the red for the day
July crude oil futures fell $0.30 (-0.6%) to $48.12/barrel
Crude oil reminders:
Friday afternoon's Baker Hughes total U.S. rig count was down 2 to 404 rigs following last week's decline of 9 rigs
Demand for gasoline is high as memorial day weekend approaches
Steady U.S. oil production drop, just under 8.8 mln barrels a day
The next OPEC meeting is scheduled to take place on June 2, 2016
EIA petroleum inventory data is scheduled to be released at 10:30 am ET on Wednesday, API data is scheduled to be released Tuesday after the bell
Natural gas turns negative after its initial notable morning +2.5% rally (possibly due to short covering), shedding half of last session's gains
June natural gas closed $0.01 lower (-0.5%) at $2.05/MMBtu
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am ET
In precious metals, gold consolidates near its afternoon highs as the dollar turns negative, finishing just below the previous session's close
June gold ended today's session down $1.20 (-0.1%) to $1251.30/oz
Silver sees a brief rally off its afternoon lows, managing to close at a loss for the day
July silver closed today's session $0.10 lower (-0.6%) at $16.42/oz
Base metal copper ends afternoon pit trading unchanged
July copper closed flat at $2.06/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (+0.1%) has slipped from a fresh session high while the S&P 500 (UNCH) trails. The benchmark index has occupied a seven-point range and currently trades three points off its high.

Four sectors sport losses with utilities (-0.7%) and telecom services (-0.6%) trailing health care (-0.3%). Conversely, materials (+1.5%), technology (+0.2%), and consumer staples (+0.1%) lead.

In the consumer staples space (+0.1%), Kraft Heinz (KHC 83.08, +0.66) has gained 0.8% after receiving some positive commentary from Barron's. Elsewhere, beverage names are ticking higher following last week's selling pressure. Coca-Cola (KO 44.02, +0.07) and PepsiCo (PEP 100.55, +0.45) lost a respective 3.1% and 3.9% last week. The two names sport gains of 0.1% and 0.4%, respectively. The broader sector has lost 0.3% this month and trails only financials (+0.2%; month-to-date -0.3%) and technology (+0.2%; month-to-date 1.7%) over that period.

On the commodities front, WTI crude ended its day lower by 0.6% at $48.12/bbl while natural gas finished lower by 0.5% ($2.05/MMbut).

2:30 pm:

[BRIEFING.COM] The major averages have ticked higher as the Nasdaq Composite (+0.3%) leads the S&P 500 (+0.1%).

Seven sectors trade in the green with energy (UNCH), consumer discretionary (UNCH), financials (+0.1%) and industrials (+0.1%) sporting the slimmest gains.

The commodity-sensitive energy space (UNCH) has erased a 0.9% loss as oil trades off its low ($47.41/bbl). The energy component shows a loss of 0.6% ($48.10/bbl) ahead of its pit session close at 14:30 ET. In the oilfield service sub-group Schlumberger (SLB 75.12, +0.16) has gained 0.2% after being added to the Conviction Buy List at Goldman Sachs. Elsewhere, refining names underperform the space with Valero Energy (VLO 54.77, -0.75) and Marathon Petroleum (MPC 35.90, -0.73) losing 1.4% and 2.0%, respectively.

Treasuries continue to trade on a mixed note as the yield on the 10-yr note slips one basis point to 1.83%. Meanwhile, the yield on the 2-yr note has risen one basis point to 0.89%. The yield on the 10-yr note is unchanged since April's settlement while the 2-yr yield has increased by 11 basis points (0.78%).

2:00 pm:

[BRIEFING.COM] The Nasdaq Composite (+0.2%) trades neck-and-neck with the Dow Jones Industrial Average (+0.2%) while the S&P 500 (UNCH) underperforms.

Five sectors trade beneath their flat lines with telecom services (-0.5%), utilities (-0.5%), and health care (-0.4%) rounding out the board. Conversely, materials (+1.4%) and technology (+0.3%) lead the pack.

In the retail sub-group, Gap (GPS 18.37, +0.36) demonstrates relative strength as it rebounds from its monthly loss of 20.8%. This compares to a loss of 7.0% in the SPDR S&P Retail ETF (XRT 41.13, -0.13) and a decline of 1.9% in the broader consumer discretionary space (UNCH). ETF component Best Buy (BBY 33.10, +0.76) has gained 2.3% ahead of tomorrow morning's earnings report.

In the broader consumer discretionary space, Netflix (NFLX 94.48, +1.99) has gained 2.2%, but remains down 12.8% since disappointing investors with its quarterly results on April 18.

On the commodities front, gold ended its pit session lower by 0.1% at $1,251.30/ozt. This represents a loss of 1.2% from April's settlement at $1,266.10/ozt.

1:35 pm:

[BRIEFING.COM] The Major U.S. indices continue to show gains in afternoon trading in today's quiet session

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 96.80, +1.58), DuPont (DD 66.73, +0.78), and Caterpillar (CAT 70.73, +0.86) are outperforming. Apple is leading the Dow following reports they have ordered more iPhone 7's from their suppliers than originally projected. DuPont is trading higher with the entire materials sector following Bayer's (BAYRY 95.65, -4.55) announcement of a formal $62 bln bid for Monsanto (MON 106.93, +5.41).

Conversely, Verizon (VZ 49.19, -0.47) is the worst-performing Dow component as telecoms and other yield players drag.

Taking into account today's small gains, the DJIA has trimmed its May decline to 1.4%

1:10 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as investors weigh developments on the M&A front against additional hawkish sentiment from Fed officials. Today's trade has also featured a downtick in oil, a decline in the dollar, and the outperformance of the heavily-weighted technology (+0.2%) sector. The tech-heavy Nasdaq (+0.3%) trades ahead of the Dow Jones Industrial Average (+0.2%) and the S&P 500 (+0.1%).

Equity indices began the day on a choppy note as investors deciphered commentary from Fed officials. St. Louis Fed President Bullard struck a hawkish tone this morning when he contended that there was a better case for continuing the Fed's path towards interest rate normalization, as opposed to holding steady at this juncture. Additionally, the FOMC voter voiced his belief that the U.S. labor market is at or beyond full employment. This matched comments from fellow FOMC voter Boston Fed President Eric Rosengren, who stated that criteria for the next hike are "on the verge" of being met.

The benchmark index has occupied a narrow seven-point range as investors await more data that can sway the Fed one way or another. The CBOE Volatility Index (VIX 15.60, +0.40) has jumped 2.4% as investors seek downside protection for their portfolios. The benchmark index trades five points above its worst level of the day as four sectors trade below their flat lines. Countercyclical telecom services (-0.6%), utilities (-0.5%), and health care (-0.2%) sport the largest losses while materials (+1.5%) and technology (+0.2%) outperform.

Agrochemical names demonstrate relative strength among materials (+1.5%). The sub-group is trading higher in sympathy with Monsanto (MON 106.96, +5.42). The company has gained 5.3% after it confirmed that Bayer (BAYRY 95.62, -4.58) offered to acquire the company for $122 per share.

The high-beta chipmakers outperform in the technology space (+0.2%), evidenced by the 1.0% gain in the PHLX Semiconductor index. The sub-group is trading higher with iPhone suppliers after reports indicated that Apple (AAPL 96.74, +1.52) requested 78 million iPhone 7 units from its suppliers. Conversely, Microsoft (MSFT 50.20, -0.42) and Facebook (FB 116.39, -0.96) underperform, losing 0.8% apiece.

Generic drug names and health care plan names sport the largest losses in the health care space (-0.2%). McKesson (MCK 179.42, -2.86) and Allergan (AGN 224.77, -4.72) have lost 1.6% and 2.1%, respectively. Meanwhile, Anthem (ANTM 133.99, -1.74) and CIGNA (CI 125.89, -5.34) underperform after reports indicated that there were potential issues with their planned merger. On the flipside, biotechnology outperforms, evidenced by the 1.0% gain in the iShares Nasdaq Biotechnology ETF (IBB 266.81, +2.63).

The U.S. Dollar Index (95.28, -0.06) has pulled back in recent trade as the greenback trims its lead over commodity currencies and the euro. The euro/dollar pair trades lower by 0.1% (1.1214) while the dollar has also gained 0.1% against the Canadian dollar (1.3133).

The Treasury complex trades on a mixed note with the yield on the 10-yr note unchanged at 1.84%.

Investors did not receive any economic data today.

12:25 pm:

[BRIEFING.COM] The major averages have ticked off new session lows, leaving the Dow Jones Industrial Average (+0.1%) and the Nasdaq Composite (+0.2%) just above their respective flat lines. Meanwhile, the S&P 500 (UNCH) floats three points above its session low.

Four sectors trade in the green with commodity-sensitive materials (+1.3%) leading technology (+0.2%), consumer staples (+0.2%), and consumer discretionary (+0.1%).

The Dow Jones Transportation Average (-0.1%) trades roughly in-line with the broader market as rail names underperform the index. CSX (CSX 25.73, -0.09) and Union Pacific (UNP 81.89, -0.51) have lost 0.4% and 0.6%, respectively. Elsewhere, Kirby (KEX 68.30, -0.76) sports the largest loss in the index.

In the broader industrial sector (-0.2%), Boeing (BA 127.90, +0.51) outperforms after receiving an $11.3 billion order from VietJet Aviation.

The U.S. Dollar Index (95.38, +0.04) has pulled back in recent trade as the greenback trims its lead over commodity currencies and the euro. The euro/dollar pair trades lower by 0.2% (1.1200) while the dollar has also gained 0.2% against the Canadian dollar (1.3140).

12:00 pm:

[BRIEFING.COM] The stock market has moved lower in recent trade as the S&P 500 (-0.1%) and the Dow Jones Industrial Average (UNCH) underperform the tech-heavy Nasdaq (+0.1%).

Seven sectors trade in the red with energy (-0.6%), telecom services (-0.4%), and health care (-0.4%) leading to the downside. The remaining decliners sport losses between 0.2% (industrials) and 0.3% (financials).

Agrochemical names outperform among materials (+1.2%) as the sub-group trades higher in sympathy with Monsanto (MON 106.12, +4.60). Monsanto is benefiting from an offer to be acquired by Bayer (BAYRY 94.69, -5.51) for $122 per share. However, the company did note at the Goldman Sachs Basic Materials Conference last week that it was focusing on small scale collaborations and licensing rather than large scale M&A. Separate reports indicated potential headwinds to such a large deal. Monsanto shares have risen 17.5% since headlines first came out that Bayer was interested in the company on May 11.

On the commodities front, WTI crude has dipped lower in recent action, ticking down 1.6% to $47.66/bbl.

11:30 am:

[BRIEFING.COM] The major averages have inched higher since the last update as the S&P 500 (+0.1%) trades four points above its lowest level of the day.

The industrial space (UNCH) shows the slimmest loss as it leads the heavyweight health care (-0.1%) and financial (-0.1%) sectors.

In the technology space (+0.2%), Dow component Apple (AAPL 96.85, +1.63) demonstrates relative strength after reports indicated that the tech giant asked for 78 million iPhone 7 units from its suppliers. The name tops the price-weighted index. Meanwhile, Apple's suppliers have seen a healthy bid this morning with Skyworks (SWKS 66.31, +1.75) and Qorvo (QRVO 50.81, +1.41) gaining 2.8% and 3.8%, respectively. On the flipside, large caps Microsoft (MSFT 50.28, -0.33) and Facebook (FB 116.48, -0.87) have lost 0.7% apiece.

On the commodities front, WTI crude continues to trim its loss, showing a downtick of 0.6% ($48.14/bbl). Elsewhere, gold trades lower by 0.3% ($1,248.90/ozt).

11:00 am:

[BRIEFING.COM] The major indices trade on a mixed note with the Nasdaq Composite (+0.%) leading the S&P 500 (-0.1%).

Six sectors trade in the red with energy (-0.5%), utilities (-0.3%), and health care (-0.3%) rounding out the leaderboard.

In the health care space (-0.3%), biotechnology demonstrates relative strength with Gilead Sciences (GILD 83.80, +1.18) outperforming in the sub-group. The company recently presented at the UBS Global Healthcare Conference, stating that it expects to see a steady inflow of patients into its Hepatitis C vaccine. Furthermore, the company also voiced its commitment to seek out collaborative opportunities and potential M&A. Conversely, health care plan names demonstrate relative weakness as they trade lower in sympathy with Anthem (ANTM 133.99, -1.74) and CIGNA (CI 125.96, -5.32). The two have lost a respective 1.3% and 4.1% in reaction to reports that there were potential issues with their planned merger.

The Treasury complex trades on a lower note with the yield on the 10-yr note rising one basis point to 1.85%. Meanwhile, the yield on the 2-yr note has risen two basis points to 0.91%.

10:30 am: [BRIEFING.COM]

The dollar index extends last session's rally, currently up +0.1% around the 95.41 level, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.3% at 84.59
Crude oil begins the week lower, seeing a modest spike off its morning lows around $47.45/barrel, adding onto last session's losses
June crude oil futures are currently down $0.28 (-0.7%) at $48.12/barrel
Crude oil reminders:
Friday afternoon's Baker Hughes total U.S. rig count was down 2 to 404 rigs following last week's decline of 9 rigs
Demand for gasoline is high as memorial day weekend approaches
Steady U.S. oil production drop, just under 8.8 mln barrels a day
The next OPEC meeting is scheduled to take place on June 2, 2016
EIA petroleum inventory data is scheduled to be released at 10:30 am ET on Wednesday, API data is scheduled to be released Tuesday after the bell
Natural gas sees an extension of last session's rally, seeing notable gains possibly partially attributed to short covering after a downtrend most of last week
June natural gas futures are currently up $0.05 (+2.6%) at $2.12/MMBtu
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am ET
In precious metals, gold drops to fresh lows of the day and consolidates near this area as the dollar strengthens
June gold futures are currently down $5.90 (-0.5%) at $1247.10/oz
Silver trades just off its lows for the day, adding on to last session's -3.7% plummet
July silver futures are currently down $0.08 (-0.5%) at $16.46/oz
Base metal copper inches higher in morning pit trading as the dollar gains
July copper futures are currently up $0.01 (+0.4%) at $2.06/lb

10:05 am:

[BRIEFING.COM] The major averages trades on a flat note with the tech-heavy Nasdaq (+0.4%) leading the Dow Jones Industrial Average (+0.1%) and the S&P 500 (UNCH).

In front of the pack, commodity-sensitive materials (+0.9%) lead technology (+0.3%) and consumer staples (+0.2%).

In the consumer discretionary space (+0.2%), Staples (SPLS 8.33, +0.23) has gained 2.8% after being upgraded to "Buy" at Bank of America/ Merrill Lynch. Reports also indicated that the company has been looking to divest its European assets. Elsewhere, the broader SPDR S&P Retail ETF (XRT 41.45, +0.19) has ticked higher by 0.5%.

The U.S. Dollar Index (95.43, +0.10) continues to float above its flat line as the greenback sports a gain again the euro and commodity-sensitive currencies. On that note, the euro/dollar pair trades lower by 0.3% (1.1189) while the dollar/Canadian dollar pair has gained 0.2% (1.3145). Separately, the dollar has lost 0.6% against the yen (109.47).

9:45 am:

[BRIEFING.COM] The stock market opened its day on a flat note with the Nasdaq Composite (+0.3%) leading the S&P 500 (+0.1%) and the Dow Jones Industrial Average (+0.1%).

Four sectors trade in the green with materials (+0.8%) leading heavily-weighted technology (+0.4%) and consumer discretionary (+0.2%). On the flipside, energy (-0.7%), industrials (-0.3%), and utilities (-0.2%) round out the leaderboard.

In the materials space (+0.8%), Monsanto (MON 107.90, +6.38) outperforms after receiving an offer to be acquired by Bayer (BAYRY 96.35, -3.85) for $122 per share in cash.

Elsewhere, the high-beta chipmakers demonstrate relative strength, evidenced by the 1.4% gain in the PHLX Semiconductor Index. In the group, Skyworks Solutions (SWKS 67.00, +2.44) and other iPhone suppliers outperform after reports indicated that Apple (AAPL 96.74, +1.52) asked for 78 million iPhone 7 units.

On the commodities front, WTI crude trades lower by 1.9% ($47.50/bbl) while gold has slipped 0.6% to $1,245.60/ozt.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +3.60.

The stock market is on track for a flat open as the S&P 500 futures trade within one point of fair value. Futures have been unable to gain traction this morning as negative data from overseas and a string of hawkish commentary from FOMC members have investors adopting a risk-off posture. On that note, St. Louis Fed President Bullard and San Francisco Fed President John Williams each recently voiced their opinions that an interest rate hike could be argued for sooner than the market expects. Furthermore, Fed President Eric Rosengren stated that most economic conditions laid out in the FOMC minutes from the April meeting were "on the verge" of being met. Currently, the fed funds futures market places the probability of an interest rate hike at the June meeting at 26.0%, compared to Friday's probability of 30.0%.

On the M&A front, Monsanto (MON 109.19, +7.67) has jumped 7.6% after receiving an offer to be acquired by Bayer (BAYRY 85.99, -3.55) for $62 billion. This translates to approximately $122 per share. Conversely, Tribune Publishing (TPUB 13.25, -0.98) rejected Gannett's (GCI 16.12, +0.00) offer to acquire the company for $15 per share, but invited Gannett to enter into a mutual non-disclosure agreement to continue discussions. According to reports over the weekend, CIGNA (CI 129.00, -2.28) and Anthem (ANTM 135.73, +0.00) are attempting to work through disagreements involving their $48 billion merger. Additionally, the Department of Justice recently voiced concerns regarding the merger of the two health care providers.

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

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +2.90.

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

Equity indices in the Asia-Pacific region began the week on a mostly lower note, but trading ranges were relatively narrow. The weekend G7 summit in Japan produced some commentary regarding the currency market as Japan Finance Minister Taro Aso called the recent yen strength "disorderly" while U.S. Treasury Secretary Jack Lew said the volatility was not out of the ordinary.

In economic data:
Japan's April trade surplus JPY430 billion (expected JPY270 billion; previous JPY300 billion). April Imports -23.3% year-over-year (consensus -19.0%; previous -14.9%) and Exports -10.1% year-over-year (consensus -10.0%; last -6.8%).
May Manufacturing PMI 47.6 (consensus 48.3; previous 48.2), All Industries Activity Index +0.1% month-over-month (previous 0.7%; last -0.9%), and Leading Index 99.3 (expected 98.4; previous 98.4)
Singapore's April CPI -0.5% year-over-year (consensus -0.7%; last -1.0%)

---Equity Markets---

Japan's Nikkei lost 0.5% with eight sectors ending in the red. Utilities (-1.9%), consumer discretionary (-1.1%), and energy (-1.0%) lagged while technology (+0.1%) and utilities (unch) outperformed. Fast Retailing fell 2.8% while Nippon Meat Packers, Yamaha, Asahi Group Holdings, and Dentsu lost between 1.5% and 2.5%.
Hong Kong's Hang Seng shed 0.2% amid losses in more than half of its components. Galaxy Entertainment Group lost 2.3% while Lenovo, Want Want China, Li & Fung, and HSBC posted losses between 1.0% and 1.8%.
China's Shanghai Composite added 0.6%. Hainan Airlines climbed 0.9%, while Tsinghua Tongfang, Agricultural Bank of China, and Bank of China gained between 0.3% and 0.9%.

European markets trade lower across the board with Italy's MIB (-2.4%) well behind other regional indices amid weakness in Fiat Chrysler and bank stocks. Investors received a handful of PMIs this morning with region-wide readings missing expectations. Elsewhere, the Greek parliament has voted in favor of reforms that will pave the way to the next tranche of bailout funds.

In economic data:
Eurozone May Manufacturing PMI 51.5 (consensus 51.9; last 51.7) and Services PMI 53.1 (expected 53.3; previous 53.1)
Germany's May Manufacturing PMI 52.4 (consensus 52.0; last 51.8) and Services PMI 55.2 (consensus 54.6; last 54.5)
France's May Manufacturing PMI 48.3 (consensus 48.8; last 48.0) and Services PMI 51.8 (expected 50.6; last 50.6)

---Equity Markets---

UK's FTSE is lower by 0.3%. Miners and consumer names lag with Sports Direct, Tesco, Burberry, Anglo American, BHP Billiton, and Rio Tinto show losses between 0.8% and 3.9%. On the upside, financials RBS, Barclays, and Hargreaves Lansdown are up between 0.3% and 0.8%.
Germany's DAX trades down 0.7% with Bayer surrendering 3.5% after making a bid for Monsanto. Automakers also lag with Daimler, BMW, and Volkswagen down between 1.1% and 2.2%. Merck is the top performer, trading up 5.7%.
France's CAC has given up 0.7%. Consumer names are among the laggards with Carrefour, Louis Vuitton, Kering, Pernod Ricard, and L'Oreal down between 0.8% and 3.9%. Financials are mixed with BNP Paribas and Societe Generale both near their flat lines while Credit Agricole is down 0.7%.
Italy's MIB has slid 2.1% with Fiat Chrysler falling 3.9% amid concerns about tampering with emissions data. Separately, financials Intesa Sanpaolo, Banca di Milano Scarl, UBI Banca, and Banca Pop Emilia Romagna are down between 2.7% and 5.3%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +4.50.

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

On the central bank front, San Francisco Fed President John Williams recently reiterated his prior view that two to three rate hikes could be appropriate in 2016 with three to four being possible in 2017. This followed hawkish commentary from St. Louis Fed President and FOMC voter James Bullard, who questioned market expectations for future hikes. President Bullard also voiced his confidence in recent employment figures, stating that the U.S. labor market is "at or beyond full employment."

In company specific news, Boeing (BA 129.42, +2.03) has gained 1.6% after finalizing an order for one hundred 737's with VietJet Aviation.

WTI crude has ticked lower since the last update as oil slides 1.8% to $47.54/bbl.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +7.10.

U.S. equity futures trades on a flat note with the S&P 500 futures hovering one point above fair value. Overseas bourses have demonstrated a negative bias as investors digest disappointing economic data out of Japan and the eurozone. Japan's May preliminary PMI (47.6; prior 48.2) showed a larger than expected contraction while May Manufacturing PMI from the eurozone (51.5; consensus 51.9) came in below-consensus.

On the home front, Boston Fed President and FOMC voter Eric Rosengren struck a hawkish tone when he stated that most conditions for a rate hike were "on the verge of being broadly met." In M&A news, Bayer (BAYRY) offered to acquire Monsanto (MON 109.61, +8.09) for $62 billion.

The Treasury complex trades higher with the yield on the 10-yr note slipping two basis points to 1.82%.

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

In U.S. corporate news of note:

Monsanto (MON 109.61, +8.09): +8.0% after receiving an offer to be acquired by Bayer (BAYRY) for $62 billion or approximately $122 per share in cash
Schlumberger (SLB 75.38, +0.42): +0.6% following the company being added to Goldman's "Conviction Buy List"
Square (SQ 9.88, +0.49): +5.2% after the company received an upgrade to "Buy" from "Outperform" at Credit Agricole
Tribune Publishing (TPUB 11.81, -2.42): -17.0% following the company rejecting Gannett's (GCI) proposal to acquire the company for $15 per share

Reviewing overnight developments:

Asia-Pacific indices began the week on a mixed note with China's Shanghai Composite +0.6% while Japan's Nikkei -0.5%, and Hong Kong's Hang Seng -0.2%.
In economic data:
Japan's April trade surplus JPY430 billion (expected JPY270 billion; previous JPY300 billion). April Imports -23.3% year-over-year (consensus -19.0%; previous -14.9%) and Exports -10.1% year-over-year (consensus -10.0%; last -6.8%).
May Manufacturing PMI 47.6 (consensus 48.3; previous 48.2), All Industries Activity Index +0.1% month-over-month (previous 0.7%; last -0.9%), and Leading Index 99.3 (expected 98.4; previous 98.4)
Singapore's April CPI -0.5% year-over-year (consensus -0.7%; last -1.0%)
In news:
At the weekend G7 Summit, Japan's Finance Minister Taro Aso called the recent yen strength "disorderly."
Meanwhile, U.S. Treasury Secretary Jack Lew said the volatility was not out of the ordinary.

European markets trade lower with France's CAC -0.8%, Germany's DAX -0.7%, and the U.K.'s FTSE -0.2%. Elsewhere, Italy's MIB (-2.%) leads to the downside.
In economic data:
Eurozone May Manufacturing PMI 51.5 (consensus 51.9; last 51.7) and Services PMI 53.1 (expected 53.3; previous 53.1)
Germany's May Manufacturing PMI 52.4 (consensus 52.0; last 51.8) and Services PMI 55.2 (consensus 54.6; last 54.5)
France's May Manufacturing PMI 48.3 (consensus 48.8; last 48.0) and Services PMI 51.8 (expected 50.6; last 50.6)
In news:
The Greek parliament has voted in favor of reforms that will pave the way to the next tranche of bailout funds.

6:00 am: [BRIEFING.COM] S&P futures vs fair value: -1.75. Nasdaq futures vs fair value:-3.88.

5:59 am: [BRIEFING.COM] Nikkei...16655...-81.80...-0.50%. Hang Seng...19809...-43.20...-0.20%.

5:59 am: [BRIEFING.COM] FTSE...6155.66...-0.70...0.00%. DAX...9920.53...+4.50...+0.10%.

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic Bookmark and Share  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr