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 Post subject: May 5th Thursday Trade Results - Profit $5562.50
PostPosted: Fri May 06, 2016 6:12 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)

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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=156&t=2354

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.

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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 the Thursday affair on a flat note as investors looked ahead to tomorrow's release of the April Employment Situation Report (Briefing.com consensus 207k). Other contributing factors for today's trade included an uptick in oil, a bid in the Treasury complex, a leg higher in the dollar, and the underperformance of the heavily-weighted consumer discretionary sector (-0.6%). The Nasdaq Composite (-0.2%) ended its day behind the S&P 500 (UNCH) and the Dow Jones Industrial Average (+0.1%).

Overnight, international bourses adopted a risk-off posture ahead of tomorrow's release of the Employment Situation Report for April. The Briefing.com consensus expects nonfarm payrolls to increase by 207,000 and the consensus expects hourly earnings to increase 0.3%. The influential jobs report follows yesterday's ADP Employment Change for April (156,000; Briefing.com consensus 196,000), which likely lowered expectations for the employment reading.

The U.S. market opened on a higher note as a rebound in crude helped increase risk appetite in the broader market. WTI crude traded as high as $45.98/bbl as investors weighed the impact of a wildfire in the Canadian oil sands town of Fort McMurray. The area produces approximately 17.0% of Canada's oil output and evacuation efforts impacted short-term production from the area. WTI crude ended its day off its high as an uptick in the U.S. Dollar Index (93.76, +0.58) acted as a headwind for the dollar-denominated commodity.

The major averages pared gains along with oil as risk appetite declined ahead of tomorrow's data. By the end of the day, six sectors ended beneath their flat lines as consumer discretionary (-0.6%), telecom services (-0.6%), materials (-0.5%), and utilities (-0.4%) rounded out the leaderboard. On the flipside, energy (+0.7%) and health care (+0.5%) finished with the largest gains.

In the consumer discretionary space (-0.6%), Amazon (AMZN 659.09, -11.81) lost 1.8%, trimming its post-earnings gain to 9.5%. Elsewhere, Dow component Nike (NKE 58.19, -0.92) slipped 1.6% as it traded lower in sympathy with retail names. The SPDR S&P Retail ETF (XRT 42.91, -0.90) fell 2.1% after April same store sales readings disappointed.

The Dow Jones Transportation Average (-1.1%) displayed relative weakness as FedEx (FDX 160.37, -4.88) trimmed its year-to-date gain to 7.6%. Matson (MATX 32.82, -4.71) plunged 12.6% and rounded out the index after missing earnings estimates for the first quarter. Elsewhere, airlines name continued their recent retreat as American Airlines (AAL 32.80, -0.40) extended its weekly loss to 5.5%. The Transportation Average has declined 2.6% so far this week.

Independent oil and gas companies outperformed in the commodity-sensitive energy space (+0.7%). Apache (APA 54.82, +4.09) gained 8.1% after beating bottom-line estimates for the quarter and raising its North American onshore production guidance. EOG Resources (EOG 81.26, +1.92) gained 2.4% ahead of this evening's earnings report. WTI crude ended its day higher by 1.3% at $44.34/bbl. The broader energy sector has declined 2.8% this week, compared to a loss of 3.5% in oil over that period.

The Treasury complex rallied as equities remained near their session lows. The yield on the 10-yr note sank from 1.80% (+3 bps) at the beginning of the session to 1.74% (-4 bps) by the close. The yield on the 10-yr note has fallen nine basis points since last Friday's settlement at 1.83%.

Today's volume was above the recent average as more than 949 million shares changed hands on the NYSE floor.

Today's economic data included April Challenger Job Cuts and weekly initial claims:

The Challenger Job Cuts report revealed 250,061 job cut announcements from January to April, marking the highest total for that period since 2009.
Initial claims filings for the week ending April 30 were 274,000 (Briefing.com consensus 259,000), an increase of 17,000 from the prior week's unrevised level.
Notwithstanding the jump in initial claims, they remained below 300,000 for the 61st straight week, extending their best streak since 1973. The four-week moving average for initial claims bumped up 2,000 to 258,000.
Continuing claims for the week ending April 23 decreased by 8,000 to 2.121 million.
That is the lowest level since November 4, 2000, and the four-week moving average of 2.140 million is the lowest level since November 11, 2000.

Tomorrow's economic data will include the Employment Situation Report for April (Briefing.com consensus 207k) and Consumer Credit for March (Briefing.com consensus $18.0 billion), which will cross the wires at 8:30 ET and 15:00 ET, respectively.

Nasdaq Composite -5.8% YTD
Russell 2000 -2.4% YTD
S&P 500 +0.3% YTD
Dow Jones +1.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar index rallies for the third consecutive day, weighing on commodities, currently up +0.6% near the 93.77 level
Commodities, as measured by the Bloomberg Commodity Index, are down -0.8% at 82.71
Crude oil sees a notable and sustained downtrend after opening near $46.00/barrel and clocking in initial morning gains, still green for the day
June crude oil futures rose $0.56 (+1.3%) to $44.34/barrel
Oil supply is being threatened due to unrest in Libya and a wildfire in Canada, A contributing factor to the boost in oil prices
A huge wildfire spreading in Canada has caused 88,000 people to evacuate their homes in Fort McMurray, which happens to be the center of the country's oil sands region
This area produces approximately 17% of Canada's oil output
In other news, unrest in Libya is also helping prop up oil prices as a stand-off between eastern and western political factions threatens oil supplies
Natural gas plummets & consolidates near the lows of the day after EIA nat gas storage data showed a larger than expected build
June natural gas closed $0.06 lower (-2.8%) at $2.08/MMBtu
Working gas in storage was 2,625 Bcf as of Friday, April 29, 2016, according to EIA estimates
Natural gas inventory showed a +68 of bcf vs expectations for inventory to be a build of approximately +66 bcf
At 2,625 Bcf, total working gas is above the five-year historical range
In precious metals, gold sees an early morning drop & consolidates just below the previous day's close
June gold ended today's session down $2.50 (-0.2%) to $1271.70/oz
Silver declines to a fresh new low of the day and closes there to end afternoon pit trading
July silver closed today's session $0.03 higher (+0.2%) at $17.33/oz
Base metal copper experiences its third consecutive day of declines in afternoon pit trading
July copper closed $0.04 lower (-1.8%) at $2.15/lb

3:05 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the S&P 500 (UNCH) trades neck-and-neck with the Dow Jones Industrial Average (UNCH).

Two sectors trade in the green with energy (+0.6%) leading health care (+0.3%), technology (-0.1%), and industrials (-0.1%). Conversely, telecom services (-0.6%) and consumer discretionary (-0.5%) sport the largest losses.

In the materials space (-0.6%), WestRock (WRK 40.20, +1.24) has seen continued interest after Jefferey Smith mentioned that Starboard Value had a long position in the company. The broader sector has declined 2.9% this week, trailing only energy (+0.5%; week-to-date -3.00%) over that period.

The U.S. Dollar Index (93.78, +0.60) trades near its session high as the greenback sports gains against the yen and the euro. The dollar/yen pair trades higher by 0.2% at 107.25. Meanwhile, the euro has slipped 0.7% against the dollar to the 1.1400 level. The U.S. Dollar Index shows a gain of 0.8% over the past week.

WTI crude ended its day higher by 1.3% at $44.34/bbl. For the week, the energy component has declined 3.5%. Meanwhile, natural gas ended lower by 2.8% ($2.08/MMbtu).

2:30 pm:

[BRIEFING.COM] The stock market trades near its low as the S&P 500 (-0.1%) floats four points above its worst level of the day.

In front of the pack, commodity-sensitive energy (+0.3%) trades ahead of health care (+0.2%), technology (-0.1%), and industrials (-0.1%).

In the industrial sector (-0.1%), FedEx (FDX 160.74, -4.51) displays relative weakness as the name trims its year-to-data gain to 7.9%. This compares to a gain of 3.4% in the broader industrial sector. Separately, United Continental (UAL 45.10, -0.45) and American Airlines (AAL 32.99, -0.22) have extended their weekly losses to 1.6% and 4.9%, respectively. Elsewhere, construction name Martin Marietta (MLM 174.39, +4.93) has jumped 2.9% after beating top- and bottom-line estimates for the first quarter. The company raised its earning guidance for the full year, but lowered its revenue estimates.

On the commodities front, WTI crude trades higher by 0.7% ($44.09/bbl) ahead of its pit session close at 14:30 ET. Elsewhere, gold ended its day lower by 0.2% at $1,271.70/ozt.

2:00 pm:

[BRIEFING.COM] The major averages trade in the neighborhood of fresh session lows as the Nasdaq Composite (-0.2%) and the S&P 500 (-0.2%) trail the Dow Jones Industrial Average (-0.1%).

Eight sectors trade in the red with countercyclical utilities (-0.6%) and telecom services (-0.6%) trading in-line with consumer discretionary (-0.6%) and materials (-0.6%).

In the financial sector (-0.3%), MetLife (MET 42.57, -0.96) and Lincoln National (LNC 40.80, -1.82) demonstrates relative weakness after missing top- and bottom-line estimates for the quarter. The two names are down a respective 2.2% and 4.3%. Elsewhere, Allstate (ALL 67.40, +2.12) has gained 3.3% after beating bottom-line estimates for the first quarter on in-line revenue. Allstate reported that net premiums increased 4.0% year-over-year to $4.72 billion. The broader sector has declined 1.2% over the last week, trailing only energy (+0.2%; week-to-date -3.2%) and materials (-0.5%; week-to-date -2.8%) over that time.

On the central bank front, San Francisco Fed President John Williams recently stated that two to three interest rate hikes in 2016 would be reasonable, but that the FOMC will continue to remain data dependent. Furthermore, the non-FOMC voter believes that the FOMC will have better information regarding the likelihood of a potential "Brexit" by the middle of June. The FOMC will meet on June 14 and 15 to discuss its monetary policy stance while the British referendum vote on EU membership is set to take place on June 23.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have melted lower in recent trading with stocks dropping to new intra-day lows.

A look inside the Dow Jones Industrial Average shows that Merck & Co (MRK 53.64,-1.17), Caterpillar (CAT 72.90, -1.34), and Nike (NKE 58.05, -1.06) are underperforming. Merck is under pressure after reporting mixed first quarter results. In the report, Merck delivered better than expected bottom-line results, while sales fell short of expectations. Merck also slightly boosted its full-year outlook. Caterpillar is deep in the red after Greenlight Capital's David Einhorn presented a bear case on shares at yesterday's Ira Sohn conference.

Conversely, IBM (IBM 146.24, +1.99) is the best-performing Dow component as shares buck the trend, trying to erase this weeks decline.

Amid today's mixed action, the DJIA is now lower by 0.8% this week.

1:05 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as the S&P 500 (+0.2%) trims its weekly decline to 0.5%. Today's trade has featured a rally in crude oil, an uptick in the dollar, and leadership from the heavyweight health care (+0.5%) and technology (+0.2%) sectors. The Dow Jones Industrial Average (+0.2%) trades in-line with the benchmark index (+0.2%) and ahead of the tech-heavy Nasdaq (+0.1%).

Equities jumped out of the gate as a rally in crude oil helped spur the broader market. The energy component gained in overseas trade as stories pointing to a potential short-term supply shortage made the rounds. Specifically, concerns emerged that a wildfire in the Canadian oil sands town of Fort McMurray may impact production levels. The entire town has been evacuated as the area continues to deal with wildfires that erupted on Sunday. Furthermore, continued unrest in Libya also contributed to supply shortage speculation.

The major averages and oil trimmed their gains as participants eyed a strengthening dollar and adopted a wait-and-see stance ahead of key economic data. The U.S. Dollar Index (93.70, +0.52) gained as the greenback extended its lead over the yen and euro. On the economic front, investors are looking ahead to tomorrow's Employment Situation Report for April. The Briefing.com consensus expects that nonfarm payrolls have increased by 207,000, but yesterday's disappointing ADP Employment Change (156,000; Briefing.com consensus 196,000) likely tempered expectations for the report.

At midday, five sectors trade above their flat lines as energy (+0.7%), health care (+0.5%), technology (+0.2%), industrials (+0.2%), and consumer staples (+0.1%) lead. Conversely, telecom services (-0.3%), utilities (-0.2%), and consumer discretionary (-0.2%) sport the largest losses.

In the energy space (+0.7%), independent oil and gas companies display relative strength. Occidental Petroleum (OXY 75.58, +1.62) has gained 2.2% despite missing analysts' estimates for the first quarter. However, the company did announce that it would increase production 4.0% to 6.0% on a static $3.0 billion capital budget. Elsewhere, EOG Resources (EOG 81.06, +1.72) has gained 2.2% ahead of this evening's earnings report. Currently, WTI crude trades higher by 2.1% at $44.69/bbl.

Biotechnology outperforms in the health care space (+0.5%). The sub-group is trading higher with Regeneron Pharmaceuticals (REGN 377.02, +16.38), which reported above-consensus results for the quarter. The company also raised its sales guidance for its retinal drug Eylea. On the flipside, AmerisourceBergen (ABC 77.53, -6.76) has tumbled 8.0% after cutting its 2016 earnings guidance. However, the company did announce that it extended its relationship with Walgreens Boots Alliance (WBA 81.33, -0.16) through 2026.

In the technology space (+0.2%), the high-beta chipmakers demonstrate relative strength, evidenced by the 0.9% gain in the PHLX Semiconductor Index. Elsewhere, Yahoo! (YHOO 37.00, +1.00) has gained 2.8% as investors look to positive implications from its stake in Alibaba (BABA 78.96, +3.14). Meanwhile, Apple (AAPL 92.90, -0.72) continues to struggle after reporting earnings on April 26.

The consumer discretionary space (-0.2%) underperforms as investors weigh disappointing April same-store sales. The SPDR S&P Retail ETF (XRT 43.13, -0.68) has fallen 1.6% while L Brands (LB 72.37, -7.80) has plunged 9.7% after missing same store sales figures and lowering its first quarter sales guidance below analysts' estimates.

The Treasury complex has climbed off its low as the yield on the 10-yr note moves from 1.80% (+3 bps) down to 1.76% (-1 bps). This represents a seven basis point move since last Friday's settlement at 1.83%.

Today's economic data included April Challenger Job Cuts and weekly initial claims:

The Challenger Job Cuts report revealed 250,061 job cut announcements from January to April, marking the highest total for that period since 2009.
Initial claims filings for the week ending April 30 were 274,000 (Briefing.com consensus 259,000), an increase of 17,000 from the prior week's unrevised level.
Notwithstanding the jump in initial claims, they remained below 300,000 for the 61st straight week, extending their best streak since 1973. The four-week moving average for initial claims bumped up 2,000 to 258,000.
Continuing claims for the week ending April 23 decreased by 8,000 to 2.121 million.
That is the lowest level since November 4, 2000, and the four-week moving average of 2.140 million is the lowest level since November 11, 2000.

12:30 pm:

[BRIEFING.COM] The major indices have ticked down in recent action as the Nasdaq Composite (+0.2%) trades in-line with the S&P 500 (+0.2%) and behind the Dow Jones Industrial Average (+0.3%).

The commodity-sensitive energy sector (+0.7%) has trimmed its gain as it leads health care (+0.5%), technology (+0.3%), industrials (+0.2%), and consumer staples (+0.2%).

In the technology space (+0.3%), Yahoo! (YHOO 37.03, +1.03) has gained 2.9% as it trades higher following Alibaba's (BABA 79.01, +3.19) 4.2% post-earnings rally. The web portal holds a stake in Alibaba worth approximately $23 billion. Elsewhere, large cap Apple (AAPL 93.04, -0.57) remains under pressure as the stock sinks 0.6%. The high-beta chipmakers display relative strength, evidenced by the 0.9% gain in the PHLX Semiconductor Index. The broader technology space sports the slimmest weekly loss among the cyclical sectors (week-to-date -0.4%). This only trails consumer discretionary (-0.1%; week-to-date -0.1%) over that period.

WTI crude trades higher by 2.3% ($44.80/bbl) while natural gas has declined 2.9% ($2.08/MMbtu). The downturn took place after the Energy Information Administration reported that natural gas in underground storage increased by 68 billion cubic feet, compared to the estimated 64 billion cubic feet increase.

11:55 am:

[BRIEFING.COM] The major averages have rallied back towards the middle of their trading ranges as the S&P 500 (+0.3%) trades in-line with the Nasdaq Composite (+0.3%).

Eight sectors sport gains with energy (+1.2%), technology (+0.4%), and health care (+0.4%) demonstrating relative strength.

In the consumer discretionary space (-0.1%), retailers underperform as the SPDR S&P Retail ETF (XRT 43.07, -0.74) pulls back following disappointing April same-store sales figures. Gap (GPS 22.07, - 0.67) has declined 3.0% ahead of its same-store sales data, which will be released the evening of May 9. Heavyweight component Amazon (AMZN 668.77, -2.12) has slipped 0.3%, trimming its post-earnings gain. The company has climbed 11.1% since reporting earnings on April 28. This compares to a gain of 0.5% in the broader Consumer Discretionary SPDR ETF (XLY 79.17, -0.04) over that period.

The Treasury complex has ticked higher, leaving the yield on the 10-yr note unchanged at 1.78%.

11:30 am:

[BRIEFING.COM] The stock market has slipped to a new session low in recent action as the S&P 500 (+0.1%) trades narrowly above its flat line.

In front of the pack, energy (+1.2%), technology (+0.2%), financials (+0.1%), and health care (+0.1%) outperform.

In the health care space (+0.1%), Merck (MRK 53.86, -0.95) trades lower by 1.8% after reporting a bottom-line beat on light revenue for the first quarter. Elsewhere, Regeneron Pharmaceuticals (REGN 376.69, +16.05) has gained 4.5% after beating analysts' estimates for the first quarter and raising its guidance for net sales of Eylea from 20.0% year-over-year growth to 20.0-25.0%. On the flipside, AmerisourceBergen (ABC 77.58, -6.71) has tumbled 8.0% after lowering its earnings guidance below estimates. The broader health care space has fallen 0.6% so far this week, compared to a loss of 3.8% in the iShares Nasdaq Biotechnology ETF (IBB 257.82, -0.21) over that time.

On the commodities front, safe haven gold has trimmed its gain to 0.3% ($1,277.80/ozt) after trading as high as $1,287.80 in pre-market.

11:00 am:

[BRIEFING.COM] The major indices have ticked off their session lows as the S&P 500 (+0.2%) trades in-line with the Nasdaq (+0.2%).

On the bottom of the leaderboard, countercyclical utilities (-0.5%) and telecom services (-0.4%) trail consumer discretionary (-0.2%), industrials (+0.2%), and technology (+0.1%).

The energy sector (+1.5%) has trimmed its opening gain as WTI crude pulls back from its session high ($45.98/bbl) to trade higher by 2.7% at $44.95/bbl. In the space, pipeline companies and independent oil and gas names demonstrate relative strength. On that note, Occidental Petroleum (OXY 75.95, +1.99) has gained 2.7%, but remains down 0.9% since the beginning of the week. The company reported top- and bottom-line misses for the quarter this morning, but announced a 4.0-6.0% increase in production. The broader energy sector has declined 2.1% this week, pacing the loss in materials (+0.2%; week-to-date -2.1%) over that time. This compares to a weekly loss of 2.2% in WTI crude.

The U.S. Dollar Index (93.77, +0.59) has posed a headwind to the dollar-denominated commodity as the greenback extends its lead over the yen and the euro. The dollar/yen pair trades higher by 0.3% (107.35) while the euro has lost 0.8% against the dollar (1.1400).

10:30 am: [BRIEFING.COM]

The dollar index rallies to the 93.69 level, up +0.5%, not appearing to weigh on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up +0.3% at 83.60
Crude oil surges above a key level of resistance at $45.00/barrel in morning pit trading
Oil supply is being threatened due to unrest in Libya and a wildfire in Canada, A contributing factor to the boost in oil prices this morning
A huge wildfire spreading in Canada has caused 88,000 people to evacuate their homes in Fort McMurray, which happens to be the center of the country's oil sands region, This area produces approximately 17% of Canada's oil output
In other news, unrest in Libya is also helping prop up oil prices as a stand-off between eastern and western political factions threatens oil supplies
June crude oil futures are currently up $1.53 (+3.5%) at $45.31/barrel
Natural gas plummets to fresh lows of the day before trending higher after the release of EIA nat gas storage data, still in negative territory for the day
June natural gas futures are currently down $0.02 (-0.8%) at $2.13/MMBtu
Working gas in storage was 2,625 Bcf as of Friday, April 29, 2016, according to EIA estimates
Natural gas inventory showed a +68 of bcf vs expectations for inventory to be a build of approximately +66 bcf
At 2,625 Bcf, total working gas is above the five-year historical range
In precious metals, gold initially trended up in the morning before reversing near highs of $1287.80/oz, giving up some of its initial gains in morning pit trading
June gold futures are currently up $7.50 (+0.6%) at $1281.90/oz
Silver spikes up, consolidating just below its highs of the day
July silver futures are currently up $0.20 (+1.1%) at $17.50/oz
Base metal copper declines for the third day in a row
July copper futures are currently down $0.03 (-1.4%) at $2.16/lb

10:00 am:

[BRIEFING.COM] The major averages have ticked off a session low as the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%) trade neck-and-neck.

Six sectors trade in the green with utilities (+0.1%), financials (+0.2%), consumer staples (+0.3%), and industrials (+0.4%) sporting the slimmest gains.

In the consumer staples space (+0.3%), Kraft Heinz (KHC 83.70, +3.72) demonstrates relative strength after beating top-and bottom-line estimates for the first quarter. Meanwhile, Costco (COST 150.03, -1.48) has declined by 1.0% after reporting below-consensus same store sales for April. Conversely, Whole Foods (WFM 29.50, +0.98) has extended its post-earnings gain to 3.5%.

The U.S. Dollar Index (93.61, +0.43) has gained in recent action as the euro and yen extend their loss against the greenback. The euro/dollar pair trades lower by 0.7% at 1.1410 while the dollar has gained 0.2% against the yen to hover near 107.30.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened on a higher note as the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%) lead the Nasdaq Composite (+0.2%)

Seven sectors trade above their flat lines as energy (+1.7%) and utilities (+0.8%) outpace the gains in the broader market. The remaining gainers sport upticks between 0.2% (industrials) and 0.6% (consumer staples). On the flip side, consumer discretionary (-0.3%), telecom services (-0.2%), and financials (-0.1%) sport the only losses.

In the consumer discretionary space (-0.3%), L Brands (LB 71.65, -8.53) demonstrates relative weakness after disappointing investors with its same store sales numbers and guiding its first quarter sales estimates below analysts' estimates. Meanwhile, the broader SPDR Retail ETF (XRT 43.19, -0.61) trades lower in sympathy.

On the commodities front, WTI crude has trimmed its gain to 3.6% ($45.34/bbl) while gold trades higher by 0.8% at $1,284.80/ozt.

The Treasury complex has ticked below its flat line as the yield on the 10-yr note rises one basis point to 1.79%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +15.60.

The stock market is on track for a higher open as the S&P 500 futures trade seven points above fair value. Equity futures slipped following a weaker than expected reading of weekly initial claims (274,000; Briefing.com consensus 259,000), but equities remain higher as a rebound in oil continues to buttress the broader market. On that note, WTI crude trades higher by 4.1% ($45.58/bbl), trimming its week to date decline to 0.8%. The move higher in the energy component has been fueled by short-term supply concerns with investors weighing the impact of a wild fire in Fort McMurray. Additionally, ongoing tensions in Libya have also been cited as a source of potential supply disruptions.

Commodities have staged a rebound despite strength from the U.S. Dollar. The U.S. Dollar Index (93.57, +0.39) has extended its week to date gain to 0.6% as it gains against the euro. The euro has fallen 0.5% against the dollar to 1.1427. Conversely, the dollar/yen pair trades lower by 0.1% (106.97).

In company specific news, Avon Products (AVP 4.12, -0.18) has slipped 4.2% after missing bottom-line estimates for the quarter. The company reported that its gross margin fell by 30 basis points to 60.3%. Elsewhere, Whole Foods (WFM 28.80, +0.29) has gained 1.0% after reporting mixed quarterly results. Whole Foods reported that total sales topped $3.7 billion for the quarter. Separately, AmerisourceBergen (ABC 76.50, -7.79) has declined by 9.2% after missing top-line estimates and cutting its 2016 guidance. However, the company did announce that it extended its relationship with Walgreens Boots Alliance (WBA 81.39, -0.10) through 2026.

The Treasury complex has backed away from its high as the yield on the 10-yr note trades flat at 1.78%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +18.10.

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

Equity markets in the Asia-Pacific region ended Thursday on a mostly lower note. However, regional indices were restrained to narrow ranges while Japan's Nikkei was closed once again (Children's Day). Economic data released overnight was mostly disappointing, which added to the cautious sentiment stemming from political turmoil in Turkey.

In economic data:
China's April Caixin Services PMI 51.8 (consensus 52.6; last 52.2)
Hong Kong's April Manufacturing PMI 45.3 (last 45.5) and March Retail Sales -9.8% year-over-year (consensus -9.0%; last -20.6%)
Australia's March Retail Sales +0.4% month-over-month (expected 0.3%; last 0.1%) and March trade deficit narrowed to AUD2.16 billion from AUD3.04 billion (expected deficit of AUD2.90 billion). March Imports increased 1.0% year-over-year (last 0.0%) and exports grew 4.0% month-over-month (last -1.0%). Separately, March HIA New Home Sales +8.9% month-over-month (last -5.3%)

---Equity Markets---

Japan's Nikkei was closed.
Hong Kong's Hang Seng slipped 0.5% with property names leading the retreat. China Resources Land, Hang Lung Properties, and New World Development lost between 1.6% and 2.0%. Financials were mixed with HSBC falling 1.4%, Bank of China shedding 0.3%, and Bank of China Hong Kong climbing 0.9%.
China's Shanghai Composite added 0.2%. Nuode Investment, Dalian Daxian Enterprises, Tibet Urban Development, and Greattown Holdings gained between 4.7% and 6.2%.

Major European indices trade near their flat lines after slipping from early-morning highs. Trading volumes have been relatively light today due to the Ascension Day holiday. On a separate note, the European Central Bank lowered Greece's Emergency Liquidity Assistance allowance to EUR69.10 billion from EUR69.40 billion.

Economic data was limited:
UK's April Services PMI 52.3 (expected 53.5; last 53.7)

---Equity Markets---

France's CAC trades lower by 0.1%. Publicis Groupe leads with a gain of 1.4% while Airbus, Sanofi, Total, Technip, and Orange follow with gains between 1.0% and 1.3%. On the downside, financials lag with BNP Paribas, Credit Agricole, and Societe Generale down between 0.7% and 1.7%.
Germany's DAX has dipped 0.1% amid gains in half of its components. Deutsche Boerse has climbed 2.0% while Bayer, Deutsche Telekom, BASF, and Henkel are up between 0.9% and 1.4%. Conversely, Commerzbank and Deutsche Bank are both down near 1.4%.
UK's FTSE is flat with BT Group, RSA Insurance, and Next in the lead. The three names hold gains between 1.9% and 3.7%. Consumer names like Morrison Supermarkets, Sports Direct, and TUI are up between 1.1% and 1.5%. On the downside, Centrica has tumbled 10.7% after announcing plans to raise capital.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +19.50.

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

Just released, the latest weekly initial jobless claims count totaled 274,000 while the Briefing.com consensus expected a reading of 259,000. Today's tally compared to 257,000 in the prior week. As for continuing claims, they fell to 2.121 million from 2.129 million (revised from 2.130 million).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +22.10.

U.S. equity futures trade higher with the S&P 500 futures floating ten points above fair value. Futures and oil moved higher in tandem as investors ruminated over the impact of a wildfire in western Canada. The fire, which is effecting the city of Fort McMurray, erupted on Sunday and may effect production from Canada's oil sands region. WTI crude trades higher by 3.2% (45.18/bbl). This represents a loss of 1.6% since last Friday's settlement ($45.96/bbl).

On the currency front, the U.S. Dollar Index (93.57, +0.39) moved higher overnight, extending its weekly gain over the euro and the yen. The euro/dollar pair trades lower by 0.5% (1.4489) while the dollar has gained 0.2% against the yen (107.19).

Treasuries trade on a lower note with the yield on the 10-yr note rising two basis points to 1.80%.

On the economic front, data will be limited to weekly initial claims (Briefing.com consensus 259k), which will be released at 8:30 ET. Meanwhile, April Challenger Job Cuts reported in with an increase of 35.0% month-over-month. This compares to the prior month's increase of 31.7%.

In U.S. corporate news of note:

Tesla Motors (TSLA231, +9.04): +4.1% after beating bottom-line estimates for the quarter and advancing its plan to reach a 500k unit build plan by 2018 (from 2020)
Weight Watchers (WTW 13.86, +1.34): +10.7% following the company reporting above-consensus bottom-line results and raising its earnings guidance above analysts' estimates
Alibaba (BABA 78.38, +2.56): +3.4% after beating top-line estimates on light revenue
Merck (MRK 55.00, +0.19): +0.4% following the company beating bottom-line results on light revenue and reporting its Keytruda sales topped $249 million

Reviewing overnight developments:

Asia-Pacific markets ended on a mixed note with Hong Kong's Hang Seng -0.5% and China's Shanghai Composite +0.2%. Meanwhile, Japan's Nikkei was closed for Children's Day.
In economic data:
China's April Caixin Services PMI 51.8 (consensus 52.6; last 52.2)
Hong Kong's April Manufacturing PMI 45.3 (last 45.5) and March Retail Sales -9.8% year-over-year (consensus -9.0%; last -20.6%)
Australia's March Retail Sales +0.4% month-over-month (expected 0.3%; last 0.1%) and March trade deficit narrowed to AUD2.16 billion from AUD3.04 billion (expected deficit of AUD2.90 billion). March Imports increased 1.0% year-over-year (last 0.0%) and exports grew 4.0% month-over-month (last -1.0%). Separately, March HIA New Home Sales +8.9% month-over-month (last -5.3%)

European indices trade flat with Germany's DAX +0.1%, the U.K.'s FTSE +0.1%, and France's CAC trades unchanged.
Economic data was limited:
UK's April Services PMI 52.3 (expected 53.5; last 53.7)
In news:
Trading volume has been light, attributed to the Ascension Day holiday.
The European Central Bank lowered Greece's Emergency Liquidity Assistance allowance to EUR69.10 billion from EUR69.40 billion.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +21.60.

5:55 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...20450...-76.00...-0.40%.

5:55 am: [BRIEFING.COM] FTSE...6124.25...+12.20...+0.20%. DAX...9897.86...+69.60...+0.70%.

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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