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 Post subject: May 11th Wednesday Trade Results - Profit $5125.00
PostPosted: Thu May 12, 2016 5:24 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:
051116-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+5125.00.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $5125.00 dollars or +102.50 points, Light Crude Oil CL ($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 @ $5125.00 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=156&t=2358

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


4:20 pm: [BRIEFING.COM] The stock market ended its day broadly lower as weaker-than-expected earnings and guidance weighed on retail names and the broader consumer discretionary sector (-2.0%). Other focal points of today's action included an upswing in oil, weakness in the dollar, a broken support (2074/76) level in the S&P 500 (-1.0%), and the underperformance of the heavily-weighted health care (-1.3%) and financial (-1.1%) sectors. The Dow Jones Industrial Average (-1.2%) finished behind the benchmark index (-1.0%) and the Nasdaq Composite (-1.0%).

Equity indices began under pressure as weaker than expected earnings results and guidance from the likes of Walt Disney (DIS 102.29, -4.31), Macy's (M 31.38, -5.61) and Fossil (FOSL 28.44, -11.66) dampened investor sentiment. However, the major averages ticked off their opening lows ahead of the Department of Energy's weekly stockpile report.

The inventory data came in above consensus with larger-than-expected draws in crude oil (-3.41 million barrels; est. +0.71 million) and gasoline (-1.23 million barrels; est. -0.71 million) stockpiles. In response, the energy component jumped off the $44.20/bbl level, bringing the broader market with it. However, the upswing in equities would prove to be short-lived. The benchmark index fell back to its morning low and continued to test support at 2074/76. The benchmark index would break that support in afternoon trade.

The major averages ended near their lows with nine sectors finishing in negative territory. The heavily-weighted consumer discretionary (-2.0%), health care (-1.3%), and financial (-1.1%) sectors rounded out the board while the remaining decliners ended with losses between 0.1% (energy) and 0.7% (industrials).

Retail names ended with the largest losses in the consumer discretionary space (-2.0%). Macy's (M 31.38, -5.61) and Fossil (FOSL 28.44, -11.66) led the group lower following disappointing results and guidance. The two names surrendered 15.2% and 29.1%, respectively. The SPDR S&P Retail ETF (XRT 41.72, -1.94) lost 4.4% as it traded lower in sympathy with the names. Elsewhere, Kohl's (KSS 38.70, -2.48) and Nordstrom (JWN 45.43, -3.43) underperformed ahead of tomorrow's quarterly reports.

In the health care space (-1.3%) biotechnology demonstrated relative weakness, evidenced by the 3.0% decline in the iShares Nasdaq Biotechnology ETF (IBB 256.10, -7.95). The ETF trimmed its weekly gain to 0.3%, compared to the 0.2% loss in the broader sector.

Real estate investment trusts underperformed in the financial sector (-1.1%). In the sub-group, Macerich (MAC 77.64, -3.78) and Simon Properties (SPG 203.24, -1068) fell 4.6% and 5.0%, respectively.

The commodity-sensitive energy space (-0.1%) fell beneath its flat line in the final hour as the broader sector erased a 0.7% gain. Independent oil and gas names ended with the largest gains as ConocoPhillips (COP 43.68, +0.81) and Devon Energy (DVN 32.54, +1.00) gained a respective 1.9% and 3.2%. WTI crude ended its pit session higher by 3.4% at $46.20/bbl.

The U.S. Dollar Index (93.82, -0.40) ended off its low as the greenback pared losses against the yen and the euro. The euro/dollar pair finished higher by 0.5% at 1.1423 while losing 0.8% against the yen (108.44).

The Treasury complex ended off its high with the yield on the 10-yr note falling three basis points to 1.73%.

Today's participation was above the recent average as more than 922 million shares changed hands on the NYSE floor.

Today's data included the weekly MBA Mortgage Index and the Treasury Budget for April:

The MBA Mortgage Index showed a seasonally adjusted increase of 0.4%. This compares to last week's reading of -3.4%.
Bolstered by individual tax receipts, the Treasury Budget for April showed a surplus of $106.5 billion; however, that was much less than the surplus of $156.7 billion seen in the same period a year ago.
The Treasury data are not seasonally adjusted, so the April surplus cannot be compared to the March deficit of $108.0 billion.
Total receipts in April were $438 billion while total outlays were $332 billion.
Receipts were $33 billion less than receipts in April 2015. A large portion of that difference can be attributed to a lower level of individual tax receipts this year ($266 billion) versus last year ($288 billion). Total outlays, meanwhile, were $17 billion more than last year.
The 12-month deficit is $510.9 billion versus $460.6 billion in March.

Tomorrow morning the Bank of England will announce its latest policy decision at 7:00 ET.

On the home front, tomorrow's economic data will be limited to weekly initial claims (Briefing.com consensus 270k) and Import and Export Prices for April, which will all be released at 8:30 ET.

Nasdaq Composite -4.9% YTD
Russell 2000 -1.9% YTD
S&P 500 +1.0% YTD
Dow Jones +1.6% YTD

3:30 pm: [BRIEFING.COM]

The dollar index drops even further in the afternoon, currently down -0.5% around the 93.83 level
Commodities, as measured by the Bloomberg Commodity Index, are up +1.6% at 84.71
Crude oil spikes above the previous day's close after the release of EIA petroleum storage data showed an unexpected draw compared to estimates
June crude oil futures rose $1.50 (+3.4%) to $46.20/barrel
API data released yesterday after the bell showed U.S. crude oil inventories had a build of +3.45 mln barrels vs consensus for a build of +300,000 barrels
EIA data released this morning at 10:30 am ET showed crude oil inventories had a draw of -3.410 mln (consensus called for a build of about +0.4 mln)
Gasoline inventories had a draw of -1.231 mln
Distillate inventories had a draw of -1.647 mln
Natural gas sees an afternoon rally, closing slightly above the previous session's closing price
June natural gas closed $0.01 higher (+0.5%) at $2.17/MMBtu
EIA natural gas storage data is scheduled to be released tomorrow at 10:30 am ET
In precious metals, gold stages a rally off its lows of the day around $1272.70/oz, closing notably higher
June gold ended today's session up $11.00 (+0.9%) to $1275.70/oz
Gold is currently up about +20% since the beginning of 2016
Silver drifts modestly lower in the afternoon, still holding on to its initial morning gains, closing pit trading higher
June silver closed today's session $0.23 higher (+1.4%) at $17.32/oz
Base metal copper inches up in afternoon trade
June copper closed $0.01 higher (+0.5%) at $2.10/lb

3:25 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (-1.2%) trails both the S&P 500 (-0.9%) and the tech-heavy Nasdaq (-0.9%).

The heavily-weighted consumer discretionary (-1.8%), health care (-1.0%), and financial (0.9%) sectors round out the leaderboard. The remaining decliners sport losses between 0.1% (materials) and 0.8% (consumer staples).

The SPDR S&P Retail ETF (XRT 41.87, -1.79) hovers above its session low as it shows a loss of 4.1% on the day. Kohl's (KSS 38.66, -2.51), Nordstrom (JWN 45.40, -3.45), and Ralph Lauren (RL 84.90, -4.44) have each declined between 5.0% and 7.0% ahead of their earnings reports later in the week. Elsewhere, J. C. Penney (JCP 7.94, -0.14) has lost 1.8%, extending its monthly decline to 14.4%.

The U.S. Dollar Index (93.78, -0.44) continues to float off its session low as the greenback trims losses against the euro. The euro/dollar pair trades higher by 0.5% (1.1427) after ticking off the 1.1447 level earlier in the session. Separately, the dollar remains down 0.7% against the yen at 108.46.

On the commodities front, WTI crude ended its day higher by 3.4% at $46.20/bbl while natural gas ended higher by 0.5% at $2.17/MMbtu.

2:30 pm:

[BRIEFING.COM] The major indices hover near their session lows as the Dow Jones Industrial Average (-1.1%; month-to-date -0.2%) moves into negative territory for the month while the S&P 500 (-0.8%; month-to-date +0.2%) continues to sport a modest gain over that period.

Eight sectors trade in the red with heavily-weighted health care (-1.1%) and financials (-0.8%) extending their losses. Meanwhile, materials (-0.1%) and telecom services (-0.6%) show the slimmest downticks.

In the financial sector (-0.8%), real estate investment trusts demonstrate relative weakness with Simon Properties (SPG 204.43, -5.91) and General Growth (GGP 28.06, -1.40) declining 4.4% and 4.8%, respectively. Conversely, money center banks trade narrowly beneath their flat lines as JPMorgan Chase (JPM 62.01, -0.02) and Wells Fargo (WFC 49.35, -0.05) show losses of 0.1% apiece.

On the commodities front, gold ended its day higher by 0.9% ($1,275.70/ozt). For the month, the safe haven has lost 1.1%. Elsewhere, WTI crude trades higher by 3.2% ($46.07/bbl) ahead of its pit session close at 14:30 ET.

2:05 pm:

[BRIEFING.COM] The major averages float at session lows as the Dow Jones Industrial Average (-0.9%) trades behind the S&P 500 (-0.6%).

Energy (+0.4%), materials (+0.1%), and utilities (UNCH) outperform in front of the pack. Conversely, consumer discretionary (-1.7%), health care (-0.7%), and consumer staples (-0.7%) trade behind the broader market.

In the consumer staples space (-0.8%), Wal-Mart (WMT 66.09, -2.20) underperforms, trading lower in sympathy with fellow retail names. Elsewhere in the group, tobacco companies lead with Philip Morris International (PM 101.79, -0.10) and Altria (MO 64.66, +0.06) trading near their flat lines. Meanwhile, WestRock (WRK 43.11, +0.68) displays relative strength ahead of this Friday's spinoff of its specialty chemical arm, Ingevity. WestRock will remain in the S&P 500 while Ingevity will join the S&P SmallCap 600.

Just released, the Treasury Budget statement for April showed a surplus of $106.5 billion. This Treasury data is not seasonally adjusted so the April deficit cannot be compared to the March deficit of $108.0 billion. The prior year's reading in April registered a surplus of $156.7 billion.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have held firm since our last update, but remain under notable pressure in afternoon trading.

A look inside the Dow Jones Industrial Average shows that Walt Disney (DIS 102.26, -4.34), Nike (NKE 57.17, -2.03), and Wal-Mart (WMT 66.02, -2.27) are underperforming. Disney is weighing on the Dow after reporting a top and bottom line miss in its fiscal second quarter results while Nike and Wal-Mart trade lower in conjunction with the entire retail space as poor earnings reports from names in the sector continue to pile in.

Conversely, Caterpillar (CAT 73.21, +0.70) is the best-performing Dow component as shares extend gains from yesterday's session.

At current levels, the DJIA is up 0.24% this week, and still showing small gains (+0.06%) for the month.

Elsewhere, the Treasury's $23 bln 10-year auction at the top of the hours drew a high yield of 1.71% on a bid-to-cover of 2.68. The indirect bid was the highest on record.

1:10 pm:

[BRIEFING.COM] The stock market trades on a lower note at midday as the heavyweight consumer discretionary space (-1.6%) drags on the broader market. Today's trade has featured weakness in the dollar, a pullback from yesterday's leg higher in the broader market, and a rally in oil. The Dow Jones Industrial Average (-0.8%) trades behind the S&P 500 (-0.5%) and the Nasdaq Composite (-0.4%).

Today's session began on a choppy note as investors weighed below-consensus quarterly reports and guidance, weakness from global bourses, and vacillating oil trade. Overseas, Italian banking names anchored European indices as the group moved lower following weaker-than-expected results from Banco Popolare. Meanwhile, WTI crude slipped as investors digested disappointing stockpile data from the American Petroleum Institute and reports indicating that production from Canada's oil sands region is scheduled to pick up. The benchmark index found support at the 2074/76 level.

The stock market carved out session highs mid-morning as participants reviewed the latest inventory data from the Department of Energy. The weekly report showed larger-than-expected draws in crude inventories (-3.41 million barrels; est. +0.71 million) and gasoline stockpiles (-1.23 million barrels; est. -0.71 million). The energy component jumped off the $44.20/bbl and currently trades higher by 3.1% at $46.03/bbl.

Despite the rally in crude, the major indices hover above their session lows as the consumer discretionary space (-1.6%) leads to the downside. The sector is followed by countercyclical consumer staples (-0.8%), health care (-0.6%), and telecom services (-0.4%). On the flipside, commodity-sensitive energy (+0.4%) and materials (+0.1%) show the only gains.

In the consumer discretionary space (-1.6%), retail names have been pressured by below-consensus guidance from Macy's (M 31.91, -5.07). The company reported that revenue fell 7.4% year-over year in the first quarter. Elsewhere, Staples (SPLS 8.60, -1.75) and Office Depot (ODP 3.76, -2.21) have plunged a respective 16.9% and 38.1% after their planned merger was blocked by the Federal Trade Commission. Separately, Walt Disney (DIS 102.03, -4.57) has declined 4.5% after missing analysts' estimates for the quarter.

The Dow Jones Transportation Average (-0.8%) underperforms as the group trades lower following the latest leg higher in crude oil. Freight name JB Hunt (JBHT 83.70, -1.62) sports the second largest loss in the index. Meanwhile, Alaska Air (ALK 67.84, -1.49) has ticked lower by 2.2% as it prepares to join the S&P 500 index after today's close.

In the health care space (-0.6%), biotechnology demonstrates relative weakness, evidenced by the 1.0% decline in the iShares Nasdaq Biotechnology ETF (IBB 261.53, -2.52). However, the ETF continues to show a gain of 2.5% on a week-to-date basis. This compares to an uptick of 1.3% in the broader sector. Elsewhere, health care plan companies underperform with CIGNA (CI 130.53, -2.52) losing 1.9%.

The U.S. Dollar Index (93.72, -0.50) has moved off its session low as the euro and yen pullback against the greenback. The euro/dollar pair trades higher by 0.6% (1.1436) while the dollar has fallen 0.7% against the yen (108.47). Separately, the dollar/Canadian dollar pair has lost 0.5% (1.2845) as the commodity-sensitive currency moves higher with oil.

The Treasury complex trades on a higher note as the yield on the 10-yr note slips two basis points to 1.74%.

Today's data included the weekly MBA Mortgage Index:

The MBA Mortgage Index showed a seasonally adjusted increase of 0.4%. This compares to last week's reading of -3.4%.

Separately, the Treasury Budget for April will be released at 14:00 ET.

12:30 pm:

[BRIEFING.COM] The major indices have traded sideways since the last update as the Dow Jones Industrial Average (-0.7%) trails the S&P 500 (-0.4%) and the Nasdaq Composite (-0.3%).

Two sectors trade in the green with commodity-sensitive energy (+0.4%) and materials (+0.2%) outperforming. On the flipside, consumer discretionary (-1.5%) and consumer staples (-0.8%) underperform amid weakness in retail components.

The health care space continues to consolidate after its impressive start to the week. The broader sector tops the weekly leaderboard with a gain of 1.4%. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 2261.67, -2.37) has declined 0.9% today, but sports a week to date gain of 2.7%. In the broader sector, health care plan companies underperform with UnitedHealth (UNH 131.83, -1.74) and CIGNA (CI 131.09, -1.96) declining 1.3% and 1.5%, respectively. Elsewhere, Allergan (AGN 227.59, +2.59) has extended its rebound effort after last Friday's 4.1% decline. The name has gained 6.5% this week.

12:00 pm:

[BRIEFING.COM] The major averages continue to float above their session lows as the S&P 500 (-0.4%) trades two points above its worst level of the day.

The heavily-weighted technology (-0.1%) and industrial (-0.2%) sectors sport the slimmest losses as they lead financials (-0.4%) and telecom services (-0.4%).

The Dow Jones Transportation Average (-0.7%) underperforms the broader market as freight names display relative weakness. On that note, JB Hunt (JBHT 83.40, -1.91) is the worst performing component in the index. Conversely, Avis Budget (CAR 26.97, +0.58) is the best constituent, gaining 2.2%, as it trades higher in sympathy with Hertz Global (HTZ 9.22, +0.44).

Separately, Alaska Air (ALK 68.00, -1.33) has ticked lower by 1.9% as it prepares to join the S&P 500 index after today's close. The company will replace SanDisk (SNDK 76.35, -0.22), which was acquired by Western Digital (WDC 37.28, -1.09).

On the commodities front, WTI crude trades higher by 3.0% at $45.98/bbl while gold shows a gain of 0.9% ($1,276.30/ozt).

11:30 am:

[BRIEFING.COM] The S&P 500 (-0.5%) has ticked off a fresh session low after finding support in the 2074/76 area.

Eight sectors trade in the red with consumer discretionary (-1.7%) trailing countercyclical consumer staples (-0.7%) and utilities (-0.5%).

In the consumer discretionary space (-1.6%), retail names continue to see pressure as the group trades lower in sympathy with Macy's (M 32.29, -4.70). The broader SPDR S&P Retail ETF (XRT 42.06, -1.60) has surrendered 3.7% as investors weigh softness in the sub-group with quarterly reports from Kohl's (KSS 38.77, -2.39) and Nordstrom (JWN 45.76, -3.10) on tap. The two names will report tomorrow morning and evening, respectively. Elsewhere, large cap Walt Disney (DIS 102.14, -4.46) floats off its low (100.62). Conversely, Amazon (AMZN 710.43, +7.36) trades higher by 1.0% after establishing a new 52-week intraday high (712.50) earlier in the session.

The U.S. Dollar Index (93.74, -0.48) hovers near a new session low as the euro continues to extend its lead over the greenback. The euro/dollar pair trades higher by 0.6% (1.1437). Separately, the dollar has lost 0.6% against the yen (108.60) after bouncing off the 108.45 level.

10:55 am:

[BRIEFING.COM] The stock market has ticked off a fresh session high as the Dow Jones Industrial Average (-0.4%) trails the S&P 500 (-0.3%). The major averages climbed to intraday highs following the release of the Department of Energy's weekly stockpile report, but the benchmark index sputtered as it approached its flat line.

The report showed that crude inventories declined by 3.41 million barrels compared to the estimated build of 0.71 million barrels. As a result, WTI crude jumped off the $44.20/bbl price level and now trades higher by 2.5% at $45.79/bbl.

The energy sector (+0.5%) leads materials (+0.2%), industrials (+0.2%), and technology (+0.1%) on the top of the board. The energy space (+0.5%) shows broad-based strength with independent oil and gas names and oilfield servicers leading the advance. On that note, ConocoPhillips (COP 44.07, +1.20) and Anadarko Petroleum (APC 48.25, +1.23) have gained 2.7% apiece. The broader energy sector has trimmed its monthly loss to 2.0%, trailing the remaining sectors over that period.

10:30 am: [BRIEFING.COM]

The dollar index snaps its notable streak, currently trending -0.4% lower around the 93.88 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.2% at 83.55
Crude oil spikes above the previous close, erasing its initial -1.2% morning losses, trading up +2.2% above a key resistance level above $45.00/barrel
June crude oil futures are currently up $0.98 (+2.2%) at $45.64/barrel
API data released yesterday after the bell showed U.S. crude oil inventories had a build of +3.45 mln barrels vs consensus for a build of +300,000 barrels
EIA data released this morning at 10:30 am ET showed crude oil inventories had a draw of -3.410 mln (consensus called for a build of about +0.4 mln)
Gasoline inventories had a draw of -1.231 mln
Distillate inventories had a draw of -1.647 mln
A contributing factor to crude oil's initial morning losses before the EIA data was the waning of the Canadian wildfire perception of production threats as companies begin production again
A competing factor providing support to crude oil overnight was the Nigeria production decreases due to an oil leak causing the closure of Nembe Creek Trunk line
Natural gas falls, snapping its 3-day streak of gains and consolidating near the lows of the day
June natural gas futures are down $0.03 (-1.5%) at $2.13/MMBtu
In precious metals, gold sees a boost, trending near the highs for the day as the dollar weakens
June gold futures are currently up $13.10 (+1.0%) at $1277.80/oz
Gold is up about +20% since the beginning of this year
Silver extends yesterday's rally
July silver futures are currently up $0.39 (+2.3%) at $17.49/oz
Base metal copper inches higher in morning pit trading
July copper futures are currently up $0.02 (+0.6%) at $2.11/lb

10:00 am:

[BRIEFING.COM] The major averages have extended their opening declines as the Dow Jones Industrial Average (-0.5%) trades behind the S&P 500 (-0.4%).

Nine sectors trade in the red with consumer discretionary (-1.4%), energy (-1.0%), financials (-0.5%), and consumer staples (-0.4%) leading to the downside. On the flipside, materials (UNCH) floats narrowly above its flat line.

In the materials space (UNCH), gold miners demonstrate relative strength as the precious metal extends its gain to 1.2% at $1,279.30/ozt. Elsewhere, Freeport-McMoRan (FCX 11.36, +0.49) has gained 4.4%.

The U.S. Dollar Index (93.81, -0.41) floats near a session low as the yen and the euro extend their leads over the greenback. The euro/dollar pair trades higher by 0.5% at 1.1427 while the dollar has slipped 0.7% against the yen to 108.50.

The Treasury complex continues to trade flat with the yield on the 10-yr note unchanged at 1.76%.

9:45 am:

[BRIEFING.COM] The stock market opened its day on a lower note with the Dow Jones Industrial Average (-0.4%) trailing the Nasdaq Composite (-0.3%) and the S&P 500 (-0.3%).

Seven sectors trade in the red with consumer discretionary (-1.4%) and energy (-0.8%) leading to the downside. The remaining decliners sport losses between 0.1% (telecom services) and 0.4% (consumer staples). Conversely, materials (+0.2%) and industrials (+0.2%) show the largest gains.

In the consumer discretionary sector (-1.4%), apparel retailers demonstrate relative weakness as the group trades lower in sympathy with Macy's (M 33.85, -3.14). The company disappointed investors this morning with its quarterly results and guidance.

The technology space (+0.2%) is benefiting from positive quarterly results from Electronic Arts (EA 73.31, +8.77). Electronic Arts has gained 13.1% after beating top- and bottom-line estimates for the quarter and raising its guidance. Additionally, the company reported that revenue rose 3.1% year-over-year in the first quarter.

On the commodities front, WTI crude trades lower by 0.7% ($44.35/bbl) while gold trades higher by 1.1% at $1,278.60/ozt.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -7.90.

The stock market is on track for a flat open as the S&P 500 futures float five points below fair value.

Futures trimmed their losses as oil rebounded off its overnight low. The energy component experienced some selling pressure overnight after reports indicated that supply from Canada's oil sands region would ramp up in the coming days. Meanwhile, the American Petroleum Institute's weekly inventory report added to selling interest after it showed larger than expected builds in crude oil (+3.45 million barrels; consensus +0.30 million barrels) and gasoline stockpiles (+0.27 million barrels; consensus -0.80 million barrels). Oil has erased a modest gain in recent action, trading lower by 0.6% ($44.40/bbl) ahead of the Department of Energy's inventory data, which will be released at 10:30 ET.

On the corporate front, disappointing earnings results from Macy's (M 34.10, -2.89) and Walt Disney (DIS 101.29, -5.31) have done little to bolster investor sentiment. Meanwhile, news of a cancelled merger between Staples (SPLS 8.80, -1.55) and Office Depot (ODP 3.99, -2.11) has also weighed on equities. Conversely, Blue Buffalo (BUFF 25.25, +1.38) and Electronic Arts (EA 70.15, +5.62) beat estimates for their respective quarters.

The U.S. Dollar Index (93.94, -0.28) has extended its loss as the greenback losses ground to the yen and the euro. The dollar/yen pair trades lower by 0.5% at 108.70 while the euro has gained 0.4% against the dollar (1.1413).

Today's economic data will be limited to the April Treasury Budget, which will be released at 14:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: -6.50.

Equity futures have traded sideways since the last update as the S&P 500 futures trade three points below fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note, but the overall action was confined to relatively narrow trading ranges. In Japan, one of Prime Minister Shinzo Abe's advisors called for a postponement of the next sales tax hike that is slated for April. In addition, the advisor lobbied for increased fiscal spending.

In economic data:
Japan's March Leading Index 98.4 (consensus 96.4; expected 96.8) and March Coincident Indicator +0.5% month-over-month (previous -1.6%)
South Korea's April Unemployment Rate 3.7% (expected 3.8%; last 3.8%)
Australia's May Westpac Consumer Sentiment 8.5% (previous -4.0%), March Invest Housing Finance +1.5% month-over-month (previous 4.1%), and March Home Loans -0.9% month-over-month (expected -1.5%; last 0.9%)

---Equity Markets---

Japan's Nikkei ticked up 0.1% with four sectors posting gains. Communications (+1.1%) and industrials (+1.0%) outperformed while financials (-0.7%) lagged. Sumitomo Heavy Industries jumped 13.4% in reaction to better than expected results. Furukawa, Suzuki Motor, Minebea, Mitsubishi Motors, Okuma, and Sony gained between 1.8% and 7.5%.
Hong Kong's Hang Seng lost 1.2% amid broad weakness. Consumer names paced the decline with Want Want China, Belle International, and China Mengniu Dairy losing between 2.8% and 3.8%. Financials also struggled with Bank of East Asia, China Life Insurance, HSBC, and ICBC falling between 1.0% and 2.5%.
China's Shanghai Composite added 0.2% amid strength in airline names. Hainan Airlines, China Southern Airlines, and China Eastern Airlines posted gains between 6.6% and 8.4%.

Major European indices trade lower across the board with Italy's MIB (-1.9%) pacing the regional decline amid weakness in bank shares. Elsewhere, the International Monetary Fund may not take part in the Greek bailout program, but the Fund plans to issue a positive statement to enable the conclusion of the ongoing review. The IMF did indicate that it would join the program if debt relief becomes a realistic possibility. Separately, the French government will face a parliamentary confidence vote on Thursday after pushing through unpopular labor reform.

Economic data was limited:
UK's March Industrial Production +0.3% month-over-month (expected 0.5%; last -0.2%); -0.2% year-over-year (consensus -0.4%; last 0.1%). March Manufacturing Production +0.1% month-over-month (consensus 0.3%; last -0.9%); -1.9% year-over-year, as expected (last -1.6%)

---Equity Markets---

UK's FTSE is lower by 0.1% with financials contributing to the weakness. RBS, HSBC, Standard Life, Barclays, and Lloyds Banking are down between 0.8% and 2.0%. Miners have shown relative strength with Anglo American, Randgold Resources, BHP Billiton, and Fresnillo up between 1.7% and 4.7%.
Germany's DAX has surrendered 0.6% with utilities pacing the decline. E.ON and RWE hold respective losses of 4.4% and 3.3%. Exporters and financials have also struggled as BMW, Volkswagen, Daimler, and Deutsche Bank hold losses between 1.0% and 2.5%.
France's CAC trades down 0.6%. Financials BNP Paribas, Societe Generale, and Credit Agricole show losses between 1.3% and 1.6%. On the flip side, steelmaker ArcelorMittal outperforms with a 2.3% gain.
Italy's MIB has slumped 1.8% with Banco Popolare and Banca di Milano Scarl down 13.6% and 9.3%, respectively, while UBI Banca, Unicredit, Intesa Sanpaolo, and Banca Mediolanum show losses between 2.4% and 4.0%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: -5.90.

Equity futures have ticked up in recent action as the S&P 500 futures hover three points below fair value.

In company specific news, Macy's (M 34.30, -2.69) has fallen 7.3% after reporting a bottom-line beat on light revenue. The company also lowered full-year earnings and sales guidance, citing continued weakness in consumer spending on apparel and related categories. Elsewhere, Toyota Motors (TM 101.06, -3.76) has slipped 3.6% after missing bottom-line estimates for the quarter and lowering its earnings forecast for 2017.

On the commodities front, safe haven gold has ticked off its session high as the precious metal enjoys a string of bullish commentary from investment banks and investors. The commodity trades higher by 1.1% at $1,278.70/ozt, extending its 2016 gain to 20.6%. Meanwhile, WTI crude has ticked higher to $44.88/bbl (+0.5%).

8:03 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -11.00.

U.S. equity futures trade lower with the S&P 500 futures hovering five points below fair value. Futures and global bourses ticked lower overnight as below-consensus earnings results and weakness in crude oil weighed. Disney (DIS 101.05, -5.55) disappointed investors with its quarterly report, highlighting continued weakness from its ESPN division. Meanwhile, oil reacted to news that production from the oil sands region of Canada is scheduled to restart. However, the energy component has trimmed its loss ahead of the Department of Energy's weekly stockpile report. Currently, WTI crude trades higher by 0.4% at $44.81/bbl.

Overseas, Italian banks drag on European indices as the group responds to below-consensus quarterly results. Meanwhile, the yen ticked higher after one of Prime Minister Shinzo Abe's advisors cautioned intervention in the foreign exchange market. The U.S. Dollar Index (93.97, -0.25) trades lower with the dollar slipping 0.5% against the yen to 108.70.

The Treasury complex trades on a flat note with the yield on the 10-yr note unchanged at 1.76%.

On the economic front, data will be limited to the April Treasury Budget, which will be released at 14:00 ET.

In U.S. corporate news of note:

Walt Disney (DIS 101.05, -5.55): -5.2% following the company missing top- and bottom- line estimates for the quarter amid continued weakness in its cable programing and ESPN division
Staples (SPLS 8.71, -1.64): -15.9% after having its merger with Office Depot (ODP 3.89, -2.20) blocked by the Federal Trade Commission
Electronic Arts (EA 69.01, +4.48): +7.0% following the company beating estimates for the quarter and raising FY16 earnings estimates above-consensus
Fossil Group (FOSL 26.30, -13.77): -34.4% after reporting Q1 results that missed analysts' estimates and lowering Q2 and FY16 earnings estimates below-consensus
Wendy's (WEN 11.75, +0.57): +5.1% following the company beating estimates for the quarter and raising its FY16 earnings guidance above-consensus

Reviewing overnight developments:

Asia-Pacific markets ended on a mixed note with Hong Kong's Hang Seng -1.2%, Japan's Nikkei +0.1%, and China's Shanghai Composite +0.2%.
In economic data:
Japan's March Leading Index 98.4 (consensus 96.4; expected 96.8) and March Coincident Indicator +0.5% month-over-month (previous -1.6%)
South Korea's April Unemployment Rate 3.7% (expected 3.8%; last 3.8%)
Australia's May Westpac Consumer Sentiment 8.5% (previous -4.0%), March Invest Housing Finance +1.5% month-over-month (previous 4.1%), and March Home Loans -0.9% month-over-month (expected -1.5%; last 0.9%)
In news:
In Japan, one of Prime Minister Shinzo Abe's advisors called for a postponement of the next sales tax hike that is slated for April.
The advisor also lobbied for increased fiscal spending

European indices trade lower with France's CAC -0.8%, Germany's DAX -0.8%, and the U.K.'s FTSE -0.2%. Elsewhere, Italy's MIB (-2.0%) leads the losses with weakness in bank shares.
Economic data was limited:
UK's March Industrial Production +0.3% month-over-month (expected 0.5%; last -0.2%); -0.2% year-over-year (consensus -0.4%; last 0.1%). March Manufacturing Production +0.1% month-over-month (consensus 0.3%; last -0.9%); -1.9% year-over-year, as expected (last -1.6%)
In news:
The International Monetary Fund may not take part in the Greek bailout program, but the Fund plans to issue a positive statement to enable the conclusion of the ongoing review.
The IMF did indicate that it would join the program if debt relief becomes a realistic possibility.
The French government will face a parliamentary confidence vote on Thursday after pushing through unpopular labor reform.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -13.40.

5:57 am: [BRIEFING.COM] Nikkei...16579...+13.80...+0.10%. Hang Seng...20055...-187.40...-0.90%.

5:57 am: [BRIEFING.COM] FTSE...6146.35...-10.30...-0.20%. DAX...9984...-61.40...-0.60%.

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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