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 Post subject: May 12th Thursday Trade Results - Profit $4187.50
PostPosted: Fri May 13, 2016 1:42 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:
051216-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4187.50.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $4187.50 dollars or +83.75 points, Light Crude Oil CL ($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 @ $4187.50 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=2359

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 the major averages trimmed their intraday losses. The Dow Jones Industrial Average (+0.1%) finished ahead of the S&P 500 (UNCH) while the Nasdaq Composite (-0.5%) underperformed. Contributing factors for today's trade included a rebound in oil, vacillating price action in the dollar, a healthy dose of Fed speak, and relative weakness from the heavyweight health care (-0.6%), technology (-0.4%), and consumer discretionary (-0.3%) spaces.

The major averages began on a choppy note as investors weighed sliding oil prices and a below-consensus reading of weekly initial claims (264,000; Briefing.com consensus 274,000). Adding to early pressure was the inability of equity indices to hold their opening gains while the heavyweight health care (-0.6%) and technology (-0.4%) spaces underperformed.

Equities hit their lowest point in the early afternoon as participants ruminated over hawkish commentary from FOMC voter and Cleveland Fed President Loretta Mester. President Mester contended that risks to economic forecasts should not paralyze policymakers. Furthermore, she voiced her confidence in recent inflation data, which was encouraging given tailwinds from a rebound in oil and weakness in the dollar. Boston Fed President and fellow FOMC voter Eric Rosengren would later echo this sentiment, saying that the market is underestimating the pace of rate hikes.

The major averages rallied through the afternoon as oil helped lead equities off their lows. WTI crude ended its day higher by 1.0% at $46.65/bbl. Meanwhile, health care (-0.6%), technology (-0.4%) and consumer discretionary (-0.3%) each trimmed more substantial losses. Seven sectors finished in the green with telecom services (+0.7%), materials (+0.5%), and consumer staples (+0.5%) leading the pack. Conversely, health care (-0.6%), technology (-0.4%) and consumer discretionary (-0.3%) finished with the only losses.

In the health care space (-0.6%), biotechnology, health care plans, and generic drug manufactures all demonstrated relative weakness. Among generic names Mylan Labs (MYL 38.62, -1.02) and Allergan (AGN 216.02, -6.69) declined 2.6% and 3.0%, respectively. Elsewhere, Aetna (AET 108.60, -3.66) weighed on health care plans providers after the company confirmed that it will continue to offer plans through health care exchanges. The iShares Nasdaq Biotechnology ETF (IBB 251.73, -4.37) erased a modest weekly gain and is now down 1.4% over that period.

The high-beta chipmakers underperformed in the technology space (-0.4%), evidenced by the 1.8% decline in the PHLX Semiconductor Index. The group moved lower as iPhone suppliers were impacted by continued concerns regarding smartphone demand. Meanwhile, Apple (AAPL 90.32, -2.19) established a new two-year intraday low (89.47). On the flipside, Microsoft (MSFT 51.51, +0.46) finished higher by 0.9%.

The Dow Jones Transportation Average (-1.4%) underperformed as a negative revenue metric from JetBlue Airways (JBLU 18.17, -0.89) weighed on airlines. The company reported that revenue per available seat mile declined 12.5% on a year-over-year basis in April.

In the consumer discretionary space (+0.1%), retail names trimmed larger losses as the SPDR S&P Retail ETF (XRT 41.61, -0.11) ended off its low. Elsewhere, Kohl's (KSS 35.15, -3.54) plunged 9.2% after disappointing investors with its quarterly results. Meanwhile, Nordstrom (JWN 45.23, -0.20) finished the day lower by 0.4% ahead of this evening's quarterly report.

The U.S. Dollar Index (94.15, +0.35) ended at its high as the greenback gained ground against the yen and the euro. The euro slipped 0.5% against the dollar (1.1372) while the dollar/yen pair ended higher by 0.6% at 109.08.

The Treasury complex ended lower as the yield on the 10-yr note rose two basis points to 1.75%.

Today's participation was above the recent average as more than 923 million shares changed hands on the NYSE floor.

Today's economic data was limited to weekly initial claims and Import and Export Prices for April:

The latest initial claims report produced a surprise -- and not a good one. Initial claims for the week ending May 7 increased by 20,000 to 294,000 (Briefing.com consensus 270,000).
While the latest week marked the 62nd straight week initial claims have been below 300,000, it was the highest level of claims since February 28, 2015, and there were no special factors influencing the increase.
With this report, the four-week moving average jumped to 268,250 from 258,000.
Continuing claims for the week ending increased by 37,000 to 2.161 million. That is the highest level for continuing claims since April 2, 2016.
The four-week moving average, though, dipped to 2.137 million from 2.140 million and is the lowest level for this average since November 11, 2000.
The initial claims surprise is something that will probably contribute to the market's belief that the Fed won't raise rates in June.
According to the BLS, fuel prices drove a 0.3% increase in import prices in April. That was the second consecutive month that import prices have increased 0.3%.
They're still down 5.7% over the past year, yet that is the smallest year-over-year drop since December 2014. Export prices increased 0.5% after being unchanged in March, but are still down 5.0% year-over-year.
Excluding fuel, import prices increased 0.1%, which is the first monthly advance since July 2014. Nonfuel import prices are down 2.0% year-over-year.
Excluding agriculture, export prices also increased 0.5% on the heels of a 0.3% increase in March. That gain left them down 4.6% year-over-year.

Tomorrow's data will include Core PPI for April (Briefing.com consensus +0.1%) and Retail Sales for April (Briefing.com consensus+0.8%) each being released at 8:30 ET. The day's data will be capped off with March Business Inventories (Briefing.com consensus +0.2%) and the preliminary reading of the University of Michigan Consumer Sentiment Survey for May (Briefing.com consensus 90.0) both crossing the wires at 10:00 ET.

Nasdaq Composite -5.4% YTD
Russell 2000 -2.4% YTD
S&P 500 +1.0% YTD
Dow Jones +1.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index rallies +0.4%, trading near the 94.16 level, not appearing to weigh on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up +0.04 at the 84.75 level
Crude oil closes near its afternoon highs post-monthly IEA data
June crude oil futures rose $0.45 (+1.0%) to $46.65/barrel
Crude oil is up +25.6% since the beginning of the year
This morning, the IEA came out with its monthly oil market report, citing some interesting color, such as saying that the global oil market is almost in balance, it expects to see a notable reduction in global oil inventories in the second half of 2016, following a continued build in the first half, partially led by the increase seen in production and exports in Iran On the demand side, the IEA raised global oil demand growth for Q1 of 2016 upwards to 1.4 mb/d, led by strong gains in India, China and, more surprisingly, Russia
For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d
Natural gas plummets after an initial rally above the previous close post-EIA storage data which showed a smaller-than-expected build compared to Consensus
June natural gas closed $0.01 lower (-0.5%) at $2.16/MMBtu
Natural gas inventory showed a build of +56 bcf vs expectations for inventory to be a build of approximately +58 to +60 bcf
Working gas in storage was 2,681 Bcf as of Friday, May 6, 2016, according to EIA estimates
This represents a net increase of 56 Bcf from the previous week. Stocks were 816 Bcf higher than last year at this time and 813 Bcf above the five-year average of 1,868 Bcf. At 2,681 Bcf, total working gas is above the five-year historical range
In precious metals, gold stages a modest afternoon rally off the lows of the day around the $1267.90/oz level, still closing lower on the day as the dollar strengthens
June gold ended today's session down $4.60 (-0.4%) to $1271.10/oz
Gold is up +20.0% since the beginning of the year
Silver sees a steep afternoon drop and trades sideways into the close of pit trading
July silver closed today's session $0.21 lower (-1.2%) at $17.11/oz
Base metal copper inches lower in afternoon pit trading
July copper closed $0.03 lower (-1.4%) at $2.07/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages trade on a mixed note with the Dow Jones Industrial Average (+0.3%) leading the S&P 500 (+0.2%) and the Nasdaq Composite (-0.1%).

The countercyclical telecom services (+1.0%) sector leads materials (+0.8%) and consumer staples (+0.7%). Conversely, heavily-weighted health care (-0.3%) sports the only loss.

In the consumer discretionary space (+0.5%), Nordstrom (JWN 45.65, +0.20) has rebounded off its session low and trades higher by 0.5% ahead of this evening's earnings report. Meanwhile, Gap (GPS 17.96, -0.61) trades lower by 3.3%, extending its monthly loss to 22.5%. This compares to a decline of 5.6% in the broader SPDR S&P Retail ETF (XRT 41.78, +0.06) over that period. Separately, Shake Shack (SHAK 33.90, -0.40) trades lower by 1.3% ahead of its quarterly report, which will be released after the closing bell.

WTI crude ended its day higher by 1.0% ($46.65/bbl) while natural gas finished lower by 0.5% at $2.16/MMbtu.

2:25 pm:

[BRIEFING.COM] The stock market has climbed higher in recent trade as the Dow Jones Industrial Average (+0.2%) and the S&P 500 (+0.1%) cross their flat lines.

Seven sectors trade in the green with countercyclical telecom services (+0.9%) and materials (+0.8%) leading consumer staples (+0.6%) and energy (+0.5%).

In the consumer staples sector (+0.6%), Kraft Heinz (KHC 86.43, +1.23) outperforms as it gains 1.4%. Meanwhile, Monster Beverage (MNST 150.77, +0.34) has gained 0.2%, extending its monthly gain to 4.5%. The broader consumer staples space (+0.7%; week-to-date +1.4%) sports the second largest weekly gain, trailing only utilities (+0.6%; week-to-date +1.5%) over that time.

The U.S. Dollar Index (94.12, +0.32) hovers near its session high as the dollar extends its lead over the yen and the euro. The dollar/yen pair trades higher by 0.6% (109.03) while the euro has lost 0.4% against the dollar and trades at 1.1378.

WTI crude trades higher by 1.0% ($46.71/bbl) ahead of its pits session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have traded sideways since the last update with the Nasdaq Composite (-0.8%) trailing the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.1%).

The health care space (-1.1%) sports the largest loss as the biotechnology sub-group continues to weigh. Conversely, the commodity-sensitive energy space (+0.3%) sports the slimmest gain of the day as oil trades narrowly above its flat line. WTI crude has gained 0.6% ($46.52/bbl), extending its weekly gain to 4.3%.

In the space, oilfield services names outperform with Baker Hughes (BHI 45.29, +0.47) and Halliburton (HAL 40.06, +0.52) gaining 1.1% and 1.3%, respectively. Elsewhere, Dow component Exxon Mobil (XOM 89.79, +0.98) is the second best performer in the price-weighted index. On the flipside, refining names underperform the group. The broader energy sector has gained 0.3% today, extending its weekly gain to 0.7%.

Safe haven gold finished its pit session lower by 0.4% at $1,271.10/ozt.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have continued to move lower since our previous update with the Nasdaq notably underperforming.

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 90.02, -2.49), Intel (INTC 29.68, -0.38), & UnitedHealth Group (UNH 129.29, -1.40) are underperforming amid broad market weakness in their respective sectors. Today's decline has seen Apple shares fall to fresh two-year lows and its market cap dropping under that of Alphabet (Google).

Conversely, Nike (NKE 57.80, +0.79) is the best-performing Dow component as shares bounce back following yesterday's decline.

With today's pullback, the DJIA is now down 0.5% this month.

Elsewhere, at the top of the hours, the Treasury's $15 bln 30-year auction drew a high yield of 2.615% on a bid-to-cover 2.19.

1:10 pm:

[BRIEFING.COM] The major averages trade on a lower note at midday as weakness in heavyweight health care (-0.8%), technology (-0.8%), and industrials (-0.4%) drags on the broader market. Today's trade has featured a reversal in oil, a below-consensus reading of weekly initial claims, and hawkish remarks from FOMC voters. The Nasdaq Composite (-0.8%) trades behind the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.1%).

Futures showed a modest gain as investors weighed an uptick in crude oil and positive trade out of Europe this morning. However, this positive bias began to roll over shortly after weekly initial jobless claims surprised to the downside (264,000; Briefing.com consensus 274,000). Despite the negative datapoint, equity indices began their day with a modest uptick.

The major averages surrendered their opening gains within the first half hour of trade as the broader market was weighed down by the heavyweight technology (-0.8%) and health care (-0.8%) sectors. Additionally, crude oil slipped from its high ($47.02/bbl) and moved into the red. Currently, WTI crude trades flat at $46.24/bbl.

Equities indices were pushed to new lows following hawkish remarks from Fed President Loretta Mester. President Mester stated that Fed policymakers should not be "paralyzed" by risks to economic forecasts as recent inflation data has been encouraging. Elsewhere, fellow FOMC voter and Boston Fed President Eric Rosengren echoed that sentiment by reiterating that the market is underestimating the pace of rate hikes. Currently, the fed funds futures market estimates the likelihood of a hike resulting from the June meeting at 7.5%.

The stock market floats above its session low with technology (-0.8%), health care (-0.8%), and industrials (-0.4%) leading to the downside. Conversely, telecom services (+0.8%), materials (+0.7%), and utilities (+0.5%) lead the pack.

In the influential technology sector (-0.8%), heavyweight component Apple (AAPL 90.19, -2.32) demonstrates relative weakness. The tech giant established a new 52-week low ($89.47) before reclaiming the $90.00 price level. The company has fallen 13.5% since reporting earnings on April 26. Meanwhile, the high-beta chipmakers underperform as iPhone suppliers lag. Skyworks (SWKS 61.50, -3.09) has lost 4.8%, compared to a decline of 2.2% in the broader index. Separately, Palo Alto Networks (PANW 130.09, -9.40) has lost 6.7% after having its price target reduced to $180 from $208 at Piper Jaffray.

Biotechnology underperforms in the health care space (-0.8%). The iShares Nasdaq Biotechnology ETF (IBB 249.81, -6.29) has lost 2.1% over the last week, compared to a loss of 1.0% in the broader sector. Elsewhere, Aetna (AET 108.90, -3.26) has fallen 3.0% after confirming that it will continue to offer health care plans through health care exchanges.

Retail names continue to underperform in the consumer discretionary space (-0.2%). The sub-group is trading lower in sympathy with Kohl's (KSS 34.14, -4.56). The company trades lower by 11.8% after missing top-and bottom-line estimates for the quarter. The SPDR S&P Retail ETF (XRT 41.49, -0.23) has extended its loss to 3.6% so far this week, compared to a decline of 0.6% in the broader sector.

The U.S. Dollar Index (94.03, +0.23) floats off its high as the greenback sports gains against yen and the euro. The euro has slipped 0.3% against the dollar (1.1388) while the dollar/yen pair trades higher by 0.5% at 108.91.

The Treasury complex trades lower with the yield on the 10-yr note rising three basis points to 1.76%.

Today's economic data was limited to weekly initial claims and Import and Export Prices for April:

The latest initial claims report produced a surprise -- and not a good one. Initial claims for the week ending May 7 increased by 20,000 to 294,000 (Briefing.com consensus 270,000).
While the latest week marked the 62nd straight week initial claims have been below 300,000, it was the highest level of claims since February 28, 2015, and there were no special factors influencing the increase.
With this report, the four-week moving average jumped to 268,250 from 258,000.
Continuing claims for the week ending increased by 37,000 to 2.161 million. That is the highest level for continuing claims since April 2, 2016.
The four-week moving average, though, dipped to 2.137 million from 2.140 million and is the lowest level for this average since November 11, 2000.
The initial claims surprise is something that will probably contribute to the market's belief that the Fed won't raise rates in June.
According to the BLS, fuel prices drove a 0.3% increase in import prices in April. That was the second consecutive month that import prices have increased 0.3%.
They're still down 5.7% over the past year, yet that is the smallest year-over-year drop since December 2014. Export prices increased 0.5% after being unchanged in March, but are still down 5.0% year-over-year.
Excluding fuel, import prices increased 0.1%, which is the first monthly advance since July 2014. Nonfuel import prices are down 2.0% year-over-year.
Excluding agriculture, export prices also increased 0.5% on the heels of a 0.3% increase in March. That gain left them down 4.6% year-over-year.

12:25 pm:

[BRIEFING.COM] The stock market continues to sport moderate losses with the Nasdaq Composite (-0.9%) outstripping the losses in the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.3%).

Five sectors trade in the red with financials (-0.3%), consumer discretionary (-0.4%), and industrials (-0.5%) showing the slimmest losses.

In the consumer discretionary space (-0.4%), retail names continue to underperform, evidenced by the 0.6% loss in the SPDR S&P Retail ETF (XRT 41.49, -0.23). The ETF has lost 3.6% so far this week, compared to a decline of 0.8% in the broader sector. In the sub-group, Nordstrom (JWN 45.39, -0.04) trades near its flat line ahead of this evening's quarterly report. Elsewhere, influential Netflix (NFLX 86.27, -3.75) has declined 4.1%.

On the commodities front, WTI crude has ticked off its low ($45.63/bbl), trimming its loss to 0.2% ($46.12/bbl). Meanwhile, gold remains lower by 0.4% at $1,270.30/ozt.

The Treasury complex floats above a session low as the yield on the 10-yr note rises two basis points to 1.75%.

12:00 pm:

[BRIEFING.COM] The major indices continue to float near their lows as the S&P 500 (-0.4%) trades within one point of its worst level of the day.

Five sectors trade in positive territory with telecom services (+0.6%), materials (+0.6%), and utilities (+0.4%) leading the pack.

The Dow Jones Transportation Average (-1.6%) demonstrates relative weakness as airlines lead the losses in the index. JetBlue Airways (JBLU 18.27, -0.79) rounds out the index after reporting that revenue per available seat mile declined 12.5% on a year-over-year basis.

In the broader industrial sector (-0.6%), General Electric (GE 29.98, -0.35) has declined 1.2% after JP Morgan resumed coverage on the name, designating the stock "Underweight."

The U.S. Dollar Index (94.07, +0.27) has continued to climb off its flat line as the greenback gains against yen and the euro. The euro has slipped 0.4% against the dollar (1.1381) while the dollar/yen pair trades higher by 0.4% at 108.80. Separately, the dollar/Canadian dollar pair now trades flat at 1.2852.

11:30 am:

[BRIEFING.COM] The major averages have ticked off new session lows as the Nasdaq Composite (-0.8%) trails the S&P 500 (-0.4%). The latest leg lower in equities followed hawkish commentary from Cleveland Fed President and FOMC voter Loretta Mester.

President Mester stated that recent inflation data was encouraging and that weakness in the dollar and a rebound in oil were key tailwinds to that progress. The comments surprised investors as participants had largely written off the probability of a rate hike at the June meeting. Currently, the fed funds futures market estimates the likelihood of a hike resulting from that meeting at 7.5%.

The heavily-weighted technology sector (-0.9%) has slipped to the bottom of the board as it trails health care (-0.7%) and industrials (-0.7%). In the technology sector (-0.9%), large cap Apple (AAPL 89.99, -2.52) recently carved out a new 52-week intraday low (89.78). This is the first time that the stock has traded below $90 since 2014. Meanwhile, the high-beta chipmakers have extended their losses with the PHLX Semiconductor Index trading lower by 2.3%. The broader sector has extended its month to date decline to 3.6%, leading only health care (-0.7%; month-to-date -4.1%) over that period.

11:00 am:

[BRIEFING.COM] The stock market trades near fresh session lows as the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%) join the Nasdaq Composite (-0.6%) in negative territory.

Five sectors trade beneath their flat lines with heavily-weighted health care (-0.6%), technology (-0.5%) and industrials (-0.3%) leading to the downside.

In the health care space (-0.6%), biotechnology demonstrates relative weakness, evidenced by the 1.7% decline in the iShares Nasdaq Biotechnology ETF (IBB 251.85, -4.25). In the sub-group, Perrigo (PRGO 90.00, -2.75) has lost 3.0% despite reporting top- and bottom-line beats for the first quarter. Elsewhere, Mylan Labs (MYL 38.10, -1.53) has extended its weekly loss to 3.9%. This compares to a gain of 0.1% in the broader sector over that period.

On the commodities front, WTI crude trades narrowly above its flat line ($46.29/bbl; +0.2%) after surrendering a gain of 1.7% ($47.02/bbl). Separately, gold continues to trade near its flat line at $1,273.50/ozt.

10:30 am: [BRIEFING.COM]

The dollar index bounces off its lows of the day after a steep decline, currently modestly up +0.1% around the 93.80 level, weighing on select commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.01% at 84.71
Crude oil sees a steep morning drop, staging a rally just below its previous closing price after initially tapping a year-to-date high of $47.02/barrel
June crude oil futures are currently up $0.11 (+0.2%) at $46.34/barrel
Crude oil is trading near its highs of 2016, set earlier in the session
This morning, the IEA came out with its monthly oil market report, citing some interesting color, such as saying that the global oil market is almost in balance, it expects to see a notable reduction in global oil inventories in the second half of 2016, following a continued build in the first half, partially led by the increase seen in production and exports in Iran
On the demand side, the IEA raised global oil demand growth for Q1 of 2016 upwards to 1.4 mb/d, led by strong gains in India, China and, more surprisingly, Russia
For the year as a whole, growth will be around 1.2 mb/d, with demand reaching 95.9 mb/d
Natural gas rallies above the previous day's close after EIA data showed a smaller-than-expected build
June natural gas futures are up $0.01 (+0.1%) to $2.17/MMBtu
Natural gas inventory showed a build of +56 bcf vs expectations for inventory to be a build of approximately +58 to +60 bcf
In precious metals, gold sees a boost as the dollar initially weakened early in the morning
June gold futures are currently up $3.50 (+0.3%) at $1278.80/oz
Silver moves in tandem with gold, boosted by the dollar's initial morning weakness
July silver futures are currently up $0.08 (+0.4%) at $17.40/oz
Base metal copper inches higher in morning pit trading
July copper futures are currently up $0.01 (+0.3%) at $2.11/lb

10:00 am:

[BRIEFING.COM] The major indices trade on a mixed note as the Dow Jones Industrial Average (+0.3%) remains ahead of the S&P 500 (+0.2%) and the Nasdaq Composite (-0.1%).

The heavyweight technology sector (-0.1%) has joined health care (-0.3%) in negative territory. On the flipside, materials (+1.6%) and consumer staples (+0.6%) lead the pack.

In the technology space (-0.1%), Western Digital (WDC 36.73, -0.01) trades on a flat note after completing its acquisition of SanDisk. Meanwhile, the high-beta chipmakers demonstrate relative weakness, evidenced by the 0.8% decline in the PHLX Semiconductor Index.

The U.S. Dollar Index (93.84, +0.04) continues to sink towards its flat line as the euro continues to trim its gain against the greenback. The euro/dollar pair trades lower by 0.1% (1.1414) after ticking off the 1.1380 level in pre-market. Meanwhile, the dollar has lost 0.3% against the Canadian dollar (1.2803) as the commodity sensitive currency pulls back alongside crude oil.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their day on a higher note with the Dow Jones Industrial Average (+0.3%) and the S&P 500 (+0.3%) leading the Nasdaq Composite (+0.1%).

Eight sectors trade in the green with commodity sensitive materials (+1.8%) and energy (+1.0%) leading the way. The remaining gainers sport upticks between 0.2% (technology) and 0.6% (financials). Conversely, countercyclical health care (-0.3%) and utilities (-0.1%) sport the only losses of the day.

In the materials space (+1.8%), large cap Monsanto (MON 99.20, +8.86) demonstrates relative strength after reports indicated that the company is a takeover candidate.

Apparel retailers continue to underperform in the consumer discretionary space (+0.2%). Kohl's (KSS 36.12, -2.57) has lost 6.8% after missing top- and bottom-line estimates for the quarter.

On the commodities front, WTI crude has slid from its pre-market high ($47.02/bbl), but remains higher by 0.7% at $46.58/bbl. Elsewhere, gold trades narrowly above its flat line at $1,277.30/ozt (+0.1%).

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +15.80.

The stock market is on track for a higher open as the S&P 500 futures float nine points above fair value. European indices and U.S. equity futures rose in tandem ahead of today's session, as both rebounded from yesterday's losses. In Europe, the Bank of England unanimously voted to leave its monetary policy unchanged, as expected. In the accompanying press conference particular emphasis was paid to the potential negative repercussions of a "Brexit."

Futures ticked off their highs shortly after the release of a disappointing reading of weekly initial claims (264,000; Briefing.com consensus 274,000). The U.S. Dollar Index (93.98, +0.18) slipped alongside futures as the yen and the euro trimmed their losses against the greenback. The euro/dollar pair trades lower by 0.3% (1.1397). The dollar trades higher by 0.8% against the yen at 109.22.

In company specific news, Ralph Lauren (RL 88.00, +3.50) has gained 4.4% after beating bottom-line estimates for the fourth quarter. The company will provide its outlook on the first quarter and full year at their Investor Day event on June 7. Conversely, Kohl's (KSS 25.77, -2.93) has extended its pre-market decline to 7.6% following disappointing quarterly results. Elsewhere, Nordstrom (JWN 44.71, -0.72) has lost 1.6% ahead of this evening's quarterly report.

On the commodities front, WTI crude trades higher by 1.3% ($46.85/bbl) after pulling back from a fresh 2016 high at $46.91/bbl. Separately, gold trades flat at $1,274.10/ozt.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +16.40.

Futures continue to trim their gains following a below-consensus reading of weekly initial claims (264,000;Briefing.com consensus 274,000). The S&P 500 futures trade nine points above fair value.

Equity markets across the Asia-Pacific region ended the Thursday session on a mostly lower note after another range-bound day. In Japan, automaker Toyota reported disappointing results while Nissan Motor acknowledged that it has approached Mitsubishi Motors about a potential investment in the troubled company.

In economic data:
Japan's March Current Account JPY1.89 trillion (expected surplus of JPY1.90 trillion; previous surplus of JPY1.69 trillion) April Bank Lending +2.2% year-over-year (consensus 1.9%; last 2.0%)
South Korea's April Import Price Index -7.2% year-over-year (last -7.6%) and Export Price Index -5.7% year-over-year (last -4.2%)
Australia's MI Inflation Expectations 3.2% (previous 3.6%)
New Zealand's April FPI +0.3% month-over-month (last 0.5%) and April Business NZ PMI 56.5 (last 54.7)

---Equity Markets---

Japan's Nikkei gained 0.4% with eight sectors ending in the green. Consumer staples (+2.1%), energy (+1.6%), and industrials (+1.1%) outperformed while communications (-0.9%) and financials (-0.1%) lagged. Mitsubishi Motors jumped 15.8% while NSK, Comsys Holdings, Amada, Isuzu Motors, and Sony gained between 4.4% and 8.9%. On the downside, Toyota and Nissan Motor both lost 1.4%.
Hong Kong's Hang Seng lost 0.7%. More than half of its components settled in the red with HKEX, Henderson Land, Cheung Kong Property Holdings, Hang Lung Properties, HSBC, and Bank of China posted losses between 0.7% and 2.3%.
China's Shanghai Composite settled flat after erasing its opening loss. Shengyi Technology, Tsinghua Tongfang, and Huadian Energy gained between 4.5% and 5.6% while Zhonghang Heibao, and VV Foods & Beverage both lost near 5.0%.

Major European indices trade higher across the board with UK's FTSE (+0.5%) struggling to keep pace. The Bank of England released its latest policy decision not long ago, calling for no change to monetary policy. The vote was unanimous and the announcement was met with a modest bid in the British pound.

In economic data:
Eurozone March Industrial Production -0.8% month-over-month (expected 0.1%; last -0.8%); +0.2% year-over-year (consensus 1.1%; previous 0.8%)
Germany's April WPI +0.3% month-over-month (expected 0.2%; last 0.3%); -2.7% year-over-year (last -2.6%)
France's April CPI +0.1%, as expected (previous 0.7%)

---Equity Markets---

UK's FTSE is higher by 0.2% with energy names contributing to the gain. Royal Dutch Shell and BP are both up near 1.5% while consumer names like InterContinental Hotels, TUI, Marks & Spencer, and Dixons Carphone hold gains between 0.8% and 1.0%.
Germany's DAX is higher by 0.2%. RWE leads with a spike of 8.2% after beating earnings estimates. Peer E.On has climbed 2.8% while Deutsche Bank and Commerzbank are up 1.1% and 0.5%, respectively. On the downside, Volkswagen has given up 0.6%.
France's CAC has climbed 0.7% with Vivendi and Carrefour both up near 3.0%. Financials are mixed with AXA and Societe Generale both adding 1.0% while BNP Paribas and Credit Agricole hold respective losses of 0.1% and 4.0%. Credit Agricole is the weakest performer following disappointing earnings.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +10.80. Nasdaq futures vs fair value: +19.40.

Futures ticked lower in recent action as the S&P 500 futures float 11 points above fair value.

Just released, the latest weekly initial jobless claims count totaled 294,000 while the Briefing.com consensus expected a reading of 270,000. Today's tally compared to 274,000 in the prior week. As for continuing claims, they rose to 2.161 million from 2.124 million (revised from 2.121 million).

Separately, Import prices excluding oil increased 0.1% in April after falling 0.1% in March while export prices excluding agriculture increased 0.5% in March after increasing 0.3% in March.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +22.30.

U.S. equity futures trade near overnight highs with the S&P 500 futures floating 12 points above fair value. Ahead of today's session, futures rebounded alongside European bourses while oil extended its recent winning streak. On the central bank front, the Bank of England unanimously voted to maintain its current monetary policy stance. The central bank and Bank of England Governor MarkCarney also noted concerns surrounding the country's possible exit from the European Union. For its part, oil notched a new 2016 high in recent trade ($47.02/bbl). Currently, the energy component trades higher by 1.1% at $46.75/bbl.

The Treasury complex trades on a lower note with the yield on the 10-yr note rising two basis points to 1.75%.

On the economic front, 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.

In U.S. corporate news of note:

Kohl's (KSS 36.26, -2.44): -6.3% after missing top- and bottom-line estimates for the quarter
Infoblox (BLOX 17.50, +2.19): +14.3% following the company receiving an acquisition proposal from a private equity firm
Jack In The Box (JACK 72.35, +7.21): +11.07% after reporting above-consensus bottom-line results as well as an increase of 3.7% in same-store sales
Monsanto (MON 105.70, +15.36): +17.0% following reports that indicated that the company might be the target of a potential takeover bid

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with Hong Kong's Hang Seng -0.7%, China's Shanghai Composite flat, and Japan's Nikkei +0.4%.
In economic data:
Japan's March Current Account JPY1.89 trillion (expected surplus of JPY1.90 trillion; previous surplus of JPY1.69 trillion) April Bank Lending +2.2% year-over-year (consensus 1.9%; last 2.0%)
South Korea's April Import Price Index -7.2% year-over-year (last -7.6%) and Export Price Index -5.7% year-over-year (last -4.2%)
Australia's MI Inflation Expectations 3.2% (previous 3.6%)
New Zealand's April FPI +0.3% month-over-month (last 0.5%) and April Business NZ PMI 56.5 (last 54.7)
In news:
In Japan, automaker Toyota reported disappointing results while Nissan Motor acknowledged that it has approached Mitsubishi Motors about a potential investment in the troubled company.

European markets trade higher with France's CAC +1.0%, Germany's DAX +0.6%, and the U.K.'s FTSE +0.5%.
In economic data:
Eurozone March Industrial Production -0.8% month-over-month (expected 0.1%; last -0.8%); +0.2% year-over-year (consensus 1.1%; previous 0.8%)
Germany's April WPI +0.3% month-over-month (expected 0.2%; last 0.3%); -2.7% year-over-year (last -2.6%)
France's April CPI +0.1%, as expected (previous 0.7%)
In news:
The Bank of England released its latest policy decision not long ago, calling for no change to monetary policy.
The vote was unanimous and the announcement was met with a modest bid in the British pound.

6:05 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +21.30.

6:05 am: [BRIEFING.COM] Nikkei...16646...+67.30...+0.40%. Hang Seng...19915.5...-139.80...-0.70%.

6:05 am: [BRIEFING.COM] FTSE...6164.29...+1.80...+0.00%. DAX...10037...+61.60...+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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