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 Post subject: May 13th Friday Trade Results - Profit $3625.00
PostPosted: Fri May 13, 2016 4:33 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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)


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 @ $3625.00 dollars or +72.50 points, Light Crude Oil CL ($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 @ $3625.00 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=2360

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 a downbeat week on a lower note as equities pulled back following continued weakness from the retail sub-group. Additional focal points included the S&P 500 (-0.9%) breaching technical support at its 50-day simple moving average (2054.74), mounting selling pressure from the oil pit, a leg higher in the dollar, and weakness from the heavyweight financial (-1.3%), industrial (-1.2%), and consumer discretionary (-1.2%) sectors. The Dow Jones Industrial Averages (-1.1%) finished behind the S&P 500 (-0.9%) and the tech-heavy Nasdaq (-0.4%).

The major averages opened on a mixed note as investors weighed a positive reading of April Retail Sales (+1.3%; Briefing.com consensus +0.8%) against continued weakness in the retail space. Reports from Nordstrom (JWN 39.16, -6.07) and Dillard's (DDS 59.86, -0.78) capped off a bad week for the group as both offered below-consensus results for their quarters.

Equities were unable to find their bearings as a persistent downturn in crude oil and strength in the dollar kept pressure on the broader market. The S&P 500 (-0.9%) tested and defended support near its 50-day simple moving average (2054.74) in the late morning, but was unable to do so again when retesting that level in the early afternoon.

The major averages ebbed lower through the afternoon as heavily-weighted financials (-1.3%), industrials (-1.2%), and consumer discretionary (-1.2%) extended their losses to round out the leaderboard. For its part, WTI crude ended its week on a down note ($46.22/bbl; -0.9%), but still finished with a gain of 3.7% since last Friday's settlement at $44.59/bbl.

In the industrial sector (-1.2%), rail names ended with larger losses as Norfolk Southern (NSC 85.97, -2.21) and Kansas City Southern (KSU 87.97, -2.21) finished the day lower by 2.5% apiece. The industrial group showed broad-based weakness as construction machinery names and aerospace and defense names all ended with meaningful losses. Furthermore, the Dow Jones Transportation Average (-1.2%) erased its 2016 gain and is now flat for the year.

The financial sector (-1.3%) saw weakness in money center banks and real estate investment trusts (REITs). The largest losses among REITs came from those with primary holdings in retail properties. The names moved lower during the week as they traded lower with the SPDR S&P Retail ETF (XRT 41.04, -0.57). Simon Properties (SPG 196.49, -5.95) and General Growth (GGP 27.67, -0.46) extended their weekly declines to 6.8% and 5.9%, respectively.

Retail names continued to underperform in the consumer discretionary space (-1.2%). Nordstrom (JWN 39.16, -6.07) ended its day lower by 13.4%, finishing the week down 18.5%. Elsewhere, Macy's (M 31.22, +0.01) and Kohl's (KSS 35.74, +0.59) outperformed.

Conversely, health care (-0.2%) and technology (-0.3%) finished the day with the slimmest losses. In the health care space (-0.2%) biotechnology showed relative strength, evidenced by the 0.9% gain in the iShares Nasdaq Biotechnology ETF (IBB 253.90, +2.17).

Treasuries ended on a mixed note with the 10-yr note ending near its best level of the session. The yield on the 10-yr note slipped five basis points to 1.70%.

Volume was heavier than average with 854 million shares trading at the NYSE. The advance-decline line favored decliners at the NYSE by a 2-to-1 margin.

Today's economic data included Core PPI for April, Retail Sales for April, March Business Inventories, and the preliminary reading of the University of Michigan Consumer Sentiment Survey for May:

The index for final demand was up 0.2% (Briefing.com consensus +0.3%), driven by a 0.1% increase in the index for final demand services and a 0.2% increase in the index for final demand goods.
The Producer Price Index for April didn't upset the inflation apple cart.
The index for final demand, excluding food and energy, was up 0.1% as expected.
On an unadjusted basis, the final demand index was unchanged for the 12 months ended in April after being down 0.1% in March.
Excluding food and energy, the final demand index was up 0.9% versus up 1.0% in March.
The April Retail Sales report was much better than expected. Total retail sales increased 1.3% month-over-month (Briefing.com consensus +0.8%).
That gain was fueled by a 3.2% increase in auto sales, a 2.2% jump in gasoline station sales, and a 2.1% uptick in sales at nonstore retailers.
Excluding autos, retail sales increased 0.8% (Briefing.com consensus +0.5%) on top of an upwardly revised 0.4% increase (from +0.2%) in March.
The retail sales gains in April were fairly broad-based. The only decline seen was in building material, garden equipment, and supplies dealers (-1.0%), which might have been impacted from the unseasonably cool spring temperatures. General merchandise store sales were flat, yet department store sales were reportedly up 0.3%.
This is a good report that will feed favorably into Q2 GDP forecasts based on the recognition that core retail sales, which exclude auto, gas, building material, and food services sales, increased 0.9%.
These sales factor into the computation of the goods component for personal consumption expenditures.
Total business inventories increased 0.4% in March (Briefing.com consensus +0.2%) after an unrevised 0.1% decline in February.
Manufacturers' inventories (+0.2%) and wholesaler inventories (+0.1%) were already known.
Retailer inventories were the only unknown and they increased 1.0% on the heels of a 0.7% increase in February.
The biggest driver of the increase in retailer inventories was a 2.3% increase in motor vehicle and parts dealers inventories.
The only retail category seeing an inventory decline in March was food and beverage stores (-0.8%).
The total business inventory-to-sales ratio was 1.41 in March, which was unchanged from February but up from 1.37 in March 2015.
The University of Michigan's Preliminary Consumer Sentiment report for May brought some good news to the market as the index spiked to 95.8 from the final reading of 89.0 in April.
The Briefing.com consensus estimate was pegged at 90.0.
The uptick was attributed largely to an improved outlook among consumers due to more frequent income gains, a better jobs outlook, and the expectation of lower inflation and interest rates.
Those views were reflected in the Expectations Index, which surged to 87.5 from 77.6 in April.
The Current Economic Conditions Index also improved, rising more modestly to 108.6 from 106.7.
In the same period a year ago, the Index of Consumer Sentiment stood at 90.7.
May marked the first time in four months that there was an increase in consumer sentiment.

Monday's economic data will be limited to Empire Manufacturing for May (Briefing.com consensus 6.2) and the May NAHB Housing Market Index (Briefing.com consensus 59), which will be released at 8:30 ET at 10:00 ET, respectively. Separately, March Net Long-Term TIC Flows will be released at 16:00 ET.

Nasdaq Composite -5.8% YTD
Russell 2000 -2.9% YTD
S&P 500 +0.1% YTD
Dow Jones +0.6% YTD

Week in Review: Searching for Direction

After registering two consecutive weekly losses, the stockmarket faced a range-bound week, which ended with a modest slip for theS&P 500. The benchmark index surrendered 0.5% for the week while the Nasdaq Compositeoutperformed slightly, shedding 0.4%.

The trading week featured a fair dose of economic data,which included an in-line Core PPI reading for April (+0.1%) and better thanexpected April Retail Sales (+1.3%; Briefing.com consensus 0.8%). The dollarresponded by continuing its rebound off the 2016 low that was registered on May3. The Dollar Index added 0.7% for the week, settling near levels from lateMarch/early April.

Market participants received another batch of quarterlyearnings during the week, but the results did not have a far-reaching impact.At the end of the week, nearly 92.0% of S&P 500 components had reportedtheir results. Blended earnings were down 7.0% year-over-year while earnings ona reported basis were down 7.6%.

Investors heard from a handful of Fed officials throughoutthe week with some cautioning that the possibility of a rate hike in June shouldnot be dismissed entirely. The fed funds futures market, however, remainsconvinced that the next rate hike will not come before December. The market ispricing in just an 8.0% likelihood of a rate increase in June while the probabilityof a December hike is at 62.0%.

3:30 pm: [BRIEFING.COM]

The dollar index rallies +0.4% to the 94.55 level, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.3% at 84.47
Crude oil rallies modestly of its morning lows, still closing lower for the day but green for the week
June crude oil futures fell $0.43 (-0.9%) to $46.22/barrel
Crude oil is up +6.4% for the week, compared to the Monday, May 9 closing price
The Baker Hughes total U.S. rig count was down 9 to 406 rigs following last week's decline of 5 rigs
Natural gas exhibits notable volatility, briefly staging a rally agove the previous session close before reversing and ending notably lower
June natural gas closed $0.06 lower (-2.8%) at $2.10/MMBtu
In precious metals, gold sees a steady and sustained uptrend despite strength in the dollar index
June gold ended today's session up $1.50 (+0.1%) to $1272.60/oz
Silver trades near parity with the previous session's close
July silver closed today's session $0.01 higher (+0.1%) at $17.12/oz
Base metal copper ends pit trading unchanged
July copper closed flat at $2.07/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages have ticked off another new session low as the Dow Jones Industrial Average (-1.1%) trades behind the S&P 500 (-0.9%) and the Nasdaq Composite (-0.5%).

Ten sectors trade in the red with financials (-1.4%), industrials (-1.3%), consumer staples (-1.3%), and energy (-1.3%) leading to the downside.

In the industrial sector (-1.3%), rail names demonstrate relative weakness with Union Pacific (UNP 81.97, -1.87) and Norfolk Southern (NSC 85.48, -2.70) losing 2.2% and 3.1%, respectively. The broader sector is pulling back from its rally off the February 11 intraday low in the S&P 500 (1810.10). The Industrial Sector SPDR ETF (XLI 54.92, -0.83) has gained 12.8% over that period, compared to a gain of 13.0% in the benchmark index. Since that low, the U.S. Dollar Index (94.54, +0.43) has declined 1.1% while oil has rallied 76.8%.

On the commodities front, WTI crude ended its day lower by 0.9% at $46.22/bbl. This represents a gain of 3.7% since last Friday's settlement at $44.59/bbl.

2:25 pm:

[BRIEFING.COM] The stock market trades at a fresh session low as the Dow Jones Industrial Average (-1.0%) and the S&P 500 (-0.9%) lead the losses.

All ten sectors trade in the red with consumer staples (-1.2%) and financials (-1.1%) trading behind commodity-sensitive energy (-1.0%) and materials (-1.0%).

The heavyweight financial sector (-1.1%) has moved down the leaderboard as bank names underperform in the group. Bank of America (BAC 13.90, -0.23) and Citigroup (C 43.03, -0.96) have lost 1.7% and 2.2%, respectively. Elsewhere in the group, real estate investment trusts with primary holdings in the retail space underperform. Simon Properties (SPG 198.56, -3.88) and General Growth (GGP 27.55, -0.58) have extended their weekly losses to a respective 5.8% and 6.3%. This compares to a loss of 0.9% in the broader sector and 4.1% in the SPDR S&P Retail ETF (XRT 41.27, -0.34).

The 10-yr yield has moved to a session low, falling to 1.71% (-4 bps). This represents a loss of seven basis points from last Friday's close.

WTI crude trades lower by 1.1% ($46.19/bbl) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages trade at fresh session lows after the S&P 500 (-0.7%) re-tested and broke support at the 2053/55 level. The 2055 level also happens to be the 50-day moving average for the benchmark index.

All ten sectors trade in the red with energy (-1.3%), financials (-1.2%), materials (-1.1%) leading to the downside. Conversely, health care (-0.1%) sports the slimmest loss.

In the health care space (-0.1%), biotechnology demonstrates relative strength, evidenced by the 0.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 253.61, +1.88). For the week, the ETF has lost 0.6%, whereas the broader sector trades flat. Elsewhere, Allergan (AGN 222.90, +6.88) has gained 3.2% after being added to Goldman's Conviction Buy List this morning. Conversely, Dow component Johnson & Johnson (JNJ 113.60, -0.63) trades behind the broader market after receiving a downgrade at BTIG Research from "Buy" to "Neutral."

The 0.7% loss in the benchmark index has resulted in a bid in the CBOE Volatility Index (VIX 14.75, +0.34) as investors seek downside protection for their portfolios.

On the commodities front, WTI crude trades lower by 1.0% at $46.23/bbl while gold finished the session higher by 0.1% ($1,272.60).

1:30 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg lower since our last update, with stocks sitting near their intraday lows.

A look inside the Dow Jones Industrial Average shows that Wal-Mart (WMT 65.20, -1.65), DuPont (DD 63.37, -0.91), and Caterpillar (CAT 70.74, -0.96) are underperforming. Wal-Mart is under pressure amid continued weakness in the retail sector. Cautious commentary from Cleveland Research this morning is also weighing on shares. Caterpillar and DuPont are trading lower as their respective sectors, industrials and materials, underperform.

Conversely, Intel (INTC 30.04, +0.28) is the Dow's top advancer as technology outperforms. At current levels, the DJIA is poised to end the week lower by 0.6%.

1:10 pm:

[BRIEFING.COM] The stock market trades on a mostly lower note at midday as investors weigh the latest batch of weak results from the retail sub-group against an above-consensus reading of April Retail Sales (+1.3%; Briefing.com consensus +0.8%). Today's action has also featured a pullback in oil, a rebound in the dollar, and the outperformance of the heavyweight technology (+0.2%) and health care (+0.1%) spaces. The Dow Jones Industrial Average (-0.4%) trades behind the S&P 500 (-0.3%) and the Nasdaq Composite (UNCH).

Today's session began on a choppy note as investors ruminated over a better than expected reading of April Retail Sales (+1.3%; Briefing.com consensus +0.8%) and disappointing quarterly results and guidance from Nordstrom (JWN 39.90, -5.32). The company missed analysts' estimates for its quarter, adding to the negative results that retail names have reported this earning season. On that note, the SPDR S&P Retail ETF (XRT 41.49, -0.12) has lost 3.6% this week, compared to a loss of 0.8% in the broader consumer discretionary sector.

The major averages extended their opening losses as an uptick in the dollar and profit taking pressured oil. The energy component and equities ticked off session lows in tandem, after the S&P 500 (-0.3%) briefly probed its 50-day moving average (2055). The major indices trimmed their losses as oil and the heavyweight technology (+0.2%) and health care (+0.1%) sectors extended their gains. Currently, WTI crude trades lower by 1.2% ($46.14/bbl).

The S&P 500 (-0.3%) has recently moved back towards its low as eight sectors trade in the red. The commodity-sensitive energy space (-0.9%) trails countercyclical telecom services (-0.7%) and consumer staples (-0.7%). Conversely, the heavyweight technology (+0.2%) and health care (+0.1%) sectors sport the only gains.

In the technology sector (+0.2%), the high-beta chipmakers outperform, evidenced by the 0.8% gain in the PHLX Semiconductor Index. The group is trading higher in sympathy with NVIDIA (NVDA 40.36, +4.79), which reported above-consensus quarterly results. Elsewhere, Salesforce.com (CRM 76.76, +0.87) has gained 1.1% while Apple (AAPL 90.87, +0.53) rebounds from yesterday's 2.4% decline.

The consumer discretionary space (-0.6%) trades lower as the group extends its weekly loss to 0.8%. In the group, Nordstrom (JWN 39.90, -5.32) has plunged 11.7% after missing estimates for the quarter and lowering its 2017 earnings guidance below consensus. Elsewhere, Macy's (M 31.78, +0.57) and Kohl's (KSS 36.73, +1.58) have rebounded 1.8% and 4.5% respectively. For the week, the two names have tumbled a respective 15.6% and 11.2%.

In the energy space (-0.9%), oilfield service names and independent oil and gas companies underperform while refiners demonstrate relative strength. The broader sector has extended its May loss to 3.0%, compared to a loss of 0.4% in the benchmark index.

The U.S. Dollar Index (94.75, +0.64) hovers below its best level of the day as the greenback trims its gain against the euro and the Canadian dollar. The euro/dollar pair trades lower by 0.8% (1.288) while the dollar has gained 0.7% against the commodity-sensitive Canadian dollar (1.2934). Separately, the dollar has lost 0.1% against the safe have yen (108.94).

The yield on the 10-yr note hovers near its session low at 1.72% (-3 bps). This represents a six basis point loss since last Friday's settlement at 1.78%.

Today's economic data included Core PPI for April, Retail Sales for April, March Business Inventories, and the preliminary reading of the University of Michigan Consumer Sentiment Survey for May:

The index for final demand was up 0.2% (Briefing.com consensus +0.3%), driven by a 0.1% increase in the index for final demand services and a 0.2% increase in the index for final demand goods.
The Producer Price Index for April didn't upset the inflation apple cart.
The index for final demand, excluding food and energy, was up 0.1% as expected.
On an unadjusted basis, the final demand index was unchanged for the 12 months ended in April after being down 0.1% in March.
Excluding food and energy, the final demand index was up 0.9% versus up 1.0% in March.
The April Retail Sales report was much better than expected. Total retail sales increased 1.3% month-over-month (Briefing.com consensus +0.8%).
That gain was fueled by a 3.2% increase in auto sales, a 2.2% jump in gasoline station sales, and a 2.1% uptick in sales at nonstore retailers.
Excluding autos, retail sales increased 0.8% (Briefing.com consensus +0.5%) on top of an upwardly revised 0.4% increase (from +0.2%) in March.
The retail sales gains in April were fairly broad-based. The only decline seen was in building material, garden equipment, and supplies dealers (-1.0%), which might have been impacted from the unseasonably cool spring temperatures. General merchandise store sales were flat, yet department store sales were reportedly up 0.3%.
This is a good report that will feed favorably into Q2 GDP forecasts based on the recognition that core retail sales, which exclude auto, gas, building material, and food services sales, increased 0.9%.
These sales factor into the computation of the goods component for personal consumption expenditures.
Total business inventories increased 0.4% in March (Briefing.com consensus +0.2%) after an unrevised 0.1% decline in February.
Manufacturers' inventories (+0.2%) and wholesaler inventories (+0.1%) were already known.
Retailer inventories were the only unknown and they increased 1.0% on the heels of a 0.7% increase in February.
The biggest driver of the increase in retailer inventories was a 2.3% increase in motor vehicle and parts dealers inventories.
The only retail category seeing an inventory decline in March was food and beverage stores (-0.8%).
The total business inventory-to-sales ratio was 1.41 in March, which was unchanged from February but up from 1.37 in March 2015.
The University of Michigan's Preliminary Consumer Sentiment report for May brought some good news to the market as the index spiked to 95.8 from the final reading of 89.0 in April.
The Briefing.com consensus estimate was pegged at 90.0.
The uptick was attributed largely to an improved outlook among consumers due to more frequent income gains, a better jobs outlook, and the expectation of lower inflation and interest rates.
Those views were reflected in the Expectations Index, which surged to 87.5 from 77.6 in April.
The Current Economic Conditions Index also improved, rising more modestly to 108.6 from 106.7.
In the same period a year ago, the Index of Consumer Sentiment stood at 90.7.
May marked the first time in four months that there was an increase in consumer sentiment.

12:30 pm:

[BRIEFING.COM] The major averages have moved lower with the Dow Jones Industrial Average (-0.2%) trailing the S&P 500 (-0.1%) and the Nasdaq Composite (+0.3%).

The influential technology sector (+0.6%) leads health care (+0.3%) and consumer discretionary (-0.2%) on the top of the leaderboard.

In the consumer staples space (-0.6%), Dow component Wal-Mart (WMT 65.29, -1.56) is the worst performer inside the price-weighted index. The company trades lower in sympathy with retail names. For the week, Wal-Mart has lost 4.3%, compared to a gain of 0.6% in the broader sector. The discount retailer will announce its quarterly results ahead of the open on May 19. For the month, the consumer staples sector (-0.6%; month-to-date +2.4%) sports the largest gain, leading utilities (-0.3%; month-to-date +1.8%).

The U.S. Dollar Index (94.74, +0.62) has dipped lower in recent action as the euro ticks off its low against the greenback. The euro/dollar pair trades lower by 0.7% (1.1292) after ticking off the 1.1285 level. The dollar has also pulled back against the Canadian dollar in recent action, trimming its gain to 0.8% (1.2940).

12:00 pm:

[BRIEFING.COM] The major indices have dipped lower since our last update as the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.1%) slip beneath their flat lines.

The financial sector (-0.3%) trades neck-and-neck with utilities (-0.3%) as they trail health care (+0.2%).

In the energy space (-0.2%), oilfield services names demonstrate relative weakness while refiners outperform. On that note, Schlumberger (SLB 73.07, -1.02) has declined 1.4% while Phillips 66 (PSX 78.87, +0.62) and Marathon Petroleum (MPC 35.91, +0.92) have gained 0.8% and 2.6%, respectively. The broader energy sector has extended its May decline to 2.4%, trailing the remaining sectors. This compares to a gain of 0.6% in crude oil over that period.

The Treasury complex continues to trade on a mixed note with the yield on the 2-yr note (0.76%) and the 5-yr note (1.23%) rising three basis points apiece. Meanwhile, the 10-yr note trades higher with its yield slipping two basis points to 1.73%. This represents a loss of five basis points since last Friday's settlement (1.78%).

11:30 am:

[BRIEFING.COM] The major averages have crossed their flat lines since the last update as the Dow Jones Industrial Average (+0.1%) trades in-line with the S&P 500 (+0.1%).

The countercyclical telecom services (-0.6%) sector trails consumer staples (-0.4%) and materials (-0.4%). On the flipside, technology has gained 0.6%.

In the technology sector (+0.6%), Apple (AAPL 91.57, +1.23) displays relative strength as it rebounds from yesterday's 2.4% decline. Additionally, the tech giant recently announced that it plans to invest $1 billion in Didi, a ride sharing company in China. Elsewhere, the PHLX Semiconductor Index (+1.0%) outperforms as it trades higher in sympathy with NVIDIA (NVDA 40.01, +4.44). The company has gained 12.6% after reporting above-consensus results for the first quarter. The PHLX Semiconductor trades flat for the week, compared to a gain of 0.4% in the benchmark index over that time.

On the commodities front, WTI crude trades lower by 0.9% at $46.29/bbl while gold has gained 0.1% ($1,272.00/ozt).

11:05 am:

[BRIEFING.COM] The stock market has moved off a session low as the S&P 500 (-0.2%) attempts to stay above its 50-day moving average (2055).

Eight sectors trade beneath their flat lines with energy (-0.8%), materials (-0.7%), and consumer discretionary (-0.5%) rounding out the leaderboard. Conversely, technology (+0.3%) sports the only gain.

In the consumer discretionary space (-0.5%), retail names continue to show the largest losses as the sub-group trades lower in sympathy with Nordstrom (JWN 40.33, -4.91). Meanwhile, Kohl's (KSS 36.91, +1.76) has gained 4.9%, rebounding from yesterday's 9.1% decline. For the week, the stock has surrendered 11.0%, compared to a loss of 0.9% in the broader sector. Elsewhere, Netflix (NFLX 86.75, -0.99) continues to see weakness, losing 1.1%.

The U.S. Dollar Index (94.76, +0.65) hovers below a session high as the euro and Canadian dollar extend their losses against the greenback. The euro/dollar pair trades lower by 0.7% (1.1295) while the dollar has gained 0.9% against the commodity-sensitive Canadian dollar (1.2950).

10:30 am: [BRIEFING.COM]

The dollar index sees a notable boost, up +0.6% around the 94.75 level, weighing on commodities across the board
Commodities, as measured by the Bloomberg Commodity Index, are down -0.8% at 84.11
Crude oil gives up all of yesterday's gains, trading to fresh session lows in morning pit trading
June crude oil futures are down $0.87 (-1.9%) at $45.87/barrel
Natural gas extends last session's losses in morning pit trading
June natural gas futures are currently down $0.06 (-2.6%) at $2.10/MMBtu
In precious metals, gold plummets to lows of the day as the dollar gains momentum
June gold futures are currently down $3.60 (-0.3%) at $1267.70/oz
Silver trends down in tandem with gold, just off session lows for the day
July silver futures are currently down $0.09 (-0.5%) at $17.02/oz
Base metal copper adds onto yesterday's modest losses in morning pit trading
July copper futures are currently down $0.01 (-0.4%) at $2.07/lb

10:00 am:

[BRIEFING.COM] The major averages have pulled back in recent action as a downturn in oil leads the broader market lower. The Nasdaq Composite (+0.1%) floats above its flat line while the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.2%) underperform.

Seven sectors trade in the red with consumer discretionary (-0.5%), telecom services (-0.3%), and consumer staples (-0.3%) rounding out the board.

Just released, the preliminary reading of the University of Michigan Consumer Sentiment survey for May increased to 95.8 (Briefing.com consensus 90.0) from the reading of 89.7 that was reported in April.

Separately, Business Inventories increased 0.4% in March, compared to the 0.2% uptick called for in the Briefing.com consensus. The prior month's reading was left unrevised at -0.1%.

9:45 am:

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

Five sectors trade in the red with countercyclical utilities (-0.5%), consumer staples (-0.4%), and telecom services (-0.2%) leading to the downside. Conversely, heavyweight technology (+0.5%) leads materials (+0.4%) and health care (+0.3%) in front of the pack.

In the Dow Jones Industrial Average (+0.4%), airlines demonstrate relative strength as they rebound from yesterday's losses. On that note, Delta Air Lines (DAL 42.11, +1.04) and JetBlue Airways (JBLU 18.65, +0.48) have gained 2.5% and 2.6%, respectively.

The high-beta chipmakers outperform in the technology space (+0.5%), evidenced by the 1.2% gain in the PHLX Semiconductor Index.

On the commodities front, WTI crude trades lower by 0.9% at $46.28/bbl while gold is lower by 0.3% ($1,267.90/ozt).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -4.00.

The stock market is on track for a flat open as the S&P 500 futures trade five points below fair value. Equity futures and the dollar moved to session highs following an above-consensus reading of April Retail Sales (+1.3%; Briefing.com consensus +0.8%). However, futures have since pulled back from those levels as a stronger dollar weighs on dollar-denominated oil. Currently, WTI crude trades lower by 1.1% at $46.21/bbl.

The U.S. Dollar Index (94.50, +0.39) trades higher by 0.5% as the greenback extends its gain over the euro. The euro has fallen 0.5% against the dollar (1.1325) as investors weigh a negative revision to first quarter eurozone GDP (+0.5% quarter-over-quarter; expected 0.6%; last 0.6%). Meanwhile, the dollar/yen pair trades flat (109.00) after ticking off the 109.30 price level.

In company specific news, Allergan (AGN 218.88, +2.86) trades higher by 1.3% after being added to the Conviction Buy List at Goldman. Elsewhere, Johnson & Johnson (JNJ 113.60, -0.63) has declined 0.6% after being downgraded to "Neutral" from "Buy" at BTIG Research. The firm cited less confidence in medical device M&A activity in the near-term. Best Buy (BBY 29.98, -1.27) has slipped 4.1% amid weakness in retail names.

Today's economic 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), each crossing the wires at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -6.20.

Futures continue to trade off their lows following the positive reading of April Retail Sales. The S&P 500 futures hover five points below fair value.

Equity markets across the Asia-Pacific region ended the week on a lower note with Japan's Nikkei (-1.4%) leading the region lower. Bank of Japan Governor Haruhiko Kuroda spoke overnight, reiterating that more time is needed for negative interest rate policy to work through the economy and that the central bank is ready to introduce more easing measures, if needed. Staying on the central bank front, the Bank of Korea left its key rate unchanged at 1.50%, as expected.

In economic data:
China's April M2 Money Stock +12.8% year-over-year (consensus 13.5%; last 13.4%), April New Loans CNY555.60 billion (expected CNY900.00 billion; previous CNY1.37 trillion), and April Outstanding Loan Growth +14.4% year-over-year (consensus 14.8%; last 14.7%)
Hong Kong's Q1 GDP -0.4% quarter-over-quarter (previous 0.2%); +0.8% year-over-year (consensus 1.9%)
Japan's Tertiary Industry Activity Index -0.7% month-over-month (consensus -0.2%; last -0.1%) and M2 Money Stock +3.3% year-over-year (consensus 3.2%; last 3.2%)
Singapore's March Retail Sales -1.4% month-over-month (previous 1.8%); +5.1% year-over-year (last -3.1%)
New Zealand's Q1 Retail Sales +0.8% quarter-over-quarter (expected 1.0%; last 1.2%) and Core Retail Sales +1.0% quarter-over-quarter (consensus 1.1%; last 1.3%)

---Equity Markets---

Japan's Nikkei lost 1.4%, narrowing its weekly gain to 1.9%. Nine sectors ended in the red with communications (-2.5%), industrials (-2.1%), and financials (-2.2%) pacing the retreat. Pioneer, Mitsubishi Materials, Yokohama Rubber, SUMCO, Konica Minolta, Isuzu, and Suzuki lost between 4.0% and 12.7%.
Hong Kong's Hang Seng fell 1.0% to end the week lower by 1.9%. Li & Fung was the weakest performer, diving 3.7%, while Lenovo, Kunlun Energy, Bank of East Asia, Hang Seng Bank, and CNOOC posted losses between 1.8% and 2.9%. Belle International outperformed, jumping 9.4%.
China's Shanghai Composite shed 0.3%, widening its weekly decline to 3.0%. Hundsun Technologies, Shanghai Baosight Software, Bright Dairy & Food, and Topchoice Medical Investment surrendered between 3.5% and 4.6%.

Major European indices trade on a mixed note, but their losses have been limited for the time being. Recent reports indicate European officials have agreed to terms with their Greek counterparts, but the accord is contingent on the verification of pension and tax reforms. Elsewhere, the French government survived yesterday's no-confidence vote.

In economic data:
Eurozone Q1 GDP +0.5% quarter-over-quarter (expected 0.6%; last 0.6%); +1.5% year-over-year (consensus 1.6%; last 1.6%)
Germany's Q1 GDP +0.7% quarter-over-quarter (expected 0.6%; last 0.3%); +1.3% year-over-year (consensus 1.5%; last 2.1%). Separately, April CPI -0.4% month-over-month, as expected (previous -0.4%); -0.1% year-over-year, as expected (previous -0.1%)
France's Q1 Nonfarm Payrolls +0.2% quarter-over-quarter, as expected
Spain's April CPI +0.7% month-over-month, as expected; -1.1% year-over-year, as expected
Italy's Q1 GDP +0.3% quarter-over-quarter (consensus 0.3%; last 0.2%); +1.0% year-over-year (consensus 0.9%; last 1.1%). April CPI -0.1% month-over-month (consensus 0.0%; last -0.1%); -0.5% year-over-year (consensus -0.4%; last -0.5%)

---Equity Markets---

UK's FTSE is lower by 0.2% with consumer names and homebuilders among the laggards. ITV, TUI, EasyJet, Taylor Wimpey, and Persimmon hold losses between 1.2% and 2.6%. On the upside, miners Fresnillo, Antofagasta, BHP Billiton, and Anglo American outperform with gains between 0.9% and 2.7%.
France's CAC trades higher by 0.2%. Hotel operator Accor is the weakest performer, down 3.3%. Financials trade in mixed fashion with Credit Agricole and AXA both down near 1.0% while BNP Paribas is flat and Societe Generale trades up 1.0%.
Germany's DAX has gained 0.5% with E.On adding 2.0%. BASF, Commerzbank, Volkswagen, and Deutsche Bank are up between 0.1% and 0.9% while most other components trade in the red.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -10.00.

Equity future ticked higher following a positive reading of April Retail Sales. The S&P 500 futures trade five points below fair value.

Just released, April producer prices increased 0.2% while the Briefing.com consensus expected an uptick of 0.3%. Core producer prices came in higher by 0.1% in-line with the consensus.

Separately, April retail sales increased 1.3% while the Briefing.com consensus expected an increase of 0.8%. The prior month's reading was unrevised at -0.3%. Excluding autos, retail sales rose +0.8% while the consensus expected an uptick of 0.5%.

8:03 am: [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -16.20.

Equity futures trade lower with the S&P 500 futures hovering eight point below fair value. Futures and global bourses ticked lower overnight as investors ruminated over the latest batch of negative results and guidance from the retail sector. Meanwhile, market participants have adopted a wait-and-see stance ahead of April Core PPI (Briefing.com consensus +0.1%) and April Retail Sales (Briefing.com consensus+0.8%) readings.

Overseas, Asia-Pacific markets ended their week on a lower note while European indices trade lower following a negative revision to Eurozone Q1 GDP (+0.5% quarter-over-quarter; expected 0.6%). For its part, WTI crude trades lower by 1.1% ($46.21/bbl) as investors look to book some profits.

The Treasury complex trades on a mixed note with the yield on the 10-yr note lower by two basis points to 1.73%.

On the economic front, data will include Core PPI for April (Briefing.com consensus +0.1%) and Retail Sales for April (Briefing.com consensus+0.8%) both being released at 8:30 ET. Finally, 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) each crossing the wires at 10:00 ET.

In U.S. corporate news of note:

Nordstrom (JWN 37.70, -7.53): -16.7% after missing top- and bottom-line estimates for the quarter and lowering FY17 EPS below-consensus
Shake Shack (SHAK 37.00, +2.74): +8.0% following the company reporting above-consensus quarterly results and raising FY16 guidance above analysts' estimates
NVIDIA (NVDA 38.39, +2.82): +7.9% after beating top- and bottom-line estimates for Q1
Dillard's (DDS 57.40, -3.24): -5.3% following the company missing estimates for the quarter and reporting that revenue fell 4.5% year-over-year

Reviewing overnight developments:

Asia-Pacific markets ended the week on a lower note with Japan's Nikkei -1.4%, Hong Kong's Hang Seng -1.0%, and China's Shanghai Composite -0.3%.
In economic data:
China's April M2 Money Stock +12.8% year-over-year (consensus 13.5%; last 13.4%), April New Loans CNY555.60 billion (expected CNY900.00 billion; previous CNY1.37 trillion), and April Outstanding Loan Growth +14.4% year-over-year (consensus 14.8%; last 14.7%)
Hong Kong's Q1 GDP -0.4% quarter-over-quarter (previous 0.2%); +0.8% year-over-year (consensus 1.9%)
Japan's Tertiary Industry Activity Index -0.7% month-over-month (consensus -0.2%; last -0.1%) and M2 Money Stock +3.3% year-over-year (consensus 3.2%; last 3.2%)
Singapore's March Retail Sales -1.4% month-over-month (previous 1.8%); +5.1% year-over-year (last -3.1%)
New Zealand's Q1 Retail Sales +0.8% quarter-over-quarter (expected 1.0%; last 1.2%) and Core Retail Sales +1.0% quarter-over-quarter (consensus 1.1%; last 1.3%)
In news:
Bank of Japan Governor Haruhiko Kuroda spoke reiterated that more time is needed for negative interest rate policy to work through the economy
However, Governor Kuroda also stated that the central bank is ready to introduce more easing measures, if needed.
Staying on the central bank front, the Bank of Korea left its key rate unchanged at 1.50%, as expected.

European indices trade on a mixed note with the U.K'.s FTSE -0.4% and France's CAC -0.3% while Germany's DAX has gained 0.1%.
In economic data:
Eurozone Q1 GDP +0.5% quarter-over-quarter (expected 0.6%; last 0.6%); +1.5% year-over-year (consensus 1.6%; last 1.6%)
Germany's Q1 GDP +0.7% quarter-over-quarter (expected 0.6%; last 0.3%); +1.3% year-over-year (consensus 1.5%; last 2.1%). Separately, April CPI -0.4% month-over-month, as expected (previous -0.4%); -0.1% year-over-year, as expected (previous -0.1%)
France's Q1 Nonfarm Payrolls +0.2% quarter-over-quarter, as expected
Spain's April CPI +0.7% month-over-month, as expected; -1.1% year-over-year, as expected
Italy's Q1 GDP +0.3% quarter-over-quarter (consensus 0.3%; last 0.2%); +1.0% year-over-year (consensus 0.9%; last 1.1%). April CPI -0.1% month-over-month (consensus 0.0%; last -0.1%); -0.5% year-over-year (consensus -0.4%; last -0.5%)
In news:
European officials have agreed to terms with their Greek counterparts, but the accord is contingent on the verification of pension and tax reforms.
Elsewhere, the French government survived yesterday's no-confidence vote.

5:53 am: [BRIEFING.COM] S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -20.80.

5:53 am: [BRIEFING.COM] Nikkei...16412...-234.10...-1.40%. Hang Seng...19719...-196.20...-1.00%.

5:53 am: [BRIEFING.COM] FTSE...6063.15...-41.00...-0.70%. DAX...9815.71...-46.40...-0.50%.

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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