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 Post subject: May 19th Thursday Trade Results - Profit $3875.00
PostPosted: Fri May 20, 2016 3:56 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
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
051916-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3875.00.png
051916-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3875.00.png [ 94.36 KiB | Viewed 420 times ]

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 @ $3875.00 dollars or +77.50 points, Light Crude Oil CL ($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 @ $3875.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=156&t=2364

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

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=291&t=3143 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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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 lower note as investors continued adjusting their expectations for the speed and path of interest rate normalization. That adjustment boosted the dollar, weighed on commodities, and resulted in the underperformance of the heavyweight industrial (-1.0%), financial (-0.9%), and health care (-0.8%) sectors. The Nasdaq Composite (-0.6%) ended its day behind the Dow Jones Industrial Average (-0.5%) and the S&P 500 (-0.4%).

Equities began their day lower as hawkish commentary from April's FOMC minutes pressured global bourses. The minutes indicated that a June rate hike remains in the realm of possibilities, so long as incoming data remains consistent with a projected pick-up in economic activity for the second quarter. As a result, markets assumed a risk off posture while strength in the dollar weighed on dollar-denominated commodities.

The major averages followed oil lower this morning as the energy component yielded to profit taking. Equities carved out session lows at midday as participants digested remarks from New York Fed President and FOMC voter William Dudley. President Dudley offered little new commentary, but reaffirmed that June is a "live" meeting and that the market had previously underestimated the likelihood of further rate hikes.

The major averages lifted from their lows through the afternoon as heavily-weighted industrials (-1.0%), financials (-0.9%) and health care (-0.8%) trimmed their intraday losses. Furthermore, WTI crude ticked off its low as it ended the day with a loss of 0.2% ($48.65/bbl).

Four sectors finished above their flat lines with countercyclical utilities (+0.9%) and consumer staples (+0.8%) leading materials (+0.4%) and energy (+0.3%). On the flipside, industrials (-1.0%), financials (-0.9%), and health care (-0.8%) ended with the largest losses.

The financial sector (-0.9%) demonstrated broad-based weakness as it pulled back from yesterday's 1.9% gain. Dow component Goldman Sachs (GS 154.70, -5.24) ended its day at the bottom of the price-weighted index after gaining 3.4% yesterday. Elsewhere, real estate investment trusts (REITs) extended their recent downturns as the sub-group responded to a higher likelihood of interest rate hikes in the short term.

In the industrial space (-1.0%), airlines underperformed as reports speculated as to the cause of a crashed EgyptAir flight. The U.S. Global Jets ETF (JETS 22.83, -0.31) ended its day lower by 1.3%. Meanwhile, rail names also displayed weakness after Credit Agricole offered bearish coverage on the sector's mainstays.

The high-beta chipmakers underperformed in the technology group (-0.6%), evidenced by the 0.7% decline in the PHLX Semiconductor Index. Meanwhile, Cisco Systems (CSCO 27.57, +0.85) and Salesforce.com (CRM 81.09, +3.22) gained a respective 3.7% and 4.0% after offering better than expected quarterly results.

In the consumer staples space (+0.8%), Dow component Wal-Mart (WMT 69.20, +6.05) topped the price-weighted index after beating analysts' estimates for the quarter. The retailer's suppliers also saw some interest as Clorox (CLX 129.98, +1.84) and Kraft Heinz (KHC 83.00, +1.82) trimmed their respective weekly losses to 1.5% and 2.5%.

The U.S. Dollar Index (95.33, +0.25) ended its session off its high as the euro/dollar pair finished at 1.1198 (-0.2%) while the dollar lost 0.2% against the yen (109.97).

The Treasury complex finished its day modestly higher with the yield on the 10-yr note slipping one basis point to 1.85%. Elsewhere, the yield on the 2-yr note finished at 0.88% (-2 bps), representing a ten basis point move from April's settlement.

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

Today's economic data included weekly initial claims, the Philadelphia Fed Survey for May, and April Leading Indicators:

Initial claims for the week ending May 14 decreased by 16,000 to 278,000 (Briefing.com consensus 278,000).
The four-week moving average for initial claims increased by 7,500 to 275,750.
There were reportedly no special factors influencing initial claims, which stayed below 300,000 for the 63rd straight week -- a streak not seen since 1973.
Continuing claims for the week ending May 7 decreased by 13,000 to 2.152 million.
The four-week moving average bumped up slightly to 2.143 million, yet that remains within a few hairs of the lowest level for that average since November 2000.
The Philadelphia Fed Index registered a reading of -1.8 for May (Briefing.com consensus 2.7).
That was a slight deterioration from the April reading of -1.6 and marked the eighth negative reading in the last nine months.
A number below zero for this regional manufacturing survey connotes contraction
The survey's indicators for general activity, new orders, shipments, and employment all remained negative.
The diffusion index for future general activity, meanwhile, fell from a 15-month high of 42.2 in April to 36.1 in May.
The Conference Board's Leading Economic Index increased 0.6% in April after a downwardly revised unchanged reading (from +0.2%) for March.
That April number was comfortably above the Briefing.com consensus estimate of 0.3% and was the largest monthly increase since April 2015.
The uptick was fueled by positive contributions from all indicators, with the exception of consumer expectations. The latter subtracted 0.05 percentage points.
The biggest contributors in April were the average workweek (0.13 percentage points), average weekly initial claims (0.11 percentage points), building permits (0.11 percentage points), and stock prices (0.10 percentage points).
Positive contributions were estimated for both manufacturers' new orders for consumer goods and materials (0.01 percentage points) and nondefense capital goods orders excluding aircraft (0.04 percentage points).
Notably, growth in the Leading Economic Index for the six-month period ending April 2016 moderated to 0.6% from the 1.3% growth rate seen over the previous six months; however, the Conference Board clarified that the strengths among the leading indicators have become more widespread than the weaknesses.
The Coincident Economic Index increased 0.3% in April after being unchanged in March while the Lagging Index increased 0.3% on the heels of a 0.5% increase in March.

Tomorrow's economic data will be limited to April Existing Home Sales (Briefing.com consensus 5.40 million), which will be released at 10:00 ET.

Nasdaq Composite -5.9% YTD
Russell 2000 -3.3% YTD
S&P 500 -0.2% YTD
Dow Jones +0.1% YTD

3:30 pm: [BRIEFING.COM]

The dollar index consolidates near the midpoint of its early morning rally, currently up +0.2% around the 95.27 level, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are currently down -0.8% at 84.68
Crude oil stages a notable afternoon rally off its lows around $47.30, closing just under the previous session's closing price and near the highs of 2016
July crude oil futures fell $0.09 (-0.2%) to $48.65/barrel
Crude oil futures have changed their front months to July, as indicated by the active amount of volume in the contracts
Natural gas rallies above the previous close after the release of EIA natural gas storage data showed a smaller than expected build compared to estimates
June natural gas closed $0.04 higher (+2.0%) at $2.04/MMBtu
Natural gas inventory showed a build of +73 bcf vs expectations for inventory to be a build of approximately +78 bcf
Working gas in storage was 2,754 Bcf as of Friday, May 13, 2016, according to EIA estimates
Stocks were 791 Bcf higher than last year at this time and 795 Bcf above the five-year average of 1,959 Bcf
At 2,754 Bcf, total working gas is above the five-year historical range
In precious metals, gold stages a modest afternoon rally off the morning lows around $1246.00/oz, still ending lower on the day
June gold ended today's session down $19.90 (-1.6%) to $1254.70/oz
Silver ends notably lower as the dollar rallies for the second consecutive day in a row
July silver closed today's session $0.64 lower (-3.7%) at $16.50/oz
Base metal copper drifts lower to close afternoon pit trading in the red
July copper closed $0.02 lower (-1.0%) at $2.06/lb

2:55 pm:

[BRIEFING.COM] The stock market has ticked lower as the Nasdaq Composite (-0.9%) trades behind the Dow Jones Industrial Average (-0.7%) and the S&P 500 (-0.6%).

Four sectors trade above their flat lines with countercyclical utilities (+0.5%) and consumer staples (+0.4%) leading commodity-sensitive materials (+0.2%) and energy (UNCH). Conversely, health care (-1.1%), financials (-1.1%), and industrials (-1.1%) trade neck-and-neck on the bottom of the leaderboard.

In the energy space (UNCH), pipeline companies display relative strength as the group trades higher with natural gas. Natural gas ended its day higher by 2.0% ($2.04/MMbtu) after the latest natural gas inventories from the EIA showed a smaller than expected build (73 bcf; expected 78 bcf). Separately, refining names underperform in the sector while Schlumberger (SLB 74.14, +0.97) leads the oilfield service names. WTI crude ended its day lower by 0.2% at $48.65/bbl.

The U.S. Dollar Index (95.24, +0.16) has floated lower in recent action, but the dollar remains up against the euro. The euro/dollar pair trades lower by 0.1% (1.1206) while the dollar has lost 0.3% against the yen (109.90).

2:30 pm:

[BRIEFING.COM] The major indices have climbed higher in recent trade as the Nasdaq Composite (-0.7%) underperforms the S&P 500 (-0.5%).

Six sectors trade beneath their flat lines with health care (-1.0%) and industrials (-1.0%) trailing telecom services (-0.7%) and financials (-0.7%).

In the consumer discretionary space (-0.4%), retail names demonstrate relative strength as the group trades higher in sympathy with Dick's Sporting Goods (DKS 41.35, +3.25) and Urban Outfitters (URBN 27.68, +3.09). The two names reported largely in-line results for their quarters. Conversely, L Brands (LB 60.82, -2.95) has declined 4.6% after lowering its outlook for the second quarter and the full year. The apparel retailer also lowered its May comparable store sales growth estimates to low to mid-single digits. The SPDR S&P Retail ETF (XRT 40.54, +0.38) has gained 0.9%, trimming its weekly loss to 1.2%.

Separately, Dow component Nike (NKE 56.85, +0.73) has gained 1.3% ahead of Foot Locker's (FL 58.26, +1.14) quarterly report tomorrow morning.

WTI crude trades lower by 0.4% ($48.60/bbl) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The stock market has traded sideways since our last update as the Dow Jones Industrial Average (-0.7%) trades behind the S&P 500 (-0.6%).

Four sectors trade in the green with consumer staples (+0.5%) and utilities (+0.5%) leading energy (+0.1%) and materials (UNCH).

In the technology space (-0.8%), heavyweight constituents Alphabet (GOOG 700.14, +6.49) and Microsoft (MSFT 50.12, -0.55) underperform, sliding 0.9% and 1.4%, respectively. Salesforce.com (CRM 81.22, +3.35) displays relative strength after reporting above-consensus results for the first quarter. The company also raised its outlook for the full year. Networking name Cisco Systems (CSCO 27.62, +0.90) has gained 3.4% after beating bottom-line estimates for the quarter on in-line revenue. Elsewhere, the high-beta chipmakers demonstrate relative weakness, evidenced by the 1.0% decline in the PHLX Semiconductor Index.

On the commodities front, WTI crude trades lower by 0.7% ($48.444/bbl) while safe haven gold ended its day lower by 1.6% at $1,254.70. This represents a loss of 1.4% since the precious metal's settlement last Friday.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have recouped some losses since our previous update, but still remain under notable pressure in afternoon trading.

A look inside the Dow Jones Industrial Average shows that Goldman Sachs (GS 154.87, -5.07), Boeing (BA 127.88, -3.11), and Caterpillar (CAT 69.16, -1.43) are underperforming. Goldman is leading financials lower as the entire sector declines in excess of the broad market following yesterday's rally that took place in anticipation of the release of the minutes from the FOMC's April meeting. Elsewhere, Boeing and Caterpillar are under pressure with the industrials space putting in today's worst sector performance. Adding to the downside, Caterpillar this morning detailed its rolling three-month retail sales statistics, which showed that April total machine retail sales were down 12% y/y.

Conversely, Wal-Mart (WMT 68.83, +5.68) is the best-performing Dow component after this morning's strong quarterly report. Despite widespread weak results from retail names, Wal-Mart delivered an across the board beat, surpassing both top and bottom line expectation. The industry giant also offered upside guidance for its second quarter.

Accounting for today's pullback, the DJIA is now down more than 2% thus far in May.

1:05 pm:

[BRIEFING.COM] The stock market trades on a lower note at midday as investors continue to respond to the possibility of a sooner than expected fed funds rate hike. Other contributing factors for today's decline have included a leg lower in oil, strength in the dollar, and the underperformance of the heavyweight industrial (-1.5%), financial (-1.4%), and health care (-1.3%) spaces. The Nasdaq Composite (-1.1%) trades behind both the Dow Jones Industrial Average (-1.0%) and the S&P 500 (-0.9%).

Global bourses tilted to the downside this morning as investors ruminated over hawkish commentary contained in the FOMC Minutes from the April meeting. The minutes revealed that a majority on the committee believed that a potential June rate hike could be supported if incoming data remains consistent with a pick-up in economic activity in the second quarter.

The major averages extended their losses, moving lockstep with oil. However, the broader market reached a session low following hawkish remarks from New York Fed President and FOMC voter William Dudley. President Dudley disrupted markets when he reaffirmed the idea that a rate hike at the June meeting was within the realm of possibilities. Furthermore, the Fed speaker contended that the market had previously underestimated the probability of further policy tightening this year.

The S&P 500 (-0.9%) has floated higher in recent action as crude oil trims its loss to 1.1% ($48.27/bbl). In front of the pack, utilities (+0.4%) and consumer staples (+0.2%) outperform while industrials (-1.5%), financials (-1.4%), and health care (-1.3%) round out the board.

The industrial sector (-1.5%) demonstrates broad-based weakness as it trims its 2016 gain to 1.9%. In the group, airlines underperform with American Airlines (AAL 31.77, -0.83) and United Continental (UAL 43.87-1.40) losing 2.6% and 3.1%, respectively. Meanwhile, rail names also underperform after Credit Agricole initiated coverage on the group with ratings ranging from "Underperform" to "Sell."

In the financial sector (-1.4%), Dow component Goldman Sachs (GS 154.70, -5.24) is the worst performer in the price-weighted index as it pulls back from yesterday's 3.4% gain. Money center banks are also seeing a pullback with Bank of America (BAC 14.46, -0.23) losing 1.6% after gaining 4.9% yesterday. Elsewhere, rate-sensitive real estate investment trusts (REITs) continue to underperform as the odds of an interest rate hike in the short term increase.

Biotechnology underperforms in the health care space (-1.3%), evidenced by the 2.1% decline in the iShares Nasdaq Biotechnology ETF (IBB 257.15, -5.62).

The consumer staples sector (+0.2%) has outperformed today as the sub-group responds to a better than expected quarterly report from Wal-Mart (WMT 68.70, +5.55). The company has gained 8.8% after beating analysts' estimates for the quarter and raising its guidance for the second quarter. Suppliers for the big box retailer have also seen a bid.

The U.S. Dollar Index (95.28, +0.20) trades off its high as the euro trims its loss against the greenback. The euro/dollar pair trades lower by 0.1% (1.1203) after ticking off the 1.1230 level. Separately, the safe haven yen has enjoyed a bid as the dollar loses 0.4% against the yen (109.80).

The Treasury complex trades on a modestly higher note as the yield on the 10-yr note slips one basis point to 1.84%.

Today's economic data included weekly initial claims, the Philadelphia Fed Survey for May, and April Leading Indicators:

Initial claims for the week ending May 14 decreased by 16,000 to 278,000 (Briefing.com consensus 278,000).
The four-week moving average for initial claims increased by 7,500 to 275,750.
There were reportedly no special factors influencing initial claims, which stayed below 300,000 for the 63rd straight week -- a streak not seen since 1973.
Continuing claims for the week ending May 7 decreased by 13,000 to 2.152 million.
The four-week moving average bumped up slightly to 2.143 million, yet that remains within a few hairs of the lowest level for that average since November 2000.
The Philadelphia Fed Index registered a reading of -1.8 for May (Briefing.com consensus 2.7).
That was a slight deterioration from the April reading of -1.6 and marked the eighth negative reading in the last nine months.
A number below zero for this regional manufacturing survey connotes contraction
The survey's indicators for general activity, new orders, shipments, and employment all remained negative.
The diffusion index for future general activity, meanwhile, fell from a 15-month high of 42.2 in April to 36.1 in May.
The Conference Board's Leading Economic Index increased 0.6% in April after a downwardly revised unchanged reading (from +0.2%) for March.
That April number was comfortably above the Briefing.com consensus estimate of 0.3% and was the largest monthly increase since April 2015.
The uptick was fueled by positive contributions from all indicators, with the exception of consumer expectations. The latter subtracted 0.05 percentage points.
The biggest contributors in April were the average workweek (0.13 percentage points), average weekly initial claims (0.11 percentage points), building permits (0.11 percentage points), and stock prices (0.10 percentage points).
Positive contributions were estimated for both manufacturers' new orders for consumer goods and materials (0.01 percentage points) and nondefense capital goods orders excluding aircraft (0.04 percentage points).
Notably, growth in the Leading Economic Index for the six-month period ending April 2016 moderated to 0.6% from the 1.3% growth rate seen over the previous six months; however, the Conference Board clarified that the strengths among the leading indicators have become more widespread than the weaknesses.
The Coincident Economic Index increased 0.3% in April after being unchanged in March while the Lagging Index increased 0.3% on the heels of a 0.5% increase in March.

12:30 pm:

[BRIEFING.COM] The major averages have gained in recent action as the Dow Jones Industrial Average (-0.7%) trades in-line with the S&P 500 (-0.7%). The benchmark index floats eight points above its session low.

Three sectors trade in the green with consumer staples (+0.5%), utilities (+0.5%), and materials (+0.1%) outperforming.

In the health care space (-1.2%), biotechnology displays relative weakness, evidenced by the 2.1% decline in the iShares Nasdaq Biotechnology ETF (IBB 257.58, -5.18). For the week, the ETF has gained 1.5%, compared to a loss of 0.6% in the broader sector. Elsewhere, large cap pharmaceutical names underperform with Bristol-Myers (BMY 70.06, -1.03), AbbVie (ABBV 59.18, -1.28), and Eli Lilly (LLY 74.18, -2.14) losing between 1.4% and 2.8%. On a year to date basis the sector has lost 4.7%, trailing the remaining groups over that time.

On the commodities front, WTI crude trades lower by 0.9% ($48.32/bbl). Separately, safe haven gold trades lower by 1.7% ($1,252.90/ozt), having lost 1.6% since last Friday's settlement at $1,272.60/ozt.

12:00 pm:

[BRIEFING.COM] The major indices continue to float above their worst levels of the day as the Nasdaq Composite (-1.2%) trades behind the Dow Jones Industrial Average (-1.0%) and the S&P 500 (-1.0%).

The heavily-weighted industrial (-1.5%), financial (-1.4%), and health care (-1.4%) spaces round out the leaderboard.

The broader financial sector (-1.4%) is pulling back from yesterday's 1.9% gain. In the group, Citigroup (C 44.89, -0.98) and Goldman Sachs (GS 155.13, -4.75) are outpacing the losses with declines of 2.2% and 3.1%, respectively. The two names jumped a respective 5.0% and 3.4% yesterday. Elsewhere, interest rate-sensitive real estate investment trusts (REITs) have extended their weekly losses with Realty Income (O 58.85, -2.02) having lost 3.3%. The company raised approximately $385.8 million after underwriting 6.5 million shares of common stock. The proceeds will be used to fund potential investments and for general corporate purposes.

The U.S. Dollar Index (95.23, +0.15) has moved lower in recent action as the greenback loses ground to the yen. The dollar/yen pair trades lower by 0.4% at 109.83. Separately, the euro/dollar pair trades flat at 1.1214.

11:30 am:

[BRIEFING.COM] The S&P 500 (-1.0%) has recently ticked off a fresh session low, which leaves the benchmark index five points above its worst level of the day.

The influential technology sector (-1.1%) trades behind consumer discretionary (-0.5%) and materials (-0.2%).

In the industrial sector (-1.4%), aerospace and defense name Boeing (BA 127.35, -3.64) displays relative weakness after issuing $1.2 billion in senior notes. The company is likely experiencing some profit taking as well. Boeing sports a gain of 17.4% since the February 11 intraday low in the S&P 500 (1810.10). This compares to an 11.9% gain in the Industrial Sector SPDR ETF (XLI 54.50, -0.77) over that time.

In the Dow Jones Transportation Average (-1.0%), rail names demonstrate relative weakness after the sub-group was downgraded at Credit Agricole. CSX (CSX 25.38, -0.37) has lost 1.6% after being downgraded to "Underperform." Meanwhile, Union Pacific (UNP 80.96, -1.51) has declined by 1.9% after having its rating lowered to "Sell."

On the commodities front, WTI crude trades lower by 2.5% ($47.57/bbl) while gold has fallen 1.8% to $1,252.00/ozt.

11:00 am:

[BRIEFING.COM] The major averages have moved back towards their session lows as the Dow Jones Industrial Average (-1.0%) continues to trail the S&P 500 (-0.9%). The move lower corresponded with hawkish commentary from New York Fed President and FOMC voter William Dudley. President Dudley stated that June is indeed a live meeting.

Eight sectors trade beneath their flat lines as telecom services (-1.6%), industrials (-1.4%), and financials (-1.3%) lead to the downside. Conversely, consumer staples (+0.4%) and utilities (+0.4%) sport the only gains.

In the consumer staples space (+0.4%), Dow component Wal-Mart (WMT 68.91, +5.76) demonstrates relative strength after the company reported better than expected results for the first quarter. The name has gained 9.1%, topping the price-weighted index. Elsewhere, suppliers to the big box name have received a bid with Clorox (CLX 129.22, +1.08) and Kraft Heinz (KHC 82.62, +1.43) gaining 0.9% and 1.7% apiece. The two staples names are also likely rebounding from respective weekly losses of 2.1% and 3.0%. The broader consumer staples group has surrendered 2.1% this week, leading only telecom services (-1.5%; week-to-date -3.1%) and utilities (+0.3%; week-to-date -3.2%) over that time.

10:30 am: [BRIEFING.COM]

The dollar index sees a continuation of yesterday's rally, up +0.3% around the 95.32 level, weighing on commodities across the board
Commodities, as measured by the Bloomberg Commodity Index, are down -1.8% at 83.86
Crude oil plummets to fresh lows of the day, extending yesterday's losses post-EIA data
July crude oil futures are currently down $1.37 (-2.9%) at $46.83/barrel
Crude oil futures have changed their front month to July, as indicated by the active amount of volume in the contracts
Natural gas sees a brief knee-jerk reaction lower after the release of EIA natural gas inventory data at 10:30 am ET that showed a smaller-than-expected build
June natural gas futures are currently down $0.01 (-0.7%) at $1.99/MMBtu
Working gas in storage was 2,754 Bcf as of Friday, May 13, 2016, according to EIA estimates
This represents a net increase of 73 Bcf from the previous week
Stocks were 791 Bcf higher than last year at this time and 795 Bcf above the five-year average of 1,959 Bcf
At 2,754 Bcf, total working gas is above the five-year historical range
In precious metals, gold opens pit trading notably lower, modestly bouncing off its low of the day around the $1246.00/oz level
June gold futures are currently down $26.40 (-2.1%) at $1247.90/oz
Silver sees a notably steep drop, down more than any of its peers in morning pit trading
July silver futures are down $0.74 (-4.4%) at $16.38/oz
Base metal copper edges lower in morning pit trading
July copper futures are down $0.03 (-1.3%) at $2.05/lb

10:05 am:

[BRIEFING.COM] The stock market has slipped to new session lows as the S&P 500 (-0.9%) continues to trail the Nasdaq Composite (-0.8%).

Nine sectors trade in the red with telecom services (-1.5%), energy (-1.3%), industrials (-1.3%), and financials (-1.2%) leading to the downside.

Just released, the CB Leading Indicators report for April was higher by 0.6% (Briefing.com consensus +0.3%) from an unrevised March reading of 0.2%.

The U.S. Dollar Index (95.33, +0.13) continues to sports as the euro/dollar pair slides 0.2% to 1.1200. Separately, the dollar has lost 0.3% against the yen 109.84.

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day on a lower note as the Dow Jones Industrial Average (-0.3%) and the S&P 500 (-0.3%) trade behind the Nasdaq Composite (-0.2%).

Eight sectors trade in the red with telecom services (-1.4%) and energy (-0.9%) leading the downside. The remaining decliners show losses between 0.1% (consumer discretionary) and 0.7% (industrials). Conversely, consumer staples (+0.5%) and materials (+0.3%) sport the only gains.

In the materials space (+0.3%), Monsanto (MON 102.63, +5.50) demonstrates relative strength after the company confirmed receipt of a non-binding acquisition offer from Bayer (BAYRY 98.06, -10.06).

Elsewhere, commodity-sensitive energy (-0.9%) underperforms as its responds to a 2.1% decline in crude oil ($47.74/bbl). In the group, independent oil and gas names show the largest losses.

The Treasury complex has moved higher in recent action as the yield on the 10-yr note trades flat at 1.85%.

9:20 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -17.70.

The stock market is on track for a lower open with the S&P 500 futures trading eight points below fair value. Global bourses edged lower this morning as investors digested hawkish minutes from the April FOMC meeting. The minutes revealed that recent Fed speakers may represent a majority on the committee that believes June could be a viable option for the committee to continue on its path to interest rate normalization. However, the minutes noted that incoming data must remain consistent with a pick-up in economic activity in the second quarter. As a result, investors have adopted a risk-off posture while the dollar continues to extend its lead over the yen and the euro.

The U.S. Dollar Index (95.38, +0.18), which measures the strength of the greenback against a basket of other major currencies, has ticked higher by 0.3%. This in turn has acted as a headwind for dollar-denominated commodities. For its part, WTI crude trades lower by 1.9% ($47.86/bbl). Additionally, the broader market is likely pulling back as investors weigh a strengthening dollar against the projected turnaround in earnings prospects during the second half of 2016.

On a positive note, Wal-Mart (WMT 68.12, +4.97) surprised investors with a better-than-expected quarterly report. The stock has gained 7.9% in pre-market trade while Costco (COST 142.89, +1.60) has ticked higher in sympathy with the name. Conversely, Advance Auto Parts (AAP 134.40, -9.41) has tumbled 6.5% after missing bottom-line estimates and lowering its annual comparable store sales estimates below-consensus. The broader retail sub-group is off to a good start, evidenced by the 0.7% gain in the SPDR S&P Retail ETF (XRT 40.42, +0.26). For the week, the ETF sports a loss of 1.5%.

Today's economic data will be capped off with April Leading Indicators (Briefing.com consensus 0.3%), which will be released at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -18.10.

Futures have ticked lower in recent action as the S&P 500 futures trade eight points below fair value.

Equity indices across the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei (+0.01%) avoided a lower close by a hair. It is worth noting that a private survey in Japan claimed that annualized first-quarter growth was closer to 0.5% rather than the reported 1.7% due to the Leap Year effects. The overnight session was fairly quiet with disappointing employment data out of Australia receiving some attention. Also of note, the dollar strengthened against the Chinese yuan, lifting the currency pair to 6.5451, which is just 0.8% below the high from January.

In economic data:
Japan's March Core Machinery Orders +5.5% month-over-month (expected 0.5%; last -9.2%); +3.2% year-over-year (consensus 0.8%; last -0.7%)
South Korea's April PPI +0.2% month-over-month, as expected (previous -0.1%); -3.1% year-over-year, as expected (previous -3.3%)
Australia's April Employment Change 10,800 (expected 12,500; previous 25,700). April Unemployment Rate held at 5.7% (expected 5.8%) while participation rate ticked down to 64.8% from 64.9% (consensus 64.9%)

---Equity Markets---

Japan's Nikkei settled just above its flat line. Sectors like health care (+0.5%) and technology (+0.5%) showed relative strength while energy (-2.4%), and utilities (-0.9%) lagged. Dainippon Screen Manufacturing, Suzuki Motor, Konami, Eisai, Olympus, and Tokyo Electron posted gains between 1.3% and 5.9%. On the downside, Sumitomo Metal Mining, Nippon Steel & Sumitomo Metal, and Mitsubishi Motors lost between 2.9% and 3.6%.
Hong Kong's Hang Seng fell 0.7% amid broad weakness. Consumer names like Tingyi, Want Want China, and Belle International lost between 1.7% and 3.6% while energy names like Petrochina, CNOOC, and China Shenhua Energy surrendered between 0.9% and 1.7%.
China's Shanghai Composite settled flat. Nanjing Chixia Development, Jilin Chengcheng Group, and Beijing Xinwei Telecom posted losses between 3.3% and 4.0%.

Major European indices trade lower across the board with UK's FTSE (-1.2%) displaying relative weakness. Rising rate hike expectations in the U.S. have contributed to a risk-off posture in Europe while the euro has edged down 0.3% against the dollar to 1.1185. It is worth noting that the German Finance Ministry said it would prefer to postpone the decision on Greek debt relief until 2018.

In economic data:
France's Q1 Unemployment Rate held at 10.2% (expected 10.3%) UK's April Retail Sales +1.3% month-over-month (expected 0.5%; last -0.5%); +4.3% year-over-year (consensus 2.5%; last 3.0%).
April Core Retail Sales +1.5% month-over-month (expected 0.6%; last -0.7%); +4.2% year-over-year (consensus 1.9%; last 2.6%)

---Equity Markets---

France's CAC has given up 0.4% with growth-sensitive names like ArcelorMittal, Total, Solvay, and Cap Gemini down between 1.2% and 5.2%. Technip has bucked the trend, spiking 10.9%, after outlining a merger agreement with FMC Technologies. Financials have also shown relative strength with BNP Paribas, Credit Agricole, and Societe Generale up between 1.7% and 2.5%.
Germany's DAX is lower by 0.8% with Bayer down 7.4% after the company confirmed having approached Monsanto about a potential takeover. Thyssenkrupp, BASF, and Heidelbergcement also lag with losses between 1.6% and 3.8%. On the upside, Deutsche Bank has climbed 3.3%.
UK's FTSE has slid 1.2% with miners pacing the retreat. Anglo American, Fresnillo, BHP Billiton, Rio Tinto, and Antofagasta are down between 2.7% and 6.1%. Energy names have also struggled with Royal Dutch Shell and BP showing respective losses of 4.4% and 2.0%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -13.10.

The S&P 500 futures trade six points below fair value.

The latest weekly initial jobless claims count totaled 278,000 while the Briefing.com consensus expected a reading of 278,000. Today's tally compared to 294,000 in the prior week. As for continuing claims, they fell to 2.152 million from 2.165 million (revised from 2.161 million).

Separately, the Philadelphia Fed Survey for May fell to -1.8 from -1.6 while economists polled by Briefing.com had expected an increase to 2.7.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -9.10.

U.S. equity futures trade on a lower note with the S&P 500 futures hovering five points below fair value. Global bourses adopted a risk-off posture after hawkish FOMC Minutes for April increased expectations for a U.S. rate hike. The U.S. dollar continued to strengthen overnight, which helped limit losses in Asia-Pacific markets. However, strength in the greenback has also weighed on the commodity complex. Currently, WTI crude trades lower by 2.2% ($47.73/bbl) while gold has lost 1.7% ($1,252.90/ozt).

The Treasury complex trades on a lower note with the 10-yr yield rising one basis point to 1.86%.

On the economic front, data will include weekly initial claims (Briefing.com consensus 278k) and the Philadelphia Fed Survey for May (Briefing.com consensus 2.7), which will both cross the wires at 8:30 ET. Finally, April Leading Indicators (Briefing.com consensus 0.3%) will be released at 10:00 ET.

In U.S. corporate news of note:

Wal-Mart (WMT 68.53, +5.38): +8.5% after beating top- and bottom-line estimates for the quarter and raising its Q2 earnings estimates above-consensus
Monsanto (MON 104.90, +7.77): +8.0% following the company confirming receipt of a non-binding proposal for Bayer (BAYRY 108.12, +0.00) to acquire the company
Urban Outfitters (URBN 26.60, +2.01): +8.2% after reporting in-line results for the first quarter
Cisco Systems (CSCO 28.19, +1.47): +5.5% following the company beating bottom-line estimates for the quarter and raising Q4 earnings estimates above-consensus
L Brands (LB 60.40, -3.38): -5.3% after reporting results in-line with its pre-announcement and lowering its Q2 and FY17 earnings estimates below-consensus
Church & Dwight (CHD 104.00, +7.02): +7.2% after reports indicated that Reckitt (RBGLY 20.25, +0.00) may seek to acquire the company

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note Hong Kong's Hang Seng -0.7% while Japan's Nikkei gained 0.1%. Finally, China's Shanghai Composite finished flat.
In economic data:
Japan's March Core Machinery Orders +5.5% month-over-month (expected 0.5%; last -9.2%); +3.2% year-over-year (consensus 0.8%; last -0.7%)
South Korea's April PPI +0.2% month-over-month, as expected (previous -0.1%); -3.1% year-over-year, as expected (previous -3.3%)
Australia's April Employment Change 10,800 (expected 12,500; previous 25,700). April Unemployment Rate held at 5.7% (expected 5.8%) while participation rate ticked down to 64.8% from 64.9% (consensus 64.9%)
In news:
A private survey in Japan claimed that annualized first-quarter growth was closer to 0.5% rather than the reported 1.7% due to the Leap Year effects.
Also of note, the dollar strengthened against the Chinese yuan, lifting the currency pair to 6.5451, which is just 0.8% below the high from January.

European indices trade lower across the board with the U.K.'s FTSE -1.0%, Germany's DAX -0.6%, and France's CAC -0.2%.
In economic data:
France's Q1 Unemployment Rate held at 10.2% (expected 10.3%) UK's April Retail Sales +1.3% month-over-month (expected 0.5%; last -0.5%); +4.3% year-over-year (consensus 2.5%; last 3.0%).
April Core Retail Sales +1.5% month-over-month (expected 0.6%; last -0.7%); +4.2% year-over-year (consensus 1.9%; last 2.6%)
In news:
Rising rate hike expectations in the U.S. have contributed to a risk-off posture in Europe
The euro has edged down 0.2% against the dollar to 1.1190.
German Finance Ministry said it would prefer to postpone the decision on Greek debt relief until 2018.

5:53 am: [BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -21.30.

5:53 am: [BRIEFING.COM] Nikkei...16647...+2.00...+0.00%. Hang Seng...19694...-132.10...-0.70%.

5:53 am: [BRIEFING.COM] FTSE...6082.57...-83.20...-1.40%. DAX...9787.21...-156.00...-1.60%.

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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