TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 2:14 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: May 20th Friday Trade Results - No Trades Rest
PostPosted: Fri May 20, 2016 5:52 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)

Quote:
No trades today for me so that I can have a 4 day holiday because Monday is a Canada holiday (Victoria Day). Will just rest and catch up on some website work.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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=2365

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.

Attachment:
052016-Key-Price-Action-Markets.png
052016-Key-Price-Action-Markets.png [ 1.12 MiB | Viewed 330 times ]

click on the above image to view today's price action of key markets


4:15 pm: [BRIEFING.COM] The stock market ended a flat week on a higher note as the S&P 500 (+0.6%; week-to-date +0.3%) broke a three-week losing streak. Today's action featured a rebound in global equity markets, a modest gain in the dollar, and the outperformance of the heavyweight technology (+1.1%), health care (+0.8%), and consumer discretionary (+0.7%) spaces. The Nasdaq Composite (+1.2%) ended its week ahead of the benchmark index (+0.6%) and the Dow Jones Industrial Average (+0.4%).

Today's session began on a higher note as investors looked to a rebound in global indices after this week's recent Fed-fueled selling. Participants recently dialed up their expectations for the speed and path of future fed funds rate hikes, responding to Fed speakers and the FOMC minutes from the April meeting.

The major averages extended their opening gains as investors looked to sector leadership from the heavily-weighted technology (+1.2%), health care (+0.8%), and financial (+0.6%) spaces. However, equity indices pulled back after the benchmark index fell short of testing its 50-day simple moving average (2060.54).

The broader market ticked lower in the final hour, but nine sectors finished above their flat lines. The influential technology (+1.2%) sector led health care (+0.8%) and consumer discretionary (+0.7%) while countercyclical consumer staples (-0.4%) ended with the only loss.

In the technology space (+1.2%), the high-beta chipmakers ended the week on a strong note as the PHLX Semiconductor Index gained 3.2%. In the sub-group, Applied Materials (AMAT 22.66, +2.75) spiked 13.8% after beating estimates for the quarter and issuing above-consensus guidance. Elsewhere, Yahoo! (YHOO 36.50, -0.52) displayed relative weakness after headlines speculated that bids for the web portal would register between $2 billion and $3 billion. The broader technology space gained 1.4% this week, trailing only energy (+0.4%; week-to-date +1.5%).

Biotechnology demonstrated relative strength as the iShares Nasdaq Biotechnology ETF (IBB 264.18, +5.28) gained 2.0%. For the week, the ETF climbed 4.1% compared to the gain of 0.6% in the broader sector. Elsewhere, Pfizer (PFE 33.74, +0.36) led the drug manufacturer sub-group while Dow component Johnson & Johnson (JNJ 112.64, +0.59) underperformed the broader market.

Retail names ended their week on a mixed note as disappointing guidance from Ross Stores (ROST 52.49, -3.03) and Foot Locker (FL 54.77, -3.78) weighed on the names. Elsewhere, Gap (GPS 18.01, +0.73) gained 4.2% after announcing that it would close 75 stores worldwide. Separately, Nordstrom (JWN 38.12, +1.01) and L Brands (LB 63.54, +2.92) rebounded 2.7% and 4.8%, respectively.

The Dow Jones Transportation Average (+1.1%) demonstrated relative strength with courier and logistics names leading. In the broader industrial sector (+0.5%), Deere (DE 77.74, -4.51) underperformed after lowering its year-over-year cash flow guidance. However, the company did beat analysts' estimates for the quarter.

Campbell Soup (CPB 59.90, -4.08) underperformed in the consumer staples space (-0.4%) after a sales metric missed its mark.

The U.S. Dollar Index (95.34, +0.05) ended its day modestly higher, but the greenback trimmed its gain against the yen and the euro. The dollar/yen pair finished higher by 0.2% (110.16) after slipping from the 110.55 level. Separately, the euro gained 0.1% against the dollar (1.1217).

The Treasury complex finished flat with the yield on the 10-yr note ending unchanged at 1.85%.

Today's volume was above the recent average with more than 953 million shares changing hands on the NYSE floor. However, this is relatively light given that today marked an option expiration date.

Today's economic data was limited to April Existing Home Sales:

Existing home sales increased 1.7% in April to a seasonally adjusted annual rate of 5.45 million (Briefing.com consensus 5.40 million) from an upwardly revised 5.36 million (from 5.33 mln) in March.
The April number was better than expected and qualifies as another data point supporting a pickup in second quarter growth.
The uptick in April was fueled by a 12.1% increase in home sales in the Midwest.
That gain, and a 2.1% increase in home sales in the Northeast, offset existing home sales declines of 2.7% and 1.7%, respectively, in the South and West.
On a year-over-year basis, existing home sales are up 6.0%, which incorporates a 3.7% year-over-year decline in the West that was attributed to the constraints of supply shortages and price growth.
The bulk of the total existing home sales increase was led by sales of existing condominiums and co-ops, which jumped 10.3% to a seasonally adjusted annual rate of 640,000 units.
Single-family home sales were up just 0.6% to 4.81 million, although they are up 6.2% year-over-year.
The median existing condo price was $223,300 in April, up 6.8% year-over-year, while the median existing single-family home price was $233,700 in April, up 6.2% year-over-year.
The median price for all housing types in April was $232,500, up 6.3% year-over-year.
The share of first-time buyers in April was 32% versus 30% in March and the same period a year ago.
The pickup in first-time buyers is good to see since they are integral to driving existing home sales activity.
At the current sales pace, unsold inventory sits at a 4.7-month supply, which is up from 4.4 months in March. Still, that is well below the 6.0-month supply typically seen during normal periods of buying and selling.

There is economic data of note scheduled for Monday.

Nasdaq Composite -4.8% YTD
Russell 2000 -2.1% YTD
Dow Jones +0.4% YTD
S&P 500 +0.4% YTD

Week in Review: Rate Hike Odds Rising

The stock market ended the trading week on a modestly highernote thanks to a Friday rally that helped the S&P 500 lock in a 0.3% gainfor the week. The Nasdaq Composite outperformed, climbing 1.1%, while the DowJones Industrial Average (-0.2%) lagged.

The S&P 500 was able to eke out a slim gain even though the weekwas dominated by discussions concerning rate hike expectations. Comments from severalFederal Reserve officials suggested that a rate hike in June is within therealm of possibilities while the FOMC Minutes from the April meeting reinforcedthat idea.

According to the Minutes, "Most participants judged that ifincoming data were consistent with economic growth picking up in the secondquarter, labor market conditions continuing to strengthen, and inflationmarking progress toward the Committee's 2.0% objective, then it would likely beappropriate for the Committee to increase the target range for the federalfunds rate in June."

As for inflation, the April CPI report that was released onTuesday showed hotter-than-expected headline inflation (+0.4%; Briefing.comconsensus 0.3%) while core CPI increased an in-line 0.2%.

The commentary emanating from the Fed led to an uptick inrate hike expectations as expressed by the fed funds futures market. LastFriday, the probability of a rate hike at the June meeting was sitting at alowly 8.0%, which increased to 30.0% by the end of the week. Furthermore, thefed funds futures market is pricing in a 55.0% likelihood of a rate hike inJuly.

The rate-hike discussion gave a boost to the greenback,helping the Dollar Index (95.34) register its third consecutive weekly advanceafter notching a fresh low for 2016 during the first week of May.

3:30 pm: [BRIEFING.COM]

The dollar index trades modestly higher, up +0.1% around the 95.34 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.2% around the 84.87 level
Crude oil exhibits notable volatility to end the week, briefly trading in the green before giving up those initial morning gains in afternoon pit trading
July crude oil futures fell $0.23 (-0.5%) to $48.42/barrel
Crude oil is up +1.5% for the week
The Baker Hughes total U.S. rig count is down 2 to 404 rigs following last week's decline of 9 rigs
Contributing factors affecting the price of oil include:
Demand for gasoline high as memorial day weekend approaches
Steady U.S. oil production drop, just under 8.8 mln barrels a day
Goldman Sachs has made bullish comments about WTI crude, suggesting the oil market has gone to a supply deficit situation
Nigerian supply concerns after Nigerian output has been curtailed substantially on unrest there
Venezuelan oil production concerns amid political instability in the region
Oil investor T. Boone Pickens believes supply & demand are now balanced, expects $50-$60/barrel oil prices as early as 2 months from now
The next OPEC meeting is scheduled to take place on June 2, 2016
Natural gas spikes & consolidates in the afternoon, extending yesterday's gains and closing positive for the week
June natural gas closed $0.02 higher (+1.0%) at $2.06/MMBtu
Natural gas is up +1.5% for the week
In precious metals, gold stages a modest afternoon rally of the lows of the day, ending just below the previous day's close
June gold ended today's session down $2.20 (-0.2%) to $1252.50/oz
Gold is down -1.7% for the week
Silver turns positive in the afternoon as the dollar loses momentum, closing the week notably lower compared to Monday's closing price
July silver closed today's session $0.02 higher (+0.1%) at $16.52/oz
Silver is down -3.7% for the week
Base metal copper ends pit trading unchanged on the day
July copper closed flat at $2.06/lb
Copper is down -1.4% for the week

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the tech-heavy Nasdaq (+1.3%) leads the S&P 500 (+0.7%) and the Dow Jones Industrial Average (+0.5%).

Eight sectors sport gains with technology (+1.3%) and health care (+0.9%) outperforming. The remaining gainers sport upticks between 0.2% (utilities) and 0.8% (consumer discretionary). On the flipside, consumer staples show a loss of 0.2% while telecom services trade near their flat line.

In the energy space (+0.4%), Kinder Morgan (KMI 17.76, +0.50) outperforms after confirming that Canada's National Energy Board recommended an approval of a proposed expansion of the Trans Mountain Expansion Project. The Canadian Federal Government will make its final determination on the project in December of 2016. The energy space sports a gain of 1.5% this week, trading neck-and-neck with technology (+1.3%; week-to-date +1.5%) and financials (+0.7%; week-to-date +1.5%).

On the commodities front, WTI crude ended its day lower by 0.5% ($48.42/bbl), gaining 4.8% since last Friday's settlement at $46.22/bbl. Elsewhere, gold settled at $1,252.50 (-0.2%; -$2.20; week-to-date -1.6%).

2:30 pm:

[BRIEFING.COM] The major averages have inched higher in recent trade as the Nasdaq Composite (+1.3%) continues to lead the S&P 500 (+0.7%) and the Dow Jones Industrial Average (+0.5%).

Nine sectors trade in the green with technology (+1.2%), health care (+0.8%), and consumer discretionary (+0.7%) leading the pack.

In the consumer discretionary sector (+0.6%), retail names trade on a mixed note as disappointing guidance from Ross Stores (ROST 53.10, -2.42) and Foot Locker (FL 55.29, -3.26) overshadowed their in-line quarters. The two names have lost 4.3% and 5.6%, respectively. Elsewhere, Gap (GPS 17.88, +0.60) trades higher by 3.4% with impending store closures overshadowing results that were in-line with Gap's warning. The broader SPDR S&P Retail ETF (XRT 41.12, +0.44) has gained 1.1%, erasing it weekly loss.

WTI crude trades lower by 0.5% ($48.43/bbl) ahead of its pit session close at 14:30 ET. Recently, the Baker Hughes U.S. Rig Count showed that total rigs fell by two to 404 while oil rigs held steady at 318.

2:00 pm:

[BRIEFING.COM] The S&P 500 (+0.6%) has ticked lower in recent action as the benchmark index trades seven points off its high.

Countercyclical telecom services (-0.1%) and utilities (-0.1%) have joined consumer staples (-0.3%) in negative territory.

The Dow Jones Transportation Average (+1.1%) demonstrates relative strength with courier and logistics names outperforming. C.H. Robinson (CHRW 74.08, +0.98), Expeditors International (EXPD 48.48, +0.72), and FedEx (FDX 161.33, +2.22) sport gains between 1.4% and 1.6%. Elsewhere, airlines trade on a flat note with American Airlines (AAL 32.17, +0.02) and Southwest Air (LUV 42.27, +0.10) treading water near their flat lines.

In the broader industrial sector (+0.6%), Deere (DE 78.46, -3.79) underperforms after forecasting a 32.0% year-over-year decline in cash flows from operations. However, the company did beat top- and bottom-line estimates for the quarter and raised its full-year revenue guidance.

The U.S. Dollar Index (95.29, +0.00) sank in recent action as the euro extended its gain over the greenback while the yen trimmed its loss. The euro/dollar pair has ticked higher by 0.2% to 1.1222. Meanwhile, the dollar trades higher by 0.2% against the yen (110.18) after slipping from the 110.45 level.

1:25 pm:

[BRIEFING.COM] The major averages continue cruising near their session highs with the S&P 500 (+0.7%) having spent the past three hours inside a six-point range. Thanks to today's advance, the benchmark index is set to end the week higher by 0.4% after registering three consecutive weekly declines.

Nine sectors hold early-afternoon gains with top-weighted technology (+1.4%) trading well ahead of the pack. The influential group has received strong support from chipmakers after Applied Materials (AMAT 22.40, +2.49) reported above-consensus results and issued upbeat guidance. The stock has surged 12.5% in response with trading volume running roughly three times above the daily average.

To be fair, top-weighted tech names have also contributed to the sector's strength with Apple (AAPL 95.30, +1.10), Alphabet (GOOGL 723.62, +8.31), and Microsoft (MSFT 50.88, +0.56) all up near 1.2%.

1:05 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday as the major averages rebound from their recent losses. The S&P 500 (+0.7%) has crossed its weekly flat line and now sports a gain of 0.4% for the week. Additional focal points for today's trade have included a positive bias in global bourses, vacillating oil prices, an uptick in the dollar, and key sector leadership from technology (+1.4%), health care (+0.9%), and financials (+0.8%). The tech-heavy Nasdaq (+1.4%) trades ahead of the benchmark index (+0.7%) and the Dow Jones Industrial Average (+0.6%).

The major averages began the day on a higher note as rebounds in global bourses helped support an uptick in U.S. futures. Dollar strength waned ahead of the session while oil vacillated between a modest gain and loss. WTI crude established a new session low within the first hour of trading ($47.95/bbl) before ticking off those levels and moving higher lockstep with the broader market. Additionally, strength from the heavily-weighted technology (+1.4%), health care (+1.0%), and financial (+1.0%) spaces also bolstered the broader market's advance.

The major averages pulled back in recent action after the benchmark index traded within two points of its 50-day simple moving average (2060.60), but was unable to test or clear the level. Nine sectors trade in the green with technology (+1.4%), health care (+0.9%), and financials (+0.8%) leading the upside. Conversely, consumer staples (-0.3%), utilities (UNCH), and telecom services (+0.1%) round out the board.

The high-beta chipmakers outperform in the technology space (+1.4%), evidenced by the 3.0% gain in the PHLX Semiconductor Index. The space is trading higher following positive bottom-line results and guidance from Applied Materials (AMAT 22.41, +2.50). Elsewhere in the group, large cap component Alphabet (GOOG 711.32, +11.00) has gained 1.6%. Conversely, Yahoo! (YHOO 36.60, -0.32) underperforms after reports speculated that bids for the web portal would come in between $2 billion and $3 billion.

In the health care space (+0.9%) biotechnology outperforms as Biogen (BIIB 264.84, +6.12) and Vertex Pharmaceuticals (VRTX 84.55, +3.54) gain 2.4% and 4.4%, respectively. Elsewhere, large cap Merck (MRK 55.34, +0.76) displays relative strength among pharmaceutical names. The broader sector has gained 0.8% this week, compared to a gain of 0.4% in the benchmark index.

The financial sector has gained 0.8% today, erasing the bulk of yesterday's 0.9% loss. In the group, real estate investment trusts continue to underperform, with the exception of those with holdings in retail properties. Macerich (MAC 74.52, +1.59) has gained 2.2% today, trimming its monthly decline to 2.1%.

Campbell Soup (CPB 59.60, -4.37) weighs on the consumer staples space (-0.3%) after reporting a 2.0% decline in organic sales.

The U.S. Dollar Index (95.39, +0.10) trades off its intraday high as the dollar holds a lead over commodity currencies. Elsewhere, the euro/dollar pair trades at 1.1212 (+0.1%) after slipping from the 1.1235 price level while the dollar has gained 0.4% against the yen (110.45).

The Treasury complex trades on a higher note with the yield on the 10-yr note slipping one basis point to 1.84%. For the week, the benchmark yield has gained 14 basis points from Friday's settlement at 1.70%.

Today's economic data was limited to April Existing Home Sales:

Existing home sales increased 1.7% in April to a seasonally adjusted annual rate of 5.45 million (Briefing.com consensus 5.40 million) from an upwardly revised 5.36 million (from 5.33 mln) in March.
The April number was better than expected and qualifies as another data point supporting a pickup in second quarter growth.
The uptick in April was fueled by a 12.1% increase in home sales in the Midwest.
That gain, and a 2.1% increase in home sales in the Northeast, offset existing home sales declines of 2.7% and 1.7%, respectively, in the South and West.
On a year-over-year basis, existing home sales are up 6.0%, which incorporates a 3.7% year-over-year decline in the West that was attributed to the constraints of supply shortages and price growth.
The bulk of the total existing home sales increase was led by sales of existing condominiums and co-ops, which jumped 10.3% to a seasonally adjusted annual rate of 640,000 units.
Single-family home sales were up just 0.6% to 4.81 million, although they are up 6.2% year-over-year.
The median existing condo price was $223,300 in April, up 6.8% year-over-year, while the median existing single-family home price was $233,700 in April, up 6.2% year-over-year.
The median price for all housing types in April was $232,500, up 6.3% year-over-year.
The share of first-time buyers in April was 32% versus 30% in March and the same period a year ago.
The pickup in first-time buyers is good to see since they are integral to driving existing home sales activity.
At the current sales pace, unsold inventory sits at a 4.7-month supply, which is up from 4.4 months in March. Still, that is well below the 6.0-month supply typically seen during normal periods of buying and selling.

12:30 pm:

[BRIEFING.COM] The major indices have floated sideways since the last update as the S&P 500 (+0.8%) leads the Dow Jones Industrial Average (+0.6%).

Strength in biotechnology has contributed to the relative strength of the Nasdaq Composite (+1.4%). The iShares Nasdaq Biotechnology ETF (IBB 264.62, +5.72) has gained 2.2%, extending its weekly gain to 4.2%. This compares to a gain of 0.8% in the broader health care sector (+1.0%) over that time.

In the health care space, Anthem (ANTM 135.56, +1.77) leads among health care insurers while Merck (MRK 55.40, +0.82) outperforms among major pharmaceutical companies. The broader health care space sports a loss of 3.5% in 2016, trailing the remaining sectors over that time.

The U.S. Dollar Index (95.42, +0.15) is also hovering off its high as commodity currencies lose ground to the greenback. The dollar/Canadian dollar pair has gained 0.3% (1.3131) as oil continues to spin its wheels beneath its flat line. Separately, the euro has gained 0.1% against the dollar (1.1210) while the buck has jumped 0.5% against the yen (110.50).

12:00 pm:

[BRIEFING.COM] The stock market has moved off a new session high as the S&P 500 (+0.8%) trades three points off its best level of the day. The benchmark index had traded within two points of its 50-day simple moving average (2060.61) before backpedaling.

The leaderboard remains little changed with utilities (+0.3%), energy (+0.2%), telecom services (+0.4%) and materials (+0.6%) sporting the slimmest gains.

The financial sector (+1.0%) demonstrates broad-based strength as the sector rebounds from yesterday's 0.9% decline. Dow component Travelers (TRV 112.26, +2.16) has gained 2.0%, outperforming in the price-weighted index. Meanwhile, Wells Fargo (WFC 49.20, +0.82) and Morgan Stanley (MS 27.00, +0.39) display relative strength, gaining 1.4% and 1.5%, respectively. Real estate investment trusts (REITs) underperform in the group, but those with holdings primarily in retail properties are holding up better. On that note, Macerich (MAC 74.58, +1.65) has gained 2.3% today, trimming its monthly decline to 2.0%.

On the commodities front, WTI crude trades lower by 0.3% at $48.52/bbl while gold has ticked lower to $1,250.50/ozt (-0.3%).

11:30 am:

[BRIEFING.COM] The major indices hover below session highs as the Nasdaq Composite (+1.3%) leads the S&P 500 (+0.8%).

Eight sectors trade above their flat lines as technology (+1.3%), financials (+1.0%), and health care (+1.0%) outperform.

In the technology space (+1.3%), high-beta chipmakers demonstrate relative strength, evidenced by the 2.7% jump in the PHLX Semiconductor Index. The group has outperformed this week, gaining 4.7%. Elsewhere, large caps Microsoft (MSFT 51.07, +0.75) and Alphabet (GOOG 712.98, +12.66) trade higher by 1.5% and 1.8%, respectively. The two names are flat for the week, compared to a 1.5% gain in the broader sector. The broader technology space only trails financials (+1.0%; week-to-date +1.8%) on the weekly leaderboard.

The Treasury complex trades on a mixed note with the yield on the 10-yr note rising one basis point to 1.85%. For the week, the benchmark yield has gained 15 basis points from Friday's settlement at 1.70%.

11:00 am:

[BRIEFING.COM] The major averages have traded sideways in recent action as the S&P 500 (+0.7%) trades ahead Dow Jones Industrial Average (+0.6%).

In the consumer staples space (-0.1%), Campbell Soup (CPB 59.99, -3.99) weighs on the food products sub-group after missing top line estimates for the quarter and reporting that organic sales declined by 2.0%. Elsewhere, Archer-Daniels (ADM 39.44, +1.07) has gained 2.8% after reporting positive profitability metrics for its Wild brand division. The name crossed its 200-day moving average (38.24) yesterday, gaining 4.8% this week. The broader sector is down 1.8% over that time, leading only telecom services (+0.2%; week-to date -2.0%) and utilities (-0.1%; week-to-date -2.7%) on the weekly leaderboard.

The U.S. Dollar Index (95.40, +0.11) trades off its session high as the dollar holds a lead against the yen and trims its loss against the euro. The euro/dollar pair trades at 1.1212 (+0.1%) after slipping from the 1.1235 price level shortly after the open. Meanwhile, the dollar has gained 0.5% against the yen (110.45).

Dollar strength has weighed on commodities as WTI crude extends its loss to 1.0% ($48.17/bbl) while gold has slipped 0.2% to $1,252.70/ozt.

10:30 am: [BRIEFING.COM]

The dollar index rallies to fresh highs of the day, currently up +0.2% around the 95.44 level
Commodities, as measured by the Bloomberg Commodity Index, are down -0.1% at 84.61
Crude oil retreats from year-to-date highs around $48.94/barrel, reversing into negative territory after initial gains in morning pit trading
July crude oil futures are down $0.66 (-1.4%) at $48.01/barrel
Contributing factors affecting the price of oil include:
Demand for gasoline high as memorial day weekend approaches
Steady U.S. oil production drop, just under 8.8 mln barrels a day
Goldman Sachs has made bullish comments about WTI crude, suggesting the oil market has gone to a supply deficit situation
Nigerian supply concerns after Nigerian output has been curtailed substantially on unrest there
Venezuelan oil production concerns amid political instability in the region
Oil investor T. Boone Pickens believes supply & demand are now balanced, expects $50-$60/barrel oil prices as early as 2 months from now
The next OPEC meeting is scheduled to take place on June 2, 2016
Natural gas extends yesterday's gains post-EIA, trading near its highs of the day
June natural gas futures are up $0.02 (+1.2%) at $2.06/MMBtu
In precious metals, gold drops to session lows as the dollar gains momentum
June gold futures are down $2.30 (-0.2%) at $1252.30/oz
Silver trends modestly lower after yesterday's notable plummet
July silver futures are down $0.02 (-0.1%) ($16.48/oz
Base metal copper inches lower in morning pit trading
July copper futures are down $0.01 (-0.1%) at $2.06/lb

10:00 am:

[BRIEFING.COM] The major averages have extended their opening gain as the Nasdaq Composite (+1.0%) leads the S&P 500 (+0.7%).

Seven sectors trade above their flat lines with heavily-weighted technology (+1.2%) and financials (+1.0%) leading the advance. Conversely, energy (-0.2%) trails countercyclical utilities (-0.2%) and consumer staples (-0.1%).

Just released, existing home sales for April rose 1.7% from March to an annualized rate of 5.45 million units while the Briefing.com consensus expected a reading of 5.40 million.

The U.S. Dollar Index (95.34, +0.05) has ticked up in recent action as euro trims its gain against the greenback. The euro/dollar pair trades higher by 0.1% (1.1218) after ticking off the 1.1235 price level. Separately, the dollar has gained 0.5% against the yen (110.49).

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day on a higher note as the Nasdaq Composite (+0.8%) outpaced the gain in the S&P 500 (+0.6%) and the Dow Jones Industrial Average (+0.4%).

Seven sectors trade in the green with technology (+0.9%), financials (+0.9%), and materials (+0.9%) leading the advance. The remaining gainers sport upticks between 0.4% (health care) and 0.6% (industrials). Conversely, countercyclical utilities (-0.2%), consumer staples (-0.2%), and telecom services (-0.1%) show the only losses.

The high-beta chipmakers demonstrate relative strength, evidenced by the 2.5% gain in the PHLX Semiconductor Index. In the group, Applied Materials (AMAT 22.49, +2.58) outperforms after beating bottom-line estimates for the quarter and raising its outlook.

Conversely, footwear companies demonstrate relative weakness as Foot Locker (FL 55.58, -2.97) slides 5.1%. The broader SPDR S&P Retail ETF (XRT 40.59, -0.09) has declined by 0.2%.

On the commodities front, WTI crude trades higher by 0.3% ($48.78/bbl) while gold has ticked higher by 0.3% to $1,257.90/ozt.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +27.40.

The stock market is on track for a higher open as the S&P 500 futures trade eight points above fair value. Futures occupied a nine-point range overnight as equities tracked overseas trade and oil. International bourses displayed a positive bias as the group rebounded from recent losses. Meanwhile, WTI crude has slipped from its high ($49.28/bbl) and currently trades higher by 0.1% ($48.73/bbl).

On the home front, investors look ahead to April Existing Home Sales (Briefing.com consensus 5.40 million) data, which will be released at 10:00 ET. It is worth noting that May options expire today, which will lead to increased trading volume and could introduce some added volatility.

In corporate news, Valeant Pharmaceuticals (VRX 26.02, -0.24) trades lower by 0.9% after it confirmed receipt of a notice of default in relation to the company not filing its 10-Q form. Campbell Soup (CPB 60.60, -3.38) has declined by 5.3% after missing top-line estimates for the quarter. The company announced that organic sales decreased by 2.0%. Conversely, Applied Materials (AMAT 21.50, +1.39) has gained 8.0% after beating analysts' estimates for the quarter and raising its third-quarter earnings guidance above consensus.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +22.90.

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

Equity indices in the Asia-Pacific region ended the week on a generally higher note ahead of a weekend G7 summit of finance leaders in Ise-Shima, Japan. The meeting is expected to produce some commentary about Japanese involvement in the foreign exchange market and a commitment to more fiscal reforms.

In economic data:
New Zealand's Visitor Arrivals -1.1% month-over-month (previous 4.1%), Credit Card Spending +9.1% year-over-year (last 4.8%), and April External Migration & Visitors +7.9% (previous 18.0%)

---Equity markets---

Japan's Nikkei rose 0.5%, extending its weekly gain to 2.0%. Nine sectors ended in the green with technology (+1.3%) and communications (+0.7%) showing relative strength. Alps Electric, Haseko, Yamaha, Sony Financial Holdings, and NTT Data gained between 2.3% and 5.9%. On the downside, Japan Steel Works, Hitachi Construction Machinery, Komatsu, and Fanuc lost between 1.2% and 3.0%.
Hong Kong's Hang Seng climbed 0.8% to end the week higher by 0.8%. China Resources Power and China Resources Land ended in the lead with gains close to 5.0% apiece. Property names had a strong showing with China Overseas, Cheung Kong Property Holdings, Henderson Land, and Hang Lung Properties rising between 2.6% and 3.2%.
China's Shanghai Composite rallied 0.7%, but slipped 0.1% for the week. Hundsun Technologies, Whirlpool China, and Changyuan Group posted gains between 7.9% and 10.0%.

European markets trade higher across the board with UK's FTSE (+1.4%) showing relative strength. Reports from the region indicate that EU officials are looking into increasing the next Greek bailout tranche to between EUR9.00 billion and EUR11.00 billion from EUR5.70 billion. Meanwhile, German Finance Minister Wolfgang Schaeuble said that G-7 members have discussed Greece at the ongoing G-7 meeting in Japan.

Economic data was limited:
Eurozone March Current Account surplus widened to EUR27.30 billion from EUR19.20 billion (expected surplus of EUR19.60 billion)
Germany's April PPI +0.1% month-over-month (expected 0.2%; previous 0.0%); -3.1% year-over-year (expected -3.0%; last -3.1%)
UK's May CBI Industrial Trends Orders -8 (expected -13; prior -11)

---Equity Markets---

Germany's DAX is higher by 0.9% amid broad strength. Thyssenkrupp leads with a 2.6% gain while Fresenius, Adidas, and Siemens show gains between 1.3% and 2.0%. On the downside, automakers Daimler and Volkswagen are down 0.7% and 0.3%, respectively.
France's CAC trades up 1.2% with ArcelorMittal in the lead. The steelmaker has spiked 2.3% while other growth-sensitive names like Legrand, Total, Schneider Electric, and Essilor International are up between 1.2% and 1.8%. Only four components trade in the red with Technip down 1.5%.
UK's FTSE has climbed 1.4% thanks to strength in miners and homebuilders. Anglo American, Glencore, Fresnillo, and Rio Tinto are up between 2.0% and 3.9% while Barratt Developments and Persimmon show respective gains of 3.0% and 2.3%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +20.50.

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

In company specific news, Foot Locker (FL 56.98, -1.57) trades lower by 2.7% after reporting in-line results for the quarter. Elsewhere, fellow retail name Gap (GPS 17.46, +0.18) has gained 1.0% after announcing that it would close 75 stores in 2016. Gap also reported quarterly results, which fell in-line with its warning issued on May 6. Hibbett Sporting (HIBB 37.00, +4.74) has jumped 14.7% in pre-market trade after beating bottom-line estimates for the quarter on light revenue. The company reported that comparable store sales increased 1.1%.

The U.S. Dollar Index (95.30, +0.02) has trimmed its gain in recent action as commodity currencies make up some ground against the greenback. Meanwhile, the euro/dollar pair trades higher by 0.1% (1.1218) while the dollar has gained 0.4% against the yen (110.36).

On the commodities front, WTI crude trades higher by 0.1% ($48.72/bbl) while gold has ticked higher by 0.2% ($1,257.20/ozt).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +19.50.

U.S. equity futures trade higher with the S&P 500 futures hovering seven points above fair value. Futures rebounded alongside global bourses overnight as investors shook off some recent Fed related weakness. Meanwhile, investors have adopted a wait-and-see posture ahead of April Existing Home Sales (Briefing.com consensus 5.40 million). For its part, WTI crude trades lower by 0.3% ($48.55/bbl).

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

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

In U.S. corporate news of note:

Yahoo! (YHOO 35.08, -1.94): -5.2% after reports indicated that bids on the web portal were to register between $2 billion and $3 billion
Ross Stores (ROST 52.00, -3.52): -6.3% following the company lowering its earnings guidance for Q2 below-consensus
Deere (DE 81.30, -0.95): -1.2% after the company reported top- and bottom-line beats, but lowered its Q3 outlook
Gap (GPS 17.17, -0.11): -0.6% following the company reporting quarterly results in-line with its warning and announcing the closure of 75 stores

Reviewing overnight developments:

Asia-Pacific markets ended the week on a higher note with Hong Kong's Hang Seng +0.8%, China's Shanghai Composite +0.7%, and Japan's Nikkei +0.5%.
In economic data:
New Zealand's Visitor Arrivals -1.1% month-over-month (previous 4.1%), Credit Card Spending +9.1% year-over-year (last 4.8%), and April External Migration & Visitors +7.9% (previous 18.0%)
In news:
This weekend marks the beginning of the G7 summit of finance leaders in Ise-Shima, Japan.
The meeting is expected to produce some commentary about Japanese involvement in the foreign exchange market and a commitment to more fiscal reforms.

European markets trade higher with the U.K.'s FTSE +1.3%, France's CAC +1.0%, and Germany's DAX +0.8%.
Economic data was limited:
Eurozone March Current Account surplus widened to EUR27.30 billion from EUR19.20 billion (expected surplus of EUR19.60 billion)
Germany's April PPI +0.1% month-over-month (expected 0.2%; previous 0.0%); -3.1% year-over-year (expected -3.0%; last -3.1%)
UK's May CBI Industrial Trends Orders -8 (expected -13; prior -11)
In news:
EU officials are looking into increasing the next Greek bailout tranche to between EUR9.00 billion and EUR11.00 billion from EUR5.70 billion.
German Finance Minister Wolfgang Schaeuble said that G-7 members have discussed Greece at the ongoing G-7 meeting in Japan.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +19.90.

5:55 am: [BRIEFING.COM] Nikkei...16736...+89.70...+0.50%. Hang Seng...19852...+157.90...+0.80%.

5:55 am: [BRIEFING.COM] FTSE...6135.75...+82.40...+1.40%. DAX...9873.94...+78.10...+0.80%.

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr