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 10:09 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: June 1st Wednesday Trade Results - Profit $1250.00
PostPosted: Wed Jun 01, 2016 11:43 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
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
060116-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1250.00.png
060116-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1250.00.png [ 95.35 KiB | Viewed 309 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 @ $1250.00 dollars or +25.00 points, Light Crude Oil CL ($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 @ $1250.00 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=157&t=2377

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=294&t=3166 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:
060116-Key-Price-Action-Markets.png
060116-Key-Price-Action-Markets.png [ 1.15 MiB | Viewed 313 times ]

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


4:10 pm: [BRIEFING.COM] The stock market ended the Wednesday affair on a flat note as the major averages rebounded from opening weakness. Additional factors for today's trade included a reversal in crude oil, weakness in the dollar, mixed economic data, and the outperformance of the heavily-weighted financial (+0.3%) and health care (+0.4%) sectors. The Nasdaq Composite (+0.1%) ended its day in-line with the S&P 500 (+0.1%) and ahead of the Dow Jones Industrial Average (UNCH).

Today's session started on a lower note as equity futures responded to a negative bias in international bourses. Overnight, Japan's Nikkei (-1.6%) led the retreat after Prime Minister Shinzo Abe announced that he would delay the next sales tax hike until 2019. Prime Minister Abe also stated that he would unveil a new fiscal stimulus package in the fall. Meanwhile, tepid readings from China's May Caixin Manufacturing PMI (49.2; consensus 49.3) and German Manufacturing PMI for May (52.1; consensus 52.4) added to the shaky start.

Equity indices climbed off their opening lows as investors examined a strong reading of the ISM Service Index for May (51.3; Briefing.com consensus 50.4). However, April Construction Spending (-1.8%; Briefing.com consensus +0.5%) missed estimates, but contained a positive revision to the March reading (to 1.5% from 0.3%). The major averages climbed through the afternoon as a reversal in crude oil bolstered the move higher in equities. WTI crude ended its day lower by 0.1% at $49.06/bbl.

Seven sectors finished in the green as consumer staples (+0.7%), health care (+0.4%), financials (+0.3%), and materials (+0.3%) led the pack. Conversely, telecom services (-1.0%), technology (-0.3%), and consumer discretionary (-0.1%) rounded out the board.

In the consumer staples sector (+0.7%), household product names displayed relative strength with Colgate-Palmolive (CL 71.20, +0.79) and Estee Lauder (EL 92.99, +1.21) gaining 1.1% and 1.3%, respectively. Elsewhere, Costco (COST 152.52, +3.75) outperformed after receiving an upgraded to "Buy" from "Neutral" at Goldman Sachs.

Generic drug names sported the largest gains in the health care space (+0.4%). Mylan Labs (MYL 44.46, +1.12) led the group after it reported that it will launch generic versions of Cephalon's Nuvigil and Mayne's Doxteric medications. Elsewhere, Valeant Pharmaceuticals (VRX 29.79, +1.34) jumped 4.7% after announcing that it will release its quarterly report on June 7.

In the financial sector (+0.3%), money center banks demonstrated relative strength as the sub-group moved higher in sympathy with JPMorgan Chase (JPM 65.69, +0.42). The company gained 0.6% after it raised its second-quarter trading revenue guidance. Conversely, real estate investment trusts (REITs) with primary holdings in residential properties underperformed. Equity Residential (EQR 66.37, -2.84) fell 4.1% after lowering its second-quarter revenue growth estimates to 4.0-4.5% (from 4.5-5.0%).

Automotive names underperformed in the consumer discretionary space (-0.1%) as Ford (F 13.11, -0.38) and General Motors (GM 30.22, -1.06) fell 2.8% and 3.4%, respectively. The two companies reported disappointing May sales. AutoNation (AN 49.67, -0.77) and CarMax (KMX 52.09, -1.57) ticked lower in sympathy with the names. Separately, Demandware (DWRE 74.81, +26.82) rallied 55.9% after Salesforce.com (CRM 83.45, -0.26) announced that it would acquire the company for $75.00 per share in cash, or approximately $2.8 billion.

The U.S. Dollar Index (95.42, -0.47) ended near its session low as the euro and the yen extended their gains against the greenback. The euro/dollar pair finished higher by 0.5% (1.1190) while the dollar lost 1.1% against the yen (109.57).

The Treasury complex ended on a mixed note with the yield on the 10-yr note flat at 1.84%. Meanwhile, the yield on the 2-yr note rose two basis points to 0.89%.

Today's volume was above the recent average as more than 880 million shares changed hands on the NYSE floor.

Today's economic data included the MBA Mortgage Index, ISM Service Index for May, and Construction Spending for April:

The weekly MBA Mortgage Index showed a seasonally adjusted decline of 4.1% in mortgage applications.
The ISM Manufacturing Index for May checked in at 51.3. That was up from 50.8 in April and was ahead of the Briefing.com consensus estimate of 50.4.
The dividing line between expansion and contraction is 50.0, so May marked the third straight month of expansion for the manufacturing sector
The weakening dollar from earlier in the year and the spike in oil prices has offered some relief to the sector.
There was a nice headline surprise here then, with the improvement from April, yet a look under the hood didn't exactly reveal a manufacturing sector running on all cylinders.
Notably, the improvement in May was not a function of an increase in new orders, production, inventories, or the backlog of orders. Those indexes all declined from April.
In particular, the New Orders Index slipped from 55.8 to 55.7, the Production Index dropped from 54.2 to 52.6, the Inventories Index fell from 45.5 to 45.0, and the Backlog of Orders Index went from 50.5 to 47.0.
The main drivers of the uptick in May were the Prices Index, which jumped from 59.0 to 63.5, and the Customers' Inventories Index, which rose from 46.0 to 50.0.
The indexes for employment, new export orders, and imports were all unchanged.
Construction spending declined 1.8% month-over-month in April, which created a jarring headline surprise given the understanding that the Briefing.com consensus estimate called for a 0.5% increase.
Part of the headline disappointment, though, can be attributed to the large upward revision for March.
Specifically, it was reported that construction spending in March increased 1.5% after it was previously reported to be up just 0.3%.
That upward revision stemmed from positive revisions for both private (from 1.1% to 2.3%) and public (from -1.9% to -0.6%) spending.
That should help somewhat when the third estimate for Q1 GDP is released, especially since February also saw an upward revision to 1.4% from 1.0%.
Conversely, the decline in construction spending in April stands as a negative input for Q2 GDP forecasts.
The spending activity for April featured a 1.5% decline in private construction and a 2.8% decline in public construction.
The drop in private construction was accented by a 1.5% decline in residential construction and a 1.5% decline in nonresidential construction, which was weighed down by a 1.5% drop in manufacturing and a 3.6% decline in both commercial and health care.
In terms of public construction, the biggest weights there were highway and street and educational, which declined 6.6% and 2.5%, respectively.
On a year-over-year basis, total construction spending is up 4.5%, with private construction up 5.7% and public construction up 1.2%.

Tomorrow's economic data will include the Challenger Job Cuts for May and the May ADP Employment Change Report (Briefing.com consensus 180k), which will be released at 7:30 ET and 8:15 ET, respectively. Meanwhile, weekly initial claims (Briefing.com consensus 268k) will cross the wires at 8:30 ET.

3:30 pm: [BRIEFING.COM]

The dollar index weakens in the afternoon, down -0.5% around the 95.40 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.7% at 85.91
Crude oil exhibited notable volatility in pit trading, opening below $48.00/barrel and rallying near parity with the previous session's close ahead of tomorrow's OPEC meeting
July crude oil futures fell $0.04 (-0.1%) to $49.06/barrel
Due to the shortened week, weekly EIA petroleum inventory data is now scheduled to be released at 11:00 am ET on Thursday, 30 min after EIA natural gas data
Monthly IEA data is scheduled to be released on June 14
The next OPEC meeting is fast-approaching, scheduled to take place tomorrow in Vienna, Austria
API petroleum storage data is scheduled to be released today after the bell
Natural gas surges for the third consecutive session, buyoed by updated warmer weather forecasts signaling possible increases in near-term demand for natural gas
July natural gas closed $0.09 higher (+3.9%) at $2.38/MMBtu
EIA natural gas inventory data is scheduled to be released at its normal time this Thursday at 10:30 am ET
In precious metals, gold stages a modest afternoon rally off the $1209/oz level as the dollar lost momentum, closing lower on the day
August gold ended today's session down $2.80 (-0.2%) to $1214.70/oz
Reminder: Yesterday gold futures switched their front month to August from June, as indicated by the active amount of volume in the contracts
Silver sees a move similar to gold, rallying in the afternoon but closing lower on the day as the dollar experiences losses
July silver closed today's session $0.05 lower (-0.3%) at $15.93/oz
Base metal copper inches lower in afternoon pit trading
July copper closed $0.02 lower (-1.0%) at $2.07/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.1%) trades ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (UNCH).

Five sectors trade in the green with consumer staples (+0.6%) and health care (+0.4%) leading the advance. The remaining gainers show upticks between 0.1% (utilities) and 0.2% (materials).

In the technology space (-0.1%), IBM (IBM 152.29, -1.45) has seen pressure after announcing the acquisition of EZ Legacy Ltd. (EZSource). Terms of the transaction were not disclosed. Yahoo! (YHOO 37.27, -0.66) has fallen 1.8% as Alibaba (BABA 78.02, -3.97) continues to display weakness. The e-commerce site has lost 1.9% after SoftBank (SFTBY 28.33, +0.51) lowered its stake in the company. Meanwhile, Apple (AAPL 99.00, -0.85) has lost 0.8% after the IDC estimated that smartphone growth is going to slow to 3.1% in 2016. Conversely, the high-beta chipmakers demonstrate relative strength, evidenced by the 0.5% gain in the PHLX Semiconductor Index.

On the commodities front, WTI crude ended its day lower by 0.1% at $49.06/bbl.

2:30 pm:

[BRIEFING.COM] The major indices trade near fresh session highs as the Nasdaq Composite (+0.2%) leads the S&P 500 (+0.1%) and the Dow Jones Industrial Average (UNCH).

The just-released Federal Reserve Beige Book for June described overall economic activity across the twelve Fed Districts as expanding at a modest pace. Real estate and construction generally expanded, which helped most contacts maintain their positive outlooks. Furthermore, it was also reported that price pressure grew in most districts. Respondents in the Philadelphia and Atlanta regions expect that inflation will continue to rise at about two percent over the coming year.

On the employment front, tight labor markets were noted in most districts with demand for labor increasing moderately. This, in turn, led to modest growth in wages over that time. However, the Dallas district reported minimal wage pressures as energy services firms impact the region.

On the commodities front, WTI crude trades lower by 0.2% ($49.00/bbl) ahead of its pit session close at 14:30 ET. As a reminder, tomorrow marks OPEC's biannual meeting, which will be held in Vienna, Austria.

1:55 pm:

[BRIEFING.COM] The major averages have ticked lower in recent trade as the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.1%) trail the tech-heavy Nasdaq (UNCH).

Eight sectors trade in the red with industrials (-0.3%), technology (-0.3%), and consumer discretionary (-0.3%) leading telecom services (-1.2%).

In the financial sector (UNCH), JPMorgan Chase (JPM 65.80, +0.53) has gained 0.8% after raising its outlook on second-quarter trading revenue. The Dow component expects revenue to grow by a mid-teen percentage, compared to the prior year. Equity Residential (EQR 65.98, -3.23) demonstrates relative weakness after lowering its second-quarter revenue growth estimates to 4.0-4.5% (from 4.5-5.0%). The company cited weakness in its New York and San Francisco portfolios for the revision. As a result, residential real estate trusts are trading lower in sympathy.

On the commodities front, WTI crude has extended its loss in recent trade, dropping to $48.88/bbl (-0.5%). Elsewhere, gold ended its day lower by 0.2% (1,214.70/ozt).

The Fed's Beige Book for June will cross the wires at 14:00 ET and the release will be summarized in our next update.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have pulled back slightly in recent trade with the Dow Jones Industrial Average and S&P500 slipping back into negative territory.

A look inside the DJIA shows that Nike (NKE 54.55, -0.67), Verizon (VZ 50.31, -0.59), and IBM (IBM 152.27, -1.47) are underperforming. Nike is the Dow's biggest laggard after being downgraded at both BofA/Merrill Lynch & Morgan Stanley this morning.

Conversely, JPMorgan (JPM 65.81, +0.54) is the Dow's top gainer as financials outperform.

Amid today's small pullback, the DJIA is still up nearly 2% in 2016.

1:10 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as investors weigh the health of the global economy against mixed datapoints from the U.S. Today's trade has also featured volatility from the oil patch, weakness in the dollar, and the outperformance of the heavyweight health care (+0.5%) space. The Nasdaq Composite (+0.2%) trades ahead of both the Dow Jones Industrial Average (UNCH) and the S&P 500 (UNCH).

Equity indices began their day on a lower note as investors evaluated lukewarm manufacturing PMI readings from overseas. China's May Caixin Manufacturing PMI (49.2; consensus 49.3) missed estimates and signaled further deceleration while German Manufacturing PMI for May (52.1; consensus 52.4) also came in below expectations. Additionally, the OECD cut its global growth estimate to 1.8% (from 2.2%) in 2016.

The major averages shook early weakness as participants looked to a positive reading of the ISM Service Index for May (51.3; Briefing.com consensus 50.4) and an upward revision to Construction Spending for March (to 1.5%; from 0.3%). However, April Construction Spending was well below estimates (-1.8%; Briefing.com consensus +0.5%). Meanwhile, oil contributed to the positive reversal in the broader market as the energy component trimmed its loss to 0.4% ($48.89/bbl). The reversal corresponded to reports that OPEC may propose an output ceiling at tomorrow's biannual meeting.

Six sectors trade in the red with countercyclical telecom services (-1.0%) leading the downside. The remaining decliners show losses between 0.1% (technology) and 0.2% (energy). In front of the pack, countercyclical consumer staples (+0.5%), health care (+0.5%), and utilities (+0.1%) lead financials (+0.1%).

Biotechnology outperforms in the health care space (+0.5%), evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 281.59, +1.82). The sub-group is trading higher alongside Valeant Pharmaceuticals (VRX 30.40, +1.96). The stock has gained 6.9% after it was announced that it will release its quarterly report on June 7.

The consumer staples sector (+0.5%) has benefited from upgrades to Costco (COST 152.26, +3.49) and Whole Foods (WFM 33.97, +1.52). Costco has gained 2.4% after being upgraded to "Buy" from "Neutral" at Goldman. Meanwhile, Whole Foods has climbed 5.0% after Credit Suisse raised its rating on the stock to "Outperform."

In the consumer discretionary group (-0.2%), automotive manufacturers underperform after Ford (F 13.07, -0.42) and General Motors (GM 30.32, -0.95) reported that their May sales declined 5.9% and 18.0% year-over-year, respectively. Meanwhile, Demandware (DWRE 74.75, +26.76) has spiked 55.8% after Salesforce.com (CRM 83.55, -0.16) agreed to acquire the company for $75.00 per share in cash.

The Dow Jones Transportation Average (-0.7%) trades behind the broader market as rail names underperform. CSX (CSX 26.05, -0.37) and Norfolk Southern (NSC 82.50, -1.56) have lost a respective 1.4% and 1.8%.

The U.S. Dollar Index (95.48, -0.35) hovers above its session low as the euro and the yen gain against the buck. The euro/dollar pair trades higher by 0.4% (1.1179) while the dollar shows a loss of 1.0% against the yen (109.63).

The Treasury complex trades on a mixed note with the yield on the 10-yr note flat at 1.84%. Separately, the 30-yr bond yield has fallen three basis points to 2.62% while the yield on the 2-yr note has risen one basis point to 0.89%.

The Fed's Beige Book for April will be released at 14:00 ET.

Today's economic data included the MBA Mortgage Index, ISM Service Index for May, and Construction Spending for April:

The weekly MBA Mortgage Index showed a seasonally adjusted decline of 4.1% in mortgage applications.
The ISM Manufacturing Index for May checked in at 51.3. That was up from 50.8 in April and was ahead of the Briefing.com consensus estimate of 50.4.
The dividing line between expansion and contraction is 50.0, so May marked the third straight month of expansion for the manufacturing sector
The weakening dollar from earlier in the year and the spike in oil prices has offered some relief to the sector.
There was a nice headline surprise here then, with the improvement from April, yet a look under the hood didn't exactly reveal a manufacturing sector running on all cylinders.
Notably, the improvement in May was not a function of an increase in new orders, production, inventories, or the backlog of orders. Those indexes all declined from April.
In particular, the New Orders Index slipped from 55.8 to 55.7, the Production Index dropped from 54.2 to 52.6, the Inventories Index fell from 45.5 to 45.0, and the Backlog of Orders Index went from 50.5 to 47.0.
The main drivers of the uptick in May were the Prices Index, which jumped from 59.0 to 63.5, and the Customers' Inventories Index, which rose from 46.0 to 50.0.
The indexes for employment, new export orders, and imports were all unchanged.
Construction spending declined 1.8% month-over-month in April, which created a jarring headline surprise given the understanding that the Briefing.com consensus estimate called for a 0.5% increase.
Part of the headline disappointment, though, can be attributed to the large upward revision for March.
Specifically, it was reported that construction spending in March increased 1.5% after it was previously reported to be up just 0.3%.
That upward revision stemmed from positive revisions for both private (from 1.1% to 2.3%) and public (from -1.9% to -0.6%) spending.
That should help somewhat when the third estimate for Q1 GDP is released, especially since February also saw an upward revision to 1.4% from 1.0%.
Conversely, the decline in construction spending in April stands as a negative input for Q2 GDP forecasts.
The spending activity for April featured a 1.5% decline in private construction and a 2.8% decline in public construction.
The drop in private construction was accented by a 1.5% decline in residential construction and a 1.5% decline in nonresidential construction, which was weighed down by a 1.5% drop in manufacturing and a 3.6% decline in both commercial and health care.
In terms of public construction, the biggest weights there were highway and street and educational, which declined 6.6% and 2.5%, respectively.
On a year-over-year basis, total construction spending is up 4.5%, with private construction up 5.7% and public construction up 1.2%.

12:30 pm:

[BRIEFING.COM] The major indices hover near session highs as the S&P 500 (-0.1%) trades in-line with the Dow Jones Industrial Average (-0.1%).

Seven sectors trade lower with telecom services (-1.0%) leading the downside. The remaining decliners sport losses between 0.1% (financials) and 0.2% (consumer discretionary). On the flipside, consumer staples (+0.4%) and health care (+0.4%) jockey for position in the front of the pack.

In the consumer staples space (+0.4%), Costco (COST 152.65, +3.88) outperforms after being upgraded to "Buy" from "Neutral" at Goldman Sachs. The company is set to report May same store sales this evening. Elsewhere, Whole Foods (WFM 33.94, +1.59) has jumped 4.9% after being upgraded to "Outperform" from "Neutral" at Credit Suisse. Household product names are rebounding in the sector as Procter & Gamble (PG 81.69, +0.65) and Kimberly-Clark (KMB 128.00, +0.96) gain 0.8% apiece.

On the commodities front, WTI crude has trimmed its loss to 0.4% ($48.87/bbl) while safe haven gold has tumbled 0.6% to $1,209.70/ozt.

12:00 pm:

[BRIEFING.COM] The major averages have ticked lower since our last update as the Dow Jones Industrial Average (-0.2%) trades behind the S&P 500 (-0.1%).

Seven sectors continue to float beneath their flat lines as telecom services (-1.0%), materials (-0.4%), and energy (-0.4%) lead to the downside.

In the consumer discretionary sector (-0.3%), automotive names demonstrate relative weakness as Ford (F 12.97, -0.52) and General Motors (GM 30.08, -1.19) fall by 3.9% apiece. The two names reported that their May sales declined a respective 5.9% and 18.0% year-over-year. Furthermore, Ford announced that it was expanding its safety recall related to Takata (TKTDY 8.35, +0.05) airbag inflators. Elsewhere, AutoNation (AN 48.95, -1.49) and CarMax (KMX 51.56, -2.09) trade lower in sympathy with the names, sliding 3.0% and 3.9%, respectively.

The Treasury complex trades on a mixed note with the yield on the 10-yr note slipping one basis points to 1.84%. On the flipside, the yield on the 2-yr note has risen two basis points to 0.90%.

11:30 am:

[BRIEFING.COM] The tech-heavy Nasdaq (UNCH) flirts with its flat line as the S&P 500 (-0.1%) trims its loss. The move higher was aided by headlines stating that OPEC will likely consider an output ceiling at tomorrow's meeting. WTI crude trimmed its loss to 0.6% ($48.79/bbl), rebounding from a session low of $47.76/bbl.

Three sectors trade in the green with countercyclical health care (+0.4%), consumer staples (+0.3%), and utilities (UNCH) leading the pack. Separately, influential technology (-0.1%) and energy (-0.2%) show the slimmest losses.

In the heavyweight health care space (+0.4%), biotechnology demonstrates relative strength as the sub-group trades higher in sympathy with Valeant Pharmaceuticals (VRX 30.51, +2.06). The company announced that it will report its first-quarter results on Tuesday, June 7 and file its 10-Q form by June 10. Elsewhere, Mylan Labs (MYL 44.56, +1.22) has gained 2.8% after announcing that it will launch a generic version of Cephalon's Nuvigil medication.

On the commodities front, gold has ticked lower in recent trade as the safe haven shows a loss of 0.4% (1,212.30/ozt).

11:00 am:

[BRIEFING.COM] The stock market has ticked higher since our last update as the S&P 500 (-0.2%) trades nine points off its session low.

Seven sectors trade in the red with energy (-0.8%) and materials (-0.5%) trailing industrials (-0.4%) and financials (-0.4%).

The Dow Jones Transportation Average (-0.9%) demonstrates relative weakness as rail names and couriers weigh on the index. Norfolk Southern (NSC 81.98, -2.07) lags among rail names as it sees continued weakness after disappointing investors with preliminary volume numbers on May 24. The stock has declined 3.2% since that date, compared to a gain of 1.2% in the Transportation Average over that time.

In the broader industrial sector (-0.4%), diversified machinery names underperform with General Electric (GE 30.00, -0.23) and Ingersoll-Rand (IR 66.11, -0.70) declining 0.8% and 1.1%, respectively.

The U.S. Dollar Index (95.52, -0.38) floats above its low as the euro regains some ground after the positive ISM data. The euro/dollar pair trades higher by 0.3% (1.1168) after ticking off the 1.1150 level. Separately, the dollar sports a loss of 1.1% against the yen (109.50).

10:30 am: [BRIEFING.COM]

The dollar index sees modest losses, down -0.3% at 95.62, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are down -0.3% at 85.10
Crude oil plummets, trading near its low of the day ahead of the bi-annual OPEC meeting June 2 in Vienna, Austria
July crude oil futures are currently down $1.07 (-2.2%) at $48.01/barrel
Due to the shortened week, weekly EIA petroleum inventory data is now scheduled to be released at 11:00 am ET on Thursday, 30 min after EIA natural gas data
Monthly IEA data is scheduled to be released on June 14
The next OPEC meeting is fast-approaching, scheduled to take place on June 2 in Vienna, Austria
API petroleum storage data is scheduled to be released today after the bell
Natural gas reverses off its high of the day, seeing notable gains ahead of tomorrow's regularly scheduled EIA natural gas inventory data
July natural gas futures are currently up $0.04 (+1.9%) at $2.33/MMBtu
EIA natural gas inventory data is scheduled to be released at its normal time this Thursday at 10:30 am ET
In precious metals, gold sees early morning declines for the second consecutive trading session
August gold futures are down $3.30 (-0.3%) at $1214.30/oz
Reminder: Yesterday gold futures switched their front month to August from June, as indicated by the active amount of volume in the contracts
Silver trades near parity with the previous day's close
July silver futures are currently down $0.01 (+0.01%)
Base metal copper sees a notable decline in morning pit trading even as the dollar registers early morning losses
July copper futures are down $0.04 (-1.7%) at $2.06/lb

10:00 am:

[BRIEFING.COM] The major U.S. indices hover above their session low as the Nasdaq Composite (-0.5%) and the S&P 500 (-0.5%) trade neck-and-neck.

Eight sectors remain in negative territory with materials (-1.1%) and financials (-1.0%) trailing energy (-1.0%) and industrials (-0.9%).

Just released, the ISM Index for May indicated an increase to 51.3 from 50.8 while the Briefing.com consensus expected a reading of 50.4.

Separately, construction spending fell 1.8% (Briefing.com consensus +0.5%) in April, with a revision from 0.3% to 1.5% in March.

The U.S. Dollar Index (95.49, -0.40) trade off its low as the greenback sports a modest gain against commodities currencies and losses against the yen and euro. The dollar/Canadian dollar pair trades higher by 0.1% (1.3104). Conversely, the euro has gained 0.4% against the dollar (1.1172) while the buck has lost 1.3% against the yen (109.28).

9:45 am:

[BRIEFING.COM] As expected the stock market opened on a lower note with the Dow Jones Industrial Average (-0.6%) trading behind the S&P 500 (-0.5%) and the Nasdaq Composite (-0.4%).

Eight sectors trade in the red with materials (-1.1%), financials (-1.0%), and energy (-0.9%) leading to the downside. The remaining decliner sport losses between 0.2% (telecom services) and 0.8% (industrials). On the flipside, countercyclical consumer staples (+0.4%) and utilities (UNCH) lead.

In the consumer staples space (+0.4%), Whole Foods (WFM 33.98, +1.63) demonstrates relative strength after receiving an upgrade to "Outperform" at Credit Suisse.

Conversely, Nike (NKE 54.00, -1.22) weighs on the consumer discretionary space (-0.6%). The company has fallen 2.2% after being downgraded to "Neutral" from "Buy" at Bank of America/ Merrill Lynch.

On the commodities front, WTI crude trades lower by 2.2% ($48.04/bbl) while gold has ticked lower by 0.1% to $1,216.80/ozt.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -15.90.

The stock market is on track for a lower start as the S&P 500 futures trade ten points below fair value.

Index futures slipped alongside global bourses overnight as investors ruminated over the state of the global economy. China's May Caixin Manufacturing PMI (49.2; consensus 49.3) signaled further deceleration while an in-line reading in the country's official Manufacturing PMI (50.1; expected 50.0) did little to help lift investor sentiment. Elsewhere, Japan's Nikkei (-1.6%) led the losses after Prime Minister Shinzo Abe's decision to delay a sales tax hike until 2019. The Prime Minister also announced that he plans to pass a new fiscal stimulus package in the fall.

In Europe, participants digested a mixed set of manufacturing PMI readings. German Manufacturing PMI for May (52.1; consensus 52.4) disappointed while the eurozone reading of May Manufacturing PMI (51.5; consensus 51.5) fell in-line with expectations. The tepid reading precedes tomorrow's policy statement from the European Central Bank.

On the corporate front, Boyd Gaming (BYD 19.51, +0.60) has gained 3.2% after announcing that it would sell its stake in Borgata Hotel Casino & Spa in Atlantic City, New Jersey. The company is selling its interest to MGM Resorts (MGM 22.99, +0.14) and MGM Growth Properties (MGP 16.30, +0.00) for a combined $900 million. Meanwhile, Michael Kors (KORS 42.72, +0.93) has gained 2.2% after beating analysts' estimates for the quarter and announcing that it acquired Michael Kors (HK) Limited. The company is the exclusive licensee of Michael Kors in China.

Today's economic data will include May Auto and Truck sales, which will be reported throughout the day. Meanwhile, the ISM Service Index for May (Briefing.com consensus 50.4) and Construction Spending for April (Briefing.com consensus 0.5%) will both cross the wires at 10:00 ET. Finally, the day's data will be capped off with the Fed's Beige Book for June, which will be released at 14:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -12.20.

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

Equity indices across the Asia-Pacific region ended Wednesday on a mostly lower note. The overnight session was busy on the economic front with investors receiving the latest PMI data out of China. Caixin Manufacturing PMI (49.2; consensus 49.3; previous 49.4) missed expectations while the official Manufacturing PMI (50.1; expected 50.0; last 50.1) was unchanged and Non-Manufacturing PMI (53.1; last 53.5) slipped. Elsewhere, Japan Prime Minister Shinzo Abe confirmed he will push back the next sales tax hike to late 2019, which represents a 2.5-year delay.

In economic data:
China's May Manufacturing PMI 50.1 (consensus 50.0; last 50.1), May Non-Manufacturing PMI 53.1 (last 50.0), and May Caixin Manufacturing PMI 49.2 (expected 49.3; last 49.4)
Japan's May Manufacturing PMI 47.7 (consensus 47.6; last 47.6) and Q1 Capital Spending 4.2% year-over-year (consensus 1.9%; last 8.5%)
South Korea's May CPI 0.0% month-over-month (expected 0.2%; last 0.1%); +0.8% year-over-year (consensus 0.9%; last 1.0%). Separately, May trade surplus KRW7.10 billion (expected surplus of KRW9.45 billion; previous surplus of KRW8.80 billion)
Australia's Q1 GDP +1.1% quarter-over-quarter (expected 0.8%; last 0.7%); +3.1% year-over-year (consensus 2.8%; previous 2.9%)

---Equity Markets---

Japan's Nikkei fell 1.6% with all ten sectors registering losses. Utilities (-2.4%), health care (-2.3%), and consumer discretionary (-2.0%) lagged while communications (-0.5%) had the best showing. Nippon Steel & Sumitomo Metal, Eisai, Fast Retailing, Meiji Holdings, Takeda Pharmaceuticals, and Olympus lost between 2.5% and 4.4%.
Hong Kong's Hang Seng shed 0.3% amid weakness in casino and gaming names. Sands China, Galaxy Entertainment, and Tencent Holdings lost between 1.7% and 3.5%. Telecom names showed relative strength with China Unicom Hong Kong and China Mobile gaining 2.9% and 2.0%, respectively.
China's Shanghai Composite slipped 0.1%. Inner Mongolia BaoTou Steel and Founder Securities both lost near 2.0% while IRICO Display, Sichuan Changhong Electric, and Shenghe Resources Holdings gained between 0.7% and 2.9%.

Major European indices trade lower across the board with Italy's MIB (-1.3%) struggling amid weakness in bank shares. Overall, investors may be employing some caution ahead of tomorrow's policy statement from the European Central Bank and the results of the OPEC meeting in Vienna.

In economic data:
Eurozone May Manufacturing PMI 51.5, as expected (previous 51.5)
Germany's May Manufacturing PMI 52.1 (consensus 52.4; last 52.4)
UK's May Manufacturing PMI 50.1 (consensus 49.6; last 49.4), M4 Money Supply -0.1% month-over-month (expected 0.2%; last -0.4%), and Net Lending to Individuals GBP1.60 billion (expected GBP5.30 billion; last GBP9.20 billion)
France's May Manufacturing PMI 48.4 (consensus 48.3; last 48.3)
Italy's May Manufacturing PMI 52.4 (consensus 53.0; previous 53.9)
Spain's May Manufacturing PMI 51.8 (expected 52.6; last 53.5)
Swiss May SVME PMI 55.8 (consensus 54.0; last 54.7), April Retail Sales -1.9% year-over-year (consensus -0.8%; last -1.6%), and Q1 GDP +0.7% year-over-year (consensus 0.8%; last 0.3%)

---Equity Markets---

Germany's DAX is lower by 0.9% with Deutsche Bank leading the retreat. The stock has tumbled 3.6% while exporters BMW, Daimler, and Volkswagen show losses between 2.2% and 1.8%. On the upside, Adidas has climbed 0.7%.
France's CAC trades down 1.0% with financials and consumer names among the laggards. Credit Agricole, BNP Paribas, and Societe Generale are down between 2.5% and 3.0% while Accor, Carrefour, and Kleppiere have given up between 0.9% and 3.5%.
UK's FTSE has stumbled 1.2% with financials and miners underperforming. RBS, Prudential, Barclays, Antofagasta, BHP Billiton, Rio Tinto, and Glencore show losses between 2.8% and 4.3%.
Italy's MIB has slid 1.3% with financials Banco Popolare, Banca di Milano Scarl, BMPS, Banca Pop Emilia Romagna, UBI Banca, and Unicredit have given up between 3.6% and 7.0%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -9.50.

Equity futures continue to hover near their lows as the S&P 500 futures trade six points below fair value.

In company specific news, Nike (NKE 53.57, -1.65) has slipped 3.0% after being downgraded at Bank of America/Merrill Lynch and Morgan Stanley. Morgan Stanley lower its designation on the company to "Equal-weight" from "Overweight", citing increasing competition in the space. Elsewhere, Staples (SPLS 8.88, +0.08) has gained 0.9% after CEO Ron Sargent announced that he will step down on June 14. The company's President of North American Operations, Shira Goodman, will fill the position in the interim.

The U.S. Dollar Index (95.42, -0.47) is weaker as the euro and the yen sport gains over the greenback. The euro/dollar pair trades higher by 0.4% (1.1174) while the dollar has lost 1.3% (109.31) against the safe haven yen.

On the commodities front, WTI crude trades lower by 1.0% ($48.60/bbl) while gold has gained 0.2% ($1,219.30/ozt).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -10.20.

U.S. equity futures hover near overnight lows with the S&P 500 futures trading six points below fair value. Futures ticked lower overnight as investors weighed mounting concerns regarding slowing global growth. In China, Caixin Manufacturing PMI (49.2; consensus 49.3) pointed to further deceleration while the official Manufacturing PMI (50.1; expected 50.0) fell largely in-line with expectations. Elsewhere, Japan's Nikkei (-1.6%) led the losses after Prime Minister Shinzo Abe confirmed that he will delay the next sales tax hike until late 2019.

In Europe, PMI readings came in mixed with German Manufacturing PMI for May (52.1; consensus 52.4) missing the mark while eurozone May Manufacturing PMI (51.5; consensus 51.5) fell in-line with consensus. Furthermore, the OECD added to concerns when it cut its global growth forecasts to 1.8% from 2.2%. For its part, WTI crude trades lower by 1.2% ($48.51/bbl) ahead of tomorrow's biannual OPEC meeting.

The Treasury complex trades on a higher note with the yield on the 10-yr note slipping three basis points to 1.82%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted decline of 4.1% in mortgage applications. Separately, the ISM Service Index for May (Briefing.com consensus 50.4) and Construction Spending for April (Briefing.com consensus 0.5%) will cross the wires at 10:00 ET. Finally, the day's data will be capped off with the Fed's Beige Book for June at 14:00 ET while May Auto and Truck sales will be reported throughout the day.

In U.S. corporate news of note:

Demandware (DWRE 74.86, +26.87): +56.0% after the company announced that it would be acquired by Salesforce.com (CRM 82.01, -1.70) for approximately $2.8 billion or $75.00 per share in cash
Alibaba (BABA 79.50, -2.50): -3.1% following news that SoftBank (SFTBY) is reducing its stake in Alibaba to 28.0% from 32.0%
Whole Foods (WFM 33.03, +0.67): +2.1% after receiving an upgrade at Credit Suisse from "Neutral" to "Outperform"
Under Armour (UA 36.35, -1.38): -3.6% following the company lowering its FY16 outlook to account for the bankruptcy of The Sports Authority

Reviewing overnight developments:

Asia-Pacific indices ended on a lower note with Japan's Nikkei -1.6%, Hong Kong's Hang Seng -0.3%, and China's Shanghai Composite -0.1%.
In economic data:
China's May Manufacturing PMI 50.1 (consensus 50.0; last 50.1), May Non-Manufacturing PMI 53.1 (last 50.0), and May Caixin Manufacturing PMI 49.2 (expected 49.3; last 49.4)
Japan's May Manufacturing PMI 47.7 (consensus 47.6; last 47.6) and Q1 Capital Spending 4.2% year-over-year (consensus 1.9%; last 8.5%)
South Korea's May CPI 0.0% month-over-month (expected 0.2%; last 0.1%); +0.8% year-over-year (consensus 0.9%; last 1.0%). Separately, May trade surplus KRW7.10 billion (expected surplus of KRW9.45 billion; previous surplus of KRW8.80 billion)
Australia's Q1 GDP +1.1% quarter-over-quarter (expected 0.8%; last 0.7%); +3.1% year-over-year (consensus 2.8%; previous 2.9%)
In news:
Japan Prime Minister Shinzo Abe confirmed he will push back the next sales tax hike to late 2019, which represents a 2.5-year delay.

Major European bourses trade lower with the U.K.'s FTSE -0.9%, France's CAC -0.8%, and Germany's DAX -0.8%. Elsewhere, Italy's MIB (-1.1%) leads the losses with weakness in bank shares.
In economic data:
Eurozone May Manufacturing PMI 51.5, as expected (previous 51.5)
Germany's May Manufacturing PMI 52.1 (consensus 52.4; last 52.4)
UK's May Manufacturing PMI 50.1 (consensus 49.6; last 49.4), M4 Money Supply -0.1% month-over-month (expected 0.2%; last -0.4%), and Net Lending to Individuals GBP1.60 billion (expected GBP5.30 billion; last GBP9.20 billion)
France's May Manufacturing PMI 48.4 (consensus 48.3; last 48.3)
Italy's May Manufacturing PMI 52.4 (consensus 53.0; previous 53.9)
Spain's May Manufacturing PMI 51.8 (expected 52.6; last 53.5)
Swiss May SVME PMI 55.8 (consensus 54.0; last 54.7), April Retail Sales -1.9% year-over-year (consensus -0.8%; last -1.6%), and Q1 GDP +0.7% year-over-year (consensus 0.8%; last 0.3%)
In news:
Investors may be employing some caution ahead of tomorrow's policy statement from the European Central Bank and the results of the OPEC meeting in Vienna.

5:54 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -8.80.

5:54 am: [BRIEFING.COM] Nikkei...16956...-279.30...-1.60%. Hang Seng...20761...-54.10...-0.30%.

5:54 am: [BRIEFING.COM] FTSE...6196.65...-34.10...-0.60%. DAX...10205.43...-57.30...-0.60%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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 3 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