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 Post subject: June 2nd Thursday Trade Results - Profit $1625.00
PostPosted: Fri Jun 03, 2016 4:34 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
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)

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060216-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1625.00.png [ 92.84 KiB | Viewed 602 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 @ $1625.00 dollars or +32.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1625.00 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=2378

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.

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Market Context Summaries

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

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


4:15 pm: [BRIEFING.COM] The stock market ended the Thursday affair on a flat note as a reversal in oil facilitated a rebound in the broader market. The S&P 500 gained 0.4% and closed above the psychological 2100 price level. Focal points for today's trade included a modest uptick in the dollar, a rally in Treasuries, and the outperformance of the heavyweight health care (+1.3%) and consumer discretionary (+0.5%) spaces. The Nasdaq Composite (+0.4%) ended ahead of the Dow Jones Industrial Average (+0.3%) and the S&P 500 (+0.3%).

Today was a busy day on the macroeconomic front with both the European Central Bank and the Organization of the Petroleum Exporting Countries holding their meetings.

The biannual OPEC meeting failed to result in an agreement to establish an output ceiling. Furthermore, the group agreed on no other apparent means of curbing excess production. However, crude oil staged a rebound as investors shifted their attention to the Department of Energy's weekly stockpile report. The Energy Information Administration reported that crude oil inventories shrank by 1.36 million barrels, compared to the estimated 2.49 million barrel draw. Meanwhile, gasoline inventories declined by 1.49 million barrels, compared to the estimated 0.15 million barrel draw. As a result, oil ended its day with a marginal gain ($49.14/bbl; +$0.08; +0.2%).

In central bank news, the ECB maintained its monetary policy stance, leaving its interest rate corridor unchanged. However, ECB President Mario Draghi did state that risks are tilting to the downside and that interest rates will remain at their present levels, or lower, for an extended period of time. The policy statement and press conference went largely as expected.

Equity indices gapped down at the beginning of the session as the downturn in crude oil weighed on the broader market. The S&P 500 (+0.3%) index ticked down to the 2088/2089 price level before finding its bearings. The benchmark index climbed through the session, ending at its best level of the day (2105.26). Seven sectors ended in the green with health care (+1.3%), telecom services (+0.5%), and consumer discretionary (+0.5%) leading. On the flipside, energy (-0.3%), technology (-0.1%), utilities (-0.1%) rounded out the board.

Biotechnology demonstrated relative strength in the health care space (+1.3%), as the iShares Nasdaq Biotechnology ETF (IBB 286.28, +5.10) extended its weekly gain to 3.3%. AbbVie (ABBV 65.09, +2.26) rallied 3.6% after announcing an accelerated share repurchase agreement. Elsewhere, Medtronic (MDT 82.99, +2.47) notched a new all-time high ($83.29). The broader sector has gained 1.8% this week, compared to a gain of 0.3% in the benchmark index and a gain of 0.8% in the tech-heavy Nasdaq.

In the consumer discretionary group (+0.5%), retail names demonstrated relative strength, responding to better-than-feared comparable store sales readings for May. L Brands (LB 71.33, +2.92) jumped 4.3% after reporting flat sales over that period. Gap (GPS 18.33, +0.46) and Macy's (M 34.35, +1.32) gained 2.6% and 4.0%, respectively. The broader SPDR S&P Retail ETF (XRT 42.95, +0.49) gained 1.2%, trimming its yearly loss to 0.7%.

The influential technology sector (-0.1%) underperformed as large cap Oracle (ORCL 38.66, -1.60) declined by 4.0%. The stock saw pressure from a lawsuit brought on by a former company accountant, who alleged that sales figures were altered. Elsewhere, Alphabet (GOOGL 744.27, -4.19), Microsoft (MSFT 52.48, -0.37), and Apple (AAPL 97.72, -0.74) ended with losses between 0.6% and 0.8%.

The U.S. Dollar Index (95.56, +0.10) ended modestly higher as the greenback gained against commodity currencies and the euro. The euro/dollar pair ended lower by 0.4% (1.1149) while the dollar gained 0.2% against the Canadian dollar (1.3104).

Treasuries finished higher with the yield on the 10-yr note sliding four basis points to 1.80%.

Today's participation was above the recent average with more than 952 million shares changing hands at the NYSE floor.

Today's economic data included Challenger Job Cuts for May, the ADP Employment Change Report for May, and weekly initial claims:

The Challenger Job Cuts report for May revealed 30,200 job cut announcements since April, marking a decline of 26.5% on a year-over-year basis.
The ADP Employment Change report was close to the market's mark. Private sector jobs were estimated to have increased by 173,000 (Briefing.com consensus 180,000)
This followed an upwardly revised 166,000 increase (from 156,000) for April.
The May job growth was driven exclusively by the service-providing sector, which added 175,000 positions.
The goods-producing sector saw a decline of 1,000.
Small businesses added the most jobs (76,000) followed by medium-sized businesses (63,000), and then large businesses (34,000).
This ADP report won't alter the market's expectations for the nonfarm payrolls report on Friday (Briefing.com consensus 155,000).
Some might be bothered by job growth being below 200,000 again, yet it is still at levels that will be seen as healthy by the Federal Reserve.
Initial claims for the week ending May 28 dipped by 1,000 to 267,000 (Briefing.com consensus 268,000).
There were no special factors influencing initial claims, which were below 300,000 for the 65th straight week.
The four-week moving average for initial claims fell from 278,500 to 276,750.
The latest initial claims report seems to fit the Fed's script, which points to labor market strength.
Continuing claims for the week ending May 21 increased by 12,000 to 2.172 million.
The four-week moving average for this series jumped from 2.151 million to 2.163 million.

Tomorrow's economic data will include the Employment Situation Report for May (Briefing.com consensus 155k) and the April Trade Balance (Briefing.com consensus -$41.6 billion), which will both cross the wires at 8:30 ET. Meanwhile, Factory Orders for April (Briefing.com consensus +1.6%) and ISM Services for May (Briefing.com consensus 55.4) will be released at 10:00 ET.

S&P 500 +3.0% YTD
Russell 2000 +3.0% YTD
Dow Jones +2.4% YTD
Nasdaq -0.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index rallies, up +0.1% around the 95.55 level, not appearing to affect commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up +0.9% at 86.71
Crude oil sees notable volatility, trading lower ahead of the OPEC meeting only to recover after EIA petroleum data showed draws on all fronts
Crude oil inventories had a draw of -1.366 mln (consensus called for a draw of about -3.1 mln)
Gasoline inventories had a draw of -1.492 mln
Distillate inventories had a draw of -1.255 mln
July crude oil futures rose $0.08 (+0.2%) to $49.14/barrel
Natural gas futures rally for the fourth consecutive session after EIA natural gas inventory showed a smaller-than-expected build
July natural gas closed $0.02 higher (+0.8%) at $2.4/MMBtu
Natural gas inventory showed a build of +82 bcf vs expectations for inventory to be a build of approximately +84 bcf.
Working gas in storage was 2,907 Bcf as of Friday, May 27, 2016, according to EIA estimates.
Stocks were 712 Bcf higher than last year at this time and 753 Bcf above the five-year average of 2,154 Bcf.
At 2,907 Bcf, total working gas is above the five-year historical range. Estimates called for a build of +84 bcf
In precious metals, gold closes lower as the dollar gains momentum
August gold ended today's session down (-0.2%) $2.10 to $1212.60/oz
Silver stages an afternoon rally, closing higher, as the gold:silver spread widens, inviting possible arbitrage opportunities despite dollar strength
July silver closed today's session $0.10 higher (+0.6%) at $16.03/oz
Base metal copper ends afternoon pit trading unchanged for the day
July copper closed flat at $2.07/lb
July soybeans closed $0.44 higher (+4.0%) at $11.44/bushel
Soybean futures close near 2-year highs as concerns of South American production boost prices

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the S&P 500 (+0.1%) trades in-line with the Dow Jones Industrial Average (+0.1%).

In the Dow Jones Transportation Average (-0.2%), airline names underperform as the subgroup trades lower in sympathy with Delta Air Lines (DAL 42.75, -0.76). Delta has lost 1.8% after reporting a 0.5% decline in its its May passenger unit revenue compared to a 0.4% decline in April. The broader U.S. Global Jets ETF (JETS 22.89, -0.04) has ticked down 0.2%.

In the broader industrial sector (UNCH), farm and construction equipment names outperform with Deere (DE 83.95, +1.12) and Caterpillar (CAT 73.39, +1.12) gaining 1.4% and 1.5%, respectively.

The U.S. Dollar Index (95.56, +0.11) has moved back towards its session high as the euro extends its loss against the buck. The euro/dollar pair trades lower by 0.4% (1.1150) after falling from the 1.1220 price level overnight. Separately, the dollar has gained 0.3% against the Canadian dollar (1.3117).

WTI crude ended its day higher by 0.2% at $49.14/bbl.

2:30 pm:

[BRIEFING.COM] The stock market trades in the neighborhood of its session high as the Nasdaq Composite (+0.2%) trades ahead of the S&P 500 (+0.1%).

The leaderboard remains little changed with energy (-0.5%), technology (-0.3%), utilities (-0.1%), and financials (UNCH) lagging the broader market.

In the financial sector (UNCH), asset management names demonstrate relative weakness with Invesco (IVZ 30.80, -0.51) and Franklin Resources (BEN 35.71, -1.11) losing 1.6% and 3.0%, respectively. The two companies received downgrades to "Sell" from "Neutral" at UBS. On the flipside, Bank of America (BAC 14.96, +0.10) has gained 0.7% after CEO Brian Moynihan stated that he sees trading revenue for the bank rising into the single digits in the second quarter.

The Treasury complex remains near its best level of the day, even as equities continue to rebound. The yield on the 10-yr note has slipped three basis point to 1.80%.

On the commodities front, WTI crude trades higher by 0.7% ($49.32/bbl) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major indices have inched higher since our last update as the Nasdaq Composite (+0.1%), the S&P 500 (UNCH), and the Dow Jones Industrial Average (UNCH) each move above their flat lines.

Five sectors trade in the red with financials (-0.1%) and utilities (-0.2%) sporting the slimmest losses. In front of the pack, health care (+0.9%), telecom services (+0.2%), and consumer discretionary (+0.1%) lead.

In the consumer discretionary space (+0.2%), L Brands (LB 70.94, +2.53) demonstrates relative strength after reporting that its May comparable store sales came in flat, beating market expectations. Gap (GPS 18.39, +0.52) has jumped 2.9% in sympathy with the name while investors look ahead to its May sales reading this evening. L Brands and Gap lost a respective 12.4% and 22.4% during last month's downturn in the broader retail sub-group. Separately, Chipotle Mexican Grill (CMG 443.06, +10.47) has gained 2.4%.

On the commodities front, gold ended its day lower by 0.2% ($1,212.60/ozt). Meanwhile, oil trades off its high, gaining 0.3% ($49.14/bbl).

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to trade mixed as stock float around base levels.

A look inside the Dow Jones Industrial Average shows that Caterpillar (CAT 73.26, +0.99), DuPont (DD 67.22, +0.82), and Johnson & Johnson (JNJ 113.99, +1.21) are outperforming. J&J is among the Dow's top gainers after announcing it would acquire Vogue International, a privately held company focused on the marketing, development and distribution of salon-influenced and nature inspired hair care and other personal care products, for ~$3.3 bln in cash.

Conversely, Apple (AAPL 97.25, -1.21) is the worst-performing Dow component after Goldman Sachs lowered their price target on the name (to $124 from $136), while maintaining their buy rating.

Trading near flat levels, the DJIA is currently down 0.5% this week.

1:05 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday, trimming its opening loss alongside oil. Other contributing factors for today's trade have included a largely in-line statement from the ECB and the outperformance of the heavily-weighted health care (+0.8%) sector. The S&P 500 (-0.1%) trades in-line with the Nasdaq Composite (-0.1%), but behind the Dow Jones Industrial Average (UNCH).

Today's session began on a lower note as participants weighed developments from OPEC's biannual meeting. The meeting failed to produce an output target or any other apparent means for the oil collective to rein in excess production. As a result, oil tumbled to the $48.00/bbl price level at the beginning of trading in the cash market. The benchmark index continued to see pressure in the opening half hour before finding support at the 2088/2089 price level.

Equities trimmed their opening losses as a reversal in oil bolstered the broader market. The major averages continued their rebound effort after the release of the latest stockpile data from the Department of Energy. Crude oil inventories (-1.36 million barrels; est. -2.49 million) slightly missed estimates while gasoline inventories (-1.49 million barrels; est -0.157 million) beat expectations. As a result, WTI crude erased an early loss and trades higher by 0.6% ($49.30/bbl).

The S&P 500 trades off its best level of the day as six sectors trade beneath their flat lines. The influential technology (-0.5%) sector trails utilities (-0.5%) and energy (-0.5%). On the flipside, health care (+0.8%) and telecom services (+0.2%) lead.

The health care space (+0.8%) shows broad-based strength as Humana (HUM 182.52, +5.16) and Aetna (AET 118.60, +3.31) outperform among health care plan names. Elsewhere, AbbVie (ABBV 64.51, +1.68) has jumped 2.7% after entering into an accelerated share repurchase agreement. Biotechnology has helped lead the space as the iShares Nasdaq Biotechnology ETF (IBB 284.50, +3.32) gains 1.2%.

In the technology group (-0.5%), Apple (AAPL 97.33, -1.12) has fallen 1.1% after having its target price cut to $124 (from $136) at Goldman. Elsewhere, Oracle (ORCL 38.37, -1.89) has declined 4.7% as investors weigh allegations that a former accountant for the company was told to alter sales figures. The high-beta chipmakers trade ahead of the broader sector as the PHLX Semiconductor Index (-0.2%) trims its weekly gain to 0.9%.

The energy space (-0.5%) continues to show broad weakness despite oil trimming larger losses. In the group, Exxon Mobil (XOM 88.19, -1.04) has lost 1.2% after being downgraded to "Neutral" from "Buy" at Bank of America/Merrill Lynch. Conversely, refining names lead the sector as investors look to a better-than-expected reading of weekly gasoline stockpiles.

On the central bank front, the ECB left its interest rate corridor unchanged, which fell in-line with market expectations. Furthermore, ECB President Draghi stated that he expects interest rates to remain at their present level, or lower, for an extended period of time. The ECB also announced that June 8 will mark the start of its corporate bond purchase program.

The U.S. Dollar Index (95.48, +0.02) hovers above its flat line as the greenback gains against the euro. The euro/dollar pair has declined 0.3% (1.1157) while the dollar has gained 0.1% against the Canadian dollar (1.3083).

Treasuries trade higher as the yield on the 10-yr note slips four basis points to 1.80%.

Today's economic data included Challenger Job Cuts for May, the ADP Employment Change Report for May, and weekly initial claims:

The Challenger Job Cuts report for May revealed 30,200 job cut announcements since April, marking a decline of 26.5% on a year-over-year basis.
The ADP Employment Change report was close to the market's mark. Private sector jobs were estimated to have increased by 173,000 (Briefing.com consensus 180,000)
This followed an upwardly revised 166,000 increase (from 156,000) for April.
The May job growth was driven exclusively by the service-providing sector, which added 175,000 positions.
The goods-producing sector saw a decline of 1,000.
Small businesses added the most jobs (76,000) followed by medium-sized businesses (63,000), and then large businesses (34,000).
This ADP report won't alter the market's expectations for the nonfarm payrolls report on Friday (Briefing.com consensus 155,000).
Some might be bothered by job growth being below 200,000 again, yet it is still at levels that will be seen as healthy by the Federal Reserve.
Initial claims for the week ending May 28 dipped by 1,000 to 267,000 (Briefing.com consensus 268,000).
There were no special factors influencing initial claims, which were below 300,000 for the 65th straight week.
The four-week moving average for initial claims fell from 278,500 to 276,750.
The latest initial claims report seems to fit the Fed's script, which points to labor market strength.
Continuing claims for the week ending May 21 increased by 12,000 to 2.172 million.
The four-week moving average for this series jumped from 2.151 million to 2.163 million.

12:30 pm:

[BRIEFING.COM] The major averages have ticked lower in recent action after the benchmark index (-0.2%) ran into resistance near its flat line at 2099. On the flipside, the Russell 2000 (UNCH) treads water near its flat line, sporting a weekly gain of 1.1%.

Eight sectors trade in the red with technology (-0.7%), utilities (-0.7%), and energy (-0.7%) leading the downside. The remaining decliners show losses between 0.1% (consumer discretionary) and 0.4% (financials).

The high-beta chipmakers demonstrate relative weakness, evidenced by the 0.5% loss in the PHLX Semiconductor Index. For the week, the group sports a gain of 0.6%, compared to a loss of 0.8% in the broader technology sector (-0.7%). Broadcom (AVGO 153.52, -1.25) has declined by 0.8% ahead of this evening's earnings report. Separately, large caps Alphabet (GOOGL 726.71, -7.43) and Microsoft (MSFT 52.24, -0.61) have declined by 1.0% and 1.2%, respectively.

Treasuries continue to trade near their best levels as the yield on the 10-yr note slips four basis points to 1.80%.

12:00 pm:

[BRIEFING.COM] The major averages hover below their best levels of the day as the Nasdaq Composite (UNCH) trades ahead of the S&P 500 (-0.1%).

In front of the pack, health care (+1.0%) has extended its lead over telecom services (+0.3%) and consumer discretionary (+0.1%).

In the health care space (+0.9%), Aetna (AET 118.85, +3.56) outperforms after Wedbush issued some bullish commentary regarding Aetna's potential merger with CIGNA (CI 129.17, +1.45). The firm cited increased confidence in the deal after the first quarter. However, Wedbush will continue to look for regulatory updates in June and July. Elsewhere, AbbVie (ABBV 64.58, +1.75) has gained 2.8% after announcing an accelerated share repurchase agreement. The company will seek to repurchase $3.8 billion in common stock. The broader health care sector has outperformed this week, gaining 1.5%. This compares to a flat performance in the benchmark index and a gain of 0.3% in the tech-heavy Nasdaq.

On the commodities front, WTI crude has erased earlier losses, gaining 0.6% ($49.28/bbl). Meanwhile, gold has slipped 0.1% to $1,213.90/ozt.

11:30 am:

[BRIEFING.COM] The stock market continues to climb off its session low as the Dow Jones Industrial Average (-0.2%) trades in-line with the S&P 500 (-0.2%). The major averages followed crude oil higher after the Department of Energy released its weekly inventory report.

The report showed that crude inventories declined by 1.36 million barrels compared to the estimated draw of 2.49 million barrels. Meanwhile, gasoline inventories showed a draw of 1.49 million barrels compared to the estimated draw of 0.157 million barrels. Currently, WTI crude trades flat at $49.00/bbl.

On the leaderboard, energy (-0.9%) trades behind utilities (-0.8%), technology (-0.6%), and financials (-0.5%). In the energy space, refining names demonstrate relative strength with Valero Energy (VLO 56.30, +0.55) and Marathon Petroleum (MPC 37.01, +0.57) gaining 1.0% and 1.7%, respectively. Conversely, Dow component Exxon Mobil (XOM 87.72, -1.52) underperforms the group after receiving a downgrade to "Neutral" at Bank of America/Merrill Lynch.

The U.S. Dollar Index (95.48, +0.03) trades off a session high as the euro extends its loss against the greenback. The euro/dollar pair has declined 0.3% (1.1157) while the dollar has trimmed its loss against the safe haven yen to 0.8% (108.70).

10:55 am:

[BRIEFING.COM] The stock market has ticked higher since our last update as the S&P 500 (-0.2%) trades six points off its worst level of the day.

Seven sectors trade in the red with consumer staples (-0.2%), industrials (-0.3%), and materials (-0.4%) sporting the slimmest losses. In front of the pack, health care (+0.6%), consumer discretionary (+0.1%), and telecom services (+0.1%) outperform.

In the consumer staples space (-0.2%), Costco (COST 149.45, -3.07) has fallen 2.0% after disappointing investors with its May same store sales reading. However, the company continues to show a gain of 3.4% since beating bottom-line estimates for the third quarter on May 25. This compares to a gain of 0.5% in the Consumer Staples SPDR ETF (XLP 52.97, -0.23) over that time.

Despite the uptick in equities, Treasuries continue to trade on their highs. The yield on the 10-yr note has slipped four basis point to 1.80% while the yield 2-yr note has fallen six basis points to 0.88%.

On the commodity front, the Department of Energy's weekly inventory report will cross the wires at 11:00 ET.

10:30 am: [BRIEFING.COM]

The dollar index trades slightly into negative territory, down -0.05% at the 95.41 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.1% around 86.00
Crude oil plummets to fresh lows ahead of the weekly EIA data as OPEC fails to reach an agreement to suspend or curtail output at the bi-annual meeting in Vienna, Austria
July crude oil futures are down $0.79 (-1.6%) at $48.22/barrel
EIA petroleum inventory data is scheduled to be released at 11:00 am ET today
Estimates call for a draw of -3.1 mln barrels, the prior 4-week avg is a draw of -0.9 mln barrels
IEA monthly data is scheduled to be released June 14
Natural gas rallies after EIA inventory data showed a smaller-than-expected build
July natural gas futures are up $0.02 (+0.9%) at $2.40/MMBtu
Working gas in storage was 2,907 Bcf as of Friday, May 27, 2016, according to EIA estimates.
This represents a net increase of 82 Bcf from the previous week.
Stocks were 712 Bcf higher than last year at this time and 753 Bcf above the five-year average of 2,154 Bcf.
At 2,907 Bcf, total working gas is above the five-year historical range.
Estimates called for a build of +84 bcf
In precious metals, gold rallies modestly off its initial morning lows, trading near parity with the previous close
August gold futures are down $1.20 (+0.1%) at $1215.90/oz
Silver trends higher as the dollar struggles to find direction
July silver futures are up $0.10 (+0.6%) at $16.03/oz
Base metal copper inches lower in morning pit trading
July copper futures are down $0.01 (-0.3%) at $2.07/lb

10:00 am:

[BRIEFING.COM] The major averages have dipped lower in recent action as the Nasdaq Composite (-0.4%) and the S&P 500 (-0.4%) trade neck-and-neck.

Nine sectors trade in the red with energy (-1.1%), technology (-0.9%), and materials (-0.6%) rounding out the leaderboard.

In the technology space (-0.9%), Oracle (ORCL 38.49, -1.77) has fallen 4.4%, lagging the group and broader market. Elsewhere, Apple (AAPL 96.98, -1.47) has fallen 1.5% after receiving a price target reduction at Goldman. The firm lowered its target to $124 from $136, citing a slowdown in the smartphone industry.

The U.S. Dollar Index (95.45, +0.01) trades at its flat line as the dollar gains against commodity currencies and the euro. The dollar has gained 0.2% against the Canadian dollar (1.3106) while the euro/dollar pair has lost 0.2% (1.1165).

The Treasury complex trades at session highs with the yield on the 10-yr note slipping three basis points to 1.81%.

9:45 am:

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

Nine sectors trade in the red with energy (-1%), technology, (-0.6%), and materials (-0.5%) leading the downside. The remaining decliners sport losses between 0.1% (consumer discretionary) and 0.3% (financials). Conversely, countercyclical health care (+0.4%) sports the only gain.

In the energy space (-1.0%), independent oil and gas names lead the losses with Anadarko Petroleum (APC 51.66, -0.74) declining by 1.5%. Separately, Dow component Exxon Mobil (XOM 87.88, -1.36) is the worst performer in the price-weighted index.

On the flipside, biotechnology outperforms in the health care space (+0.4%), evidenced by the 0.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 283.27, +2.09).

On the commodities front, WTI crude has fallen 1.4% to $48.33/bbl while gold has ticked down 0.1% ($1,213.70/ozt).

9:19 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -7.60.

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

Equity futures have been under pressure in recent action as investors look to potential development from OPEC's biannual meeting. The energy component slipped from the $48.95/bbl price level amid reports alleging that the group has been unable to agree on an output target. Currently, WTI crude trades lower by 1.8% ($48.14/bbl).

On the central bank front, the European Central Bank recently left its interest rate corridor unchanged, as expected. ECB President Draghi is currently taking part in a press conference where he stated that he expects interest rates to remain at their present level, or lower, for an extended period of time. Furthermore, he stated that low interest rates may persist past the horizon for the asset purchase program. The program is expected to be carried out until March 2017.

In company specific news, Qlik Tech (QLIK 30.05, +1.08) has gained 3.7% after agreeing to be acquired by Thoma Bravo for $30.50 per share in cash. The deal is valued at approximately $3 billion and is expected to close in the third quarter of 2016. Oracle (ORCL 39.00, -1.26) has fallen 3.1% as investors continue to respond to allegations that a former accountant at the company was told to change sales figures.

The U.S. Dollar Index (95.43, -0.03) has climbed in recent action as the greenback gains against commodity currencies and slides against the safe haven yen. The dollar/Canadian dollar pair trades higher by 0.5% (1.3136) while the dollar has lost 0.7% against the yen (108.80).

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -5.50.

The S&P 500 futures trade five points below fair value as crude oil extends its loss.

Equity indices in the Asia-Pacific region ended Wednesday on a mostly higher note while Japan's Nikkei (-2.3%) lagged. The index was pressured by continued yen strength, which resulted in weakness for exporters. Recent concerns about the Japanese economy have not stopped Standard & Poor's from raising its forecast for 2017 Japanese GDP to 1.0% from 0.4%.

In economic data:
Japan's May Household Confidence 40.9 (expected 40.4; last 40.8) and Monetary Base +25.5% year-over-year (consensus 27.2%; last 26.8%)
Australia's May AIG Manufacturing Index 51.0 (previous 53.4) and April Retail Sales +0.2% month-over-month (expected 0.3%; last 0.4%). April trade deficit narrowed to AUD1.58 billion from AUD1.97 billion (expected deficit of AUD2.00 billion)
South Korea's Q1 GDP +0.5% quarter-over-quarter (expected 0.4%; last 0.4%); +2.8% year-over-year (consensus 2.7%; last 2.7%)

---Equity Markets---

Japan's Nikkei lost 2.3% with all ten sectors ending in the red. Financials (-3.3%), industrials (-2.9%), and technology (-2.7%) paced the slide while consumer staples (-0.8%) outperformed. Mitsui Engineering & Shipbuilding, TDK, Honda Motor, Denso, Konica Minolta, and Mazda Motor fell between 3.2% and 5.7%.
Hong Kong's Hang Seng added 0.5%. Consumer and gaming names contributed to the advance with China Mengniu Dairy, Tingyi, Galaxy Entertainment, and Belle International rising between 1.3% and 6.3%. Lenovo fell 4.0% after Alphabet said it plans to sell more than $200 million in Lenovo shares.
China's Shanghai Composite ticked up 0.4%. Deluxe Family, Wuxi Taiji Industry, and IRICO Display added between 1.1% and 5.9%.

Major European indices trade flat, but have ticked lower following remarks from European Central Bank President Mario Draghi and developments at the biannual OPEC meeting. The central bank head recently stated that the ECB has raised its 2016 GDP estimate to 1.6% (from 1.4%). Meanwhile, crude oil extended its loss when reports suggested that OPEC did not reach a new supply agreement. Official results from the meeting will be released later in the day. The euro (1.1205) and the pound (1.4458) have gained a respective 0.1% and 0.3% against the dollar.

In economic data:
Eurozone April PPI -0.3% month-over-month (expected 0.1%; last 0.3%); -4.4% year-over-year (consensus -4.1%; last -4.1%)
UK's May Construction PMI 51.2 (consensus 52.0; last 52.0)
Spain's Unemployment Change -119,800 (expected -110,000; prior -83,600)

---Equity Markets---

France's CAC has lost 0.5%. Financials are mixed with Credit Agricole and Societe Generale up 2.2% and 1.3%, respectively, while BNP Paribas has given up 2.7%. Exporters are among the leaders with Peugeot, Renault, and Michelin up between 0.9% and 1.8%.
Germany's DAX has ticked down 0.2% with heavyweights Deutsche Bank, Volkswagen, BMW, and Daimler up between 0.3% and 1.8%. On the downside, Munich Re and Vonovia hold respective losses of 2.6% and 1.2%.
UK's FTSE has inched lower by 0.1%. Barclays, Standard Chartered, RBS, HSBC, and Prudential have added between 1.6% and 1.9%. Select consumer names appear among the laggards with Marks & Spencer, Associated British Foods, and Dixons Carphone up between 0.3% and 0.5%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -2.50.

The S&P 500 futures trade three points below fair value as investors look to mixed employment data and commentary from ECB President Mario Draghi.

On the economic front, the ADP National Employment Report showed an increase of 173,000 in May (Briefing.com consensus 180,000) while the April reading was revised higher to 166,000 from 156,000. The ADP reading precedes Friday's more influential Employment Situation Report, which is expected to show an increase of 155k in Nonfarm Payrolls, fewer than last month's 160K increase.

Separately, the latest weekly initial jobless claims count totaled 267,000 while the Briefing.com consensus expected a reading of 268,000. Today's tally compared to 268,000 in the prior week. As for continuing claims, they rose to 2.172 million from 2.160 million (revised from 2.163 million).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -3.10.

U.S. equity futures trade lower with the S&P 500 futures hovering three points below fair value. Earlier this morning the European Central Bank announced that it would leave its interest rate corridor unchanged. However, investors have maintained their wait-and-see posture ahead of ECB President Draghi's 8:30 ET press conference.

On the home front, participants are waiting for a set of employment readings with the May ADP Employment Change Report (Briefing.com consensus 180k) and weekly initial claims (Briefing.com consensus 268k) due out at 8:15 ET and 8:30 ET, respectively. For its part, WTI crude trades lower by 0.1% ($48.99/bbl) as investors respond to inventory data from the API. Additionally, participants will be eyeing developments from OPEC's biannual meeting in Vienna, Austria and the Department of Energy's inventory data at 10:30 ET.

The Treasury complex trades on a higher note with the yield on the 10-yr note slipping one basis point to 1.83%.

In U.S. corporate news of note:

Ciena (CIEN 19.82, +2.06): +11.6% after beating analysts' estimates for the quarter
Box (BOX 11.50, -1.31): -10.2% following the company missing billings estimates, but beating top- and bottom-line estimates for the quarter
Pure Storage (PSTG 12.26, +0.95): +8.4% after receiving an upgrade to "Buy" from "Neutral" at UBS
Johnson & Johnson (JNJ 112.78, +0.00):+0.0% announced that it would acquire Vogue International for $3.3 billion in cash

Reviewing overnight developments:

Asia-Pacific markets ended on a mostly higher note with Hong Kong's Hang Seng +0.5% and China's Shanghai Composite +0.4%. Meanwhile, Japan's Nikkei (-2.3%) lagged.
In economic data:
Japan's May Household Confidence 40.9 (expected 40.4; last 40.8) and Monetary Base +25.5% year-over-year (consensus 27.2%; last 26.8%)
Australia's May AIG Manufacturing Index 51.0 (previous 53.4) and April Retail Sales +0.2% month-over-month (expected 0.3%; last 0.4%). April trade deficit narrowed to AUD1.58 billion from AUD1.97 billion (expected deficit of AUD2.00 billion)
South Korea's Q1 GDP +0.5% quarter-over-quarter (expected 0.4%; last 0.4%); +2.8% year-over-year (consensus 2.7%; last 2.7%)
In news:
In Japan, yen strength pressured exporters.
Recent concerns about the Japanese economy have not stopped Standard & Poor's from raising its forecast for 2017 Japanese GDP to 1.0% from 0.4%.

European markets trade flat with the U.K.'s FTSE +0.2%, Germany's DAX -0.1%, and France's CAC -0.2%.
In economic data:
Eurozone April PPI -0.3% month-over-month (expected 0.1%; last 0.3%); -4.4% year-over-year (consensus -4.1%; last -4.1%)
UK's May Construction PMI 51.2 (consensus 52.0; last 52.0)
Spain's Unemployment Change -119,800 (expected -110,000; prior -83,600)
In news:
In Europe, the ECB recently issued its latest policy statement, leaving its interest rate corridor unchanged.
Investor are also looking forward to the ECB press conference at 8:30 ET.
The euro (1.1192) and the pound (1.4457) are both little changed against the dollar

5:56 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +0.30.

5:55 am: [BRIEFING.COM] Nikkei...16562.55...-393.20...-2.30%. Hang Seng...20859.22...+98.20...+0.50%.

5:55 am: [BRIEFING.COM] FTSE...6213.42...+21.50...+0.40%. DAX...10220.56...+16.10...+0.20%.

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

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

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


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