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 Post subject: June 6th Monday Trade Results - Profit $750.00
PostPosted: Tue Jun 07, 2016 3:56 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
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Attachment:
060616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+750.00.png
060616-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+750.00.png [ 93.79 KiB | Viewed 348 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 @ $750.00 dollars or +15.00 points, Light Crude Oil CL ($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 @ $750.00 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=2380

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.


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


4:20 pm: [BRIEFING.COM] The major averages ended their day on a higher note as investors deciphered recent remarks from Fed Chair Yellen about the economic outlook and monetary policy. Other focal points for today's trade included strength from the oil patch, continued softness in the dollar, relative weakness in safe-haven areas, and key sector leadership from the heavily-weighted industrial (+0.8%) and financial (+0.6%) sectors.

The major indices ended the session off their best levels of the day as selling interest picked up just ahead of the close. In doing so, the S&P 500 (+0.5%) failed to close above its prior intraday high this year of 2111.05, yet it still logged a new closing high for the year.

The benchmark index managed to set a new intraday high for the year (2113.36) following mixed remarks from Fed Chair Yellen.

Ms. Yellen stated in prepared remarks that she remains positive on the economic outlook of the U.S. economy and warned that too much significance should not be assigned to one monthly report. However, Ms. Yellen also stated that last Friday's Employment Situation Report was concerning on balance.

Cues for a potential rate hike "in the coming months" were noticeably absent from her speech, but she maintained that further gradual increases in the federal funds rate are likely to be appropriate and conducive to meeting and maintaining the Fed's dual mandate.

Eight sectors ended the session with gains. The commodity-sensitive energy (+2.0%) and materials (+0.9%) sectors led the way, followed by the industrial (+0.8%), financial (+0.6%) and health care (+0.6%) sectors. On the other side of the board, the countercyclical utilities (-0.2%) and telecom services (UNCH) sectors were the only two sectors to end the day with a loss.

The Dow Jones Industrial Average (+0.6%) ended ahead of the Nasdaq Composite (+0.5%) and the S&P 500 (+0.5%).

The energy space (+2.0%) showed broad-based strength as oil prices increased 2.1% ($49.73/bbl, +$1.04). The energy component benefited from a softening dollar and potential supply worries out of Nigeria. In the group, ConocoPhillips (COP 42.52, +1.34) and Anadarko Petroleum (APC 53.28, +1.89) gained 3.0% and 3.7%, respectively.

In the industrials sector (+0.8%), aerospace names outperformed as they traded higher in sympathy with Boeing (BA 131.90, +4.52). The Dow component gained 3.6% and led the price-weighted index as investors weighed a potential contract with Iranair. Conversely, Delta Air Lines (DAL 41.28, -0.29) and CSX (CSX 26.50, -0.14) ended at the bottom of the Dow Jones Transportation Average (+0.6%).

The financials sector (+0.6%) finished off its best level of the day, yet it recouped a good portion of its 1.4% loss from Friday. The sector saw broad-based strength with regional banks, asset management companies, and life insurance names leading the advance. Rate-sensitive real estate investment trusts (REITs) underperformed as Equity Residential (EQR 63.62, -1.35) and Welltower (HCN 69.82, -1.50) lost 2.1% apiece.

In the consumer discretionary space (+0.1%), Dow component Home Depot (HD 129.19, -2.55) finished at the bottom of the price-weighted index, held back by some bearish commentary at Cleveland Research.

Biotechnology finished ahead of the broader market as the iShares Nasdaq Biotechnology ETF (IBB 286.07, +4.30) gained 1.5%. Valeant Pharmaceuticals (VRX 28.85, -0.02) ended flat ahead of Tuesday morning's quarterly earnings report.

The U.S. Dollar Index (94.00, -0.03) ended slightly lower, coughing up some overnight gains. The euro/dollar pair finished flat at 1.1362 while the dollar gained 1.0% against the yen (107.62).

Losses were seen across the yield curve. The yield on the benchmark 10-yr note rose three basis points to 1.73% while the yield on the 2-yr note increased two basis points to 0.80%.

There was no economic data of note released today.

Tuesday's economic data will include the revised estimate for first quarter Productivity (Briefing.com consensus -0.6%) and Unit Labor Costs (Briefing.com consensus 4.0%), which will cross the wires at 8:30 ET. Separately, Consumer Credit for April (Briefing.com consensus $18.5 billion) will be released at 15:00 ET.

Russell 2000 +3.7% YTD
S&P 500 +3.2% YTD
Dow Jones +2.8% YTD
Nasdaq Composite -0.8% YTD

3:30 pm: [BRIEFING.COM]

The dollar index breaches the 94.00 level to the downside, boosting commodities, currently down -0.1% around 93.93
Commodities, as measured by the Bloomberg Commodity Index, are up +1.1% at 88.11
Crude oil closes near 7-month highs, supported by comments from the Fed, last week's EIA data showing a draw on all fronts, Canadian production still struggling to ramp up to pre-wildfire levels, & a weak dollar
July crude oil futures rose $1.04 (+2.1%) to $49.73/barrel
Natural gas surges, continuing last week's notable uptrend after stalling in the previous session, closing at highs of the session
July natural gas closed $0.07 higher (+2.9%) at $2.47/MMBtu
In precious metals, gold sees marked volatility after the Fed speech, briefly trading below the 1242 level before bouncing back and consolidating near the highs of the day
August gold ended today's session up (+0.4%) $4.40 to $1247.40/oz
Silver sees an afternoon of consolidation, closing higher on the day
July silver closed today's session $0.09 higher (+0.6%) at $16.45/oz
Base metal copper inches up as the dollar wanes
July copper closed $0.01 higher (+0.5%) at $2.12/lb
Grain prices close notably higher ahead of today's USDA crop report, scheduled to be released at 4 pm ET today
July corn closed $0.08 higher (+1.9%) at $4.27/bushel
July wheat closed $0.11 higher (+2.2%) at $5.07/bushel
July soybeans closed $0.05 higher (+0.4%) at $11.39/bushel
July sugar closed $0.01 higher (+5.6%) at $0.19/lb
Weather continues to play a notable role in grain prices, as crops are in the emergence stage
Weather Update:
In the Corn Belt, cool, breezy weather is arriving across the upper Midwest, accompanied by isolated showers
Across the remainder of the Corn Belt, warm, dry weather favors crop growth and late-season planting efforts
In the South, the interaction between Tropical Storm Colin and a cold front is resulting in locally heavy showers from the central Gulf Coast to the southern Atlantic region
In the West, isolated showers are confined to the northern Inter-mountain region. Elsewhere, hot, dry weather is promoting fieldwork and a rapid crop development pace. Record-setting heat persists in the Northwest.

3:00 pm:

[BRIEFING.COM] The major indices are holding near their bets levels of the day. The S&P 500 (+0.6%) for its part remains above both previous resistance at 2109/2111 and its April 20 intraday high of 2111.05.

In the consumer staples sector (+0.1%), food product names demonstrate relative weakness with Tyson Foods (TSN 60.93, -2.28) falling by 3.6%. The company received a downgrade at Cowen to "Market Perform" from "Outperform." Elsewhere, Hormel Foods (HRL 34.09, -0.57) has declined by 1.7%, trading lower in sympathy. The sector is underperforming the broader market as risk-on trade continues. On that note, fellow safe-haven sectors telecom services (UNCH) and utilities (UNCH) also trade behind the broader market.

WTI crude ended its day higher by 2.1% ($49.73/bbl; +1.04) as some softening in the dollar and supply worries boosted the energy component.

The U.S. Dollar Index (93.93, -0.10) trades off its session low, but still sports a loss of 1.8% from Thursday's settlement. The euro/dollar pair trades flat at 1.1370 while the dollar has gained 0.8% against the yen (107.38). Separately, commodity currencies enjoy a bid with the dollar losing 0.9% against the Canadian dollar (1.2816).

2:35 pm:

[BRIEFING.COM] The S&P 500 (+0.6%) has cleared resistance at the 2109/2111 price level, notching a new session high at 2113.07 and surpassing the intraday high of 2111.05 seen on April 20.

That move was forged with upticks in all sectors from lower levels. Nine sectors trade in the green, led by the energy (+1.8%), financial (+1.0%), and industrials (+0.8%) sectors .

The industrials sector (+0.8%) trades ahead of the broader market as aerospace names and farm equipment companies outperform. Boeing (BA 131.22, +3.84) has jumped 3.0% on headlines that Iranair may potentially order more than 100 jets from the company. Iranair previously signed an agreement with Airbus for 118 jets, costing approximately $27 billion. The potential deal could be valued near that level.

The Dow Jones Transportation Average (+0.4%) trades behind the broader industrial sector as railroad operators Kansas City Southern (KSU 91.14, -0.76) and CSX (CSX 26.38, -0.26) underperform.

WTI crude trades higher by 1.8% ($49.49/bbl; +0.87) ahead of its pit session close at 14:30 ET. The move higher in the stock market has also coincided with oil prices moving back toward higher levels seen earlier in the day.

2:00 pm:

[BRIEFING.COM] The major averages have ticked higher since our last update and have all set new highs for the session.

The commodity-sensitive energy space (+1.7%) leads materials (+0.8%), financials (+0.8%), and industrials (+0.7%) at the front of the pack.

In the health care space (+0.6%), biotechnology demonstrates relative strength, evidenced by the 1.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 286.49, +4.72). The ETF erased an early 1.1% decline. In the sub-group, Mylan Labs (MYL 46.21, +1.69) outperforms, gaining 3.8%. The company is scheduled to present at the Goldman Sachs Annual Global Healthcare Conference tomorrow.

Sector large caps Eli Lilly (LLY 74.89, -0.23) and AbbVie (ABBV 62.39, -2.61), however, have lost a respective 0.3% and 4.0% after disappointing investors with drug trial results. Additionally, Abbvie's stock was downgraded to "Market Perform" from "Outperform" at Cowen.

On the commodities front, gold ended its pit session higher by 0.4% ($1,247.40/ozt; +$4.40). WTI crude trades higher by 1.7% ($49.41/bbl; +0.79).

1:35 pm:

[BRIEFING.COM] The major U.S. indices have ticked back higher in recent trade as Janet Yellen's speech at the World Affairs Council in Philadelphia wrapped up. In her speech, Yellen acknowledged Friday's disastrous job report, but said the overall labor market remains positive.

A look inside the Dow Jones Industrial Average shows that Boeing (BA 130.78, +3.40), Nike (NKE 54.34, +0.89), and Caterpillar (CAT 76.14, +1.10) are outperforming.

Conversely, Home Depot (HD 128.95, -2.79) is the worst-performing Dow component following cautious commentary this morning out of Cleveland Research.

On the heels of today's gains, the DJIA is now up 0.68% in June.

1:15 pm:

[BRIEFING.COM] The major indices sport modest gains at midday, although they have pulled back noticeably from earlier highs following remarks from Fed Chair Yellen. Ms. Yellen said the May jobs report, on balance, was "concerning," but that one should never put too much emphasis on a single monthly report. Additionally, she maintained that her own perspective on the economic outlook is still upbeat, so it was construed that she wasn't as dovish as some might have expected after the disappointing employment report.

That perception of things facilitated some selling interest that has knocked things back, yet each of the indices has remained in positive territory. It is worth noting that, prior to her remarks, the S&P 500 (+0.3%) was fading from stronger gains after it was unable to break through resistance at the April intraday high of 2111.05.

Other contributing factors for today's trade have included some softening in the U.S. dollar, a leg higher in oil, and the outperformance of the heavyweight financial (+0.5%) sector. The Dow Jones Industrial Average (+0.4%) trades in-line with the Nasdaq Composite (+0.4%) and ahead of the S&P 500 (+0.3%)

Today's session began on a higher note as investors weighed diminished expectations regarding the pace of interest rate normalization in the coming months. Participants reviewed their assessment on the short-term path of the fed funds rate following Friday's below-consensus reading of the Employment Situation Report for May. The fed funds futures market currently assesses the likelihood of a rate hike at the June meeting at 6.0%, declining from Thursday's pre-jobs data reading of 21.0%.

Seven sectors trade in the green with commodity-sensitive energy (+1.5%) and materials (+0.7%) leading the heavily-weighted financials (+0.5%) and industrials (+0.4%). The utilities (-0.3%), consumer discretionary (-0.1%), and consumer staples (-0.1%) are trailing.

The energy space (+1.5%) has outperformed today as softness in the greenback has boosted dollar-denominated commodities. Currently, WTI crude trades higher by 1.4% ($49.31/bbl), but had been up more than 2.0% earlier in the day. In the group, oilfield service names outperform with Schlumberger (SLB 78.23, +2.60) and Halliburton (HAL 44.81, +1.96) gaining 3.4% and 4.6%, respectively.

The financial group (+0.5%) has pulled back from its best level of the day as the group rebounds from its 1.4% decline on Friday. In the sector, asset management names outperform with State Street (STT 62.65, +1.64) and BNY Mellon (BK 42.41, +0.89) gaining a respective 2.6% and 2.1%. The sub-group is moving higher in sympathy with Affiliated Managers (AMG 176.65, +5.13). Affiliated Managers recently announced that it will be purchasing a stake in five hedge funds from Goldman Sachs (GS 157.05, +1.38) for $800 million.

In the consumer discretionary space (-0.1%), retail names demonstrate relative weakness, evidenced by the 0.2% decline in the SPDR S&P Retail ETF (XRT 42.59, -0.06). The sub-group is trading lower with Best Buy (BBY 31.08, -1.27) and Lowe's (LOW 78.36, -1.65) weighing. Dow component Home Depot (HD 128.93, -2.81) has been a notable drag on the price-weighted index.

The U.S. Dollar Index (93.85, -0.17) trades off its session low as the greenback trims its loss against the euro and the yen. The euro/dollar pair trades higher by 0.1% (1.1378) while the dollar has gained 0.4% against the yen (106.97).

The Treasury complex trades off its session low as the yield on the 10-yr note has risen one basis point to 1.71%.

There was no economic data of note released today.

12:30 pm:

[BRIEFING.COM] The major averages have pulled back from their best levels of the day as investors prepare for remarks from Fed Chair Yellen at 12:30 ET. The S&P 500 (+0.4%) flirted with its April intraday high of 2111.05, but was unable to break through that notable level of technical resistance.

Three sectors are showing losses with utilities (-0.5%) trailing consumer discretionary (-0.2%) and consumer staples (-0.2%).

In the technology space (+0.3%), Oracle (ORCL 39.48, +0.38) has rebounded 1.0% after losing 2.4% last week. Additionally, heavyweight Apple (AAPL 98.73, +0.81) has gained 0.8%, rebounding from its 2.4% decline last week.

The high-beta chipmakers are relatively weak, evidenced by the 0.3% decline in the PHLX Semiconductor Index. Meanwhile, Alphabet (GOOG 717.54, -4.79) has lost 0.7% after the CEO of Alphabet's Nest, Tony Fadell, announced his departure.

On the commodities front, WTI crude has pulled back in recent action, showing a gain of 1.5% ($49.36/bbl; +$0.74). Elsewhere, gold has also pared its gain slightly ($1,247.20/zt; +$4.30; +0.3%) as the dollar ticks higher.

12:00 pm:

[BRIEFING.COM] The Dow Jones Industrial Average (+0.7%) continues to trade ahead of the S&P 500 (+0.5%), which is sitting near its best level of the day (2110.32).

The heavyweight financial sector has rebounded 0.8% after losing 1.4% on Friday. The group acted as a major headwind in the beginning of the year as expectations regarding the pace of interest rate normalization weighed on the group. The financial sector has made a huge comeback since its early-year selloff, yet it remains the only sector still showing a year-to-date decline (-0.9%).

In the financial group, Affiliated Managers (AMG 177.41, +5.89) outperforms, gaining 3.5% on the back of reports that it will buy a stake in five hedge funds from Goldman Sachs (GS 157.65, +1.97, +1.3%) for $800 million. Elsewhere, Dow component JPMorgan Chase (JPM 65.64, +1.00) outperforms the price-weighted index.

On the flipside, rate-sensitive real estate investment trusts underperform with Equity Residential (EQR 63.38, -1.59) and AvalonBay (AVB 168.64, -4.77) losing 2.5% and 2.8%, respectively.

11:30 am:

[BRIEFING.COM] The S&P 500 (+0.5%) remains near its recently-established session high while the tech-heavy Nasdaq (+0.4%) pulls back from its best level, but not by much.

The consumer discretionary space (-0.1%) trades neck-and-neck with utilities (-0.1%) as the worst-performing sector today.

Home Depot (HD 128.79, -2.94) and Lowe's (LOW 78.28, -7.73) have been under pressure after receiving bearish commentary at Cleveland Research. The broader retail sub-group also underperforms, evidenced by the 0.5% decline in the SPDR S&P Retail ETF (XRT 42.45, -0.20).

On the central bank front, St. Louis Fed President and FOMC voter James Bullard recently commented that it was a "fair assessment" that the Fed would be less likely to move in June. However, Mr. Bullard also commented that it's still possible that the Fed may raise rates in July.

The Treasury complex continues to trade near session lows as equities gain. The yield on the 10-yr note has risen by three basis points to 1.73%; however, that yield stood at 1.80% as of Thursday's settlement.

11:00 am:

[BRIEFING.COM] The stock market is near its best level of the day as the S&P 500 (+0.5%) tests resistance at the 2109/2111 price level. The April intraday high (and seven-month high) was 2111.05.

Equity indices extended their opening gain, receiving support from a rally in crude oil. The energy component has climbed 2.1% ($49.64/bbl) on some softness in the dollar and the potential implications of supply disruptions in Nigeria.

The U.S. Dollar Index (93.95, -0.08) has declined 1.7% since last Thursday's settlement as the weak payrolls report for May has tempered the market's expectations for a near-term rate hike.

The energy sector (+1.7%) demonstrates broad-based strength with services companies, pipeline companies, and independent oil and gas names each sporting impressive gains. On that note, Halliburton (HAL 44.41, +1.56) and Baker Hughes (BHI 48.39, +2.15) have jumped 3.7% and 4.7%, respectively.

Conversely, refining names lag the sector with Marathon Petroleum (MPC 34.91, -0.53) and Valero Energy (VLO 54.46, -0.69) losing a respective 1.5% and 1.3%. The broader energy sector has gained 12.1% this year, trailing only utilities (+0.3%; year-to-date +15.3%) over that time.

10:30 am: [BRIEFING.COM]

The dollar index begins the week trading nearly flat, +0.03% around the 94.06 level
Commodities, as measured by the Bloomberg Commodity Index, are notably up +1.3% at 88.29
Crude oil sees a notable rally, erasing all of last session's gains in morning pit trading
July crude oil futures are up $1.12 (+2.3%) at $49.74/barrel
Natural gas trades just off the previous session's close, finding direction after closing flat in the previous session
July natural gas futures are up $0.02 (+0.7%) at $2.41/MMBtu
In precious metals, gold consolidates after failing to breach the $1248.00 level twice in early morning trading
August gold futures are currently up $2.50 (+0.2%) at $1245.50/oz
Silver heads lower after briefly touching a high of the day around $16.55/oz, still green for the day
July silver futures are currently up $0.05 (+0.3%) at $16.55/oz
Base metal copper inches higher in morning pit trading, extending last session's gains further
July copper futures are up $0.02 (+0.9%) at $2.13/lb

10:00 am:

[BRIEFING.COM] The stock market has extended its opening advance as the Dow Jones Industrial Average (+0.6%) leads the S&P 500 (+0.5%).

All ten sectors trade above their flat lines with commodity-sensitive energy (+1.3%) and materials (+0.9%) leading. Meanwhile, heavily-weighted financials (+0.7%), technology (+0.5%), and industrials (+0.5%) follow the pair.

In the health care space (+0.1%), large cap component AbbVie (ABBV 62.42, -2.58) underperforms after its Rova-T lung cancer data disappointed investors. Additionally, biotechnology displays relative weakness, evidenced by the 0.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 280.57, -1.20).

The U.S. Dollar Index (94.06, +0.03) trades narrowly above its flat line as the euro, yen, and pound trim their losses against the greenback. The euro/dollar pair trades lower by 0.1% (1.1351) while the dollar has gained 0.6% against the yen (107.17). The pound has lost 0.6% against the dollar (1.4430) after bouncing off the 1.4370 price level overnight.

The Treasury complex hovers near session lows as the yield on the 10-yr note rises three basis points to 1.73%.

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day on a higher note with the Dow Jones Industrial Average (+0.3%) leading the S&P 500 (+0.2%) and the Nasdaq Composite (+0.1%).

Six sectors opened in the green with energy (+0.8%) leading the pack. The remaining gainers sport upticks between 0.1% (consumer staples) and 0.5% (materials). Conversely, consumer discretionary (-1.0%), utilities (-0.2%), health care (-0.2%), and telecom services (-0.1%) show the only losses of the day.

In the consumer discretionary space (-1.0%), home improvement retailers underperform with Home Depot (HD 129.60,- 2.14) and Lowe's (LOW 78.65, -1.36) losing 1.6% and 1.7%, respectively.

On the flipside, aluminum names outperform in materials (+0.5%). Alcoa (AA 9.75, +0.23) has gained 2.4%, rising alongside strength in dollar-denominated commodities.

In commodities, WTI crude trades higher by 1.9% ($49.55/bbl) while gold has gained 0.2% ($1,245.90/ozt).

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.10.

The stock market is on track for a modestly higher start as the S&P 500 futures trade five points above fair value. Equity futures have been on the rise this morning as investors await the latest and final remarks from Fed Chair Yellen ahead of the June 14-15 FOMC meeting. In particular, participants will be looking to see if Friday's disappointing jobs reading will cause the FOMC to reconsider the pace of policy rate normalization in the upcoming months. Ms. Yellen had stated ahead of Memorial Day that a fed funds rate hike would probably be appropriate in the coming months if economic data and the labor market continued to improve.

The fed funds futures market currently estimates the odds of a rate hike at the June meeting at 4.0%, which compares to a reading of 21.0% before Friday's release of May employment data. Additionally, the below-consensus data lowered rate hike expectations across the board with the first above 50.0% likelihood of a rate hike being pushed to the December meeting (63.0%).

In U.S. corporate news, Valeant Pharmaceuticals (VRX 29.08, +0.21) has gained 0.7% ahead of tomorrow morning's quarterly report. Elsewhere, consumer staples names Pilgrim's Pride (PPC 24.83, -0.17) and Tyson Foods (TSN 61.79, -1.42) have lost a respective 0.7% and 2.3% after being downgraded at BMO Capital. The two food product companies had their ratings cut to "Market Perform" from "Outperform." Separately, lululemon athletica (LULU 68.00, +0.76) has gained 1.1% after Canaccord Genuity issued some bullish commentary on the company's first quarter sales.

The U.S. Dollar Index (94.10, +0.07) has ticked off its flat line as the euro, yen, and pound each sport modest losses against the buck. The euro/dollar pair trades lower by 0.1% (1.1353) while the dollar has gained 0.5% against the yen (107.04). Elsewhere, the pound/dollar pair trades lower by 0.7% (1.4418).

There is no economic data of note scheduled for release today.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.60.

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

Asian markets ended the Monday session on a mixed note as most indices spent the day inside narrow ranges. Japanese officials commented on the currency market, saying the government is keeping a close watch on FX moves and that excessive volatility is undesirable. Elsewhere, the People's Bank of China injected CNY40 billion ($6.1 billion) into the market through seven-day reverse repurchase agreements.

In economic data:
Australia's ANZ Job Advertisements +2.4% month-over-month (last -0.6%) and May MI Inflation Gauge -0.2% month-over-month (last 0.1%)

---Equity Markets---

Japan's Nikkei lost 0.4%. Six sectors ended in the red with financials (-1.6%), industrials (-0.9%), and energy (-0.7%) showing relative weakness. Dai-ichi Life Insurance, Amada, Obayashi, Sharp, Suzuki Motor, Asahi Group, and Credit Saison posted losses between 2.1% and 3.6%.
Hong Kong's Hang Seng added 0.4% with property names contributing to the strength. Cheung Kong Property Holdings, Hang Lung Properties, and China Overseas posted gains between 1.1% and 1.9%. Consumer and gaming names lagged with Belle International, Galaxy Entertainment, and Sands China falling between 1.6% and 3.5%.
China's Shanghai Composite shed 0.2%. Baocheng Investment, Kweichow Moutai, Panda Financial, and Triumph Science & Technology lost between 2.7% and 3.5%.

Most major European indices trade near their flat lines while UK's FTSE (+1.1%) outperforms. The pound, meanwhile, has seen some pressure, falling 0.8% against the dollar to 1.4400 amid building momentum for the 'Leave' camp in the upcoming Brexit vote. Elsewhere, Germany's 76-year old President Joachim Gauck said he will not seek a second term in 2017 due to his age.

In economic data:
Eurozone Retail PMI 50.6 (last 47.9) and June Sentix Investor Confidence 9.9 (expected 7.0; last 6.2)
Germany's April Factory Orders -2.0% month-over-month (expected -0.5%; last 2.6%)

---Equity Markets---

UK's FTSE has jumped 1.1% with miners and energy names in the lead. Anglo American, Rio Tinto, Glencore, BHP Billiton, and Antofagasta are up between 5.7% and 8.9% while BP and Royal Dutch Shell are both up near 2.0%. Select consumer names also outperform with British American Tobacco, Imperial Brands, and Unilever up between 1.3% and 1.5%.
Germany's DAX is higher by 0.2%. RWE has jumped 3.4% and Lufthansa trades down 2.9% while the remaining index components trade within 1.0% of their flat lines. Deutsche Bank is among the laggards, down 0.8%.
France's CAC has ticked up 0.2%. ArcelorMittal, Kering, and Technip show gains between 1.3% and 2.3% while Saint Gobain, Accor, Cap Gemini, and Societe Generale are down between 0.9% and 2.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +10.80.

The S&P 500 futures have ticked higher in recent action, trading six points above fair value.

In company specific news, Whole Foods (WFM 34.72, +0.65) has gained 1.9% after Barron's issued positive commentary on the supermarket chain. Harley-Davidson (HOG 45.09, -0.70) has lost 1.5% after being downgraded at Goldman Sachs from "Buy" to "Neutral." The firm also lowered its price target on the stock to $50.00 from $55.00.

The U.S. Dollar Index (94.08, +0.05) continues to tick lower as the greenback trims its gain against the euro and the pound. The euro has lost 0.1% against the dollar (1.1357), but the currency has rebounded from the 1.1330 price level. Elsewhere, the pound has fallen 0.8% against the dollar (1.4405) as investors look to potential implications from the upcoming Brexit vote.

On the commodities front, WTI crude trades higher by 2.3% ($49.73/bbl) while gold has ticked higher by 0.3% ($1,246.40/ozt).

8:05 am:

[BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.40.

U.S. equity futures trade higher with the S&P 500 futures floating three points above fair value. Futures ticked higher overnight as investors ruminated over the potential rate hike implications of a disappointing Employment Situation Report for May. Friday's jobs reading missed consensus estimates by a wide margin with the headline nonfarm payrolls figure coming in at 38K (Briefing.com consensus 155K). On the central bank front, Fed Chair Yellen is scheduled to speak before the World Affairs Council of Philadelphia at 12:30 ET. For its part, WTI crude trades higher by 1.3% ($49.24/bbl).

The Treasury complex trades on a lower note with the yield on the 10-yr note rising two basis points to 1.72%.

On the economic front, there is no economic data of note scheduled for release today.

In U.S. corporate news of note:

Wal-Mart (WMT 71.58, +0.71): +1.0% after being upgraded to "Buy" from "Hold" at Jefferies
Juno Therapeutics (JUNO 50.00, +6.10): +14.0% following positive results from its acute lymphoblastic leukemia medications: JCAR015 and JCAR017
AbbVie (ABBV 62.59, -2.41): -3.7% after reporting disappointing results for its Rovalpituzumab Tesirine drug in treating small cell lung cancer

Reviewing overnight developments:

Asian markets ended Monday on a mixed note with Japan's Nikkei -0.4%, China's Shanghai Composite -0.2%, and Hong Kong's Hang Seng +0.4%.
In economic data:
Australia's ANZ Job Advertisements +2.4% month-over-month (last -0.6%) and May MI Inflation Gauge -0.2% month-over-month (last 0.1%)
In news:
Japanese officials commented on the currency market, saying the government is keeping a close watch on FX moves and that excessive volatility is undesirable.
The People's Bank of China injected CNY40 billion ($6.1 billion) into the market through seven-day reverse repurchase agreements.

European indices trade near their flat lines with Germany's DAX -0.1% and France's CAC -0.1%. Meanwhile, the U.K.'s FTSE (+1.0%) outperforms.
In economic data:
Eurozone Retail PMI 50.6 (last 47.9) and June Sentix Investor Confidence 9.9 (expected 7.0; last 6.2)
Germany's April Factory Orders -2.0% month-over-month (expected -0.5%; last 2.6%)
In news:
The pound, meanwhile, has seen some pressure, falling 0.9% against the dollar to 1.4392 amid building momentum for the 'Leave' camp in the upcoming Brexit vote.
Germany's 76-year old President Joachim Gauck said he will not seek a second term in 2017 due to his age.

6:10 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +3.50.

6:10 am: [BRIEFING.COM] Nikkei...16580...-62.20...-0.40%. Hang Seng...21030...+83.00...+0.40%.

6:10 am: [BRIEFING.COM] FTSE...6274.98...+65.30...+1.10%. DAX...10137.83...+34.60...+0.30%.

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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