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 Post subject: June 7th Tuesday Trade Results - Profit $875.00
PostPosted: Wed Jun 08, 2016 7:39 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)

Attachment:
060716-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+875.00.png
060716-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+875.00.png [ 94.99 KiB | Viewed 286 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 @ $875.00 dollars or +17.50 points, Light Crude Oil CL ($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 @ $875.00 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=2381

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


4:10 pm: [BRIEFING.COM] The stock market ended the Tuesday affair on a flat note as a rally in crude oil and a positive economic outlook from Fed Chair Yellen could not keep equities near their highs. Additionally, the Dow Jones Transportation Average (+1.1%) and the PHLX Semiconductor Index (+1.0%) each outperformed the S&P 500 (+0.1%). The Dow Jones Industrial Average (+0.1%) finished in-line with the benchmark index (+0.1%) while the Nasdaq Composite (-0.1%) underperformed.

Equity indices opened above their flat lines as yesterday's remarks from Fed Chair Yellen stoked risk appetite. Ms. Yellen struck an optimistic tone yesterday when she reiterated an optimistic outlook despite a disappointing reading of the May jobs report. The Fed Chair 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.

The major averages climbed through the afternoon as the benchmark index notched a new 2016 intraday high (2119.22) and the Dow Jones Industrial Average briefly reclaimed the 18,000 price level. However, the S&P 500 tested and failed to clear resistance near the 2120/2122 price level and surrendered most of its gains through the final hour of trade. Six sectors ended in the green with energy (+2.1%) leading telecom services (+1.5%) and industrials (+0.4%). Conversely, health care (-0.7%), financials (-0.3%), and utilities (-0.3%) ended with the largest losses.

The energy sector (+2.1%) traded lockstep with crude oil as the energy component extended its 2016 advance. WTI crude ended its day higher by 1.3% ($50.38/bbl; +$0.65). The American Petroleum Institute will release its latest stockpile data this evening. Crude oil inventories are expected to decline by 3.50 million barrels. Additionally, the more influential inventory report from the Department of Energy will be released tomorrow morning at 10:30 ET.

The Dow Jones Transportation Average (+1.1%) outperformed as the index benefited from a rally in airline names. The U.S. Global Jets ETF (JETS 23.15, +0.52) ended its day higher by 2.3%. Elsewhere in the index, Avis Budget (CAR 34.26, +1.69) gained 5.2% while CSX (CSX 26.47, -0.03) underperformed in the rail sub-group. The Transportation Index has gained 4.6% in 2016, trailing the broader industrial sector (+0.4%; year-to-date +5.7%).

In the consumer discretionary space (+0.4%), the SPDR S&P Retail ETF (XRT 42.95, +0.30) gained 0.7% as Dow component Home Depot (HD 129.92, +0.73) rebounded 0.6%. The home improvement retailer also benefited from strength in the homebuilder sub-group. On that note, PulteGroup (PHM 19.37, +0.76) jumped 4.1% on news that Elliot Management took a 2.0% stake in the company. The broader iShares Dow Jones US Home Construction ETF (ITB 27.97, +0.45) gained 1.6%.

Biotechnology weighed on the broader health care space (-0.7%) and the tech-heavy Nasdaq (-0.1%). The iShares Nasdaq Biotechnology ETF (IBB 278.76, -7.31) lost 2.6% and is now down 0.4% for the month of June. The sub-group traded lower as Biogen (BIIB 252.86, -36.98) and Valeant Pharmaceuticals (VRX 24.64, -4.21) weighed.

The Treasury complex traded on a higher note throughout the session despite an uptick in equities. The yield on the 10-yr note finished its day lower by two basis points at 1.72%.

Today's participation was above the recent average as more than 844 million shares changed hands on the NYSE floor.

Today's economic data included the revised estimate for first quarter Productivity, Unit Labor Costs, and Consumer Credit for April:

Nonfarm business sector labor productivity decreased at a 0.6% annual rate in the first quarter, as expected, versus an originally reported decrease of 1.0%.
The revised productivity number was the result of output increasing 0.9% and hours worked increasing 1.5%. On a year-over-year basis, first quarter productivity increased a lowly 0.7%.
While the upward revision to first quarter productivity is nice to see, the fact remains that productivity is weak.
Unit labor costs, in turn, were revised higher, logging an increase of 4.5% (Briefing.com consensus 4.0%) versus an originally reported increase of 4.0%.
The revised unit labor costs number flowed from the 0.6% decline in productivity and a 3.9% increase in hourly compensation. On a year-over-year basis, unit labor costs are up 3.0%.
Total outstanding consumer credit increased by $13.4 billion in April after increasing a downwardly revised $28.4 billion (from $29.6 billion) in March. The Briefing.com consensus estimate for April was $18.5 billion.
In the preceding 12-month period leading up to April, consumer credit had risen by an average of $18.3 billion.
The growth in April was driven predominately by nonrevolving credit, which increased by $11.7 billion. Revolving credit increased by $1.7 billion.
In April, consumer credit increased at a seasonally adjusted annual rate of 4.5%.

Tomorrow's economic data will include the weekly MBA Mortgage Index and the April Job Openings and Labor Turnover Survey, which will be released at 7:00 ET and 10:00 ET, respectively.

Russell 2000 +3.9% YTD
S&P 500 +3.3% YTD
Dow Jones +3.0% YTD
Nasdaq Composite -0.9% YTD

3:30 pm: [BRIEFING.COM]

The dollar index drifts lower in the afternoon, down -0.06% at the 93.84 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.2% at 88.29
Crude oil closes at fresh highs of 2016 ahead of tomorrow's EIA data
July crude oil futures rose $0.65 (+1.3%) to $50.38/barrel
Baker Hughes announces that the international rig count for May 2016 was 955, a decrease of ~17.5% Y/Y.
The international offshore rig count for May 2016 was 229, up 9 from the 220 counted in April 2016, and down 55 from the 284 counted in May 2015.
The avg U.S. rig count for May 2016 was 408, down 29 from the 437 counted in April 2016, and down 481 from the 889 counted in May 2015.
The avg Canadian rig count for May 2016 was 42, up 1 from the 41 counted in April 2016, and down 38 from the 80 counted in May 2015.
API inventory data is scheduled to be released today after the bell
Monthly IEA data is scheduled to be released June 14
Natural gas closes pit trading unchanged for the day after seeing notable gains every day last week with the exception if Friday, when it closed unchanged also
July natural gas closed flat at $2.47/MMBtu
EIA crude oil inventory data is scheduled to be released Thursday at 10:30 am ET
In precious metals, gold ends pit trading at this mornings support level where it staged a modest rally from, around the $1247.00 level
August gold ended today's session down $0.40 (-0.03%) to $1247.00/oz
Silver moves lower even as the dollar drops
July silver closed today's session $0.06 lower (-0.4%) at $16.39/oz
Base metal copper finishes pit trading notably lower after hitting 4-week highs yesterday
July copper closed $0.07 lower (-3.3%) at $2.05/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the S&P 500 (+0.4%) leads the Nasdaq Composite (+0.1%). The benchmark index remains just below its 2016 intraday high (2119.23), which was notched earlier today.

The consumer staples space (+0.1%) show the slimmest gain as household product names trade on a flat note. Elsewhere, Constellation Brands (STZ 151.86, -3.24) underperforms and is now down 0.8% for the month.

On the commodities front, WTI crude ended its day higher by 1.3% ($50.38/bbl; +$0.65).

The yield on the 10-yr note has slipped three basis points to 1.71%.

In economic news, the just-released Consumer Credit report for April showed an increase of $13.42 billion while the Briefing.com consensus expected growth of $18.50 billion. The prior month's credit growth was revised lower to $28.38 billion from $29.67 billion.

2:30 pm:

[BRIEFING.COM] The major indices remain below their best levels of the day as the Dow Jones Industrial Average (+0.4%) trades neck-and-neck with the S&P 500 (+0.4%).

In the financial sector (+0.2%), investment brokerages demonstrate relative weakness while rate-sensitive real estate investment trusts outperform. The group is likely rebounding as the probability of a rate hike in the short term continues to decline. On that note, the feds funds futures market estimates the likelihood of an interest rate hike at the June and July meetings at a respective 2.0% and 23.0%. This compares to yesterday's reading, which registered at 4.0% and 27.0%, respectively.

The U.S. Dollar Index (93.83, -0.07) has ticked lower in recent trade as the buck loses more ground to the yen, pound, and commodity currencies. The dollar/yen pair trades lower by 0.2% (107.32) after slipping from the 107.45 price level. Meanwhile, the pound trades higher by 0.8% against the dollar (1.4554).

WTI crude trades higher by 1.2% ($50.29/bbl; +0.60) ahead of its pit session close at 14:30 ET. The energy component has seen some last-minute buying interest, hovering below its session high ($50.35/bbl).

2:05 pm:

[BRIEFING.COM] The major averages have pulled back in recent action as the S&P 500 (+0.4%) floats two points off its session high. The benchmark index was rebuffed near resistance at the 2120/22 price level.

Eight sectors trade in the green as energy (+2.1%) and telecom services (+1.2%) lead the pack while utilities (-0.1%) and health care (-0.5%) round out the leaderboard.

Retail names demonstrate relative strength in the consumer discretionary space (+0.5%), evidenced by the 0.9% gain in the SPDR S&P Retail ETF (XRT 43.01, +0.36). Dow component Home Depot (HD 130.39, +1.21) has climbed 0.9% as it rebounds from yesterday's 1.9% decline. Conversely, Discovery (DISCA 27.93, -0.95) has lost 3.3% after being downgraded to "Underperform" from "Market Perform" at Bernstein. Meanwhile, influential Netflix (NFLX 100.61, -0.13) and Amazon (AMZN 723.87, -2.85) underperform the group, declining 0.2% and 0.4%, respectively.

On the commodities front, gold ended its day flat, closing at $1,247.00/ozt (-$0.40).

1:25 pm:

[BRIEFING.COM] Equity indices remain near their best levels of the day with the S&P 500 rising 0.5%. Thanks to today's advance, the benchmark index is now up 1.0% for the week.

Nine sectors continue holding gains with the energy space (+2.1%) well ahead of its peers. The growth-sensitive sector has been boosted by crude oil, which is up 0.8% at $50.10/bbl. after setting a fresh 2016 high at $50.35/bbl.

The energy sector has shown relative strength through the first five sessions of the month, rising 3.7% so far in June. Another commodity-related sector-materials-has climbed 2.7% so far in June while the remaining eight groups show month-to-date gains of no more than 1.9% (consumer staples and utilities).

1:10 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday as Fed Chair Yellen's remarks on monetary policy and her economic outlook boost the major averages for a second day in a row. Other contributing factors for today's uptick include strength from the oil pit and key sector leadership from the heavyweight industrial (+0.8%) and technology (+0.5%) sectors. The Dow Jones Industrial Average (+0.4%) trades ahead of the S&P 500 (+0.4%) and the Nasdaq Composite (+0.2%).

Today's session started on an upbeat note as futures responded to a positive bias in global bourses. Equity indices ticked higher as investors shifted to a risk-on approach following yesterday's remarks from Fed Chair Yellen. Ms. Yellen voiced her confidence in the underlying stability of the U.S. economy in the wake of a disappointing May jobs report. Furthermore, the Fed Chair stated that it would be imprudent to assign too much significance to one monthly report.

The S&P 500 (+0.4%) has built on its opening gain, extending its lead alongside a rally in crude oil. Additionally, the benchmark index has notched a new 2016 intraday high at 2119.11. At this juncture, WTI crude trades higher by 0.6% ($49.99; +$0.30). Nine sectors trade in the green with commodity-sensitive energy (+2.0%) leading telecom services (+1.2%), industrials (+0.8%), and technology (+0.5%). Conversely, health care (-0.4%) shows the only loss.

The energy space (+2.0%) displays broad-based strength as refining names and independent oil and gas companies outperform. On that note, Marathon Petroleum (MPC 36.48, +1.19) and ConocoPhillips (COP 47.17, +1.65) have jumped 3.4% and 3.6%, respectively. Elsewhere, Dow component Exxon Mobil (XOM 90.75, +1.41) is the best performer in the price-weighted index.

The Dow Jones Transportation Average (+1.4%) demonstrates relative strength as airline names lead the group. United Continental (UAL 46.16, +1.63) and American Airlines (AAL 32.60, +1.34) have climbed a respective 3.7% and 4.3%. Elsewhere in the index, FedEx (FDX 165.07, +1.80) has gained 1.1% after increasing its dividend to $0.40 from $0.25. For the year, the Transportation Index has gained 5.0%, compared to a gain of 3.7% in the benchmark index.

In the technology space (+0.5%), data storage names outperform after Western Digital (WDC 49.66, +1.64) received an upgrade to "Buy" from "Neutral" at Mizuho. Separately, the PHLX Semiconductor Index has gained 1.0% as the high-beta chipmakers display relative strength. Conversely, Yahoo! (YHOO 36.86, -0.30) has declined by 0.6% after headlines indicated that Verizon (VZ 51.66, +0.95) is bidding $3 billion for the web portal's assets.

Biotechnology demonstrates relative weakness as the sub-group trades lower in sympathy with Valeant Pharmaceuticals (VRX 24.72, -4.13) and Biogen (BIIB 255.60, -34.33). Valeant Pharmaceuticals has plunged 14.3% after disappointing investors with its quarterly report and guidance. Meanwhile, Biogen has fallen 11.8% after missing endpoint goals for its opicinumab treatment.

The U.S. Dollar Index (93.96, +0.05) floats above its flat line as the greenback trims its loss against the yen and the pound. The pound/dollar pair trades higher by 0.7% (1.4548) while the dollar has lost 0.1% against the safe haven yen (107.44).

The Treasury complex sits off its session high with the yield on the 10-yr slipping three basis points to 1.71%.

Today's economic data included the revised estimate for first quarter Productivity and Unit Labor Costs:

Nonfarm business sector labor productivity decreased at a 0.6% annual rate in the first quarter, as expected, versus an originally reported decrease of 1.0%.
The revised productivity number was the result of output increasing 0.9% and hours worked increasing 1.5%. On a year-over-year basis, first quarter productivity increased a lowly 0.7%.
While the upward revision to first quarter productivity is nice to see, the fact remains that productivity is weak.
Unit labor costs, in turn, were revised higher, logging an increase of 4.5% (Briefing.com consensus 4.0%) versus an originally reported increase of 4.0%.
The revised unit labor costs number flowed from the 0.6% decline in productivity and a 3.9% increase in hourly compensation. On a year-over-year basis, unit labor costs are up 3.0%.

Separately, Consumer Credit for April (Briefing.com consensus $18.5 billion) will be released at 15:00 ET.

12:30 pm:

[BRIEFING.COM] The S&P 500 (+0.4%) trades in-line with the Dow Jones Industrial Average (+0.4%) while the tech-heavy Nasdaq (+0.1%) underperforms amid weakness in biotechnology.

The Dow Jones Transportation Average (+1.4%) trades off its best level of the day, extending its yearly gain to 4.9%. In the group, airlines continue to outperform, evidenced by the 2.7% gain in the U.S. Global Jets ETF (JETS 23.23, +0.60). Elsewhere, UPS (UPS 104.46, +1.35) has gained 1.3% as investors look to presentations by the company at several UBS conferences. Additionally, the stock is benefiting from a 1.1% gain in peer FedEx (FDX 165.02, +1.75). FedEx outperforms after announcing that it would increase its dividend by 60.0% (from $0.25 per share to $0.40).

On the commodities front, WTI crude trades higher by 0.8% ($50.07; +0.38). Investors are looking ahead to this evening's weekly stockpile data from the API, which is expected to show that crude oil inventories declined by 3.50 million barrels. Meanwhile, gold trades lower by 0.2% ($1,244.60/ozt; -$2.80).

12:00 pm:

[BRIEFING.COM] The stock market trades off its session high with the the S&P 500 up 0.4%.

The energy sector (+1.8%) has extended its lead as it trades in front of telecom services (+1.0%), industrials (+0.7%), and technology (+0.4%).

In the technology space (+0.4%), the high-beta chipmakers outperform, evidenced by the 0.7% gain in the PHLX Semiconductor Index. Elsewhere, Western Digital (WDC 49.72, +1.70) has climbed 3.5% after receiving an upgrade at Mizuho from "Neutral" to "Buy." Fellow data storage name Seagate Technology (STX 24.45, +0.56) has jumped 2.3%, trading higher in sympathy with Western Digital. Separately, large cap components Microsoft (MSFT 52.52, +0.39) and Apple (AAPL 99.40, +0.77) have gained 0.8% apiece.

In company specific news, Verizon (VZ 51.72, +1.01) has climbed 2.0% as headlines indicate that the company is bidding $3 billion for Yahoo's (YHOO 36.90, -0.16) web assets. The telecom giant's gain has overwhelmingly contributed to the outperformance of the telecom services sector (+1.0%).

The Treasury complex hovers off its session high with the yield on the 10-yr slipping two basis points to 1.72%.

11:30 am:

[BRIEFING.COM] The Dow Jones Industrial Average (+0.4%) and the S&P 500 (+0.4%) float near their best levels as the benchmark index establishes a new 2016 high (2117.46). The climb to new session highs corresponded with an uptick in oil.

The health care space has trimmed its loss to 0.5% after showing an initial drop of 0.9%. Biotechnology and specialty pharmaceutical names continue to sport the largest losses as a weak quarterly report from Valeant Pharmaceuticals (VRX 24.58, -4.26) and disappointing phase-two results from Biogen (BIIB 252.87, -36.97) provoke a sympathy trade in the broader sub-group. The iShares Nasdaq Biotechnology ETF (IBB 278.46, -7.61) has erased a monthly gain of 2.3% and is now down 0.5% for the month. Conversely, AbbVie (ABBV 63.42, +0.60) has gained 0.9%, rebounding from yesterday's loss of 3.4%.

On the commodities front, WTI crude trades higher by 0.7% ($50.05, +$0.36) while gold continues to sport a loss of 0.3% ($1,243.40/ozt; -$4.00)

11:00 am:

[BRIEFING.COM] The major averages have ticked off their session highs as the S&P 500 (+0.3%) failed to clear resistance at the 2116 price level. However, the benchmark index did notch a new 2016 intraday high (2117.16) and also broke an intraday high going back to November of 2015.

Nine sectors trade in the green as financials (+0.1%), consumer discretionary (+0.2%), consumer staples (+0.2%), and materials (+0.2%) sport the slimmest gains.

The energy space (+1.6%) displays relative strength as the group responds to a 0.5% gain in crude oil ($49.95/bbl; +$0.26). However, the energy component has pulled back in recent trade, ticking off the $50.10 price level. In the group, refining names outperform with Marathon Petroleum (MPC 36.00, +0.71) gaining 2.0%.

The U.S. Dollar Index (93.91, +0.01) has returned to its flat line in recent action as the pound trims its gain against the buck. The pound/dollar pair trades higher by 0.6% (1.4535) after slipping from the 1.4590 price level. Separately, the dollar has extended its loss to 0.3% against the safe haven yen (107.20).

10:30 am: [BRIEFING.COM]

The dollar index drifts lower, down -0.1% around the 93.83 level, aiding select commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.01% at 88.13
Crude oil moves back above $50/barrel, hitting 8-month highs as oil output in Nigeria continues to be threatened
July crude oil futures are currently up $0.49 (+1.0%) at $50.18/barrel
EIA crude oil inventory data is scheduled to be released tomorrow at 10:30 am ET
IEA monthly data is scheduled to be released on June 14th
Baker Hughes announces that the international rig count for May 2016 was 955, a decrease of ~17.5% Y/Y
The international offshore rig count for May 2016 was 229, up 9 from the 220 counted in April 2016, and down 55 from the 284 counted in May 2015.
The avg U.S. rig count for May 2016 was 408, down 29 from the 437 counted in April 2016, and down 481 from the 889 counted in May 2015.
The avg Canadian rig count for May 2016 was 42, up 1 from the 41 counted in April 2016, and down 38 from the 80 counted in May 2015.
Natural gas finds support near 2.40/MMBtu and stages a modest rally to a fresh high of the day, still in the red
July natural gas futures are currently down $-0.01 (-0.3%) at $2.46/MMBtu
EIA natural gas inventory data is scheduled to be released this Thursday at 10:30 am ET
In precious metals, gold surges off its lows around the $1237.00/oz level and consolidates near its early morning highs, still red for the day
August gold futures are currently down $4.20 (-0.3%) at $1243.20/oz
Silver moves in tandem with gold in morning pit trading, bouncing off its lows to trade just below the previous session's close
July silver futures are currently down $0.07 (-0.4%) at $16.38/oz
Base metal copper plummets, stabilizing near its lows of the day in morning pit trading
July copper futures are currently down $0.06 (-2.7%) at $2.06/lb

10:05 am:

[BRIEFING.COM] The major averages trade near their opening highs as the Dow Jones Industrial Average (+0.3%) leads the S&P 500 (+0.2%).

Nine sectors trade in the green with commodity-sensitive energy (+0.9%) trading ahead of industrials (+0.6%) and technology (+0.5%).

The Dow Jones Transportation Averages (+0.8%) demonstrates relative strength as airline names outperform. In the group, American Airlines (AAL 32.09, +0.83) and JetBlue Airways (JBLU 18.47, +0.51) have gained 2.7% and 2.8%, respectively. The broader index shows a gain of 0.5% in June, compared to an uptick of 0.8% in the benchmark index over that period.

The U.S. Dollar Index (93.85, -0.06) trades below its flat line as commodity currencies and the yen gain against the greenback. The dollar/Canadian dollar pair trades lower by 0.3% (1.2780) while the dollar has lost 0.2% against the yen (107.38).

The Treasury complex trades at session highs as the yield on the 10-yr note slides three basis points to 1.71%.

9:45 am:

[BRIEFING.COM] The stock market began the day on a higher note as the Dow Jones Industrial Average (+0.4%) led the S&P 500 (+0.2%) and the Nasdaq Composite (UNCH).

Eight sectors trade in the green with energy (+1.0%) leading the advance. The remaining gainers sport upticks between 0.1% (consumer staples) and 0.5% (industrials). On the other side of the board, health care (-0.8%) and utilities (-0.1%) sport the only losses.

In the health care space (-0.8%), biotechnology underperforms as the group trades lower in sympathy with Valeant Pharmaceuticals (VRX 23.20, -5.65). The company disappointed investors with its quarterly results and guidance this morning.

Elsewhere, integrated oil and gas names outperform in the energy space (+1.0%). On that note, Dow component Exxon Mobil (XOM 90.29, +0.95) tops the price-weighted index.

On the commodities front, WTI crude has reclaimed the $50.00/bbl price level, trading higher by 0.7% ($50.06; +0.37). Separately, gold has ticked lower by 0.4% ($1,242.50/ozt; $-4.90).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +4.50.

The stock market is on track for a flat start as the S&P 500 futures trade two points above fair value.

Equity futures have pulled back from their overnight highs, but continue to sport modest gains. Overnight, global equity markets edged higher as investors weighed recent commentary from Fed Chair Yellen. Ms. Yellen voiced her confidence in underlying economic conditions in the U.S., dispelling apprehension from Friday's disappointing Employment Situation Report for May. The Fed Chair stated that it would be imprudent to assign too much significance to one monthly report. Additionally, Ms. Yellen voiced her confidence in a gradual path towards interest rate normalization.

In company specific news, Navistar (NAV 12.85, +0.69) has gained 5.7% after beating bottom-line estimates for the quarter on in-line revenue. However, the company lowered its earnings guidance for the full year. Casey's General (CASY 121.29, -2.48) has slipped 2.0% after reporting below-consensus earnings results. Casey's General reported that revenue fell 4.3% on a year-over-year basis. Separately, FedEx (FDX 165.60, +2.33) trades higher by 1.4% after announcing plans to raise its quarterly dividend to $0.40 per share from $0.25.

The U.S. Dollar Index (93.91, +0.00) trades on a flat note as commodity currencies and the pound tick higher against the greenback. The dollar/Canadian dollar pair trades lower by 0.2% (1.2786) as oil sports a solid gain. Elsewhere, the pound has gained 0.8% against the buck (1.4559) after the latest poll showed that the "Remain" camp has a slight edge ahead of the upcoming "Brexit" vote.

Today's economic data will be capped off with the 15:00 ET release of Consumer Credit for April (Briefing.com consensus $18.5 billion).

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +8.90.

The S&P 500 futures trade three points above fair value, pulling back alongside overseas indices.

Equity indices in the Asia-Pacific region ended Tuesday on a broadly higher note with Hong Kong's Hang Seng (+1.4%) pacing the advance. Elsewhere, the Reserve Bank of Australia left its key rate at 1.75% and the accompanying commentary suggested the central bank will maintain this level for the foreseeable future. Similarly, the Reserve Bank of India also held pat, keeping its key rate at 6.5%, as expected.

In economic data:
Australia's May AIG Construction Index 46.7 (previous 50.8)
Japan's April Leading Index 100.5 (expected 100.8; last 99.3) and April Coincident Indicator +2.0% month-over-month (previous 0.2%)

---Equity Markets---

Japan's Nikkei gained 0.6% with all ten sectors ending in the green. Energy (+2.1%), utilities (+1.9%), and industrials (+1.4%) outperformed while consumer discretionary (+0.2%) lagged. Alps Electric, Inpex, Yokogawa Electric, Komatsu, Sumitomo Metal Mining, FANUC, and TDK gained between 2.5% and 5.5%.
Hong Kong's Hang Seng climbed 1.4% with all but five components posting gains. Consumer names China Mengniu Dairy, Li & Fung, and Tingyi gained between 2.3% and 4.1% while energy names like Kunlun Energy, Petrochina, and CNOOC advanced between 2.3% and 2.6%.
China's Shanghai Composite ticked up 0.1%. Bank of China rose 0.3% and China Molybdenum added 0.7%.

Major European indices trade in the green with Italy's MIB (+1.6%) and Germany's DAX (+1.5%) setting the pace for the region. The British pound saw some overnight strength across the board after the latest Brexit poll showed that the 'Remain' camp has a slight edge. The pound has climbed 0.8% against the dollar to 1.4558.

In economic data:
Eurozone Q1 GDP +0.6% quarter-over-quarter (expected 0.5%; last 0.5%); +1.7% year-over-year (consensus 1.5%; last 1.5%)
Germany's April Industrial Production +0.8% month-over-month (expected 0.7%; last -1.1%)
UK's May Halifax House Price Index +0.6% month-over-month (expected 0.3%; last -0.8%); +9.2% year-over-year (consensus 8.9%; last 9.2%)
France's April trade deficit EUR5.20 billion (expected deficit of EUR4.00 billion; previous deficit of EUR4.20 billion) and April Current Account deficit EUR2.80 billion (expected deficit of EUR500 million; last deficit of EUR1.80 billion)
Spain's April Industrial Production +2.7% year-over-year (consensus 2.1%; last 2.9%)

---Equity Markets---

UK's FTSE has climbed 0.3% with energy and consumer names among the leaders. Royal Dutch Shell and BP hold respective gains of 2.9% and 0.9% while Sports Direct, Next, and Burberry are up between 1.7% and 2.3%. A handful of miners appear among the laggards with Antofagasta and Anglo American down 2.1% and 1.4%, respectively.
France's CAC trades up 1.1% with all but one listing in the green. Peugeot leads with a 2.8% gain while financials Societe Generale, BNP Paribas, and Credit Agricole are up between 1.7% and 2.4%. On the downside, Vivendi is down 1.3%.
Germany's DAX is higher by 1.5% amid broad strength. Heavyweights Bayer, Deutsche Bank, BASF, and Volkswagen lead with gains between 2.2% and 3.5%.
Italy's MIB has rallied 1.6% with financials Banca di Milano Scarl, Banco Popolare, BMPS, UBI Banca, Unicredit, and Banca Mediolanum up between 2.3% and 6.4%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +10.40.

Equity futures have pulled back in recent action with the S&P 500 futures trading four points above fair value.

Productivity data for the first quarter showed a decrease of 0.6%, which was better than the 1.0% decrease that had been reported in the preliminary reading. The reading was in-line with the Briefing.com consensus. Unit labor costs for the first quarter were revised higher to reflect an increase of 4.5% after they had reportedly increased 4.1% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would be revised to 4.0%.

8:04 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +12.10.

U.S. equity futures trade higher with the S&P 500 futures floating five points above fair value. Futures moved higher in lockstep with global equities overnight as investors ruminated over yesterday's remarks from Fed Chair Yellen. Ms. Yellen maintained an upbeat outlook on the U.S. economy and cautioned assigning too much significance to one monthly report. Furthermore, Fed Chair Yellen stated that a gradual path to interest rate normalization will likely to be appropriate. For its part, WTI crude has gained 1.1% ($50.24/bbl; +0.55), climbing above the psychological $50.00/bbl price level.

Overseas, a positive reading of Germany's April Industrial Production (+0.8% month-over-month; expected 0.7%; last -1.1%) has helped Germany's DAX (+1.7%) outperform. Meanwhile, China's FX Reserves fell largely in-line with market expectations.

The Treasury complex trades on a modestly higher note with the yield on the 10-yr note slipping one basis point to 1.72%.

On the economic front, 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.

In U.S. corporate news of note:

Valeant Pharmaceuticals (VRX 23.86, -4.99): -17.3% after missing bottom-line results for the quarter and lowering its outlook for FY16
Zillow (Z 32.84, +2.51): +8.3% following the announcement of a settlement agreement with News Corp. (NWSA 12.16, +0.00)
Sarepta Therapeutics (SRPT 20.97, +4.92): +30.7% after the FDA requested further data regarding its dystrophin study
United Natural Foods (UNFI 42.40, +3.57): +9.2% following the company beating bottom-line estimates on light revenue and raising FY16 earnings guidance

Reviewing overnight developments:

Asia-Pacific markets ended higher with Hong Kong's Hang Seng +1.4%, Japan's Nikkei +0.6%, and China's Shanghai Composite +0.1%.
In economic data:
Australia's May AIG Construction Index 46.7 (previous 50.8)
Japan's April Leading Index 100.5 (expected 100.8; last 99.3) and April Coincident Indicator +2.0% month-over-month (previous 0.2%)
In news:
The Reserve Bank of Australia left its key rate at 1.75%
Additionally, accompanying commentary suggested the central bank will maintain this level for the foreseeable future.
Similarly, the Reserve Bank of India also held pat, keeping its key rate at 6.5%, as expected.

European indices trade in the green with Germany's DAX +1.7%, France's CAC +1.2%, and the U.K.'s FTSE +0.3%. Elsewhere, Italy's MIB has climbed 1.8%.
In economic data:
Eurozone Q1 GDP +0.6% quarter-over-quarter (expected 0.5%; last 0.5%); +1.7% year-over-year (consensus 1.5%; last 1.5%)
Germany's April Industrial Production +0.8% month-over-month (expected 0.7%; last -1.1%)
UK's May Halifax House Price Index +0.6% month-over-month (expected 0.3%; last -0.8%); +9.2% year-over-year (consensus 8.9%; last 9.2%)
France's April trade deficit EUR5.20 billion (expected deficit of EUR4.00 billion; previous deficit of EUR4.20 billion) and April Current Account deficit EUR2.80 billion (expected deficit of EUR500 million; last deficit of EUR1.80 billion)
Spain's April Industrial Production +2.7% year-over-year (consensus 2.1%; last 2.9%)
In news:
The British pound saw some overnight strength across the board after the latest Brexit poll showed that the 'Remain' camp has a slight edge.
The pound has climbed 0.9% against the dollar to 1.4575.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +20.40.

5:55 am: [BRIEFING.COM] Nikkei...16675...+95.40...+0.60%. Hang Seng...21328...+298.00...+1.40%.

5:55 am: [BRIEFING.COM] FTSE...6318.40...+45.00...+0.70%. DAX...10301.11...+180.00...+1.80%.

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

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

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


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