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 Post subject: June 8th Wednesday Trade Results - Profit $562.50
PostPosted: Thu Jun 09, 2016 6:30 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:
060816-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+562.50.png
060816-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+562.50.png [ 94.27 KiB | Viewed 276 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 @ $562.50 dollars or +11.25 points, Light Crude Oil CL ($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 @ $562.50 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=2382

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.

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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 endured a quiet midweek session, but the light participation did not stop the S&P 500 from rising 0.3% to register its third consecutive gain. The benchmark index extended its weekly advance to 1.0% with materials (+0.7%) and industrials (+0.7%) ending in the lead.

Market participants turned some lemons into lemonade today after the World Bank served up some lemons by lowering its 2016 global GDP growth forecast to 2.4% from 2.9% and slashing the U.S. growth outlook to 1.9% from 2.7%. The downgrade did not pressure stocks as investors interpreted the news as a sign that domestic and global monetary policy may remain highly accommodative for longer.

The S&P 500 marked its morning high within the first 30 minutes of action, but the index followed that move with a short-lived retreat to its flat line. Early weakness in sectors like consumer discretionary (+0.1%), financials (+0.2%), and technology (+0.4%) fostered that slip, but the S&P 500 proved resilient thanks to strength in heavily-weighted sectors like industrials (+0.7%) and health care (+0.5%). Furthermore, the technology sector overcame its early weakness thanks in part to Alphabet (GOOGL 742.93, +11.84). The stock climbed 1.6% after a few analysts made positive comments about the company.

To be fair, there were some weak spots among tech shares as the PHLX Semiconductor Index ended flat with Micron (MU 12.58, -0.42) falling 3.2% after announcing that its acquisition of Inotera, which was expected to complete in mid-July, will not be completed in the timeframe that was specified previously.

Elsewhere among cyclical sectors, the energy space (-0.2%) jumped out to an early lead, but could not hold its ground even though crude oil climbed 1.7% to $51.23/bbl, settling at a fresh 2016 high. The energy component posted a solid gain even though the latest weekly inventory report from the Department of Energy showed that gasoline inventories increased by 1.01 million barrels against expectations for a draw. As for crude inventories, they declined by 3.226 million barrels (consensus draw of 2.700 to 3.400 million barrels). Despite today's downtick, the energy sector is still up 4.0% for the week, which puts the group well ahead of the remaining nine sectors.

In other commodities, gold (+1.2% to $1262.20/ozt) and silver (+3.7% to $17.00/ozt) also rallied, benefiting from the fourth consecutive decline in the Dollar Index (93.61), which slipped 0.2% to levels from early May.

Treasuries climbed early on and maintained their gains into the close with the 10-yr yield slipping two basis points to 1.70%.

Today's participation was below average as fewer than 870 million shares changed hands at the NYSE floor.

Economic data was limited to the weekly MBA Mortgage Index and JOLTS:

The weekly MBA Mortgage Index increased 9.3% to follow last week's 4.1% decline
The Job Openings and Labor Turnover Survey for April pointed to an increase in openings to 5.788 million from last month's 5.757 million (revised from 5.670 million)

Tomorrow's data will feature weekly Initial Claims (Briefing.com consensus 265K) and April Wholesale Inventories (Briefing.com consensus 0.1%), which will be released at 8:30 ET and 10:00 ET, respectively.

Russell 2000 +4.7% YTD
S&P 500 +3.7% YTD
Dow Jones Industrial Average +3.3% YTD
Nasdaq Composite -0.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index drops, down -0.3% around the 93.60 level, boosting commodities across the board
Commodities, as measured by the Bloomberg Commodity Index, are up +1.9% at 89.94
Crude oil closes at new 8-month highs for the second consecutive trading session, buoyed by a weak dollar and production drops in parts of the world
July crude oil futures rose $0.85 (+1.7%) to $51.23/barrel
Crude oil inventories had a draw of -3.226 mln (consensus called for a draw between -2.7 to -3.4 mln)
Monthly IEA data is scheduled to be released June 14
API data released yesterday after the close showed a draw of -3.6 mln barrels
Nigerian crude oil output is at 20-year lows, a contributing factor boosting oil prices
Natural gas futures close unchanged ahead of tomorrow's EIA storage data
July natural gas closed flat at $2.47/MMBtu
EIA natural gas storage data is scheduled to be released tomorrow at 10:30 am ET
In precious metals, gold closes near highs of the day as the dollar shows marked weakness
August gold ended today's session up $15.20 (+1.2%) to $1262.20/oz
Silver surges to highs not seen since Mid-May 2016 as the dollar holds its early morning losses
July silver closed today's session $0.61 higher (+3.7%) at $17.00/oz
Base metal copper inches higher in afternoon pit trading
July copper closed $0.01 higher (+0.5%) at $2.06/lb

2:55 pm:

[BRIEFING.COM] The S&P 500 (+0.4%) has notched a fresh high going into the final hour of today's session. Thanks to today's uptick, the benchmark index is now up 1.0% for the week, extending its June advance to 1.1%.

Interestingly, this week's top-performing sector-energy-is one of today's two decliners. The sector has ticked down 0.2% today, but remains up 4.0% for the week, which leaves the group well ahead of the remaining nine sectors. Industrials and materials are both up near 1.8% for the week while the remaining sectors display weekly gains of no more than 1.3% (telecom services).

The energy sector is set to end the day with a slim decline even though crude oil settled at a fresh 2016 high, rising 1.7% to $51.23/bbl.

2:25 pm:

[BRIEFING.COM] Quiet afternoon action continues with the S&P 500 (+0.3%) hovering about two points below its session high while the Dow and Nasdaq sport comparable gains.

The materials sector (+0.7%) remains in the lead while the consumer staples space (+0.5%) has climbed into the second spot, overtaking industrials (+0.5%). Distillers and other beverage names have contributed to the sector's strength with the likes of PepsiCo (PEP 103.21, +0.72), Brown-Forman (BF.B 101.18, +3.83), and Boston Beer (SAM 161.66, +5.22) up between 0.7% and 4.0%.

Elsewhere in the sector, J.M. Smucker (SJM 132.72, +0.19) has climbed 0.2% ahead of its earnings report, which will be released tomorrow morning.

1:55 pm:

[BRIEFING.COM] The key indices continue drifting near their recent levels with the S&P 500 (+0.2%) defending a four-point gain, which leaves the index in the middle of today's trading range.

Seven sectors hover in the green with materials (+0.6%) and industrials (+0.5%) remaining in the lead. The industrial sector has received a measure of support from transport stocks, evidenced by a 0.6% gain in the Dow Jones Transportation Average. Railroad stocks like CSX (27.13, +0.66) and Norfolk Southern (NSC 86.14, +2.40) have shown relative strength while the overall Transportation Average is now up 2.2% for the week.

Similar to stocks, Treasuries have held their ground with the 10-yr yield down two basis points at 1.70%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices are holding firm with small gains as we enter late-day trading.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH 140.70, +3.76), Caterpillar (CAT 77.90, +1.09), and Merck & Co (MRK 57.78, +0.78) are outperforming. UnitedHealth is leading the Dow as shares push to fresh all-time highs after the company lifted its quarterly dividend 25%. Caterpillar and Merck are trading in line with their respective sectors, which are also outperforming the broad market.

Conversely, Verizon (VZ 51.33, -0.42) is the worst-performing Dow component as telecoms pull back in today's session.

For the week, the DJIA is +1%, pushing its year-to-date gains to 3.2%.

Elsewhere, the Treasury's $20 bln 10-year auction (reopening) at the top of the hour drew a high yield of 1.702% on a bid-to-cover of 2.7

12:55 pm:

[BRIEFING.COM] The major averages sport modest midday gains with the Dow Jones Industrial Average (+0.3%) trading a step ahead of the S&P 500 (+0.2%) and Nasdaq Composite (+0.2%).

The midweek session has been very quiet through the first half, keeping the benchmark index within an eight-point range. The S&P 500 hit its high shortly after the open, followed by a late-morning slip to its flat line; however, some recent buying interest has lifted the index to the top half of today's range.

Eight sectors sport midday gains, but that has masked relative weakness in heavily-weighted groups like consumer discretionary (+0.1%) and financials (UNCH). The two sectors remain near their flat lines at this time while the top-weighted technology space (+0.4%) shows relative strength after a sluggish start.

The tech sector has been underpinned by Alphabet (GOOGL 740.66, +9.57) as the stock rallies 1.3% in reaction to positive analyst comments. Other top-weighted tech names have not been as fortunate with Apple (AAPL 99.10, +0.07), IBM (IBM 153.53, +0.20) and Microsoft (MSFT 52.16, +0.05) hovering just above their flat lines.

Unlike technology, the energy sector (-0.1%) flashed some relative strength at the start, but the growth-sensitive group has stumbled to the basement of today's leaderboard. The sector retreated from its high after the latest weekly inventory report from the Department of Energy. According to the report, crude inventories declined by 3.226 million barrels (consensus draw of 2.700 to 3.400 million barrels) while gasoline inventories increased by 1.01 million barrels against expectations for a draw.

Today's inventory data pressured crude oil from its best level of the day after the energy component notched a fresh high for 2016 at $51.34/bbl. At this juncture, WTI crude remains up 1.3% at $50.99/bbl, extending this week's gain to 4.9%.

In sum, the price action observed in the early portion of today's session has been consistent with a belief that accommodative policy will remain in place for the time being as stocks, bonds and precious metals advance at the expense of the dollar. The Dollar Index is lower by 0.3%, tracking its fourth consecutive decline.

Treasuries sit on their highs with the 10-yr yield down two basis points at 1.70%.

Today's economic data was limited to the weekly MBA Mortgage Index and JOLTS:

The weekly MBA Mortgage Index increased 9.3% to follow last week's 4.1% decline
The Job Openings and Labor Turnover Survey for April pointed to an increase in openings to 5.788 million from last month's 5.757 million (revised from 5.670 million)

12:25 pm:

[BRIEFING.COM] Equity indices have inched up in recent action with the S&P 500 (+0.3%) trading just two points below its session high that was notched 30 minutes after the opening bell.

Sector standing has not changed much with industrials (+0.7%) and materials (+0.6%) remaining in the lead while the telecom services sector (-0.3%) is the weakest performer. However, the telecom sector accounts for just 2.3% of the entire S&P 500, which makes its underperformance negligible. More notably, heavily-weighted financials (UNCH) and consumer discretionary (UNCH) remain behind the broader market.

Treasuries have returned to their morning highs, sending the 10-yr yield lower by two basis points to 1.70%. Similar to stocks, Treasuries have spent the day inside narrow ranges.

11:55 am:

[BRIEFING.COM] The major averages continue sporting slim gains with the S&P 500 trading higher by 0.2%. The benchmark index has climbed from its session low into the middle of its trading range during the past 30 minutes, but that highlights how narrow today's trading range has been.

The benchmark index has bounced around an eight-point range so far today with trading volume running a bit below average. To that point, recent daily NYSE floor volume totals have been running below the 50-day moving average of 914 million.

Trading volumes are expected to remain light as we head into summer months, but it would not be a big surprise to see a surge in volatility after the Brexit vote on June 23.

11:25 am:

[BRIEFING.COM] Recent action saw the S&P 500 (+0.1%) and Nasdaq Composite (UNCH) return into the neighborhood of their flat lines while the Dow Jones Industrial Average (+0.2%) remains just a step ahead.

The key indices notched session highs 30 minutes into the trading day, but that move has been retraced almost entirely. A handful of influential sectors have contributed to the reversal from early highs as consumer discretionary (-0.2%), energy (-0.2%), and financials (UNCH) lag.

Elsewhere, the top-weighted technology sector (+0.2%) remains a bit ahead of the S&P 500 even though several large cap components like Apple (AAPL 98.83, -0.20), Microsoft (MSFT 52.09, -0.01), and Oracle (ORCL 39.00, -0.13) trade beneath their flat lines.

11:00 am:

[BRIEFING.COM] The major averages have pulled back alongside crude oil as the S&P 500 (+0.2%) trades three points below its best level of the day. Oil pared its gain shortly after the release of the Department of Energy's latest inventory data.

The report showed that crude inventories fell by 3.22 million barrels compared to the estimated draw of 2.74 million barrels. Conversely, gasoline inventories disappointed, showing a build of 1.01 million barrels compared to the estimated 0.67 million barrel draw. WTI crude has narrowed its gain to 1.6% ($51.15/bbl; +$0.79).

On the leaderboard, commodity-sensitive materials (+0.8%) lead industrials (+0.7%) and energy (+0.6%). In the broader energy sector, independent oil and gas names outperform with EOG Resources (EOG 85.85, +0.41) and ConocoPhillips (COP 47.91, +0.37) gaining 0.5% and 0.8%, respectively. Conversely, refining names underperform with Marathon Petroleum (MPC 35.30, -0.51) and Valero Energy (VLO 54.45, -0.90) losing a respective 1.4% and 1.6%.

The U.S. Dollar Index (93.49, -0.34) hovers above its worst level of the day as the euro and the yen continue to sport gains against the buck. The euro/dollar pair trades higher by 0.4% (1.1399) while the dollar has lost 0.6% against the yen (106.74).

10:30 am: [BRIEFING.COM]

The dollar index drops -0.4%, boosting commodities, currently trading around the 93.46 level
Commodities, as measured by the Bloomberg Commodity Index, are up +1.5% at 89.65
Crude oil sees a knee-jerk reaction following EIA petroleum inventory data, trading near fresh highs of the year
July crude oil futures are up $0.76 (+1.5%) at $51.15/barrel
Crude oil inventories had a draw of -3.226 mln (consensus called for a draw between -2.7 to -3.4 mln)
Gasoline inventories had a build of +1.01 mln
Distillate inventories had a build of +1.754 mln
Monthly IEA data is scheduled to be released June 14
API data released yesterday after the close showed a draw of -3.6 mln barrels
Natural gas trades near parity with the previous session's close ahead of tomorrow's EIA natural gas inventory data
July natural gas futures are currently up $0.01 (+0.1%) at $2.48/MMBtu
EIA natural gas inventory data is scheduled to be released at 10:30 am ET tomorrow
In precious metals, gold rallies to fresh highs of the day as the dollar sees losses
August gold futures are up $16.20 (+1.3%) at $1263.40/oz
Silver surges in morning pit trading, consolidating near its highs of the day as the dollar wanes
July silver futures are up $0.61 (+3.8%) at $17.01/oz
Base metal copper inches higher in morning pit trading
July copper futures are up $0.01 (+0.7%) at $2.07/lb
Note: Major copper producer Freeport-McMoRan (FCX, +5%) is presenting at the Deutsche Bank Global Industrials & Materials Summit

10:05 am:

[BRIEFING.COM] The S&P 500 (+0.3%) has notched a new 2016 intraday high (2119.93) as the benchmark index struggles to clear resistance near the 2120/2122 price level.

Nine sectors trade in the green with energy (+0.9%), industrials (+0.8%), materials (+0.8%), and technology (+0.4%) trading ahead of the broader market.

Just released, the April Job Openings and Labor Turnover Survey showed that job openings increased to 5.788 million from a revised 5.670 million (from 5.757 million) in March.

In the technology space (+0.4%), Alphabet (GOOGL 741.43, +10.34) demonstrates relative strength, gaining 1.4%. The stock received a target price increase to $865 from $850 at Morgan Stanley. Elsewhere, the high-beta chipmakers underperform, evidenced by the flat reading of the PHLX Semiconductor Index (UNCH).

WTI crude trades higher by 1.8% ($51.24/bbl), trading just below its session high $51.27/bbl.

9:45 am:

[BRIEFING.COM] The stock market began its day on a higher note as the Dow Jones Industrial Average (+0.3%) leads the Nasdaq Composite (+0.2%) and the S&P 500 (+0.2%).

Seven sectors trade in the green with energy (+0.8%), industrials (+0.6%), and materials (+0.6%) leading the upside. The remaining gainers sport upticks between 0.1% (consumer discretionary) and 0.3% (technology). Conversely, countercyclical telecom services (-0.1%), health care (-0.1%), and consumer staples (UNCH) round out the board.

In the health care space (-0.1%), biotechnology demonstrates relative weakness, evidenced by the 0.5% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.31, -1.44).

On the flipside, gold mining names and metal companies outperforms as dollar-denominated commodities receive a boost from a softening dollar. Gold trades higher by 1.4% ($1,264.40/ozt; +$17.40).

The U.S. Dollar Index (93.46, -0.36) trades near a session low as the greenback loses ground to the euro, yen, and commodity currencies. The euro/dollar pair trades higher by 0.4% (1.1400) while the dollar has lost 0.5% against the safe haven yen (106.85). Separately, the dollar has lost 0.5% against the Canadian dollar (1.2675).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +11.00.

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

Equity futures ticked higher overnight, receiving a boost from a positive move in oil. The energy component trades higher by 1.3% ($51.03/bbl; +$0.67) as investors weigh softening in the dollar and a better-than-expected API stockpile report. Meanwhile, the Department of Energy will release its more influential stockpile data at 10:30 ET. The report is expected to show that crude oil inventories fell by 2.74 million barrels while gasoline inventories are expected to decline by 0.67 million barrels.

International equity markets trade on a mixed note as participants eye mounting downside risks to the global economy. The World Bank lowered its 2016 global GDP growth forecast to 2.4% from 2.9% while May export data from China (-4.1% year-over-year; consensus -3.6%) disappointed.

On the corporate front, AbbVie (ABBV 62.50, -0.60) has declined by 1.0% after being downgraded to "Equal-Weight" from "Overweight" at Morgan Stanley. Elsewhere, Lending Club (LC 4.69, +0.30) has rallied 6.8% in pre-market as investors look to headlines indicating that former CEO Renaud Laplanche has held talks with private-equity firms and banks regarding potentially taking the company private.

The Treasury complex trades on a mixed note with the yield on the 10-yr note slipping one basis point to 1.71%.

Today's economic data will be limited to the April Job Openings and Labor Turnover Survey, which will cross the wires at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +12.40.

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

Equity indices across Asia ended the midweek session on a mostly lower note while Japan's Nikkei (+0.9%) outperformed after the release of an in-line GDP report for the first quarter (+0.5% quarter-over-quarter, as expected). On a separate note, the World Bank lowered its 2016 global GDP forecast to 2.4% from 2.9%.

In economic data:
Japan's Q1 GDP +0.5% quarter-over-quarter, as expected (previous 0.4%); +1.9% year-over-year, as expected (last 1.7%). April adjusted Current Account surplus narrowed to JPY1.63 trillion from JPY1.89 trillion (expected surplus of JPY2.04 trillion). Q1 GDP Capital Expenditure -0.7% quarter-over-quarter (expected -0.3%; last -1.4%)
China's May trade surplus widened to $49.98 billion from $45.56 billion (expected surplus of $58.00 billion). May Imports -0.4% year-over-year (expected -6.0%; last -10.9%) and May Exports -4.1% year-over-year (consensus -3.6%; last -1.8%)
Australia's April Home Loans +1.7% month-over-month (expected 2.5%; last -0.7%)

---Equity Markets---

Japan's Nikkei rose 0.9%. All ten sectors registered gains with energy (+2.1%) and utilities (+2.0%) in the lead while financials (+0.2%) lagged. Chubu Electric Power, Panasonic, Fanuc, Suzuki Motor, Isuzu Motors, and Konami gained between 2.2% and 4.7%. On the downside, Yokohama Rubber, Konica Minolta, and TOTO lost between 1.7% and 2.7%.
Hong Kong's Hang Seng shed 0.1%. Property names and financials saw pressure with Cheung Kong Property Holdings, Sino Land, HSBC, and China Life Insurance losing between 0.2% and 1.9%. Energy-related names outperformed with China Petroleum & Chemical, Petrochina, and CNOOC gaining between 1.9% and 2.5%.
China's Shanghai Composite shed 0.3%. Tibet Summit Industry, China Northern Rare Earth, Shanghai Join Buy, and Xiamen Overseas Chinese Electronics lost between 4.3% and 4.8%.

European markets trade on a mixed note, but losses have been held in check for the time being. The European Central Bank began its bond purchase program today, briefly pressuring Germany's 10-yr yield to a new record low of 0.03%.

In economic data:
UK's April Manufacturing Production +2.3% month-over-month (expected 0.1%; last 0.1%); +0.8% year-over-year (consensus -1.5%; last -1.9%). April Industrial Production +2.0% month-over-month (expected 0.0%; last 0.3%); +1.6% year-over-year (consensus -0.4%; last -0.2%)
Swiss May CPI +0.1% month-over-month (expected 0.2%; last 0.3%); -0.4% year-over-year (consensus -0.4%; previous -0.4%)

---Equity Markets---

UK's FTSE has gained 0.2%. RBS, Barclays, Prudential, Lloyds Banking, and HSBC are down between 0.8% and 2.1%. On the upside, Glencore, Fresnillo, and Antofagasta are up between 2.0% and 2.8%.
France's CAC is lower by 0.3% as financials weigh. Societe Generale, BNP Paribas, and Credit Agricole are down between 1.2% and 1.9%. A handful of growth-sensitive names have held up relatively well with Technip, Engie, and Lafarge up between 0.6% and 3.2%.
Germany's DAX trades down 0.5%. Deutsche Bank and Commerzbank lead the retreat with respective losses of 1.7% and 1.6% while exporters also display weakness. Daimler, BMW, and Volkswagen are down between 0.6% and 1.0%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +9.60.

Futures float near their best levels as the S&P 500 futures hover three points above fair value.

In company specific news, Polycom (PLCM 12.41, +0.45) has gained 3.8% after receiving a non-binding acquisition offer from a private equity firm, offering the company $12.25 per share in cash. However, Polycom's Board of Directors reaffirmed its commitment to merge with Mitel Networks (MITL 6.78, +0.00). Southwest Air (LUV 43.07, +1.30) has jumped 3.1% in pre-market as investors look to a 6.4% increase in the company's revenue per passenger mile.

The U.S. Dollar Index (93.61, -0.22) floats near its session low as the greenback shows losses against the euro and the yen. The euro/dollar pair trades higher by 0.2% (1.1382) after ticking off the 1.1390 price level. Meanwhile, the dollar shows a loss of 0.3% against the yen (107.00). For its part, the dollar/Canadian dollar pair trades lower by 0.5% (1.2674).

On the commodities front, WTI crude trades higher by 1.2% (50.97; +$0.62), vacillating near the $51.00/bbl price level. Elsewhere, gold has gained 0.9% ($1,258.60/ozt; +$11.60).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +11.10.

U.S. equity futures trade at overnight highs with the S&P 500 futures floating four points above fair value. Futures climbed to session highs in recent action, gaining lockstep with crude oil. The energy component has seen a healthy bid following last evening's inventory data from the American Petroleum Institute. Stockpile data showed that crude oil inventories declined by 3.56 million barrels, compared to the estimated 3.50 million barrel draw. Currently, WTI crude trades higher by 1.5% ($51.11/bbl; +$0.75).

In overseas trade, global bourses tilted to the downside as investors weighed a downward revision in the World Bank's 2016 global growth outlook (+2.4%; last +2.9%). Additionally, China's May Trade Balance ($45.56 billion; expected surplus of $58.00 billion) added to the mixed macroeconomic picture. May Imports (-0.4% year-over-year; expected -6.0%) beat expectations while May Exports (-4.1% year-over-year; consensus -3.6%) came in light.

The Treasury complex trades on a flat note with the yield on the 10-yr note unchanged at 1.72%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 9.3% in the mortgage application rate. Separately, the April Job Openings and Labor Turnover Survey will be released at 10:00 ET.

In U.S. corporate news of note:

VeriFone (PAY 20.01, -8.22): -29.1% after missing bottom-line estimates for the quarter and lowering its outlook for Q3 and FY16
lululemon athletica (LULU 70.65, +2.51): +2.3% following the company beating analysts' estimates for the quarter
Dave & Busters (PLAY 43.78, +1.92): +4.6% after reporting above-consensus bottom-line results for the quarter and raising its earnings guidance for FY17
Biogen (BIIB 254.01, +1.15): +0.5% after the company was defended by H.C. Wainwright, maintaining its price target of $360. The stock also received a bullish note from Barron's

Reviewing overnight developments:

Asia-Pacific markets ended on a mixed note with Japan's Nikkei +0.9% while China's Shanghai Composite -0.3% and Hong Kong's Hang Seng -0.1%.
In economic data:
Japan's Q1 GDP +0.5% quarter-over-quarter, as expected (previous 0.4%); +1.9% year-over-year, as expected (last 1.7%). April adjusted Current Account surplus narrowed to JPY1.63 trillion from JPY1.89 trillion (expected surplus of JPY2.04 trillion). Q1 GDP Capital Expenditure -0.7% quarter-over-quarter (expected -0.3%; last -1.4%)
China's May trade surplus widened to $49.98 billion from $45.56 billion (expected surplus of $58.00 billion). May Imports -0.4% year-over-year (expected -6.0%; last -10.9%) and May Exports -4.1% year-over-year (consensus -3.6%; last -1.8%)
Australia's April Home Loans +1.7% month-over-month (expected 2.5%; last -0.7%)
In news:
Japan's Nikkei (+0.9%) outperformed after the release of an in-line GDP report for the first quarter (+0.5% quarter-over-quarter, as expected).
On a separate note, the World Bank lowered its 2016 global GDP forecast to 2.4% from 2.9%.

European indices trade on a mixed note with Germany's DAX -0.2%, France's CAC -0.1%, and the U.K.'s FTSE +0.1%.
In economic data:
UK's April Manufacturing Production +2.3% month-over-month (expected 0.1%; last 0.1%); +0.8% year-over-year (consensus -1.5%; last -1.9%). April Industrial Production +2.0% month-over-month (expected 0.0%; last 0.3%); +1.6% year-over-year (consensus -0.4%; last -0.2%)
Swiss May CPI +0.1% month-over-month (expected 0.2%; last 0.3%); -0.4% year-over-year (consensus -0.4%; previous -0.4%)
In news:
The European Central Bank began its bond purchase program today, briefly pressuring Germany's 10-yr yield to a new record low of 0.03%.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +3.10.

5:55 am: [BRIEFING.COM] Nikkei...16831...+155.50...+0.90%. Hang Seng...21298...-30.40...-0.10%.

5:55 am: [BRIEFING.COM] FTSE...6289.71...+5.20...+0.10%. DAX...10238.25...-49.40...-0.50%.

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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