TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 3:05 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: June 22nd Wednesday Trade Results - Loss $8,625.00
PostPosted: Thu Jun 23, 2016 4:13 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
062216-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-8625.00.png
062216-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-8625.00.png [ 93.98 KiB | Viewed 280 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 @ ($8625.00) dollars or -172.50 points, Light Crude Oil CL ($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 Loss @ ($8,625.00) 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

Today's 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 to minimize delays in posting of my trades. Also, the free chat room is not a signal calling chat room. 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. In addition, 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=2392

The free chat room is not a signal calling chat room. I do not mentor (never have). There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. In contrast, the free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. Please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. The free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages and many different types of social media software can be used to log in. I'm the moderator of the free chat room. Thus, I keep the peace between members and I keep out the trouble makers so that members can peacefully post their observations about the markets, trades and WRB Analysis commentary.

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=294&t=3166 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

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

Attachment:
062216-Key-Price-Action-Markets.png
062216-Key-Price-Action-Markets.png [ 1.11 MiB | Viewed 284 times ]

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


4:15 pm: [BRIEFING.COM] The stock market ended the midweek affair on a lower note as investors showed caution ahead of the United Kingdom's referendum vote regarding membership in the European Union. Contributing factors impacting today's trade included a downturn in oil and divided sector leadership between the heavily-weighted health care (+0.3%) and technology (-0.4%) sectors. The Dow Jones Industrial Average (-0.3%) finished the session behind both the Nasdaq Composite (-0.2%) and the S&P 500 (-0.2%).

Equity indices began the day on a higher note as investors responded to a positive bias in global equity markets. Global bourses ticked up overnight as investors looked to largely even polls between the "Brexit" camps and an uptick in crude oil. However, support from the oil pit faded through the session as the Department of Energy's weekly inventory report surprised to the downside. The stockpile data showed below-consensus results for crude oil (-0.91 million barrels; estimate: -1.67 million) and gasoline (+0.62 million barrels; estimate: -0.32 million) inventories. As a result, WTI crude finished its pit session lower by 1.3% ($49.12/bbl; -$0.65).

The S&P 500 (-0.2%) decoupled from oil in the first hour of trade as the heavyweight health care sector (+0.3%) climbed the leaderboard. The rally in the countercyclical sector took root after the Center for Medicare and Medicaid Services reported that spending levels did not exceed targets, which in turn did not trigger cost-cutting provisions in the program. The resulting strength in the health care sector helped the benchmark index briefly clear resistance at the 2095 price level, notching a session high at 2099.71.

The major averages pared gains in the early afternoon, which corresponded to both the close of trade in Europe and the release of a new Brexit poll. The polling data indicated that the "Leave" camp held a one-point lead over the "Remain" camp. The S&P 500 (-0.2%) drifted through the afternoon and eventually revisited its low in the final hour of trade. Seven sectors finished in the red with commodity-sensitive energy (-0.6%) trailing utilities (-0.5%) and technology (-0.4%) in the back of the pack. On the flipside, health care (+0.3%), telecom services (+0.2%) and materials (+0.1%) outperformed.

In the influential technology sector (-0.4%), software and cloud names demonstrated relative weakness as Adobe Systems (ADBE 94.01, -5.71) sank 5.7%. The stock was pressured after cautious guidance overshadowed better-than-expected results. Fellow software name Red Hat (RHT 79.75, -0.64) lost 0.8% ahead of this evening's quarterly report. Elsewhere, HP (HPQ 12.61, -0.72) fell 5.4% after its revised guidance for the quarter failed to impress.

The Dow Jones Industrial Average (-0.6%) underperformed after component FedEx (FDX 156.51, -7.44) slid 4.5%. The company reported top- and bottom-line beats for the quarter, but failed to show the impact of its recent TNT Express acquisition. Trucking names were also pressured in the index, as an earnings warning from Covenant Transport (CVTI 18.34, -3.63) weighed on the sub-group.

Biotechnology outperformed in the health care space (+0.3%), evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 256.56, +1.77). The ETF trimmed its monthly loss to 8.3% as the Medicare decision eased pressure regarding the group's drug-pricing. In the broader sector, Humana (HUM 187.67, -2.40) and Anthem (ANTM 128.72, -2.73) underperformed after members of the U.S. Senate called on the Department of Justice to block large health insurance mergers.

The U.S. Dollar Index (93.76, -0.25) ended off its session low as the greenback lost ground to the pound, yen, and euro. The dollar/yen pair finished lower by 0.3% (104.42) while the euro gained 0.5% against the buck (1.1298). Separately, the cable gained 0.3%, settling at 1.4703.

The Treasury complex ended its day higher with the yield on the 10-yr note slipping three basis points to 1.68%.

Today's participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, the FHFA Housing Price Index, and Existing Home Sales for May:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 2.9% in mortgage applications.
The FHFA Housing Price Index for April rose 0.2%, which followed an increase of 0.8% in March.
Existing home sales in May increased 1.8% month-over-month to a seasonally adjusted annual rate of 5.53 million (Briefing.com consensus 5.50 mln) from a downwardly revised 5.43 million (from 5.45 mln) in April.
The month of May marked the strongest pace of home sales since February 2007.
There were gains in all regions, with the exception of the Midwest, which saw sales drop 6.5% to an annual rate of 1.30 million.
Sales increased 4.1% in the Northeast, 4.6% in the South, and 5.4% in the West.
The most striking statistic out of the report was the 4.7% increase in the median existing home price for all housing types to $239,700.
That surpassed the peak median sales price of $236,300 last June and marked the 51st consecutive month of year-over-year gains.
Total housing inventory at the end of May increased 1.4% to 2.15 million existing homes for sale, but at the current sales pace, that left unsold inventory unchanged at a 4.7-month supply.
A 6.0-month supply is typically seen during normal periods of buying and selling.
The uptick in existing home sales has been helped by the increase in home equity, which has afforded homeowners increased move-up capability.
However, the increase in home prices, limited supply, and student loan debt repayment obligations have continued to compress buying activity among first-time buyers, who accounted for 30% of existing home sales in May versus 32% in April.
In a sign of the competitive times for buyers, properties typically stayed on the market for 32 days in May, down from 39 days in April and 40 days a year ago.
That is the shortest time on market since the National Association of Realtors began tracking this measure in May 2011.

Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 273k) and New Home Sales for May (Briefing.com consensus 560k), which will be released at 8:30 ET and 10:00 ET, respectively.

Nasdaq Composite -3.5% YTD
Russell 2000 +1.1% YTD
Dow Jones +2.0% YTD
S&P 500 +2.0% YTD

3:30 pm: [BRIEFING.COM]

The dollar index holds onto this morning's losses, still down -0.3% around the 93.76 level, not seeming to aid commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.6% at 88.02
Crude oil sees losses post-EIA data which showed a smaller-than-expected build compared to Consensus
August crude oil futures fell $0.65 (-1.3%) to $49.12/barrel
Crude oil inventories had a draw of -0.917 mln (consensus called for a draw of about -1.4 to -1.5 mln)
API data released yesterday evening showed a draw of -5.2 mln barrels compared to last week's build of +1.2 mln barrels
Gasoline inventories had a build of +0.627 mln
Distillate inventories had a build of +0.151 mln
Monthly IEA data is scheduled to be released July 13
Natural gas retreats from its year-to-date highs ahead of tomorrow's EIA natural gas inventory data
July natural gas closed $0.10 lower (-3.6%) at $2.67/MMBtu
EIA natural gas inventory data is scheduled to be released tomorrow at 10:30 am ET.
In precious metals, gold trades sideways, closing modestly lower as the dollar gains
August gold ended today's session down $2.60 (-0.2%) to $1269.80/oz
Silver ends afternoon pit trading unchanged for the day
July silver closed today's session flat at $17.32/oz
Base metal copper trades flat in the afternoon, holding on to this morning's modest gains
July copper closed $0.01 higher (+0.5%) at $2.13/lb

3:00 pm:

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

Five sectors trade in the green with health care (+0.6%) and telecom services (+0.4%) leading the advance. The remaining gainers show upticks between 0.1%(consumer staples) and 0.2% (materials). On the flipside, technology (-0.3%), energy (-0.3%), and industrials (-0.2%) round out the leaderboard.

In the consumer staples sector (+0.1%), discount retailers display relative strength as Costco (COST 158.20, +1.00) and Wal-Mart (WMT 71.96, +0.50) gain 0.6% and 0.7%, respectively. Elsewhere, manufacturers of personal products also outperform, likely seeing safe-haven inflows. Separately, the telecom services sector (+0.4%) leads, extending its monthly gain to 1.2%. The countercyclical sector trails only energy (-0.2%; month-to-date: +1.7%) over that period.

The Treasury complex trades on a higher note with yields declining across the curve. On that note, the yield on the 10-yr note has dropped three basis points to 1.68% while the yield on the 30-yr bond has slipped two basis points (2.49%).

WTI crude ended its session lower by 1.3% ($49.12/bbl; -$0.65).

2:30 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has traded sideways since our last update, floating nine points off its best level. Separately, the Russell 2000 (-0.1%) and the Dow Jones Industrial Average (-0.1%) hover below their flat lines.

The commodity-sensitive energy sector (-0.2%) rounds out the leaderboard, responding to a downturn in crude oil. WTI crude erased a 1.3% gain as investors weighed a below-consensus reading of the Energy Information Administration's weekly inventory report. The report showed a smaller-than-expected draw in crude oil (0.91 million barrels; estimate: -1.67 million) and an unexpected build in gasoline inventories (+0.62 million barrels; estimate: -0.32 million). The energy component trades lower by 2.5% ($49.12/bbl; -$0.73) ahead of its pit session close at 14:30 ET.

In the group, independent oil and gas names demonstrate relative weakness as ConocoPhillips (COP 44.40, -0.40) and Anadarko Petroleum (APC 54.81, -0.70) decline 0.9% and 1.3%, respectively. Anadarko received an "Underperform" designation at Credit Agricole. Elsewhere, Dow component Chevron (CVX 102.64, -0.60) weighs on the price-weighted index. The broader energy sector shows a gain of 2.6% in June, compared to a gain of 0.1% in crude oil over that time.

2:00 pm:

[BRIEFING.COM] The major averages have inched higher in recent trade as the S&P 500 (+0.1%) and the Nasdaq Composite (+0.1%) float above their flat lines.

The Dow Jones Transportation Average (-0.6%) demonstrates relative weakness as FedEx (FDX 157.07, -6.88) shows a loss of 4.2%. Shares have been under pressure after above-consensus results failed to show the impact of the TNT Express acquisition. Elsewhere, trucking names remain pressured for the second day with JB Hunt Transport Services (JBHT 79.59, -0.54) losing 0.7%.

In the broader industrial sector (-0.1%), Emerson (EMR 52.58, -0.57) has fallen 0.9% after disappointing participants with its recent growth data. The company reported that trailing three-month orders decreased 5.0% year-over-year while underlying orders were down 6.0% over that time.

On the commodities front, gold ended its pit session lower by 0.2% ($1,269.80/ozt; -$2.60), extending its weekly loss 1.9%. The precious metal has slipped further in electronic trade, declining to $1,276.60/ozt (-0.4% -$4.90). Elsewhere, the CBOE Volatility Index (19.92, +1.44) recently hit a one week high (20.26) before backing away from that level.

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to sell-off in afternoon trading as stocks set new session lows following the release of new BREXIT polls showing a slight lead for the LEAVE camp.

A look inside the Dow Jones Industrial Average shows that McDonald's (MCD 120.36, -2.27), IBM (IBM 152.41, -1.64), and Chevron (CVX 102.25, -0.99) are underperforming. McDonald's was downgraded to Neutral from Buy at Nomura this morning while Chevron is lower alongside the energy sector amid a 2% decline in crude oil futures in today's session.

Conversely, Merck (MRK 56.80, +0.55) is the best-performing Dow component as health care rallies following a ruling from the CMS's Independent Payment Advisory Board in which it decided not to trigger a reduction in Medicare spending for the year.

Ahead of tomorrow's highly anticipated BREXIT vote, the DJIA is currently up 0.6% this week.

Elsewhere, the Treasury's $28 bln 7-year auction drew a high yield of 1.497% on a bid-to-cover of 2.56

1:10 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as investors look ahead to tomorrow's Brexit referendum. Additional focal points for today's trade have included a reversal in oil, softening in the dollar, and split performances from heavily-weighted health care (+04%), financials (+0.2%), and technology (-0.2%). At midday, the Nasdaq Composite (+0.1%) trades ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (-0.1%).

Today's session began on a flat note as international bourses displayed a positive bias ahead of tomorrow's Brexit referendum. Oil provided further support for equity markets as investors responded to better-than-expected stockpile data from the API.

The S&P 500 (UNCH) extended its opening gain in the first hour of trade as equities moved higher lockstep with oil. However, the two diverged when the Department of Energy's weekly stockpile report missed expectation, knocking the energy component to a fresh session low ($49.02/bbl). Meanwhile, equities notched a session high as a rebound in biotechnology boosted the broader market.

The major averages pared gains when European trade closed for the day. Additionally, this corresponded with the release of a new Brexit poll, which showed that "Remain" and "Leave" camps continue to poll within one percentage point of one another. The S&P 500 (UNCH) flirts with its flat line as six sectors trade in the green. In front of the pack, health care (+0.5%), telecom services (+0.3%), and financials (+0.2%) lead while energy (-0.4%), technology (-0.2%), and utilities (-0.2%) round out the board.

The heavily-weighted health care space (+0.5%) demonstrates broad-based strength after Medicare issued a favorable ruling earlier in the session. The cost-cutting Medicare Independent Payment Advisory Board was not triggered this year, which could have impacted Medicare payments to biotechnology and pharmaceutical companies. As a result, the biotechnology sub-group outperforms, evidenced by the 0.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 256.92, +2.13). For the month of June, the ETF remains down 8.4%, compared to a loss of 0.8% in the broader health care space.

The economically-sensitive financial sector (+0.2%) outperforms as it trades higher with European banking names. On that note, Deutsche Bank (DB 17.04, +0.23) and Royal Bank of Scotland (RBS 7.30, +0.18) have gained 1.4% and 2.6%, respectively. On the home front, Citigroup (C 43.28, +0.36) outperforms ahead of tomorrow's stress test results from the Fed.

Heavily-weighted technology (-0.2%) trades behind the broader market as Adobe Systems (ADBE 94.80, -4.96) declines 5.0%. The company has slipped after conservative guidance overshadowed above-consensus quarterly results. Elsewhere, HP (HPQ 12.70, -0.62) has lost 4.7% after its guidance for fiscal year 2016 failed to impress investors.

The U.S. Dollar Index (93.75, -0.26) has pulled back in recent action as the greenback extends its loss against the yen, pound, and euro. The dollar/yen pair trades lower by 0.4% (104.38) while sterling has gained 0.1% against the dollar (1.4661).

The Treasury complex trades on a higher note with the yield on the 10-yr note slipped two basis points to 1.69%.

Today's economic data included the weekly MBA Mortgage Index, the FHFA Housing Price Index, and Existing Home Sales for May:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 2.9% in mortgage applications.
The FHFA Housing Price Index for April rose 0.2%, which followed an increase of 0.8% in March.
Existing home sales in May increased 1.8% month-over-month to a seasonally adjusted annual rate of 5.53 million (Briefing.com consensus 5.50 mln) from a downwardly revised 5.43 million (from 5.45 mln) in April.
The month of May marked the strongest pace of home sales since February 2007.
There were gains in all regions, with the exception of the Midwest, which saw sales drop 6.5% to an annual rate of 1.30 million. Sales increased 4.1% in the Northeast, 4.6% in the South, and 5.4% in the West.
The most striking statistic out of the report was the 4.7% increase in the median existing home price for all housing types to $239,700.
That surpassed the peak median sales price of $236,300 last June and marked the 51st consecutive month of year-over-year gains.
Total housing inventory at the end of May increased 1.4% to 2.15 million existing homes for sale, but at the current sales pace, that left unsold inventory unchanged at a 4.7-month supply.
A 6.0-month supply is typically seen during normal periods of buying and selling.
The uptick in existing home sales has been helped by the increase in home equity, which has afforded homeowners increased move-up capability.
However, the increase in home prices, limited supply, and student loan debt repayment obligations have continued to compress buying activity among first-time buyers, who accounted for 30% of existing home sales in May versus 32% in April.
In a sign of the competitive times for buyers, properties typically stayed on the market for 32 days in May, down from 39 days in April and 40 days a year ago.
That is the shortest time on market since the National Association of Realtors began tracking this measure in May 2011.

12:25 pm:

[BRIEFING.COM] The major averages have slipped lower in recent action as the S&P 500 (+0.1%) fails to maintain support at the 2093/2095 price level. Elsewhere, the Dow Jones Industrial Average (UNCH) has slipped into negative territory.

The influential technology sector (-0.1%) trades behind the broader market as Adobe Systems (ADBE 94.84, -4.87) underperforms. The company has declined by 4.9% after conservative guidance overshadowed top- and bottom-line beats for the quarter. Elsewhere, HP (HPQ 12.70, -0.62) has lost 4.7% after its guidance for fiscal year 2016 failed to measure up to expectations. Conversely, the high-beta chipmakers outperform, evidenced by the 0.3% gain in the PHLX Semiconductor Index. The price-weighted index has gained 0.3% this month, compared to a loss of 2.1% in the broader sector.

The Treasury complex has moved higher in recent action as the yield on the 10-yr note slips one basis point to 1.70%.

12:00 pm:

[BRIEFING.COM] The S&P 500 (+0.3%) has pulled back in recent action, failing near resistance at the 2100 price level. The leg lower in U.S. equities corresponded to the close of trade in Europe and the release of a new Brexit poll, which indicated that the "Remain" and "Leave" camps continue polling within one percentage point of one another.

The financial sector (+0.5%) demonstrates broad-based strength as the group trims its monthly decline to 2.8%. Citigroup (C 43.28, +0.36) and Bank of America (BAC 13.74, +0.11) outperform among money center bank names, gaining 0.8% and 0.9%, respectively. On a side note, the Fed is expected to release the first round of this year's stress test results tomorrow. Separately, life insurance names lead with Prudential (PRU 74.68, +0.96) and Principal Financial (PFG 43.85, +0.60) climbing a respective 1.3% and 1.4%.

On the commodities front, WTI crude trades lower by 1.5% ($49.10/bbl; -$0.75) while gold has trimmed its loss to 0.2% ($1,279.50/ozt; -$3.00). The precious metal is likely seeing some safe haven inflows as investors eye an uncertain outcome in tomorrow's Brexit referendum.

11:30 am:

[BRIEFING.COM] The major indices have traded sideways since our last update as the Nasdaq Composite (+0.6%) leads the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.4%).

The leaderboard remains little changed with heavily-weighted health care (+1.3%), financials (+0.6%), and consumer discretionary (+0.6%) leading the pack.

In the consumer discretionary sector (+0.6%), retail names demonstrate relative strength, evidenced by the 0.8% gain in the SPDR S&P Retail ETF (XRT 41.95, +0.34). In the ETF, Nordstrom (JWN 38.77, +1.02) and Urban Outfitters (URBN 27.21, +0.93) have climbed 2.7% and 3.6%, respectively. Conversely, Dow component McDonald's (MCD 120.61, -2.01) rounds out the price-weighted index. The fast food chain has lost 1.6% after being downgraded to "Neutral" from "Buy" at Nomura.

The U.S. Dollar Index (93.87, -0.15) has pulled back from its recent rally as the greenback trims its lead over commodity currencies. The dollar/Canadian dollar pair trades higher by 0.1% (1.2822) after ticking off the 1.2750 level earlier in the session. Separately, the euro has gained 0.3% against the dollar (1.1271).

11:00 am:

[BRIEFING.COM] The major averages have climbed since our last update as the S&P 500 (+0.5%) clears resistance at the 2095 price area and looks to test second level resistance near 2100. The leg higher in the broader market corresponded with biotechnology notching a new session high.

The heavily-weighted health care space (+1.2%) has moved to the top of the leaderboard as the iShares Nasdaq Biotechnology ETF (IBB 260.30, +5.51) jumps 2.2%. The sub-group is undergoing a relief rally as investors digest the news that the Independent Payment Advisory Board provision of the Affordable Care Act will not be triggered this year. Investors were concerned that it might be triggered early, reducing Medicare payments to biotech and pharmaceutical companies. On a yearly basis, the ETF has lost 23.1%, compared to a loss of 1.4% in the broader sector. For the month, the ETF has declined 7.0% while the benchmark index has gained 0.1%.

On the commodities front, WTI crude erased its gain shortly after the Department of Energy released its inventory data. The EIA reported that crude oil inventories fell by 0.91 million barrels, compared to the estimated 1.67 million barrel draw. Elsewhere, gasoline inventories rose 0.62 million barrels compared to the estimated 0.32 million barrel draw. At this juncture, the energy component trades lower by 0.6% ($49.52/bbl; -$0.33).

10:30 am: [BRIEFING.COM]

The dollar index declines -0.3% to the 93.70 level, not appearing to aid commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.03% at 88.56
Crude oil plummets near the previous session's close following EIA inventory data showing a smaller-than-expected draw
July crude oil futures are down $0.16 (-0.3%) at $49.69/barrel
Crude oil inventories had a draw of -0.917 mln (consensus called for a draw of about -1.4 to -1.5 mln)
API data released yesterday evening showed a draw of -5.2 mln barrels compared to last week's build of +1.2 mln barrels
Gasoline inventories had a build of +0.627 mln
Distillate inventories had a build of +0.151 mln
Natural gas loses its momentum and currently trades near parity with the previous session's close
July natural gas futures are down $0.01 (-0.3%) at 2.76/MMBtu
EIA natural gas inventory data is scheduled to be released tomorrow at 10:30 am ET.
In precious metals, gold sees little movement, showing a modest decline despite continued weakness in the dollar index
August gold futures are down $4.50 (-0.4%) at $1268.00/oz
Silver sees a morning of consolidation near the previous day's close, down along with gold even as the dollar weakens
July silver futures are currently down $0.03 (-0.2%) at $17.29/oz
Base metal copper inches higher in morning pit trading
July copper futures are up $0.01 (+0.6%) at $2.13/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (+0.2%) has floated sideways since our last update as the benchmark index trades one point off its best level of the day.

Just released, existing home sales for May rose 1.8% from April to an annualized rate of 5.53 million units while the Briefing.com consensus expected a reading of 5.50 million.

Eight sectors remain in the green with financials (+0.5%) and telecom services (+0.5%) continuing to lead the advance. On the flipside, health care (+0.1%), consumer staples (+0.1%), and industrials (+0.1%) show the slimmest gains.

The U.S. Dollar Index (93.67, -0.35) has ticked off a new session low as the buck trims its loss against commodity currencies. The dollar/Canadian dollar pair has declined 0.2% (1.2782) after slipping from the 1.2800 price level. Separately, the pound has gained 0.6% against the greenback (1.4743) while the euro has jumped 0.7% against the dollar (1.1321).

9:50 am:

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

Eight sectors opened in the green with financials (+0.4%) and telecom services (+0.4%) leading materials (+0.3%) and technology (+0.3%). The remaining gainers show upticks between 0.1% (consumer discretionary) and 0.2% (industrials). Conversely, utilities (-0.3%) and energy (-0.1%) show the only losses.

In the consumer discretionary space (+0.1%), travel and tourism names outperform as Priceline (PCLN 1,368.16, +25.11) gains 1.9%. The stock was upgraded to "Overweight" from "Equal Weight" at Barclays.

The Dow Jones Transportation Average (-0.5%) demonstrates relative weakness as FedEx (FDX 157.96, -5.98) weighs on the index. The name topped analysts' estimates for the quarter, but its outlook disappointed. Furthermore, uncertainty remains regarding its acquisition of TNT Express. Conversely, United Continental (UAL 45.43, +0.57) outperforms among airline names.

On the commodities front, WTI crude trades higher by 0.6% ($50.13/bbl; +$0.28) while gold has ticked lower by 0.2% ($1,270.10/ozt; -$2.40).

9:20 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +4.40.

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

Equity futures trade narrowly above their flat lines as investors prepare for tomorrow's Brexit referendum. The latest polls indicate that the 'Remain' camp holds a slight lead while betting markets also favor the 'Remain' faction by a wider margin. Results from the referendum are expected to roll in on Friday. Separately, Fed Chair Yellen is slated to testify before the House Financial Services Committee at 10:00 ET. By and large, participants expect her commentary to mirror yesterday's remarks, which elicited a muted response.

Oil has provided added support to the broader market as the energy component gains 0.7% ($50.19/bbl; +$0.34). The leg higher in oil comes on the heels of some better-than-expected inventory data from the API. Meanwhile, stockpile data from the Department of Energy will be released at 10:30 ET. The EIA inventory data is expected to show that crude oil inventories declined by 1.67 million barrels while gasoline inventories shrank by 0.32 million barrels.

In company specific news, McDonald's (MCD 121.30, -1.33) has lost 1.1% after being downgraded to "Neutral" from "Buy" at Nomura. Additionally, reports have circulated that the fast food chain has received bids of $3 billion for some of its locations in China. Elsewhere, Covenant Transport (CVTI 20.74, -1.23) has lost 5.6% after issuing a second-quarter earnings warning. The company cited difficult freight market conditions as well as rising fuel costs for the lowered guidance.

Today's economic data will be capped off with Existing Home Sales for May (Briefing.com consensus 5.50 million), crossing the wires at 10:00 ET.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.90.

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

The FHFA Housing Price Index for April rose 0.2%, which followed an increase of 0.8% in March.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.40.

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

Equity indices across the Asia-Pacific region ended the midweek session on a mixed note. Moody's warned about rising risks to the Chinese financial system from banks' investment in loans while Japan's Finance Minister Taro Aso called for caution ahead of tomorrow's referendum in the U.K. Also of note, North Korea fired two short-range missiles from its eastern coast. The launch has been deemed a partial failure and the market took the news in stride.

In economic data:
Australia's MI Leading Index +0.2% month-over-month (last 0.1%)
New Zealand's Credit Card Spending +5.9% (last 9.1%), Visitor Arrivals +0.1% (last -1.1%), and External Migration & Visitors +9.6% (last 7.9%)

---Equity Markets---

Japan's Nikkei fell 0.6% with eight sectors ending in the red. Utilities (-2.7%), materials (-1.9%), and industrials (-1.2%) lagged while consumer staples (+0.1%) and communications (+0.7%) eked out slim gains. Tokyo Gas, Nitto Denko, JFE Holdings, Yokogawa Electric, Honda Motor, Sony Financial Holdings, and Mitsui Fudosan lost between 2.1% and 5.9%. On the upside, Suzuki Motor, Mitsubishi Motors, and Isuzu Motors gained between 1.0% and 3.8%.
Hong Kong's Hang Seng rose 0.6% amid broad strength. Financials and gaming names outperformed with Tencent Holdings, Galaxy Entertainment, HSBC, Bank of China, and ICBC advanced between 1.0% and 2.1%.
China's Shanghai Composite climbed 0.9%. China Construction Bank, Bank of China, Sichuan Changhong Electric, and Shanghai Zi Jiang Enterprise gained between 0.6% and 2.0%.

Major European indices trade higher across the board, looking for their fourth advance in a row. Regional markets have remained sensitive to Brexit polls with the latest survey from ORB showing that the 'Remain' camp has widened its lead (to 54.0% from 53.0%). The referendum will take place tomorrow and results are expected to make the rounds on Friday. The pound is up 0.5% against the dollar at 1.4720.

Economic data was limited:
Swiss June ZEW Expectations 19.4 (last 17.5)

---Equity Markets---

UK's FTSE is higher by 0.7% amid strength in select miners and consumer names. Anglo American, Glencore, Diageo, Morrison Supermarkets, 3i Group, ITV, and Tesco are up between 1.1% and 2.3%.
France's CAC has climbed 0.7%. Financials have shown strength with Societe Generale and Credit Agricole both up near 1.0% while BNP Paribas trades up 0.5%. Consumer names are mixed as Vivendi and L'Oreal add 1.5% and 0.7%, respectively, while Orange and Louis Vuitton are both little changed.
Germany's DAX trades up 1.1% with all but two names in the green. Financials Deutsche Bank and Commerzbank hold respective gains of 1.5% and 0.7% while exporters Daimler, BMW, and Volkswagen are up between 0.7% and 1.6%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +2.00.

Futures on the benchmark index continue to trade near their previous level, floating two point above fair value.

In company specific news, Priceline (PCLN 1,372.00, +28.95) has gained 2.2% after being upgraded to "Overweight" from "Equal Weight" at Barclays. The firm also raised its price target on the company from $1,300 to $1,500. QEP Resources (QEP 18.10, -1.22) has declined 6.3% after pricing 20 million shares of common stock, generating gross proceeds of $367 million. Separately, HP (HPQ 12.96, -0.37) has lost 2.8% after the company disappointed investors with its fiscal-year 2016 outlook.

The U.S. Dollar Index (93.82, -0.20) floats above its session low as the yen, pound, and euro each show gains against the greenback. The dollar/yen pair trades lower by 0.2% (104.56) while sterling has gained 0.2% against the buck (1.4687). Separately, the euro has climbed 0.4% against the dollar (1.1286) after finding resistance near the 1.1300 mark overnight.

8:06 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +3.10.

U.S. equity futures trade on a flat note with the S&P 500 futures trading two points above fair value. Futures trade on a flat note as participants look ahead to Thursday's U.K. referendum on EU membership. The latest ORB survey shows that the 'Remain' camp has gained ground, widening its lead to 54.0% from 53.0%. Additionally, investors will be watching the second day of testimony from Fed Chair Yellen. Ms. Yellen will address the House Financial Services Committee at 10:00 ET.

Global bourses have exhibited a positive bias with the exception of Japan's Nikkei (-0.6%), succumbing to continued strength in the yen. For its part, WTI crude trades higher by 0.4% ($50.05/bbl, +0.20) after weekly API storage data showed that crude inventories fell by 5.2 million barrels, compared to last week's build of 1.1 million barrels.

The Treasury complex trades on a flat note with the yield on the 10-yr note unchanged at 1.71%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 2.9% in mortgage applications. Separately, the FHFA Housing Price Index and Existing Home Sales for May (Briefing.com consensus 5.50 million) will cross the wires at 9:00 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Adobe (ADBE 95.20, -4.52): -4.5% following the company reporting a bottom-line beat on an otherwise in-line quarter
SolarCity (SCTY 24.30, +3.11): +14.6% after Tesla Motors (TSLA 194.85, -24.76) offered to acquire the company in exchange for common shares, representing an offer of $26.50-$28.50 per share
KB Home (KBH 14.75, +0.21): +1.4% following the company surpassing analysts' estimates for the quarter
FedEx (FDX 163.05, -0.90): -0.6% after the company beat top- and bottom-line estimates for the quarter

Reviewing overnight developments:

Asia-Pacific indices ended the midweek affair on a mixed note with China's Shanghai Composite +0.9%, Hong Kong's Hang Seng +0.6%, and Japan's Nikkei -0.6%.
In economic data:
Australia's MI Leading Index +0.2% month-over-month (last 0.1%)
New Zealand's Credit Card Spending +5.9% (last 9.1%), Visitor Arrivals +0.1% (last -1.1%), and External Migration & Visitors +9.6% (last 7.9%)
In news:
In China, Moody's warned about rising risks to the Chinese financial system from banks' investment in loans
In Japan, Finance Minister Taro Aso called for caution ahead of tomorrow's referendum in the U.K
Also of note, North Korea fired two short-range missiles from its eastern coast.
The launch has been deemed a partial failure and the market took the news in stride.

European indices trade higher with Germany's DAX +1.1%, the U.K.'s FTSE +0.8%, and France's CAC +0.7%.
Economic data was limited:
Swiss June ZEW Expectations 19.4 (last 17.5)
In news:
The latest ORB survey shows that the 'Remain' camp has widened its lead to 54.0% (from 53.0%).
The referendum will take place tomorrow and results are expected to make the rounds on Friday.
For its part, the pound has gained 0.2% against the dollar (1.4680).

5:53 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +0.40.

5:53 am: [BRIEFING.COM] Nikkei...16066...-103.40...-0.60%. Hang Seng...20795...+126.70...+0.60%.

5:53 am: [BRIEFING.COM] FTSE...6237.01...+10.50...+0.20%. DAX...10054.76...+39.20...+0.40%.

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

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

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 4 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr