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 Post subject: July 5th Tuesday Trade Results - Profit $500.00
PostPosted: Wed Jul 06, 2016 9:21 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://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $500.00 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=158&t=2403

The free chat room is not a signal calling chat room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of 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. Also, you can use the free chat room to ask real-time WRB Analysis questions. Yet, 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.

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


4:15 pm: [BRIEFING.COM] The stock market ended its day on a lower note, slipping alongside European bourses. The move lower in U.S. equities was prompted by growing fears regarding Italian banking names and revitalized concerns regarding the United Kingdom's exit from the European Union. Additional factors impacting today's trade included a downturn in crude oil, strengthening in the dollar, and the underperformance of the heavyweight financial (-1.5%), industrial (-0.9%), consumer discretionary (-0.7%), and technology (-0.7%) sectors. The Nasdaq Composite (-0.8%) ended behind the S&P 500 (-0.7%) and the Dow Jones Industrial Average (-0.6%).

The major U.S. averages began the day under pressure as investors eyed a downturn in European bourses. European equity markets stumbled as participants weighed remarks from the Bank of England. The central bank struck a cautious tone this morning, warning of risks to commercial property and capital inflows following the country's surprise Brexit vote. Furthermore, Italian banks were in focus after the European Central Bank notified Banca Monte dei Paschi di Siena that it needs to reduce its non-performing loan load.

The S&P 500 (-0.7%) opened under pressure, slipping alongside weakness in heavily-weighted financials (-1.5%), industrials (-0.9%), consumer discretionary (-0.7%), and technology (-0.7%). The benchmark index tested and maintained technical support near 2084/2085 into the afternoon. However, equities succumbed to further selling pressure as crude oil moved to new session lows. WTI crude ended its session lower by 4.7% ($46.73/bbl; -$2.28).

Buyers stepped in during the final hour, enabling the benchmark index to close eight points off its worst level of the day. Eight sectors ended in the red with energy (-1.9%), materials (-1.9%), and financials (-1.5%) rounding out the board. The remaining cyclical sectors ended with losses between 0.7% (technology) and 0.9% (industrials). On the flipside, countercyclical sectors outperformed as utilities (+0.7%), consumer staples (+0.5%), telecom services (UNCH) and health care (-0.1%) each benefited from safe-haven inflows.

The financial sector (-1.5%) remained pressured throughout the session, trading lower in sympathy with European banking names. On that note, Barclays (BCS 7.21, -0.38) ended lower by 5.0% as falling bond yields and the Bank of England's outlook weighed. On the home front, Dow component JPMorgan Chase (JPM 59.55, -1.71) rounded out the price-weighted index. The bank name fell 2.8% after rebounding 2.8% last week. Elsewhere, real estate investment trusts outperformed as Public Storage (PSA 259.74, +5.90) gained 2.3%.

In the industrial sector (-0.9%), airlines demonstrated relative weakness, evidenced by the 1.6% decline in the U.S. Global Jets ETF (JETS 21.10, -0.35). The group moved lower in sympathy with Delta Air Lines (DAL 34.62, -1.15) after the company reported that passenger unit revenue fell 5.0% year-over-year in June. The airline also cut its second-quarter operating margins and unit revenue guidance.

The high-beta chipmakers underperformed in the technology space (-0.7%) as the PHLX Semiconductor Index declined by 1.8%. Qorvo (QRVO 51.82, -2.68) and Skyworks (SWKS 58.85, -3.78) rounded out the index. In the broader technology sector, data storage names underperformed as Seagate Technology (STX 23.16, -0.87) and Western Digital (WDC 44.72, -1.75) lost a respective 3.6% and 3.8%.

The U.S. Dollar Index (96.21, +0.56) ended near its best level of the day as the euro, commodity currencies, and the pound each lost ground to the buck. The single currency lost 0.8% against the greenback (1.1070) while the dollar/Canadian dollar pair gained 1.2% (1.2997). Separately, the dollar lost 0.9% against the yen (101.71).

The Treasury complex settled broadly higher as the yield on the 10-yr note slipped seven basis points to 1.37%. The 10-yr yield notched a new all-time low (1.35%) earlier in the session.

Today's participation was above the recent average as more than 955 million shares changed hands on the NYSE floor.

Economic data was limited to Factory Orders for May:

New orders for manufactured goods declined 1.0% in May (Briefing.com consensus -0.9%) to follow a revised 1.8% increase in April (from 1.9%).
The decline snapped a streak of two consecutive increases.
Shipments ticked up 0.2% despite the overall decline, representing the third consecutive increase.
Orders for durable goods decreased 2.3% after increasing a revised 3.2% in April (from 3.4%).
Transportation orders fell 5.7% and orders for manufactured nondurable goods ticked up 0.3%.
Total inventories for all manufacturing industries decreased 0.3%, representing the tenth decline in the past eleven months.
The inventories-to-shipments ratio was unchanged at 1.36.

Tomorrow's economic data will include the 7:00 ET release of the weekly MBA Mortgage Index. Additionally, the May Trade Balance (Briefing.com consensus -$40.0 billion) and June ISM Services (Briefing.com consensus 53.3) will cross the wires at 8:30 ET and 10:00 ET, respectively. The day's data will be capped off with FOMC Minutes from the June meeting, which will be released at 14:00 ET.

Nasdaq Composite -3.7% YTD
Russell 2000 +0.3% YTD
S&P 500 +2.2% YTD
Dow Jones +2.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar index extends this morning's gains, up +0.5% around the 96.17 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are down -2.5% at 87.43
Crude oil plummets to close at fresh lows of the session as the dollar index stages a notable afternoon rally
August crude oil futures fell $2.28 (-4.7%) to $46.73/barrel
Factors potentially affecting the price of crude include:
5 recent attacks this weekend on various oil pipelines located in Nigeria by militant groups after a brief stalemate
In Nigeria they pumped an avg 1.53 mln barrels a day last month, an increase of about 90,000 a day from May
Last Friday, Baker Hughes reported rig count data showing that rigs were added for 4 out of the 5 previous weeks, signaling that local production may be increasing
Due to the shortened week, API data will be released Wednesday at 4:30 pm ET and EIA crude oil data will be released Thursday, 30 min after regularly scheduled natural gas inventory data
Baker Hughes rig count data will be released this Friday at 1 pm ET
IEA Monthly data will be released July 13th
Natural gas retreats from 1-year highs hit in the previous session, plummeting nearly -8%, its biggest one-day decline of 2016
August natural gas closed $0.23 lower (-7.7%) at $2.76/MMBtu
EIA natural gas inventory data will be released Thursday at 10:30 am ET, at its regularly scheduled time
In precious metals, gold sees an afternoon of consolidation, ending near highs of the day despite notable strength in the dollar index
August gold ended today's session up $19.50 (+1.5%) to $1358.40/oz
Silver closes at fresh 2-year highs as the gold:silver ratio reaches a 2-year low, despite the dollar index gaining afternoon momentum
September silver closed today's session $0.35 higher (+1.8%) at $19.93/oz
Base metal copper consolidates in the afternoon to close near its morning lows
September copper closed $0.04 lower (-1.8%) at $2.18/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (-1.2%) trades behind the S&P 500 (-1.0%) and the Dow Jones (-0.8%).

Seven sectors remain in negative territory as energy (-2.4%), materials (-2.0%), and financials (-2.0%) sport the largest losses. The remaining cyclical sectors show losses between 1.1% (technology) and 1.2% (industrials). On the other side of the board consumer staples (+0.6%), utilities (+0.6%), and telecom services (+0.6%) pace one another while health care (-0.1%) trails.

In the technology space (-1.1%), data storage names demonstrate relative weakness as Seagate Technology (STX 23.01, -1.02) and Western Digital (WDC 44.11, -2.36) decline by 4.2% and 5.1%, respectively. Elsewhere, the high-beta chipmakers continue to lag, evidenced by the 2.2% decline in the PHLX Semiconductor Index.

The CBOE Volatility Index (VIX 16.34, +1.57) has risen 10.6% today, marking the first increase in the fear barometer in six sessions. The Volatility Index has declined by 337.7% since notching a four-month high on June 24.

WTI crude ended its day lower by 4.7% ($46.73/bbl; -$2.28).

2:30 pm:

[BRIEFING.COM] The stock market has inched higher in recent action as the S&P 500 (-0.9%) trades four points off its worst level of the day.

In front of the pack, consumer staples (+0.7%) trade in-line with telecom services (+0.7%) and utilities (+0.7%).

In the consumer staples sector (+0.7%), household product names, tobacco companies, and beverage manufacturers outperform the broader market. In the group, Campbell Soup (CPB 67.48, +1.41) demonstrates relative strength ahead of its ex-dividend date this Thursday. Elsewhere, Hershey Foods (HSY 111.76, -0.19) trades lower by 0.2% after being downgraded to "Hold" from "Buy" at Argus. Separately, Dow component Procter & Gamble (PG 85.76, +0.98) tops the price-weighted index, trading neck and neck with telecom name Verizon (VZ 56.91, +0.68).

The Treasury complex trades off its session high as the yield on the 10-yr note remains lower by seven basis points at 1.37%.

On the commodities front, WTI crude trades lower by 5.0% ($46.53/bbl, -$2.43) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have sunk to new session lows after the S&P 500 (-1.0%) violated technical support at the 2084/2085 price level. Elsewhere, the domestically-facing Russell 2000 (-1.9%) underperforms.

The commodity-sensitive energy (-2.8%) and materials (-2.1%) sectors trail heavily-weighted financials (-1.9%), industrials (-1.4%), and technology (-1.2%).

In the consumer discretionary space (-1.2%), travel and leisure names demonstrate relative weakness as Royal Caribbean (RCL 67.06, -2.05) and Carnival (CCL 43.68, -1.17) lose 2.8% apiece. Elsewhere, retail names underperform as the SPDR S&P Retail ETF (XRT 41.38, -0.96) declines 2.3%. In the ETF, Signet Jewelers (SIG 80.07, -4.08) lags, extending its yearly loss to 35.3%.

Conversely, Netflix (NFLX 97.80, +1.13) outperforms after reports indicated that Comcast (CMCSA 64.74, -0.54) would integrate the streaming service into its X1 platform. Additionally, Netflix was added to the Best Idea List at Guggenheim, receiving a price target of $150.

On the commodities front, gold ended its pit session higher by 1.5% ($1,358.40/ozt; +$19.50). Separately, oil trades off its session low ($46.34/bbl), but remains down 5.1% ($46.48/bbl, -$2.51).

1:25 pm:

[BRIEFING.COM] The major U.S. indices continue to experience selling pressure in afternoon trading, with stocks near their intra-day lows.

A look inside the Dow Jones Industrial Average shows that JPMorgan (JPM 59.29, -1.97), Caterpillar (CAT 74.07, -2.38), and Goldman Sachs (GS 144.22, -4.03) are underperforming amid broad market weakness.

Conversely, Johnson & Johnson (JNJ 122.88, +1.59) is the best-performing Dow component as shares build on their recent momentum amid the volatility in global equities.

Returning from the holiday weekend, today's decline has trimmed 2016's DJIA return to 2.24%.

1:05 pm:

[BRIEFING.COM] The stock market trades on a broadly lower note at midday as investors respond to resurgent fears regarding the impact of the United Kingdom's vote to exit the European Union. Other focal points impacting today's trade include strengthening in the dollar, weakness from the oil pit, and the underperformance of the heavily-weighted financial (-1.7%), consumer discretionary (-1.1%), industrial (-1.1%), and technology (-0.9%) sectors. At midday, the Nasdaq Composite (-1.0%) trades behind the S&P 500 (-0.8%) and the Dow Jones Industrial Average (-0.7%).

Futures slipped overnight, falling alongside a downturn in European markets. Markets in Europe adopted a risk-off posture as investors ruminated over commentary from the Bank of England. The central bank struck a cautious note this morning, citing risks to capital markets in the country following the Brexit referendum. Additionally, Italian banks have been in focus after the European Central Bank asked Italy's Banca Monte dei Paschi di Siena to cut net non-performing loans by 40.0%.

The major averages opened on a lower note, weighed down by a downturn in crude oil. The energy component slipped form the $47.50 price level at the beginning of the session as the dollar-denominated commodity was pressured by strengthening in the greenback. At this juncture, WTI crude trades lower by 4.6% ($46.75/bbl; -$2.24).

Equity indices hover near their session lows as the benchmark index looks to maintain technical support near the 2084/2085 price level. Seven sectors trade in the red with energy (-2.5%), materials (-1.9%), financials (-1.7%), and consumer discretionary (-1.1%) rounding out the board.

The economically-sensitive financial sector (-1.7%) shows broad-based weakness, pulling back from last week's 3.0% gain in the Financial Sector SPDR ETF (XLF 22.35, -0.39). The space is trading lower with European banking names as Royal Bank of Scotland (RBS 4.26, -0.35) and Lloyds Banking (LYG 2.73, -0.24) lose 7.6% and 7.9%, respectively. European banking names are succumbing to increased post-Brexit pressure following the BoE's Financial Stability Report. Additionally, falling sovereign bond yields also weigh on the group.

The Dow Jones Transportation Average (-1.7%) demonstrates relative weakness as airline names underperform in the index. Delta Air Lines (DAL 34.29, -1.48) leads the losses after reporting that passenger unit revenue fell 5.0% year-over-year in June. Furthermore, the airline also cut its operating margin guidance and unit revenue metrics for the second quarter. The U.S. Global Jets ETF (JETS 20.98, -0.46) has fallen 2.1%, trading lower in sympathy with the name.

The heavily-weighted health care sector (-0.1%) underperforms the remaining countercyclical sectors as utilities (+0.5%), telecom services (+0.5%), and consumer staples (+0.8%) see safe haven inflows. In the health care space, biotechnology underperforms, evidenced by the 1.4% loss in the iShares Nasdaq Biotechnology ETF (IBB 259.17,- 3.57). Conversely, Dow components Pfizer (PFE 35.81, +0.24) and Johnson & Johnson (JNJ 122.96, +1.67) outperform in the price-weighted index, gaining 0.7% and 1.4%, respectively.

The U.S. Dollar Index (96.02, +0.37) has slipped from its session high as the euro and the pound make up some ground against the greenback. The single currency has lost 0.6% against the buck (1.1092) after ticking off the 1.1066 price level. Separately, sterling has lost 1.8% against the dollar (1.3049).

The Treasury complex trades broadly higher as the yield on the 10-yr note slips eight basis points to 1.37%.

Today's economic data was limited to Factory Orders for May:

New orders for manufactured goods declined 1.0% in May (Briefing.com consensus -0.9%) to follow a revised 1.8% increase in April (from 1.9%).
The decline snapped a streak of two consecutive increases.
Shipments ticked up 0.2% despite the overall decline, representing the third consecutive increase.
Orders for durable goods decreased 2.3% after increasing a revised 3.2% in April (from 3.4%).
Transportation orders fell 5.7% and orders for manufactured nondurable goods ticked up 0.3%.
Total inventories for all manufacturing industries decreased 0.3%, representing the tenth decline in the past eleven months.
The inventories-to-shipments ratio was unchanged at 1.36.

12:25 pm:

[BRIEFING.COM] The S&P 500 (-0.8%) hovers three points off its session low, trading behind the Dow Jones Industrial Average (-0.7%). Elsewhere, the Nasdaq Composite (-1.1%) underperforms amid weakness in technology and biotechnology.

Seven sectors continue to show losses with energy (-2.5%), materials (-1.8%), and financials (-1.7%) rounding out the leaderboard. The remaining decliners sport losses between 0.1% (health care) and 1.2% (consumer discretionary).

The heavyweight health care space (-0.1%) underperforms the remaining countercyclical sectors as biotechnology weighs on the group. The iShares Nasdaq Biotechnology ETF (IBB 259.08, -3.67) has slipped 1.4%. The ETF gained 5.5% last week, rebounding from a post-Brexit loss of 7.9%. On the flipside, Dow component Johnson & Johnson (JNJ 122.84, +1.55) has gained 1.3%.

The U.S. Dollar Index (96.18, +0.53) trades off a fresh session high as the greenback continues to gain ground against the euro, commodity currencies, and the pound. The single currency has fallen 0.7% against the buck (1.1069) while the dollar/Canadian dollar pair trades higher by 0.8% (1.2948). Cable has tumbled 1.9% to 1.3041.

12:00 pm:

[BRIEFING.COM] The major indices have slipped lower since the last update as the Nasdaq Composite (-1.2%) trails the S&P 500 (-0.9%) and the Dow Jones Industrial Average (-0.7%).

The Dow Jones Transportation Average (-1.9%) trades behind the broader market as airline names round out the index. In the group, Delta Air Lines (DAL 35.30, -1.46) underperforms after reporting that its consolidated passenger revenue declined 5.0% year-over-year in June. The company expects its operating margin will hit 17.0% in the second quarter. This compares to a previous guidance range of 21.0% to 23.0%.

In the broader industrial sector (-1.0%), farm and construction names underperform as Deere (DE 78.81, -2.09) and Caterpillar (CAT 74.47, -1.98) lose 2.6% apiece. Separately, Danaher (DHR 79.97, +2.42) has gained 3.2% after completing its separation with Fortive (FTV 48.55, -0.99).

On the commodities front, WTI crude trades lower by 4.3% ($46.87/bbl; -$2.13) while gold shows a gain of 1.0% ($1,351.70/ozt, +$12.70).

11:35 am:

[BRIEFING.COM] The S&P 500 ticked off a fresh session low in recent trade, trimming its loss to 0.7%. The uptick corresponded with FBI Director Comey stating that "no reasonable prosecutor" would bring a case against Hillary Clinton regarding personal e-mail use.

The commodity-sensitive energy space (-2.2%) trades off a new low, corresponding with a similar move in crude oil. At this juncture, WTI crude trades lower by 4.5% ($46.77; -$2.22). In the sector, Dow component Chevron (CVX 103.70, -0.45) outperforms, losing 0.4%. Elsewhere, refining names are under pressure with Valero Energy (VLO 49.57, -1.85) and Marathon Petroleum (MPC 37.95, -1.32) losing 3.5% apiece.

The U.S. Dollar Index (96.08, +0.44) has ticked higher in recent trade as the euro and the pound slide back towards their session lows. The euro/dollar pair trades lower by 0.6% (1.1092) while sterling has declined 1.9% against the buck (1.3043). Separately, the dollar/yen pair trades lower by 0.9% (101.65).

11:00 am:

[BRIEFING.COM] The major averages have ticked lower in recent trade as the Nasdaq Composite (-1.0%) trails the S&P 500 (-0.7%). The benchmark index trades two points off its session low.

The heavily-weighted financial sector (-1.6%) demonstrates broad-based weakness, trading lower in sympathy with European banking names. Credit Suisse (CS 10.36, -0.51) and Barclays PLC (BCS 7.24, -0.35) underperform as declining sovereign bond yields pressure the group. Additionally, the Bank of England startled investors when it warned of risks to commercial property and capital inflows following the results of the referendum vote.

On the home front, Dow component JPMorgan Chase (JPM 59.54, -1.72) rounds out the price-weighted index, declining 2.8%. Conversely, real estate investment trusts demonstrate relative strength, gaining as investors look to the sub-group's dividend yield.

The Treasury complex trades near the best level of the day as the yield on the 10-yr note slips seven basis points to 1.37%. Separately, the yield on the 2-yr note has fallen four basis points to 0.55%, showing an 82 basis point differential between the yield on the 10-yr.

10:30 am: [BRIEFING.COM]

The dollar index is up modestly, +0.06% trading around the 95.70 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are down -2.4% at 87.52
Crude oil sees a notable drop as Nigerian & Canadian oil capacity is expected to return to pre-crisis levels
August crude oil futures are down $1.59 (-3.3%) at $47.40/barrel
5 recent attacks this weekend on various oil pipelines located in Nigeria by militant groups after a brief stalemate do not seem to be affecting the price of oil this morning
In Nigeria they pumped an avg 1.53 mln barrels a day last month, an increase of about 90,000 a day from May
Last Friday, Baker Hughes reported rig count data showing that rigs were added for 4 out of the 5 previous weeks, signaling that local production may be increasing
Due to the shortened week, API data will be released Wednesday after the bell and EIA crude oil data will be released Thursday, 30 min after regularly scheduled natural gas inventory data
Baker Hughes rig count data will be released this Friday at 1 pm ET
IEA Monthly data will be released July 13th
Natural gas retreats from its highs of 2016 seen in the previous session
August natural gas futures are down $0.18 (-6.0%) at $2.81/MMBtu
EIA inventory data will be released at its normally scheduled day and time at 10:30 am ET this Thursday
In precious metals, gold sees modest gains despite strength in the dollar index
August gold futures are currently up $12.90 (+0.9%) at $1351.90/oz
Silver sees another notable rally, increasing more than the price of gold, as the gold:silver ratio drops to its lowest level in 2 years
September silver futures are up $0.34 (+1.7%) at $19.93/oz
Base metal copper sees a steep drop in morning pit trading
September copper futures are down $0.04 (-1.8%) at $2.18/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.7%) has ticked higher in recent action after briefly testing support near the 2084/2085 price level.

Just released, the Factory Orders Report for May showed a decline of 1.0%, which compares to the Briefing.com consensus of -0.9%. The April reading was revised to 1.8% (from 1.9%).

Seven sectors continue to trade in the red as energy (-1.8%), financials (-1.3%), and materials (-1.2%) round out the leaderboard. Conversely, telecom services (+0.4%) and utilities (+0.2%) lead.

The U.S. Dollar Index (95.68, +0.03) has ticked higher in recent trade as the greenback extends its lead over commodity-currencies. The dollar/Canadian dollar pair trades lower by 0.9% (1.2964) after ticking off the 1.2890 price level earlier this morning. Separately, the dollar has lost 1.0% against the yen (101.61).

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day on a lower note as the Nasdaq Composite (-0.7%) trades behind the S&P 500 (-0.6%) and the Dow Jones Industrial Average (-0.5%).

Seven sectors trade in the red with financials (-1.2%) and energy (-1.1%) leading to the downside. The remaining decliners sport losses between 0.3% (health care) and 0.8% (technology). On the flipside, countercyclical sectors outperform with telecom services (+0.7%), utilities (+0.3%), and consumer staples (+0.2%) leading the pack.

In the consumer discretionary space (-0.7%), automakers demonstrate relative weakness as General Motors (GM 28.39, -0.50) and Ford (F 12.43, -0.29) lose 1.7% and 2.2%, respectively. Elsewhere, Tesla Motors (TSLA 209.96, -6.53) has declined by 3.1% after reporting production and delivery numbers that missed estimates for the second quarter.

The high-beta chipmakers demonstrate relative weakness as the PHLX Semiconductor Index falls 1.7%. In the group, Skyworks (SWKS 59.49, -3.11) has lost 5.0% after being downgraded to "Sector Weight" at Pacific Crest.

On the commodities front, WTI crude trades lower by 3.1% ($47.48/bbl; -$1.50) while gold has ticked higher by 1.1% to $1,353.90/ozt.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: -10.20. Nasdaq futures vs fair value: -20.70.

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

Global equity markets stumbled overnight, weighed by a downturn in European financial names. The group has seen pressure from multiple sources as falling bond yields, concerns across the Italian banking landscape, and post-Brexit uncertainty impact the economically-sensitive group. On the European front, Italy's Banca Monte dei Paschi di Siena has been in focus after the European Central Bank asked it to cut net non-performing loans by 40.0%.

On the home front, the Treasury complex has rallied as the yield on the 10-yr note slides six basis points to 1.39%. A downturn in crude oil weighs on the broader market as WTI crude falls 3.1% to $47.48/bbl. Meanwhile, the U.S. Dollar Index (95.66, +0.02) floats near its flat line, recovering from overnight losses. The greenback has declined 0.9% against the safe-haven yen (101.62) while the pound has lost 1.7% (1.3060) against the buck.

On the corporate front, Gores Holdings (GRSH 10.38, +0.60) has gained 6.1% after the company announced a purchase agreement with Hostess Brands. The transaction is expected to close in the third quarter of 2016. Separately, Prudential PLC (PUK 31.65, -2.52) has lost 7.4% after being downgraded to "Underweight" from "Neutral" at JP Morgan.

Today's economic data will be limited to Factory Orders for May (Briefing.com consensus -0.9%), which will be released at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -20.00.

Equity futures have inched higher as the S&P 500 futures trade 10 points below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note with Japan's Nikkei (-0.7%) and Hong Kong's Hang Seng (-1.5%) struggling to keep pace with the region. In Australia, the weekend election produced a close vote, but no clear winner as the country's electoral commission begins counting postal votes in hopes of breaking the deadlock. Separately, the Reserve Bank of Australia left its key interest rate unchanged at 1.75%, as expected.

In economic data:
China's June Caixin Services PMI 52.7 (expected 52.3; last 51.2)
India's June Nikkei Services PMI 50.3 (last 51.0)
Australia's May trade deficit widened to AUD2.22 billion from AUD1.79 billion (expected deficit of AUD1.50 billion). May Imports +2.0% month-over-month (last -1.0%) and May Exports +1.0% month-over-month (last 1.0%). June AIG Services Index 51.3 (last 51.5) and May Retail Sales +0.2% month-over-month (expected 0.3%; last 0.1%)

---Equity Markets---

Japan's Nikkei lost 0.7% with nine sectors ending in the red. Financials (-1.1%), industrials (-1.0%), and consumer discretionary (-0.9%) lagged while consumer staples (+0.1%) outperformed. Fast Retailing, Alps Electric, Yaskawa Electric, Kubota, Eisai, TDK, and Fanuc lost between 1.8% and 4.6%.
Hong Kong's Hang Seng fell 1.5% amid weakness in most components. Consumer names like Want Want China, Tingyi, and Li & Fung lost between 3.4% and 4.5% while property names like Hang Lung Properties, Henderson Land, and Cheung Kong Property Holdings surrendered between 2.0% and 3.5%.
China's Shanghai Composite rose 0.6% with helps from the likes of Far East Smarter Energy, Sinochem International, and Beijing Jingcheng Machinery. The three names rallied between 6.4% and 10.0%.

Major European indices trade mostly lower while UK's FTSE (+0.3%) outperforms. For its part, the pound has briefly dipped to 1.3077 against the dollar, ticking beneath levels from late June. Bank of England Governor Mark Carney spoke earlier, saying Britain is entering a period of uncertainty and that people should be prudent over borrowing.

In economic data:
Eurozone May Retail Sales +0.4% month-over-month, as expected (previous 0.2%); +1.6% year-over-year, as expected (last 1.4%). June Services PMI 52.8 (consensus 52.4; last 52.4)
Germany's June Services PMI 52.8 (consensus 52.4; last 52.4)
UK's June Services PMI 52.3 (consensus 52.7; last 53.5)
France's June Services PMI 49.9, as expected (last 49.9)
Spain's June Services PMI 56.0 (consensus 55.3; last 55.4)
Italy's June Services PMI 51.9 (expected 50.2; last 49.8)

---Equity Markets---

UK's FTSE trades up 0.3% with energy-related and consumer names among the leaders. Royal Dutch Shell and BP hold respective gains of 2.1% and 1.0% while Diageo, Imperial Brands, Unilever, and Carnival show gains between 1.1% and 2.0%.
France's CAC is lower by 1.5% with exporters Peugeot and Renault down 4.1% and 2.6%, respectively. Bank shares are mixed with Societe Generale and Credit Agricole down 2.5% and 1.1%, respectively, while BNP Paribas is little changed.
Germany's DAX trades down 1.6%. Steelmaker Thyssenkrupp has slid 5.2% while Allianz, Daimler, BMW, and Volkswagen show losses between 1.4% and 3.0%. Deutsche Bank outperforms, rising 0.4%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -23.60.

The S&P 500 futures trade 12 points below fair value.

In company specific news, Netflix (NFLX 95.40, -1.29) has fallen 1.3% after being downgraded to "Hold" from "Buy" at Needham. The firm cited increasing risks associated with decelerating GDP growth from the United Kingdom and the European Union. Elsewhere, International Speedway (ISCA 35.00, +0.78) has gained 2.3% despite missing bottom-line estimates for the quarter and lowering its outlook for fiscal year 2016.

The U.S. Dollar Index (95.73, +0.08) has ticked higher in recent trade as the greenback extends its lead over the euro, pound, and commodity currencies. The single currency has lost 0.1% against the dollar (1.1140) while the pound has fallen 1.3% (1.3119) against the buck. Separately, the dollar/yen pair trades lower by 0.7% (101.90) as the safe-haven currency sees continued inflows.

8:09 am: [BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -25.20.

U.S. equity futures hover near overnight lows as the S&P 500 futures trade 13 points below fair value. Futures moved lower lockstep with global bourses as investors weighed the potential implications of the United Kingdom's exit from the European Union. The Bank of England released its Financial Stability Report recently, stating that it sees risks to inflows following the referendum. As a result, the pound/dollar pair has fallen 1.3% (1.3103), hovering near levels last seen in 1985. European financial names have been under further pressure as Italian banking names weigh. The ECB recently asked Italy's Banca Monte dei Paschi di Siena to reduce its bad debts by 40 percent over the next three years.

The Treasury complex trades on a higher note with the yield on the 10-yr note slipping five basis points to 1.40%.

On the economic front, data will be limited to Factory Orders for May (Briefing.com consensus -0.9%), which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Tesla Motors (TSLA 207.00, -9.50): -4.4% after the company reported that Q2 production and deliveries missed prior estimates
Apple (AAPL 95.10, -0.80): -0.8% following cautious commentary from Citigroup regarding demand following Britain's Brexit vote
Himax Technology (HIMX 7.78, +0.30): +4.1% after issuing guidance for Q2 that is ahead of prior estimates

Reviewing overnight developments:

Asia-Pacific indices ended Tuesday on a mixed note with Hong Kong's Hang Seng -1.5% and Japan's Nikkei -0.7% while China's Shanghai Composite +0.6%.
In economic data:
China's June Caixin Services PMI 52.7 (expected 52.3; last 51.2)
India's June Nikkei Services PMI 50.3 (last 51.0)
Australia's May trade deficit widened to AUD2.22 billion from AUD1.79 billion (expected deficit of AUD1.50 billion). May Imports +2.0% month-over-month (last -1.0%) and May Exports +1.0% month-over-month (last 1.0%). June AIG Services Index 51.3 (last 51.5) and May Retail Sales +0.2% month-over-month (expected 0.3%; last 0.1%)
In news:
In Australia, the weekend election produced a close vote, but no clear winner.
The country's electoral commission began counting postal votes in hopes of breaking the deadlock.
Separately, the Reserve Bank of Australia left its key interest rate unchanged at 1.75%, as expected.

European indices trade lower with France's CAC -1.9% and Germany's DAX -1.9% while the U.K.'s FTSE gains 0.1%
In economic data:
Eurozone May Retail Sales +0.4% month-over-month, as expected (previous 0.2%); +1.6% year-over-year, as expected (last 1.4%). June Services PMI 52.8 (consensus 52.4; last 52.4)
Germany's June Services PMI 52.8 (consensus 52.4; last 52.4)
UK's June Services PMI 52.3 (consensus 52.7; last 53.5)
France's June Services PMI 49.9, as expected (last 49.9)
Spain's June Services PMI 56.0 (consensus 55.3; last 55.4)
Italy's June Services PMI 51.9 (expected 50.2; last 49.8)
In news:
Bank of England Governor Mark Carney spoke earlier, saying Britain is entering a period of uncertainty and that people should be prudent over borrowing.

5:53 am: [BRIEFING.COM] S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -19.80.

5:53 am: [BRIEFING.COM] Nikkei...15669...-106.50...-0.70%. Hang Seng...20751...-308.50...-1.50%.

5:53 am: [BRIEFING.COM] FTSE...6507.91...-14.40...-0.20%. DAX...9559.78...-149.30...-1.50%.

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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