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 Post subject: July 6th Wednesday Trade Results - Profit $625.00
PostPosted: Thu Jul 07, 2016 8:43 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 @ $0.00 dollars or +12.50 points, Emini ES ($ES_F) futures @ $625.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $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=158&t=2404

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.

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Market Context Summaries

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

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


4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday affair on a higher note, rebounding from selling pressure in the opening hour. Factors impacting today's rebound included a positive reading of the ISM Services Index for June, a reversal in oil, softening in the dollar, and the outperformance of the heavily-weighted health care (+1.2%), consumer discretionary (+0.8%), and technology (+0.5%) sectors. The Nasdaq Composite (+0.8%) finished ahead of the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.4%).

The major averages began the day on a choppy note as global bourses responded to implications from the United Kingdom's decision to leave the European Union. European indices led the losses as investors weighed reports from the U.K. that several real estate funds were halting redemptions due to liquidity concerns. Additionally, growing uncertainty in the Italian banking sector added to the negative bias in regional bourses.

U.S. equity markets shrugged off early weakness, responding in part to a better-than-expected reading of the ISM Services Index for June and a reversal in the biotechnology sub-group. The major averages extended their rebound through the afternoon as the minutes from the June FOMC meeting failed to rock the boat. The minutes indicated that the Fed will likely remain on hold, pending further economic data. Additionally, the central bank commented on the need to see the outcome of the Brexit referendum (the Fed meeting was held ahead of the vote) in order to better estimate the speed and path of interest rate normalization.

The benchmark index climbed in the final hour, testing and clearing resistance near the 2095/2096 price level. The S&P 500 (+0.5%) ended off its high with eight sectors trading in the green. The heavily-weighted health care (+1.2%) sector led consumer discretionary (+0.8%), and (+0.6%) energy. The remaining gainers finished with upticks between 0.2% (utilities) and 0.5% (technology).

In the health care space (+1.2%), biotechnology outperformed as the iShares Nasdaq Biotechnology ETF (IBB 266.24, +6.16) climbed 2.4%. In the ETF, Celgene (CELG 104.60, +4.35) gained 4.3% after signing a confidentiality agreement with Medivation (MDVN 62.33, +0.57). Additionally, Sanofi (SNY 41.23, -0.13) and Pfizer (PFE 35.86, +0.05) signed similar agreements, indicating that each could be exploring a potential transaction with Medivation. Elsewhere, Valeant Pharmaceuticals (VRX 23.06, +3.11) spiked 15.6% after Walgreens Boot Alliance (WBA 81.55, -1.97) announced during its conference call that it is pleased with its relationship with Valeant.

Retail names outperformed in the consumer discretionary sector (+0.8%), evidenced by the 1.5% gain in the SPDR S&P Retail ETF (XRT 42.29, +0.63). CarMax (KMX 50.45, +2.69) outperformed among specialty retailers, rallying 5.6%. Conversely, Netflix (NFLX 94.60, -3.31) ended lower by 3.4% after Jefferies downgraded the stock to "Underperform" from "Hold." This follows Netflix receiving a downgrade to "Hold" at Needham yesterday.

The economically-sensitive financial sector (+0.4%) finished modestly higher as banking names erased early losses. Wells Fargo (WFC 46.65, +0.44) and JPMorgan Chase (JPM 60.19, +0.64) ended the day higher by 1.0% and 1.1%, respectively. The two names began the day with respective losses of 0.7% and 1.1%. Real estate investment trusts were pressured through the session as risk appetite increased throughout the session.

The U.S. Dollar Index (96.05, -0.11) ended the day on a lower note as the euro and the yen gained ground against the buck. The euro/dollar pair ended higher by 0.2% (1.1103) while the greenback lost 0.4% against the yen (101.32). Separately, cable declined 0.7% (1.2931).

The Treasury complex finished on a mixed note as the yield on the 10-yr note ended flat at 1.37%.

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

Today's economic data included the weekly MBA Mortgage Index, May Trade Balance, and June ISM Services:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 14.2% in mortgage applications.
The trade deficit widened to $41.10 billion in May from $37.40 billion in April.
That was worse than the Briefing.com consensus, which expected the deficit to hit $40.00 billion.
Exports were down $0.30 billion to $182.40 billion while imports increased $3.40 billion to $223.50 billion.
The dynamic indicates some relative strength in the U.S. economy when compared to the rest of the world.
On a year-over-year basis, exports were down 4.9% to $47.20 billion while imports declined 4.7% to $54.30 billion. The goods and services deficit declined 3.5% to $7.20 billion.
The real goods deficit increased $3.60 billion to $61.10 billion, which will be a negative for Q2 GDP since it is above the first quarter average of $60.50 billion.
The Non-Manufacturing ISM Report on Business (aka The ISM Services Index) increased to 56.5 in June from 52.9 in May. The Briefing.com consensus estimate was pegged at 53.3.
The June report represented the 77th consecutive expansionary (i.e. above 50) reading and it was the highest mark of the year.
However, the true test is likely to take place in the upcoming months as the index approaches a multi-year high near 60.0.
The June improvement was driven by growth in most categories.
Business Activity/Production increased to 59.5 from 55.1, New Orders increased to 59.9 from 54.2, Employment ticked up to 52.7 from 49.7, and New Export Orders improved to 53.0 from 49.0.
Conversely, Prices slipped to 55.5 from 55.6 and Backlog of Orders declined to 47.5 from 50.0.

Tomorrow's economic data will include June Challenger Job Cuts and the June ADP Employment Change Report (Briefing.com consensus 152k), which will be released at 7:30 ET and 8:15 ET, respectively. Separately, weekly initial claims (Briefing.com consensus 268k) will cross the wires at 8:30 ET.

Nasdaq Composite -3.0% YTD
Russell 2000 +1.0% YTD
S&P 500 +2.7% YTD
Dow Jones +2.8% YTD

3:30 pm: [BRIEFING.COM]

The dollar index snaps its 2-day streak of gains, trading down -0.2% around the 96.02 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.1% at 87.53
Crude oil closes higher on the day ahead of today's API data while the dollar index trades lower in afternoon pit trading
August crude oil futures rose $0.64 (+1.4%) to $47.37/barrel
Factors potentially affecting the price of crude oil include:
5 recent attacks this weekend on various oil pipelines located in Nigeria by militant groups after a brief ceasefire
In Nigeria they pumped an avg 1.53 mln barrels a day last month, an increase of about 90,000 a day from May
U.S. oil production fell to 8.9 mln barrels/day in April from a high of nearly 9.7 mln barrels one year ago
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
Baker Hughes rig count data will be released this Friday at 1 pm ET
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
IEA Monthly data will be released July 13th
Natural gas eases off its lows as selling pressure subsides & energy futures turn positive ahead of tomorrow's EIA inventory data
August natural gas closed $0.03 higher (+1.1%) at $2.79/MMBtu
EIA natural gas inventory data will be released at its normally scheduled date/time tomorrow at 10:30 am ET
In precious metals, gold stages a modest afternoon rally as the dollar trades into negative territory for the day
August gold ended today's session up $8.70 (+0.6%) to $1367.10/oz
Silver closes pit trading at fresh 2-year highs for the second consecutive session
September silver closed today's session $0.25 higher (+1.3%) at $20.18/oz
Silver futures have rallied and closed higher for the past 6 consecutive sessions
Base metal copper ends near its morning lows to close afternoon pit trading down for the day
September copper closed $0.03 lower (-1.4%) at $2.15/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.7%) trades ahead of the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.4%).

Nine sectors trade in the green as health care (+1.1%), consumer discretionary (+0.7%), and technology (+0.6%) lead. The remaining gainers sport upticks between 0.1% (consumer staples) and 0.4% (industrials). On the flipside, telecom services (-0.8%) show the only losses.

In the consumer staples space (+0.1%), Walgreens Boot Alliance (WBA 81.44, -2.08) demonstrates relative weakness after reporting a mixed quarter. The company beat analysts' bottom-line estimates on roughly in-line revenue. Additionally, the company announced that its planned acquisition of Rite Aid is expected to close in the second half of the year.

The U.S. Dollar Index (96.03, -0.13) continues to trade near its low as the euro and the yen gain ground against the buck. The euro/dollar pair trades higher by 0.3% (1.1104) while the greenback has lost 0.4% against the yen (101.32). Separately, sterling has declined 0.8% against the dollar (1.2921).

WTI crude ended its day higher by 1.4% ($47.37/bbl; +$0.64).

2:30 pm:

[BRIEFING.COM] The Federal Reserve recently released the minutes from its June policy meeting.

The minutes indicated that the FOMC opted to remain on hold, pending further economic data and the outcome of the United Kingdom's referendum on EU membership. On the home front, the lackluster May jobs report caused several of the members of the committee to pause, citing a potential slowdown in economic growth. All in all, the minutes likely fell in-line with market expectations, receiving a muted response. As a reminder, the June Employment Situation Report is scheduled to be released Friday at 8:30 ET.

Equities initially moved back towards session highs following the release of the minutes. However, the S&P 500 (+0.2%) has since ticked lower, trading four points off its best level of the day. The U.S. Dollar Index (96.08, -0.08) moved to a new session low following the minutes. The dollar extended its retreat against the Canadian dollar in recent action, floating lower by 0.2% against the commodity-sensitive currency (1.2962). On the commodities front, WTI crude trades higher by 1.6% ($47.33/bbl; +$0.73) ahead of its pit session close at 14:30 ET.

1:55 pm:

[BRIEFING.COM] The major averages have traded sideways since the last update as the Nasdaq Composite (+0.5%) leads the S&P 500 (+0.3%). Elsewhere, the domestic-facing Russell 2000 (+0.7%) outperforms.

Five sectors trade in the green as health care (+0.9%), consumer discretionary (+0.4%), and technology (+0.3%) lead the back. On the flipside, telecom services (-1.1%) and utilities (-0.3%) lead to the downside.

In the consumer discretionary space (+0.4%), retail names demonstrate relative strength as the SPDR S&P Retail ETF (XRT 42.04, +0.38) gains 0.9%. Dow component Home Depot (HD 131.20, +1.85) outperforms, climbing 1.4% inside the price-weighted index. Elsewhere, CarMax (KMX 49.90, +2.14) has rallied 4.5%. Conversely, Netflix (NFLX 94.60, -3.31) trades lower by 3.4% after being downgraded to "Underperform" from "Hold" at Jefferies.

On the commodities front, gold ended its day higher by 0.6% at $1,1367.10/ozt while WTI crude trades higher by 1.5% ($47.31/bbl; +$0.71).

The FOMC minutes from the June meeting will cross the wires at 14:00 ET and the release will be summarized in our next update.

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to sport mild gains in afternoon trading having recovered sharply from this morning's losses.

A look inside the Dow Jones Industrial Average shows that Cisco (CSCO 28.75, +0.42), Merck (MRK 58.82, +0.82), & Home Depot (HD 131.13, +1.78) are outperforming amid broad market gains.

Conversely, DuPont (DD 62.28, -0.68) is the worst-performing Dow component after pending merger partner Dow Chemical (DOW 48.25, -0.51) was downgraded to Underperform from Outperform at Credit Agricole.

For the week, the DJIA is currently down 0.35%.

1:10 pm:

[BRIEFING.COM] The major averages trade on a higher note at midday, erasing moderate opening losses. Focal points for today's reversal have included a rebound in oil, softening in the dollar, and the outperformance of the heavily-weighted health care (+1.1%), consumer discretionary (+0.6%), and technology (+0.6%) sectors. At midday, the Nasdaq Composite (+0.7%) trades ahead of the S&P 500 (+0.4%) and the Dow Jones Industrial Average (+0.3%).

Equity futures moved lower lockstep with global bourses overnight, succumbing to persistent uncertainty regarding the United Kingdom's decision to leave the European Union. European banking names paced the retreat after reports indicated that several real estate funds in the U.K. are halting redemptions due to liquidity concerns. Furthermore, Italian banks added to the negative tone overseas as the country mulls state aid in the wake of more stringent regulations from the EU.

The major averages slipped through the opening hour, anchored by weak performances from the heavyweight financial (+0.3%), industrial (+0.2%), and technology (+0.6%) sectors. The benchmark index violated technical support near the 2077/2080 price level, carving out a session low (2073.83) soon thereafter. However, equities rallied off their session lows as the heavily-weighted health care sector (+1.1%) climbed the leaderboard. The reversal was fairly broad-based as market participants abandoned safe havens and bid risk assets. At midday, seven sectors trade in the green with health care (+1.1%), consumer discretionary (+0.6%), and technology (+0.6%) leading the pack.

Biotechnology demonstrates relative strength in the health care space (+1.1%), evidenced by the 2.2% rally in the iShares Nasdaq Biotechnology ETF (IBB 265.70, +5.62). In the group, Celgene (CELG 104.44, +4.19) outperforms after reports indicated that the company signed confidentiality agreements with Medivation (MDVN 62.22, +0.46). Celegene has joined Sanofi (SNY 41.20, -0.17) and Pfizer (PFE 35.80, -0.01) as potential suitors for Medivation. Elsewhere, Valeant Pharmaceuticals (VRX 22.46, +2.51) has climbed 12.6% after Walgreens Boot Alliance (WBA 81.66, -1.86) stated that it is pleased with its relationship with the company.

The influential technology sector (+0.6%) outperforms as heavyweight components Alphabet (GOOG 701.00, +6.51) and Facebook (FB 115.96, +1.96) gain 1.0% and 1.7%, respectively. The PHLX Semiconductor Index (+0.2%) has staged a reversal, erasing an opening loss of 1.6%. Elsewhere, Cisco Systems (CSCO 28.73, +0.40) has gained 1.4%.

The Dow Jones Transportation Average (-0.4%) demonstrates relative weakness as airline names underperform. American Airlines (AAL 27.84, -1.09) has declined by 3.8% after being downgraded to "Underperform" from "Outperform" at Credit Suisse. The broader U.S. Global Jets ETF (JETS 20.65, -0.44) has fallen 2.1%.

The U.S. Dollar Index (96.15, -0.02) vacillates near its flat line as commodity currencies and the pound lose ground to the greenback. The dollar/Canadian dollar pair trades lower by 0.1% (1.2988) after ticking off the 1.3050 level earlier in the session. The pound has lost 0.6% against the dollar (1.2949) while the dollar has lost 0.3% against the safe-haven yen (101.42).

The Treasury complex floats near its session low as the yield on the 10-yr note rises one basis point to 1.39%. The yield on the 10-yr note has risen seven basis points off its session low (1.32%).

Today's economic data included the weekly MBA Mortgage Index, May Trade Balance, and June ISM Services:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 14.2% in mortgage applications.
The trade deficit widened to $41.10 billion in May from $37.40 billion in April.
That was worse than the Briefing.com consensus, which expected the deficit to hit $40.00 billion.
Exports were down $0.30 billion to $182.40 billion while imports increased $3.40 billion to $223.50 billion.
The dynamic indicates some relative strength in the U.S. economy when compared to the rest of the world.
On a year-over-year basis, exports were down 4.9% to $47.20 billion while imports declined 4.7% to $54.30 billion. The goods and services deficit declined 3.5% to $7.20 billion.
The real goods deficit increased $3.60 billion to $61.10 billion, which will be a negative for Q2 GDP since it is above the first quarter average of $60.50 billion.
The Non-Manufacturing ISM Report on Business (aka The ISM Services Index) increased to 56.5 in June from 52.9 in May. The Briefing.com consensus estimate was pegged at 53.3.
The June report represented the 77th consecutive expansionary (i.e. above 50) reading and it was the highest mark of the year.
However, the true test is likely to take place in the upcoming months as the index approaches a multi-year high near 60.0.
The June improvement was driven by growth in most categories.
Business Activity/Production increased to 59.5 from 55.1, New Orders increased to 59.9 from 54.2, Employment ticked up to 52.7 from 49.7, and New Export Orders improved to 53.0 from 49.0.
Conversely, Prices slipped to 55.5 from 55.6 and Backlog of Orders declined to 47.5 from 50.0.

The Federal Reserve will release the minutes from its June meeting at 14:00 ET.

12:30 pm:

[BRIEFING.COM] The major indices have ticked higher in recent trade as the Nasdaq Composite (+0.6%) leads the S&P 500 (+0.2%). The two indices sport weekly losses of 0.3% and 0.5%, respectively.

The economically-sensitive financial sector (UNCH) treads water near its flat line as money center banks rebound from steeper opening losses. On that note, JPMorgan Chase (JPM 59.71, +0.16) and Wells Fargo (WFC 46.40, +0.19) erased respective opening losses of 1.3% and 0.7%. In the group, real estate investment trusts have slipped lower in recent action as the rate-sensitive group prepare for this afternoons release of the FOMC minutes from the June meeting. Fed fund rate hike expectations remain tempered with the Fed funds futures market projecting a 0.0% likelihood of an interest rate hike at the July meeting. Furthermore, the December meeting estimates the odds an interest rate hike at 17.8%. The Federal Reserve will release the minutes from its June meeting at 14:00 ET.

The Treasury complex continues to trade on a mixed note as the yield on the 10-yr note rises two basis points to 1.39%. Separately, the yield on the 30-yr bond remains sits unchanged at 2.15%.

12:00 pm:

[BRIEFING.COM] The major averages float near their best levels of the day as the Nasdaq Composite (+0.3%) trades ahead of the S&P 500 (+0.1%). The benchmark index floats 16 points off its session low.

Seven sectors trade in the red with telecom services (-1.3%), industrials (-0.2%), and financials (-0.2%) rounding out the board. On the flipside, heavily-weighted health care (+0.8%), consumer discretionary (+0.3%), and technology (+0.2%) outperform.

In the influential technology sector (+0.2%), sector large caps Alphabet (GOOG 698.07, +3.58) and Facebook (FB 115.70, +1.70) demonstrate relative strength, gaining 0.5% and 1.5%, respectively. Elsewhere, fellow heavyweight Apple (AAPL 95.23, +0.24) has ticked higher by 0.3% after reports indicated that it would be discontinuing 16GB storage options on its next iteration of the iPhone. Additionally, the PHLX Semiconductor Index has climbed throughout the morning, trimming its loss to 0.3%. In the index, Cavium Networks (CAVM 38.73, +2.12) outperforms, rallying 5.8%.

On the commodities front, WTI crude trades higher by 0.2% ($46.69/bbl, +$0.09) while gold shows a gain of 0.7% ($1,368.80/ozt, +$10.10).

11:30 am:

[BRIEFING.COM] The major indices have continued their latest rebound effort as the Nasdaq Composite (+0.4%) trades ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (-0.1%). The tech-heavy Nasdaq outperforms amid strength in the technology and biotechnology groups.

In the health care space (+0.6%), biotechnology outperforms, evidenced by the 1.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 264.22, +4.14). In the ETF, Celgene (CELG 104.44, +4.19) has gained 4.2% after reports indicated that the company signed confidentiality agreements with Medivation (MDVN 62.24, +0.48). Separate reports showed that Sanofi (SNY 40.96, -0.40) and Pfizer (PFE 35.59, -0.22) signed similar agreements, indicating that they could each be exploring a potential transaction with Medivation. Separately, Valeant Pharmaceuticals (VRX 21.12, +1.17) has climbed 5.8% after Walgreens Boot Alliance (WBA 81.21, -2.31) stated that it was very pleased with its relationship with the company.

The Treasury complex floats near its session low as the yield on the 10-yr note rises one basis point to 1.38%. The yield on the 10-yr note has risen seven basis points off its session low (1.32%).

11:00 am:

[BRIEFING.COM] The S&P 500 (-0.3%) has trimmed its loss in recent action as it trades behind the Nasdaq Composite (UNCH). The benchmark index floats eight points off its session low.

In the energy space (-0.8%), refining names demonstrate relative weakness as Valero Energy (VLO 47.76, -2.08) and Marathon Petroleum (MPC 36.20, -2.58) show losses of 4.2% and 6.7%, respectively. Conversely, Anadarko Petroleum (APC 53.91, +0.30) outperforms after reports indicated that Exxon Mobil (XOM 92.84, -0.17) and Qatar Petroleum are considering stakes in gas fields that Anadarko and Eni SpA (E 31.25, -0.68) own.

On a separate note, the American Petroleum Institute will release its weekly inventory report at 16:30 ET. Meanwhile, the Department of Energy will release its more influential inventory report tomorrow at 11:00 ET.

The U.S. Dollar Index (96.25, +0.08) trades off its session high as the euro and the pound lose ground to the greenback. The euro/dollar pair trades lower by 0.2% (1.1058) after ticking off the 1.1030 level earlier. The pound has lost 1.1% against the dollar (1.2877) while the dollar has lost 0.8% against the safe-haven yen (100.95).

10:30 am: [BRIEFING.COM]

The dollar index is currently up +0.3% around the 96.48 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, down -1.0% at 86.54
Crude oil sees an initial modest rally in morning pit trading before reversing near the previous session's close and trending lower
August crude oil futures are down $0.26 (+0.3%) at $46.39/barrel
Factors potentially affecting the price of crude oil 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
U.S. oil production fell to 8.9 mln barrels/day in April from a high of nearly 9.7 mln barrels one year ago
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
Baker Hughes rig count data will be released this Friday at 1 pm ET
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
IEA Monthly data will be released July 13th
Natural gas extends the previous session's losses ahead of tomorrow's EIA inventory data, after hitting year-to-date highs on Friday
August natural gas futures are down $0.02 (-0.7%) at $2.75/MMBtu
EIA natural gas inventory data will be released at its normally scheduled date/time of Thursday at 10:30 am ET
In precious metals, gold rallies for the 5th consecutive session, despite strength in the dollar index
August gold futures are up $12.10 (+0.9%) at $1370.80/oz
Silver futures rally to fresh 2-year highs in morning pit trading, the gold:silver ratio is at its lowest level in 2 years
September silver futures are up $0.23 (+1.2%) at $20.14/oz
Base metal copper inches lower in morning pit trading
September copper futures are down $0.04 (-1.9%) at $2.14/lb

10:00 am:

[BRIEFING.COM] The major averages have ticked higher in recent trade as the S&P 500 (-0.4%) looks to maintain support near the 2077/2080 price level. The benchmark index trades five points off its worst level of the day.

Just released, the ISM Services Index for June increased to 56.5 from 52.9 while the Briefing.com consensus expected a reading of 53.3.

Ten sectors trade in the red with telecom services (-1.7%), financials (-0.6%), industrials (-0.6%), and technology (-0.6%) rounding out the leaderboard.

The U.S. Dollar Index (96.20, +0.04) continues to vacillate near its flat line as commodity currencies and the pound lose ground to the greenback. The dollar/Canadian dollar pair trades higher by 0.3% (1.3016) while the pound has lost 0.7% against the buck (1.2925).

9:45 am:

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

Nine sectors trade in the red with financials (-0.9%) and telecom services (-1.2%) leading to the downside. The remaining decliners sport losses between 0.2% (consumer staples) and 0.8% (technology). On the flipside, utilities (+0.1%) sport the only gain.

The PHLX Semiconductor Index (-1.6%) demonstrates relative weakness as Cypress Semiconductor (CY 9.85, -0.59) loses 5.6%. The price-weighted index has been under pressure in July, losing 4.3% thus far. This compares to a decline of 1.0% in the benchmark index over that period.

In the Dow Jones Transportation Average (-1.2%), airline names underperform with American Airlines (AAL 27.32, -1.61) declining 5.6%. The stock was downgraded to "Underperform" from "Outperform" at Credit Suisse. The firm cited valuation concerns and pressure on free cash flow.

On the commodities front, WTI crude trades lower by 0.3% ($46.47/bbl; -$0.13) while gold has gained 0.9% ($1,371.20/ozt +$12.50)

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -23.00.

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

Global equity markets extended their losses overnight as participants continue to fixate on the implications of the United Kingdom's decision to leave the European Union. European banking names have been under pressure as reports indicated that several real estate funds in the United Kingdom are halting redemptions due to liquidity concerns. The news has underscored souring investor sentiment in the region. Furthermore, Italian banks have added to the negative bias as the government continues to examine new regulations regarding potential state aid for the group.

On the commodities front, gold and silver outperform thanks to safe-haven flows. Gold has gained 1.1% ($1,373.10/ozt, +$14.40) while silver has climbed 1.5% ($20.20/ozt; $0.29). Conversely, WTI crude trades lower by 0.7% ($46.29/bbl; -$0.31) amid waning risk appetite.

In company specific news, Juniper Networks (JNPR 21.57, -0.50) has lost 2.3% in pre-market trade after being downgraded to "Hold" from "Buy" at Deutsche Bank. The firm cited increasing pressure in the company's routing business for the move. Elsewhere, Greenbrier (GBX 29.40, +0.61) has gained 2.1% after beating top- and bottom-line estimates for the quarter and increasing its quarterly dividend 5.0% to $0.21 per share.

Today's economic data will be capped off with June ISM Services (Briefing.com consensus 53.3) and the release of the FOMC Minutes from the June meeting, which will cross the wires at 10:00 ET and 14:00 ET, respectively.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -27.60.

Equity futures have inched higher in recent action with the S&P 500 futures trading ten points below fair value.

Equity markets across the Asia-Pacific region ended Wednesday on a mostly lower note as investors showed increased concern about the state of the eurozone. Risk-off sentiment was on the rise overnight, pressuring the dollar/yen pair into the neighborhood of 100.00. Precious metals climbed with silver rising 2.6% to $20.42/ozt while crude oil retreated to $46.00/bbl.

Economic data was limited:
Hong Kong's June Manufacturing PMI 45.4 (last 47.2)

---Equity Markets---

Japan's Nikkei fell 1.9% with nine sectors ending in the red. Financials (-3.4%), materials (-2.4%), and industrials (-2.3%) lagged while consumer staples (+0.3%) outperformed. SUMCO, Mazda Motor, Sumitomo Realty & Development, JTEKT, TDK, Yokohama Rubber, and Honda Motor lost between 4.6% and 6.4%.
Hong Kong's Hang Seng lost 1.2% amid broad weakness. China Shenhua Energy, China Petroleum & Chemical, Hang Lung Properties, Bank of East Asia, and Ping An Insurance ended among the laggards with losses between 1.8% and 2.7%.
China's Shanghai Composite added 0.4%. Shanghai Yuyuan Tourist Mart, CCS Supply Chain Management, and Sichuan Mingxing Electric gained between 8.0% and 9.9%.

Major European indices trade lower across the board with Italy's MIB (-2.0%) showing relative weakness as risk-off sentiment sweeps across the region. The British pound set a fresh 31-year low against the dollar in overnight action (1.2797), but an early-morning rebound has the pound trimming its loss to 0.5% at 1.2959 against the dollar. For its part, the euro has held its ground, trading near 1.1074 versus the greenback.

In economic data:
Eurozone Retail PMI 48.5 (last 50.6)
Germany's May Factory Orders 0.0% month-over-month (expected 1.0%; last -1.9%)
Spain's May Industrial Production +1.0% year-over-year (consensus 1.8%; last 2.7%)

---Equity Markets---

UK's FTSE is lower by 1.5% with financials and consumer names under pressure. Tesco, Morrison Supermarkets, Barratt Developments, Taylor Wimpey, RBS, Prudential, and Old Mutual are down between 2.6% and 8.2%. Select miners outperform with Fresnillo and Randgold Resources up 6.3% and 4.6%, respectively.
Germany's DAX has given up 1.8% with all but one component trading in the red. Deutsche Bank has plunged 6.2% while other influential components like Commerzbank, Volkswagen, Daimler, and BMW are down between 1.9% and 3.3%. Adidas is the lone advancer, hovering just above its flat line.
France's CAC trades down 1.9% with all 40 components in negative territory. ArcelorMittal is the weakest performer, falling 4.1%, while consumer names like Accor, Carrefour, Kering, and Louis Vuitton show losses between 2.3% and 3.3%.
Italy's MIB is down 2.0% with Telecom Italia, Saipem, STMicroelectronics, Fiat Chrysler, and Unipol down between 2.9% and 9.2%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -10.60. Nasdaq futures vs fair value: -28.40.

Futures continue to trade near the bottom of today's range as the S&P 500 futures float 11 point below fair value.

Just released, the May trade balance showed a deficit of $41.10 billion while the Briefing.com consensus expected the deficit to come in at $40.00 billion. The previous month's deficit was revised to $37.38 billion from $37.40 billion.

The U.S. Dollar Index (96.14, -0.03) hovers near its flat line as the euro and the pound show losses against the greenback. The single currency trades lower by 0.1% against the dollar (1.1069) while the pound has lost 0.4% against the buck (1.2966). Separately, the dollar/yen pair trades lower by 1.1% (100.64) as the yen continues to see a safe haven bid.

8:07 am: [BRIEFING.COM] S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -31.10.

U.S. equity futures hover near overnight lows with the S&P 500 futures trading 11 points below fair value. Futures moved lower with global bourses overnight as participants continue to reassess the potential impact of England's exit from the European Union. European banking names show substantial losses with Credit Suisse (CS 10.04, -0.23) and Deutsche Bank (DB 12.56, -0.84) losing 2.2% and 6.3%, respectively. Additionally, sterling notched a new 31-year low against the dollar (1.2797) overnight, but the pair currently sports a loss of 0.4% (1.2974). For its part, WTI crude trades lower by 0.9% ($46.20/bbl; -$0.40).

The Treasury complex has continued its recent rally as the yield on the 10-yr note slips five basis points to 1.33%. The yield on the 10-yr note briefly hit the 1.32% (-6 bps) level overnight.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 14.2% in mortgage applications. 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.

In U.S. corporate news of note:

Netflix (NFLX 95.20, -2.71): -2.8% after receiving a downgrade to "Underperform" from "Hold" at Jefferies
Ventas (VTR 71.95, -1.86): -2.5% following the company announcing that it would acquire substantially all of the life science and medical real estate assets of Wexford Science & Technology for $1.5 billion
Medivation (MDVN 62.50, +0.74): +1.2% after the company confirmed the entry into several confidentiality agreements, including one with Sanofi (SNY 41.36, +0.00)
Walgreens Boot Alliance (WBA 82.70, -0.82): -1.0% following the company beating bottom-line estimates for the quarter and raising the lower end of its earnings guidance for FY16

Reviewing overnight developments:

Asia-Pacific indices ended Wednesday on a mostly lower note with Japan's Nikkei -1.9%, Hong Kong's Hang Seng -1.2%, and China's Shanghai Composite +0.4%.
Economic data was limited:
Hong Kong's June Manufacturing PMI 45.4 (last 47.2)
In news:
Investors showed increased concern about the state of the eurozone.
Risk-off sentiment was on the rise overnight, pressuring the dollar/yen pair into the neighborhood of 100.00.
Precious metals climbed with silver rising 2.6% to $20.42/ozt while crude oil retreated to $46.00/bbl.

European indices trade lower across the board with France's CAC -2.0%, Germany's DAX -1.9%, and the U.K.'s FTSE -1.5%. Elsewhere, Italy's MIB (-2.2%) underperforms.
In economic data:
Eurozone Retail PMI 48.5 (last 50.6)
Germany's May Factory Orders 0.0% month-over-month (expected 1.0%; last -1.9%)
Spain's May Industrial Production +1.0% year-over-year (consensus 1.8%; last 2.7%)
In news:
The British pound set a fresh 31-year low against the dollar in overnight action (1.2797).
An early-morning rebound has the pound trimming its loss to 0.4% at 1.2974 against the dollar.
For its part, the euro has lost 0.1% against the dollar (1.1061).

5:56 am: [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -21.50.

5:56 am: [BRIEFING.COM] Nikkei...15379...-290.30...-1.90%. Hang Seng...20495...-255.40...-1.20%.

5:56 am: [BRIEFING.COM] FTSE...6514.26...-31.10...-0.50%. DAX...9357.49...-175.10...-1.80%.

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

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

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


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