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 Post subject: July 7th Thursday Trade Results - No Trades
PostPosted: Fri Jul 08, 2016 7:11 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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
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Quote:
No trades today for me due to the pain in my right arm (broken wrist and arm in a cast up to the elbow) that was intense even with prescribed pain medication. I have a high pain threshold and I only took the medication to see if it would be enough to be able to trade with my left The cast will be on for several more weeks before I can go into a wrist brace for another several weeks after the cast is taken off. I may try to do a trade one day and rest the next day (alternating) considering I'm putting a lot of strain on my left arm to type one handed while my right wrist is healing. Last thing I want to do is strain the muscles in my left arm.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ 0.00 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 @ $0.00 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=2405

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


4:10 pm: [BRIEFING.COM] The stock market ended the Thursday affair on a flat note, responding to a reversal in crude oil and exhibiting caution ahead of tomorrow's release of the Employment Situation Report for June. Other focal points impacting today's trade included strengthening in the dollar and the outperformance of the heavyweight technology (+0.3%), industrial (+0.3%), and consumer discretionary (+0.4%) sectors. The Nasdaq Composite (+0.4%) ended ahead of the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%).

The major averages began the day on a modestly higher note, trading higher alongside a rebound in European bourses and a rally in crude oil. Global equity markets tilted to the upside as participants weighed dovish minutes from the Fed's June policy meeting. The central bank struck an accommodative tone, citing the need for further economic data before voting to continue policy rate normalization. The FOMC also commented that it would need to monitor conditions overseas should the United Kingdom vote to leave the European Union.

U.S. indices slipped mid-morning as investors eyed a downturn in crude oil. The energy component came under pressure after inventory data from the Department of Energy failed to impress investors. The EIA reported that crude oil inventories declined by 2.22 million barrels (consensus: between -2.3 million and -2.6 million barrels), which fell roughly in-line with expectations. However, investors were likely anticipating a larger draw after API inventory data disclosed that crude oil inventories fell by 6.73 million barrels (last: -3.86 million barrels). Furthermore, the downturn in crude oil occurred ahead of a vote by the U.S. Department of the Interior regarding offshore drilling rights in Alaska. WTI crude ended its day lower by 4.6% ($45.19/bbl; -$2.18).

The benchmark index ticked off a session low (2089.39) in the final hour, maintaining technical support near the 2090 price level. Five sectors ended in the red with utilities (-1.8%), telecom services (-1.6%), and energy (-1.1%) rounding out the leaderboard. On the flipside, consumer discretionary (+0.4%), industrials (+0.3%), and technology (+0.3%) led the pack.

The PHLX Semiconductor Index (+1.2%) demonstrated relative strength, trimming its weekly loss to 0.5%. Micron (MU 12.20, +0.47) outperformed in the index gaining 4.0%. Elsewhere, NVIDIA (NVDA 48.89, +1.24) jumped 2.6% after announcing the launch of a new video card on July 19. In the broader technology sector (+0.1%), Western Digital (WDC 47.66, +2.20) climbed 4.8% after raising its quarterly earnings and revenue guidance above consensus.

The Dow Jones Transportation Average (+0.5%) finished ahead of the broader market as airlines trimmed their losses. In the group, Delta Air Lines (DAL 36.37, +0.79) and American Airlines (AAL 29.40, +1.05) gained 2.2% and 3.7%, respectively. In the industrial sector (+0.3%), Dow component General Electric (GE 31.82, +0.08) outperformed, extending its monthly gain to 1.1%. The broader industrial sector has ticked lower by 0.2% in July.

The health care space (-0.2%) ended its day lower as health care plan names underperformed. On that note, Aetna (AET 115.47, -4.77) and Humana (HUM 162.74, -17.24) lost a respective 4.0% and 9.6%. The two prospective merger partners fell amid reports that they will meet with the Department of Justice tomorrow regarding their pending deal. On the flipside, biotechnology outperformed, evidenced by the 0.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 267.84, +1.60).

In the consumer staples group (-0.1%), PepsiCo (PEP 107.49, +1.57) climbed 1.5% after reporting above-consensus bottom-line results for the quarter. The company also raised its earnings guidance for the fiscal year. Elsewhere, WhiteWave Foods (WWAV 56.23, +8.80) surged 18.6% after announcing that Danone (DANOY 14.30, +0.15) would acquire the company for $56.25 per share.

The U.S. Dollar Index (96.27, +0.22) ended off its session high as the pound, euro, and commodity currencies lost ground to the greenback. Cable fell 0.2% (1.2909) while the single currency lost 0.3% against the buck (1.1064). The dollar/Canadian dollar ended higher by 0.3% (1.2997) amid weakness in oil. Separately, the dollar lost 0.5% against the safe-haven yen (100.74).

The Treasury complex ended modestly lower as the yield on the 10-yr note rose two basis points to 1.39%.

Today's participation was above the recent average as more than 851 million shares changed hands on the NYSE floor.

Today's economic data included June Challenger Job Cuts, ADP Employment Change Report for June, and weekly initial claims:

June Challenger Job Cuts reported in at 38,500, which compares to the prior month's reading of 30,200.
The ADP Employment Change report for June pointed to the addition of 172,000 jobs
The more influential Employment Situation Report (Briefing.com consensus 175K) will be released tomorrow at 8:30 ET.
Weekly initial claims for the week ending July 2 totaled 254,000 while the Briefing.com consensus expected a reading of 268,000.
With today's report, the series has been running below 300,000 for 70 consecutive weeks.
This is the longest sub-300,000 streak since 1973.
The latest initial claims reading lowered the four-week moving average for claims to 264,750.
Continuing claims for the week ending June 25 declined by 44,000 to 2.124 million.
The four-week moving average for this series increased by 3,000 to 2.148 million.

Friday's economic data will include the Employment Situation Report for June (Briefing.com consensus 175,000) and Consumer Credit for May (Briefing.com consensus $15.3 billion), which will be released at 8:30 ET and 15:00 ET, respectively.

Dow Jones +2.7% YTD
S&P 500 +2.6% YTD
Russell 2000 +1.2% YTD
Nasdaq Composite -2.6% YTD

3:30 pm: [BRIEFING.COM]

The dollar index extends this morning's gains, currently up +0.3% around the 96.31 level, weighing on all commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -2.3% at 85.53
Crude oil futures close near lows of the session after EIA data showed a smaller-than-expected draw compared to Consensus
August crude oil futures fell $2.18 (-4.6%) to $45.19/barrel
Crude oil inventories had a draw of -2.223 mln (consensus called for a draw between -2.3 mln and -2.6 mln barrels)
Gasoline inventories had a draw of -0.122 mln
Distillate inventories had a draw of -1.574 mln
Natural gas sees an initial move higher post-EIA inventory data before reversing, giving up its gains, and ending lower for the day
August natural gas closed $0.01 lower (-0.4%) at $2.78/MMBtu
Natural gas inventory showed a build of +39 bcf vs expectations for inventory to be a build between +36 and 46 bcf.
Working gas in storage was 3,179 Bcf as of Friday, July 1, 2016, according to EIA estimates.
Stocks were 538 Bcf higher than last year at this time and 599 Bcf above the five-year average of 2,580 Bcf.
At 3,179 Bcf, total working gas is above the five-year historical range.
In precious metals, gold drifts lower as the dollar extends this morning's rally
August gold ended today's session down $5.10 (-0.4%) to $1362.00/oz
Silver eases off its morning lows after seeing a notable retreat from yesterday's 2-year highs, still closing lower for the day as the dollar index gains momentum
September silver closed today's session $0.33 lower (-1.6%) at $19.85/oz
Base metal copper adds onto this morning's losses in afternoon pit trading
September copper closed $0.03 lower (-1.4%) at $2.12/lb
December corn closed $0.01 lower (-0.3%) at $3.48/bushel
September wheat closed $0.04 lower (-0.9%) at $4.24/bushel
November soybeans closed $0.53 lower (-4.9%) at $10.23/bushel
U.S weather is a driver to prices because the country produces about 32% of the world's soybeans
Note on geographical production:
Combined, the U.S., Brazil and Argentina are the largest producing countries of soybeans
Together, the three countries are expected to produce a total of 81.3% of the world's soybeans this year
U.S. 31.9%
Brazil 31.8%
Argentina 17.6%
In the 2015/16 crop year, these same three countries produced 83.1% of the world's soybeans
As a reminder, the quarterly grain stock report released June 30th showed:
Corn stocks Up 6% from June 2015
Soybean stocks Up 39%
All wheat stocks Up 30%

2:55 pm:

[BRIEFING.COM] As the stock market enters the final hour of trade, the Nasdaq Composite (UNCH) continues to spin its wheels near its flat line while the S&P 500 (-0.4%) underperforms.

Ten sectors trade in the red with utilities (-1.9%), telecom services (-1.6%), and energy (-1.6%) rounding out the leaderboard. Conversely, technology (-0.1%) and consumer discretionary (-0.1%) show the slimmest losses. The remaining decliners sport downticks between 0.1% (industrials) and 0.4% (financials).

In the health care space (-0.6%), health care plan names demonstrate relative weakness as Aetna (AET 114.73, -5.53) and Humana (HUM 159.94, -20.04) lose 4.6% and 11.2%, respectively. The two names have been under pressure this afternoon, responding to reports that the companies will meet with the Department of Justice tomorrow regarding their pending merger.

The Treasury complex floats off its low as the yield on the 10-yr note rises two basis points to 1.39%. Separately, WTI crude ended its day lower by 4.6% ($45.19/bbl; -$2.18).

2:30 pm:

[BRIEFING.COM] The S&P 500 (-0.4%) has moved lower in recent action, testing technical support near the 2089/2090 price level. The benchmark index sports a loss of 0.5% on a week to date basis.

In the consumer discretionary space (UNCH), automakers demonstrate relative strength as General Motors (GM 28.67, +0.27) and Ford (F 12.70, +0.13) gain 0.9% and 1.0%, respectively. Ford is outperforming after reporting that vehicle sales in China rose 6.0% year-over-year. Elsewhere, media names also show sizable gains, trading higher in sympathy with Viacom (VIAB 42.97, +1.59). The stock has climbed 3.8% after Liberty Global's John Malone stated that he believes the company is undervalued. Conversely, the retail sub-group remains pressured, evidenced by the 0.4% loss in the in the SPDR S&P Retail ETF (XRT 42.14, -0.15). In the ETF, L Brands (LB 67.43, -1.04) underperforms after disappointing investors with its July comparable store sales guidance.

On the commodities front, WTI crude trades lower by 4.7% ($45.19/bbl, -$2.27) ahead of its pit session close at 14:30 ET.

2:05 pm:

[BRIEFING.COM] The major averages trade at new session lows as the S&P 500 (-0.3%) trails the Nasdaq Composite (+0.1%). The benchmark index has fallen 15 points from its best level of the day.

Six sectors trade in the red with utilities (-1.7%), telecom services (-1.3%), and energy (-1.2%) rounding out the leaderboard. The remaining decliners sport losses between 0.1% (consumer staples) and 0.4% (health care).

The financial sector (-0.3%) trades in-line with the broader market as rate-sensitive real estate investment trusts demonstrate relative weakness. On that note, Welltower (HCN 74.85,- 1.54) and HCP (HCP 34.75, -0.78) have lost a respective 2.0% and 2.2%. Conversely, money center banks outperform with JPMorgan Chase (JPM 60.35, +0.16) and Bank of America (BAC 12.96, +0.10) gaining 0.3% and 0.8%, respectively. The Employment Situation Report for June is scheduled to be released at 8:30 ET tomorrow and is expected to show an increase of 175,000 in Nonfarm payrolls. The May reading disappointed, showing an increase of 38,000 in Nonfarm payrolls.

On the commodities front, gold ended its day lower by 0.4% (1,362.00/ozt; -$5.10), trimming its weekly gain to 1.7%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg lower in recent trade as selling pressure continues to enter the market in afternoon trading. The move lower coincides with a late session selloff in crude oil futures.

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 102.71, -1.87), Exxon Mobil (XOM 92.79, -1.30), & Verizon (VZ 55.51, -0.75) are underperforming. Chevron and Exxon are the Dow's top decliners as the energy sector as a whole pulls back with crude oil dropping 4.5%. Verizon is trading lower in tandem with its telecom peers following recent outperformance.

Conversely, Intel (INTC 33.24, +0.27) is the the Dow's top gainer as IT outperforms. Boosting the tech sector, Western Digital (WDC 47.72, +2.26) last night offered upside preliminary Fiscal Q4 results when announcing a CFO transition.

For the week, the DJIA is now -0.45%

1:10 pm:

[BRIEFING.COM] The S&P 500 (-0.3%) trades on a flat note at midday, slipping below the psychological 2100 price level. Today's action has taken on a cautious tone as investors look ahead to tomorrow's release of the Employment Situation Report for June. Additional factors contributing to today's trade have included a reversal in oil, strengthening in the dollar, and the underperformance of the financial (-0.4%) and health care (-0.5%) sectors. At midday, the Nasdaq Composite (UNCH) trades ahead of the S&P 500 (-0.3%) and the Dow Jones Industrial Average (-0.3%).

Equity futures meandered near their flat lines overnight as investors eyed a rebound in European bourses. The rebound in overseas markets followed the release of dovish minutes from the Fed's June policy meeting. The minutes indicated that the central bank will likely remain on hold, pending further economic data. The central bank also hinted that it would need to monitor conditions overseas if the United Kingdom voted to leave the European Union. Elsewhere, the weekly API Inventory Report provided for early gains in oil futures.

The major averages began on a modestly higher note, buoyed by positive employment readings and an uptick in oil. However, equities slipped through the morning with the heaviest selling following the release of the Department of Energy's weekly inventory report. The report fell largely in-line with expectations, but failed to measure up to the API inventory data. The EIA reported that crude oil inventories declined by 2.22 million barrels (consensus: between -2.3 million and -2.6 million barrels) while the API data showed that crude oil inventories fell by 6.73 million barrels (last: -3.86 million barrels). Currently, WTI crude trades lower by 4.7% ($45.21, -$2.22).

The benchmark index continues to tread water near its flat line as eight sectors trade in the red. In front of the pack, materials (+0.4%) and industrials (+0.1%) lead while countercyclical utilities (-1.5%) and telecom services (-1.5%) round out the leaderboard.

The heavily-weighted health care space (-0.6%) demonstrates relative weakness, pulling back from a weekly gain of 1.1%. Biotechnology trades ahead of the broader sector, evidenced by a flat performance from the iShares Nasdaq Biotechnology ETF (IBB 264.95, -1.29). In the ETF, Alexion Pharmaceuticals (ALXN 122.46) has gained 1.1% after the FDA granted the company's Crigler-Najjar medication orphan drug status. The broader sector leads the remaining groups on a weekly basis, having climbed 0.5%.

The high-beta chipmakers outperform in the technology space (-0.1%) as the PHLX Semiconductor Index rebounds 1.0%. In the index, Micron (MU 12.22, +0.49) outperforms, rallying 4.1%. In the broader sector, Western Digital (WDC 47.55, +2.09) leads after raising its outlook for the June quarter. The company raised its earnings and revenue estimates after yesterday's close. Separately, large cap Apple (AAPL 95.96, +0.43) displays relative strength.

The consumer staples sector (UNCH) outperforms among countercyclical groups after Danone (DANOY 14.29, +0.14) announced the acquisition of WhiteWave Foods (WWAV 56.26, +8.83) for $56.25 per share. Elsewhere, PepsiCo (PEP 107.85, +1.92) has gained 1.8% after beating bottom-line estimates for the quarter and raising its earnings guidance.

The U.S. Dollar Index (96.28, +0.23) trades near its session high as the pound and euro lose ground to the buck. Sterling has lost 0.3% against the dollar (1.2891) after slipping from the 1.3050 price level overnight. The single currency has lost 0.4% against the greenback (1.1058) while the dollar/yen pair trades lower by 0.7% (100.60).

The Treasury complex has climbed off its session low, but the yield on the 10-yr note remains higher by one basis points at 1.38%. The 10-yr yield rose to 1.42% at the beginning of the session.

Today's economic data included June Challenger Job Cuts, ADP Employment Change Report for June, and weekly initial claims:

June Challenger Job Cuts registered at 38,500, which compares to the prior month's reading of 30,200.
The ADP Employment Change report for June pointed to the addition of 172,000 jobs
The more influential Employment Situation Report (Briefing.com consensus 175K) will be released tomorrow at 8:30 ET.
Weekly initial claims for the week ending July 2 totaled 254,000 while the Briefing.com consensus expected a reading of 268,000.
With today's report, the series has been running below 300,000 for 70 consecutive weeks.
This is the longest sub-300,000 streak since 1973.
The latest initial claims reading lowered the four-week moving average for claims to 264,750.
Continuing claims for the week ending June 25 declined by 44,000 to 2.124 million.
The four-week moving average for this series increased by 3,000 to 2.148 million.

12:30 pm:

[BRIEFING.COM] The major indices have floated sideways since the last update as the S&P 500 (-0.1%) trades ahead of the Dow Jones Industrial Average (-0.2%). The benchmark index hovers one point off its worst level of the day.

In the industrial sector (+0.3%), Dow component General Electric (32.00, +0.26) has gained 0.8%, outperforming the price-weighted index. The conglomerate has extended its July advance to 1.6%, compared to a gain of 0.3% in the broader sector. Conversely, fellow Dow constituent Boeing (BA 127.21, +0.25) trades on a flat note after announcing that it delivered 199 commercial airplanes in the second quarter. This compares to 197 deliveries in the second quarter of last year. For the year, the company has delivered a total of 375 commercial airplanes.

The Dow Jones Transportation Average (+0.4%) continues to outperform as airline names extend their recent rebound effort. The U.S. Global Jets ETF (JETS 21.22, +0.29) has gained 1.4% today, erasing a monthly loss.

The Treasury complex continues to gain with the yield on the 10-yr note now up just one basis point (1.38%) after being up five basis points earlier.

12:00 pm:

[BRIEFING.COM] The major averages have inched off fresh session lows as the Nasdaq Composite (+0.1%) leads the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%). The tech-heavy Nasdaq outperforms amid relative strength from the technology and biotechnology sub-groups.

The influential technology sector (+0.2%) outperforms as the high-beta chipmakers extend their recent rebound effort. The PHLX Semiconductor Index has gained 1.1% today, trimming its weekly loss to 0.6%. In the group, Marvell (MRVL 9.66, +0.22) and Micron (MU 12.35, +0.62) outperform, climbing 2.3% and 5.3%, respectively. Elsewhere, large cap component Apple (AAPL 96.12, +0.59) leads the heavyweights while Alphabet (GOOG 692.71, -5.05) and Facebook (FB 115.55, -1.15) weigh on the broader sector.

The U.S. Dollar Index (96.19, +0.14) hovers below a session high as the pound, commodity currencies, and euro each show losses against the greenback. Sterling has lost 0.1% (1.2924) against the buck while the dollar/Canadian dollar pair trades higher by 0.2% (1.2984). Separately, the dollar has lost 0.6% against the safe-haven yen (100.70).

11:25 am:

[BRIEFING.COM] The S&P 500 (+0.1%) has ticked lower in recent action, testing support near the psychological 2100 price level. The pullback in the broader market corresponded with the release of the Department of Energy's weekly inventory report.

The EIA report fell largely in-line with expectations as crude oil inventories declined by 2.22 million barrels while consensus estimates called for a draw between 2.3 million and 2.6 million barrels. Separately, gasoline inventories declined by 0.12 million barrels, which corresponded to an estimated draw of 0.35 million barrels. WTI crude slipped from the $48.00/bbl price level after the release of the report and currently trades lower by 1.9% ($46.53/bb; -$0.90).

The commodity-sensitive energy sector (UNCH) pulled back in recent action, trading in-line with the heavily-weighted health care (UNCH) space. In the energy group, refining names demonstrate relative weakness as Phillips 66 (PSX 75.58, -0.78) declines by 1.0%. Additionally, Dow component Exxon Mobil (XOM 93.18, -0.91) and Chevron (CVX 103.48, -1.10) each underperform inside the price-weighted index.

The Treasury complex has inched off its low as the yield on the 10-yr note remains higher by three basis points (1.40%).

11:00 am:

[BRIEFING.COM] The stock market has slipped lower in recent action as the S&P 500 (+0.2%) looks to test support near the 2104 price level. Elsewhere, the domestically-facing Russell 2000 (+0.7%) outperforms.

The biotechnology sub-group has pulled back in recent action as the iShares Nasdaq Biotechnology ETF (IBB 266.65, +0.41) trims its initial 1.0% gain. In the ETF, Celgene (CELG 103.37, -1.23) is under pressure, giving back some of yesterday's 4.3% gain. Conversely, Alexion Pharmaceuticals (ALXN 123.12, +2.00) outperforms after the FDA granted orphan drug designation to the company's Crigler-Najjar medication.

In the broader health care space (UNCH), CIGNA (CI 128.92, +0.62) leads among health plan names after having coverage resumed at Oppenheimer. The stock received an "Outperform" designation with a price target of $149.

The U.S. Dollar Index (96.08, +0.03) trades off its high as the pound and commodity currencies trim their lead against the buck. The pound shows a gain of 0.1% against the greenback (1.2939). Separately, the euro/dollar pair trades lower by 0.2% (1.1073) after slipping from the 1.1100 price level at the beginning of the session.

10:30 am: [BRIEFING.COM]

The dollar index is up +0.1% around the 96.16 level, weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.2% at 87.32
Crude oil rallies ahead of EIA petroleum storage data to be released at 11:00 am ET after API data showed a draw of -6.736 mln barrels
August crude oil futures are currently up $0.56 (+1.2%) at $47.99/barrel
Factors affecting the price of crude 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
API data released yesterday after the bell showed a draw of -6.736 mln barrels vs. last week's draw of -3.86 mln barrels
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
EIA petroleum data will be released at 11:00 am ET today
Baker Hughes rig count data will be released this Friday at 1 pm ET
IEA Monthly data will be released July 13th
Natural gas sees a boost after the release of EIA natural gas inventory data which showed a build at the lower end of Consensus
August natural gas futures are currently up $0.04 (+1.3%) at $2.82/MMBtu
Natural gas inventory showed a build of +39 bcf vs expectations for inventory to be a build between +36 and 46 bcf.
Working gas in storage was 3,179 Bcf as of Friday, July 1, 2016, according to EIA estimates.
Stocks were 538 Bcf higher than last year at this time and 599 Bcf above the five-year average of 2,580 Bcf.
At 3,179 Bcf, total working gas is above the five-year historical range.
In precious metals, gold snaps its 6-day streak of gains, trading lower as the dollar gains momentum
August gold futures are down $14.00 (-1.0%) at $1353.10/oz
Silver retreats from yesterday's 2-year highs as the dollar sees a modest morning rally, consolidating near its lows of the day
September silver futures are currently down $0.59 (-2.9%) at $19.62/oz
Base metal copper extends the previous session's losses in morning pit trading
September copper futures are currently down $0.02 (-0.9%) at $2.13/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (+0.4%) trades near its session high, floating one point below its best level of the day.

The commodity-sensitive materials (+0.9%) and energy (+0.9%) sectors trade neck-and-neck, leading financials (+0.7%) and industrials (+0.6%).

The high-beta chipmakers demonstrate relative strength, evidenced by the 1.7% gain in the PHLX Semiconductor Index. In the broader technology sector (+0.5%), data storage names outperform as Western Digital (WDC 47.92, +2.46) jumps 5.4%. The company raised its outlook for the June quarter above analysts' estimates.

The U.S. Dollar Index (95.96, -0.10) trades near its session low as the yen, pound, and Canadian dollar each gain against the greenback. The dollar/yen pair trades lower by 0.4% (100.97) while sterling has climbed 0.4% against the buck (1.2988). Separately, the dollar has lost 0.5% against the Canadian dollar (1.2894) amid strength in oil.

9:45 am:

[BRIEFING.COM] The stock market opened its day on a higher note as the Nasdaq Composite (+0.5%) leads the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%).

Eight sectors trade in the green with materials (+0.7%) and industrials (+0.6%) leading the upside. The remaining gainers sport upticks between 0.1% (health care) and 0.6% (energy). On the flipside, telecom services (-0.6%) and utilities (-0.9%) show the only losses.

In the consumer staples space (+0.4%), Costco (COST 162.19, +6.18) demonstrates relative strength after reporting better-than-expected comparable store sales for June. Additionally, WhiteWave Foods (WWAV 56.51, +9.08) has spiked 19.2% after announcing that it would be acquired by Danone (DANOY 14.46, +0.31) for $56.25 per share.

The Dow Jones Transportation Average (+1.1%) outperforms as airline names rebound from heavy selling pressure earlier in the week. The U.S. Global Jets ETF (JETS 21.11, +0.18) trades higher by 0.9%.

On the commodities front, WTI crude trades higher by 1.3% ($48.06/bbl; +0.63) while safe haven gold has slipped 0.7% to $1,357.00/ozt.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +2.60.

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

Equity futures trade narrowly above their flat lines this morning as investors weigh better-than-expected employment data. The June ADP National Employment Report showed an increase of 172,000, which compared to the Briefing.com consensus of 152,000. The reading precedes Friday's more influential Employment Situation Report, which is expected to show an increase of 175,000 in Nonfarm Payrolls. The report remains in focus after the minutes from the June FOMC meeting expressed uncertainty following the lackluster May Employment figure.

Crude oil continues to offer support to the broader market as participants digest a larger-than-expected draw from crude oil stockpiles. The American Petroleum Institute reported last evening that crude inventories declined by 6.73 million barrels. This compares to last week's draw of 3.86 million barrels and an expected decline of 2.3 million barrels. Currently, WTI crude trades higher by 1.5% ($48.14, +0.71), trimming its weekly loss to 1.8%. The Department of Energy's more influential stockpile data will be released at 11:00 ET and is expected to show a crude oil draw of 2.25 million barrels.

In company specific news, BioMarin Pharmaceuticals (BMRN 88.00, +7.19) has climbed 8.9% amid speculation that the company is a takeover candidate. Swiss drug maker Roche (RHHBY 32.39, +0.00) is believed to be a potential suitor. Costco Wholesale (COST 157.84, +1.83) has gained 1.2% after June same store sales and core comparable store sales surpassed analysts' estimates.

The Treasury complex trades at a session low as the yield on the 10-yr note rises thee basis points to 1.40%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.30.

The S&P 500 futures have ticked higher in recent action, floating two points above fair value.

Equity indices across Asia ended Thursday on a mixed note with Japan's Nikkei (-0.7%) underperforming amid persistent yen strength. The dollar/yen pair briefly dipped below the 100.75 level, but early-morning dollar demand has lifted the pair back to little changed. Elsewhere, S&P lowered Australia's outlook to 'Negative' from 'Stable,' which puts the country's AAA rating at risk. In China, the country's Banking Regulatory Commission warned that banks need to be cautious about their exposure to bad loans.

In economic data:
Japan's May Leading Index 100.0 (expected 100.1; last 100.0) and May Coincident Indicator -1.5% (last 1.8%)
Australia's June AIG Construction Index 53.2 (last 46.7)

---Equity Markets---

Japan's Nikkei lost 0.7% with eight sectors ending in the red. Communications (-1.4%), materials (-1.2%), financials (-1.1%), and energy (-0.9%) lagged while utilities (+0.6%) and health care (+0.4%) outperformed. Aeon, Nissan Chemical Industries, Daiwa House Industry, Sumitomo Realty & Development, Mitsui Fudosan, Dentsu, and Isuzu Motor lost between 1.9% and 8.2%.
Hong Kong's Hang Seng gained 1.0% amid broad strength. Energy-related names ended among the leaders with China Shenhua Energy, Petrochina, China Petroleum & Chemical, and CNOOC climbing between 1.7% and 3.8%.
China's Shanghai Composite ended flat after erasing an intraday loss. Shanxi Coking, Gansu Ronghua Industry, and Tengda Construction gained between 5.5% and 6.0%.

Major European indices trade higher across the board, looking to reverse course after facing pressure earlier in the week. The increased risk tolerance has given a boost to the pound, lifting the currency to 1.3015 against the dollar (+0.7%). Elsewhere, German Chancellor Angela Merkel said her country will increase defense spending by EUR2 billion in 2017.

In economic data:
UK's May Industrial Production -0.5% month-over-month (expected -1.0%; last 2.1%); +1.4% year-over-year (consensus 0.5%; last 2.2%). May Manufacturing Production -0.5% month-over-month (expected -1.0%; last 2.4%); +1.7% year-over-year (consensus 0.7%; last 1.5%). June Halifax House Price Index 1.3% (expected 0.4%; last 0.9%); +8.4% year-over-year (consensus 7.7%; last 9.2%)
Germany's May Industrial Production -1.3% month-over-month (expected -0.1%; last 0.5%)
France's May trade deficit narrowed to EUR2.80 billion from EUR4.80 billion (expected deficit of EUR4.90 billion)
Swiss June CPI +0.1% month-over-month, as expected; -0.4% year-over-year (consensus -0.5%; last -0.4%)

---Equity Markets---

Germany's DAX has climbed 0.7% with utilities in the lead. RWE and E.On hold respective gains of 5.1% and 3.8%. Exporters BMW, Volkswagen, and Daimler are up between 0.9% and 1.7%. Deutsche Bank lags, retreating 0.4%.
France's CAC has spiked 1.2% with Danone, Accor, and Renault leading with gains between 2.7% and 3.5%. Financials Societe Generale, Credit Agricole, and BNP Paribas are up between 1.3% and 2.3%.
UK's FTSE trades up 1.5% with Associated British Foods surging 8.4% after announcing it remains intent on expanding its Primark clothing chain across Europe and the United States. Homebuilders and financials also outperform with Taylor Wimpey, Persimmon, RBS, Prudential, Old Mutual, and Barclays up between 2.6% and 7.7%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: flat.

Futures inched higher in recent action with the S&P 500 futures trading within one point of fair value.

The latest weekly initial jobless claims count totaled 254,000 while the Briefing.com consensus expected a reading of 268,000. Today's tally was below the revised prior week's count of 270,000 (from 268,000). As for continuing claims, they fell to 2.124 million from 2.168 million.

Separately, the ADP National Employment Report showed an increase of 172,000 in June (Briefing.com consensus 152,000) while the May reading was revised lower to 168,000 from 173,000. The ADP reading precedes Friday's more influential Employment Situation Report, which is expected to show an increase of 175,000 in Nonfarm Payrolls.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -2.90.

U.S. equity futures inched lower overnight as the S&P 500 futures trade one point below fair value. Futures hover below their flat lines as investors eye a rebound in global bourses. The reversal of fortune overseas is being led by financials names, recovering from heavy selling pressure earlier in the week. Additionally, an uptick in crude oil has helped underpin increased risk appetite. WTI crude trades higher by 1.2% ($47.95/bbl; +0.52) after weekly API inventory data showed that crude stockpiles declined by 6.73 million barrels (last: -3.86 million barrels). The Department of Energy's more influential inventory data will cross the wires at 11:00 ET.

The Treasury complex trades on a modestly lower note as the yield on the 10-yr note rises two basis point to 1.39%.

On the economic front, June Challenger Job Cuts reported in at 38,500, which compares to the prior month's reading of 30,200. Separately, the June ADP Employment Change Report (Briefing.com consensus 152k) and weekly initial claims (Briefing.com consensus 268k) will cross the wires at 8:15 ET and 8:30 ET, respectively.

In U.S. corporate news of note:

PepsiCo (PEP 107.80, +1.88): +1.8% after beating bottom-line estimates for the quarter and raising its FY16 earnings guidance above analysts' estimates
WhiteWave Foods (WWAV 56.42, +8.99): +19.0% following the company announcing that it would be acquired by Danone (DANOY 14.15, +0.00) for $56.25 per share or approximately $12.5 billion
Western Digital (WDC 47.44, +1.98): +4.4% after preannouncing Q4 results, reporting above-consensus top- and bottom-line figures
L Brands (LB 69.00, +0.53): +0.8% following the company reporting above-consensus same store sales for June

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with Japan's Nikkei -0.7% and Hong Kong's Hang Seng +1.0% while China's Shanghai Composite ended flat.
In economic data:
Japan's May Leading Index 100.0 (expected 100.1; last 100.0) and May Coincident Indicator -1.5% (last 1.8%)
Australia's June AIG Construction Index 53.2 (last 46.7)
In news:
The dollar/yen pair briefly dipped below the 100.75 level, but early-morning dollar demand has lifted the pair back to little changed.
S&P lowered Australia's outlook to 'Negative' from 'Stable,' which puts the country's AAA rating at risk.
In China, the country's Banking Regulatory Commission warned that banks need to be cautious about their exposure to bad loans.

European indices trade higher with the U.K.'s FTSE +1.2%, France's CAC +1.1%, and Germany's DAX +0.5%.
In economic data:
UK's May Industrial Production -0.5% month-over-month (expected -1.0%; last 2.1%); +1.4% year-over-year (consensus 0.5%; last 2.2%). May Manufacturing Production -0.5% month-over-month (expected -1.0%; last 2.4%); +1.7% year-over-year (consensus 0.7%; last 1.5%). June Halifax House Price Index 1.3% (expected 0.4%; last 0.9%); +8.4% year-over-year (consensus 7.7%; last 9.2%)
Germany's May Industrial Production -1.3% month-over-month (expected -0.1%; last 0.5%)
France's May trade deficit narrowed to EUR2.80 billion from EUR4.80 billion (expected deficit of EUR4.90 billion)
Swiss June CPI +0.1% month-over-month, as expected; -0.4% year-over-year (consensus -0.5%; last -0.4%)
In news:
The increased risk tolerance has given a boost to the pound, lifting the currency to 1.3020 against the dollar (+0.7%).
German Chancellor Angela Merkel said her country will increase defense spending by EUR2 billion in 2017.

6:00 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +7.30.

6:00 am: [BRIEFING.COM] Nikkei...15276...-102.80...-0.70%. Hang Seng...20707...+211.60...+1.00%.

6:00 am: [BRIEFING.COM] FTSE...6558.31...+94.70...+1.50%. DAX...9460.69...+87.40...+0.90%.

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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