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 Post subject: July 19th Tuesday Trade Results - No Trades
PostPosted: Wed Jul 20, 2016 12:25 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)

Quote:
No trades today due to soreness in the shoulder and the broken wrist. Simply, I just study the charts and did only a little typing with one hand. Yet, you can still read the chat log to see if any useful information was posted by other traders in the chat room or to view their real-time trades at the archived chat log link below.


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. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) 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=2413

The free chat room is not a signal calling trading 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 trading 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=296&t=3207 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 PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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


4:20 pm: [BRIEFING.COM] The stock market ended the Tuesday affair on a mixed note, responding to a lukewarm batch of earnings reports and a negative bias in global bourses. Today's trade also featured a downturn in oil futures, strengthening in the dollar, and weakness from the heavily-weighted consumer discretionary (-0.2%) and health care (-0.2%) sectors. The Nasdaq Composite (-0.4%) finished behind the S&P 500 (-0.1%) and the Dow Jones Industrial Average (+0.1%).

Equity indices began the day on a lower note as global markets tilted to the downside. European indices led the losses as disappointing earnings results and a below-consensus reading of Germany's July ZEW Economic Sentiment Survey (-6.8; consensus: 9.0) weighed. Additionally, the International Monetary Fund added to the negative tone when it cut the United Kingdom's 2016 projected growth rate to 1.7% (from 1.9%). The organization also trimmed its global growth estimate for the year to 3.4% (from 3.5%).

The benchmark index gapped down at the start of the session, notching a morning low near the 2160 price level. Sellers were unable to press equities much farther as investors looked to the remainder of a busy earnings week. The major averages ticked off their lows in the final hour while eight sectors finished in the red. The materials (-0.7%), energy (-0.6%), and telecom services (-0.4%) sectors led the losses while the remaining decliners finished with losses between 0.1% (technology) and 0.2% (consumer discretionary).The heavyweight financial (+0.1%) and industrial (+0.1%) groups ended with the only gains.

The energy space (-0.5%) displayed relative weakness as the group responded to a leg lower in oil futures. August crude ended its day lower by 1.5% ($44.67/bbl; -$0.68), extending its July decline to 7.4%. In the sector, oilfield service names underperformed as Halliburton (HAL 44.99, -0.62) and Baker Hughes (BHI 45.74, -1.12) declined by 1.4% and 2.4%, respectively. Halliburton is scheduled to release its quarterly report tomorrow morning.

The countercyclical health care group (-0.2%) underperformed as health care service providers weighed. In the group, Aetna (AET 115.15, -3.21) and Humana (HUM 153.38, -6.26) lost a respective 2.7% and 3.9% after reports indicated that the government may seek to block their proposed merger. The same reports signaled that similar actions might be taken regarding the potential Anthem (ANTM 132.06, -2.94) and Cigna (CI 130.30, -2.83) deal. On the flipside, Dow component Johnson & Johnson (JNJ 125.25, +2.11) ended at the top of the price-weighted index.

In the consumer discretionary space (-0.2%), Netflix (NFLX 85.84, -12.97) tumbled 13.1% after subscriber growth for the second quarter missed analysts' estimates. The company also lowered its outlook for net subscribers in the coming quarter. Separately, restaurant names outperformed as Chipotle Mexican Grill (CMG 415.31, +6.41) and McDonald's (MCD 126.50, +2.70) gained 1.6% and 2.2%, respectively.

The technology space (-0.1%) finished its day in-line with the benchmark index as Oracle (ORCL 41.08, -0.56) and Microsoft (MSFT 53.09, -0.87) weighed on the group. Microsoft sank 1.6% ahead of this evening's quarterly report. Conversely, Yahoo! (YHOO 38.17, +0.22) gained 0.6% after it was reported that five bidders have presented final-round offers for the web portal.

The U.S. Dollar Index (97.05, +0.48) ended broadly higher as the euro and the pound each lose ground to the greenback. The single currency ticked lower by 0.5% against the dollar (1.1019) while sterling slipped 1.2% against the buck (1.3095). Separately, the dollar gained 0.7% against the commodity-sensitive Canadian dollar (1.3028).

The Treasury complex settled near its session high as the yield on the 10-yr note slipped three basis points to 1.56%.

Today's trading volume was below the recent average as fewer than 736 million shares changed hands on the NYSE floor.

Today's economic data was limited to Housing Starts and Building Permits for June:

Housing starts jumped 4.8% to a seasonally adjusted annual rate of 1.189 million units (Briefing.com consensus 1.165 million) in June on the heels of a downwardly revised 1.135 million (from 1.164 million) in May.
Building permits increased to a seasonally adjusted annual rate of 1.153 million (Briefing.com consensus 1.150 million) while the prior month saw a small downward revision to 1.136 million from 1.138 million.
By and large, then, the starts and permits data for June were largely as expected when factoring for the downward revisions to May.
The trouble there is that neither starts nor permits have exhibited any real growth in recent months.
With the latest report, the three-month moving average for starts stands at 1.160 million versus 1.167 million in February.
The three-month moving average for permits rests at 1.140 million versus 1.184 million in February.
The improvement in starts in June was fueled by a 4.4% pickup in single-family starts and a 5.4% increase in multi-unit starts.
The Northeast was the main driver of the improvement in single-family starts, logging a 31.6% increase.
Single-family starts, though, were up in all regions, including a 7.3% gain in the Midwest, a 3.1% increase in the West, and a 0.5% uptick in the South.
Permits for single-family units increased 1.0% and were up 2.5% for multi-unit dwellings.
The Northeast again led the way, with permits up 13.7% for single-family units; however, the West was the only other region to show a gain in single-family permits (+0.6%).
The Midwest was flat and the South was down 0.3%.
The number of units under construction at the end of the period was 1.015 million, up slightly from 1.013 million in May.
That left the second quarter average for units under construction at 1.008 million versus 985,000 in the first quarter.
The higher second quarter average will factor favorably in the residential investment component for second quarter GDP.

Tomorrow's economic data will be limited to the 7:00 ET release of the weekly MBA Mortgage Index.

3:30 pm: [BRIEFING.COM]

The dollar index is up +0.5% around the 97.06 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are down -0.9% at the 85.75 level
Crude oil extends yesterday's losses, closing near session lows ahead of tonight's API data
August crude oil futures fell $0.68 (-1.5%) to $44.67/barrel
EIA petroleum data will be released tomorrow at 10:30 am ET
API data will be released today at 4:30 pm ET
Baker Hughes rig count data will be released Friday at 1 pm ET
Natural gas finishes afternoon pit trading near parity with the close of the previous session after a notable drop in the previous session
August natural gas closed $0.01 higher (+0.4%) at $2.73/MMBtu
In precious metals, gold stages a modest afternoon rally, consolidating near its afternoon highs despite notable strength in the dollar index
August gold ended today's session up $3.20 (+0.2%) to $1332.50/oz
Silver sees losses for the second session in a row as the dollar index holds onto this morning's gains
September silver closed today's session $0.06 lower (-0.3%) at $20.01/oz
Base metal copper inches up to close higher for the second consecutive session in afternoon pit trading
September copper closed $0.02 higher (+0.9%) at $2.26/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (-0.4%) trades behind the S&P 500 (-0.3%) and the Dow Jones Industrial Average (UNCH).

All ten sectors continue to sport losses as energy (-0.7%) and materials (-0.7%) trail countercyclical telecom services (-0.4%) and health care (-0.3%). The remaining decliners show losses between 0.1% (industrials) and 0.3% (consumer staples).

In the materials space (-0.7%), Monsanto (MON 106.73, +0.29) displays relative strength after Bayer (BAYRY 100.65, -1.31) announced that it looks forward to continued dialogue with the company once both parties agree to the appropriate non-disclose agreements. Monsanto rejected Bayer's $125/share acquisition offer ahead of today's session.

The U.S. Dollar Index (97.08, +0.52) hovers near its best level of the day as the euro, Canadian dollar, and pound each sport losses against the greenback. The single currency has lost 0.6% against the dollar (1.1013) while the dollar/Canadian dollar pair trades higher by 0.7% (1.3034). Separately, the pound has declined 1.2% against the dollar (1.3091).

2:30 pm:

[BRIEFING.COM] The major averages have ticked off their session lows as the Dow Jones Industrial Average (UNCH) crosses into positive territory. Separately, the S&P 500 (-0.3%) trades three points above its worst level of the day.

The commodity-sensitive energy sector (-0.6%) trades above its session low as crude oil extends its loss. The energy component trades lower by 1.0% ($45.48/bbl; -$0.46) ahead of its pit session close at 14:30 ET. Investors will receive the latest weekly stockpile data from the American Petroleum Institute after today's close at 16:35 ET while the Department of Energy's more influential stockpile data will cross the wires at 10:30 ET tomorrow.

In the group, refining names outperform as Valero Energy (VLO 50.71, +0.28) and Marathon Petroleum (MPC 37.33, +0.29) gain 0.6% and 0.8%, respectively. Elsewhere, oilfield service name Halliburton (HAL 44.90, -0.71) has declined 1.6% ahead of tomorrow morning's earnings report.

Treasuries hovers near their best levels of the day as yields fall across the complex. The yield on the 10-yr note has slipped three basis points to 1.55%.

2:00 pm:

[BRIEFING.COM] The major averages continue to hover near their session lows as the Nasdaq Composite (-0.5%) trades behind the S&P 500 (-0.3%). Elsewhere, the domestically-facing Russell 2000 (-0.7%) underperforms.

The economically-sensitive financial sector (-0.2%) trades ahead of the benchmark index as bank names and investment brokerages outperform. Bank of America (BAC 14.24, +0.13) has gained 0.9% after FBR Capital issued bullish commentary on the company. The firm cited that the stock maintains an attractive valuation, relative to book value. Charles Schwab (SCHW 27.37, +0.27) also outperforms, gaining 1.0%. Conversely, Dow component Goldman Sachs (GS 161.54, -1.79) has slipped 1.1% after beating top- and bottom-line expectations for the quarter. The company reported that its investment banking revenue declined 11.0% year-over-year, totaling $1.79 billion. Goldman Sachs sports a gain of 8.7% in July, compared to an advance of 3.0% in the broader financial sector over that time.

On the commodities front, gold ended its pit session higher by 0.2% ($1,332.50/ozt, +3.20).

1:35 pm:

[BRIEFING.COM] The major U.S. indices has ticked back lower in recent trading with the Nasdaq slipping to new session lows.

A look inside the Dow Jones Industrial Average shows that Goldman Sachs (GS 161.29, -2.04), Microsoft (MSFT 53.40, -0.56), & DuPont (DD 67.45, -0.61) are underperforming. Goldman is the Dow's biggest laggard following this morning earnings report. At first glance, Goldman delivered a strong second quarter report, beating both revenue and earnings analyst estimates, but with the conference call underway earlier this morning, shares reversed heavily into negative territory. Separately, Microsoft shares are lower as investors trade with caution ahead of this evening's quarterly earnings report, due out after the closing bell. DuPont is under pressure as the materials sector pulls back, putting in today's worst performance.

Conversely, Johnson & Johnson (JNJ 123.31, +2.17) is the best-performing Dow component as shares climb to fresh all-time highs following this morning's strong second quarter report. The healthcare giant beat on both the top and bottom-line, and raised its full year guidance.

Despite today's pullback, the DJIA is still up 6.3% this year.

1:15 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as investors respond to a barrage of quarterly earnings and a cautious bias in global bourses. Today's trade has also featured strengthening in the dollar, weakening in crude oil, and a modest bid in safe havens. The Nasdaq Composite (-0.4%) and the S&P 500 (-0.2%) currently trade behind the Dow Jones Industrial Average (UNCH).

The major averages began the day under modest selling pressure, responding to a downturn in European averages and a leg lower in oil futures. European indices pulled back amid a batch of corporate earnings following an impressive run. The Euro Stoxx 50 (-0.6%) has rebounded 5.7% since Britain's decision to leave the European Union. Participants also weighed the recent decision by the IMF to lower its global growth estimate to 3.4% for 2016 (from 3.5%) and its decision to lower the United Kingdom's projected growth rate to 1.7% (from 1.9%).

Equity indices slipped at the start of the session, carving out morning lows in the first half hour of trade. The benchmark index found support near the 2060 price level and has hovered near that level into the early afternoon. All ten sectors trade in the red with commodity-sensitive materials (-0.8%), energy (-0.6%), and health care (-0.4%) leading the slide. The remaining decliners sport losses between 0.1% (financials) and 0.3% (consumer staples).

The heavily-weighted health care space (-0.4%) demonstrates relative weakness as health care providers underperform. The sub-group was pressured after reports indicated that the government may seek to block the proposed mergers between Aetna (AET 114.83, -3.53) & Humana (HUM 150.58, -9.06) and Anthem (ANTM 131.65, -3.35) & Cigna (CI 129.97, -3.16). The four names have lost between 2.4% and 5.7%. Conversely, Dow component Johnson & Johnson (JNJ 125.18, +2.06) tops the price-weighted index after reporting above-consensus results for the quarter.

The consumer discretionary space (-0.3%) displays broad-based weakness as retail, leisure, and streaming names underperform. The SPDR S&P Retail ETF (XRT 44.06, -0.38) has slipped 0.9% as it pulls back from yesterday's 1.6% advance. Separately, Netflix (NFLX 85.36, -13.44) has plunged 13.6% after its subscriber growth and guidance missed analysts' estimates. Conversely, Chipotle Mexican Grill (CMG 415.23, +6.33) outperforms after being upgraded to "Outperform" from "Underperform" at CLSA.

The technology space (-0.1%) trades narrowly beneath its flat line as investor weigh earnings reports from the group. EMC (EMC 28.09, +0.55) has jumped 2.0% after beating bottom-line estimates on in-line revenue. The company also announced that shareholders approved the proposed merger with Dell. Elsewhere, Yahoo! (YHOO 38.26, +0.31) has gained 0.8% after reports indicated that five bidders have presented final-round offers for the web portal.

The U.S. Dollar Index (97.09, +0.53) trades broadly higher as the euro and the pound each lose ground to the greenback. The single currency has ticked lower by 0.6% against the dollar (1.1011) while sterling has slipped 1.1% against the buck (1.3112). Separately, the dollar has gained 0.7% against the commodity-sensitive Canadian dollar (1.3039).

The Treasury complex trades near its session high as the yield on the 10-yr note slips three basis points to 1.55%.

Today's economic data was limited to Housing Starts and Building Permits for June:

Housing starts jumped 4.8% to a seasonally adjusted annual rate of 1.189 million units (Briefing.com consensus 1.165 million) in June on the heels of a downwardly revised 1.135 million (from 1.164 million) in May.
Building permits increased to a seasonally adjusted annual rate of 1.153 million (Briefing.com consensus 1.150 million) while the prior month saw a small downward revision to 1.136 million from 1.138 million.
By and large, then, the starts and permits data for June were largely as expected when factoring for the downward revisions to May.
The trouble there is that neither starts nor permits have exhibited any real growth in recent months.
With the latest report, the three-month moving average for starts stands at 1.160 million versus 1.167 million in February.
The three-month moving average for permits rests at 1.140 million versus 1.184 million in February.
The improvement in starts in June was fueled by a 4.4% pickup in single-family starts and a 5.4% increase in multi-unit starts.
The Northeast was the main driver of the improvement in single-family starts, logging a 31.6% increase.
Single-family starts, though, were up in all regions, including a 7.3% gain in the Midwest, a 3.1% increase in the West, and a 0.5% uptick in the South.
Permits for single-family units increased 1.0% and were up 2.5% for multi-unit dwellings.
The Northeast again led the way, with permits up 13.7% for single-family units; however, the West was the only other region to show a gain in single-family permits (+0.6%).
The Midwest was flat and the South was down 0.3%.
The number of units under construction at the end of the period was 1.015 million, up slightly from 1.013 million in May.
That left the second quarter average for units under construction at 1.008 million versus 985,000 in the first quarter.
The higher second quarter average will factor favorably in the residential investment component for second quarter GDP.

12:25 pm:

[BRIEFING.COM] The S&P 500 (-0.3%) has ticked off a recently-established session low, trading two points off its worst level of the day.

The industrial sector (-0.3%) has slipped lower with the broader market as defense names pull back following the end of Lockheed Martin's (LMT 254.73, -1.59) conference call. The stock sports a loss of 0.6% after climbing 2.8% at the start of the session. The broader defense sub-group has fallen in sympathy with the name as Raytheon (RTN 137.04, -0.97) and Northrop Grumman (NOC 219.01, -1.80) fall 0.7% apiece.

The Dow Jones Transportation Average (-0.1%) trades slightly ahead of the broader market as shipping name Matson (MATX 37.07, +2.02) outperforms the index. The company has jumped 5.8% after announcing that it would acquire Span Alaska for $197.6 million. On the flipside, airlines weigh on the group as JetBlue Airways (JBLU 18.28, -0.23) trades lower in sympathy with Spirit Airlines (SAVE 44.57, -3.23). On a related note, United Continental (UAL 47.62, -0.09) is scheduled to release its quarterly report after today's close.

12:05 pm:

[BRIEFING.COM] The major averages have slipped lower in recent action, hovering near session lows. The Nasdaq Composite (-0.4%) trades behind the S&P 500 (-0.3%) and the Dow Jones Industrial Average (-0.1%).

Retail names display relative weakness in the consumer discretionary space (-0.3%), evidenced by the 0.8% decline in the SPDR S&P Retail ETF (XRT 44.09, -0.35). The ETF is pulling back from yesterday's 1.6% gain as Nordstrom (JWN 40.49, -0.61) slides 1.5%. Elsewhere, Netflix (NFLX 84.90, -13.90) weighs on the broader sector after disappointing investors with its subscriber growth and guidance figures. The stock has also received a number of downgrades and price target decreases following its quarterly results. Conversely, fast casual restaurant names outperform as McDonald's (MCD 125.80, +2.00) and Chipotle Mexican Grill (CMG 415.14, +6.24) gain 1.6% apiece. McDonald's trades higher after its stores in Japan announced a new line of Pokemon-related promotions. Chipotle is benefiting from an upgrade to "Outperform" from "Underperform" at CLSA.

On the commodities front, WTI crude trades lower by 0.7% ($45.64/bbl; -$0.30) while gold has ticked higher by 0.3% to $1,332.90/ozt.

11:35 am:

[BRIEFING.COM] The major averages have traded sideways in recent action as the Nasdaq Composite (-0.2%) trades neck-and-neck with the S&P 500 (-0.2%). The benchmark index floats four points above its session low.

The health care space (-0.3%) has fallen down the leaderboard, trading ahead of consumer staples (-0.4%), telecom services (-0.4%), materials (-0.4%), and utilities (-0.5%). Health care providers underperform the sector after reports indicated that antitrust suits may be filed to attempt to block mergers between Aetna (AET 114.44, -3.92) and Humana (HUM 151.25, -8.39) and Anthem (ANTM 131.01, -3.99) and Cigna (CI 130.01, -3.12). Separately, Dow component UnitedHealth (140.65, -0.10) has ticked lower by 0.1% after reporting top- and bottom-line beats for the second quarter.

In the broader sector, Dow component Johnson & Johnson (JNJ 124.66, +1.52) outperforms after topping analysts' estimates for the quarter. The company also raised its full-year earnings estimates above consensus.

The Treasury complex has ticked higher in recent action as yields slip throughout the complex. The yield on the 10-yr note has fallen three basis points to 1.56%.

11:00 am:

[BRIEFING.COM] The major indices continue to inch their way off their opening lows as the Nasdaq Composite (-0.3%) trails the S&P 500 (-0.2%). Separately, the Dow Jones Industrial Average (UNCH) flirts with its flat line.

The technology space (UNCH) has ticked higher in recent action as investors bid the heavyweight sector off an initial 0.4% decline. In the group, EMC (EMC 28.09, +0.55) outperforms after beating bottom-line estimates on in-line revenue. Additionally, shareholders recently approved its proposed merger with Dell, expecting the transaction to close in the originally announced time frame. Yahoo! (YHOO 38.28, +0.33) has gained 0.9% amid reports indicating that five bidders have presented final-round offers for the web portal. Separately, Dow component Microsoft (MSFT 53.56, -0.39) rounds out the price-weighted index ahead of this evening's quarterly report.

The high-beta chipmakers underperform the broader sector, evidenced by the 0.3% decline in the PHLX Semiconductor Index. The group is likely trading lower in sympathy with Super Micro Computer (SMCI 18.77, -7.57), which has plunged 28.8%. The company cut its fourth-quarter guidance, projecting quarterly earnings of between $0.15 and $0.17 per share. This follows previous guidance that estimated quarterly earnings between $0.46 and $0.58 per share.

10:30 am: [BRIEFING.COM]

The dollar index rallies to morning highs, +0.5% at the 97.07 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up -0.5% at the 86.12 level
Crude oil extends yesterday's losses ahead of tomorrow's EIA data, curently near session lows
August crude oil futures are down $0.38 (-0.8%) at $44.86/barrel
Natural gas erases all losses of the previous session in morning pit trading
August natural gas futures are up $0.04 (+1.3%) at $2.76/MMBtu
In precious metals, gold sees an initial morning rally before consolidating near its highs of the day despite notable dollar strength
August gold futures are up $3.00 (+0.2%) at $1332.30/oz
Silver continues yesterday's downtrend as the dollar surges to session highs
September silver futures are down $0.06 (-0.3%) at $20.02/oz
Base metal copper inches higher for the third consecutive session
September copper futures are up $0.02 (+0.8%) at $2.25/lb

10:00 am:

[BRIEFING.COM] The broader market has ticked off its opening low as the Nasdaq Composite (-0.4%) trades behind the S&P 500 (-0.3%). The benchmark index trades within one point of its worst level of the day.

The leaderboard remains little changed as materials (-0.7%), consumer staples (-0.5%), consumer discretionary (-0.5%), and energy (-0.5%) underperform.

In the industrial sector (-0.1%), defense names display relative strength as the sub-group trades higher in sympathy with Lockheed Martin (LMT 261.41, +5.12). The company has gained 2.0% after beating analysts' estimates for the quarter. Furthermore, Lockheed raised its earnings outlook for the fiscal year, estimating total earnings of $12.15 to $12.45 per share.

The U.S. Dollar Index (97.05, +0.49) has moved off its best level of the day as the yen, euro, and pound make up some ground against the buck. The dollar/yen pair trades higher by 0.2% (106.40) while the euro has lost 0.5% against the dollar (1.1022). Sterling has fallen 1.0% against the greenback (1.3127). Separately, the dollar has gained 0.7% against the commodity-sensitive Canadian dollar (1.3037) amid a 0.9% decline in oil ($45.55/bbl; -$0.39).

9:45 am:

[BRIEFING.COM] As expected, the stock market opened on a lower note as the S&P 500 (-0.3%) trades behind the Nasdaq Composite (-0.2%) and the Dow Jones Industrial Average (-0.1%).

Nine sectors trade in the red as energy (-0.4%), consumer staples (-0.5%), and materials (-0.6%) round out the leaderboard. The remaining decliners sport losses between 0.1% (industrials) and 0.4% (financials). Conversely, countercyclical health care (+0.1%) sports the only gain.

In the consumer staples space (-0.5%), tobacco names display relative weakness as the sub-group trades lower in sympathy with Philip Morris International (PM 99.50, -3.50). The stock has slipped 3.4% after missing top- and bottom-line estimates for the quarter.

Homebuilders outperform in the consumer discretionary space (-0.4%), evidenced by the 0.2% gain in the iShares Dow Jones US Home Construction ETF (ITB 29.35, +0.05). The sub-group is trading higher following the headline surprise in this morning's reading of Housing Starts (1189k; Briefing.com consensus 1165k) and Building Permits (1153k; Briefing.com consensus 1150k) for June.

On the commodities front, WTI crude trades lower by 0.3% ($45.78/bbl; -$0.16) while gold has ticked higher by 0.1% (1,331.70/ozt, +$1.40).

9:21 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -15.60.

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

Index futures ticked lower overnight, responding to a similar downturn in global bourses. European markets are trading lower as financial names and miners pace the retreat. Additionally, a negative reaction to earnings results from Ericsson (ERIC 7.10, -0.44) and Novartis (NVS 81.07, -0.97) has solidified the move lower in regional indices. It is worth noting, however, that the broader Euro Stoxx 50 (-1.0%) index has advanced 2.1% in the month of July and more than 5.3% since the day following Britain's surprise Brexit decision.

The earnings season has taken on a different tone here at home as quarterly reports from IBM (IBM 161.91, +2.05), VMware (VMW 68.40, +5.83), EMC (EMC 28.00, +0.46), and Lockheed Martin (LMT 259.70, +3.41) have each provoked buying interest. Conversely, negative reactions are few and far between as UnitedHealth (UNH 140.50, -0.25) and Netflix (NFLX 85.60, -13.21) show losses. Netflix has tumbled 13.4% in reaction to a below-consensus reading of the company's subscriber count. The company reported 160,000 additions domestically and 1.52 million internationally. Furthermore, the media streaming company lowered its guidance on additions for the third quarter.

The U.S. Dollar Index (97.07, +0.51) trades broadly higher as the euro and the pound each lose ground to the greenback. The single currency has ticked lower by 0.5% against the dollar (1.1015) while sterling has slipped 1.0% against the buck (1.3123). Separately, the dollar has gained 0.7% against the commodity-sensitive Canadian dollar (1.3029).

The Treasury complex has backed away from its high in recent trade as the yield on the 10-yr note registers at 1.57% (-2 bps).

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -14.40.

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

Equity indices in the Asia-Pacific region had a mixed showing on Tuesday with Japan's Nikkei (+1.4%) displaying relative strength. The index climbed even though the yen flashed some overnight strength, which has been retraced over the past few hours. Separately, the Reserve Bank of Australia released its latest policy minutes, in which the central bank discussed a limited fallout (for the time being) from the Brexit vote, continued softness in China, and the high likelihood that Australian inflation remains low.

In economic data:
Hong Kong's June Unemployment Rate held at 3.4% (expected 3.5%)
South Korea's June PPI +0.2% month-over-month (last 0.1%); -2.7% year-over-year (last -3.0%).

---Equity Markets---

Japan's Nikkei rallied 1.4% with nine sectors registering gains. Technology (+2.9%), health care (+2.1%), and consumer staples (+1.6%) outperformed while communications (-0.3%) lagged. Dainippon Screen Manufacturing, Furukawa, Konami, Toho, Trend Micro, Tokyo Electron, Advantest, Eisai, and Fast Retailing gained between 3.2% and 8.8%.
Hong Kong's Hang Seng lost 0.6%. Cathay Pacific Air was the weakest performer, falling 2.7%. Galaxy Entertainment, China Mengiu Dairy, Belle International, Ping An Insurance, Bank of East Asia, and CNOOC lost between 1.2% and 2.5%.
China's Shanghai Composite slipped 0.2%. Hubei Jumpcan Pharmaceutical, Baoji Titanium Industry, and China Southern Airlines lost between 3.0% and 3.5%.

Major European indices trade lower across the board with Italy's MIB (-1.3%) struggling to keep pace. News flow from the region has been relatively light with European Commissioner Valdis Dombrovskis saying Brexit is likely to reduce the U.K.'s GDP by about one percentage point due to uncertainty. Separately, a British government lawyer said the invocation of Article 50 is not expected to take place this year.

In economic data:
Eurozone ZEW Economic Sentiment -14.7 (expected 12.3; last 20.2)
Germany's July ZEW Economic Sentiment -6.8 (consensus 9.0; last 19.2) and ZEW Current Conditions 49.8 (expected 51.8; last 54.5)
UK's June CPI +0.2% month-over-month, as expected (previous 0.2%); +0.5% year-over-year (consensus 0.4%; last 0.3%). Core CPI +1.4% year-over-year (consensus 1.3%; last 1.3%), and Input PPI +1.8% month-over-month (expected 1.3%; last 2.2%). Output PPI +0.2% month-over-month, as expected (last 0.2%). June Unemployment Rate held at 3.4% (expected 3.5%) and House Price Index +8.1% year-over-year (consensus 7.9%; last 8.1%)

---Equity Markets---

UK's FTSE is lower by 0.1% with miners and consumer names under pressure. Rio Tinto, Glencore, Anglo American, Antofagasta, and BHP Billiton are down between 2.8% and 3.4% while ITV, Morrison Supermarkets, Tesco, Sainsbury, and Diageo show losses between 0.7% and 2.4%.
France's CAC trades down 0.8% amid broad weakness. ArcelorMittal has given up 3.0% while financials Societe Generale, Credit Agricole, and BNP Paribas show losses between 1.3% and 2.2%.
Germany's DAX has slumped 1.0% with all but two components trading in the red. Deutsche Bank leads the decline with a 3.1% drop while heavyweights like BMW, Volkswagen, Daimler, Bayer, and Siemens show losses between 0.8% and 2.2%.
Italy's MIB has given up 1.3% with financials like BMPS, Banca Pop Emilia Romagna, Banca di Milano Scarl, Banco Popolare, and Unicredit down between 3.4% and 5.6%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -15.50.

The S&P 500 futures trade six points below fair value as investors weigh recently released housing data and a plethora of quarterly reports.

Just released, housing starts came in at a seasonally adjusted annualized rate of 1.189 million units in June, which was up from a revised 1.135 million units in May (from 1.164 million). The Briefing.com consensus expected starts to increase to 1.165 million units. Building permits registered in at a seasonally adjusted 1.153 million in June from a revised 1.136 million for May (from 1.138 million). The Briefing.com consensus expected a reading of 1.150 million.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -16.10.

U.S. equity futures trade modestly lower as the S&P 500 futures hover five points below fair value. Global equity markets ticked lower overnight as the recent risk rally paused. European indices lead the losses as corporate earnings from the region and a below-consensus reading of Germany's July ZEW Economic Sentiment (-6.8; consensus: 9.0; last: 19.2) weigh. Additionally, a downturn in oil dampened risk appetite earlier in the night, but the energy component has since erased its loss. WTI crude trades higher by 0.4% ($45.43/bbl; +$0.19).

Earnings season has kicked into high gear stateside as investors examine the latest batch of quarterly results. Dow components Johnson & Johnson (JNJ 126.16, +3.02), IBM (IBM 162.05, +2.19), and Goldman Sachs (GS 163.70, +0.37) each topped analysts' bottom-line estimates. However, disappointing subscriber growth has weighed on Nasdaq component Netflix (NFLX 85.50, -13.31).

Treasuries trade higher as yields slip throughout the complex. The yield on the 10-yr note has fallen three basis points to 1.56%.

Today's economic data will be limited to Housing Starts (Briefing.com consensus 1165k) and Building Permits (Briefing.com consensus 1150k) for June, which will cross the wires at 8:30 ET.

In U.S. corporate news of note:

Netflix (NFLX 85.50, -13.31): -13.5% after disappointing investors with its net additions and guidance
IBM (IBM 162.05, +2.19): +1.4% following the company beating bottom-line estimates for the quarter and reaffirming its FY16 earnings guidance
Johnson & Johnson (JNJ 126.16, +3.02): +2.5% after beating top- and bottom-line estimates for the quarter and raising its FY16 outlook
Super Micro Computer (SMCI 20.16, -6.18): -23.5% following the company cutting its Q4 earnings and revenue guidance, estimating figures well below analysts' estimates
Lockheed Martin (LMT 261.50, +5.21): +2.0% after reporting above-consensus results for Q2 and raising its FY16 earnings estimates
Goldman Sachs (GS 163.70, +0.37): +0.2% following the company reporting better-than-expected quarterly results

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with Japan's Nikkei +1.4% while Hong Kong's Hang Seng -0.6% and China's Shanghai Composite -0.2%.
In economic data:
Hong Kong's June Unemployment Rate held at 3.4% (expected 3.5%)
South Korea's June PPI +0.2% month-over-month (last 0.1%); -2.7% year-over-year (last -3.0%).
In news:
The Reserve Bank of Australia released its latest policy minutes overnight.
The central bank discussed a limited fallout (for the time being) from the Brexit vote, continued softness in China, and the high likelihood that Australian inflation remains low.

European indices trade lower as Germany's DAX -1.0%, France's CAC -0.8%, and UK's FTSE -0.2%. Separately, Italy's MIB (-1.5%) shows relative weakness.
In economic data:
Eurozone ZEW Economic Sentiment -14.7 (expected 12.3; last 20.2)
Germany's July ZEW Economic Sentiment -6.8 (consensus 9.0; last 19.2) and ZEW Current Conditions 49.8 (expected 51.8; last 54.5)
UK's June CPI +0.2% month-over-month, as expected (previous 0.2%); +0.5% year-over-year (consensus 0.4%; last 0.3%). Core CPI +1.4% year-over-year (consensus 1.3%; last 1.3%), and Input PPI +1.8% month-over-month (expected 1.3%; last 2.2%). Output PPI +0.2% month-over-month, as expected (last 0.2%). June Unemployment Rate held at 3.4% (expected 3.5%) and House Price Index +8.1% year-over-year (consensus 7.9%; last 8.1%)
In news:
European Commissioner Valdis Dombrovskis saying Brexit is likely to reduce the U.K.'s GDP by about one percentage point due to uncertainty.
Separately, a British government lawyer said the invocation of Article 50 is not expected to take place this year.

5:54 am: [BRIEFING.COM] S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -16.50.

5:54 am: [BRIEFING.COM] Nikkei...16723...+225.50...+1.40%. Hang Seng...21673...-130.00...-0.60%.

5:54 am: [BRIEFING.COM] FTSE...6668.98...-26.50...-0.40%. DAX...9946.35...-1163.80...-1.20%.

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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