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 Post subject: July 20th Wednesday Trade Results - Loss $375.00
PostPosted: Thu Jul 21, 2016 4:59 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ ($375.00) dollars or -7.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ ($375.00) 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=2414

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.

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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 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.

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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 midweek affair on a higher note as above-consensus quarterly results from Microsoft (MSFT 55.91, +2.82) facilitated a bid in the heavyweight technology sector (+1.4%). Investors maintained a decidedly risk-on approach, bidding cyclical sectors and the beleaguered biotechnology sub-group. The S&P 500 (+0.4%) and the Dow Jones Industrial Average (+0.2%) each carved out new all-time closing highs while the Nasdaq Composite (+1.1%) notched a new 2016 closing high.

Equities began the day on a modestly higher note as investors responded to a positive bias in global bourses. Germany's DAX (+1.6%) paced the advance as participants examined better-than-expected corporate earnings reports. German software company SAP (SAP 83.71, +4.39) outperformed after topping analysts' estimates for the quarter and reaffirming its outlook. The company also stated that it has yet to see any impact from last month's surprise Brexit vote. On that note, the European Central Bank is scheduled to meet Thursday, marking its first meeting since the referendum. The central bank is widely expected to leave its policy stance unchanged.

The major averages ratcheted higher after the first hour of trade, corresponding to a reversal in crude oil. WTI crude erased an early loss as investors weighed the latest inventory data from the Department of Energy. The EIA reported that crude oil inventories fell by 2.34 million barrels (estimate: -2.10 million barrels) while gasoline inventories rose by 0.91 million barrels (estimate: -0.83 million barrels). The benchmark index finished off its session high with six sectors in positive territory. In front of the pack, technology (+1.4%), health care (+0.9%), and consumer discretionary (+0.4%) led while energy (-0.2%), utilities (-0.4%), and consumer staples (-0.5%) rounded out the board.

The technology sector (+1.4%) paced today's advance as Dow component Microsoft (MSFT 55.91, +2.82) rallied 5.3%. The stock finished on top of the price-weighted index after impressing investors with its cloud service business. The high-beta chipmakers also outperformed as Marvell (MRVL 11.23, +1.38) surged 14.1% after beating bottom-line estimates. Separately, Qualcomm (QCOM 55.82, +0.68) and Intel (INTC 35.69, +0.54) gained a respective 1.2% and 1.5% ahead of this evening's quarterly reports.

In the health care space (+0.9%), biotechnology displayed relative strength, evidenced by the 2.4% gain in the iShares Nasdaq Biotechnology ETF (IBB 276.54, +6.55). In the group, Mylan Labs (MYL 47.20, +2.27) jumped 5.1% after announcing the launch of its Crestor generic in the United States. In the broader sector, Intuitive Surgical (ISRG 703.05, +31.15) rallied 4.6% after reporting above-consensus quarterly results and receiving several price target increases.

Media names underperformed in the consumer discretionary space (+0.4%) as Dow component Disney (DIS 98.22, -1.25) weighed. The stock slipped 1.3% after it was downgraded to "Hold" from "Buy" at Stifel. Elsewhere, 21st Century Fox (FOXA 27.00, -0.75) fell 2.7% amid uncertainty regarding Fox News CEO Roger Ailes. Reports indicated that 21st Century Fox is reviewing allegations of sexual assault after a lawsuit was filed against Mr. Ailes.

The U.S. Dollar Index (97.11, +0.05) finished modestly higher as it gained against the euro, commodity currencies, and the yen. The euro/dollar pair ended lower by 0.1% (1.1014) while the dollar ticked higher by 0.3% against the commodity-sensitive Canadian dollar (1.3062). Separately, the dollar jumped 0.8% against the safe-haven yen (106.93).

The Treasury complex settled off its session low, but the yield on the 10-yr note rose two basis points to 1.58%.

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

Today's economic data was limited to the weekly MBA Mortgage Index:

The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 1.3% in mortgage applications after rising 7.2% in the prior week.

Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 265k) and the July Philadelphia Fed Survey (Briefing.com consensus 5.0), which will both be released at 8:30 ET. Separately, the FHFA Housing Price Index for May will cross the wires at 9:00 ET. Finally, the day's data will be capped off with Existing Home Sales (Briefing.com consensus 5.50 million) for June and June Leading Indicators (Briefing.com consensus 0.3%), which will both be reported at 10:00 ET.

Dow Jones +6.7% YTD
Russell 2000 +6.5% YTD
S&P 500 +6.3% YTD
Nasdaq +1.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index is trading flat, around the 96.12 level
Commodities, as measured by the Bloomberg Commodity Index, are down -0.7% at the 85.16 level
Crude oil surges to session highs after the release of petroleum inventory data
September crude oil futures rose $1.06 (+2.4%) to $45.73/barrel
Crude oil futures have changed their front months to September from August, as indicated by the active amount of volume in the contracts
Crude oil inventories had a draw of -2.342 mln (consensus called for a draw between -1.3 mln and -1.7 mln barrels)
Gasoline inventories had a build of 0.911 mln
Distillate inventories had a draw of 0.214 mln
Weekly rig count data will be released Friday at 1 pm ET
Natural gas ends near session lows ahead of tomorrow's inventory number
August natural gas closed $0.07 lower (-2.6%) at $2.66/MMBtu
In precious metals, gold extends yesterday's losses as the dollar trades flat
August gold ended today's session down $13.20 (-1.0%) to $1319.30/oz
Silver sees an afternoon of consolidation near its morning lows as the dollar index trades flat
September silver closed today's session $0.40 lower (-2.0%) at $19.61/oz
Base metal copper ends pit trading unchanged
September copper closed flat at $2.26/lb

3:00 pm:

[BRIEFING.COM] The major averages have ticked lower in recent action as the Nasdaq Composite (+1.1%) trades ahead of both the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.3%).

All six cyclical sectors trade in the green with energy (+0.1%), materials (+0.2%), and industrials (+0.3%) showing the slimmest gains. On the flipside, countercyclical telecom services (-0.2%), utilities (-0.4%), and consumer staples (-0.5%) round out the leaderboard.

In company specific news, Anheuser-Busch InBev (BUD 126.07, +1.48) recently announced that it entered into a consent decree with the Department of Justice, clearing a hurdle in its potential merger with SABMiller (SBMRY 58.50, +0.30). The transaction is expected to close in the second half of the year.

The PHLX Semiconductor Index (+1.4%) hovers off its best level of the day as Qualcomm (QCOM 55.35, +0.21) and Intel (INTC 35.67, +0.52) gain 0.4% and 1.5%, respectively. The two chipmakers are scheduled to release their quarterly reports this evening.

The Treasury complex has moved off its low as yields trim their advance. The yield on the 10-yr note registers at 1.58%, rising three basis points.

2:30 pm:

[BRIEFING.COM] The Nasdaq Composite (+1.2%) has extended its lead in recent action, notching a new session high at 5098.25. Separately, the S&P 500 (+0.5%) hovers near its best level of the day.

Seven sectors trade in the green as health care (+1.0%) and technology (+1.5%) outperform. The remaining gainers sport upticks between 0.1% (energy) and 0.4% (consumer discretionary).

The consumer staples space (-0.5%) displays relative weakness as investors favor cyclical sectors amid a persistent risk-on posture in the broader market. Kellogg (K 82.52, -4.46) underperforms among food names as reports indicate that prior M&A speculation looks to be unsubstantiated. The stock has gained 1.1% in July, compared to a gain of 0.4% in the broader sector. Separately, Campbell Soup (CPB 64.79, -1.84) has fallen 2.8% after the company lowered its sales estimates for the fiscal year. The company now estimates that sales may decline 1.0% to 2.0% for the year. However, Campbell maintained its earnings guidance, projecting earnings between $2.93 and $3.00 per share.

WTI crude trades higher by 0.9% ($45.87, +0.42) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages continue to hover near their best levels of the day as the Nasdaq Composite (+1.1%) leads the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.3%).

The industrial sector (+0.4%) trades slightly behind the broader market as General Electric (GE 32.84, -0.09) and Lockheed Martin (LMT 257.17, -1.79) drag down the broader sector. Lockheed Martin underperforms after releasing its earnings report yesterday. Conversely, Illinois Tool (ITW 114.16, +3.05) outperforms after beating bottom-line estimates for the quarter and raising its earnings guidance.

The Dow Jones Transportation Average (+0.4%) trades in-line with the broader industrial sector as airlines outperform. The U.S. Global Jets ETF (JETS 23.24, +0.12) has ticked higher by 0.5%, trading in sympathy with United Continental (UAL 48.88, +1.03). United Continental has jumped 2.1% after reporting a bottom-line beat and announcing plans to add $2 billion to its share buyback program.

On the commodities front, gold ended its pit session lower by 1.0% ($1,319.30/ozt, -$13.20)

1:30 pm:

[BRIEFING.COM] The major U.S. indices have ticked higher since our previous update and continue to sport decent gains in today's session.

A look inside the Dow Jones Industrial Average shows that Microsoft (MSFT 56.75, +3.66), Cisco (CSCO 30.59, +0.67), & Intel (INTC 35.67, +0.52) are outperforming. Microsoft is leading the Dow and all IT names higher following strong fiscal Q4 results in which the tech giant reported better than expected sales and earnings. Intel, trading higher in sympathy, is set to deliver its Q2 results after the close.

Conversely, Walt Disney (DIS 98.18, -1.29) is the worst-performing Dow component after being downgraded to Hold at Stifel.

On the heels of today's move gains, the DJIA is now up 3.8% this month.

1:10 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday as positive quarterly results from heavily-weighted Microsoft (MSFT 56.78, +3.69) bolster the influential technology space (+1.4%). Additionally, the S&P 500 (+0.2%) hovers off a new all-time intraday high (2175.70) as investors weigh a rebound in oil futures. At midday, the Nasdaq Composite (+1.0%) leads the benchmark index (+0.4%) and the Dow Jones Industrial Average (+0.2%).

Index futures ticked higher alongside European bourses overnight as investors weighed a collection of better than expected quarterly reports and looked ahead to tomorrow's European Central Bank policy meeting. Software name SAP (SAP 83.31, +3.99) added to the positive bias after beating top- and bottom-line estimates for the quarter. Separately, Volkswagen (VLKAY 28.77, +0.76) outperformed after the company issued better-than-feared operating results for the first half of the year.

Equity indices inched higher at the start of the session, supported by relative strength from the heavily-weighted health care (+1.0%) and technology (+1.4%) spaces. The benchmark index found resistance near the 2170 price level as a stronger dollar and a downturn in crude oil weighed. However, the S&P 500 cleared technical resistance at that level shortly after the release of the Department of Energy's weekly inventory report.

The EIA reported that crude oil inventories declined by 2.34 million barrels, compared to the estimated 2.10 million barrel draw. As a result, WTI crude erased a modest loss and currently trades higher by 1.1% ($45.95/bbl; +$0.50). At this juncture, six sectors trade in the green as heavily-weighted technology (+1.4%), health care (+1.0%), and industrials (+0.3%) lead the pack. Conversely, countercyclical utilities (-0.6%), consumer staples (-0.4%), and telecom services (-0.2%) round out the leaderboard.

The influential technology sector (+1.4%) demonstrates broad-based strength as positive quarterly results from Dow component Microsoft (MSFT 56.78, +3.69) boost the broader sector. The stock tops the price-weighted index after reporting that revenue for its commercial Office 365 products and its Azure arm grew a respective 54.0% and 102.0% year-over-year in the second quarter. Elsewhere, the high-beta chipmakers outperform, evidenced by the 1.5% gain in the PHLX Semiconductor Index. In the index, Marvell (MRVL 11.31, +1.46) has rallied 14.8% after beating bottom-line estimates for the quarter.

Biotechnology displays relative strength in the health care space (+1.0%), evidenced by the 2.3% gain in the iShares Nasdaq Biotechnology ETF (IBB 276.14, +6.15). The sub-group is trading higher alongside Valeant Pharmaceuticals (VRX 24.40, +0.86). The stock has jumped 3.7% after the FDA approved its Relistor medication. Furthermore, the Ophthalmic Drugs Advisory Committee voted to recommend Valeant's Brodalumab treatment. In the biotech ETF, Mylan Labs (MYL 46.55, +1.62) outperforms after announcing the launch of its Crestor generic in the United States.

The energy space (+0.2%) floats above its flat line as Halliburton (HAL 44.65, -0.34) underperforms. The company beat analysts' estimates for the quarter and projected a pickup in North American drilling activity during the second half of the year. However, Halliburton also reported that North American revenue fell 15.0% year-over-year during the quarter.

The U.S. Dollar Index (97.12, +0.06) trades modestly higher, gaining ground against the euro, commodity currencies, and the yen. The euro/dollar pair trades lower by 0.2% (1.1005) while the dollar has ticked higher by 0.2% against the commodity-sensitive Canadian dollar (1.3045). Separately, the dollar has gained 0.5% against the safe-haven yen (106.65).

Treasuries trade lower as yields rise throughout the complex. The yield on the 10-yr note has risen four basis points to 1.59%.

Today's economic data was limited to the weekly MBA Mortgage Index:

The weekly MBA Mortgage Index showed a seasonally adjusted decrease of 1.3% in mortgage applications after rising 7.2% in the prior week.

12:30 pm:

[BRIEFING.COM] The major averages have ticked lower since the last update as the S&P 500 (+0.5%) trades ahead of the Dow Jones Industrial Average (+0.3%). The two indices sport respective monthly gains of 3.6% and 3.8%.

Media names underperform in the consumer discretionary space (+0.3%) as the sub-group trades lower in sympathy with Disney (DIS 98.21, -1.25) and 21st Century Fox (FOXA 27.14, -0.60). Disney underperforms after the stock was downgraded to "Hold" from "Buy" at Stifel. Separately, 21st Century Fox has fallen 2.2% amid uncertainty regarding the future of Fox News CEO Roger Ailes. The company is reviewing allegation of sexual assault following the filing of a lawsuit against Mr. Ailes. Separately, Netflix (NFLX 87.60, +1.76) has rebounded 2.0% after yesterday's post-earning selloff. The broader discretionary sector has gained 4.2% in July, compared to a gain of 3.6% in the benchmark index.

Treasuries trade near their session lows as yields rise throughout the complex. The yield on the 10-yr note has risen four basis points to 1.59%.

11:55 am:

[BRIEFING.COM] The major indices have inched lower in recent trade as the Nasdaq Composite (+1.1%) continues to outperform the S&P 500 (+0.5%). Elsewhere, the domestically-facing Russell 2000 has advanced 0.7%.

The influential technology (+1.5%) sector hovers off its best level of the day as networking names and chipmakers outperform. Cisco Systems (CSCO 30.59, +0.67) has gained 2.2% after Dow component Microsoft (MSFT 56.68, +3.59) beat analysts' estimates for the quarter. Specifically, the tech giant reported an acceleration in its cloud business, showing that revenue increased 102.0% year-over-year in its Azure division. Separately, Marvell (MRVL 11.31, +1.46) has spiked 14.8% after surpassing bottom-line estimates for its quarter. However, the company did miss revenue estimates, showing a 28.2% year-over-year decline in its top line.

The U.S. Dollar Index (97.11, +0.04) has inched higher in recent trade as the euro and the Canadian dollar extend their losses against the buck. The single currency has declined 0.1% against the dollar (1.1008) while the dollar has ticked higher by 0.1% against the commodity-sensitive Canadian dollar (1.3034). Conversely, the pound has gained 0.5% against the greenback (1.3182).

11:30 am:

[BRIEFING.COM] The S&P 500 (+0.5%) floats near its best level of the day as the benchmark notches a new all-time intraday high at 2175.70.

Biotechnology outperforms in the heavily-weighted health care space (+1.0%), evidenced by the 2.2% gain in the iShares Nasdaq Biotechnology ETF (IBB 275.91, +5.92). In the ETF, Mylan Labs (MYL 46.31, +1.38) displays relative strength after announcing the launch of its Crestor generic in the United States. The sub-group is also trading higher in sympathy with Valeant Pharmaceuticals (VRX 24.77, +1.23). The drug maker announced that the FDA approved the company's Relistor medication and that the Ophthalmic Drugs Advisory Committee voted to recommend Valeant's Brodalumab treatment.

In the broader sector, Abbott Labs (ABT 42.80, +10.00) has gained 2.3% after reporting above-consensus quarterly results for the second quarter. Additionally, St. Jude Medical (STJ 81.22, +1.01) reported in-line results for the quarter, but withdrew guidance for the fiscal year due to its upcoming merger with Abbott.

On the commodities front, WTI crude trades higher by 0.7% ($45.78/bbl; +$0.33) while gold has fallen 1.1% to $1,318.20/ozt.

11:00 am:

[BRIEFING.COM] The stock market trades near its best level of the day as the Nasdaq Composite (+1.0%) leads the S&P 500 (+0.4%) and the Dow Jones Industrial Average (+0.2%). The broader market extended its lead alongside crude oil as investors responded to a bullish reading of the Department of Energy's weekly inventory report and softening in the dollar.

The EIA reported that crude oil inventories declined by 2.34 million barrels compared to the estimated 2.10 million barrel draw. However, gasoline inventories surprised to the downside, showing a build of 0.91 million barrels (consensus: -0.83 million barrels). WTI crude climbed off the $44.60/bbl price level shortly after the open and currently trades higher by 0.7% ($45.78/bbl; +$0.33).

The energy space (-0.1%) sports the only loss among cyclical sectors, which leaves the group ahead of consumer staples (-0.3%), telecom services (-0.5%), and utilities (-0.6%). In the energy group, oilfield service name Halliburton (HAL 44.40, -0.59) displays relative weakness as investors examine its latest quarterly report and guidance. The company beat top- and bottom-line estimates for the quarter and projected an increase in North American drilling activity during the second half of the year. The broader energy sector sports a loss of 0.6% for the week, compared to a decline of 0.4% in WTI crude.

10:30 am: [BRIEFING.COM]

The dollar index is nearly flat in morning trade, +0.05% at the 97.12 level
Commodities, as measured by the Bloomberg Commodity Index, are down -0.6% at 85.24
Crude oil spikes off its lows of the day after the release of EIA petroleum storage data
August crude oil futures are down $0.14 (-0.3%) at $45.31/barrel
Before EIA data, crude oil futures were down $0.53 (-1.2%) at $44.93/barrel
Crude oil inventories had a draw of -2.342 mln (consensus called for a draw between -1.3 mln and -1.7 mln barrels)
Gasoline inventories had a build of 0.911 mln
Distillate inventories had a draw of 0.214 mln
Weekly rig count data will be released Friday at 1 pm ET
Natural gas inches lower ahead of tomorrow's EIA natural gas storage data
August natural gas futures are down $0.02 (-0.8%) at 42.25/MMBtu
EIA natural gas inventory data will be released tomorrow at 10:30 am ET
In precious metals, gold continues yesterday's downtrend, plummeting near session lows
August gold futures are down $15.10 (-1.1%) at $1317.20/oz
Silver moves in tandem with gold, seeing a notable decline to fresh lows of the day
September silver futures are down $0.48 (-2.4%) at $19.53/oz
Base metal copper drifts lower in morning pit trading
September copper futures are down $0.02 (-0.8%) at $2.25/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (+0.2%) continues to trade narrowly higher, floating two points off its best level of the day. Separately, the Nasdaq Composite (+0.6%) outperforms amid strength in the technology and biotechnology sub-groups.

The influential technology sector (+1.0%) displays broad-based strength as it leads health care (+0.5%) and industrials (+0.1%) in positive territory. Conversely, energy (-1.1%), materials (-0.5%), and utilities (-0.4%) round out the leaderboard.

The Dow Jones Transportation Average (UNCH) trades behind the broader industrial sector (+0.1%) as rail names weigh on the index. In the group, Union Pacific (UNP 93.03, -0.92) has declined by 1.6% after being downgraded to "Hold" from "Buy" at Deutsche Bank.

The U.S. Dollar index (97.19, +0.13) continues to hover near its best level of the day as the greenback continues to sport gains against the euro, yen, and commodity currencies. The single currency has lost 0.2% against the buck (1.1000) while the dollar/yen pair trades higher by 0.4% (106.60). Elsewhere, the dollar has gained 0.5% against the Canadian dollar (1.3091) amid a 1.6% decline in crude oil ($44.74/bbl, -$0.71).

9:50 am:

[BRIEFING.COM] The stock market began its day on a higher note as the Nasdaq Composite (+0.4%) leads the Dow Jones Industrial Average (+0.1%) and the S&P 500 (+0.1%). The Dow Jones Industrial Average notched a fresh all-time intraday high at the open (18618.93).

Two sectors trade in the green as heavily-weighted technology (+0.9%) and health care (+0.5%) lead the pack. On the flipside, commodity-sensitive energy (-0.9%) and materials (-0.5%) sport the largest losses. The remaining decliners show losses between 0.1% (industrials) and 0.4% (utilities).

The technology space (+0.9%) demonstrates relative strength as heavyweight component Microsoft (MSFT 55.88, +2.78) outperforms. The company reported above-consensus quarterly results after yesterday's close. Separately, the high-beta chipmakers outperform ahead of this evening's earnings results from Intel (INTC 35.11, -0.04) and Qualcomm (QCOM 55.24, +0.10).

In the materials space (-0.5%), aluminum names underperform as Alcoa (AA 10.38, -0.25) slips 2.4%. The stock has been pressured by weakness in dollar-denominated commodities.

On the commodities front, WTI crude trades lower by 1.7% ($44.66/bbl; -$0.79) while gold has fallen 1.2% to $1,316.30/ozt.

9:20 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +7.80.

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

Equity futures inched higher overnight as investors eyed a positive bias in global bourses and a string of better than expected quarterly reports. Germany's DAX (+1.5%) has paced the advance overseas after Volkswagen (VLKAY 28.01, 0.00) announced better-than-feared operating results for the first half of the year. However, the automaker also estimated that 2016 revenue will decline 5.0% year-over-year. Separately, the European Central Bank will hold a policy meeting tomorrow. The central bank is expected to maintain its current monetary policy stance, mirroring the recent decision by the Bank of England.

On the home front, Dow component Microsoft (MSFT 55.73, +2.64) trades higher by 5.0% after topping analysts' estimates for the quarter. The company reported a year-over-year increase of 2.1% in non-GAAP revenues. Additionally, the technology heavyweight has received a number of price target increases, citing the company's ongoing transition to cloud-based offerings.

A downturn in oil futures has weighed on equity futures after the latest inventory data from the American Petroleum Institute came in on a mixed note. Crude oil inventories declined by 2.30 million barrels (last: 2.2 million barrels) while gasoline inventories rose by 0.80 million barrels (last: +1.5 million barrels). The Energy Information Administration will release its weekly inventory data at 10:30 ET. At this juncture, WTI crude trades lower by 1.7% ($44.69/bbl; -$0.76).

Strengthening in the greenback has also weighed on dollar-denominated commodities as the U.S. Dollar Index (97.24, +0.17) moves back towards its session high. The euro has fallen 0.2% against the dollar (1.0998) while the greenback sports a gain of 0.5% over the safe-haven yen (106.63). Conversely, the pound has gained 0.3% against the dollar (1.3146).

There is no economic data of note scheduled to be released today.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +5.10.

Equity futures have inched lower as the S&P 500 futures trade two points above fair value.

Equity indices across the Asia-Pacific region ended the midweek session on a mixed note, but trading ranges were relatively narrow. China's National Development and Reform Commission said it expects the country's 2016 CPI near 2.0%, which is below the official target of 3.0%.

Economic data was limited:
Australia's MI Leading Index -0.2% month-over-month (last 0.2%)

---Equity Markets---

Japan's Nikkei shed 0.3% with five sectors ending in the red. Materials (-1.6%), energy (-1.3%), and technology (-0.5%) lagged while consumer staples (+0.4%) and health care (+0.4%) outperformed. Nippon Meat Packers, JFE Holdings, J Front Retailing, Casio Computer, and Yamaha lost between 2.6% and 5.8%. On the upside, Dainippon Screen Manufacturing, East Japan Railway, and Meiji Holdings gained between 2.3% and 3.5%.
Hong Kong's Hang Seng climbed 1.0% amid general strength. Financials and property names contributed to the advance with Henderson Land, New World Development, Sino Land, SHK Properties, HSBC, and Ping An Insurance rising between 1.1% and 3.3%.
China's Shanghai Composite slipped 0.3%. Sichuan Tianyi Science & Technology, CITIC Guoan Wine, Jiagxi Copper, and Jiangsu Phoenix Property Investment lost between 3.0% and 3.5%.

Major European indices trade higher across the board, looking to return to last week's highs. Today's advance comes ahead of a Thursday policy meeting at the European Central Bank. The ECB is not expected to make changes to its interest rate corridor, but dovish commentary would not be surprising as the central bank looks to contain Brexit-related fallout.

In economic data:
Eurozone May Current Account surplus narrowed to EUR30.80 billion from EUR36.40 billion (expected surplus of EUR24.90 billion)
Germany's June PPI +0.4% month-over-month (expected 0.2%; last 0.4%); -2.2% year-over-year (consensus -2.4%; last -2.7%)
UK's May Average Earnings Index + Bonus +2.3%, as expected (last 2.0%), May Unemployment Rate ticked down to 4.9% from 5.0% (last 5.0%), and June Claimant Count Change 400 (expected 3,500; last 12,200)
Swiss July ZEW Expectations 5.9 (last 19.4)

---Equity Markets---

UK's FTSE is higher by 0.1% with financials contributing to the uptick. Standard Chartered, HSBC, Prudential, Direct Line Insurance, and RSA Insurance are up between 1.1% and 1.8%. Select homebuilders and miners have faced some selling pressure with Anglo American, Glencore, BHP Billiton, Fresnillo, Rio Tinto, Taylor Wimpey, and Barratt Developments down between 0.2% and 7.1%.
France's CAC trades up 0.9% with most components in the green. Cap Gemini leads with a 4.3% gain while Renault, Peugeot, and Michelin are up between 1.7% and 2.9%. Financials Credit Agricole, BNP Paribas, and Societe Generale have rallied between 0.9% and 1.6%.
Germany's DAX has jumped 1.4% with all but two components in the green. Exporters have paced the rally with Volkswagen, BMW, Continental, and Daimler up between 1.8% and 5.9%. Software company SAP has spiked 4.2% in reaction to better than expected results. Lufthansa is the weakest performer, down 0.8%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.30.

Equity futures continue to float off their session highs as the S&P 500 futures trade three points above fair value.

In company specific news, Halliburton (HAL 45.34, +0.35) has ticked higher by 0.8% after topping analysts' estimates for the quarter. The company reported that North American revenue declined by 15.0% year-over-year, but stated that it expects to see an increase in the continent's rig count during the second half of the year. Separately, Disney (DIS 99.30, -0.17) has slipped 0.2% after being downgraded to "Hold" from "Buy" at Stifel. However, the firm left its price target on the stock unchanged at $110 per share, citing a relatively full valuation.

The U.S. Dollar Index (97.13, +0.07) floats above its flat line as the greenback sports gains against the euro and the yen. The single currency has slipped 0.1% against the buck (1.1008) while the dollar/yen pair trades higher by 0.5% (106.62). On the flipside, sterling has gained 0.5% against the greenback (1.3179).

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.10.

U.S. equity futures hover off overnight highs as the S&P 500 futures trade three points above fair value. Index futures gained ground overnight, responding to a positive bias in European indices and better-than-expected earnings results from heavily-weighted Microsoft (MSFT 55.53, +2.44). The Dow component beat analysts' estimates for the quarter and reported that revenue for its commercial Office 365 offering and its Azure division grew at a respective 54.0% and 102.0% year-over-year. Furthermore, Morgan Stanley (MS 29.09, +0.90) also added to the positive tone after reporting above-consensus quarterly results.

For its part, WTI crude trades higher by 0.1% ($45.48/bbl; +$0.03) as investors digest a mixed inventory reading from the American Petroleum Institute. The organization reported that crude oil stockpiles fell by 2.30 million barrels (last: +2.20 million barrels) while gasoline inventories rose 0.80 million barrels (last: +1.50 million barrels). The Department of Energy's more influential stockpile data will cross the wires at 10:30 ET.

Treasuries trade lower as yields rise throughout the complex. The yield on the 10-yr note has risen one basis point to 1.56%.

Today's economic data was limited to the weekly MBA Mortgage Index, which showed a seasonally adjusted decrease of 1.3% in mortgage applications.

In U.S. corporate news of note:

Microsoft (MSFT 55.53, +2.44): +4.6% after beating top- and bottom-line estimates for the quarter
Valeant Pharmaceuticals (VRX 24.51, +0.97): +4.1% following the FDA approving RELISTOR and voting to recommend its Brodalumab treatment
Morgan Stanley (MS 29.09, +0.90): +3.2% after topping analysts' expectations for the quarter
Abbott Labs (ABT 43.03, +1.23): +2.9% following the company reporting above-consensus quarterly results and reaffirming its FY16 earnings guidance

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note as Hong Kong's Hang Seng gained 1.0% while China's Shanghai Composite (-0.3%) and Japan's Nikkei (-0.3%) underperformed.
Economic data was limited:
Australia's MI Leading Index -0.2% month-over-month (last 0.2%)
In news:
China's National Development and Reform Commission said it expects the country's 2016 CPI near 2.0%, which is below the official target of 3.0%.

European indices trade higher with Germany's DAX +1.3%, France's CAC +0.9%, and the U.K.'s FTSE +0.1%.
In economic data:
Eurozone May Current Account surplus narrowed to EUR30.80 billion from EUR36.40 billion (expected surplus of EUR24.90 billion)
Germany's June PPI +0.4% month-over-month (expected 0.2%; last 0.4%); -2.2% year-over-year (consensus -2.4%; last -2.7%)
UK's May Average Earnings Index + Bonus +2.3%, as expected (last 2.0%), May Unemployment Rate ticked down to 4.9% from 5.0% (last 5.0%), and June Claimant Count Change 400 (expected 3,500; last 12,200)
Swiss July ZEW Expectations 5.9 (last 19.4)
In news:
Today's advance comes ahead of a Thursday policy meeting at the European Central Bank.
The ECB is not expected to make changes to its interest rate corridor, but dovish commentary would not be surprising as the central bank looks to contain Brexit-related fallout.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +11.40.

5:57 am: [BRIEFING.COM] Nikkei...16682...-41.40...-0.30%. Hang Seng...21882.5...+209.30...+1.00%.

5:57 am: [BRIEFING.COM] FTSE...6720.22...+22.90...+0.30%. DAX...10121.08...+139.80...+1.40%.

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

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

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


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