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 Post subject: July 25th Monday Trade Results - Profit $1437.50
PostPosted: Mon Jul 25, 2016 7:13 pm 
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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 @ $1437.50 dollars or +28.75 points, Light Crude Oil CL ($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 @ $1437.50 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=2417

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 began the week on a lower note, pulling back alongside a sustained downturn in crude oil. Participants maintained a cautious posture ahead of upcoming macroeconomic events and influential earnings reports. Additional focal points impacting today's trade included softening in the dollar and weakness from the heavyweight industrial (-0.6%) sector. The Dow Jones Industrial Average (-0.4%) finished behind the S&P 500 (-0.3%) and the Nasdaq Composite (-0.1%).

U.S. equities began the day on a choppy note, responding to a lack of conviction in European averages. Regional bourses slipped through the session as participants favored a cautious approach ahead of July policy statements from the Federal Reserve and Bank of Japan. The Federal Reserve is set to deliver its latest policy statement on Wednesday while the Bank of Japan is scheduled to conclude its two-day policy meeting on Friday. Additionally, the European Central Bank will release bank stress test results later in the week.

U.S. equities pulled back through the morning as oil extended an early loss. The energy component slipped from the $43.30/bbl price level at the start of the session, eventually carving out a session low ($42.98/bbl) near midday. The S&P 500 (-0.5%) moved lower lockstep with oil, finding support near the 2163/2165 price level. The broader market ticked higher in the final hour as nine sectors trimmed their losses. The commodity-sensitive energy sector (-2.0%) ended at the bottom of the leaderboard, following industrials (-0.6%), and telecom services (-0.4%).

The Dow Jones Transportation Average (-0.9%) displayed relative weakness as airline names extended their recent rout. The U.S. Global Jets ETF (JETS 22.42, -0.21) declined by 0.9% as JetBlue Airways (JBLU 17.28, -0.30) underperformed ahead of tomorrow morning's earnings release. Separately, Kansas City Southern (KSU 96.41, -1.43) and Canadian Pacific (CP 146.91, -2.25) weighed on the rail sub-group.

In the heavily-weighted industrial sector (-0.6%), diversified machine names underperformed. Roper (ROP 163.33, -9.98) declined by 5.8% after missing estimates and lowering its earnings guidance for the full year. Elsewhere, Dow component General Electric (GE 31.64, -0.42) extended its post-earnings decline to 2.9%.

The countercyclical health care sector (-0.1%) finished ahead of the benchmark index as the iShares Nasdaq Biotechnology ETF (IBB 282.26, +1.36) extended its monthly gain to 9.7%. Gilead Sciences (GILD 88.55, +2.00) displayed relative strength ahead of this evening's earnings release. Conversely, health care servicers underperformed as Aetna (AET 117.84, -2.62) and Cigna (CI 140.21, -5.79) declined 2.2% and 4.0%, respectively.

In the technology sector (-0.2%), Yahoo! (YHOO 38.32, -1.06) finished lower by 2.7% after agreeing to sell its operating business to Verizon (VZ 55.87, -0.23) for approximately $4.83 billion in cash. Separately, Dow component Apple (AAPL 97.34, -1.32) demonstrated relative weakness after being downgraded to "Sell" from "Hold" at BGC Financial.

The U.S. Dollar Index (97.27, -0.20) ended near its session low as the yen, pound, and euro each gained against the buck. The euro/dollar pair finished higher by 0.1% (1.0991) while the dollar lost 0.3% against the yen (105.79). Separately, sterling gained 0.2% against the dollar (1.3135).

Treasuries finished on a mixed note as the yield on the 10-yr note settled unchanged at 1.57%.

Today's trading volume was below the recent average as fewer than 757 million shares changed hands on the NYSE floor.

There was no economic data of note released today.

Tomorrow's economic data will include the 9:00 ET release of the Case-Shiller 20-city Index for May (Briefing.com consensus 5.4%). Separately, Consumer Confidence for July (Briefing.com consensus 96.0) and New Home Sales for June (Briefing.com consensus 560k) will both cross the wires at 10:00 ET.

3:30 pm: [BRIEFING.COM]

The dollar index is down -0.2% around the 97.25 level, not appearing to aid commodities in afternoon trade
Commodities, as measured by the Bloomberg Commodity Index, are down -0.8% at the 83.92 level
Crude oil slides and closes near 3-month lows ahead of tomorrow's API data
September crude oil futures fell $1.08 (-2.4%) to $43.13/barrel
API data will be released tomorrow after the bell
EIA petroleum data will be released Wednesday at 10:30 am ET
Baker Hughes rig count data will be released on Friday at 1 pm ET
Monthly IEA data will be released Aug 11
Natural gas plummets to close near session lows, giving back over half of Friday's gains
September natural gas closed $0.07 lower (-2.5%) at $2.71/MMBtu
In precious metals, gold sees an afternoon of consolidation before trending lower for the day
August gold ended today's session down $3.70 (-0.3%) to $1319.50/oz
Silver futures trade nearly flat, rallying to afternoon highs around $19.75/oz before pulling back & consolidating near parity with the previous session's close
September silver closed today's session $0.02 lower (-0.1%) at $19.65/oz
Base metal copper inches lower to end afternoon pit trading
September copper closed $0.01 lower (-0.5%) at $2.22/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (-0.6%) trades behind the S&P 500 (-0.5%).

Nine sectors trade in the red as energy (-2.0%), industrials (-0.7%), and telecom services (-0.7%) round out the leaderboard. The remaining decliners show losses between 0.3% (consumer staples) and 0.4% (utilities). On the flipside, the consumer discretionary (UNCH) space trades narrowly above its flat line.

In the consumer discretionary sector (UNCH), restaurant name Buffalo Wild Wings (BWLD 150.24, +9.47) has jumped 6.7% after Marcato Capital disclosed a 5.1% active stake in the company. Separately, Dow component McDonald's (MCD 127.52, -0.73) trades in-line with the price-weighted index ahead of tomorrow morning's earnings report.

The U.S. Dollar Index (97.28, -0.19) has inched off a fresh session low as the greenback loses ground against the pound, euro, and yen. Sterling has gained 0.1% against the dollar (1.0993) while the single currency has gained 0.2% against the buck (1.0992). Separately, the dollar has lost 0.3% against the safe-haven yen (105.79).

2:35 pm:

[BRIEFING.COM] The Dow Jones Industrial Average (-0.6%) and the S&P 500 (-0.5%) continue to trade in the lower half of their trading ranges while the Nasdaq Composite (-0.2%) outperforms. The benchmark index hovers three points off its session low.

Nine sectors trade in the red as health care (-0.2%), technology (-0.3%), and consumer staples (-0.3%) sport the slimmest losses.

The countercyclical consumer staples sector (-0.3%) trades modestly lower as Kimberly-Clark (KMB 132.18, -2.45) weighs on the household product sub-group. The company reported bottom-line results that beat analysts' estimates, but also offered cautious guidance. The stock has a price-to-earnings ratio of 43.92. This compares to Procter & Gamble (PG 85.70,- 0.01), which sports a P/E ratio of 27.92. Separately, food product names outperform as General Mills (GIS 71.61, +0.39) and Kellogg (K 83.42, +0.56) trade higher by 0.6% and 0.7%, respectively.

On the commodities front, WTI crude trades lower by 2.3% ($43.21/bbl; -$1.03) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The stock market has floated sideways in recent action as the Dow Jones Industrial Average (-0.5%) trades behind the S&P 500 (-0.4%) and the Nasdaq Composite (-0.2%).

The influential technology sector (-0.3%) trades ahead of the broader market as the high-beta chipmakers outperform. In the group, Texas Instruments (TXN 65.98, +0.48) has gained 0.7% ahead of this evening's earnings report. Separately, Micron (MU 14.04, +0.91) has rallied 6.9% after declaring a dividend of one right per outstanding share of common stock. The PHLX Semiconductor Index has gained 7.8% in July, compared to a gain of 3.2% in the benchmark index.

In the broader sector, Apple (AAPL 97.24, -1.42) demonstrates relative weakness after being downgraded to "Sell" from "Hold" at BGC Financial. On the flipside, Maxim Group raised its price target on the stock to $168 from $157, citing the potential for a multi-year investment cycle.

On the commodities front, gold ended its day lower by 0.3% ($1,13.50/ozt; -$3.70).

1:30 pm:

[BRIEFING.COM] The major U.S. indices have ticked back lower since our last update as stocks remain under pressure to start the week.

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 102.88, -2.78), Exxon Mobil (XOM 92.21, -1.80), and General Electric (GE 31.53, -0.53) are underperforming. Exxon and Chevron are the Dow's biggest laggards with crude oil futures pulling back 2.5%. Meanwhile, General Electric continues to see a sell the news move following Friday's second quarter earnings report

Conversely, Nike (NKE 56.90, +0.17) is the Dow's top gainer as retail names outperform in today's session.

On the heels of today's decline, July's DJIA return has been trimmed to 3.10%

Elsewhere, the Treasury's $26 bln 2-year auction at the top of the hour drew a high yield of 0.760% on a bid-to-cover of 2.52.

1:10 pm:

[BRIEFING.COM] The stock market trades on a lower note at midday as investors adopt a cautious approach ahead of upcoming macroeconomic events and pivotal earnings reports. The S&P 500 (-0.5%) has pulled back from all-time highs, trimming its monthly gain to 3.1%. Additional factors impacting today's decline include weakness from the oil patch and the underperformance of the heavily-weighted health care (-0.6%) and industrial (-0.7%) sectors. At midday, the Dow Jones Industrial Average (-0.5%) trades behind the benchmark index (-0.5%) and the Nasdaq Composite (-0.2%).

Equity futures were little changed overnight as global bourses settled on a mixed note. Japan's Nikkei (UNCH) finished flat as investors displayed little conviction ahead of Friday's policy statement from the Bank of Japan. European markets finished mostly lower while Germany's DAX outperformed after the release of the July IFO Business Climate survey (108.3; expected 107.5).

The major averages ebbed lower at the start of the session as a downturn in crude oil pulled commodity-sensitive energy (-2.2%) to the bottom of the leaderboard. The energy component fell from the $43.40/bbl price level at the start of the session, and currently trades lower by 2.5% ($43.09/bbl, -$1.10). The pullback in the broader market has been limited as investors look ahead to tomorrow evening's earnings report from top-weighted Apple (AAPL 97.28,- 1.38) and Wednesday's July policy statement from the FOMC.

The S&P 500 (-0.5%) trades off its session low, testing support near the 2163/2165 price level. At midday, all ten sectors trade in the red as industrials (-0.7%), telecom services (-0.7%), and energy (-2.2%) round out the board. The remaining decliners sport losses between 0.1% (consumer discretionary) and 0.6% (health care).

The industrial sector (-0.7%) demonstrates relative weakness as diversified machine names and equipment companies underperform. In the group, Roper (ROP 162.03, -11.27) has fallen 6.5% after reporting below-consensus quarterly results and lowering its earnings guidance for the full year. Separately, the Dow Jones Transportation Average (-0.7%) underperforms amid a continued downturn in airline names. Discount carrier JetBlue Airways (JBLU 17.40, -0.18) has lost 1.1% ahead of tomorrow morning's earnings report.

The heavily-weighted health care space has fallen 0.6% amid weakness in the health care servicer sub-group. Aetna (AET 118.13, -2.33) and Cigna (CI 141.75, -4.29) underperform as investors weigh the implication of the Department of Justice's suit to block their respective mergers. Conversely, the iShares Nasdaq Biotechnology ETF (IBB 280.91, +0.01) trades ahead of the broader sector as Gilead Sciences (GILD 87.86, +1.31) jumps 1.5% ahead of this evening's quarterly report.

On the M&A front, Yahoo! (YHOO 38.33, -1.5) trades lower by 2.7% after the company agreed to be acquired by Verizon (VZ 55.75, -0.35) for approximately $4.83 billion in cash. The deal does not include the Yahoo! stake in Alibaba Group (BABA 82.90, -1.59) or Yahoo! Japan (YAHOY 8.47, -0.11). Elsewhere, Outerwall (OUTR 52.30, +5.39) has rallied 11.5% after agreeing to be acquired by Apollo Global Management (APO 16.55, 0.00) for $52.00 per share in cash.

Treasuries trade on a mixed note as the yield on the 10-yr note sits unchanged at 1.57%. Separately, the yield on the 5-yr note has risen one basis point to 1.13%.

There was no economic data of note released today.

12:30 pm:

[BRIEFING.COM] The S&P 500 (-0.6%) continues to test technical support near the 2163 price level. Meanwhile, the domestically-oriented Russell 2000 (-0.4%) trades ahead of the benchmark index.

The countercyclical health care sector (-0.6%) trades in-line with the benchmark index as biotechnology trades narrowly ahead of the broader sector. The iShares Nasdaq Biotechnology ETF (IBB 279.14, -1.76) has declined by 0.5%, trimming its monthly gain to 8.6%. This compares to a monthly gain of 3.9% in the broader sector. Elsewhere, health care providers and servicers underperform as Aetna (AET 117.82, -2.63) and Cigna (CI 14.26, -3.74) lose 2.2% and 2.6%, respectively. The two names had been under scrutiny in recent weeks as investors consider the impact of blocked mergers.

The U.S. Dollar Index (97.32, -0.15) has slipped in recent trade as the euro, yen, and pound gain against the buck. The euro/dollar pair trades higher by 0.1% (1.0985) while the dollar has lost 0.1% against the yen (106.01). Separately, sterling has gained 0.2% against the dollar, climbing to the 1.3138 price level.

12:00 pm:

[BRIEFING.COM] The stock market continues to float near its worst level of the day as the S&P 500 (-0.6%) and the Dow Jones Industrial Average (-0.6%) trade neck-and-neck.

The heavily-weighted industrial sector (-0.8%) underperforms as quarterly results from Roper (ROP 162.97, -10.31) and a downgrade to Deere (DE 77.01, -3.10) weigh on the sector. Roper has declined by 6.0% after missing top- and bottom-line estimates for the quarter and lowering its third-quarter and full-year earnings guidance. The diversified manufacturer cited slower global growth and headwinds in the energy market for its disappointing results and guidance. Separately, Deere was downgraded to "Underweight" from "Neutral" at Piper Jaffray.

The Dow Jones Transportation Average (-0.8%) continues to underperform the broader market as airlines weigh on the group. The U.S. Global Jets ETF (JETS 22.44, -0.19) has declined by 0.9% as Southwest Air (LUV 37.19, -0.64) displays relative weakness. Fellow discount carrier JetBlue Airways (JBLU 17.44, -0.42) has lost 0.8% ahead of tomorrow morning's earnings report.

11:30 am:

[BRIEFING.COM] The major averages have inched lower in recent action as the S&P 500 (-0.5%) trades behind the Nasdaq Composite (-0.2%).

The commodity-sensitive energy sector (-1.9%) carved out a new low in recent action, responding to a sustained downturn in crude oil. At this juncture, WTI crude trades lower by 2.2% ($43.22/bbl; -0.97), extending its monthly loss to 10.4%. The sector shows broad-based weakness as refining names, servicers, and independent oil and gas companies trade behind the broader market. Schlumberger (SLB 80.) outperforms among service names after receiving several price target increases. Cowen increased its price target on the stock to $92 from $85 following Friday's second-quarter results.

The U.S. Dollar Index (97.42, -0.05) has trimmed its loss to 0.1% as the greenback erases a loss against the euro. The single currency trades flat against the dollar (1.0976) after slipping from the 1.0990 price level overnight. On the flipside, the pound has extended its lead over the buck, climbing to the 1.3131 (+0.2%) area.

11:00 am:

[BRIEFING.COM] The major indices trade near their worst levels of the day as the S&P 500 (-0.5%) trades in-line with the Dow Jones Industrial Average (-0.5%). The benchmark index continues to test technical support near the 2164/2165 price level.

The consumer discretionary (+0.1%) sector tops the leaderboard as the retail sub-group outperforms. The SPDR S&P Retail ETF (XRT 44.84, +0.35) trades higher in sympathy with Gap (GPS 25.26, +0.92) after the apparel retailer was upgraded to "Outperform" from "Peer Perform" at Wolfe Research. Elsewhere, Netflix (NFLX 86.75, +0.86) displays relative strength after announcing a licensing agreement with the television distribution unit of 21st Century Fox (FOXA 26.99, -0.12). Netflix has gained 1.0%, trimming its post-earnings loss to 12.2%. On the flipside, Priceline (PCLN 1310.47, -16.93) underperforms as the stock pulls back from larger monthly gains. Priceline has gained 5.0% since the end of July, compared to a gain of 4.5% in the broader sector.

On the commodities front, WTI crude trades lower by 2.1% ($43.24/bbl; -$0.94) while gold has fallen 0.7% to $1,313.50/ozt.

10:30 am: [BRIEFING.COM]

The dollar index is modestly lower in current trade, -0.1% around the 97.39 level
Commodities, as measured by the Bloomberg Commodity Index, -0.8% around the 83.94 level
Crude oil slides to 3-month lows to begin the trading week, down 4% from last monday's close ahead of tomorrow's API data
August crude oil futures are down $0.91 (-2.1%) at $43.28/barrel
API data will be released tomorrow after the bell
EIA petroleum data will be released Wednesday at 10:30 am ET
Baker Hughes rig count data will be released on Friday at 1 pm ET
Monthly IEA data will be released Aug 11
Natural gas trades to session lows to begin the trading week
August natural gas futures are down $0.02 (0.8%) at $2.78/MMBtu
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am ET
In precious metals, gold extends last week's decline, consolidating near its lows hit in early morning pit trading
August gold futures are currently down $10.40 (-0.8%) at $1313.00/oz
Silver moves in tandem with gold, extending losses seen in the previous session as the dollar index trades nearly flat
September silver futures are down $0.27 (-1.4%) at $19.42/oz
Base metal copper inches lower in morning pit trading
September copper futures are down $0.01 (-0.5%) at $2.22/lb

10:00 am:

[BRIEFING.COM] The major averages hover near session lows as the Dow Jones Industrial Average (-0.3%) trades in-line with the S&P 500 (-0.3%). The benchmark index trades one point off its worst level of the day.

The Dow Jones Transportation Average (-0.5%) displays relative weakness as rail names and airlines continue to underperform. In the rail sub-group, Kansas City Southern (KSU 97.25, -0.59) and Union Pacific (UNP 92.32, -0.53) have declined 0.6% apiece. Separately, American Airlines (AAL 35.97, -0.39) underperforms among the major airlines, declining 1.1%.

The U.S. Dollar Index (97.39, -0.07) has ticked higher in recent action as the euro and the pound continue to sport gains against the greenback. The euro/dollar pair trades higher by 0.1% (1.0983) while the pound has gained 0.1% against the buck (1.3121). Separately, the dollar trades flat against the safe-haven yen (106.13).

On the commodities front, WTI crude trades lower by 1.7% ($43.42/bbl; -$0.77) while gold trades lower by 0.8% ($1,313.50/ozt; -$9.90).

9:45 am:

[BRIEFING.COM] The stock market began the day on a modestly lower note as the Dow Jones Industrial Average (-0.3%) trades in-line with the S&P 500 (-0.3%) and behind the Nasdaq Composite (-0.2%).

All ten sectors trade in the red as industrials (-0.5%) and energy (-1.1%) lead to the downside. The remaining decliners sport losses between 0.1% (utilities) and 0.5% (telecom services).

The high-beta chipmakers display relative strength, evidenced by the 0.4% gain in the PHLX Semiconductor Index. In the group, Micron (MU 14.09, +0.96) outperforms after declaring a dividend of one right for each share of common stock outstanding at the close of business on August 1.

The energy sector (-1.1%) displays broad-based weakness amid a 2.0% ($43.29/bbl, -$0.90) decline in crude oil. In the space, oilfield exploration and pipeline companies lead the losses. Baker Hughes (BHI 43.97,- 0.58) and Halliburton (HAL 43.20, -0.63) sport losses of 1.3% and 1.5%, respectively.

Treasuries trade on a mixed note as the yield on the 10-yr note sits unchanged at 1.56%. Separately, the yield on the 5-yr note has risen one basis point to 1.13%.

9:21 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -3.40.

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

Futures on the benchmark index traversed a nine-point range overnight as investors eyed a mixed performance from global bourses. Japan's Nikkei (UNCH) finished narrowly beneath its flat line as participants responded to an above-consensus reading of Japan's June trade surplus (JPY330 billion; expected JPY240 billion) ahead of Friday's Bank of Japan meeting. In Europe, regional indices outperform with Germany's July IFO Business Climate survey (108.3; expected 107.5) helping boost risk appetite ahead of bank stress test results from the European Central Bank.

On the home front, the Federal Reserve is scheduled to begin its two-day policy meeting tomorrow with its July policy statement being released at 14:00 ET on Wednesday. The FOMC is widely expected to hold interest rates steady. Currently, the Fed funds futures market estimates the implied probability of a rate hike at the July meeting at a paltry 2.4%. Separately, earnings continue to pour in as investors prepare to hear from tech large caps later in the week. Apple (AAPL 98.41, -0.25) is scheduled to release its second-quarter results tomorrow after the close.

In company specific news, Tableau Software (DATA 55.16, -1.90) trades lower by 3.3% after being downgraded to "Hold" from "Buy" at Deutsche Bank. The firm cited competition in the data analysis space for the downgrade. Philips (PHG 26.68, +0.58) has gained 2.2% after beating bottom-line estimates for the quarter on in-line revenue. The company reported that HealthTech comparable sales grew by 5.0%. Finally, Sprint (S 4.76, +0.14) released largely in-line results, noting that net postpaid phone additions increased by 173,000.

There is no economic data scheduled for today.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -3.90.

Equity futures have ticked lower in recent action as the S&P 500 futures trade two points below fair value.

Equity indices in the Asia-Pacific region began the week on a mixed note, but trading ranges were relatively narrow. Japan's Nikkei settled just below its flat line after spending the day in a 160-point range. The flat close took place after the release of better than expected trade data that showed the country's adjusted June trade surplus at JPY330 billion (expected JPY240 billion; last JPY290 billion).

In economic data:
Japan's June adjusted trade surplus JPY330 billion (expected JPY240 billion; last JPY290 billion) as Imports -18.8% year-over-year (expected -19.7%; last -13.8%) and Exports -7.4% year-over-year (consensus -11.6%; last -11.3%). Leading Index 99.7 (expected 100.0; last 100.0)
Singapore's June CPI -0.7% year-over-year (consensus -1.1%; last -1.6%)

---Equity Markets---

Japan's Nikkei ended just below its flat line. Five sectors registered losses with consumer staples (-1.1%) and technology (-0.5%) showing relative weakness while utilities (+1.0%) and financials (+0.6%) outperformed. Softbank, Olympus, Sapporo Holdings, Suzuki Motor, Japan Tobacco, and NTT Data lost between 1.5% and 3.1%. On the upside, Mazda Motor, J Front Retailing, and Dentsu gained between 2.9% and 6.0%.
Hong Kong's Hang Seng added 0.1% amid strength in gaming and property names. Galaxy Entertainment, Sands China, New World Development, Cheung Kong Property Holdings, and Hang Lung Properties climbed between 0.1% and 2.1%.
China's Shanghai Composite ticked up 0.1%. Orient International Enterprise, Sinomach Automobile, and Chongqing Department Store gained between 5.3% and 7.7%.

Major European indices trade mostly higher while UK's FTSE (-0.1%) underperforms. Troubled banks have been in focus after Italian Finance Minister Pier Carlo Padoan said that Italian banks are not suffering from systemic problems while pushing back against the idea of a bail-in of private investors. In Portugal, the planned sale of Novo Banco has hit a snag, leading to speculation that the country's banking system may need more funds.

In economic data:
Germany's July Ifo Business Climate 108.3 (expected 107.5; last 108.7), July Current Assessment 114.7 (consensus 114.0; last 114.6) and Business Expectations 102.2 (expected 101.2; last 103.1)
UK's July CBI Industrial Trends Orders -4 (expected -6; last -2)

---Equity Markets---

UK's FTSE trades lower by 0.1% with select miners and financials showing weakness. Randgold Resources, Fresnillo, Lloyds Banking, RBS, and Barclays are down between 0.7% and 1.7%. On the upside, homebuilders Barratt Developments, Taylor Wimpey, and Persimmon are up between 1.8% and 2.0%.
France's CAC has climbed 0.4% amid general strength. ArcelorMittal leads with a 2.5% spike while exporters Renault and Peugeot are up 1.7% and 1.4%, respectively. Financials underperform with Societe Generale, BNP Paribas, and Credit Agricole up between 0.1% and 0.3%.
Germany's DAX trades up 0.9% with all but two components in the green. Exporters BMW, Daimler, and Volkswagen are among the leaders with gains between 1.4% and 1.8%. Deutsche Bank is higher by 1.3% while Lufthansa lags, trading lower by 0.6%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.20.

Equity futures are little changed with S&P 500 futures trading one point below fair value.

In company specific news, Carmike Cinemas (CKEC 31.49, +0.36) has ticked higher by 1.2% after announcing an amended merger agreement with AMC Theatres (AMC 30.60, 0.00). Under the terms of the amended agreement, shareholders may elect to receive either $33.06 per share in cash or 1.0819 shares of AMC common stock. The transaction is valued at approximately $1.2 billion. Allergan (AGN 252.00, +3.02) trades higher by 1.2% after being initiated with an "Outperform" designation at Credit Suisse. The firm cited Allergan's robust set of drug candidates for the rating.

The U.S. Dollar Index (97.36, -0.11) hovers above an overnight low as the euro and the pound sport gains against the greenback. The single currency has gained 0.1% against the dollar (1.0982) while sterling has ticked higher by 0.1% (1.3116). Separately, the dollar has gained 0.4% against the Canadian dollar (1.3179) amid a downturn in crude oil. WTI crude trades lower by 1.2% ($43.67/bbl; -$0.52).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.00.

U.S. equity futures trade on a flat note as the S&P 500 futures hover one point below fair value. Index futures remain little changed as investors weigh the latest round of quarterly earnings results against a busy week on the macroeconomic front. The Federal Reserve is set to deliver its latest policy statement on Wednesday while the Bank of Japan is scheduled to conclude its two-day policy meeting on Friday. The Federal Reserve is widely believed to maintain its current policy stance while the Bank of Japan is expected to introduce additional policy stimulus. Additionally, earnings season continues to roll on as investors prepare to hear from heavily-weighted Apple (AAPL 98.42, -0.24), Facebook (FB 121.35, +0.35), Alphabet (GOOG 742.75, +0.01), and Amazon (AMZN 746.73, +1.87) later in the week.

The Treasury complex trades on a lower note as the yield on the 10-yr note rises two basis points to 1.59%.

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

In U.S. corporate news of note:

Yahoo! (YHOO 38.88, -0.50): -1.3% after confirming that it will sell its core operating business to Verizon (VZ 56.25, +0.15) for approximately $4.83 billion in cash
Danaher (DHR 83.00, +1.76): +2.2% following the company beating bottom-line estimates for the quarter and updating guidance after the Fortive (FTV 49.40, +0.00) spin-off
Ericsson (ERIC 7.51, +0.15): +2.0% after CEO Hans Vestberg stepped down
Kimberly-Clark (KMB 135.00, +0.37): +0.3% following the company topping bottom-line estimates for the quarter and reaffirming its FY16 earnings guidance

Reviewing overnight developments:

Asia-Pacific indices began the week on a flat note with Hong Kong's Hang Seng +0.1% and China's Shanghai Composite +0.1% while Japan's Nikkei ended just below its flat line.
In economic data:
Japan's June adjusted trade surplus JPY330 billion (expected JPY240 billion; last JPY290 billion) as Imports -18.8% year-over-year (expected -19.7%; last -13.8%) and Exports -7.4% year-over-year (consensus -11.6%; last -11.3%). Leading Index 99.7 (expected 100.0; last 100.0)
Singapore's June CPI -0.7% year-over-year (consensus -1.1%; last -1.6%)
In news:
Japan's Nikkei settled just below its flat line after spending the day in a 160-point range.
The flat close took place after the country's adjusted June trade surplus came in at JPY330 billion (expected JPY240 billion; last JPY290 billion).

European indices trade higher with Germany's DAX +1.0% and France's CAC +0.6% while the U.K.'s FTSE hovers above its flat line.
In economic data:
Germany's July Ifo Business Climate 108.3 (expected 107.5; last 108.7), July Current Assessment 114.7 (consensus 114.0; last 114.6) and Business Expectations 102.2 (expected 101.2; last 103.1)
UK's July CBI Industrial Trends Orders -4 (expected -6; last -2)
In news:
Italian Finance Minister Pier Carlo Padoan stated that Italian banks are not suffering from systemic problems.
Minister Padoan also pushed back against the idea of a bail-in of private investors.
In Portugal, the planned sale of Novo Banco has hit a snag, leading to speculation that the country's banking system may need more funds.

5:53 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -0.50.

5:53 am: [BRIEFING.COM] Nikkei...16620...-7.00...0.00%. Hang Seng...21993...+29.20...+0.10%.

5:53 am: [BRIEFING.COM] FTSE...6737.77...+7.30...+0.10%. DAX...10244.5...+97.10...+1.00%.

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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