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 Post subject: August 31st Wednesday Trade Results - No Trades
PostPosted: Wed Aug 31, 2016 10:15 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2995
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)
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Quote:
No trades today. I had a big profitable trading day yesterday and just decided to take it easy today to contemplate the volatility problems in August.

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

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

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=159&t=2446

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=300&t=3238 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.

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


4:10 pm: [BRIEFING.COM] The stock market ended the midweek affair on a modestly lower note as investors favored a cautious approach ahead of Friday's employment report. Other focal points impacting today's trade included a downturn in crude oil futures and relative weakness from the heavily-weighted industrial (-0.5%) sector. The S&P 500 (-0.2%) erased a modest month-to-date gain, surrendering 0.1% in August.

The major averages slipped at the beginning of the session as investors responded to weakness from the oil patch and a mixed performance from global bourses. Crude oil futures were under pressure overnight after the American Petroleum Institute reported a larger-than-expected build in crude oil stockpiles. The energy component extended its loss after the Department of Energy confirmed the disappointing reading with its more influential stockpile data.

The EIA reported that crude oil stockpiles rose by 2.27 million barrels (consensus: +0.92 million) while gasoline inventories declined by 0.69 million barrels (consensus: -1.15 million). As a result, WTI crude slipped from the $46.00/bbl price level, remaining pressured throughout the session. Crude oil ended lower by 3.5% ($44.71/bbl; -$1.63), narrowing its August gain to 7.6%.

Sellers pressed the broader market near midday, corresponding with remarks from Leon Cooperman of Omega Advisors. The investment fund chairman stoked selling interest when he stated that his fund recently trimmed its equity exposure. Mr. Cooperman expressed concerns regarding finding undervalued assets in the "fairly but fully" valued state of the broader market.

The benchmark index pared losses in the second half of trade, reclaiming technical support near the 2170 price level. Seven sectors ended in the red with commodity-sensitive materials (-0.9%) and energy (-1.4%) acting as notable laggards. Conversely, financials (+0.1%), consumer staples (+0.1%), and utilities (+0.3%) ended with the only gains.

The Dow Jones Transportation Average (-0.4%) ended behind the broader market as airlines underperformed. The U.S. Global Jets ETF (JETS 22.54, -0.16) settled lower by 0.7%, pulling back from yesterday's 2.1% gain. In the broader industrial sector (-0.5%), Dow component Boeing (BA 129.49, -1.32) ended behind the price-weighted index while Lockheed Martin (LMT 243.01, +3.56) rebounded 1.5%.

Retail names underperformed in the consumer discretionary sector (-0.3%) as investors looked ahead to the release of same-store sales data later in the week. Nordstrom (JWN 50.45, -1.00) and Gap (GPS 24.87, - 0.47) ended lower by 1.9% apiece. The broader discretionary sector declined 1.4% this month, trailing the remaining cyclical sectors.

In the financial sector (+0.1%), rate-sensitive real estate investment trusts outperformed, evidenced by the 0.2% gain in the iShares Dow Jones Real Estate ETF (IYR 82.54, +0.16). On a related note, the real estate sub-group will be removed from the broader financial sector tomorrow and a REIT sector will be formed. This will be the first change to the ten economic sectors since 1999. The financial space gained 3.6% in August, leading the remaining sectors.

Treasuries ended on a mixed note with the short end of the curve demonstrating relative strength. The yield on the 10-yr note ended higher by one basis point (1.58%) while the yield on the 2-yr note settled flat at 0.81%.

Today's participation was above the recent average as more than 1.08 billion shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, the ADP Employment Change Report for August, Chicago PMI for August, and Pending Home Sales for July:

The MBA Mortgage Index showed that mortgage applications increased 2.8% in the week ending August 27. This followed a 2.1% decline in the prior week.
The ADP Employment Change report for August estimated that 177,000 positions were added to private sector payrolls versus the Briefing.com consensus estimate of 170,000. July was revised up to 194,000 from 179,000.
The report doesn't alter expectations for Friday's Employment Situation report nor does it weaken any inclination the Fed might have to raise rates at its September meeting.
The Chicago Purchasing Managers Index (PMI) dropped to 51.5 in August (Briefing.com consensus 54.5) from 55.8 in July. The demarcation point between expansion and contraction for this report is 50.0.
The report suggests that the pickup in manufacturing activity in the Chicago Fed region in June and July may have only been a temporary condition, bolstered simply by the need to increase inventory levels.
Pending Home Sales for July rose by 1.3% while the Briefing.com consensus expected an increase of 0.7%. Separately, the June reading was revised to -0.8% from 0.2%.

For more on these economic releases, be sure to visit Briefing.com's Economic Calendar page.

Tomorrow's economic data will include the 7:30 ET release of the Challenger Job Cuts Report for August. Weekly initial claims (Briefing.com consensus 265k) and the revised estimate for second quarter Productivity (Briefing.com consensus -0.6%) and Unit Labor Costs (Briefing.com consensus 2.1%) will each cross the wires at 8:30 ET. Construction Spending for July (Briefing.com consensus +0.6%) and the ISM Index for August (Briefing.com consensus 52.2) will each be released at 10:00 ET. Separately, August Auto and Truck Sales data will be made available throughout tomorrow's session.

Russell 2000 +9.2% YTD
S&P 500 +6.2% YTD
Dow Jones +5.6% YTD
Nasdaq Composite +4.1% YTD

3:30 pm: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, -1.1% around the 82.77 level
Crude oil closed near levels not seen in 3 weeks, also at session lows post-EIA
October crude oil futures fell $1.63 (-3.5%) to $44.71/barrel
The next OPEC meeting will take place in Algiers, Algeria from Sept 26-28
Rig count data will be released Friday at 1 pm ET
Natural gas rallied ahead of tomorrow's inventory number
October natural gas closed $0.06 higher (2.1%) at $2.89/MMBtu
In precious metals, gold & silver diverged, the gold:silver ratio dropped as gold became cheaper in oz of silver
December gold ended today's session down $4.70 (-0.4%) to $1311.40/oz
December silver closed today's session $0.03 higher (+0.2%) at $18.70/oz

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages trade off their session lows with the S&P 500 down 0.5%.

All ten sectors remain in negative territory with commodity-sensitive materials (-1.1%) and energy (-1.8%) leading to the downside. Conversely, consumer staples (-0.1%) and utilities (-0.1%) trade narrowly beneath their flat lines. The remaining decliners show losses between 0.3% (financials) and 0.7% (industrials).

The consumer staples sector (-0.1%) continues to outperform the broader market as the group attempts to rebound from yesterday's 0.6% loss. In the group, Kraft Heinz (KHC 89.14, +1.17) outperforms, drafting higher with Bob Evans (BOBE 41.06, +2.37). Bob Evans topped analysts' estimates for the quarter and increased the high-end of its full-year guidance. The broader sector leads the remaining countercyclical sectors on a month-to-date basis, having declined 0.9% over that time.

WTI crude ended its day lower by 3.5% ($44.71/bbl; -$1.63), trimming its monthly advance to 7.6%. Separately, gold ended lower by 0.4% ($1,311.40/ozt; -$4.70).

2:30 pm:

[BRIEFING.COM] The broader market has continued to pare losses as the S&P 500 (-0.4%) narrows its month-to-date loss to 0.3%.

The economically sensitive financial (-0.2%) has recovered most of its 0.7% loss, sporting a week-to-date gain of 1.6%. In the group, money center banks trade well off their lows as Wells Fargo (WFC 50.59, -0.03) and Bank of America (BAC 16.07, -0.04) hover just below their flat lines. PNC (PNC 89.79, +0.92) leads the sub-group after receiving an "Outperform" designation from Keefe Bruyette. Conversely, asset management names continue to underperform with BlackRock (BLK 372.01, -1.70) trading lower by 0.5%. The financial sector has gained 3.3% in August, leading the remaining sectors over that time.

WTI crude trades lower by 3.7% ($44.65/bbl; -$1.70) ahead of its pit session close at 14:30 ET. Oil has been under pressure following a disappointing inventory report from the Department of Energy. However, the energy component has jumped 7.4% since its July settlement ($41.56/bbl).

2:00 pm:

[BRIEFING.COM] The major averages have inched off their session lows as the S&P 500 (-0.5%) trades four points above its worst level of the day. Elsewhere, the S&P Mid Cap 400 and the Russell 2000 underperform, trading lower by 0.7% and 0.8%, respectively.

The technology sector (-0.3%) has ticked higher with the broader market as Apple (AAPL 106.42, +0.42) demonstrates relative strength. The top-weighted component is rebounding after falling 0.8% in the prior session. Fellow heavyweight Facebook (FB 125.97, +0.13) has gained 0.1% after Leon Cooperman of Omega Advisors made positive comments about the stock. Conversely, Salesforce.com (CRM 79.20, -0.63) has slipped 0.8% ahead of this evening's quarterly report.

The higher-beta chipmakers trade slightly ahead of the broader sector, evidenced by the 0.2% decline in the PHLX Semiconductor Index. Cypress Semiconductor (CY 11.92, +0.17) tops the price-weighted index, maintaining relative strength after yesterday's M&A chatter.

Treasuries trade higher across the curve with the yield on the benchmark 10-yr note slipping to 1.56% (-1 bps). The yield on the 2-yr note remains lower by two basis points (0.79%).

1:30 pm:

[BRIEFING.COM] The major U.S. indices remain under notable pressure in today's session as energy stocks plummet.

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 100.06, -1.64), Boeing (BA 129.29, -1.52), & 3M (MMM 178.89, -1.26) are underperforming. Chevron is the Dow's leading decliner as energy stocks get slammed with crude oil futures slumping nearly 4% on a bigger than expected weekly inventory build.

Conversely, Apple (AAPL 106.46, +0.46) is the best-performing Dow component as shares bounce back from yesterday's EU-tax charge-driven decline.

With today being the final trading day of the month, the DJIA is poised at current levels to end August lower by 0.4%.

1:05 pm:

[BRIEFING.COM] The stock market trades on a lower note at midday, succumbing to month-end selling pressure and a downturn in crude oil futures. The S&P 500 has declined 0.6% through the first half, trading in-line with the Dow Jones Industrial Average (-0.6%). The two indices have erased modest month-to-date gains and currently sport monthly losses of 0.3% apiece.

The major averages began the day on a modestly lower note as participants weighed mixed performances from global markets and a leg lower in crude oil futures. European bourses led to the downside as participants deciphered a mixed bag of economic data. Notably, eurozone CPI came in below consensus for August, indicating year-over-year inflation growth of 0.2% (consensus: +0.3%). Separately, the American Petroleum Institute reported that crude oil inventories rose faster than expected, rising by 0.94 million barrels (consensus: +0.60 million).

Crude oil futures extended overnight losses following the release of the Department of Energy's weekly inventory data. The EIA reported that crude oil stockpiles increased by 2.27 million barrels (consensus: +0.92 million) while gasoline inventories declined by 0.69 million barrels (consensus: -1.15 million). WTI crude slipped from the $46.00/bbl price level shortly after the release of the data. At this juncture, the energy component trades lower by 3.5% ($44.74/bbl; -$1.61).

Leon Cooperman of Omega Advisors may have also contributed to selling interest, stating on CNBC that it is hard to find undervalued assets right now. Mr. Cooperman cited accommodative policies from the Fed for the fairly or fully valued state of the broader market. The S&P 500 (-0.6%) floats off a session low while all ten sectors continue to sport losses. The commodity-sensitive materials (-1.1%) and energy (-1.7%) sectors round out the leaderboard while heavily-weighted financials (-0.5%), health care (-0.6%), and consumer discretionary (-0.6%) trade roughly in-line with the benchmark index.

The economically-sensitive financial sector (-0.5%) has narrowed its month-to-date gain to 2.9% as money center banks pull back from their recent rally. Citigroup (C 47.43, -0.47) and Bank of America (BAC 15.96, -0.15) have declined by 0.9% apiece. The two sport month-to-date gains of 8.3% and 10.1%, respectively. Conversely, rate-sensitive real estate investment trusts trade ahead of the broader sector, evidenced by the 0.2% loss in the iShares Dow Jones Real Estate ETF (IYR 82.22,- 0.16).

In the consumer discretionary space (-0.5%), retail names display relative weakness as Nordstrom (JWN 50.41,- 1.04) and Gap (GPS 24.81,- 0.53) trade lower by a respective 1.9% and 2.1%. Separately, Dollar General (DG 73.25, -2.40) has declined by 3.2% after being downgraded to "Neutral" from "Overweight" as Atlantic Equities.

The health care sector (-0.5%) trades in-line with the broader market as biotechnology weighs on group. The iShares Nasdaq Biotechnology ETF (IBB 280.65, -2.63) has declined by 0.9%, extending its month-to-date loss to 3.1%. In the group, Allergan (AGN 232.60, -4.39) underperforms after announcing a settlement for its patent dispute with Amneal Pharmaceuticals.

Treasuries trade on a mixed note as the short end of the curve demonstrates relative strength. The yield on the 2-yr note has slipped two basis points to 0.79% while the yield on the benchmark 10-yr note trades flat at 1.57%.

Today's economic data included the weekly MBA Mortgage Index, the ADP Employment Change Report for August, Chicago PMI for August, and Pending Home Sales for July:

The MBA Mortgage Index showed that mortgage applications increased 2.8% in the week ending August 27. This followed a 2.1% decline in the prior week.
The ADP Employment Change report for August estimated that 177,000 positions were added to private sector payrolls versus the Briefing.com consensus estimate of 170,000. July was revised up to 194,000 from 179,000.
The report doesn't alter expectations for Friday's Employment Situation report nor does it weaken any inclination the Fed might have to raise rates at its September meeting.
The Chicago Purchasing Managers Index (PMI) dropped to 51.5 in August (Briefing.com consensus 54.5) from 55.8 in July. The demarcation point between expansion and contraction for this report is 50.0.
The report suggests that the pickup in manufacturing activity in the Chicago Fed region in June and July may have only been a temporary condition, bolstered simply by the need to increase inventory levels.
Pending Home Sales for July rose by 1.3% while the Briefing.com consensus expected an increase of 0.7%. Separately, the June reading was revised to -0.8% from 0.2%.

For more on these economic releases, be sure to visit Briefing.com's Economic Calendar page.

12:30 pm:

[BRIEFING.COM] The major U.S. indices have carved out fresh session lows with the S&P 500 extending its decline to 0.6%.

The health care sector (-0.6%) trades in-line with the broader market as biotechnology weighs on group. The iShares Nasdaq Biotechnology ETF (IBB 280.09, -3.20) has declined by 1.1%, extending its month-to-date loss to 3.3%. In the group, Allergan (AGN 232.86, -4.13) underperforms after announcing a settlement for its patent dispute with Amneal Pharmaceuticals. The settlement will allow Amneal to market a generic versions of Allergan's Namzaric medication beginning on January 1, 2025. Separately, Mylan Labs (MYL 42.06, -0.69) has declined 1.6%.

In the broader sector, Dow component Merck (MRK 62.80, +0.09) is the second-best performing component inside the price-weighted index. The name sports a month-to-date gain of 7.1% while the broader sector has declined 3.9% in August.

The U.S. Dollar Index (95.97, -0.09, -0.09%) trades near its session low as the euro and the pound gain ground against the greenback. The single currency has ticked higher by 0.2% against the buck (1.1163).

12:00 pm:

[BRIEFING.COM] The broader market continues to float near the bottom of today's trading range.

The heavily-weighted technology (-0.3%; month-to-date: +1.9%) and financial (-0.4%; month-to-date: +3.1%) sectors trade ahead of the broader S&P 500 (-0.4%; month-to-date: -0.3%), showing the best performances on the monthly leaderboard.

In the financial sector (-0.4%), rate-sensitive real estate investment trusts outperform, evidenced by the 0.1% gain in the iShares Dow Jones Real Estate ETF (IYR 82.43, +0.05). The industry group has been under pressure in August as participants continue to adjust their rate hike expectations for the year. The real estate ETF sports a month-to-date loss of 3.5%, trading well behind the financial sector over that time. On a related note, the real estate sub-group will be removed from the broader financial sector tomorrow and a REIT sector will be formed. This will be the first change to the ten economic sectors since 1999. For the year, the financial sector has ticked higher by 2.2%, trailing the remaining sectors except for health care (-0.3%; year-to-date: +0.6%).

On the commodities front, gold trades lower by 0.5% ($1,310.30/ozt; -$6.20) while WTI crude has declined 3.1% ($44.94/bbl, -$1.41).

11:30 am:

[BRIEFING.COM] The major averages float near session lows as the S&P 500 (-0.4%) sports a month-to-date loss of 0.3%.

The Dow Jones Transportation Average (-0.7%) displays relative weakness as airline names weigh on the index. The U.S. Global Jets ETF (JETS 22.39, -0.31) shows a loss of 1.4%, returning to negative territory on a month-to-date basis. The sub-group displayed relative strength yesterday as United Continental (UAL 49.67, -1.32) bolstered its peers. The airline ETF sports a loss of 0.6% in August while the broader Transportation Index has gained 0.1% over that time.

In the industrial sector (-0.6%), farm and construction equipment names underperform as Caterpillar (CAT 81.95, -0.53) and Deere (DE 84.79, -0.93) declined by 0.7% and 1.1%, respectively. Deere has rallied 9.1% in August while the broader sector has ticked higher by 0.4%.

Treasuries trade on a mixed note as the short end of the curve demonstrates relative strength. The yield on the 2-yr note has slipped two basis points to 0.79% while the yield on the benchmark 10-yr note trades flat at 1.57%.

10:55 am:

[BRIEFING.COM] The major averages notched new session lows in recent action as the S&P 500 (-0.4%) trades slightly behind the Nasdaq Composite (-0.3%). The move lower in the broader market corresponded with a similar move in crude oil.

Crude oil futures carved out fresh session lows as investors pored over a weaker-than-expected reading of the Department of Energy's weekly inventory report. Crude oil inventories rose by 2.27 million barrels (consensus: +0.92 million) while gasoline stockpiles declined by 0.69 million barrels (consensus: -1.15 million). WTI crude currently trades lower by 2.5% ($45.21/bbl, -$1.14).

The commodity-sensitive energy space (-1.4%) rounds out the leaderboard, narrowing its month-to-date gain to 0.6%. Energy trails only technology (-0.2%; month-to-date: +1.8%) and financials (-0.2%; month-to-date: +3.3%) on the monthly leaderboard.

Independent oil and gas companies underperform in the energy group as ConocoPhillips (COP 41.32, -0.90) and Anadarko Petroleum (APC 54.10, -1.68) decline 2.1% and 3.1%, respectively. Separately, Dow component Chevron (CVX 100.46, -1.24) has declined by 1.2%. The energy giant currently rounds out the price-weighted index.

10:30 am: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, -0.7% around the 83.04 level
Crude oil added onto its overnight losses after EIA storage data showed a bigger crude build than forecast & a smaller draw in gasoline
October crude oil futures were down $1.02 (-2.2%) around the $45.33/barrel level
EIA highlights:
Crude oil inventories had a build of +2.276 mln (consensus called for a build of +0.921 mln barrels)
Gasoline inventories had a draw of -0.691 mln (consensus called for a draw of ~1.157 mln barrels)
Distillate inventories had a build of +1.496 mln
The next OPEC meeting will take place in Algiers, Algeria from Sept 26-28
Rig count data will be released Friday at 1 pm ET
Monthly IEA data will be released Sept 13
Natural gas traded higher ahead of tomorrow's inventory number
October natural gas futures were up $0.03 (+1.2%) around the $2.86/MMBtu level
EIA natural gas inventory data will be released tomorrow at 10:30 am ET
In precious metals, gold & silver diverged & the gold:silver ratio decreased to 69.98
December gold futures were down $4.30 (-0.3%) around the $1312.20/oz level
December silver futures were up $0.06 (+0.4%) around $18.75/oz

10:00 am:

[BRIEFING.COM] The major averages have moved off their session lows as the S&P (-0.2%) trades slightly behind the Dow Jones Industrial Average (-0.1%). The two indices sport week-to-date gains of 0.2% apiece.

Just reported, Pending Home Sales for July rose by 1.3% while the Briefing.com consensus expected an increase of 0.7%. Separately, the June reading was revised to -0.8% from 0.2%.

The leaderboard remains little changed as industrials (-0.3%) leads commodity-sensitive materials (-0.6%) and energy (-0.8%) on the bottom of the leaderboard.

The U.S. Dollar Index (96.08, +0.03, +0.03%) floats near its flat line as the euro and the yen make up ground against the greenback. The single currency trades flat against the buck (1.1146) after reversing off the 1.1120 price level this morning. Separately, the dollar has gained 0.3% against the safe-haven yen (103.28).

9:45 am:

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

All ten sectors trade in the red with materials (-0.5%) and energy (-0.7%) leading to the downside. The remaining decliners sport losses between 0.1% (financials) and 0.4% (industrials).

In the consumer staples space (-0.1%), food product names demonstrate relative strength as the group drafts higher following positive bottom-line results from Bob Evans (BOBE 42.08, +3.39). The company also increased the high end of its full-year guidance.

The PHLX Semiconductor Index (-0.1%) trades ahead of the broader technology sector (-0.2%) while Cavium Networks (CAVM 55.49, -1.34) rounds out the price-weighted index. The index sports a month-to-date gain of 4.4%, which compares to a monthly gain of 1.8% in the broader sector.

On the economic front, the just released Chicago Purchasing Managers Index for August fell to 51.5 from 55.8. The August reading was below the Briefing.com consensus estimate, which was pegged at 54.5.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -6.40.

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

Equity futures trade narrowly below their flat lines as investors respond to better-than-expected employment data. The ADP National Employment Report for August showed an increase of 177,000, which was ahead of the Briefing.com consensus of 170,000. The reading precedes Friday's more influential Employment Situation Report, which is expected to show an increase of 180,000 nonfarm payrolls. The report has taken on added significance as participants eye recent hawkish commentary from a number of Federal Reserve officials. On that note, Boston Fed President, and FOMC voter, Eric Rosengren recently indicated that the Fed appears close to meeting its employment and inflation goals.

Crude oil remains pressured as participants digest a mixed reading of the American Petroleum Institute's weekly inventory report. The API reported that crude inventories rose by 0.94 million barrels. This compares to last week's build of 4.46 million barrels and an expected increase of 0.60 million barrels. Currently, WTI crude trades lower by 0.9% ($45.95/bbl, -0.40), extending its weekly loss to 3.6%. The Department of Energy's more influential stockpile data will be released at 10:30 ET and is expected to show a crude oil build of 0.92 million barrels.

In company specific news, Palo Alto Networks (PANW 134.55, -8.90) has dropped 6.2% in pre-market action as below-consensus guidance overshadows better-than-expected quarterly results. Separately, AeroVironment (AVAV 25.52, -4.27) has tumbled 14.3% after missing top- and bottom-line estimates for the quarter and disappointing investors with its full-year earnings guidance.

The day's data will be capped off with Chicago PMI for August (Briefing.com consensus 54.5) and Pending Home Sales for July (Briefing.com consensus 0.7%), crossing the wires at 9:45 ET and 10:00 ET, respectively.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -7.90.

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

Equity indices in the Asia-Pacific region ended Wednesday on a mixed note with Japan's Nikkei (+1.0%) finishing ahead of its peers. The index received a boost from the yen (103.47), which is down 0.5% against the dollar.

In economic data:
Japan's July Industrial Production 0.0% month-over-month (expected 0.8%; last 2.3%), July Housing Starts +8.9% year-over-year (consensus 7.4%; last -2.5%), and July Construction Orders -10.9% year-over-year (previous -2.4%)
South Korea's July Industrial Production +1.4% month-over-month (expected -0.6%; last -0.4%); +1.6% year-over-year (consensus 0.3%; last 0.8%). September BSI Manufacturing Index rose to 77 from 73
Australia's July Housing Credit +0.5% (last 0.5%) and July Private Sector Credit +0.4% month-over-month, as expected (last 0.2%)

---Equity Markets---

Japan's Nikkei gained 1.0% with eight sectors registering gains. Utilities (+3.7%), industrials (+2.3%), and financials (+1.7%) outperformed while health care (-0.3%) lagged. TEPCO, Toho, Mazda Motor, Sumitomo Mitsui Financial, Nissan Chemical Industries, and Nippon Paper Industries gained between 3.8% and 12.2%.
Hong Kong's Hang Seng shed 0.2% amid losses in more than half of its components. Consumer names Tingyi and Want Want China posted respective losses of 3.9% and 2.9% while financials like Bank of East Asia, Citic Pacific, China Life Insurance, and Hang Seng Bank lost between 0.7% and 2.0%.
China's Shanghai Composite added 0.4%. Ningbo Veken Elite Group, China National Medicines, Tengda Construction Group, and Shengyi Technology posted gains between 4.4% and 5.5%.

Major European indices are mixed with Spain's IBEX (+0.8%) outpacing other markets. Investors received a heavy batch of economic data today, which included below-consensus eurozone CPI (+0.2% year-over-year; expected +0.3%) for August. All in all, the session has been fairly quiet, suggesting some participants are still on vacation.

In economic data:
Eurozone August CPI +0.2% year-over-year (consensus 0.3%; last 0.2%); +0.8% year-over-year (expected 0.9%; last 0.9%). July Unemployment Rate held at 10.1% (expected 10.0%)
Germany's August Unemployment Rate held at 6.1%, as expected. July Retail Sales +1.7% month-over-month (expected 0.5%; last -0.6%); -1.5% year-over-year (consensus 0.3%; last 2.3%)
UK's August Nationwide HPI +0.6% month-over-month (expected -0.3%; last 0.5%); +5.6% year-over-year (consensus 4.8%; last 5.2%)
France's July Consumer Spending -0.2% month-over-month (expected 0.3%; last -0.8%) and August CPI +0.3% month-over-month (consensus 0.4%; previous -0.4%)
Italy's August CPI +0.2% month-over-month (expected 0.3%; last 0.2%); -0.1% year-over-year, as expected. July Unemployment Rate slipped to 11.4% from 11.6% (expected 11.6%)

---Equity Markets---

Germany's DAX is lower by 0.2% with Bayer, Adidas, Fresenius, and Merck down between 0.7% and 1.2%. Commerzbank and Deutsche Bank show respective gains of 4.3% and 3.1% after it was reported that the two financials explored a merger. However, Deutsche Bank CEO John Cryan said a merger is not an option as Deutsche Bank seeks to become smaller and simpler.
UK's FTSE hovers just below its flat line as weakness in miners offsets gains among financials. Fresnillo, Anglo American, Randgold Resources, BHP Billiton, and Rio Tinto are down between 2.7% and 3.4%. On the flip side, Barclays, Standard Chartered, HSBC, Standard Life, and RBS are up between 1.6% and 3.2%.
France's CAC has climbed 0.4% with AXA, Credit Agricole, Societe Generale, and BNP Paribas up between 2.3% and 3.8%. Other index components trade mostly higher while ArcelorMittal surrenders 2.7%.
Spain's IBEX has rallied 0.8% with Banco Popular, Santander, Bankia, Caixabank, Bankinter, and BBVA gaining between 1.6% and 3.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -4.60.

Futures have inched lower in recent action as investors weigh the potential rate hike implications of an above-consensus employment reading. The S&P 500 futures trade two points below fair value.

The ADP National Employment Report showed an increase of 177,000 in August (Briefing.com consensus 170,000) while the June reading was revised up to 194,000 from 179,000. The ADP reading precedes Friday's more influential Employment Situation Report for August, which is expected to show the addition of 180,000 nonfarm payrolls. The Employment Situation Report for July indicated that nonfarm payrolls increased by 255,000 during last month.

The U.S. Dollar Index (96.19, +0.13, +0.14%) floats near a fresh session high as the euro and yen lose ground against the greenback. The single currency has declined 0.1% against the dollar (1.1128) as investors respond to weaker-than-expected inflation data out of the region. Eurozone CPI increased 0.2% year-over-year in August (consensus: +0.3%).

On the commodities front, WTI crude trades lower by 1.1% ($45.80/bbl, -$0.50) while gold has declined 0.1% to $1,314.60/ozt.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -1.10.

U.S. equity futures trade on a flat note with the S&P 500 futures trading within one point of fair value. Futures on the benchmark index trade little changed as investors ruminate over recent remarks from Federal Reserve officials and look ahead to a string of employment readings. Boston Fed President, and FOMC voter, Eric Rosengren recently stated that the Fed appears close to meeting its inflation and employment goals. Additionally, Mr. Rosengren argued that a faster move towards rate normalization may help the Fed deal with financial stability issues. Separately, Chicago Fed President Evans, not an FOMC voter, contended that an aging U.S. population and slowing productivity shows little cause to raise rates far or fast.

On the commodities front, the API reported that crude oil stockpiles rose by 0.94 million barrels (last: +4.46 million barrels) while gasoline inventories fell by 1.60 million barrels (last: -2.20 million barrels). WTI crude trades lower by 0.8% ($45.96/bbl; -$0.39). The Department of Energy's more influential stockpile data is slated to cross the wires at 10:30 ET.

Treasuries trade on a lower note with the long end of the curve displaying relative weakness. The yield on the 10-yr bond has ticked higher to 1.59% (+2 bps) while the yield on the 2-yr note has risen one basis point to 0.81%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 2.8% in mortgage applications. Separately, the ADP Employment Change Report for August (Briefing.com consensus 170k) and Chicago PMI for August (Briefing.com consensus 54.5) will be released at 8:15 ET and 9:45 ET, respectively. The day's data will be capped off with Pending Home Sales for July (Briefing.com consensus 0.7%), which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Palo Alto Networks (PANW 134.70, -8.75): -6.1% after beating analysts' estimates for the quarter, but guiding Q1 estimates below consensus
Bob Evans (BOBE 39.95, +0.92): +2.4% following the company topping bottom-line estimates and raising the high end of its FY17 earnings outlook
H&R Block (HRB 23, -1.20): -5.0% after missing top- and bottom-line estimates for the quarter

Reviewing overnight developments:

Asia-Pacific indices ended the midweek affair on a mixed note with Japan's Nikkei (+1.0%) leading China's Shanghai Composite (+0.4%) and Hong Kong's Hang Seng (-0.2%).
In economic data:
Japan's July Industrial Production 0.0% month-over-month (expected 0.8%; last 2.3%), July Housing Starts +8.9% year-over-year (consensus 7.4%; last -2.5%), and July Construction Orders -10.9% year-over-year (previous -2.4%)
South Korea's July Industrial Production +1.4% month-over-month (expected -0.6%; last -0.4%); +1.6% year-over-year (consensus 0.3%; last 0.8%). September BSI Manufacturing Index rose to 77 from 73
Australia's July Housing Credit +0.5% (last 0.5%) and July Private Sector Credit +0.4% month-over-month, as expected (last 0.2%)
In news:
The index received a boost from the yen (103.28), which is down 0.3% against the dollar.

European indices trade on a mixed note as France's CAC (+0.6%) leads the U.K's FTSE (UNCH) and Germany's DAX (-0.1%). Elsewhere, Spain's IBEX (+1.0%) displays relative strength.
In economic data:
Eurozone August CPI +0.2% year-over-year (consensus 0.3%; last 0.2%); +0.8% year-over-year (expected 0.9%; last 0.9%). July Unemployment Rate held at 10.1% (expected 10.0%)
Germany's August Unemployment Rate held at 6.1%, as expected. July Retail Sales +1.7% month-over-month (expected 0.5%; last -0.6%); -1.5% year-over-year (consensus 0.3%; last 2.3%)
UK's August Nationwide HPI +0.6% month-over-month (expected -0.3%; last 0.5%); +5.6% year-over-year (consensus 4.8%; last 5.2%)
France's July Consumer Spending -0.2% month-over-month (expected 0.3%; last -0.8%) and August CPI +0.3% month-over-month (consensus 0.4%; previous -0.4%)
Italy's August CPI +0.2% month-over-month (expected 0.3%; last 0.2%); -0.1% year-over-year, as expected. July Unemployment Rate slipped to 11.4% from 11.6% (expected 11.6%)
In news:
Investors received a heavy batch of economic data today, which included below-consensus eurozone CPI (+0.2% year-over-year; expected +0.3%) for August.
All in all, the session has been fairly quiet, suggesting some participants are still on vacation.

6:05 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: -1.10.

6:05 am: [BRIEFING.COM] Nikkei...16887...+162.00...+0.10%. Hang Seng...22977...-39.20...-0.20%.

6:05 am: [BRIEFING.COM] FTSE...6817.62...-3.20...-0.10%. DAX...10646.24...-11.40...-0.10%.

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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