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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083016-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4562.50.png [ 93.79 KiB | Viewed 379 times ]
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 @ $4,562.50 dollars or +91.25 points, Light Crude Oil CL ($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 @ $4,562.50 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
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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.
##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 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
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). 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. -----------------------------
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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.
click on the above image to view today's price action of key markets
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4:15 pm: [BRIEFING.COM] The stock market ended a relatively quiet session on a flat note after the S&P 500 (-0.2%) spent the day inside a meager 12-point trading range. The Dow Jones Industrial Average (-0.3%) settled slightly behind both the Nasdaq Composite (-0.2%) and the benchmark index.
Equity indices began the day on a choppy note as top-weighted Apple (AAPL 106.00, -0.82) demonstrated early weakness. The tech giant underperformed in the wake of a tax ruling from the European Commission, which ordered Apple to pay up to EUR13 billion in back taxes to Ireland after it was found that Apple received an undue tax benefit. However, both the Irish government and Apple have announced that they will appeal the decision.
The major averages backpedaled through the afternoon as strengthening in the U.S. Dollar Index (96.07, +0.49, +0.51%) and a downturn in crude oil weighed on the broader market. Crude oil erased an early gain after reports indicated that Iran's Deputy Minister of Industry stated that the country could increase oil production to four million barrels per day by the end of the year. The reports fueled some uncertainty regarding the potential success of supply limiting measures that could be announced after next month's OPEC meeting. WTI crude ended the day lower by 1.3% ($46.34/bbl; -$0.62).
The S&P 500 (-0.2%) settled off its session low, but was unable to reclaim its 20-day simple moving average (2179.16). Nine sectors ended in negative territory with consumer staples (-0.6%), consumer discretionary (-0.6%), and utilities (-1.0%) rounding out the leaderboard. On the flipside, the heavyweight financial sector (+0.8%) finished with the only gain.
Retail names underperformed in the consumer discretionary sector (-0.6%), evidenced by the 1.6% loss in the SPDR S&P Retail ETF (XRT 44.50, -0.73). The group moved lower following disappointing quarterly results from G-III Apparel (GIII 33.14, -8.63) and Abercrombie & Fitch (ANF 18.29, -4.66). The retailer ETF has declined 1.3% month-to-date, which compares to a loss of 1.2% in the broader sector.
The heavyweight health care sector (-0.4%) ended behind the broader market as pharmaceutical names underperformed. Bristol-Myers (BMY 57.24, -1.52) fell 2.5%, extending its August loss to 23.5%. The name tumbled at the beginning of the month after announcing that its lung-cancer treatment, Opdivo, failed to meet its primary endpoints. Conversely, the iShares Nasdaq Biotechnology ETF (IBB 283.29, -0.58) ended slightly ahead of the broader sector.
In the technology (-0.2%) sector, large cap names underperformed as Alphabet (GOOG 769.09, -3.06), Facebook (FB 125.84, -0.70), and Apple (AAPL 106.00, -0.82) lost between 0.4% and 0.8%. Separately, the PHLX Semiconductor Index (-0.2%) finished in-line with the broader market while Cypress Semiconductor (CY 11.75, +0.62) outperformed. The stock jumped 5.6% on M&A rumors.
The economically-sensitive financial sector (+0.8%) outperformed as Dow components JPMorgan Chase (JPM 67.50, +0.55) and Goldman Sachs (GS 169.37, +3.15) topped the price-weighted index. Conversely, rate-sensitive real estate investment trusts underperformed. Public Storage (PSA 223.77, -1.97) and Realty Income (O 65.44, -0.73) ended lower by 0.9% and 1.1%, respectively.
On the M&A front, Agrium (AGU 95.76, +6.28) and Potash (POT 18.00, +1.95) announced that they have entered into discussions regarding a potential merger. The two posted respective gains of 7.0% and 12.2% while peer Mosaic (MOS 30.45, +2.50) climbed 8.9%.
Treasuries ended on a mixed note with the short end of the curve demonstrating relative strength. The yield on the 30-yr bond ended higher by two basis points (2.23%) while the yield on the 2-yr note settled lower by one basis point (0.79%). The benchmark 10-yr yield rose one basis point to 1.57%.
Today's participation was below the recent average as fewer than 737 million shares changed hands on the NYSE floor.
Today's economic data included the Case-Shiller 20-city Index for June and Consumer Confidence for August:
The Case-Shiller 20-city Home Price Index for June fell to 5.1%, which was in-line with the Briefing.com consensus of 5.1%. This followed the previous month's revised reading of 5.3%, which fell from 5.2%.
The Conference Board's Consumer Confidence Index for August checked in at 101.1 (Briefing.com consensus 97.0) versus a downwardly revised 96.7 (from 97.3) for July.
Consumers are feeling more upbeat than they were the month before about business and employment conditions, as well as personal income prospects.
For more on these economic releases, be sure to visit Briefing.com's Economic Calendar page.
Tomorrow's economic data will include the weekly MBA Mortgage Index and the ADP Employment Change Report for August (Briefing.com consensus 170k), which will be released at 7:00 ET and 8:15 ET, respectively. 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.
Russell 2000 +9.6% YTD
S&P 500 +6.5% YTD
Dow Jones +5.9% YTD
Nasdaq Composite +4.3% YTD
3:30 pm: [BRIEFING.COM]
The dollar index was up +0.5% around the 96.08 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, -1.0% around the 83.66 level
Crude oil saw increased volatility, initially rallied & reversed gains in the early afternoon to close near session lows
October crude oil futures fell $0.62 (-1.3%) to $46.34/barrel
EIA data will be released tomorrow at 10:30 am ET
API data will be released today at 4:30 pm ET
Factors affecting the price of oil include:
Iran supply headlines appear to be the catalyst behind the reversal, as there were some headlines indicating Iran's Deputy Minister of Industry suggested Iran is looking to increase production to 4 mln barrels per day by the end of the year.
Iran currently produces around 3.85 mln barrels per day, so this isn't a huge jump, but it does go against recent indications that they could participate in a potential supply freeze at the September OPEC meeting.
Oil had been trading higher earlier this morning amid weather concerns, with oil and gas companies in the Gulf of Mexico shutting down production that consisted of ~168k barrels/day of oil and 190 mln cubic ft/day of natural gas as a precaution against an expected tropical storm.
Additionally, there were reports of ISIS setting fire to a number of wells in Northern Iraq, potentially curtailing some supply and adding support to oil this morning.
Natural gas ended near session lows ahead of Thursday's inventory number
October natural gas closed $0.06 lower (-2.1%) at $2.83/MMBtu
In precious metals, gold & silver declined as the dollar index surged to session highs
December gold ended today's session down $10.90 (-0.8%) to $1316.10/oz
December silver closed today's session $0.10 lower (-0.5%) at $18.67/oz
Base metal copper snapped its 3-day loss streak, closed modestly higher for the day
December copper closed $0.01 higher (+0.5%) at $2.08/lb
3:00 pm:
[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (-0.4%) trades in-line with the Nasdaq Composite (-0.4%) and slightly behind the S&P 500 (-0.3%).
Nine sectors trade in the red with consumer staples (-0.6%), consumer discretionary (-0.7%), and utilities (-0.9%) rounding out the leaderboard. Conversely, the heavyweight financial sector (+0.5%) is the lone advancer.
In the consumer staples space (-0.6%), Hershey (HSY 99.48, -12.18) has declined 10.9% after Mondelez International (MDLZ 44.60, +1.56) announced that it is no longer seeking a combination with Hershey.
On the M&A front, Agrium (AGU 95.08, +5.60) and Potash (POT 17.87, +1.82) announced earlier in the session that they have entered discussions regarding a potential merger. The two names have jumped 6.3% and 11.4%, respectively.
Treasuries trade off their session lows, but the long end of the curve continues to show relative weakness. The yield on the 30-yr bond has risen two basis points (2.23%) while the yield on the 2-yr note is lower by one basis point (0.80%).
2:30 pm:
[BRIEFING.COM] The major averages have carved out fresh session lows with the S&P 500 extending its decline to 0.4%.
The influential technology sector (-0.6%) has notched a new session low of its own as heavily-weighted Apple (AAPL 105.70, -1.12) continues to underperform. Separately, the high-beta chipmakers have pulled back with Micron (MU 16.56, -0.34) rounding out the price-weighted index. The stock has lost 2.0% today, narrowing this month's gain to 20.5%. This compares to an August advance of 4.3% in the PHLX Semiconductor Index and a 1.7% increase in the broader technology sector. Conversely, Cypress Semiconductor (CY 11.81, +0.69) has gained 6.2% amid rumors that TPG Capital may seek to acquire the company for $15 per share.
WTI crude is trading lower by 1.3% ($46.37/bbl; -$0.61) ahead of its pit session close at 14:30 ET. The American Petroleum Institute is scheduled to release its weekly inventory report this evening. Separately, the Department of Energy is slated to release its more influential inventory report tomorrow at 10:30 ET.
2:00 pm:
[BRIEFING.COM] The major averages have inched lower in recent action as the Dow Jones Industrial Average (-0.4%) trails the S&P 500 (-0.3%). The benchmark index hovers one point above its worst level of the day.
The Dow Jones Transportation Average (+0.5%) displays relative strength as airline names outperform. United Continental (UAL 50.86, +3.91) has rallied 8.3% after the company announced that it is appointing Scott Kirby to the role of President. Mr. Kirby previously served as President of American Airlines (AAL 37.14, +0.97). Separately, Southwest Air (LUV 37.13, +0.68) has gained 1.9% after announcing that it reached an agreement in principle with its pilots regarding a new contract. The broader U.S. Global Jets ETF (JETS 22.77, +0.53) has jumped 2.4%, erasing a month-to-date loss. The ETF is now up 1.1% over the last month.
In the broader industrial sector (-0.2%), defense and aerospace names underperform with Lockheed Martin (LMT 239.77, -2.88) and Boeing (BA 131.04, -1.86) trading lower by 1.2% and 1.4%, respectively.
On the commodities front, gold ended its pit session lower by 0.8% ($1,316.10/ozt; -$10.90).
1:35 pm:
[BRIEFING.COM] The major U.S. indices remain under pressure in afternoon trading.
A look inside the Dow Jones Industrial Average shows that Boeing (BA 131.06, -1.84), Apple (AAPL 105.94, -0.88), & Nike (NKE 58.18, -0.45) are underperforming amid modest weakness across the market. Apple is one the Dow's biggest laggards following this morning's news out of Europe that the European Commission has concluded that Ireland granted undue tax benefits to Apple of up to $14.5 bln. Apple denied the claims, saying that it follows the law and pays all the taxes it owes in Ireland, and all the countries it operates in.
Conversely, Goldman Sachs (GS 168.06, +1.83) is the best-performing Dow component as financials trade well in advance of the broader market and are currently today's lone advancing sector.
For the week, the DJIA is currently +0.29%.
1:05 pm:
[BRIEFING.COM] The stock market trades on a modestly lower note at midday as investors favor a cautious approach ahead of a string of employment readings due out later in the week. Today's trade has also featured thin trading conditions, a reversal in crude oil futures, and relative weakness from the heavily-weighted health care (-0.4%), technology (-0.4%), and consumer discretionary (-0.5%) sectors. The Dow Jones Industrial Average (-0.3%) trades slightly behind the Nasdaq Composite (-0.2%) and the S&P 500 (-0.2%).
The major averages began the day on a choppy note as a downturn in top-weighted Apple (AAPL 106.00, -0.80) pressured the broader market. The technology heavyweight slipped after the European Commission concluded that Ireland afforded an undue tax benefit to Apple. The European Commission ordered Apple to pay up to EUR13 billion in back taxes to Ireland, but the Irish government and Apple have since announced that they will appeal the decision.The benchmark index extended its loss through mid-morning as an uptick in fed funds rate hike expectations and a reversal in crude oil weighed.Fed Vice Chair Stanley Fischer spoke earlier this morning, stating that the pace of interest rate normalization will depend on the quality of incoming economic data. Mr. Fischer's statements echoed previous remarks, but have nonetheless improved the odds for a rate hike ahead of Friday's release of the Employment Situation Report for August. The report is expected to show that 180,000 nonfarm payrolls were added. The fed funds futures market estimates the implied probability of a rate hike at the September meeting at 24.0%, rising from 21.0% in the prior session.
Crude oil has also been in focus amid reports that Iran's Deputy Minister of Industry suggested the country could increase its production to four million barrels per day by the end of the year. The report may have cast some doubt on the likelihood of supply limiting measures that could be announced after next month's OPEC meeting. At this juncture, WTI crude trades lower by 1.2% ($46.40/bbl; -$0.58).
The S&P 500 (-0.2%) has inched off its worst level of the day, but has been unable to reclaim its 20-day simple moving average (2179.20). Nine sectors trade in the red with telecom services (-0.5%), consumer discretionary (-0.5%), and utilities (-0.8%) acting as notable laggards. Conversely, financials (+0.5%) top the leaderboard.
The consumer discretionary (-0.5%) space trades behind the broader market as retail names underperform. The sub-group is moving lower in sympathy with G-III Apparel (GIII 34.03, -7.74) and Abercrombie & Fitch (ANF 18.19, -4.75). The two names have tumbled a respective 18.5% and 20.8% in reaction to disappointing results. Separately, Dow component Nike (NKE 58.21, -0.42) trades behind the price-weighted index.
In the technology (-0.4%) sector, large cap names weigh as Alphabet (GOOG 768.04, -4.11) and Facebook (FB 125.56, -0.97) trade lower in sympathy with Apple (AAPL 106.00, -0.80). Separately, the high-beta chipmakers trade slightly ahead of the broader sector, evidenced by the 0.2% loss in the PHLX Semiconductor Index.
The economically-sensitive financial sector (+0.5%) outperforms as Dow components JPMorgan Chase (JPM 67.39, +0.44) and Goldman Sachs (GS 168.23, +2.01) lead the price-weighted index. Money center banks outperform amid increasing rate hike odds. Conversely, rate-sensitive real estate investment trusts underperform alongside defensively-oriented consumer staples (-0.5%), telecom services (-0.5%), and utilities (-0.8%).
Treasuries trade on a lower note with the long end of the curve demonstrating relative weakness. The yield on the 30-yr bond has risen two basis points (2.23%) while the yield on the 10-yr note is up one basis point (1.57%).
Today's economic data included the Case-Shiller 20-city Index for June and Consumer Confidence for August:
The Case-Shiller 20-city Home Price Index for June fell to 5.1%, which was in-line with the Briefing.com consensus. This followed the previous month's revised reading of 5.3% (from 5.2%).
The Conference Board's Consumer Confidence Index for August checked in at 101.1 (Briefing.com consensus 97.0) versus a downwardly revised 96.7 (from 97.3) for July.
Consumers are feeling more upbeat than they were the month before about business and employment conditions, as well as personal income prospects.
For further details on these economic releases, be sure to visit Briefing.com's Economic Calendar page.
12:25 pm:
[BRIEFING.COM] The major averages continue holding modest losses with the S&P 500 down 0.2%.
The countercyclical health care sector (-0.3%) trades slightly behind the broader market as pharmaceutical companies and medical device names underperform. Bristol-Myers (BMY 58.02, -0.73) displays relative weakness, declining 1.3% to extend its August loss to 22.4%. Bristol-Myers was under pressure after announcing on August 5 that its lung-cancer treatment, Opdivo, failed to meet its primary endpoints.
Conversely, biotechnology trades ahead of the broader market, evidenced by the 0.2% gain in the iShares Nasdaq Biotechnology ETF (IBB 284.47, +0.60). The ETF has lost 1.7% month to date, which compares to a loss of 3.1% in the broader sector.
On the commodities front, WTI crude trades lower by 1.1% ($46.47/bbl; -$0.51) while gold has declined 0.5% to $1,320.30/ozt.
12:00 pm:
[BRIEFING.COM] The major averages hover near session lows as the S&P 500 (-0.3%) trades three points above its worst level of the day. Separately, the domestically-oriented Russell 2000 (+0.1%) outperforms.
The consumer discretionary space (-0.6%) trades neck-and-neck with the countercyclical utilities (-0.6%) sector on the bottom of the leaderboard.
Retail names continue to pullback in the discretionary group, as the SPDR S&P Retail ETF (XRT 44.58, -0.65) declines 1.4%. The ETF sports a month-to-date loss of 1.1% after gaining 7.5% in July. Gap (GPS 25.51, -0.96) has declined 3.7%, trading lower in sympathy with G-III Apparel (GIII 34.94, -6.82) and Abercrombie & Fitch (ANF 18.24, -4.71). The two names have plunged a respective 16.5% and 20.6% in reaction to disappointing quarterly reports. The broader sector has lost 1.1% this month, trailing the remaining cyclical sectors over that time.
Treasuries trade on a mixed note with the long end of the curve demonstrating relative weakness. The yield on the 10-yr note has risen one basis point (1.57%) while the yield on the 2-yr note has slipped to 0.80% (-1 bps).
11:30 am:
[BRIEFING.COM] The broader market has traded in sideways fashion as the S&P 500 (-0.3%) trades in-line with the Nasdaq Composite (-0.3%).
The economically-sensitive financial sector (+0.2%) tops the leaderboard, responding to a modest uptick in rate hike expectations. The fed funds futures market currently estimates the implied probability of a rate hike at the September meeting at 24.0%, rising from yesterday's probability of 21.0%. The likelihood of a rate hike at the November meeting has increased to 30.3% from 25.9% in the prior session.
Money center banks outperform in the sector with Bank of America (BAC 15.95, +0.11) and Wells Fargo (WFC 50.00, +0.44) gaining 0.7% and 0.9%, respectively. The sub-group would benefit from an interest rate hike as net interest margins would expand, leading to improved profitability. Conversely, rate-sensitive real estate investment trusts underperform with the iShares Dow Jones Real Estate ETF (IYR 82.09, -0.43) declining 0.5%. The sub-group is trading lower alongside defensively-oriented consumer staples (-0.4%), telecom services (-0.5%), and utilities (-0.8%).
11:00 am:
[BRIEFING.COM] The major averages have pulled back as the Dow Jones Industrial Average (-0.4%) trades slightly behind the S&P 500 (-0.3%) and the Nasdaq Composite (-0.3%). The benchmark index violated its 20-day simple moving average (2179.07) in recent trade.
The influential technology sector (-0.3%) paces the retreat in the broader market as Apple (AAPL 105.98, -0.84) weighs on the group. The stock has declined 0.8% after the European Commission ruled that Ireland afforded Apple unfair tax benefits. As such, the European Commission ordered Apple to pay up to EUR13 billion in back taxes to Ireland. The Irish government and Apple have announced that they will appeal the decision. Fellow heavyweights also underperform with Microsoft (MSFT 57.84, -0.27) and Facebook (FB 125.51, -1.03) declining 0.5% and 0.8%, respectively.
On the commodities front, WTI crude trades lower by 1.5% ($46.29/bbl; -$0.69), erasing an earlier gain. The American Petroleum Institute will release its weekly inventory report after today's close. The Department of Energy is scheduled to release its more influential inventory report tomorrow at 10:30 ET.
10:30 am: [BRIEFING.COM]
The dollar index was +0.4% around the 95.95 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, -0.7% around the 83.88 level
Crude oil reversed initial morning gains, traded to fresh session lows ahead of tonight's API data
October crude oil futures were down $0.17 (-0.3%) around $46.81/barrel
Earlier crude was up nearly 1% due to a number of contributing factors:
Oil and gas companies in the Gulf of Mexico have shut down production that consisted of ~168k barrels/day of oil and 190 mln cubic ft/day of natural gas as a precaution against an expected tropical storm.
Terrorist activity as ISIS set fire to a number of wells in Qayyara that continue to burn and diminish supply in this region. The oil ministry said it does not expect to resume production from the Qayyara region before Mosul's recapture. The two main fields at Qayyara and Najma have total production capability of 30k barrels/day of heavy crude.
The informal OPEC meeting is scheduled to take place during the International Energy Forum in Algiers, Algeria from Sept 26-28.
As a reminder: API data will be released at 4:30 pm ET today & EIA petroleum inventory data will be released at 10:30 am ET tomorrow.
In precious metals, gold & silver traded down in lockstep with each other as the dollar index rallied
December gold futures were down $5.70 (-0.4%) around $1321.40/oz
September silver futures are down $0.08 (-0.4%) around $18.77/oz
10:00 am:
[BRIEFING.COM] The broader market continues to trade flat as the Nasdaq Composite (+0.1%) trades slightly ahead of the S&P 500 (UNCH).
Just released, the Consumer Confidence reading for August came in at 101.1 while economists polled by Briefing.com expected the survey to hit 97.0. This followed the prior month's revised reading of 96.7 (from 97.3).
The commodity-sensitive energy (+0.5%) sector leads materials (+0.4%) and financials (+0.3%) in the front of the pack. Conversely, defensively-oriented consumer staples (-0.3%), utilities (-0.3%), and telecom services (-0.5%) underperform.
The U.S. Dollar Index (95.92, +0.34, +0.36%) trades near its session high with the euro and the yen losing ground to the greenback. The single currency has lost 0.3% against the dollar (1.1151) while the dollar has gained 0.7% against the safe-haven yen (102.65). Separately, cable has gained 0.1% (1.3114).
9:50 am:
[BRIEFING.COM] The major averages began the day on a flat note with the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%) trading slightly behind the Nasdaq Composite (UNCH).
Seven sectors trade in the red with consumer staples (-0.2%), consumer discretionary (-0.3%), and telecom services (-0.5%) leading to the downside. Conversely, financials (+0.2%), energy (+0.5%), and technology (UNCH) show the only gains.
In the consumer discretionary space (-0.2%), retail names underperform, evidenced by the 0.8% decline in the SPDR S&P Retail ETF (XRT 44.88, -0.35). The sub-group is moving lower in sympathy with G-III Apparel (GIII 34.93, -6.83) and Abercrombie & Fitch (ANF 19.07, -3.88). The two disappointed investors with their quarterly results.
The influential technology sector (UNCH) floats near its flat line as the high-beta chipmakers outperform. The PHLX Semiconductor Index trades higher by 0.3%.
On the commodities front, WTI crude has gained 0.7% ($47.37/bbl; +$0.36) while gold trades lower by 0.5% ($1,321.10/ozt; -$6.00).
9:18 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -7.40.
The stock market is on track for a flattish start as the S&P 500 futures trade within one point of fair value.
Futures on the benchmark index have spun their wheels as top-weighted Apple (AAPL 105.70, -1.12) weighs on the broader market. The stock trades lower by 1.0% after the European Commission concluded that Ireland gave an undue tax benefit to the tech giant. Apple has been ordered to pay up to EUR13 billion in back taxes plus interest, but both Ireland and Apple have announced that they will appeal the ruling.
On the central bank front, Fed Vice Chair Stanley Fischer spoke earlier this morning, stating that the U.S. economy is close to full employment. Mr. Fischer also stated that the pace of interest rate normalization will remain dependent on the quality of incoming economic data. The remarks mirrored previous commentary offered at last week's Jackson Hole Symposium. The fed funds futures market currently estimates the implied probability of an interest rate hike at the September meeting at 21.0%, unchanged from yesterday's estimate.
In company specific news, DSW (DSW 26.95, +0.93) has jumped 3.6% after beating bottom-line estimates for the quarter on in-line revenue. The company reiterated its full-year guidance. Hershey (HSY 99.40, -12.27) has plunged 11.0% after Mondelez International (MDLZ 44.25, +1.21) stated that it was no longer seeking a combination with Hershey.
Today's economic data will be capped off with August Consumer Confidence (Briefing.com consensus 97.0), which will cross the wires at 10:00 ET.
9:05 am: [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -8.40.
The S&P 500 futures trade one point below fair value.
Just released, the Case-Shiller 20-city Home Price Index for June fell to 5.1%, which was in-line with the Briefing.com consensus of 5.1%. This followed the previous month's revised reading of 5.3% (from 5.2%).
8:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -10.40.
The S&P 500 futures trade one point below fair value.
Equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note while Japan's Nikkei (-0.1%) underperformed after showing relative strength on Monday. Elsewhere, India's Sensex (+1.6%) climbed to its best level in more than a year thanks to relative strength in cyclical names.
In economic data:
Japan's July Household Spending +2.5% month-over-month (expected 1.1%; last -1.1%); -0.5% year-over-year (consensus -0.9%; last -2.2%). July Retail Sales -0.2% year-over-year (consensus -0.9%; last -1.4%), July Unemployment Rate 3.0% (expected 3.1%; last 3.1%), and July Jobs/applications Ratio 1.37 (expected 1.38; last 1.37)
Australia's July Building Approvals +11.3% month-over-month (expected -0.5%; last -4.7%) and Private House Approvals -0.5% (last -3.0%)
New Zealand's July Building Consents -10.5% month-over-month (last 16.3%)
---Equity Markets---
Japan's Nikkei shed 0.1% with five sectors ending in the red. Communications (-0.9%) and consumer staples (-0.4%) underperformed while energy (+1.2%) and materials (+0.5%) displayed relative strength. Marui Group, Asahi Group Holdings, Central Japan Railway, Dainippon Screen Manufacturing, and Softbank lost between 1.2% and 2.7%. On the upside, Alps Electric, Sumitomo Metal Mining, Hino Motors, and J Front Retailing advanced between 1.8% and 2.7%.
Hong Kong's Hang Seng gained 0.9%. Casino and banking names displayed relative strength with Sands China, Tencent Holdings, Bank of China, Ping An Insurance, and China Construction Bank gaining between 1.4% and 3.5%. Tingyi was the weakest performer, falling 5.5%, after disappointing results.
China's Shanghai Composite added 0.2%. AVIC Aviation Engine, Chongqing Department Store, and Baocheng Investment posted gains between 4.2% and 4.8%.
Major European indices trade higher across the board with Italy's MIB (+1.4%) setting the pace. French President Francois Hollande commented on Brexit, saying the British departure from the single market should be complete by 2019. The euro (1.1154) is down 0.3% against the dollar while the pound (1.3099) has slipped 0.1%. Also of note, French Economy Minister Emmanuel Macron is expected to step down.
In economic data:
Eurozone August Business and Consumer Survey 103.5 (expected 104.1; last 104.5).
Germany's July Import Price Index +0.1% month-over-month (expected -0.1%; last 0.5%); -3.8% year-over-year (consensus -4.0%; last -4.6%)
UK's July BoE Consumer Credit GBP1.18 billion (expected GBP1.70 billion; previous GBP1.86 billion). July Mortgage Approvals 60,910 (expected 61,900; last 64,150) and July Mortgage Lending GBP2.70 billion (expected GBP3.20 billion; previous GBP3.20 billion)
Italy's July Retail Sales +0.2% month-over-month, as expected (last 0.3%); +0.8% year-over-year (last -1.5%)
Spain's August CPI 0.1% month-over-month (last -0.7%); -0.1% year-over-year (consensus -0.5%; last -0.6%)
Swiss August KOF Leading Indicators 99.8 (expected 102.0; last 103.5)
---Equity Markets---
UK's FTSE trades flat with financials showing relative strength while miners lag. HSBC, Barclays, Standard Chartered, Lloyds Banking, and Standard Life are up between 1.2% and 2.2%. On the downside, Antofagasta, Randgold Resources, Rio Tinto, Fresnillo, Glencore, Anglo American, and BHP Billiton are down between 2.8% and 5.0%.
France's CAC is higher by 0.9% amid strength in bank shares. Societe Generale, BNP Paribas, and Credit Agricole show gains between 1.4% and 1.9%. Exporters Renault and Peugeot are both up near 1.0% while Accor is the weakest performer, shedding 0.3%.
Germany's DAX has climbed 1.0% amid broad strength. Deutsche Bank leads with a 2.8% spike while heavyweights like SAP, BMW, Daimler, Volkswagen, and Siemens are up between 1.0% and 1.8%.
Italy's MIB trades up 1.4% with Banca Pop Emilia Romagna, Unicredit, Banco Popolare, Mediobanca, and Banca di Milano Scarl up between 1.6% and 2.7%.
8:31 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -7.40.
The S&P 500 futures float one point below fair value.
In company specific news, United Continental (UAL 48.88, +1.93) has jumped 4.1% in pre-market after announcing that Scott Kirby will assume the role of President. Mr. Kirby previously held the position of President at American Airlines (AAL 35.56, -0.61). United is also benefiting from an upgrade to "Outperform" from "Market Perform" at Raymond James. Elsewhere, G-III Apparel Group (GIII 34.81, -6.96) has tumbled 16.7% after missing second-quarter earnings estimates and disappointing investors with its third-quarter and full-year guidance.
The U.S. Dollar Index (95.78, +0.19, +0.20%) trades off its session high as the euro and the yen trim losses against the greenback. The euro has declined 0.2% against the buck (1.1168) after bouncing off the 1.1155 price level overnight. The dollar has gained 0.5% against the safe-haven yen (102.40). Separately, the dollar has ticked higher by 0.2% against the commodity-sensitive Canadian dollar (1.3039).
8:05 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -7.60.
U.S. equity futures trade on a mixed note with the S&P 500 futures floating within one point of fair value. Separately, Nasdaq futures underperform as Apple (AAPL 105.30, -1.52) weighs. The European commission ordered Apple to pay EUR13 billion to Ireland for undue tax benefits for the years 2003 to 2014. Apple has since announced that it will appeal the decision.
On the central bank front, Fed Vice Chair Stanley Fischer stated earlier this morning that the U.S. economy is close to full employment and that the central bank will continue to be responsive to incoming data. The comments echoed recent remarks from Mr. Fischer and prompted little reaction.
Treasuries trade on a mixed note with the yield on the 10-yr note flat at 1.56%.
On the economic front, data will include the Case-Shiller 20-city Index for June (Briefing.com consensus 5.1%) and August Consumer Confidence (Briefing.com consensus 97.0), which will be released at 9:00 ET and 10:00 ET, respectively.
In U.S. corporate news of note:
Apple (AAPL 105.30, -1.52): -1.4% after the EU commission ordered that the company pay EUR13 billion for undue tax benefit to Ireland
Hershey Foods (HSY 99.29, -12.38): -11.1% following Mondelez International (MDLZ 44.42, +1.38) stating that it is no longer pursuing a combination of the two companies
United Continental (UAL 48.49, +1.54): +3.3% after being upgraded to "Outperform" from "Market Perform" at Raymond James
Signet Jewelers (SIG 78.30, -1.88): -2.3% following the stock being downgraded to "Neutral" from "Overweight" at JP Morgan
Reviewing overnight developments:
Asia-Pacific indices ended on a mostly higher note with Hong Kong's Hang Seng (+0.9%), China's Shanghai Composite (+0.2%), and Japan's Nikkei (-0.1%).
In economic data:
Japan's July Household Spending +2.5% month-over-month (expected 1.1%; last -1.1%); -0.5% year-over-year (consensus -0.9%; last -2.2%). July Retail Sales -0.2% year-over-year (consensus -0.9%; last -1.4%), July Unemployment Rate 3.0% (expected 3.1%; last 3.1%), and July Jobs/applications Ratio 1.37 (expected 1.38; last 1.37)
Australia's July Building Approvals +11.3% month-over-month (expected -0.5%; last -4.7%) and Private House Approvals -0.5% (last -3.0%)
New Zealand's July Building Consents -10.5% month-over-month (last 16.3%)
In news:
Japan's Nikkei (-0.1%) underperformed after showing relative strength on Monday.
European indices trade higher with Germany's DAX (+1.0%), France's CAC (+0.9%), and the U.K.'s FTSE (+0.1%). Elsewhere, Italy's MIB (+1.4%) outperforms.
In economic data:
Eurozone August Business and Consumer Survey 103.5 (expected 104.1; last 104.5).
Germany's July Import Price Index +0.1% month-over-month (expected -0.1%; last 0.5%); -3.8% year-over-year (consensus -4.0%; last -4.6%)
UK's July BoE Consumer Credit GBP1.18 billion (expected GBP1.70 billion; previous GBP1.86 billion). July Mortgage Approvals 60,910 (expected 61,900; last 64,150) and July Mortgage Lending GBP2.70 billion (expected GBP3.20 billion; previous GBP3.20 billion)
Italy's July Retail Sales +0.2% month-over-month, as expected (last 0.3%); +0.8% year-over-year (last -1.5%)
Spain's August CPI 0.1% month-over-month (last -0.7%); -0.1% year-over-year (consensus -0.5%; last -0.6%)
Swiss August KOF Leading Indicators 99.8 (expected 102.0; last 103.5)
In news:
French President Francois Hollande stated that the British departure from the single market should be complete by 2019.
Also of note, French Economy Minister Emmanuel Macron is expected to step down.
The euro (1.1161) is down 0.2% against the dollar while the pound (1.3105) trades flat against the buck.
6:03 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -4.40.
6:03 am: [BRIEFING.COM] Nikkei...16725...-12.10...-0.10%. Hang Seng...23016...+194.80...+0.90%.
6:03 am: [BRIEFING.COM] FTSE...6847.99...+9.90...+0.20%. DAX...10652.23...+107.80...+1.00%.
Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.
Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader 
@ http://stocktwits.com/wrbtraderhttp://www.thestrategylab.com
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