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 Post subject: August 1st Monday Trade Results - No Trades
PostPosted: Tue Aug 02, 2016 3:14 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)

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.

Quote:
No trades today so that I can rest my wrist. Also, I needed to see my tax accountant about a problem with my taxes in which I over paid a few months ago and would be getting a big refund. Yet, I was able to get a very good night of rest although my shoulder is sore due to the sleep position because of the cast on the arm.

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

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=159&t=2424

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.

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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


4:10 pm: [BRIEFING.COM] The stock market ended a volatile start to the week on a mixed note as a prolonged downturn in crude oil pressured equities. However, the broader market continued to show marked resilience to selling pressure as the S&P 500 (-0.1%) finished eight points off a freshly minted all-time intraday high (2178.29). Focal points impacting today's trade included strengthening in the dollar, an assortment of global manufacturing reports, bearish commentary from Goldman Sachs, and the outperformance of heavily-weighted technology (+0.4%) and health care (+0.6%). The Nasdaq Composite (+0.4%) finished ahead of the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.2%).

U.S. equities began the day on a choppy note, responding to a negative bias in European averages. Regional bourses slipped as participants eyed mixed manufacturing readings out of China and a downward revision to the U.K.'s Manufacturing PMI for July (48.2; expected 49.1). Separately, Friday's stress test results from the European Banking Authority failed to elicit buying interest. The results came in largely as expected with Monte dei Paschi di Siena (BMDPF 0.386, +0.006) showing the weakest capital position.

The major averages marched off their opening levels shortly after the release of the ISM Index for July (52.6; Briefing.com consensus 53.1) and construction spending for May (-0.6%; Briefing.com consensus +0.7%). Both reports missed consensus estimates, but the ISM Index marked the fifth straight month of expansion for the manufacturing sector. The S&P 500 (-0.1%) pulled back shortly after notching a fresh all-time intraday high, succumbing to pressure from the oil patch. The energy component finished lower by 3.5% ($40.09/bbl; -$1.47), extending its decline from the June 8th closing high to 21.8%.

The benchmark index settled off its worst level of the day, buoyed by strength from the technology (+0.4%) and health care (+0.6%) sectors. Conversely, six sectors ended in the red with materials (-0.7%), telecom services (-1.0%), and energy (-3.3%) leading the downside.

The economically-sensitive financial sector (-0.2%) settled behind the broader market as money center banks and life insurance names underperformed. Citigroup (C 43.42, -0.39) and Bank of America (BAC 14.33, -0.16) lagged as they traded lower alongside European financial names like Deutsche Bank (DB 13.07, -0.37), which declined by 2.8%. The broader sector finished behind the benchmark index as investors look ahead to tomorrow's latest inflation reading. Separately, the Employment Situation Report for July is scheduled to cross the wires at 8:30 ET on Friday.

In the technology sector (+0.4%), heavily-weighted components Alphabet (GOOG 772.88, +4.09) and Apple (AAPL 106.05, +1.84) outperformed, gaining 0.5% and 1.8%, respectively. Both names reported positive bottom-line results last week. Apple also benefited from news that Uber and Didi Chuxing entered into a strategic agreement. The high-beta chipmakers settled slightly behind the broader sector, evidenced by the 0.2% gain in the PHLX Semiconductor Index.

Biotechnology demonstrated relative strength in the health care sector (+0.6%), as the iShares Nasdaq Biotechnology ETF (IBB 294.07, +4.63) jumped 1.6%. In the ETF, Regeneron Pharmaceuticals (REGN 434.00, +8.88) gained 2.1% after the European Medicines Agency agreed to review the company's sarilumab medication. Biogen (BIIB 301.83, +11.90) outperformed after Phase-3 trial results of nusinersen met their primary endpoints.

The U.S. Dollar Index (95.77, +0.24) ended off its best level of the day as the greenback gained against the euro, pound, and yen. The single currency slipped 0.1% against the dollar (1.1166) while sterling lost 0.4% against the buck (1.3180). Separately, the safe-haven yen lost 0.3% against the dollar (102.37).

Treasuries settled lower as volatility in equities failed to elicit much buying interest in the bond market. The yield on the 10-yr note rose five basis points to 1.51%.

Participation was above the recent average as more than 829 million shares changed hands on the NYSE floor.

Today's economic data was limited to the July ISM Index and Construction Spending for June:

The ISM Manufacturing Index slipped to 52.6 in July (Briefing.com consensus 53.1) from 53.2 in June.
That signals a slowdown in growth, but importantly, a number above 50.0 still reflects an expansion in manufacturing activity.
July marked the fifth straight month of expansion for the manufacturing sector on a national level and it is the second-highest reading over the last 12 months.
If the PMI reading for July is annualized, it corresponds to a 3 percent increase in real GDP annually, according to the ISM.
The only components below 50.0, though, were the Employment Index (to 49.4 from 50.4) and the Backlog of Orders Index (to 48.0 from 52.5).
The Prices Index (to 55.0 from 60.5) saw the biggest monthly drop, reflecting prices that are increasing but at a slower pace.
The New Orders Index dipped to 56.9 from 57.0; the Production Index rose to 55.4 from 54.7; and the New Export Orders Index fell to 52.5 from 53.5. The Import Index was flat at 52.0.
Construction spending declined at a seasonally adjusted annual rate of 0.6% in June. That was well below the Briefing.com consensus estimate, which called for a 0.7% increase.
An upward revision to May from -0.8% to -0.1% helped temper some of the headline disappointment.
The downturn in June featured a decline in both private construction (-0.6%) and public construction (-0.6%).
On the private side, nonresidential spending (-1.0%) accounted for nearly all of the decline.
The biggest drags included spending in highway and street (-1.4%), manufacturing (-4.5%), educational (-1.0%), commercial (-2.2%), and health care (-1.4%) sectors.
Private residential spending was down only 0.1%. Public residential spending fell 6.0%, but at roughly 2.2% of total public construction spending, that had little bearing on the monthly drop.
Nonresidential public spending declined 0.5% due largely to drops in highway and street spending (-1.4%), educational spending (-0.5%), and sewage and waste disposal spending (-2.7%).
On a year-over-year basis, total construction spending was up 0.3%, bolstered by a 2.5% increase in total private construction spending that offset a 6.0% decline in total public construction spending.

Tomorrow's economic data will include Personal Income (Briefing.com consensus +0.3%) and Personal Spending (Briefing.com consensus +0.3%) reports for June and Core PCE Prices for June (Briefing.com consensus +0.2%), which will each cross the wires at 8:30 ET. Separately, Auto & Truck Sales for July will be released throughout tomorrow's session.

Russell 2000 +7.2% YTD
S&P 500 +6.2% YTD
Dow Jones +5.6% YTD
Nasdaq Composite +3.5% YTD

3:30 pm: [BRIEFING.COM]

The dollar index is up +0.3% around the 95.77 level
Commodities, as measured by the Bloomberg Commodity Index, are down -1.6% around the 82.90 level
Crude oil plummets to end near 4-month lows hit earlier in the session ahead of tomorrow's API data
September crude oil futures fell $1.47 (-3.5%) to $40.09/barrel
EIA petroleum data will be released Wednesday at 10:30 am ET
API data will be released tomorrow after the bell
Baker Hughes rig count data will be released on Friday at 1 pm ET
Monthly IEA data will be released Aug 11
Natural gas sees a notable drop, giving up all of the previous session's gains
September natural gas closed $0.10 lower (-3.5%) at $2.77/MMBtu
In precious metals, gold inches higher despite a modest rally in the dollar index
December gold ended today's session up $2.30 (+0.2%) to $1359.80/oz
Silver surges near highs of the session in the early afternoon before reversing and closing near lows, still finishing higher on the day
September silver closed today's session $0.15 higher (+0.7%) at $20.50/oz
Base metal copper inches lower, erasing last session's gains to close afternoon pit trading
September copper closed $0.02 lower (-0.9%) at $2.2/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.4%) trades ahead of the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.1%).

Five sectors trade in the green with heavily-weighted health care (+0.7%) and technology (+0.3%) leading the advance. On the flipside, energy (-3.4%) and materials (-0.6%) round out the leaderboard. The remaining decliners sport losses between 0.3% (financials) and 0.6% (telecom services).

In the consumer discretionary space (+0.2%), Netflix (NFLX 94.45, +3.20) trades higher by 3.5%, trimming its post-earnings loss to 4.4%. The stock plunged as much as 14.5% on July 19 after disappointing investors with its subscriber growth metrics. Fellow discretionary name Amazon (AMZN 768.90, +10.09) has jumped 3.3% after the IDC reported that tablet shipments rose to 38.7 million in the second quarter. Elsewhere, auto manufacturers underperform ahead of the release of tomorrow's auto and truck sales figures for June.

WTI crude ended its day lower by 3.5% ($40.09/bbl; -$1.47), marking its largest one-day loss since July 13.

2:30 pm:

[BRIEFING.COM] The major indices have ticked higher in recent action as the Dow Jones Industrial Average (-0.2%) trades behind the S&P 500 (-0.1%). Separately, the Nasdaq Composite (+0.4%) outperforms amid continued strength from the technology and biotechnology sub-groups.

The Dow Jones Transportation Average (-0.4%) trades behind the benchmark index as rail names and logistics companies weigh on the group. Norfolk Southern (NSC 88.95, -0.83) trades lower by 0.9%, extending its post-earnings loss to 4.1%. The company reported that volume declined 7.0% quarter-over-quarter on July 27. Kirby (KEX 53.46, -1.03) trades lower by 1.9%, rounding out the Transportation index. Conversely, Delta Air Lines (DAL 39.49, +0.74) outperforms among major airline names.

In the broader industrial sector (-0.3%), aerospace and defense companies underperform with Boeing (BA 132.81, -0.85) and United Technology (UTX 106.78, -0.87) losing 0.6% and 0.8%, respectively. On the flipside, General Dynamics (GD 148.91, +2.02) has jumped 1.4% after Barron's offered positive commentary on the stock.

On the commodities front, WTI crude trades lower by 3.8% ($40.02/bbl; -$1.58) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The S&P 500 (-0.3%) has inched lower in recent action, trading in-line with the Dow Jones Industrial Average (-0.3%). The benchmark index trades one point off its session low.

In the consumer staples sector (+0.1%), personal product names demonstrate relative strength with Procter & Gamble (PG 86.50, +0.91) pacing the move. The company is slated to release its quarterly report tomorrow morning. Separately, Newell Brands (NWL 54.00, +1.53) has climbed 2.9% after having its target price increased to $60 per share from $52 per share at Deutsche Bank. The stock has jumped 9.3% since reporting top- and bottom-line beats on Friday. On the flipside, brewery names underperform as Anheuser-Busch InBev (BUD 125.71, -3.73) declines by 2.9%. The stock was downgraded to "Neutral" from "Positive" at Susquehanna. The firm cited the lack of positive catalysts ahead of the company's proposed takeover of SABMiller PLC (SBMRY 58.50, -0.18).

On the commodities front, gold ended its session higher by 0.2% ($1,359.80/ozt; +$2.30).

1:30 pm:

[BRIEFING.COM] The major averages continue trading in mixed fashion with the Nasdaq Composite (+0.3%) holding a slim gain while the S&P 500 (-0.2%) underperforms.

The tech-heavy Nasdaq has drawn support from influential groups like technology and biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 294.16, +4.72) has spiked 1.6% while the broader health care sector (+0.6%) trades ahead of its peers.

As for technology (+0.2%), the top-weighted sector has been boosted by influential members like Alphabet (GOOGL 805.56, +14.22), Apple (AAPL 105.23, +1.03), and Facebook (FB 124.39, +0.45), but there is a fair share of listings in negative territory at this juncture.

The mixed showing in equities comes amid a decline in Treasuries that has pushed the 10-yr yield up four basis points to 1.49%.

1:05 pm:

[BRIEFING.COM] The stock market trades on a mixed note at midday as the major averages respond to diverging readings of global manufacturing indices and tumbling crude oil prices. The S&P 500 (-0.2%) slipped back into negative territory shortly after carving out a new all-time intraday high (2178.34). Additional focal points impacting today's trade include a rebound in the dollar and sector weakness from the heavily-weighted financial (-0.4%) and industrial (-0.4%) sectors. At midday, the Nasdaq Composite (+0.3%) leads the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.3%).

Equity indices began the day on a lower note, inching down in sympathy with European bourses. A mixed bag of Manufacturing PMI readings weighed on the equities as China's Official July Manufacturing PMI (49.9; estimate: 50.0) showed further contraction while July Caixin Manufacturing PMI (50.6; estimate: 48.7) topped consensus estimates. Additionally, the U.K.'s July Manufacturing PMI was revised lower (48.2; expected 49.1) ahead of Thursday's policy statement from the Bank of England.

The major averages briefly shook opening hour weakness as investors responded to a weaker than expected reading of the ISM Index for July (52.6; Briefing.com consensus 53.1) and construction spending for May (-0.6%; Briefing.com consensus +0.7%). The heavily-weighted technology (+0.1%) and health care (+0.5%) groups added to the rebound effort as they extended their early gains. However, a prolonged downturn in crude oil eventually impacted the broader market as WTI crude ($40.05/bbl; -1.55; -3.7%) tested the $40.00/bbl price level.

The benchmark index has inched off its worst level of the day, but five sectors still trade in the red. Commodity-sensitive materials (-0.9%) and energy (-3.1%) round out the leaderboard while the remaining decliners sport losses between 0.4% (industrials) and 0.6% (telecom services). Conversely, consumer staples (+0.2%) and health care (+0.5%) outperform.

The economically-sensitive financial sector (-0.3%) trades behind the broader market as the group trades lower alongside oil and European banks. European banking names have been under pressure after the European Banking Authority released its stress test results after the close on Friday. The results fell largely in-line with market expectations, but Barclays PLC (BCS 7.99, -0.24) and Deutsche Bank (DB 13.06, -0.38) have slipped 3.0%% apiece.

In the technology sector (+0.1%), Apple (AAPL 105.20, +0.99) and Alphabet (GOOG 775.89, +7.10) demonstrate relative strength, jumping 0.9% apiece. Apple trades higher after reports indicated that Uber and Didi Chuxing entered into a strategic agreement. Apple announced that it invested $1 billion in Didi on May 13. The high-beta chipmakers trade behind the broader sector, pulling back from July's 10.8% gain.

The heavily-weighted health care sector (+0.5%) leads the pack as biotechnology outperforms. In the group, Biogen (BIIB 303.91, +13.98) has rallied 4.8% after reporting positive Phase-3 nusinersen trial results. Separately, Regeneron Pharmaceuticals (REGN 433.24, +8.12) has jumped 1.9% after the company and Sanofi (SNY 42.42, -0.20) announced that the Marketing Authorisation Application for sarilumab will be reviewed by the European Medicines Agency. The broader iShares Nasdaq Biotechnology ETF (IBB 293.60, +4.16) trades higher by 1.4%.

The U.S. Dollar Index (95.67, +0.14) floats modestly higher as the pound and commodity currencies lose ground to the buck. The euro/dollar pair trades flat at 1.1172 while sterling has lost 0.2% against the buck (1.3201). Separately, the dollar has gained 0.5% against the commodity-sensitive Canadian dollar (1.3098).

Treasuries trade on a lower note as yields rise throughout the complex. The yield on the 10-yr note has risen four basis points to 1.49%.

Today's economic data was limited to the July ISM Index and Construction Spending for June:

The ISM Manufacturing Index slipped to 52.6 in July (Briefing.com consensus 53.1) from 53.2 in June.
That signals a slowdown in growth, but importantly, a number above 50.0 still reflects an expansion in manufacturing activity.
July marked the fifth straight month of expansion for the manufacturing sector on a national level and it is the second-highest reading over the last 12 months.
If the PMI reading for July is annualized, it corresponds to a 3 percent increase in real GDP annually, according to the ISM.
The only components below 50.0, though, were the Employment Index (to 49.4 from 50.4) and the Backlog of Orders Index (to 48.0 from 52.5).
The Prices Index (to 55.0 from 60.5) saw the biggest monthly drop, reflecting prices that are increasing but at a slower pace.
The New Orders Index dipped to 56.9 from 57.0; the Production Index rose to 55.4 from 54.7; and the New Export Orders Index fell to 52.5 from 53.5. The Import Index was flat at 52.0.
Construction spending declined at a seasonally adjusted annual rate of 0.6% in June. That was well below the Briefing.com consensus estimate, which called for a 0.7% increase.
An upward revision to May from -0.8% to -0.1% helped temper some of the headline disappointment.
The downturn in June featured a decline in both private construction (-0.6%) and public construction (-0.6%).
On the private side, nonresidential spending (-1.0%) accounted for nearly all of the decline.
The biggest drags included spending in highway and street (-1.4%), manufacturing (-4.5%), educational (-1.0%), commercial (-2.2%), and health care (-1.4%) sectors.
Private residential spending was down only 0.1%. Public residential spending fell 6.0%, but at roughly 2.2% of total public construction spending, that had little bearing on the monthly drop.
Nonresidential public spending declined 0.5% due largely to drops in highway and street spending (-1.4%), educational spending (-0.5%), and sewage and waste disposal spending (-2.7%).
On a year-over-year basis, total construction spending was up 0.3%, bolstered by a 2.5% increase in total private construction spending that offset a 6.0% decline in total public construction spending.

12:30 pm:

[BRIEFING.COM] The major averages have continued their recent pullback as the S&P 500 (-0.3%) trades 12 points off its session high. The leg lower in the broader market corresponded with an extended downturn in crude oil futures.

The commodity-sensitive energy sector (-3.1%) trails the remaining sectors as oil remains under heavy selling pressure. The energy component trades lower by 3.7% ($40.08/bbl; -$1.52), having declined 21.8% since its June 8th closing high ($51.23/bbl). Today's downturn in oil is partially attributable to a mixed set of Manufacturing PMI readings from overseas and a stronger greenback weighing on dollar-denominated commodities.

In the energy group, pipeline companies lead the losses as Kinder Morgan (KMI 19.61, -0.72) and Williams Companies (WMB 22.58, -1.39) tumble 3.5% and 5.8%, respectively. Separately, Dow components Chevron (CVX 99.76, -2.71) and Exxon Mobil (XOM 86.15, -2.80) round out the price-weighted index. Exxon Mobil has declined 4.5% since disappointing investors with below-consensus quarterly results last Friday.

On the commodities front, gold has ticked higher in recent action as the precious metal gains 0.2% ($1,359.90/ozt; +$2.40).

12:00 pm:

[BRIEFING.COM] The major indices have ticked lower in recent action as the Dow Jones Industrial Average (-0.1%) trades behind the S&P 500 (UNCH). Elsewhere, the domestically-facing Russell 2000 (+0.3%) outperforms.

The economically-sensitive financial sector (UNCH) trades in-line with the broader market as asset management names outperform. In the group, Franklin Resources (BEN 36.26, +0.07) and State Street (STT 66.19, +0.41) have gained a respective 0.2% and 0.6%. Franklin Resources has jumped 3.5% since reporting a bottom-line beat on July 28, which compares to a flat performance in the Financial Sector SPDR ETF (XLF 23.65, 0.00) over that time.

European banking names underperform following Friday's stress test results from the European Banking Authority. The results fell largely in-line with market expectations with no headline surprises. However, Barclays PLC (BCS 8.09, -0.15) and Deutsche Bank (DB 13.15, -0.28) have stumbled 1.8% and 2.1%, respectively.

Treasuries have inched off their lows as yields trim their gains across the complex. The yield on the 10-yr note remains higher by three basis points (1.48%) after notching a session high at 1.51% (+6 bps).

11:30 am:

[BRIEFING.COM] The S&P 500 (+0.2%) recently notched a fresh all-time high (2178.34), trading nine points above its worst level of the day.

The heavily-weighted health care (+1.0%) sector tops the leaderboard as biotechnology demonstrates relative strength. In the group, Regeneron Pharmaceuticals (REGN 435.33, +10.21) has jumped 2.5% after the company and Sanofi (SNY 42.54, -0.09) announced that the Marketing Authorisation Application for sarilumab will be reviewed by the European Medicines Agency. The broader iShares Nasdaq Biotechnology ETF (IBB 296.54, +7.10) trades higher by 2.5%, trimming its 2016 loss to 12.4%.

In the broader sector, Anthem (ANTM 129.63, -1.71) and Cigna (CI 126.94, -2.01) weigh on the health care provider sub-group. Cigna has surrendered 6.7% since reporting earnings on July 29. The company beat quarterly estimates, but lowered its full-year earnings guidance below consensus.

The U.S. Dollar Index (95.87, +0.14) has pulled back in recent action as the euro claws its way back to unchanged against the dollar (1.1173). Separately, the dollar/Canadian dollar pair trades higher by 0.4% (1.3083) after slipping from the 1.3110 price level.

11:00 am:

[BRIEFING.COM] The major averages have ticked higher since the last update as the Nasdaq Composite (+0.5%) leads the S&P 500 (+0.1%). The move higher in the broader market corresponded with upticks in heavily-weighted technology (+0.4%) and health care (+0.6%).

In the technology sector (+0.4%), large cap components demonstrate relative strength as Apple (AAPL 105.45, +1.24) and Alphabet (GOOG 779.44, +10.49) rise 1.2% and 1.4%, respectively. Apple has benefited from news that Uber and Didi Chuxing entered into a strategic agreement. Reports indicated that Uber will exchange its Uber China assets for a 5.9% stake in the combined company. Recall that Apple announced that it would be investing $1 billion in Didi on May 13.

The high-beta chipmakers trade slightly behind the broader sector, evidenced by the 0.3% gain in the PHLX Semiconductor Index. In the group, Qualcomm (QCOM 62.17, -0.40) trades lower by 0.6% after announcing new patent agreements in China. It is worth noting that Qualcomm gained 16.8% in July, compared to an increase of 10.8% in the broader price-weighted index over that time.

On the commodities front, WTI crude trades lower by 2.3% ($40.63/bbl; -$0.97) while gold has ticked lower by 0.1% ($1,356.70/ozt; -$1.00).

10:30 am: [BRIEFING.COM]

The dollar index is up +0.2% around the 95.71 level
Commodities, as measured by the Bloomberg Commodity Index, are down -1.0% around the 83.47 level
Crude oil trades near 4-month lows, hovering just above the $40.00/barrel handle support to begin the week
September crude oil futures are down $0.69 (-1.6%) at $40.91/barrel
API data will be released tomorrow at 4:30 pm ET
EIA petroleum data will be released Wednesday at 10:30 am ET
Monthly IEA data will be released Aug 11
Baker Hughes rig count data will be released Friday at 1 pm ET
Natural gas snaps its 2-day streak, trading near session lows to begin the trading week
September natural gas futures are down $0.06 (-2.1%) at $2.82/MMBtu
EIA natural gas data will be released on Thursday at 10:30 am ET
In precious metals, gold trades sideways, nearly flat as the dollar index inches upward
December gold futures are down $1.80 (-0.1%) at $1355.70/oz
Silver futures edge higher despite a modest early morning rally in the dollar index
September silver futures are up $0.16 (+0.8%) at $20.51/oz
Base metal copper drifts lower in morning pit trading
September copper futures are down $0.01 (-0.35) at $2.22/lb

10:00 am:

[BRIEFING.COM] The Dow Jones Industrial Average (-0.2%) hovers near its session low, trading neck-and-neck with the S&P 500 (-0.2%). Separately, the Nasdaq Composite (+0.2%) outperforms.

Just released, the ISM Index for July indicated a decrease to 52.6 from 53.2 while the Briefing.com consensus expected a reading of 53.1.

Separately, construction spending fell 0.6% (Briefing.com consensus +0.7%) in June, with a revision from -0.8% to -0.1% in May.

The U.S. Dollar Index (95.73, +0.20) floats broadly higher as the euro, pound, and commodity currencies lose ground to the buck. The euro/dollar pair trades lower by 0.1% (1.1164) while sterling has declined 0.2% against the buck (1.3205). Separately, the dollar has gained 0.5% against the commodity-sensitive Canadian dollar (1.3091).

9:45 am:

[BRIEFING.COM] The stock market began its day on a lower note as the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.2%) trade behind the Nasdaq Composite (UNCH).

Seven sectors trade in the red with commodity-sensitive materials (-0.7%) and energy (-1.6%) leading to the downside. The remaining decliners sport losses between 0.1% (technology) and 0.4% (industrials). Conversely, financials (+0.1%). telecom services (+0.2%), and health care (+0.3%) sport the only gains.

In the health care space (+0.3%), biotechnology demonstrates relative strength, evidenced by the 0.8% gain in the iShares Nasdaq Biotechnology ETF (IBB 291.60, +2.16). The group is trading higher in sympathy with Biogen (BIIB 300.79, +10.86) following positive Phase-3 nusinersen trial results.

Conversely, energy (-1.6%) demonstrates broad-based weakness amid a downturn in crude oil. In the group, Williams Cos (WMB 23.37, -,0.59) has declined by 2.5% ahead of this evening's quarterly earnings report. Additionally, oilfield service names underperform with Baker Hughes (BHI 47.05, -0.78) and Halliburton (HAL 42.98, -0.68) declining 1.6% and 1.7%, respectively.

On the commodities front, WTI crude trades lower by 1.9% ($40.79/bbl; -$0.80) while gold has ticked lower by 0.2% to $1,354.80/ozt.

9:19 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +6.10.

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

Index futures hover above their flat lines as investors eye weakness in European bourses and the latest batch of global PMI readings. China's July Manufacturing PMI came in on a mixed note as official Manufacturing PMI (49.9; estimate: 50.0) missed estimates while July Caixin Manufacturing PMI (50.6; estimate: 48.7) beat expectations. Separately, the U.K.'s July Manufacturing PMI was revised lower (48.2; expected 49.1) ahead of Thursday's rate decision from the Bank of England. Financial names demonstrate relative weakness across the pond as investors respond to Friday's stress test results from the European Banking Authority. The results came in largely as expected with Monte dei Paschi di Siena (BMDPF 0.38, 0.00) showing the weakest capital position.

On the home front, In company specific news, Diamond Offshore (DO 23.10, +0.38) trades higher by 1.7% after beating top- and bottom-line estimates for the quarter. However, the company did report that its top-line shrank by 38.7% year-over-year. SolarCity (SCTY 25.20, -1.50) trades lower by 5.6% as investors respond to Tesla Motors (TSLA 235.55, +0.76) offer to acquire the company for $25.37 per share in stock or approximately $2.6 billion.

Today's data will be limited to the July ISM Index (Briefing.com consensus 53.1) and Construction Spending for June (Briefing.com consensus 0.7%), which will each cross the wires at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +4.60.

The S&P 500 futures trade one point above fair value.

Equity indices in the Asia-Pacific region ended Monday on a mixed note after the release of a full slate of economic news. China's Non-Manufacturing PMI for July ticked up to 53.9 from 53.7, but Manufacturing PMI returned to contractionary territory, ticking down to 49.9 from 50.0. Elsewhere, Koichi Hamada, who advises Japan's Prime Minister Shinzo Abe, said Japan should acknowledge that debt monetization is already in progress and proceed with a combination of fiscal and monetary measures.

In economic data:
China's July Manufacturing PMI 49.9 (expected 50.0; last 50.0) and Non-Manufacturing PMI 53.9 (last 53.7). July Caixin Manufacturing PMI 50.6 (consensus 48.7; last 48.6)
Japan's July Manufacturing PMI 49.3 (expected 49.0; last 49.0)
Australia's July AIG Manufacturing Index 56.4 (last 51.8) and HIA New Home Sales 8.2% month-over-month (last -4.4%)
South Korea's July trade surplus KRW7.80 billion (expected surplus KRW9.60 billion; last surplus KRW11.50 billion). July Imports -14.0% year-over-year (expected -9.5%; last -7.7%) and Exports -10.2% year-over-year (consensus -4.6%; last -2.7%). July Nikkei Manufacturing PMI 50.1 (last 50.5)
India's July Nikkei Markit Manufacturing PMI 51.8 (last 51.7)

---Equity Markets---

Japan's Nikkei added 0.4%. Communications (+1.9%) and health care (+0.8%) outperformed while utilities (-3.2%) and materials (-0.5%) lagged. Tosoh, Keisei Electric Railway, Takeda Pharmaceuticals, TDK, Sumitomo Mitsui Financial, and Fast Retailing gained between 3.7% and 6.6%. On the downside, NEC plunged 11.3% in reaction to disappointing results.
Hong Kong's Hang Seng advanced 1.1%. Financials contributed to the gains with China Construction Bank, Bank of China, Ping An Insurance, and ICBC rising between 2.5% and 3.7%. On the downside, Li & Fung lost 1.3%.
China's Shanghai Composite climbed into the close, but still lost 0.9%. North Navigation Control Technology, Beijing Jingcheng Machinery, and Shanghai Diesel Engine lost between 6.8% and 8.0%.

Major European indices trade mostly lower with Italy's MIB (-1.0%) and Spain's IBEX (-0.7%) showing relative weakness. The European Banking Authority released its latest round of stress tests, which identified BMPS as an institution with the lowest core equity ratio (-2.44%). Separately, the European Central Bank has approved the rescue plan that was proposed by BMPS last week. The euro has retreated 0.1% against the dollar to 1.1168 while the pound is down 0.3% at 1.3192.

In economic data:
Eurozone July Manufacturing PMI 52.0 (expected 51.9; last 51.9)
Germany's July Manufacturing PMI 53.8 (consensus 53.7; last 53.7)
UK's July Manufacturing PMI 48.2 (expected 49.1; last 49.1)
France's July Manufacturing PMI 48.6, as expected (previous 48.6)
Italy's July Manufacturing PMI 51.2 (consensus 52.0; last 53.5)
Spain's July Manufacturing PMI 51.0 (expected 51.6; previous 52.2)

---Equity Markets---

Germany's DAX trades lower by 0.4%. Financials Commerzbank and Deutsche Bank hold respective losses of 3.2% and 2.1% while Adidas, Fresenius, Henkel, and Bayer show gains between 0.3% and 0.9%.
UK's FTSE is down 0.4% with homebuilders and financials showing relative weakness. Taylor Wimpey, Barratt Developments, and Persimmon are down between 2.3% and 3.4% while RBS, Barclays, Standard Life, and HSBC have given up between 1.1% and 2.5%.
France's CAC has surrendered 0.8% amid a 4.6% drop in Societe Generale. Other financials have had a better showing, but Credit Agricole and BNP Paribas are still down near 1.8% apiece. Conversely, Legrand has spiked 4.0% following upbeat results.
Italy's MIB trades down 1.0% amid notable losses in bank names. Unicredit, Banca di Milano Scarl, UBI Banca, Banco Popolare, Intesa Sanpaolo, and Banca Mediolanum are down between 1.6% and 8.2%. BMPS has surged 4.3%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +7.80.

Equity futures trade little changed as S&P 500 futures hover three points above fair value.

In company specific news, Etsy (ETSY 10.35, +0.29) trades higher by 2.9% after being initiated with a "Buy" rating at Citigroup and a price target of $14 per share. The firm stated that the online marketplace has the potential to increase its margins. Etsy is scheduled to release its quarterly report tomorrow evening. AMC Entertainment (AMC 27.40, -2.02) has declined by 6.9% after missing top- and bottom-line estimates for its quarter. Dollar Tree (DLTR 97.99, +1.70) has gained 1.8% after being upgraded to "Buy" from "Hold" at Deutsche Bank.

The U.S. Dollar Index (95.69, +0.16) has ticked lower in recent action as the greenback trims gains against the euro, pound, and commodity currencies. The single currency has ticked lower by 0.1% against the dollar (1.1168) while sterling has declined 0.1% against the buck (1.3209). Separately, the dollar/Canadian dollar pair trades higher by 0.3% (1.3066) amid weakness in oil. On that note, WTI crude trades lower by 1.1% ($41.15/bbl; -$0.45).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +8.00.

U.S. equity futures trade on a flat note with the S&P 500 futures hovering three points above fair value. Index futures trimmed larger gains as investors examined the latest round of global PMI readings and stress test results from the European Banking Authority. China's PMI data came in on a mixed note as official July Manufacturing PMI (49.9; estimate: 50.0) signaled further contraction while July Caixan Manufacturing PMI (50.6; estimate: 48.7) beat expectations. Separately, European banking names underperform following the release of Friday's stress test results. However, it is worth noting that the EBA issued a generally healthy outlook for the industry group. For its part, WTI crude trades lower by 0.8% ($41.27/bbl; -$0.22).

Treasuries trade on a lower note as yields rise throughout the complex. The yield on the 10-yr note has risen four basis points to 1.49%.

On the economic front, data will be limited to the 10:00 ET release of the July ISM Index (Briefing.com consensus 53.1) and Construction Spending for June (Briefing.com consensus 0.7%).

In U.S. corporate news of note:

SolarCity (SCTY 25.15, -1.55): -5.8% after agreeing to be acquired by Tesla Motors (TSLA 235.00, +0.21) for $25.37 per share in stock
Sohu.com (SOHU 37.01, -1.67): -4.3% following the company missing top- and bottom-line estimates for the quarter and lowering its guidance below-consensus
Ionis Pharma (IONS 36.48, +7.29): +25.0% after Biogen (BIIB 302.00, +12.07) paid the company a $75 million licensing fee following positive Phase-3 trial results of nusinersen
Harley-Davidson (HOG 52.58, -0.34): -0.6% following the company being downgraded to "Underweight" from "Equal Weight" at Barclays

Reviewing overnight developments:

Asia-Pacific indices began the week on a mixed note with Hong Kong's Hang Seng (+1.1%) and Japan's Nikkei (+0.4%) while China's Shanghai Composite finished lower by 0.9%.
In economic data:
China's July Manufacturing PMI 49.9 (expected 50.0; last 50.0) and Non-Manufacturing PMI 53.9 (last 53.7). July Caixin Manufacturing PMI 50.6 (consensus 48.7; last 48.6)
Japan's July Manufacturing PMI 49.3 (expected 49.0; last 49.0)
Australia's July AIG Manufacturing Index 56.4 (last 51.8) and HIA New Home Sales 8.2% month-over-month (last -4.4%)
South Korea's July trade surplus KRW7.80 billion (expected surplus KRW9.60 billion; last surplus KRW11.50 billion). July Imports -14.0% year-over-year (expected -9.5%; last -7.7%) and Exports -10.2% year-over-year (consensus -4.6%; last -2.7%). July Nikkei Manufacturing PMI 50.1 (last 50.5)
India's July Nikkei Markit Manufacturing PMI 51.8 (last 51.7)
In news:
China's Non-Manufacturing PMI for July ticked up to 53.9 from 53.7, but Manufacturing PMI returned to contractionary territory, ticking down to 49.9 from 50.0.
In Japan, Koichi Hamada, who advises Japan's Prime Minister Shinzo Abe, stated that Japan should acknowledge that debt monetization is already in progress and proceed with a combination of fiscal and monetary measures.

European indices trade mostly lower with France's CAC (-0.6%), the U.K.'s FTSE (-0.3%) and Germany's DAX(-0.1%). Elsewhere, Italy's MIB (-0.6%) and Spain's IBEX (-0.5%) show relative weakness.
In economic data:
Eurozone July Manufacturing PMI 52.0 (expected 51.9; last 51.9)
Germany's July Manufacturing PMI 53.8 (consensus 53.7; last 53.7)
UK's July Manufacturing PMI 48.2 (expected 49.1; last 49.1)
France's July Manufacturing PMI 48.6, as expected (previous 48.6)
Italy's July Manufacturing PMI 51.2 (consensus 52.0; last 53.5)
Spain's July Manufacturing PMI 51.0 (expected 51.6; previous 52.2)
In news:
The European Banking Authority released its latest round of stress tests, which identified BMPS as an institution with the lowest core equity ratio (-2.44%).
Separately, the European Central Bank has approved the rescue plan that was proposed by BMPS last week.
The euro has retreated 0.2% against the dollar to 1.1157 while the pound is down 0.3% at 1.3182.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +5.90.

5:55 am: [BRIEFING.COM] Nikkei...16636...+66.50...+0.40%. Hang Seng...22129...+237.80...+1.10%.

5:55 am: [BRIEFING.COM] FTSE...67219.62...+5.20...+0.10%. DAX...10387.25...+49.80...+0.50%.

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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