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 Post subject: August 4th Thursday Trade Results - Profit $987.50
PostPosted: Fri Aug 05, 2016 4:50 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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.

Attachment:
080416-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+987.50.png
080416-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+987.50.png [ 92 KiB | Viewed 249 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 @ $987.50 dollars or +19.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $987.50 dollars

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

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=159&t=2427

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


4:20 pm: [BRIEFING.COM] The stock market ended a surprisingly sleepy session on a flat note as the S&P 500 (UNCH) maintained a meager nine-point range. We say surprising because the Bank of England (BOE) caused quite the stir this morning with some monetary policy accommodation that was more aggressive than expected.

In particular, the BOE exceeded market expectations when it announced a 25 basis point cut in its Bank Rate to a record-low 0.25%, and added that it will purchase up to GBP10 billion of U.K. corporate bonds, and expand its purchase of UK government bonds by GBP60 billion, bringing its total stock of asset purchases to GBP435 billion.

In the past, such a healthy dose of policy stimulus would have stimulated a much more enthusiastic response in the stock market. That didn't happen this time, however. The market's sluggish behavior was held out as a possible indication that market participants believe monetary policy actions are no longer effective.

The latter point notwithstanding, the British pound dropped nearly 2.0% against the dollar to 1.3130 and sovereign bond markets rallied in the wake of the decision, generating an added thought that the Federal Reserve seems likely to refrain from raising its key policy rate at all this year.

Investors lacked conviction throughout today's session, mulling the possible implications of the BOE decision and cognizant that the Employment Situation Report for July will be released on Friday before the start of trading.

Today's trade featured a continued rebound in oil, some strengthening in the dollar, and otherwise mixed performances by the stock market's most influential sectors. To that end, the information technology sector (+0.4%) traded higher while the financial sector (-0.3%) traded lower. All other sectors moves were equally limited in scope on either side of the unchanged line.

The Nasdaq Composite (+0.1%) ended its day slightly ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (UNCH).

The S&P 500 meandered in a tight trading range today, finding support at 2159, which was the previous range low, and largely ignored the Factory Orders report for June (-1.5%; Briefing.com consensus -1.9%), which featured the second consecutive monthly decline in factory orders.

A reversal in oil futures added to support efforts as the energy component continued its recent rebound. WTI crude finished its day higher by 2.7% ($41.93/bbl; +$1.11), erasing its weekly loss.

The S&P 500 (UNCH) finished in the middle of today's trading range as six sectors finished in the red. The financial sector (-0.3%) finished behind health care (-0.2%) and energy (-0.2%). Conversely, technology (+0.4%) finished in-line with materials (+0.4%) and ahead of consumer staples (+0.2%) at the front of the pack.

Relative strength in Microsoft (MSFT 57.39, +0.42) and Facebook (FB 124.36, +1.85) helped the technology sector outperform. The two large caps gained 0.7% and 1.5%, respectively. The high-beta chipmakers also outperformed as the sub-group moved higher, helped by gains in ASML (ASML 110.09, +1.64) and Micron (MU 14.03, +0.52).

The economically-sensitive financial sector (-0.3%) underperformed as long-term interest rates came under pressure following the Bank of England's decision. Life insurance names also contributed to sustained weakness as Prudential (PRU 72.84, -3.31) and MetLife (MET 39.54, -3.76) fell 4.4% and 8.7%, respectively. The two names disappointed investors with their bottom-line quarterly results.

Biotechnology displayed relative weakness in the health care space (-0.2%) as the iShares Nasdaq Biotechnology ETF (IBB 296.15, -1.77) trimmed its weekly gain to 2.3%. In the group, Biogen (BIIB 315.56, -6.78) continued to underperform as investors further discounted an acquisition of the company. The stock rallied 9.4% on Tuesday on M&A speculation. Elsewhere, Regeneron Pharmaceuticals (REGN 433.40, -7.97) declined 1.8% after missing top-line estimates for the quarter.

The U.S. Dollar Index (95.77, +0.21) finished modestly higher as the euro and the pound lost ground against the buck. The single currency declined 0.2% against the dollar (1.1130).

Treasuries finished the day on a higher note as yields came down across the curve. The 10-yr note yield finished lower by four basis points (1.51%).

Participation was below the recent average as fewer than 796 million shares changed hands at the NYSE floor.

Today's economic data included Challenger Job Cuts for July, weekly initial claims, and Factory Orders for June:

July Challenger Job Cuts reported in at 45,300, which compares to the prior month's reading of 38,500.
Initial claims increased by 3,000 to 269,000 (Briefing.com consensus 264,000) for the week ending July 30.
There were no special factors influencing the initial claims reading.
The four-week moving average for initial claims jumped to 260,250 from 256,500.
Weekly initial claims remained below 300,000 for the 74th straight week.
Continuing claims decreased by 6,000 to 2.138 million for the week ending July 23.
The four-week moving average for continuing claims increased by 5,250 to 2.142 million, which is still near its lowest level since November 2000.
Factory orders declined 1.5% in June (Briefing.com consensus -1.9%) on the heels of a downwardly revised 1.2% decline (from -1.0%) in May.
That qualified June as a double-dip month since it was the second consecutive month that factory orders declined.
On a year-over-year basis, factory orders are down 2.6% with durable goods orders unchanged and nondurable goods orders down 5.1%.
Orders for durable goods slumped 3.9% in June after a 2.9% decline in May.
That had a lot to do with a 10.5% decline in orders for transportation equipment, which featured a 58.8% decline in orders for nondefense aircraft and parts.
There was some offsetting strength fortunately in orders for nondurable goods industries, which increased 1.0% in June on the back of a 0.6% increase in May.
Notwithstanding the back-to-back monthly decline in factory orders, shipments increased 0.7% and were up for the fourth straight month.
Total inventories for all manufacturing industries were down 0.1% and have now declined in thirteen of the last fourteen months.
The inventory-to-shipments ratio dipped to 1.35 in June from 1.36 in May.

Tomorrow's data includes the 8:30 ET release of the Employment Situation Report for July. The report is expected to show that nonfarm payrolls increased by 185,000. Separately, the June Trade Balance Report (Briefing.com consensus -$42.7 billion) June Consumer Credit (Briefing.com consensus $16.2 billion) will cross the wires at 8:30 ET and 15:00 ET.

3:30 pm: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, were up +0.4% around the 83.91 level
Crude oil extends yesterday's post-EIA gains ahead of tomorrow's Baker Hughes rig count data
September crude oil futures rose $1.11 (+2.7%) to $41.93/barrel
Natural gas closes lower despite inventory data showing a surprise draw compared to Consensus
September natural gas closed $0.01 lower (-0.4%) at $2.83/MMBtu
Natural gas inventory showed a draw of -6 bcf vs expectations for inventory to be a build between +1 and +10 bcf.
Working gas in storage was 3,288 Bcf as of Friday, July 29, 2016, according to EIA estimates.
Stocks were 389 Bcf higher than last year at this time and 464 Bcf above the five-year average of 2,824 Bcf.
At 3,288 Bcf, total working gas is above the five-year historical range.
In precious metals, gold & silver trade in opposite directions, widening the gold:silver ratio
December gold ended today's session up (+0.2%) $2.60 to $1367.20/oz
September silver closed today's session $0.04 lower (-0.2%) at $20.43/oz
Base metal copper ends lower for the second day in a row
September copper closed $0.03 lower (-1.4%) at $2.17/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major indices trade quite close to where they began the day. The S&P 500 sits relatively unchanged on the session, having moved in a narrow nine-point range.

Seven sectors trade in the red with the financial sector (-0.4%) sporting the largest loss. The remaining decliners show losses between 0.1% (consumer staples) and 0.3% (energy). Conversely, the industrials (+0.03%), materials (+0.4%), and technology (+0.4%) sectors show the only gains.

In the consumer discretionary space (-0.1%), travel names weigh as heavily-weighted Priceline (PCLN 1351.76, -19.38) trades lower alongside TripAdvisor (TRIP 63.99, -5.50). TripAdvisor has declined by 7.9% after missing top- and bottom-line estimates for the quarter. Priceline is slated to release its quarterly report after the close.

Elsewhere, Dow component Disney (DIS 94.99, -1.10) is the worst-performing component today in the price-weighted average. The entertainment giant has slipped in sympathy with 21st Century Fox (FOXA 25.53, -1.51), which failed to impress investors with its quarterly results.

WTI crude ended its day higher by 2.7% ($41.93/bbl; +$1.11).

2:25 pm:

[BRIEFING.COM] The major indices have ticked lower in recent action as the S&P 500 (-0.1%) trades neck-and-neck with the Dow Jones Industrial Average (-0.1%).

The commodity-sensitive energy sector (-0.3%) has extended its loss in recent trade despite a continued rebound in crude oil. WTI crude shows a gain of 2.4% ($41.81/bbl; +0.98) ahead of its pit session close at 14:30 ET. The energy component erased a weekly loss in the last two sessions and currently sports a week-to-date gain of 0.6%.

In the space, refining names demonstrate relative weakness as the sub-group pulls back following yesterday's outperformance. Phillips 66 (PSX 77.67, -0.98) and Valero Energy (VLO 53.39, -1.32) trade lower by 1.3% and 2.4%, respectively.

Separately, Dow component Exxon Mobil (XOM 87.26, -0.22) has extended its weekly decline to 1.9%. This compares to a week-to-date loss of 0.9% in the broader sector. Exxon Mobil has fallen 3.3% since disappointing investors with its quarterly results last Friday.

2:00 pm:

[BRIEFING.COM] Equity indices continue to trade in range-bound fashion as the Nasdaq Composite (+0.2%) trades slightly ahead of the S&P 500 (+0.1%).

The tech-heavy Nasdaq has shown relative strength thus far this week, gaining 0.1% while the S&P 500 has declined 0.4%. Large-cap components Amazon (AMZN 762.61, +7.97), Apple (AAPL 105.79, +0.57), and Alphabet (GOOG 771.58) have contributed to the positive tone, gaining between 0.5% and 1.5% on a weekly basis. This compares to a week-to-date gain of 0.4% for the broader technology sector.

Separately, biotechnology has also outperformed as the iShares Nasdaq Biotechnology ETF (IBB 297.50, -0.42) shows a gain of 2.8% for the week. The broader health care sector has declined 0.2% over that time.

Treasuries continue to hold the bulk of their early gains, with longer-dated maturities outperforming. The 10-yr yield is down four basis points to 1.51% while the 2-yr yield has ticked lower by two basis points (0.65%).

1:35 pm:

[BRIEFING.COM] The major U.S. indices trade mixed at this time, in what is turning out to be a notably quiet session.

A look inside the Dow Jones Industrial Average shows that Walt Disney (DIS 94.75, -1.34), Home Depot (HD 135.56, -1.50), and Goldman Sachs (GS 157.54, -0.79) are underperforming. Disney & Home Depot are lower in tandem with the consumer discretionary sector, while Goldman is similarly under pressure as financials see a meaningful pullback following yesterday's outperformance.

Conversely, Visa (V 79.51, +0.80) is the best-performing Dow component following an upside quarterly report from payment processing peer Square (SQ 11.50, +1.06).

At current levels, the DJIA is -0.5% to start the month.

1:15 pm:

[BRIEFING.COM] The stock market trades little changed at midday with the Nasdaq Composite (+0.2%) trading ahead of the S&P 500 (+0.1%), which managed to find support earlier in the day near its 20-day simple moving average (2162.33).

Today's flat performance in the broader market comes on the heels of the Bank of England's decision to lower its key interest rate to a record-low 0.25% from 0.50% and ahead of tomorrow's influential Employment Situation Report for July. Additional focal points for today's trade have included a modest gain in the dollar, a continued rebound in oil futures, and the outperformance of the heavily-weighted industrial (+0.2%) and technology (+0.5%) sectors.

The Bank of England exceeded market expectations this morning when it announced that it is going to lower its Bank Rate and step up its asset purchase program. The BoE voted to increase its U.K. government bond purchases by GBP60 billion and to purchase up to GBP10 billion of U.K. corporate bonds. The accommodative monetary policy decision follows the surprise Brexit vote in late June.

The policy move has spurred weakness in the British pound, dropping the pound/dollar pair 1.5% (1.3126). The U.S. Dollar Index (95.72, +0.16) sports a modest gain following the decision, but the move has been somewhat offset by losses against the yen and the commodity-sensitive Canadian dollar.

A weak Factory Orders report for June (-1.5%; Briefing.com consensus -1.9%) may also be working to restrain gains in the buck. The report also contained a negative revision to May's report (to -1.2% from -1.0%).

The benchmark index trades near the top of today's nine-point trading range as five sectors trade in positive territory. The commodity-sensitive materials sector (+0.6%) leads the pack while heavily-weighted technology (+0.4%) and industrials (+0.1%) sectors follow. The energy sector (+0.1%) has also been an influential source of support, moving up in response to WTI crude futures trading higher by 2.8% ($41.88/bbl; +$1.15).

On the flipside, the financial sector (-0.4%) is the worst-performing sector today as long-term interest rates have headed lower in the wake of the Bank of England decision. The health care (-0.1%) and consumer discretionary (-0.1%) sectors are also laggards.

The influential technology sector (+0.5%) has lent support to the broader market as investors eye a rebound in the high-beta chipmakers and leadership from heavily-weighted Facebook (FB 124.21, +1.70). The PHLX Semiconductor Index (+0.8%) has trimmed its weekly loss to 0.5% as the space moves higher, helped in part by the gain in Micron (MU 14.11, +0.60).

In the industrial sector (+0.1%), machinery name Parker-Hannifin (PH 119.23, +5.44) outperforms after beating bottom-line estimates for the quarter and raising its earnings estimates for the full year. The Dow Jones Transportation Average (+0.1%) isn't doing much as rail names move lower in sympathy with Canadian Pacific (CP 143.13, -4.15), which has declined by 2.8% after the news that hedge fund Pershing Square is selling its stake in the company.

The heavily-weighted health care sector (-0.1%) wrestles with its flat line as biotechnology pulls back from its recent advance. In the sub-group, Regeneron Pharmaceuticals (REGN 427.71, -13.52) underperforms after reporting mixed second-quarter results. The company missed revenue estimates, but reaffirmed its net product sales guidance. Biogen (BIIB 316.41, -4.93) has also been under pressure as investors continue to discount a potential acquisition of the company, which was a source of buying speculation on Tuesday.

Treasuries have enjoyed a healthy bid after the Bank of England's announcement. The yield on the 10-yr note currently shows a loss of five basis points, slipping to 1.49%.

Today's economic data included Challenger Job Cuts for July, weekly initial claims, and Factory Orders for June:

July Challenger Job Cuts reported in at 45,300, which compares to the prior month's reading of 38,500.
Initial claims increased by 3,000 to 269,000 (Briefing.com consensus 264,000) for the week ending July 30.
There were no special factors influencing the initial claims reading.
The four-week moving average for initial claims jumped to 260,250 from 256,500.
Weekly initial claims remained below 300,000 for the 74th straight week.
Continuing claims decreased by 6,000 to 2.138 million for the week ending July 23.
The four-week moving average for continuing claims increased by 5,250 to 2.142 million, which is still near its lowest level since November 2000.
Factory orders declined 1.5% in June (Briefing.com consensus -1.9%) on the heels of a downwardly revised 1.2% decline (from -1.0%) in May.
That qualified June as a double-dip month since it was the second consecutive month that factory orders declined.
On a year-over-year basis, factory orders are down 2.6% with durable goods orders unchanged and nondurable goods orders down 5.1%.
Orders for durable goods slumped 3.9% in June after a 2.9% decline in May.
That had a lot to do with a 10.5% decline in orders for transportation equipment, which featured a 58.8% decline in orders for nondefense aircraft and parts.
There was some offsetting strength fortunately in orders for nondurable goods industries, which increased 1.0% in June on the back of a 0.6% increase in May.
Notwithstanding the back-to-back monthly decline in factory orders, shipments increased 0.7% and were up for the fourth straight month.
Total inventories for all manufacturing industries were down 0.1% and have now declined in thirteen of the last fourteen months.
The inventory-to-shipments ratio dipped to 1.35 in June from 1.36 in May.

12:30 pm:

[BRIEFING.COM] The major U.S. indices have ticked lower in recent trade with the Nasdaq Composite (+0.2%) and the S&P 500 (+0.1%) continuing to hold small gains. The tech-heavy Nasdaq is up 0.2% for the week while the S&P 500 has declined 0.3% over that same time.

The economically-sensitive financial sector (-0.3%) has moved lower with the broader market as life insurance names continue to weigh on the group. MetLife (MET 39.16, -4.13) has tumbled 9.6% after missing top- and bottom-line estimates for the quarter.

Separately, Morgan Stanley (MS 28.17, - 0.24) has declined by 0.9% after disclosing proposed allegations from the Republic of Italy regarding derivative transactions. An official action has not been filed against the firm regarding the underlying allegations. The financial sector remains the lone decliner on a yearly basis, losing 1.4% in 2016. This compares to a year-to-date gain of 6.0% for the S&P 500.

The U.S. Dollar Index (95.73, +0.17) has inched forward in recent action as the euro and the pound have extended their losses against the buck. The single currency has declined 0.2% against the dollar (1.1132) while the pound sports a loss of 1.5% (1.3123).

12:05 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has traded in a very narrow range today, but currently sits at the upper end of today's range, aided by building strength in the energy sector (+0.4%). That move has corresponded with crude oil ($41.55, +0.72, +1.7%) moving to a new session high.

Notwithstanding today's gain, oil futures remain down roughly 19.0% since climbing to a 2016 closing high ($51.23/bbl) on June 8th.

In the commodity-sensitive materials sector (+0.5%), Monsanto (MON 106.06, +1.70) carved out a fresh session high with reports indicating that Bayer (BAYRY 104.00, -2.35) is reviewing the company's accounts to potentially raise its bid for the agrochemical giant. Monsanto's stock had declined 2.5% since announcing the rejection of Bayer's prior offer on July 19.

The remaining sectors are showing only modest moves as well, with the biggest loss being 0.3% for the financial sector. That underperformance is weighing on the broader market's advance along with the weakness in the health care sector (-0.2%).

11:30 am:

[BRIEFING.COM] The major averages have ticked lower in recent action and are little changed for the session.

The influential technology sector (+0.4%) floats near its best level of the day as the high-beta chipmakers outperform.

The PHLX Semiconductor Index (+0.7%) displays relative strength as ASML (ASML 110.09, +1.64) and Micron (MU 13.98, +0.47) jump 1.5% and 3.5%, respectively. Conversely, Qorvo (QRVO 53.00, -2.10) has extended its post-earnings loss to 13.8% after reporting earnings Tuesday evening.

In the broader sector, Facebook (FB 124.05, +1.54) has gained 1.3%, ending a post-earnings slump. The company notched a fresh all-time intraday high (128.33) after reporting earnings on July 28, but has backpedaled since then.

Treasuries have enjoyed a healthy bid after the Bank of England's announcement that it is increasing its policy stimulus. Yields have pulled back across the curve. The yield on the 10-yr note has slipped five basis points to 1.49%. For the week, the yield on the 10-yr note is largely flat, declining one basis point from Friday's settlement (1.50%).

11:00 am:

[BRIEFING.COM] The S&P 500 (UNCH) has ticked higher in recent trade, marching forward after briefly testing support in the area of its 20-day simple moving average (2162.24). Separately, the domestically-oriented Russell 2000 (+0.3%) trades ahead of the other major U.S. indices.

The heavily-weighted health care sector (+0.1%) has added support in recent action as biotechnology trims its opening loss.

The iShares Nasdaq Biotechnology ETF (IBB 297.57, -0.25) trades lower by 0.1% after beginning the day with a 0.8% decline. In the group, Regeneron Pharmaceuticals (REGN 421.14, -20.22) displays relative weakness after missing top-line estimates for the quarter. However, the company did beat analysts' earnings estimates and reaffirmed its net product sales guidance. Biogen (BIIB 317.85, -3.49) is underperforming as investors continue to discount the probability of a potential acquisition. The stock spiked 9.4% on Tuesday after reports indicated a potential deal to acquire the company could be in the works.

On the commodities front, WTI crude is little changed at the moment ($40.85/bbl; +0.03) while gold prices are up 0.4% at $1369.70/troy ounce.

10:30 am: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, were -0.5% around the 83.12 level
Crude oil traded near session highs ahead of tomorrow's rig count data, extending yesterday's gains
September crude oil futures were up $0.06 (+0.3%) at $40.89/barrel
Rig count data will be released tomorrow at 1 pm ET
Monthly IEA data will be released Aug 11
September natural gas futures were up $0.03 (+0.7%) at $2.86/MMBtu after the release of EIA storage data
Before the EIA data, natural gas futures were up $0.01 (+0.3%) at $2.85
EIA highlights:
Natural gas inventory showed a draw of -6 bcf vs expectations for inventory to be a build between +1 and +10 bcf.
Working gas in storage was 3,288 Bcf as of Friday, July 29, 2016, according to EIA estimates.
Stocks were 389 Bcf higher than last year at this time and 464 Bcf above the five-year average of 2,824 Bcf.
At 3,288 Bcf, total working gas is above the five-year historical range.
The gold:silver ratio widens in morning pit trading
August gold futures were up $4.40 (+0.3%) around 1369.10/oz
September silver futures were down $0.08 (-0.4%) at $20.39/oz
Base metal copper falls for the third consecutive session
September copper futures were down $0.04 (-1.8%) at $2.16/lb

10:05 am:

[BRIEFING.COM] The major averages have pulled back in recent action as the Nasdaq Composite (-0.1%) trades neck-and-neck with the S&P 500 (-0.1%).

Just released, the Factory Orders Report for June signaled a decline of 1.5%, which compares to the Briefing.com consensus of -1.9%. The May reading was revised to -1.2% (from -1.0%).

Four sectors trade in the green as industrials (+0.1%), technology (+0.1%), and consumer staples (+0.4%) outperform. Elsewhere, health care (-0.3%) and financials (-0.4%) show the largest losses.

The U.S. Dollar Index (95.67, +0.11) has inched lower in recent action as commodity currencies gain against the dollar. The pound/dollar pair trades lower by 1.5% (1.3125), remaining under pressure after the Bank of England's recently-released policy statement. Conversely, the dollar/yen pair remains lower by 0.1% (101.12) while the dollar has lost 0.2% against the commodity-sensitive Canadian dollar (1.3042).

9:45 am:

[BRIEFING.COM] The stock market began the day on a modestly higher note as the Dow Jones Industrial Average (+0.2%) leads the S&P 500 (+0.1%) and the Nasdaq Composite (+0.1%).

Seven sectors trade in the green as consumer staples (+0.4%) and industrials (+0.3%) pace the advance. The remaining gainers sport upticks between 0.1% (materials) and 0.2% (technology). Conversely, heavily-weighted health care (-0.1%), financials (UNCH), and consumer discretionary (UNCH) round out the leaderboard.

In the financial sector (UNCH), life insurance names demonstrate relative weakness as Prudential (PRU 73.43, -2.72) and MetLife (MET 39.77, -3.53) fall 3.8% and 8.3%, respectively. The two companies reported bottom-line results that missed analysts' estimates after yesterday's close. However, Prudential also announced that it authorized $500 million in additional share buybacks.

The consumer discretionary space (UNCH) trades on a flat note as travel and tourism names weigh. TripAdvisor (TRIP 63.77, -5.70) drags on the sub-group after missing top- and bottom-lines estimates for the quarter. The company also reported that revenue fell 3.5% year-over-year in the second quarter.

On the commodities front, WTI crude has ticked higher in recent action, climbing 0.6% ($41.06/bbl; +$0.23). Separately, gold trades higher by 0.2% ($1,367.90/ozt, +$3.20).

9:19 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -0.60.

The stock market is on track for a modestly higher start as the S&P 500 futures trade one point above fair value.

Index futures display slim gains as investors pour over the latest batch of U.S. quarterly earnings reports and the recently-released August policy statement from the Bank of England. The BoE surprised market participants this morning when it opted to expand its government bond purchase program and also announced that it would purchase up to GBP10 billion of U.K. corporate bonds. The asset purchase programs were announced in conjunction with the central bank's unanimous decision to lower its key policy rate to 0.25% (from 0.50%) and implement a new term funding scheme to reinforce the pass-through of the cut.

The move prompted added volatility in the foreign exchange market as the pound slid against the six major currencies. Currently, sterling trades lower by 1.4% against the dollar (1.3135), but is above its session low (1.3112). Separately, the dollar/yen pair has been under pressure, trading lower by 0.1% (101.14). The strength in the greenback has worked as a headwind for the commodity complex. WTI crude trades lower by 0.4% ($40.67, -$0.16).

In company-specific news, Jack In The Box (JACK 95.06, +7.33) has jumped 8.4% in pre-market trade after beating analysts' bottom-line estimates for the quarter and raising its full-year earnings guidance above consensus. Separately, 21st Century Fox (FOXA 26.14, -0.90) has declined by 3.3% despite beating bottom-line estimates for the quarter. The company also announced that it eliminated voting rights for Class B Common Stock held by non-U.S. citizens. The decision was made to maintain compliance with federal law, stipulating that no broadcast station may be owned by a corporation if more than 25.0% of the company's stock is held or voted by non-U.S. citizens.

Today's economic data will be capped off with Factory Orders for June (Briefing.com consensus -1.9%), which will be released at 10:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: -0.60.

The S&P 500 futures hover near their flat line, trading one point above fair value.

The Asian equity markets closed higher on Thursday with all of the major indices, closing in the green. The overall tone saw echoes from the gains in the US on Wednesday, with momentum spilling over into Asia. Strength in the energy complex was a common theme on the back of the mid-day turn around in crude oil helping to boost the group. From a macro perspective, Economic data was light and traders were somewhat tepid with the Bank of England's rate decision set to be released after the markets were closed.

In economic data:
Australia's June Retail Sales +0.1% vs +0.3%e

---Equity Markets---

Japan's Nikkei ended a 2 day losing streak, with a gain of over 1% today. to see pressure during Japan's session. The yen was strong early in the session, taking its toll on the broader equity average. However, the Nikkei reversed its course with buyers apparently finding value after roughly a 5% decline throughout the first part of the week. Idemitsu Kosan Co and Showa Shell Sekiyu KK both dropped ~7% after reports of members of the Showa Shell family bought a stake to block Idemitsu merger plans. Meanwhile, Toyota finished 1.8% higher prior to reporting earnings after the close. Shares may not fair as well tomorrow, after the co lowered its FY forecast.
China's Shanghai Composite Index straddled the flat line all day before closing the day 0.2% higher, with comments from a Chinese state research office rebuking some of the hopeful inference made out of the NDRC regarding near term RRR cuts, which came out just yesterday. With Crude oil trading back over the $40 level, CNOOC stood out as an outperformer, gaining 3.1% on the day pacing the way for energy sector outperformance.
India's Sensex was little changed, gaining only 0.1%. Traders struggled with concerns around the implementation of the GST, with media reports suggesting all the pros and cons adding to the confusion. Some of the major movers were Tata Steel and Tata Motors, each posting gains of ~4.5%. Shares of auto supplier Motherson Sumi gained 5.6% after co announced shareholder approval to raise capital to boost growth.

Major European bourses were registering modest gains in front of the closely-watched Bank of England policy decision, underpinned by Wall Street's positive finish on Wednesday, upside moves in European bank stocks, calls for increased fiscal stimulus, and an underlying expectation the Bank of England would deliver additional policy stimulus in the form of a rate cut and/or increased asset purchases. The Bank of England did not disappoint in that respect.

The Bank of England voted unanimously to cut its Bank Rate by 25 basis points to 0.25%, introduced a new term funding scheme to reinforce the pass-through of the cut in the Bank Rate, said it will purchase up to GBP10 billion of UK corporate bonds, and increase its purchases of UK government bonds by GBP60 billion, taking the total stock of those purchases to GBP435 billion.

The pound has been beaten back against the dollar in the wake of the decision, dropping 1.4% to 1.3140 while the euro has ticked down 0.1% to 1.1143.

In economic data:
Eurozone Retail PMI 48.9 (prior 48.5)
Germany's July Construction PMI 51.6 (prior 50.4)
Switzerland's SECO Consumer Climate for Q3 -15 (expected -16; prior -15)

---Equity Markets---

France's CAC is up by 0.3% with auto and financial stocks lending support. Peugeot and Renault are up 1.6% and 1.5%, respectively, while Societe Generale is up 3.2%, checking in ahead of the likes of Credit Agricole (+3.1%), AXA (+2.1%), and BNP Paribas (+1.8%).
Germany's DAX is up 0.4%, seeing influential leadership out of some industrial and financial names. Siemens (+4.3%), Lufthansa (+1.9%), Deutsche Bank (+4.0%), and Commerzbank (+3.5%) are headliners in those areas.
Italy's MIB has added 0.4% with the vast majority of components logging gains. Fiat Chrysler (-0.3%) is an exception there; otherwise, strength in the financials has been the key driver of the index. Financials like Banca Pop Emilia Romagna, Banco Popolare, Banca di Milano Scarl, and Unicredit are all up more than 2.0%.
UK's FTSE trades up 1.3%. The financial sector (+0.4%) is lending support that is offsetting weakness in the consumer staples sector (-0.7%). Standard Chartered (+3.0%), Prudential (+2.4%), HSBC Holdings (+1.5%), Barclays (+1.4%), and Lloyds Banking (+1.1%) are among the individual standouts. Separately, Unilever (-1.4%) and SABMiller (-1.2%) are notable laggards along with Vodaphone (-1.2%), Rolls Royce (-1.1%), and BP (-1.1%).

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.00.

Equity futures continue to pullback as the S&P 500 futures trade two points above fair value.

Just released, the latest weekly initial jobless claims count totaled 269,000 while the Briefing.com consensus expected a reading of 264,000. Today's tally was above the unrevised prior week's count of 266,000. As for continuing claims, they fell to 2.138 million from 2.144 million.

The U.S. Dollar Index (95.70, +0.14) has pulled back in recent trade as the pound recovers some ground from the greenback. Sterling sports a loss of 1.1% against the buck (1.3174) after briefly touching the 1.3130 price level following the Bank of England's latest policy decision. Separately, the euro/dollar pair has ticked 0.1% lower (1.1139) while the dollar has lost 0.1% against the yen (101.14).

8:15 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +4.90.

U.S. equity futures hover off fresh overnight highs with the S&P 500 futures trading four points above fair value. Futures marched to their best levels after the Bank of England announced its policy statement for August. The central bank did not disappoint participants as it unanimously voted to cut its key policy rate to 0.25% (from 0.50%). Additionally, the BoE stated that it will purchase up to GBP10 billion of U.K. corporate bonds and increase its U.K. government bond purchases by GBP60 billion. In total, these purchases now amount to GBP435 billion. The breadth of the move has stoked risk appetite overseas and here at home as investors look to capitalize on the increased policy stimulus. For its part, the pound has been under pressure, falling to the 1.3150 price level against the dollar (-1.3%).

The Treasury complex has enjoyed a bid this morning as the back-end of the yield curve slips. Currently, the yield on the 10-yr note has ticked lower by three basis points to 1.52%.

On the economic front, July Challenger Job Cuts reported in at 45,300, which compares to the prior month's reading of 38,500. Separately, weekly initial claims (Briefing.com consensus 264k) will be released at 8:30 ET. Finally, the day's data will be capped off with Factory Orders for June (Briefing.com consensus -1.9%), which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Square (SQ 12.49, +2.05): +19.6% after beating top- and bottom-line estimates for the quarter and raising its Q3 and FY16 revenue guidance above consensus
Prudential (PRU 74.70, -1.45): -1.9% following the company missing analysts' estimates for the quarter and authorizing an additional $500 million in share repurchases
Tesla Motors (TSLA 224.06, -1.73): -0.8% after missing estimates for the quarter and reaffirming its prior delivery guidance
Chesapeake Energy (CHK 5.15, -0.14): -2.7% following the company disappointing investors with is top- and bottom-line results

Reviewing overnight developments:

Asia-Pacific indices ended on a higher note with Japan's Nikkei (+1.1%) leading China's Shanghai Composite (+0.2%) and Hong Kong's Hang Seng (+0.4%).
In economic data:
Australia's June Retail Sales +0.1% vs +0.3%e
In news:
The overall tone saw echoes from the gains in the US on Wednesday, with momentum spilling over into Asia.
Economic data was light and traders were somewhat tepid with the BOE's rate released after the markets were closed and July Jobs' data in the US on deck for tomorrow.

European indices trade on a higher note with the U.K.'s FTSE (+1.6%) leading Germany's DAX (+0.9%) and France's CAC (+0.7%).
In economic data:
Eurozone Retail PMI 48.9 (prior 48.5)
Germany's July Construction PMI 51.6 (prior 50.4)
Switzerland's SECO Consumer Climate for Q3 -15 (expected -16; prior -15)
In news:
The Bank of England voted unanimously to cut its Bank Rate by 25 basis points to 0.25%.
The central bank also introduced a new term funding scheme to reinforce the pass-through of the cut in the Bank Rate.
The BoE stated that it will purchase up to GBP10 billion of UK corporate bonds, and increase its purchases of UK government bonds by GBP60 billion, taking the total stock of those purchases to GBP435 billion.
The pound has been beaten back against the dollar in the wake of the decision, dropping 1.5% to 1.3177 while the euro has ticked down 0.2% to 1.1128.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -5.00.

5:55 am: [BRIEFING.COM] Nikkei...16255...+171.80...+1.10%. Hang Seng...21832...+93.10...+0.40%.

5:55 am: [BRIEFING.COM] FTSE...6638.79...+4.40...+0.10%. DAX...10237.25...+67.00...+0.70%.

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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