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 Post subject: August 9th Tuesday Trade Results - No Trades
PostPosted: Wed Aug 10, 2016 1:48 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 and to watch the Olympics. I'm still not able to sleep well at night with the cast on my arm. Thus, I feel exhausted during the day.

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=2430

The free chat room is not a signal calling trading room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of the free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. Also, you can use the free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. The free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages and many different types of social media software can be used to log in. I'm the moderator of the free chat room. Thus, I keep the peace between members and I keep out the trouble makers so that members can peacefully post their observations about the markets, trades and WRB Analysis commentary.

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling trading room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=300&t=3238 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


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


4:15 pm: [BRIEFING.COM] The stock market ended the Tuesday affair on a flat note as the Nasdaq (+0.2%) settled ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (UNCH). The major averages ended relatively unchanged as a downturn in crude oil and weakness in the consumer discretionary space (-0.3%) prevented the market from vaulting higher. Other contributing factors impacting today's trade included softening in the dollar and sector leadership from heavily-weighted technology (+0.2%) and health care (+0.2%).

The major averages began the day on a higher note as investors responded to a positive bias in global markets and a mixed set of economic data. The preliminary reading of the second quarter productivity report missed expectations as unit labor costs (+2.0%; Briefing.com consensus +1.7%) and productivity (-0.5%; Briefing.com consensus +0.5%) each disappointed. Conversely, wholesale inventories for June (+0.3%; Briefing.com consensus +0.2%) beat estimates while the May reading featured a positive revision (to 0.2%; from 0.1%).

Equity indices rose through midday as the tech-heavy Nasdaq (+0.2%) and the benchmark index (UNCH) each carved out new all-time intraday highs. However, the major averages slipped from these levels after the S&P 500 (UNCH) was unable to clear technical resistance near the 2184/2186 price level. The leg lower in the broader market also corresponded with increased selling in oil. WTI crude ended its session lower by 0.8% ($42.74/bbl; -$0.33) as investors look ahead to the Department of Energy's latest stockpile data. The EIA will release its weekly inventory report tomorrow at 10:30 ET.

The S&P 500 (UNCH) finished modestly higher, maintaining footing near its flat line. Four sectors ended in the red with materials (-0.3%), consumer discretionary (-0.3%), and energy (-0.5%) underperforming. Conversely, technology (+0.2%), health care (+0.2%), and consumer staples (+0.2%) lead the pack.

The countercyclical health care sector (+0.2%) displayed relative strength, gaining alongside pharmaceutical names. Heavyweight component Bristol-Myers (BMY 61.61, +1.31) ended higher by 2.2%, trimming its weekly loss to 2.6%. Elsewhere, Valeant Pharmaceuticals (VRX 28.16, +5.71) surged 25.4% after announcing plans to amend its debt covenants and improvements to its dermatology business. However, the company did miss analysts' estimates for the quarter. Elsewhere, Mylan Labs (MYL 79.92, +1.39) outperformed ahead of this evening's quarterly report.

Influential technology (+0.2%) outperformed as large cap components Alphabet (GOOG 784.26, +2.50) and Apple (AAPL 108.81,+ 0.44) gained 0.3% and 0.4%, respectively. The high-beta chipmakers finished ahead of the broader sector as Microchip (MCHP 60.63, +4.00) topped the PHLX Semiconductor Index (+0.8%). The company reported top- and bottom-line beats and also raised its third-quarter guidance. The price-weighted index extended its August gain to 1.6%, which compares to an uptick of 0.4% in the benchmark index.

Retail names underperformed in the consumer discretionary space (-0.2%) as quarterly results from the likes of Coach (COH 40.52, -0.93) and Wayfair (W 38.80, -9.45) weighed. Wayfair plunged 19.6% after reporting below-consensus results and lowering its full-year guidance below consensus. Elsewhere, Gap (GPS 24.01,- 1.61) declined by 6.3% after reporting disappointing July same-store sales.

The Dow Jones Transportation Average (-0.4%) ended behind the broader market as Avis Budget (CAR 38.34, -0.44) underperformed. The name was under pressure, moving lower in sympathy with Hertz Global (HTZ 44.96,- 2.35). Hertz reported below-consensus bottom-line results last evening. Separately, rail names underperformed as Union Pacific (UNP 93.07, -0.79) declined by 0.8%.

The U.S. Dollar Index (96.14, -0.26) settled off its session low as commodity currencies, the euro, and the yen gained against the buck. The dollar lost 0.3% against the commodity-sensitive Canadian dollar (1.3119) while the single currency gained 0.2% against the buck (1.1113). The dollar finished lower 0.5% against the safe-haven yen (101.91).

Treasuries enjoyed a healthy bid throughout today's session as yields slid throughout the complex. The yield on the 10-yr note ended lower by five basis points at 1.54%.

Today's participation was below the recent average as fewer than 731 million shares changed hands at the NYSE floor.

Today's economic data included the preliminary estimates of second quarter Productivity/Unit Labor Costs and Wholesale Inventories for June:

The preliminary second quarter productivity report showed productivity declining 0.5% (Briefing.com consensus +0.5%) after decreasing an unrevised 0.6% in the first quarter.
The second quarter decline was the result of output increasing 1.2% and hours worked increasing 1.8%.
Unit labor costs were up 2.0% (Briefing.com consensus +1.7%) on the heels of a downwardly revised 0.2% decline (from +4.5%) in the first quarter.
The uptick in the second quarter reflected a 1.5% increase in hourly compensation and a 0.5% decline in productivity.
On a year-over-year basis, second quarter productivity was down 0.4% while unit labor costs were up 2.1%.
This report included benchmark revisions, but even more importantly, it included a clear message that productivity in the U.S. is really weak.
That's a key economic point because rising productivity is the key to a rising standard of living.
Wholesale inventories increased 0.3% in June (Briefing.com consensus +0.2%) after increasing an upwardly revised 0.2% (from 0.1%) in May.
Wholesale inventories are just one component of total business inventories.
Manufacturing and retail inventories make up the rest of total business inventories.
The market doesn't typically pay much attention to this release since the full business inventories release comes a few days later.
The increase in wholesale inventories in June was driven by a 1.1% increase in nondurable inventories, which offset a 0.3% decline in durable inventories.
Notably, the majority of nondurable businesses saw a decline in inventories in June, yet a 4.9% increase in inventories of drugs and a 4.0% increase in inventories of farm products led to the overall increase.
In the same vein, just about every durable business saw a drop in June inventories, highlighted by a 0.1% decline in both manufacturing and automotive inventories.
The only durable areas to see an uptick inventories were lumber (+1.8%) and hardware (+1.0%).
Wholesale sales increased 1.9% in June following an upwardly revised 0.7% increase (from +0.5%) in May.
The wholesale inventories-to-sales ratio fell to 1.33 from 1.35 in May, and remains slightly above the 1.33 ratio seen in June 2015.
On a year-over-year basis, wholesale sales are down 0.6% while wholesale inventories are up 0.2%.

Tomorrow's economic data will include the weekly MBA Mortgage Index, which will be released at 7:00 ET. Separately, the Job Openings and Labor Turnover Survey for June and the Treasury Budget for July will cross the wires at 10:00 ET and 14:00 ET, respectively.

Russell 2000 +8.4% YTD
S&P 500 +6.7% YTD
Dow Jones +6.4% YTD
Nasdaq Composite +4.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar index extended its morning losses, -0.3% around the 96.15 level
Commodities, as measured by the Bloomberg Commodity Index, were down -0.7% around the 83.75 level
Crude oil reversed initial morning gains in the afternoon to close near lows of the day ahead of API data
September crude oil futures fell $0.33 (-0.8%) to $42.74/barrel
API data will be released today after the bell
Rig count data will be released on Friday at 1 pm ET
Weekly EIA inventory data will be released tomorrow at 10:30 am ET
Monthly IEA data will be released on Aug 11
Natural gas ended lower for the fourth consecutive session after the release of the EIA short-term energy outlook report
September natural gas closed $0.13 lower (-4.7%) at $2.62/MMBtu
EIA natural gas inventory data will be released Thursday at 10:30 am ET
In precious metals, gold & silver traded higher as the dollar index fell
December gold ended today's session up $5.50 (+0.4%) to $1346.70/oz
September silver closed today's session $0.03 higher (+0.2%) at $19.85/oz
Base metal copper inched lower in afternoon pit trading
September copper closed $0.01 lower (-0.5%) at $2.15/lb

2:55 pm:

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

Four sectors trade in the green as heavily-weighted health care (+0.2%) and technology (+0.2%) trade ahead of consumer staples (+0.2%) and telecom services (UNCH). On the flipside, energy (-0.8%), materials (-0.5%), and consumer discretionary (-0.4%) round out the leaderboard.

In the consumer staples space (+0.2%), Tyson Foods (TSN 74.53, +0.46) displays relative strength, extending its post-earnings gain to 1.2%. The company topped bottom-line estimates for the quarter and raised its full-year outlook yesterday morning. Separately, Constellation Brands (STZ 164.20,+ 1.55) leads beverage names, gaining 1.0%. The broader sector sits unchanged for the week, which compares to a weekly loss of 0.2% in the benchmark index.

On the commodities front, WTI crude ended its session lower by 0.8% ($42.74/bbl; -$0.33), trimming its weekly gain to 2.2%.

The Treasury complex trades near its best level of the day as the yield on the 10-yr note slips five basis points to 1.54%.

2:30 pm:

[BRIEFING.COM] The Nasdaq Composite (+0.3%) continues to trade with a marginal gain while the S&P 500 (UNCH) attempts to maintain position above its flat line.

In the consumer discretionary space (-0.3%), cruise ship operators demonstrate relative weakness as Carnival (CCL 45.19, -1.28) and Royal Caribbean (RCL 69.24, -4.74) trade lower by 2.8% and 6.8%, respectively. Royal Caribbean sports a loss of 3.7% since disappointing investors with its quarterly results and guidance on August 2.

Automobile manufacturers continue their recent rebound effort as General Motors (GM 30.99, +0.11) and Ford (F 12.26, +0.08) gain 0.4% and 0.7%, respectively. The two names have been under pressure since reporting weak July auto sales. Additionally, Ford has tumbled 11.4% since reporting mixed quarterly results and issuing cautious guidance on July 28. This compare to a decline of 0.4% in the broader Consumer Discretionary SPDR ETF (XLY 81.02, -0.28) over that same time.

WTI crude trades lower by 0.5% ($42.77/bbl; -$0.25) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have slipped lower in recent action as the S&P 500 (UNCH) and the Dow Jones Industrial Average (UNCH) each flirt with their flat lines. The benchmark index trades seven points off its best level of the day.

The Dow Jones Transportation Average (-0.4%) demonstrates relative weakness as Avis Budget (CAR 38.16, -0.62) underperforms in the index. The stock has declined 1.6% as it trades lower in sympathy with Hertz Global (HTZ 46.31, -1.00). Hertz reported below-consensus bottom-line results after yesterday's closing bell. Separately, rail names underperform as CSX (CSX 28.26, -0.22) and Union Pacific (UNP 93.09, -0.99) decline by 0.8% apiece. The transportation index has declined 0.4% this week, trailing the benchmark index (UNCH; week-to-date: -0.1%) over that time.

In the broader industrial sector (-0.1%), heavy machinery manufacturers trail the broader market as Dow component Caterpillar (CAT 82.77, -0.67) rounds out the price-weighted index. However, the name has gained 5.2% since reporting quarterly earnings on July 26.

On the commodities front, gold ended its day higher by 0.4% ($1,346.70/ozt; +$5.50).

1:35 pm:

[BRIEFING.COM] After experiencing selling pressure an hour ago, the major U.S. indices hold small gains as we enter afternoon trading.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 35.19, +0.26), Walt Disney (DIS 96.39, +0.64), & Wal-Mart (WMT 73.67, +0.33) are outperforming. Pfizer is the Dow's top advancer as health care outperforms, putting in today's best sector performance, while Disney is trading higher ahead of this afternoon's Fiscal Third Quarter earnings report due out after the close.

Conversely, Caterpillar (CAT 82.96, -0.48) is the worst-performing Dow component.

At current levels, the DJIA is +0.55% this month.

Elsewhere, at the top of the hour, the Treasury's $24 bln 3-year auction drew a high yield of 0.85% on a bid-to-cover of 2.98.

1:10 pm:

[BRIEFING.COM] The major averages trade on a flat note at midday as the Nasdaq Composite (+0.3%) outperforms amid relative strength in the technology sub-group. Separately, the Dow Jones Industrial Average (+0.1%) and the S&P 500 (+0.1%) trade neck-and-neck.

Equity indices have enjoyed a modest bid in the first half, but the majority of buying interest has been concentrated in the technology (+0.3%), health care (+0.4%), and consumer staples (+0.4%) sectors. Additionally, crude oil trades on a lower note while the commodity complex struggles to take advantage of some softening in the dollar.

The major averages gained at the start of the session as investors shrugged off some mixed domestic economic data. The preliminary reading of the second quarter productivity report disappointed as unit labor costs (+2.0%; Briefing.com consensus +1.7%) and productivity (-0.5%; Briefing.com consensus +0.5%) each missed their mark. Separately, wholesale inventories increased 0.3% in June (Briefing.com consensus +0.2%) on the heels of an upwardly revised May report (to 0.2%; from 0.1%).

The broader market extended its advance through mid-morning as the Nasdaq Composite (+0.3%) and the S&P 500 (+0.1%) each notched new all-time intraday highs. The benchmark index continued to test technical resistance near the 2186 area, but was unable to make a prolonged move above that level. Equities have pulled back in recent trade as the S&P 500 (+0.1%) finds its footing near the 2182 price level. Seven sectors currently trade in the green with consumer staples (+0.4%) and health care (+0.4%) leading the pack. The remaining gainers show upticks between 0.1% (utilities) and 0.3% (technology). Conversely, energy (-0.6%) and materials (-0.2%) sport the widest losses.

The heavily-weighted health care sector (+0.4%) has trimmed its opening advance as pharmaceutical names continue to outperform. In the group, large cap Bristol-Myers (BMY 61.91, +1.61) has trimmed its weekly decline to 2.2%. Elsewhere, Valeant Pharmaceuticals (VRX 27.01, +4.56) has spiked 20.3% after reporting improvements to its dermatology business and announcing its plan to amend debt covenants. Valeant also missed analysts' estimates for the quarter, but maintained its full-year guidance.

The higher-beta chipmakers outperform as the PHLX Semiconductor Index (+1.0%) extends its weekly gain to 1.7%. Microchip (MCHP 60.75, +4.12) leads the price-weighted index after reporting above-consensus quarterly results and raising its third-quarter outlook. In the broader sector, heavily-weighted Alphabet (GOOG 787.29, +5.53) has gained 0.7%.

Retail names underperform in the consumer discretionary space (-0.1%) as Coach (COH 40.72, -0.73) and Gap (GPS 24.05,- 1.57) weigh. Coach has declined by 1.8% as investors weigh declining department store sales against above-consensus bottom-line results. Elsewhere, Gap has fallen 6.1% as investors eye disappointing July same-store sales. The broader SPDR S&P Retail ETF (XRT 44.37, -0.42) sports a loss of 1.0%.

The commodity-sensitive energy sector (-0.6%) rounds out the leaderboard as crude oil surrenders a slim gain ahead of this evening's inventory data from the American Petroleum Institute. The API will release its weekly inventories at 16:35 ET while the Department of Energy will release its more influential stockpile data tomorrow at 10:30 ET. WTI crude currently trades lower by 0.7% ($42.71/bbl; -$0.31).

The U.S. Dollar Index (96.20, -0.20) hovers near its session low as the euro, commodity currencies, and the yen gain ground against the greenback. The single currency has ticked higher by 0.2% against the dollar (1.1103) while the dollar/Canadian dollar pair trades lower by 0.2% (1.3130). Separately, the buck has lost 0.5% against the safe-have yen (101.95).

Treasuries trade off session highs as yields slide across the curve. The yield on the 10-yr note has slipped four basis points to 1.56%.

Today's economic data included the preliminary estimates of second quarter Productivity/Unit Labor Costs and Wholesale Inventories for June:

The preliminary second quarter productivity report showed productivity declining 0.5% (Briefing.com consensus +0.5%) after decreasing an unrevised 0.6% in the first quarter.
The second quarter decline was the result of output increasing 1.2% and hours worked increasing 1.8%.
Unit labor costs were up 2.0% (Briefing.com consensus +1.7%) on the heels of a downwardly revised 0.2% decline (from +4.5%) in the first quarter.
The uptick in the second quarter reflected a 1.5% increase in hourly compensation and a 0.5% decline in productivity.
On a year-over-year basis, second quarter productivity was down 0.4% while unit labor costs were up 2.1%.
This report included benchmark revisions, but even more importantly, it included a clear message that productivity in the U.S. is really weak.
That's a key economic point because rising productivity is the key to a rising standard of living.
Wholesale inventories increased 0.3% in June (Briefing.com consensus +0.2%) after increasing an upwardly revised 0.2% (from 0.1%) in May.
Wholesale inventories are just one component of total business inventories.
Manufacturing and retail inventories make up the rest of total business inventories.
The market doesn't typically pay much attention to this release since the full business inventories release comes a few days later.
The increase in wholesale inventories in June was driven by a 1.1% increase in nondurable inventories, which offset a 0.3% decline in durable inventories.
Notably, the majority of nondurable businesses saw a decline in inventories in June, yet a 4.9% increase in inventories of drugs and a 4.0% increase in inventories of farm products led to the overall increase.
In the same vein, just about every durable business saw a drop in June inventories, highlighted by a 0.1% decline in both manufacturing and automotive inventories.
The only durable areas to see an uptick inventories were lumber (+1.8%) and hardware (+1.0%).
Wholesale sales increased 1.9% in June following an upwardly revised 0.7% increase (from +0.5%) in May.
The wholesale inventories-to-sales ratio fell to 1.33 from 1.35 in May, and remains slightly above the 1.33 ratio seen in June 2015.
On a year-over-year basis, wholesale sales are down 0.6% while wholesale inventories are up 0.2%.

12:30 pm:

[BRIEFING.COM] The major averages have ticked lower in recent action as the Nasdaq Composite (+0.3%) leads the S&P 500 (+0.1%).

The influential technology space (+0.3%) has pulled back with the broader market as the sector extends its monthly gain to 1.9%. In the group, heavily-weighted Microsoft (MSFT 58.26, +0.20), Facebook (FB 125.76, +0.50), and Alphabet (GOOG 787.34, +5.58) outperform slightly, gaining between 0.4% and 0.7%. Conversely, Dow component Cisco Systems (CSCO 30.87, -0.14) rounds out the price-weighted index.

The high-beta chipmakers display relative strength, evidenced by the 0.9% advance in the PHLX Semiconductor Index. In the group, Microchip (MCHP 60.37, +3.74) trades higher by 6.6% after beating top- and bottom-line estimates for the quarter and raising its third-quarter outlook. The company also announced that it would increase its quarterly dividend to $0.36 per share from $0.3595 per share.

Treasuries have inched off their best levels, but the yield on the 10-yr note remains lower by three basis points (1.56%). Separately, the yield on the 2-yr note sits unchanged at 0.73%.

12:00 pm:

[BRIEFING.COM] The stock market has traded in sideways fashion as the S&P 500 (+0.2%) trades neck-and-neck with the Dow Jones Industrial Average (+0.2%). For the week, the two indices sport gains of 0.2% apiece.

The consumer discretionary space (+0.1%) has trimmed its advance in recent action as retail names continue to weigh on the space. Coach (COH 40.82, -0.63) has declined by 1.5% as investors weigh above-consensus bottom-line results against declining department store sales. Elsewhere, multi-line retailer Target (TGT 72.56, -2.40) displays relative weakness after Cleveland Research issued some cautious commentary on the name. Separately, Dow component Disney (DIS 96.10, +0.35) trades on a modestly higher note ahead of this evening's quarterly earnings report.

The U.S. Dollar Index (96.17, -0.24) continues to hover above its worst level as the euro, yen, and Canadian dollar gain against the buck. The euro/dollar pair trades higher by 0.2% (1.1109) while the dollar has lost 0.5% against the safe-haven yen (101.95). Conversely, the pound has declined 0.3% against the greenback (1.3001).

11:30 am:

[BRIEFING.COM] The major averages hover near new session highs as the Nasdaq Composite (+0.5%) remains slightly ahead of the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%).

The commodity-sensitive energy sector (-0.1%) sports the only loss as crude oil continues to vacillate near its flat line. WTI crude trades higher by 0.1% ($43.05/bbl; +$0.03) ahead of the American Petroleum Institute's latest inventory data, which will be released at 16:35 ET. The energy component erased a modest August loss last Friday and currently sports a month-to-date gain of 3.7%.

In the sector, refining names drag as Valero Energy (VLO 52.87, -0.71) and Phillips 66 (PSX 77.13, -1.45) decline by 1.3% and 1.9%, respectively. The broader sector has pulled back today, responding to yesterday's 0.9% advance. For the year, the group has gained 13.1%, trailing only countercyclical utilities (+0.1%; year-to-date: +17.1%) and telecom services (+0.2%; year-to-date: +19.7%).

Treasuries trade at session highs as yields slide across the curve. The yield on the 10-yr note has slipped four basis points to 1.56%.

11:00 am:

[BRIEFING.COM] The major U.S. indices hover near session highs as the S&P 500 (+0.2%) trades within one point of a recently-notched all-time intraday high (2186.89). Separately, the Nasdaq Composite (+0.4%) outperforms amid strength in the technology sector.

The heavily-weighted health care sector (+0.5%) has helped underpin things in the early going as pharmaceutical companies demonstrate relative strength. Bristol-Myers (BMY 61.45, +1.15) has rebounded 1.9% after experiencing steep selling pressure during the last two sessions. The stock plunged 19.9% after announcing negative trial results for its Opdivo treatment last Friday. Separately, Valeant Pharmaceuticals (VRX 25.84, +3.37) has boosted specialty pharmaceutical names after reporting improvements to its dermatology business and announcing asset sales. The company reported earnings this morning, missing top- and bottom-line estimates, but maintaining its full-year guidance.

The iShares Nasdaq Biotechnology ETF (IBB 294.74, +0.56) trades behind the broader sector, gaining 0.2%. Conversely, Mylan Labs (MYL 49.99, +1.46) outperforms in the ETF ahead of this evening's quarterly earnings report.

On the commodities front, WTI crude trades lower by 0.1% ($42.98/bbl; -$0.04) while gold has ticked higher by 0.4% to $1,346.80/ozt.

10:30 am: [BRIEFING.COM]

The dollar index snapped its recent streak,-0.3% around the 96.13 level
Commodities, as measured by the Bloomberg Commodity Index, were trading nearly flat, -0.02% around the 84.30 level
Crude oil extended yesterday's notable +3% rally, up $0.33 (+0.8%) at $43.35/barrel ahead of tomorrow's EIA data
Monthly IEA data will be released Aug 11
Weekly EIA petroleum data will be released tomorrow at 10:30 am ET
API data will be released today after the bell
Baker Hughes rig count data will be released at 1 pm ET on Friday
Natural gas trended lower for the fourth consecutive trading session, down $0.06 (-2.4%) at $2.69/MMBtu
EIA natural gas inventory data will be released this Thursday at 10:30 am ET
Precious metals saw a boost as the dollar index inched lower in morning pit trading
December gold futures are up $6.00 (+0.5%) around $1347.30/oz
September silver futures are up $0.07 (+0.4%) around $19.88/oz

10:00 am:

[BRIEFING.COM] The major averages have moved off fresh session highs as the Nasdaq Composite (+0.2%) trades in-line with the Dow Jones Industrial Average (+0.2%) and the S&P 500 (+0.2%).

Just released, June wholesale inventories increased 0.3% while the Briefing.com consensus expected an uptick of 0.2%. Today's report followed last month's revised reading of 0.2% (from 0.1%).

The leaderboard remains little changed as heavily-weighted technology (+0.3%) and health care (+0.3%) lead the pack. The remaining gainers sport advances between 0.1% (financials) and 0.3% (consumer staples).

The U.S. Dollar Index (96.26, -0.14) trades near its session low as the euro, commodity currencies, and the yen gain ground against the greenback. The single currency has ticked higher by 0.2% against the dollar (1.1102) while the dollar/Canadian dollar pair trades lower by 0.2% (1.3129). Separately, the buck has lost 0.5% against the safe-have yen (101.96).

9:45 am:

[BRIEFING.COM] As expected, the stock market began the day on a flat note as the Nasdaq Composite (+0.2%) and the Dow Jones Industrial Average (+0.2%) lead the and the S&P 500 (+0.1%).

Seven sectors trade in the green as industrials (+0.3%), materials (+0.3%), and health care (+0.3%) pace one another on top of the leaderboard. On the flipside, consumer discretionary (-0.2%), utilities (-0.2%), and telecom services (-0.2%) round out the leaderboard.

The PHLX Semiconductor Index (+0.9%) demonstrates relative strength as the price-weighted index trades higher in sympathy with Microchip (MCHP 60.95, +4.32). The name has rallied 7.6% after topping analysts' estimates for the quarter and raising its second quarter outlook.

In the consumer discretionary space (-0.2%), retail names demonstrate relative weakness as the SPDR S&P Retail ETF (XRT 44.32, -0.47) trades lower by 1.1%. The broader sub-group is trading lower with Gap (GPS 23.80, -1.82) as disappointing July same-store sales weigh.

On the commodities front, WTI crude trades higher by 0.7% ($43.29/bbl; +$0.27) while gold has ticked higher by 0.3% to $1,344.70/ozt.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.80.

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

The Tuesday affair looks to begin on a quiet note as investors weigh mixed data from overseas and a declining number of U.S. corporate earnings results. China's July CPI (+1.8% year-over-year, consensus: +1.8%) and PPI (-1.7% year-over-year; consensus -2.0%) reports did little to rock the boat. In Europe, Germany's Trade Balance for July missed headline expectations (EUR21.70 billion; expected: EUR22.40 billion) as imports (+1.0% month-over-month; expected: +0.4%) rose faster than exports (+0.3% month-over-month; expected: +1.0%). Separately, the European Council opted to remove sanctions against Spain and Portugal for exceeding mandated deficit-to-GDP ratios. The two countries have been offered extensions to meet their budget requirements.

The U.S. Dollar Index (96.38, -0.02) hovers beneath its flat line as investors respond to a disappointing preliminary reading of second quarter Productivity and Unit Labor Costs. Productivity declined 0.5% in the second quarter while the Briefing.com consensus expected an increase of 0.5%. Separately, Unit labor costs rose 2.0%, which was higher than the 1.7% increase that had been expected by the Briefing.com consensus.

In company specific news, Hertz Global (HTZ 45.77, -1.54) trades lower by 3.3% after missing bottom-line estimates for the quarter on in-line revenue. Wayfair (W 41.60, -6.65) has tumbled 13.8% after reporting below-consensus bottom-line results for the quarter. The company also issued below-consensus revenue guidance for the third quarter. Finally, Gap (GPS 24.62, -1.00) has slipped 3.9% as investors look to weaker-than-expected same-store sales for July.

Today's economic data will be capped off with Wholesale Inventories for June (Briefing.com consensus +0.2%), which will be released at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.90.

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

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note with most indices limited to gains or losses of no more than 1.0%. The latest inflation data out of China showed that the year-over-year CPI slowed to 1.8% from 1.9% in July, which was expected. Elsewhere, the Reserve Bank of India held its key policy rate at 6.5%, as expected.

In economic data:
China's July CPI +0.2% month-over-month (expected 0.1%; last -0.1%); +1.8% year-over-year, as expected (last 1.9%). July PPI -1.7% year-over-year (consensus -2.0%; last -2.6%)
Australia's July NAB Business Confidence slipped to 4 from 5 and NAB Business Survey fell to 8 from 11
New Zealand's July Electronic Card Retail Sales +0.3% month-over-month (last 1.2%); +5.8% year-over-year (last 6.8%)

---Equity Markets---

Japan's Nikkei climbed 0.7% with eight sectors registering gains. Consumer staples (+1.9%) and communications (+1.5%) outperformed while utilities (-0.4%) and consumer discretionary (-0.3%) lagged. Japan Steel Works jumped 10.6% while SUMCO, Konami, Hitachi Construction Machinery, Maruha Nichiro, Softbank, and Olympus gained between 3.3% and 6.0%.
Hong Kong's Hang Seng slipped 0.1% amid losses in more than half of its components. Financials were among the laggards with Hang Seng Bank, Henderson Land, SHK Properties, and HSBC surrendering between 0.3% and 0.9%.
China's Shanghai Composite climbed into the close, ending higher by 0.7%. Hubei Jumpcan Pharmaceutical, Langfang Development, and Fangda Carbon New Material gained between 6.0% and 8.3%.

Major European indices trade higher across the board with Germany's DAX (+0.9%) setting the pace for the region. The European Council lifted sanctions on Spain and Portugal, meaning the two countries will no longer have to pay fines for exceeding the 3.0% deficit-to-GDP ratio. It is worth noting that France's budget deficit also exceeds the 3.0% threshold. Elsewhere, Bank of England member Ian McCafferty said the central bank should use a gradual approach to policy and employ more rate cuts if needed. Mr. McCafferty was viewed as one of the more hawkish members of the Monetary Policy Committee until the Brexit vote.

In economic data:
Germany's June trade surplus narrowed to EUR21.70 billion from EUR22.10 billion (expected surplus of EUR22.40 billion). June Imports +1.0% month-over-month (expected 0.4%; last 0.1%) and Exports +0.3% month-over-month (expected 1.0%; last -1.8%)
UK's June Industrial Production +0.1% month-over-month, as expected (last -0.6%); +1.6% year-over-year, as expected (last 1.4%). June Manufacturing Production -0.3% month-over-month (expected -0.2%; last -0.6%); +0.9% year-over-year (consensus 1.3%; last 1.5%). June trade deficit widened to GBP12.41 billion from GBP11.53 billion (expected deficit of GBP10.00 billion)
Swiss July Unemployment Rate held at 3.3%, as expected

---Equity Markets---

UK's FTSE is higher by 0.4% amid strength in consumer names and select airlines. EasyJet and TUI hold respective gains of 3.1% and 2.3% while consumer stocks like Morrison Supermarkets, Tesco, Sainsbury, and Associated British Foods are up between 1.0% and 2.2%.
France's CAC has climbed 0.6% with financials flashing some strength. Societe Generale, BNP Paribas, and Credit Agricole are up between 0.6% and 1.7%. Growth-sensitive names like Technip, Airbus, and Peugeot also outperform, showing gains between 1.1% and 2.8%.
Germany's DAX trades up 0.9%, climbing to its best level of the year amid broad strength. Exporters BMW, Continental, Volkswagen, and Daimler have gained between 0.8% and 1.9% while financials trade in the middle of the pack. Commerzbank has added 0.7% while Deutsche Bank is higher by 0.6%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.90.

The S&P 500 futures trade off overnight highs, floating two points above fair value.

Unit labor costs increased 2.0% during the second quarter, which was higher than the 1.7% increase that had been anticipated by the Briefing.com consensus. During the same period, productivity decreased 0.5%, according to the preliminary reading while the consensus expected an increase of 0.5%.

The U.S. Dollar Index (96.43, +0.03) floats above its flat line as the euro and the pound lose ground to the greenback. The single currency has declined 0.1% against the dollar (1.1077) while sterling has slipped 0.5% against the buck (1.2971). Conversely, the dollar/yen pair trades lower by 0.3% (102.16).

8:02 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.30.

U.S. equity futures float higher with the S&P 500 futures trading two points above fair value. Equity futures on the benchmark index endured a sleepy overnight session, traversing a meager four-point range. The positive bias in U.S. futures and global markets can be attributed to a continued rebound in oil and a largely in-line reading of China's July CPI (+1.8% year-over-year, consensus: +1.8%) and PPI (-1.7% year-over-year; consensus -2.0%) Reports. WTI crude currently trades higher by 0.3% ($43.14/bbl; +$0.12).

Treasuries trade on a mixed note with the yield on the 10-yr note slipping one basis point to 1.58%.

Today's economic data will include the preliminary estimate of second quarter Productivity (Briefing.com consensus 0.5%) and Unit Labor Costs (Briefing.com consensus 1.7%), which will cross the wires at 8:30 ET. Separately, Wholesale Inventories for June (Briefing.com consensus +0.2%) will be released at 10:00 ET.

In U.S. corporate news of note:

Coach (COH 40.50, -0.95): -2.3% after reporting a bottom-line beat and projecting low-to-mid single digit sales growth for FY17
LendingClub (LC 4.70, -0.09): -1.9% following the company missing bottom-line estimates for the quarter and lowering its Q3 revenue estimates below consensus
Gap (GPS 24.48, -1.14): -4.5% after reporting that same-store sales declined more than expected in July
Valeant Pharmaceuticals (VRX 24.54, +2.09): +9.3% after missing top- and bottom-line estimates for the quarter and disclosing asset sales
Microchip (MCHP 59.54, +2.91): +5.1% following the company topping analysts' estimates for the quarter and raising its Q2 outlook above consensus

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with Japan's Nikkei (+0.7%) and China's Shanghai Composite (+0.7%) leading Hong Kong's Hang Seng (+0.1%).
In economic data:
China's July CPI +0.2% month-over-month (expected 0.1%; last -0.1%); +1.8% year-over-year, as expected (last 1.9%). July PPI -1.7% year-over-year (consensus -2.0%; last -2.6%)
Australia's July NAB Business Confidence slipped to 4 from 5 and NAB Business Survey fell to 8 from 11
New Zealand's July Electronic Card Retail Sales +0.3% month-over-month (last 1.2%); +5.8% year-over-year (last 6.8%)
In news:
In China, the latest inflation data showed that year-over-year CPI slowed to 1.8% from 1.9% in July, which was expected.
Separately, the Reserve Bank of India held its key policy rate at 6.5%, as expected.

European indices trade higher with Germany's DAX (+0.9%) outperforming France's CAC (+0.6%) and the U.K.'s FTSE (+0.4%).
In economic data:
Germany's June trade surplus narrowed to EUR21.70 billion from EUR22.10 billion (expected surplus of EUR22.40 billion). June Imports +1.0% month-over-month (expected 0.4%; last 0.1%) and Exports +0.3% month-over-month (expected 1.0%; last -1.8%)
UK's June Industrial Production +0.1% month-over-month, as expected (last -0.6%); +1.6% year-over-year, as expected (last 1.4%). June Manufacturing Production -0.3% month-over-month (expected -0.2%; last -0.6%); +0.9% year-over-year (consensus 1.3%; last 1.5%). June trade deficit widened to GBP12.41 billion from GBP11.53 billion (expected deficit of GBP10.00 billion)
Swiss July Unemployment Rate held at 3.3%, as expected
In news:
Bank of England member Ian McCafferty said the central bank should use a gradual approach to policy and employ more rate cuts if needed.
Mr. McCafferty was viewed as one of the more hawkish members of the Monetary Policy Committee until the Brexit vote.
The European Council lifted sanctions on Spain and Portugal, meaning the two countries will no longer have to pay fines for exceeding the 3.0% deficit-to-GDP ratio.
It is worth noting that France's budget deficit also exceeds the 3.0% threshold.

5:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +1.10.

5:59 am: [BRIEFING.COM] Nikkei...16765...+114.40...+0.70%. Hang Seng...22466...-29.20...-0.10%.

5:59 am: [BRIEFING.COM] FTSE...6832.25...+23.10...+0.30%. DAX...10483.16...+50.80...+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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