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 Post subject: August 10th Thursday Trade Results - Profit $937.50
PostPosted: Thu Aug 11, 2016 8:09 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)
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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:
081016-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+937.50.png
081016-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+937.50.png [ 93.31 KiB | Viewed 248 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 @ $937.50 dollars or +18.75 points, Light Crude Oil CL ($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 @ $937.50 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=2431

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


4:10 pm: [BRIEFING.COM] The stock market ended the midweek affair on a modestly lower note as weakness from the oil patch applied pressure to the broader market. For the most part, equities endured another quiet session as the quarterly earnings reporting season continues to taper off. Today's trade also featured a bid in Treasuries, softening in the dollar, and relative weakness from the heavily-weighted technology (-0.3%), health care (-0.4%), and financial (-0.8%) sectors. The Nasdaq Composite (-0.4%) settled behind the S&P 500 (-0.3%) and the Dow Jones Industrial Average (-0.2%).

The major averages vacillated at the start of the session as investors responded to a modest downturn in global markets and a mixed set of U.S. quarterly earnings reports. European averages paced the retreat as weaker-than-expected stockpile data from the American Petroleum Institute weighed on the energy component. Conversely, OPEC's Oil Market Report for August added some early support to the commodity. The oil collective increased its demand outlook for 2016, estimating that demand growth will average 1.22 million barrels per day.

The major averages yielded to selling pressure in the late morning as investors pored over the Energy Information Administration's latest stockpile data. The Department of Energy reported that crude oil inventories rose by 1.055 million barrels (estimated: -1.025 million barrels), but that gasoline inventories fell by 2.807 million barrels (estimated: -1.063 million barrels). In response, WTI crude slipped from the $42.00/bbl price level and ended its day lower by 2.3% ($41.76/bbl; -$0.98).

The S&P 500 (-0.3%) endured a range-bound session, maintaining a meager 11-point trading range. The index finished near its worst level of the day while four sectors ended above their flat lines. In front of the pack, countercyclical consumer staples (+0.4%) and telecom services (+0.3%) outperformed while energy (-1.4%) financials (-0.8%), health care (-0.4%), and technology (-0.3%) ended with the largest losses.

The economically-sensitive financial sector (-0.8%) demonstrated broad-based weakness as the group saw pressure from declining long-term interest rates. In the group, Wells Fargo (WFC 48.18, -0.75) and Bank of America (BAC 14.81, -0.38) declined 1.5% and 2.5%, respectively. Elsewhere, MetLife (MET 40.15, -1.13) weighed on the life insurance sub-group, extending its post-earnings loss to 8.1%. The broader sector trimmed its monthly gain to 0.9% and returned to negative territory on a year-to-date basis (UNCH).

Biotechnology weighed on the health care space (-0.4%) as the iShares Nasdaq Biotechnology ETF (IBB 288.81, -5.75) ended lower by 2.0%. In the ETF, Mylan Labs (MYL 48.79, -1.13) underperformed after reporting a mixed quarter. The group also traded lower in sympathy with specialty pharmaceutical name Perrigo (PRGO 86.00, -9.09). The company disappointed investors with its quarterly results and guidance. The broader ETF sports a monthly loss of 0.2%, which compares to a decline of 1.0% in the broader sector.

The Dow Jones Transportation Average (-0.4%) ended its day behind the benchmark index as cautious revenue guidance from Southwest Air (LUV 36.99, -0.47) weighed. Southwest trimmed its revenue per available seat mile guidance for the third quarter ahead of today's open. The broader U.S. Global Jets ETF (JETS 22.13, -0.17) ended the day lower by 0.8%.

In the consumer discretionary (+0.2%) sector, retail names outperformed as they gained alongside Fossil (FOSL 30.57, +0.21) and Ralph Lauren (RL 103.14, +8.07). The two names reported above-consensus quarterly results and issued better-than-expected guidance. Separately, Dow component Disney (DIS 97.86, +1.19) ended higher by 1.2% after topping bottom-line estimates for the quarter.

The U.S. Dollar Index (95.65, -0.53) finished broadly lower as the pound, euro, and yen each ended with gains against the greenback. The pound/dollar pair gained 0.1% (1.3013) while the single currency advanced 0.6% against the dollar (1.1176). Elsewhere, the dollar lost 0.6% against the safe-haven yen (101.29) as investors reacted to a positive reading of Japan's Core Machinery Orders for June (+8.3% month-over-month; expected 3.1%).

Treasuries ended higher as yields slid throughout the complex. The yield on the 10-yr note settled lower by four basis points (1.51%).

Today's participation was below the recent average as fewer than 745 million shares changed hands at the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index, the Job Openings and Labor Turnover Survey for June, and the Treasury Budget for July:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 7.1% in mortgage applications after declining 3.5% in the prior week.
The June Job Openings and Labor Turnover Survey showed that job openings increase to 5.624 million from a revised 5.514 million (from 5.500 million) in May.
The Treasury Budget for July showed a deficit of $112.8 billion versus a deficit of $149.2 billion in July 2015.
The Treasury Budget data is not seasonally adjusted, so the July deficit cannot be compared to the $6.3 billion surplus registered in June.
Total receipts in July were $210.0 billion while total outlays were $322.8 billion.
Receipts were $15.5 billion less than receipts in July 2015. Total outlays, meanwhile, were $51.9 billion less than the same period a year ago.
The 12-month deficit narrowed to $487.2 billion from $523.6 billion in June.

Tomorrow's economic data will include weekly initial claims (Briefing.com consensus 266k) and Import/Export Prices for July, which will each cross the wires at 8:30 ET.

Russell 2000 +7.7% YTD
S&P 500 +6.4% YTD
Dow Jones +6.1% YTD
Nasdaq Composite +3.9% YTD

3:30 pm: [BRIEFING.COM]

The dollar index held onto initial morning losses, down -0.5% around the 95.67 level, aiding precious metals
Commodities, as measured by the Bloomberg Commodity Index, -0.6% around the 83.23
Crude oil remained volatile post-EIA, initially rallying 1% after the release before reversing and closing at fresh session lows
September crude oil futures fell $0.98 (-2.3%) to $41.76/barrel
EIA highlights:
Crude oil inventories had a build of +1.06 mln (consensus called for a draw between -800K & -1.75 mln barrels)
Gasoline inventories had a draw of -2.81 mln (consensus called for a draw between -1.0 & -1.2 mln barrels)
Distillate inventories had a draw of -1.96 mln
Monthly IEA data will be released tomorrow
Baker Hughes rig count data will be released on Friday at 1 pm ET
Natural gas ended near session lows ahead of tomorrow's inventory data
September natural gas closed $0.06 lower (-2.3%) at $2.56/MMBtu
EIA natural gas inventory data will be released tomorrow at 10:30 am ET
In precious metals, gold & silver saw a boost as the dollar index took a dive
December gold ended today's session up $5.00 (+0.4%) to $1351.70/oz
September silver closed today's session $0.34 higher (+1.7%) at $20.19/oz
Base metal copper gave up a portion of its initial morning gains, still closing higher on the day
September copper closed $0.02 higher (+0.9%) at $2.17/lb

3:00 pm:

[BRIEFING.COM] The stock market hovers above a fresh session low as the S&P 500 (-0.4%) trades behind the Dow Jones Industrial Average (-0.3%). The two indices sport weekly losses of 0.5% and 0.4%, respectively.

Seven sectors trade in the red with energy (-1.5%) and financials (-0.9%) leading the downside. The remaining decliners show losses between 0.1% (materials) and 0.5% (health care). On the flipside, consumer staples (+0.3%), telecom services (+0.3%), and consumer discretionary (+0.2%) outperform.

Today's loss has elicited a bid in portfolio insurance as the CBOE Volatility Index (VIX 12.42, +0.76) jumps 6.5%. The instrument shows a monthly gain of 4.6%, which corresponds to a flat performance from the benchmark index.

Treasuries have inched off their best levels of the day, but yields remain near their lows. The yield on the 10-yr note has slipped four basis points to 1.51%. For the week, the yield on the benchmark note has slid eight basis points.

WTI crude ended its day lower by 2.3% ($41.76/bbl; -$0.98).

2:30 pm:

[BRIEFING.COM] The broader market has inched lower in recent action as the Nasdaq Composite (-0.5%) trails the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.3%).

The heavyweight financial sector (-0.8%) continues to pressure the broader market as declining long-term interest rates weigh on the group. The yield on the benchmark 10-yr note has slipped five basis points to 1.50% while the yield on the 30-yr bond has slipped four basis points (2.22%). The economically-sensitive group may also be reacting to today's downturn in crude oil. At this juncture, WTI crude trades lower by 1.9% ($41.97/bbl; -$0.80) ahead of its pit session close at 14:30 ET.

The U.S. Dollar Index (95.60, -0.58) has slipped lower in recent action as the pound, euro, and yen continue to sport gains against the buck. The pound has ticked higher by 0.1% against the dollar (1.3010) while the single currency has gained 0.6% against the greenback (1.1180). Separately, the dollar/yen pair trades lower by 0.6% (101.27) amid a continued bid in the safe-haven currency.

2:00 pm:

[BRIEFING.COM] The stock market has inched higher in recent action as the S&P 500 (-0.2%) trades three points above its worst level of the day. For the week, the benchmark index sports a decline of 0.3%.

The countercyclical consumer staples sector (+0.4%) continues to pace telecom services (+0.3%) on top of the leaderboard. The defensively-oriented groups lead the remaining sectors on a weekly basis, sporting weekly gains of 0.4% and 0.3%, respectively.

In the group, beverage and tobacco companies outperform as Monster Beverage (MNST 161.10, +1.98) and Dr Pepper Snapple (DPS 97.17, +1.27) gain 1.3% apiece. Philip Morris International (PM 99.36, +0.96) has advanced 1.0% today, narrowing its post-earnings loss to 3.5%. The company has been pressured since missing analysts' estimates for the quarter on July 18. The broader Consumer Staples SPDR ETF (XLP 54.92, +0.22) has lost 1.3% since that date. Separately, Dow component Wal-Mart (WMT 74.14, +1.10) outperforms after Cleveland Research issued some bullish commentary on the name.

On the economic front, the Treasury Budget statement for July showed a deficit of $112.8 billion. The Treasury data is not seasonally adjusted so the July deficit cannot be compared to the $6.3 billion surplus in June.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg lower since our last update, as stocks sit solidly in negative territory.

A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 86.70, -1.25), JPMorgan (JPM 65.24, -0.63), and Intel (INTC 34.59, -0.33) are underperforming. Exxon is leading the Dow lower as energy names pull back in tandem with a near 2% decline in crude oil futures. JPMorgan is similarly trading lower as financials drag, while Intel is under pressure after the company announced it had acquired Nervana Systems, in a deal reportedly valued at more than $400 mln.

Conversely, Wal-Mart (WMT 74.06, +1.02) is the best-performing Dow component following positive commentary this morning out of Cleveland Research.

For the week, the DJIA is currently -0.25%.

Elsewhere, at the top of the hour, the Treasury's $23 bln 10-year auction drew a high yield of 1.503% on a bid-to-cover of 2.43

1:05 pm:

[BRIEFING.COM] The stock market trades on a modestly lower note at midday as investors weigh a mixed set of earnings results and a downturn in oil futures. The Nasdaq Composite (-0.3%) trades behind both the S&P 500 (-0.2%) and the Dow Jones Industrial Average (-0.1%). Other focal points impacting today's trade have included softening in the dollar and weakness from the heavily-weighted technology (-0.3%), health care (-0.3%) and financial (-0.6%) sectors.

Today's session began on a choppy note as investors eyed quiet overseas action. Global bourses tilted to the downside as limited macro data kept participants focused on movements in the commodity market. Oil futures were at the forefront after weekly inventory data from the American Petroleum Institute showed a larger-than-expected build in crude oil (+2.09 million barrels; expected: -1.00 million barrels).

The energy component managed to erase an overnight loss following the release of OPEC's Oil Market Report for August. The report indicated that the oil collective raised its demand growth forecast for this year while maintaining its demand outlook for 2017. However, the reprieve for oil futures would prove to be short-lived. The energy component yielded to mounting selling pressure shortly after the Department of Energy reported mixed inventory data. The EIA reported that crude oil inventories missed estimates (+1.055 million barrels; consensus: -1.025 million barrels) while gasoline stockpiles (-2.807 million barrels; consensus: -1.063) came in better than expected. WTI crude currently trades lower by 1.9% ($41.94/bbl; -$0.83).

The major averages notched session lows in the early afternoon as the benchmark index found support near the 2174 price level. Equities have ticked off that level as four sectors trade in the green. The countercyclical consumer staples (+0.3%) and telecom services (+0.3%) sectors trade neck-and-neck with consumer discretionary (+0.3%) while energy (-0.9%), financials (-0.6%), health care (-0.3%), and technology (-0.3%) round out the leaderboard.

The heavyweight financial space (-0.6%) displays broad-based weakness as money center banks and life insurance names pace the retreat. In the group, Citigroup (C 45.47, -0.43) and Wells Fargo (WFC 48.46, -0.46) sport respective losses of 0.9% and 1.0%. Elsewhere, MetLife (MET 40.27, -1.00) has extended its post-earnings loss to 7.9%. The name missed analysts' estimates for its quarter on August 3. The broader sector has trimmed its August gain to 1.0%.

Biotechnology drags on the broader health care space (-0.3%) as the iShares Nasdaq Biotechnology ETF (IBB 290.39, -4.17) trades lower by 1.4%. The sub-group has been under pressure as Mylan Labs (MYL 48.96, -0.96) loses 1.9%. The company reported a mixed quarter last evening. Perrigo (PRGO 85.65, -9.43) is also contributing to ongoing weakness as investors weigh disappointing quarterly results and full-year earnings guidance.

The high-beta chipmakers demonstrate relative weakness, evidenced by the 0.7% decline in the PHLX Semiconductor Index. In the group, Lam Research (LRCX 88.71, -4.58) weighs after announcing that regulatory clearances for its merger with KLA-Tencor (KLAC 70.40, -7.01) may extend past the initial deadline of October 20, 2016.

The consumer discretionary (+0.3%) sector has offered support to the broader market as positive quarterly results from Fossil (FOSL 30.82, +0.46) and Ralph Lauren (RL 104.86, +9.79) boost the broader retail segment. Conversely, Michael Kors (KORS 49.68, -0.43) has ticked lower by 0.8% after disappointing investors with its second-quarter outlook. Separately, Dow component Disney (DIS 98.23, +1.57) trades higher by 1.6% after reporting better-than-expected quarterly results.

The U.S. Dollar Index (95.69, -0.50) trades off its overnight low as the greenback holds losses against the euro and yen. The euro has gained 0.5% against the dollar (1.1169) while the dollar/yen pair trades lower by 0.5% (101.35). Separately, the dollar has lost 0.5% against the commodity-sensitive Canadian dollar (1.3049).

Treasuries trade higher as yields slide across the curve. The yield on the 10-yr note has slipped three basis points to 1.52%.

Today's economic data included the weekly MBA Mortgage Index and the Job Openings and Labor Turnover Survey for June:

The weekly MBA Mortgage Index showed a seasonally adjusted increase of 7.1% in mortgage applications after declining 3.5% in the prior week.
The June Job Openings and Labor Turnover Survey showed that job openings increased to 5.624 million from a revised 5.514 million (from 5.500 million) in May.

The Treasury Budget for July will cross the wires at 14:00 ET.

12:25 pm:

[BRIEFING.COM] The major U.S. indices have ticked higher in recent action as the Dow Jones Industrial Average (-0.2%) trades neck-and-neck with the S&P 500 (-0.2%). For the week, the two indices sport losses of 0.2% and 0.3%, respectively.

The consumer discretionary space (+0.2%) continues to buttress the broader market as retail names and media companies outperform. In the group, department stores display relative strength as they trade higher in sympathy with Fossil (FOSL 31.09, +0.73) and Ralph Lauren (RL 105.54, +10.46) after both reported above-consensus results. On that note, Nordstrom (JWN 44.99, +1.47) and Kohl's (KSS 39.20, +1.50) have advanced 3.4% and 4.0%, respectively. Separately, Dow component Disney (DIS 97.66, +0.99) erased a 0.9% loss and currently trades higher by 1.0%. The company reported better-than-expected quarterly results last evening. The broader consumer discretionary space has lost 0.5% this week, leading only health care (-0.4%; week-to-date: -1.0%) over that time.

WTI crude continues to hover above its session low ($41.84/bbl), showing a loss of 1.7% ($42.03/bbl; -$0.74). Meanwhile, gold trades higher by 0.4% ($1,352.40/ozt; +$5.70).

12:00 pm:

[BRIEFING.COM] The S&P 500 (-0.3%) hovers above its session low, spinning wheels one point above its worst level of the day (2173.98). Elsewhere, the domestically-facing Russell 2000 (-0.9%) underperforms.

The economically-sensitive financial sector (-0.6%) displays broad-based weakness as the group trims its August advance to 1.0%. In the space, money center banks and life insurance names lead the losses as Wells Fargo (WFC 48.36, -0.56) and Bank of America (BAC 14.96, -0.22) trade lower by 1.1% and 1.5%, respectively. Separately, MetLife (MET 40.35, -0.93) has declined by 2.3%, extending its post-earnings loss to 7.7%. The company reported disappointing bottom-line results on August 3. On the flipside, defensive-oriented real estate investment trusts outperform, gaining alongside countercyclical telecom services (+0.2%) and consumer staples (+0.3%).

Treasuries have inched higher in recent action as yields continue to slide across the curve. The yield on the 10-yr note has slipped three basis points to 1.52%.

11:30 am:

[BRIEFING.COM] The broader market has slipped in recent action as the Nasdaq Composite (-0.5%) and the S&P 500 (-0.3%) notch new session lows. The tech-heavy Nasdaq underperforms amid weakness in the technology and biotechnology sub-group.

The heavily-weighted health care space (-0.5%) has moved back towards its session low as biotechnology weighs on the sector. The iShares Nasdaq Biotechnology ETF (IBB 288.77, -5.78) trades lower by 2.0% as component Mylan Labs (MYL 49.17, -0.75) underperforms. The company reported a mixed quarter after yesterday's close. Mylan beat bottom-line estimates on revenue that was slightly below estimates. Perrigo (PRGO 85.00, -10.09) is also contributing to the weakness as investors look to disappointing quarterly results and lowered full-year earnings guidance. The biotechnology ETF sports a weekly loss of 2.9%, which compares to a decline of 1.1% in the broader sector.

Medical equipment names also underperform as Zimmer Biomet (ZBH 128.45, -4.64) leads the sub-group lower. The company announced a secondary stock offering, totaling approximately 7.44 million shares.

On the commodities front, WTI crude trades lower by 1.6% ($42.09/bbl; -$0.68).

11:00 am:

[BRIEFING.COM] The stock market hovers above session lows as the Nasdaq Composite (-0.2%) trades behind the S&P 500 (-0.1%) and the Dow Jones Industrial Average (UNCH). The Department of Energy recently released its weekly inventory data.

The EIA reported that crude oil inventories rose by 1.055 million barrels compared to the estimated 1.025 million barrel draw. However, gasoline inventories came in better-than-expected, showing a draw of 2.807 million barrels (consensus: -1.063 million barrels). This follows last week's gasoline draw of 3.262 million barrels. The energy component initially gained on the news, reclaiming the $43.10/bbl price level. However, oil futures have been unable to defend that level as WTI crude trades flat at $42.76/bbl. For the week, oil has advanced 2.2%.

The commodity-sensitive energy space (-0.3%) has slipped lower in recent action as Dow component Exxon Mobil (XOM 87.09, -0.86) weighs. Conversely, refining names outperform as Marathon Petroleum (MPC 42.00, +0.97) and Valero Energy (VLO 53.72, +1.23) gain 2.4% apiece. The broader energy space has ticked higher by 0.4% this week, pacing countercyclical consumer staples (+0.3%; week-to-date: +0.4%) on top of the weekly leaderboard.

10:30 am: [BRIEFING.COM]

The dollar index was down -0.6% around the 95.61 level, boosting precious metals
Commodities, as measured by the Bloomberg Commodity Index, +0.3% around the 84.03 level
Crude oil saw notable volatility, rallying as much as 1% before dropping after the release of the EIA report
August crude oil futures were down $0.03 (-0.1%) around $42.73/barrel
Before the data, Aug crude was up $0.27 (+0.7%) around the $43.05/barrel level
Monthly IEA data will be released tomorrow
Baker Hughes rig count data will be released Friday at 1 pm ET
EIA highlights:
Crude oil inventories had a build of +1.06 mln (consensus called for a draw between -800K & -1.75 mln barrels)
Gasoline inventories had a draw of -2.81 mln (consensus called for a draw between -1.0 & -1.2 mln barrels)
Distillate inventories had a draw of -1.96 mln
Natural gas futures traded nearly flat ahead of tomorrow's inventory number
August natural gas futures were down about $0.01 (-0.1%) around the $2.61/MMBtu level
EIA natural gas data will be released tomorrow at 10:30 am ET
In precious metals, gold & silver rallied as the dollar index plummeted to session lows
August gold futures were up $7.90 (+0.6%) around $1354.60/oz
September silver futures were up $0.42 (+2.1%) around $20.28/oz
Base metal copper rallied to session highs in morning pit trading
September copper futures were up $0.04 (+1.9%) at $2.19/lb

10:05 am:

[BRIEFING.COM] The major averages float near session lows as the Nasdaq Composite (-0.2%) trails the S&P 500 (-0.1%) and the Dow Jones Industrial Average (UNCH).

Just released, the June Job Openings and Labor Turnover Survey showed that job openings came in at 5.624 million from a revised 5.514 million (from 5.500 million) in May.

The leaderboard remains little changed as materials (+0.2%) and consumer discretionary (+0.2%) follow countercyclical telecom services (+0.2%) and consumer staples (+0.3%). Conversely, financials (-0.3%) and health care (-0.4%) round out the leaderboard.

The U.S. Dollar Index (95.64, -0.54) has inched off its worst level of the day as the greenback trims losses against the pound and yen. Sterling has gained 0.2% against the buck (1.3028) after slipping from the 1.3080 price level. Separately, the dollar/yen pair trades lower by 0.6% (101.24) after climbing off the 101.00 area.

9:50 am:

[BRIEFING.COM] The stock market began its day on a flat note as the Nasdaq Composite (-0.1%) trades behind the S&P 500 (UNCH) and the Dow Jones Industrial Average (UNCH).

Five sectors trade in the green with telecom services (+0.4%) and consumer staples (+0.5%) leading the advance. The remaining gainers trade narrowly between 0.1% (industrials) and 0.3% (materials). Conversely, heavily-weighted financials (-0.2%) and health care (-0.5%) underperform.

The Dow Jones Transportation Average (-0.2%) trades behind the broader market as airlines weigh on the index. The sub-group is trading lower in sympathy with Southwest Air (LUV 37.17, -0.28) after it disappointed investors with its revenue per available seat mile guidance for the third quarter.

Retail names display relative strength, evidenced by the 0.6% gain in the SPDR S&P Retail ETF (XRT 44.44, +0.27). The group is trading higher following positive quarterly results and guidance from the likes of Fossil (FOSL 31.65, +1.29) and Ralph Lauren (RL 102.75, +7.68). The two names have gained 4.3% and 8.1%, respectively.

On the commodities front, WTI crude trades higher by 0.6% ($43.04/bbl; +$0.27) while gold has jumped 1.0% to $1,359.50/ozt.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.90.

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

Equity futures trade narrowly above their flat lines as investors weigh the latest batch of U.S. quarterly earnings reports and modest losses in global markets. European bourses trimmed their losses in recent action, mirroring a similar move in crude oil. The energy component was under pressure overnight as investors responded to a weaker-than-expected reading of the American Petroleum Institute's weekly inventory report. The API reported that crude inventories increased by 2.09 million barrels, which compares to the prior week's draw of 1.3 million barrels.

Crude oil rebounded off the $42.10/bbl price level after OPEC released its Oil Market Report for August. The report indicated that the oil collective sees demand growth averaging 1.22 million barrels per day this year, which increased 30 thousand barrels from last month's projection. Currently, WTI crude trades higher by 0.3% ($42.88/bbl; +$0.11), extending its weekly gain to 2.5%. The Energy Information Administration will release its stockpile data at 10:30 ET.

On the corporate front, SunPower (SPWR 10.35, -4.43) has plunged 30.0% after lowering its guidance and announcing restructuring efforts due to industry conditions. The stock has also received several downgrades with Deutsche Bank lowering its recommendation to "Hold" from "Buy." Elsewhere, Michael Kors (KORS 47.73, -2.38) trades lower by 4.8% after beating top- and bottom-line estimates for the quarter and lowering second-quarter guidance below consensus.

Today's economic data will include the Job Openings and Labor Turnover Survey for June and the Treasury Budget for July, which will be released at 10:00 ET and 14:00 ET, respectively.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +6.50.

The S&P 500 futures trade four points above fair value.

Equity indices in the Asia-Pacific region ended Wednesday on a mixed note, but trading ranges were relatively narrow. The Japanese yen rallied to 101.20 against the dollar after the release of a stronger than expected Core Machinery Orders report (+8.3% month-over-month; expected 3.1%). Elsewhere, Chinese press reports indicated the country's government will carry out a review of bank business units. The planned review will focus on deposits, loans, bills, interbank business, and wealth management products.

In economic data:
Japan's June Core Machinery Orders +8.3% month-over-month (expected 3.1%; last -1.4%); -0.9% year-over-year (consensus -4.2%; last -11.7%). July PPI -3.9% year-over-year (expected -4.0%; last -4.2%) and Tertiary Industry Activity Index +0.8% month-over-month (expected 0.3%; last -1.2%)
South Korea's July Unemployment Rate held at 3.6%, as expected.
Australia's August Westpac Consumer Sentiment 2.0% (last -3.0%), June Home Loans +1.2% month-over-month (expected 2.4%; last -0.8%), and Invest Housing Finance +3.2% month-over-month (last 3.9%)

---Equity Markets---

Japan's Nikkei shed 0.2% with six sectors registering losses. Utilities (-1.5%) and financials (-1.3%) lagged while communications (+0.9%) and industrials (+0.6%) outperformed. Shiseido, Bridgestone, J Front Retailing, Dai-ichi Life Insurance, and Sony Financial Holdings lost between 3.6% and 7.5%.
Hong Kong's Hang Seng added 0.1% amid gains in half of its components. Gaming and casino names led the way with Sands China and Galaxy Entertainment Group spiking 5.1% and 3.2%, respectively. Financials also displayed strength with ICBC, Bank of East Asia, HSBC, and Hang Seng Bank adding between 0.3% and 1.1%.
China's Shanghai Composite slipped 0.2%. Shanghai Lingang Holdings, Greattown Holdings, and Fangda Carbon New Material lost between 3.2% and 3.9%.

Major European indices trade mostly lower while Italy's MIB (+0.1%) attempts to remain above its flat line. This morning has been very quiet on the economic front, leaving investors focused on movements in the commodity market, where crude oil has faced some selling, but has narrowed its loss to 0.3% ($42.65/bbl; -$0.12) in recent action. The euro (1.1186) and the pound (1.3074) have both added 0.6% against the dollar.

In economic data:
France's June Industrial Production -0.8% month-over-month (expected 0.1%; last -0.5%)

---Equity Markets---

UK's FTSE trades near its flat line with homebuilders and select financials among the laggards. Persimmon, Taylor Wimpey, and Barratt Developments are down between 1.0% and 1.6% while Standard Chartered and RBS are down 2.0% and 1.2%, respectively. G4S has surged 15.9% in reaction to better than expected results.
France's CAC has shed 0.2%. Sanofi is the weakest performer, falling 2.2%, while Renault is down 1.3%. Financials BNP Paribas and Societe Generale show respective losses of 0.4% and 0.2% while Credit Agricole is higher by 0.3%.
Germany's DAX has given up 0.3%. Utilities E.On and RWE hold respective losses of 7.2% and 3.0% following disappointing results from E.On. Financials trade ahead of the broader market with BMW up 0.1% and Volkswagen rising 0.2%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.60.

Index futures hover above their flat lines as the S&P 500 futures trade three points above fair value.

In company specific news, Southwest Air (LUV 36.90, -0.56) trades lower by 1.5% after the company estimated that third-quarter revenue per available seat mile will decline more than initially expected. Ralph Lauren (RL 102.00, +6.93) has jumped 7.3% after surpassing analysts' estimates for the quarter and raising its second-quarter revenue guidance above consensus.

The U.S. Dollar Index (95.50, -0.68) trades lower as the euro, pound, and yen each sport gains against the greenback. The single currency has gained 0.6% against the dollar (1.1185) while sterling has also advanced 0.6% against the buck (1.3076). Separately, the dollar/yen pair trades lower by 0.8% (101.09) as investor respond to an above-consensus reading of Japan's Core Machinery Orders for June (+8.3% month-over-month; expected 3.1%).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +4.10.

U.S. equity futures trade higher with the S&P 500 futures floating three points above fair value. Global markets ticked lower as investors shifted their focus towards developments in the commodity market. WTI crude trades lower by 0.4% ($42.61/bbl; -$0.16) as participants digest a weak inventory reading from the American Petroleum Institute. The API reported that crude oil stockpiles increased by 2.09 million barrels (last: -1.30 million barrels) over the last week. However, crude oil trimmed its loss after OPEC released its August oil market report. The report signaled increased demand growth for 2016 and an unchanged forecast for 2017. The Department of Energy's more influential stockpile data is slated to cross the wires at 10:30 ET.

The Treasury complex trades on a mixed note with the yield on the 10-yr note slipping one basis point to 1.54%.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted increase of 7.1% in mortgage applications. 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.

In U.S. corporate news of note:

Disney (DIS 94.92, -1.75): -1.8% after reporting a bottom-line beat on in-line revenue and announcing a stake in BAMTech
Yelp (YELP 36.20, +3.56): +10.9% following the company topping analysts' estimates for the quarter and raising Q3 and FY16 revenue guidance
Mylan Labs (MYL 49.17, -0.75): -1.5% after reporting above-consensus bottom-line results and reaffirming its FY16 outlook
Fossil (FOSL 91.45, +1.09): +3.6% following the company reporting above-consensus quarterly results and reaffirming its FY16 revenue guidance

Reviewing overnight developments:

Asia-Pacific indices ended Wednesday on a mixed note with China's Shanghai Composite (-0.2%) and Japan's Nikkei (-0.2%) ending behind Hong Kong's Hang Seng (+0.1%).
In economic data:
Japan's June Core Machinery Orders +8.3% month-over-month (expected 3.1%; last -1.4%); -0.9% year-over-year (consensus -4.2%; last -11.7%). July PPI -3.9% year-over-year (expected -4.0%; last -4.2%) and Tertiary Industry Activity Index +0.8% month-over-month (expected 0.3%; last -1.2%)
South Korea's July Unemployment Rate held at 3.6%, as expected.
Australia's August Westpac Consumer Sentiment 2.0% (last -3.0%), June Home Loans +1.2% month-over-month (expected 2.4%; last -0.8%), and Invest Housing Finance +3.2% month-over-month (last 3.9%)
In news:
The Japanese yen rallied to 101.20 against the dollar after the release of a stronger than expected Core Machinery Orders report (+8.3% month-over-month; expected 3.1%).
Chinese press reports indicated the country's government will carry out a review of bank business units.
The planned review will focus on deposits, loans, bills, interbank business, and wealth management products.

European indices trade mostly lower with Germany's DAX (-0.2%), France's CAC (-0.2%), and the U.K.'s FTSE (-0.1%). Elsewhere, Italy's MIB (+0.2%) outperforms.
In economic data:
France's June Industrial Production -0.8% month-over-month (expected 0.1%; last -0.5%)
In news:
This morning has been very quiet on the economic front, leaving investors focused on movements in the commodity market.
Oil has been a main driver, slipping 0.4% ($42.61/bbl; -$0.16)
The euro (1.1185) and the pound (1.3082) have both added 0.6% against the dollar.

6:06 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +0.90.

6:06 am: [BRIEFING.COM] Nikkei...16735...-29.90...-0.20%. Hang Seng...22492...+26.80...+0.10%.

6:06 am: [BRIEFING.COM] FTSE...6839.57...-11.70...-0.20%. DAX...10651.39...-41.50...-0.40%.

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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