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 Post subject: August 12th Friday Trade Results - No Trades
PostPosted: Fri Aug 12, 2016 11:12 pm 
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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 but the hard cast has been removed and I'm now only wearing a soft arm brace on my arm. Thus, I still feel exhausted during the day before the trading day begins.

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=2433

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.

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


4:15 pm: [BRIEFING.COM] The stock market ended a flat week on a similar note as disappointing readings of July retail sales (0.0%; Briefing.com consensus +0.4%) and July PPI (-0.4%; Briefing.com consensus 0.0%) stalled the major averages in record territory. The S&P 500 (-0.1%; week-to-date: +0.1%) ended the week flat while the tech-heavy Nasdaq Composite (+0.1%; week-to-date: +0.2%) finished slightly ahead of the broader market.

The benchmark index meandered in a narrow seven-point range, pressured by weaker-than-expected economic data. The Retail Sales Report for July offered a disappointing preview of consumer spending for the third-quarter. Recall that consumer spending was a strong point for second-quarter GDP growth. The negative reading also contributed to a downward revision to the Atlanta Fed's GDPNow forecast for the third quarter (to 3.5%; from 3.7%). Separately, the Producer Price Index for July (-0.4%; Briefing.com consensus 0.0%) also came in below consensus, indicating a continued lack of upward pricing pressure.

Retailers managed to shrug off the weaker-than expected retail sales report, focusing on better-than-expected earnings results from J. C. Penney (JCP 10.55, +0.61) and Nordstrom (JWN 51.38, +3.82). The two department store names beat bottom-line estimates, extending the rally in the broader SPDR S&P Retail ETF (XRT 45.51, +0.25). Today's trade also featured a rally in crude oil futures, softening in the dollar, and the underperformance of the heavily-weighted financial (-0.2%), health care (-0.2%), and industrial (-0.3%) sectors.

The S&P 500 (-0.1%) settled in the middle of today's trading range as seven sectors ended in the red. The commodity-sensitive energy sector (+0.7%) led amid a 2.2% ($44.46/bbl; +$0.96) gain in crude oil futures. Conversely, industrials (-0.3%), telecom services (-0.4%), and materials (-1.2%) rounded out the leaderboard.

The Dow Jones Transportation Average (-0.5%) finished behind the benchmark index as airlines weighed. Southwest Air (LUV 36.52, - 0.72) remained pressured after cutting its third-quarter revenue per available seat mile guidance on Wednesday. The stock declined 3.5% this week, which compares to a loss of 0.8% in the broader Transportation Index.

The heavyweight financial sector (-0.2%) displayed relative weakness as expectations for a rate hike by the end of the year diminished. The fed funds futures market currently estimates the likelihood of an interest rate hike at the December meeting at 38.7%. This compares to yesterday's implied probability of 51.9%. The shift in rate hike expectations also contributed to a bid in Treasuries, which also pressured the economically-sensitive sector. The financial space finished the week lower by 0.6%, returning to negative territory for the year (-0.1%).

In the health care sector (-0.3%), Dow component Merck (MRK 63.35, -0.28) extended its week-to-date loss to 0.8%, pulling back from last Friday's 10.4% rally. On the flipside, Anthem (ANTM 130.19, +1.99) and Cigna (CI 133.31, +6.69) outperformed. The names rose after reports indicated that settlement offers might be entertained in their antitrust case. The U.S. Department of Justice moved to block their proposed merger on July 21.

The PHLX Semiconductor Index (+0.5%) outperformed as NVIDIA (NVDA 63.04, +3.34) led the price-weighted index. The company reported above-consensus quarterly results last evening. In the broader technology sector (-0.1%), Microsoft (MSFT 57.94, -0.36) underperformed after CEO Satya Nadella disclosed the sale of 143,000 shares. Separately, Coatue Management reported that it reduced its position in the Dow component, cutting its equity exposure to ~4.9 million shares from ~10.8 million.

The U.S. Dollar Index (95.74, -0.12) recovered some early losses as the greenback trimmed its decline against the euro and the yen. The euro ended higher by 0.2% against the buck (1.1161) while the dollar/yen pair finished lower by 0.7% (101.29).

Treasuries ended higher, benefiting from declining rate hike expectations. The yield on the 10-yr note settled lower by five basis points (1.51%). Separately, the yield on the 2-yr note slipped four basis points to 0.71%.

Today's participation was below the recent average as fewer than 693 million shares changed hands at the NYSE floor.

Today's economic data included July PPI, July Retail Sales, the preliminary reading of the Michigan Sentiment Index for August, and Business Inventories for June:

The Producer Price Index for July featured a 0.4% decline in the final demand index (Briefing.com consensus 0.0%) following a 0.5% increase in June.
The downturn in July was paced by prices for final demand services, which fell 0.3%.
The index for final demand goods, meanwhile, decreased 0.4%.
On a year-over basis, the final demand index is down 0.2% versus a 0.3% increase seen in June.
Excluding food and energy, the final demand index declined 0.3% on the heels of a 0.4% increase in June.
That left the index up 0.7% year-over-year, which is a slowdown from the 1.3% growth rate seen in June.
The Retail Sales report for July showed no change in total retail sales (Briefing.com consensus +0.4%) after an upwardly revised 0.8% increase (from 0.6%) in June.
Excluding autos, retail sales declined 0.3% (Briefing.com consensus +0.2%) following an upwardly revised 0.9% increase (from 0.7%) in June.
Gasoline station sales (-2.7%) were the main drag and helped break a string of three consecutive monthly increases in retail sales.
Other weak spots included sporting goods, hobby, book and music stores (-2.2%), food and beverage stores (-0.6%), building material and garden equipment and supplies dealers (-0.5%), clothing and accessories (-0.5%), food services and drinking places (-0.2%), general merchandise stores (-0.1%), and electronics and appliance stores (-0.1%).
Motor vehicle and parts dealers (+1.1%) provided an influential offset of sorts, but by and large there was a slowdown in sales across most categories following some relatively strong sales performances in June.
Core retail sales, which exclude auto, gasoline station, building material, and food services sales, and which factor into the goods component for personal consumption expenditures in the GDP report, were flat.
Total business inventories increased 0.2% in June (Briefing.com consensus +0.1%) following an unrevised 0.2% increase in May.
The key takeaway from the report is that business inventories continue to remain at an elevated level relative to sales.
This points to ongoing difficulties in achieving pricing power and perhaps some more conservative approaches to increasing inventory investment.
Manufacturers' inventories (-0.1%) and wholesaler inventories (+0.3%) were already known.
The total business inventory-to-sales ratio for June dipped to 1.39 from 1.40 in May, yet that was still above the 1.37 ratio seen in the same period a year ago.
The preliminary reading for the University of Michigan Index of Consumer Sentiment for August checked in at 90.4 (Briefing.com consensus 90.2) versus the final reading of 90.0 for July.
From our vantage point, the key takeaway from the report is that there wasn't any significant change in consumer sentiment.
This comes despite the stock market rally and the stronger-than-expected employment data seen for July and August.
The improvement in August was fed by the Index of Consumer Expectations, which jumped to 80.3 from 77.8 in July.
The Current Economic Conditions Index, meanwhile, dropped to 106.1 from 109.0.

Monday's economic data will include Empire Manufacturing for August (Briefing.com consensus 4.0) and the August NAHB Housing Market Index (Briefing.com consensus 59), which will be released at 8:30 ET and 10:00 ET, respectively. The day's data will be capped off with the 16:00 ET release of Net Long-Term TIC Flows for June.

Russell 2000: +8.3% YTD
S&P 500 +6.9% YTD
Dow Jones +6.6% YTD
Nasdaq Composite +4.5% YTD

Week in Review: Inching Higher

The stock market ended the second week of August on a flatnote, but not before creeping into record territory. The Dow, Nasdaq, andS&P 500 set new intraday record highs, finishing the week just above theirflat lines. The S&P 500 added 0.1% while the Dow and Nasdaq climbed 0.2%apiece.

The past week was not particularly exciting as summerdoldrums set in, leading to narrow ranges and limited trading volume. To thatpoint, average daily NYSE floor volume checked in at just 728 million shares, whichwas well below the 20-day average of 808 million.

A few more quarterly reports crossed the wires during theweek with retailers receiving some added focus. The likes of Macy's (M), Nordstrom (JWN), Kohl's (KSS), and Ralph Lauren (RL) enjoyedbig gains after beating expectations, but Friday's release of the July RetailSales report told a different tale. The report showed that retail sales wereunchanged in July (Briefing.com consensus +0.4%) after being up 0.8% in June (revisedfrom 0.6%). Excluding autos, retail sales declined 0.3% (Briefing.com consensus0.2%) to follow a 0.9% increase in July (revised from 0.7%).

All in all, rate hike expectations, estimated by the fedfunds futures market, have receded a bit more. The implied probability of ahike in March 2017 ticked down from last week's 51.2% to 50.1%.

3:30 pm: [BRIEFING.COM]

The dollar index rallies off morning lows, -0.2% around the 95.69 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.1% around the 84.06 level
Crude oil extends yesterday's gains and closes near session highs after the release of rig count data
September crude oil futures rose $0.96 (+2.2%) to $44.46/barrel
Baker Hughes total U.S. rig count up 17 to 481 following last week's increase of 1
Natural gas snaps its recent loss streak, erasing yesterday's post-EIA losses
September natural gas closed $0.04 higher (+1.6%) at $2.59/MMBtu
In precious metals, gold & silver reverse early morning gains and finish near session lows as the dollar index rallies
December gold ended today's session down (-0.5%) $6.70 to $1343.50/oz
September silver closed today's session $0.33 lower (-1.7%) at $19.69/oz
Base metal copper closes at session lows to end the week
September copper closed $0.05 lower (-2.3%) at $2.14/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Dow Jones Industrial Average (-0.3%) floats behind the S&P 500 (-0.2%) and the Nasdaq Composite (UNCH).

Seven sectors trade in the red as health care (-0.3%), financials (-0.3%), industrials (-0.4%), and materials (-1.2%) round out the leaderboard. The remaining decliners show losses between 0.1% (consumer discretionary) and 0.3% (telecom services). Conversely, utilities (+0.1%), consumer staples (+0.3%), and energy (+0.6%) outperform.

The Dow Jones Industrial Average (-0.5%) demonstrates relative weakness as airlines contribute to ongoing weakness. The U.S. Global Jets ETF (JETS 22.20, -0.14) has declined 0.6% as Southwest Air (LUV 36.49, - 0.75) weighs on the ETF. The stock sports a week-to-date loss of 3.6%, which compares to a loss of 0.8% in the broader Transportation Index. Additionally, rail names also underperform as Union Pacific (UNP 91.90, -1.05) and Norfolk Southern (NSC 88.27, -1.21) trade lower by 1.1% and 1.4%, respectively.

Treasuries continue to inch off session highs, allowing yields to climb off their lows. The yield on the 10-yr note remains lower by four basis points (1.52%) after notching a session low at 1.48% this morning.

2:30 pm:

[BRIEFING.COM] The S&P (-0.2%) trades near the bottom of today's trading range, floating off technical support near the 2180 price level.

WTI crude trades higher by 2.3% ($44.50/bbl; +$1.01) ahead of its pit session close at 14:30 ET. At this juncture, the energy component sports an impressive 6.4% week-to-date gain.

The commodity-sensitive energy sector (+0.6%) tops the leaderboard as Dow component Exxon Mobil (XOM 87.91, +1.19) leads the price-weighted index. The energy giant shows a modest weekly gain, rising 0.4% since last Friday. The broader energy sector has advanced 1.2% over that same period. Conversely, refining names underperform as Valero Energy (VLO 54.17, -0.18) and Marathon Petroleum (MPC 41.46, -0.44) decline by 0.3% and 1.1%, respectively.

The U.S. Dollar Index (95.68, -0.18) has narrowed its loss to 0.2%. However, the greenback continues to sport losses against commodity currencies, euro, and yen. The dollar/Canadian dollar pair trades lower by 0.3% (1.2957) while the buck has lost 0.8% against the safe-haven yen (101.13). Conversely, cable has declined by 0.3% (1.2914), erasing this morning's gain.

2:00 pm:

[BRIEFING.COM] The major averages float above their worst levels of the day as the Dow Jones Industrial Average (-0.4%) continues to trade slightly behind the S&P 500 (-0.2%).

In the consumer discretionary space (-0.2%), media names underperform as Disney (DIS 96.86, -0.90) and CBS (CBS 52.24, -0.68) trade lower by 0.9% and 1.3%, respectively. Disney has trimmed its post-earnings gain to 0.2% after beating bottom-line estimates on August 9. The Dow component sports a weekly gain of 1.0%, which compares to an uptick of 0.3% in the broader sector. Elsewhere, 21st Century Fox (FOXA 26.05, -0.10) has ticked lower by 0.4% after announcing that CEO Jack Abernethy and Senior Executive VP Bill Shine will serve as Co-Presidents of Fox News. On July 22 former Fox News CEO Roger Ailes resigned from the position.

On the commodities front, gold ended its day lower by 0.5% ($1,343.50/ozt, -$6.70). The precious metal declined 0.1% since last Friday's settlement ($1,344.50/ozt).

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to drift lower as the end of the trading week nears.

A look inside the Dow Jones Industrial Average shows that DuPont (DD 67.63, -1.36), Microsoft (MSFT 57.73, -0.57), & Merck (MRK 63.02, -0.61) are underperforming. DuPont shares are under pressure as materials lag the broader market. The move lower is a continuation from yesterday's decline after the EU announced that it had opened an in-depth investigation into the company's proposed merger with Dow Chemical (DOW 52.25, -1.39). Microsoft is in negative territory after CEO Satya Nadella disclosed in a regulatory filing that he had disposed of ~$8 mln in shares on August 10.

Conversely, Exxon Mobil (XOM 87.92, +1.20) is the best-performing Dow component as the energy sector rallies today amid strength in crude oil futures, which are currently up 1.6%.

At current levels, the DJIA is poised to end the week higher by 0.05%.

1:05 pm:

[BRIEFING.COM] The major averages trade on a flat note at midday with the Dow Jones Industrial Average (-0.3%) trailing the S&P 500 (-0.2%) and Nasdaq Composite (-0.1%). The three indices have trimmed weekly gains in the first half, trading relatively flat since last Friday's settlement.

Equities began the day on a defensive note as a weaker-than-expected July Retail Sales Report (0.0%; Briefing.com consensus +0.4%) weighed on the broader market. The report offered a disappointing prelude to third-quarter consumer spending, which was one of few bright spots in second-quarter GDP. In addition, July PPI (-0.4%; Briefing.com consensus 0.0%) also missed expectations, which has pushed out rate hike expectations, as estimated by the fed funds futures market.

Despite the disappointing Retail Sales Report, the retail sub-group has lent support to the broader market as quarterly results from J. C. Penney (JCP 10.32, +0.38) and Nordstrom (JWN 51.25, +3.69) extend yesterday's retail rally. The broader SPDR S&P Retail ETF (XRT 45.30, +0.05) sports a week-to-date gain of 1.1%, leading the broader consumer discretionary space (-0.1%; week-to-date: +0.5%). Additional focal points impacting today's trade have included a reversal in the dollar, an extended rally in crude oil, and weakness from the heavyweight financial (-0.4%) and health care (-0.4%) sectors.

The S&P 500 (-0.2%) floats beneath its flat line after the index tested, but failed to clear technical resistance near the 2185 price level. The session has been fairly quiet as the benchmark index continues to occupy a narrow six-point trading range. Seven sectors trade in the red as financials (-0.4%), health care (-0.4%), and materials (-1.2%) round out the leaderboard. On the flipside, consumer staples (+0.2%), utilities (+0.4%), and energy (+0.4%) sport the only gains.

The economically-sensitive financial sector (-0.4%) underperforms amid falling long-term Treasury yields and declining expectations for a rate hike by the end of the year. The fed funds futures market estimates the implied probability of a rate hike at the December meeting at 38.7%, falling from yesterday's estimate of 51.9%. In the group, life insurance names underperform as MetLife (MET 39.72, -0.43) and Prudential (PRU 75.19, -1.32) trade lower by 1.7% and 1.7%, respectively.

In the health care sector (-0.4%), pharmaceutical names underperform as Dow component Merck (MRK 63.03, -0.60) weighs on the price-weighted index. Separately, Mylan Labs (MYL 48.00, -0.71) underperforms in the biotechnology sub-group, extending its post-earnings loss to 3.8%. The company reported mixed quarterly results on August 10. Conversely, Anthem (ANTM 129.86, +1.66) and Cigna (CI 132.07, +5.45) outperform after reports indicated that settlement offers might be entertained in their antitrust case.

The PHLX Semiconductor Index (+0.3%) displays relative strength as better-than-expected quarterly results from NVIDIA (NVDA 61.76, +2.06) boost the group. Conversely, Microsoft (MSFT 57.65, -0.65) weighs on the broader technology sector. The name has been under pressure after the company's CEO disclosed the sale of 143,000 shares. Coatue Management also reported that it reduced its position in the tech giant, trimming its stake to ~4.9 million shares from ~10.8 million.

The U.S. Dollar Index (95.67, -0.19) has advanced in recent action as the euro and the yen trim gains against the greenback. The single currency has jumped 0.3% against the dollar (1.1170) while the dollar/yen pair trades lower by 0.8% (101.13). The index yielded to selling pressure following a string of disappointing economic data.

Treasuries hold the bulk of their morning gains as yields decline across the curve. The yield on the 10-yr note has slipped five basis points to 1.51%. The yield on the benchmark 10-yr note has declined eight basis points from last Friday's settlement (1.59%).

Today's economic data included July PPI, July Retail Sales, the preliminary reading of the Michigan Sentiment Index for August, and Business Inventories for June:

The Producer Price Index for July featured a 0.4% decline in the final demand index (Briefing.com consensus 0.0%) following a 0.5% increase in June.
The downturn in July was paced by prices for final demand services, which fell 0.3%.
The index for final demand goods, meanwhile, decreased 0.4%.
On a year-over basis, the final demand index is down 0.2% versus a 0.3% increase seen in June.
Excluding food and energy, the final demand index declined 0.3% on the heels of a 0.4% increase in June.
That left the index up 0.7% year-over-year, which is a slowdown from the 1.3% growth rate seen in June.
The Retail Sales report for July showed no change in total retail sales (Briefing.com consensus +0.4%) after an upwardly revised 0.8% increase (from 0.6%) in June.
Excluding autos, retail sales declined 0.3% (Briefing.com consensus +0.2%) following an upwardly revised 0.9% increase (from 0.7%) in June.
Gasoline station sales (-2.7%) were the main drag and helped break a string of three consecutive monthly increases in retail sales.
Other weak spots included sporting goods, hobby, book and music stores (-2.2%), food and beverage stores (-0.6%), building material and garden equipment and supplies dealers (-0.5%), clothing and accessories (-0.5%), food services and drinking places (-0.2%), general merchandise stores (-0.1%), and electronics and appliance stores (-0.1%).
Motor vehicle and parts dealers (+1.1%) provided an influential offset of sorts, but by and large there was a slowdown in sales across most categories following some relatively strong sales performances in June.
Core retail sales, which exclude auto, gasoline station, building material, and food services sales, and which factor into the goods component for personal consumption expenditures in the GDP report, were flat.
Total business inventories increased 0.2% in June (Briefing.com consensus +0.1%) following an unrevised 0.2% increase in May.
The key takeaway from the report is that business inventories continue to remain at an elevated level relative to sales.
This points to ongoing difficulties in achieving pricing power and perhaps some more conservative approaches to increasing inventory investment.
Manufacturers' inventories (-0.1%) and wholesaler inventories (+0.3%) were already known.
The total business inventory-to-sales ratio for June dipped to 1.39 from 1.40 in May, yet that was still above the 1.37 ratio seen in the same period a year ago.
The preliminary reading for the University of Michigan Index of Consumer Sentiment for August checked in at 90.4 (Briefing.com consensus 90.2) versus the final reading of 90.0 for July.
From our vantage point, the key takeaway from the report is that there wasn't any significant change in consumer sentiment.
This comes despite the stock market rally and the stronger-than-expected employment data seen for July and August.
The improvement in August was fed by the Index of Consumer Expectations, which jumped to 80.3 from 77.8 in July.
The Current Economic Conditions Index, meanwhile, dropped to 106.1 from 109.0.

12:25 pm:

[BRIEFING.COM] The stock market has ticked lower in recent action, returning to its opening level. The Dow Jones Industrial Average (-0.3%) trails the S&P 500 (-0.2%).

The economically-sensitive financial sector (-0.4%) displays relative weakness as the group moves lower following below-consensus economic data. Specifically, the Producer Price Index for July (-0.4%; Briefing.com consensus 0.0%) missed expectations, signaling the presence of some deflationary pressures in the producer pipeline. The reading has pushed out rate hike expectations as the implied probability for a rate hike at the September meeting slides to 6.0% (from 12.0% yesterday), as estimated by the fed funds futures market. Additionally, the estimated likelihood of a rate hike at the December meeting has slipped to 38.7% from yesterday's estimate of 51.9%.

Rate-sensitive real estate investment trusts outperform, gaining alongside defensively-oriented consumer staples (+0.4%) and utilities (+0.5%).

The U.S. Dollar Index (95.67, -0.18) has inched higher in recent action as the greenback trims losses against the euro and the yen. The euro/dollar pair trades higher by 0.3% (1.1168) after slipping from the 1.1200 price level at the start of the session. Separately, the dollar sports a loss of 0.8% against the safe-haven yen (101.16).

12:00 pm:

[BRIEFING.COM] The stock market has inched lower in recent action as the Dow Jones Industrial Average (-0.2%) trails the S&P 500 (-0.1%) and the Nasdaq Composite (-0.1%). Elsewhere, the domestically-facing Russell 2000 (+0.2%) outperforms.

The influential technology sector (-0.2%) trades slightly behind the broader market as Dow component Microsoft (MSFT 57.75, -0.55) underperforms. The tech giant has slipped 1.0% after the company's CEO disclosed the sale of 143,000 shares for approximately $8 million. Additionally, Coatue Management reported that it trimmed its position in Microsoft. The firm cut its equity exposure to ~4.9 million shares from ~10.8 million. It is worth noting that the stock has rallied 8.8% since impressing investors with its quarterly results on July 19. This compares to an advance of 4.1% in the Technology Sector SPDR ETF (XLK 47.08, -0.08) over that time.

The high-beta chipmakers demonstrate relative strength as the group moves higher in sympathy with NVIDIA (NVDA 62.25, +2.55). The stock has jumped 4.3% after beating top-and bottom-line estimates for the quarter.

11:30 am:

[BRIEFING.COM] The S&P 500 (UNCH) flirts with its flat line, navigating inside a meager six-point trading range. The benchmark index sports a weekly gain of 0.1%.

The countercyclical health care sector (-0.3%) trades behind the broader market as biotechnology underperforms. The iShares Nasdaq Biotechnology ETF (IBB 290.64, -1.27) has declined 0.4% as Mylan Labs (MYL 47.96, -0.75) weighs on the group. The name has declined 3.9% after reporting a mixed quarter on August 10. This compares to a loss of 1.3% in the biotechnology ETF over that time.

In the broader sector, health insurance names outperform as Anthem (ANTM 129.74, +1.54) and Cigna (CI 132.74, +6.12) gain 1.2% and 4.9%, respectively. The two stocks are outperforming as their antitrust case gets underway. The U.S. Department of Justice moved to block their proposed merger on July 21.

On the commodities front, WTI crude trades higher by 2.4% ($44.55/bbl; +1.06) while gold has ticked higher by 0.6% to $1,357.60/ozt.

11:00 am:

[BRIEFING.COM] The major averages continue to trim their opening losses as the Nasdaq Composite (UNCH) and the S&P 500 (UNCH) trade neck-and-neck. The benchmark index floats five points above its worst level of the day.

The consumer discretionary space (+0.2%) hovers above its flat line as above-consensus bottom-line results from J. C. Penney (JCP 10.34, +0.40) and Nordstrom (JWN 51.54, +3.96) boost the retail sub-group. The SPDR S&P Retail ETF (XRT 45.47, +0.23) has gained 0.5% after advancing 2.4% in the prior session. For the week, the ETF has jumped 1.5%, which compares to a gain of 0.7% in the broader consumer discretionary sector.

Conversely, Wynn Resorts (WYNN 100.31, -2.37) weighs on the leisure sub-group after being downgraded to "Hold" at Union Gaming.

Treasuries continue to hold substantial gains as yields decline across the curve. The yield on the 10-yr note has slipped eight basis points to 1.48% while the yield on the 2-yr note has declined by six basis points (0.68%). The yield on the benchmark 10-yr note has declined 11 basis points from last Friday's settlement (1.59%).

10:30 am: [BRIEFING.COM]

The dollar index is down -0.3% around the 95.60 level, boosting commodities
Commodities, as measured by the Bloomberg Commodity Index, is trading nearly flat
Crude oil extends yesterday's notable rally ahead of rig count data
August crude oil futures are up $0.32 (+0.8%) at $43.81/barrel
The next OPEC meeting will take place Sept 26-28 in Algeria
Baker Hughes rig count data will be released today at 1 pm ET
Natural gas snaps its recent loss-streak, inching higher in morning pit trading
August natural gas futures are up $0.05 (+2.1%) at $2.60/MMBtu
In precious metals, gold & silver trade higher & in lockstep as the dollar index trades lower
August gold futures are up $8.50 (+0.6%) at $1358.50/oz
September silver futures are up $0.13 (+0.6%) around $20.15/oz
Base metal copper erases yesterday's gains in morning pit trading
September copper futures are down $0.04 (-1.7%) $2.15/lb

10:05 am:

[BRIEFING.COM] The major averages have inched higher in recent action as the Dow Jones Industrial Average (-0.2%) trades behind the S&P 500 (-0.1%).

Just released, business inventories increased 0.2% in June, which came in above the Briefing.com consensus of 0.1%. The prior month's reading was unrevised at 0.2%.

Separately, the preliminary reading of the University of Michigan Consumer Sentiment survey for August increased to 90.4 (Briefing.com consensus 90.2) from the reading of 90.0 that was reported in July.

The U.S. Dollar Index (95.43, -0.43) continues to hover above its session low as the pound, euro, and yen extend their leads over the buck. Sterling has advanced 0.2% against the dollar (1.2978) while the single currency sports a gain of 0.6% against the greenback (1.1200). The dollar/yen pair trades lower by 1.0% (100.98) amid a persistent safe-haven bid.

9:45 am:

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

Seven sectors trade in the red with heavily-weighted health care (-0.4%) and financials (-0.6%) leading to the downside. The remaining decliners sport losses between 0.1% (technology) and 0.3% (industrials). On the flipside, energy (+0.2%) and countercyclical consumer staples (+0.2%) and utilities (+0.5%) sport the only gains.

In the financial sector (-0.6%), life insurance names have been under pressure as MetLife (MET 39.67, -0.48) and Prudential (PRU 75.37, -1.14) decline by 1.3% and 1.6%, respectively. The broader sector is underperforming amid slipping long-term Treasury yields.

Tobacco names have paced the advance in the countercyclical consumer staples (+0.2%) sector. In the group, Philip Morris International (PM 99.60, +0.74) has gained 0.8% following reports of encouraging sales figures out of Japan.

On the commodities front, WTI crude trades higher by 0.8% ($43.83/bbl; +$0.34) while gold has gained 0.6% ($1,357.30/ozt; +$7.30).

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -1.60.

The stock market is on track for modestly lower open as the S&P 500 futures trade two points below fair value.

Index futures moved to session lows shortly after the release of a weaker-than-expected readings of the July Retail Sales Report and July PPI (-0.4%; Briefing.com consensus 0.0%). July retail sales came in flat (Briefing.com consensus +0.4%) while retail sales excluding autos declined 0.3% (Briefing.com consensus +0.2%). The report is in focus as it gives participants an indication of consumer spending for the third quarter. Recall that consumer spending was one of few bright spots in second-quarter GDP.

The U.S. Dollar Index (95.45, -0.41) tumbled following the below-consensus economic data. The pound, euro, and yen each hold gains against the greenback. The single currency has advanced 0.5% against the buck (1.1195) while the dollar/yen pair trades lower by 0.9% (101.08) amid safe-haven inflows. The softening dollar has acted as a tailwind for dollar-denominated commodities as WTI crude trades higher by 0.6% ($43.77/bbl; +$0.28) while gold has risen 0.6% to $1,357.90/ozt.

In company specific news, Dillard's (DDS 62.76, -3.65) trades lower by 5.5% after reporting mixed quarterly results. The company beat bottom-line estimates on light revenue. Concordia (CXRX 12.81, -3.55) has tumbled 21.7% in pre-market action after missing bottom-line estimates for the quarter and lowering its full-year earnings outlook below consensus. The company also announced that it would suspend its dividend.

Today's economic data will be capped off with the preliminary reading of the Michigan Sentiment Index for August (Briefing.com 90.2) and Business Inventories for June (Briefing.com consensus +0.1%), which will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -3.10.

The S&P 500 futures trade three points below fair value.

Equity indices across the Asia-Pacific region ended the week on a mostly higher note with China's Shanghai Composite (+1.6%) leading the way after the release of economic data, which stoked up hopes for more stimulus measures. Separately, People's Bank of China research director Yao Yudong said the yuan is expected to appreciate over the longer term.

In economic data:
China's July Industrial Production +6.0% year-over-year (consensus 6.1%; last 6.2%), July Fixed Asset Investment +8.1% year-over-year (consensus 8.8%; last 9.0%), and July Retail Sales +10.2% year-over-year (consensus 10.5%; last 10.6%). July M2 Money Stock +10.2% year-over-year (consensus 11.2%; last 11.8%), July New Loans CNY463.60 billion (expected CNY800.00 billion; last CNY1.38 trillion), and July Outstanding Loan Growth +12.9% year-over-year (consensus 13.8%; last 14.3%)
Hong Kong's Q2 GDP +1.6% quarter-over-quarter (last -0.5%); +1.7% year-over-year (last 0.8%)
New Zealand's Q2 Retail Sales +2.3% quarter-over-quarter (expected 0.9%; last 0.8%) and Core Retail Sales +2.6% quarter-over-quarter (consensus 1.1%; last 1.1%)
South Korea's July Import Price Index -7.1% year-over-year (last -4.9%) and July Export Price Index -7.5% year-over-year (previous -4.9%)

---Equity Markets---

Japan's Nikkei climbed 1.1%, extending its weekly gain to 4.1%. All ten sectors registered gains with utilities (+2.8%) and health care (+2.1%) ending in the lead. Sharp surged 19.0% after Chinese authorities approved the takeover by Foxconn. Sony Financial Holdings, J Front Retailing, Tokyo Electron, Dentsu, and Fast Retailing gained between 2.9% and 4.2%.
Hong Kong's Hang Seng advanced 0.8% to end the week higher by 2.8%. Energy-related names finished in the lead with China Resources Power and CNOOC jumping 4.7% and 3.6%, respectively. Financial shares also displayed strength with Bank of East Asia, BOC Hong Kong, and HSBC rising between 0.6% and 2.3%.
China's Shanghai Composite rose 1.6%, ending the week higher by 2.5%. Beijing Urban Construction Investment & Development, Shanghai Industrial Development, and Langfang Development gained between 5.9% and 10.0%.

Major European indices trade on a lower note, slipping after the release of a disappointing U.S. July Retail Sales Report (0.0%; Briefing.com consensus +0.4%). Separately, it is worth noting that a German cooperative savings bank in Gmund am Tegernsee will begin charging fees for savings in excess of EUR100,000 in September. The move comes as the country's banking sector looks for ways to deal with negative interest rates.

In economic data:
Eurozone Q2 GDP +0.3% quarter-over-quarter, as expected (last 0.3%); +1.6% year-over-year, as expected (last 1.6%). June Industrial Production +0.6% month-over-month (expected 0.5%; last -1.2%); +0.4% year-over-year (consensus 0.7%; last 0.3%)
Germany's Q2 GDP +0.4% quarter-over-quarter (expected 0.2%; last 0.7%); +3.1% year-over-year (consensus 1.5%; last 1.5%). July CPI +0.3% month-over-month, as expected (last 0.3%); +0.4% year-over-year, as expected (last 0.4%)
France's Q2 Nonfarm Payrolls +0.2% quarter-over-quarter, as expected (last 0.3%)
Spain's July CPI -0.7% month-over-month, as expected (last 0.5%); -0.6% year-over-year (consensus -0.6%; last -0.6%)
Italy's Q2 GDP 0.0% quarter-over-quarter (expected 0.2%; last 0.3%); +0.7% year-over-year (consensus 0.8%; last 1.0%)

---Equity Markets---

Germany's DAX is lower by 0.4% with more than half of its components in the red. RWE has dropped 1.8% while exporters Volkswagen, BMW, and Daimler show losses between 0.2% and 1.0%. On the upside, Henkel has surged 4.5% in reaction to better than expected results.
France's CAC has shed 0.2%. Growth-sensitive names like Vinci, Michelin, Schneider Electric, and Valeo are down between 0.7% and 1.0% while select consumer names outperform. Kering, Louis Vuitton, and Carrefour are up between 0.5% and 1.5%.
UK's FTSE is down 0.2% with miners on the defensive. Rio Tinto, Anglo American, Antofagasta, Randgold Resources, and Fresnillo are down between 1.8% and 3.0%. On the flip side, Sports Direct, Marks & Spencer, Dixons Carphone, Tesco, and Sainsbury are up between 2.0% and 3.5%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.20.

Equity futures have pulled back in recent action as the S&P 500 futures trade one point below fair value.

Just released, July producer prices decreased 0.4% while the Briefing.com consensus expected a flat reading. Core producer prices came in lower by 0.3% while the consensus called for an uptick of 0.2%.

Separately, July retail sales came in flat while the Briefing.com consensus expected an increase of 0.4%. The prior month's reading was revised to 0.8% from 0.6%. Excluding autos, retail sales slipped 0.3% while the consensus expected an uptick of 0.2%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +2.10.

U.S. equity futures trade on a flat note as the S&P 500 futures float one point above fair value. Index futures are little changed as investors weigh the latest batch of quarterly earnings results and a mixed set of economic data from overseas. On the home front, stronger-than-expected bottom-line results from Nordstrom (JWN 52.40, +4.84) has kept retail names in focus ahead of this morning's release of the Retail Sales Report for July (Briefing.com consensus +0.4%).

In Asia, weaker-than-expected readings of China's July Industrial Production (+6.0% year-over-year; consensus 6.1%) and July Retail Sales (+10.2% year-over-year; consensus 10.5%) incited speculation regarding further stimulus measures. On the flipside, Germany's Q2 GDP (+0.4% quarter-over-quarter; expected 0.2%) topped estimates, but action in regional markets remains subdued.

Treasuries hold gains as yields slide throughout the complex. The yield on the 10-yr note has slipped two basis points to 1.54%.

On the economic front, data will include July PPI (Briefing.com consensus 0.0%) and July Retail Sales (Briefing.com consensus +0.4%), which will each cross the wires at 8:30 ET. Separately, the preliminary reading of the Michigan Sentiment Index for August (Briefing.com 90.2) and Business Inventories for June (Briefing.com consensus +0.1%) will be released at 10:00 ET.

In U.S. corporate news of note:

Nordstrom (JWN 52.40, +4.84): +10.1% after beating bottom-line estimates for the quarter and issuing in-line FY17 earnings guidance
J. C. Penney (JCP 10.00, +0.06): +0.6% following the company topping bottom-line estimates and reaffirming its FY16 outlook
NVIDIA (NVDA 62.10, +2.40): +4.0% after reporting a top- and bottom-line beat for the quarter and raising its Q3 revenue guidance above consensus
Endo International (ENDP 23.45, +0.44): +1.9% following the stock being upgraded to "Buy" from "Neutral" at Mizuho

Reviewing overnight developments:

Asia-Pacific markets ended the week on a mostly higher note with China's Shanghai Composite (+1.6%) leading Japan's Nikkei (+1.1%) and Hong Kong's Hang Seng (+0.8%).
In economic data:
China's July Industrial Production +6.0% year-over-year (consensus 6.1%; last 6.2%), July Fixed Asset Investment +8.1% year-over-year (consensus 8.8%; last 9.0%), and July Retail Sales +10.2% year-over-year (consensus 10.5%; last 10.6%). July M2 Money Stock +10.2% year-over-year (consensus 11.2%; last 11.8%), July New Loans CNY463.60 billion (expected CNY800.00 billion; last CNY1.38 trillion), and July Outstanding Loan Growth +12.9% year-over-year (consensus 13.8%; last 14.3%)
Hong Kong's Q2 GDP +1.6% quarter-over-quarter (last -0.5%); +1.7% year-over-year (last 0.8%)
New Zealand's Q2 Retail Sales +2.3% quarter-over-quarter (expected 0.9%; last 0.8%) and Core Retail Sales +2.6% quarter-over-quarter (consensus 1.1%; last 1.1%)
South Korea's July Import Price Index -7.1% year-over-year (last -4.9%) and July Export Price Index -7.5% year-over-year (previous -4.9%)
In news:
China's Shanghai Composite (+1.6%) lead the way after the release of economic data, which stoked up hopes for more stimulus measures.
Separately, People's Bank of China research director Yao Yudong said the yuan is expected to appreciate over the longer term.

European indices trade flat as Germany's DAX (-0.1%) floats slightly behind France's CAC (UNCH) and the U.K.'s FTSE (UNCH).
In economic data:
Eurozone Q2 GDP +0.3% quarter-over-quarter, as expected (last 0.3%); +1.6% year-over-year, as expected (last 1.6%). June Industrial Production +0.6% month-over-month (expected 0.5%; last -1.2%); +0.4% year-over-year (consensus 0.7%; last 0.3%)
Germany's Q2 GDP +0.4% quarter-over-quarter (expected 0.2%; last 0.7%); +3.1% year-over-year (consensus 1.5%; last 1.5%). July CPI +0.3% month-over-month, as expected (last 0.3%); +0.4% year-over-year, as expected (last 0.4%)
France's Q2 Nonfarm Payrolls +0.2% quarter-over-quarter, as expected (last 0.3%)
Spain's July CPI -0.7% month-over-month, as expected (last 0.5%); -0.6% year-over-year (consensus -0.6%; last -0.6%)
Italy's Q2 GDP 0.0% quarter-over-quarter (expected 0.2%; last 0.3%); +0.7% year-over-year (consensus 0.8%; last 1.0%)
In news:
German cooperative savings bank in Gmund am Tegernsee will begin charging fees for savings in excess of EUR100,000 in September.
The move comes as the country's banking sector looks for ways to deal with negative interest rates.

5:58 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +1.60.

5:58 am: [BRIEFING.COM] Nikkei...16920...+184.80...+1.10%. Hang Seng...22767...+186.40...+0.80%.

5:58 am: [BRIEFING.COM] FTSE...6920.31...+5.60...+0.10%. DAX...10707.06...-35.80...-0.30%.

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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