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 Post subject: September 6th Tuesday Trade Results - No Trades
PostPosted: Wed Sep 07, 2016 6:29 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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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)
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Quote:
No trades today. I needed some extra rest after a big holiday weekend of doing activities. In addition, I had very little sleep last night as explained yesterday in the free chat room due to one of my kids unable to sleep because of bad dreams about zombies.

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

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.

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=160&t=2452

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 began an abbreviated week on a higher note as a weaker-than-expected reading of the ISM Non-Manufacturing Index for August led investors to dial back rate hike expectations for the year. The Nasdaq Composite (+0.5%) finished the day slightly ahead of the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%).

The ISM Non-Manufacturing Index for August was a big disappointment, dropping to 51.4 (Briefing.com consensus 54.7) from 55.5 in July. The August reading was the lowest reading for this index since February 2010. The key takeaway from the report is that it appears as if both the manufacturing sector and the non-manufacturing sector experienced a noticeable slowing of activity in August.

The added takeaway is that the slowdown seen on both sides of the economy will likely leave the Fed reluctant to raise the fed funds rate at its September meeting. Recall that it was shown last week that the ISM Manufacturing Index dropped to 49.9 from 52.6 in July. A number below 50.0 denotes a general contraction in manufacturing activity. The U.S. Dollar Index (94.85,-0.99, -1.03%), fed funds futures, and the economically-sensitive financial sector (-0.1%) fell in response while Treasuries and defensively-oriented telecom services (+0.9%) and utilities (+1.1%) enjoyed a bid.

The benchmark index erased its opening loss by midday as heavily-weighted health care (+0.4%) and technology (+0.5%) demonstrated relative strength. The broader market settled near its best level of the day with seven sectors ending in the green. The defensively-oriented telecom services (+0.9%) and utilities (+1.1%) sectors followed energy (+1.5%) on the top of the board. Conversely, financials (-0.2%) and industrials (-0.3%) led the downside.

The commodity-sensitive energy space (+1.5%) demonstrated relative strength amid a string of M&A news and a rebound in dollar-denominated oil. EOG Resources (EOG 94.83, +5.92) rallied 6.7% after announcing a deal to merge with Yates Petroleum. The deal to merge is valued at approximately $2.5 billion. Spectra Energy (SE 41.00, +4.85) surged 13.4% after announcing a stock-for-stock merger with Enbridge (ENB 43.06, +2.07). For its part, WTI crude ended its pit session higher by 1.0% ($44.85/bbl; +$0.46).

In the technology sector (+0.5%), Facebook (FB 129.73, +3.22) outperformed, notching a fresh all-time high (129.94). Conversely, top-weighted Apple (AAPL 107.68, -0.05) ended lower by 0.1% ahead of tomorrow's special event. The company is expected to introduce the iPhone 7 at 13:00 ET. The PHLX Semiconductor Index (-0.2%) underperformed as iPhone suppliers weighed. Skyworks (SWKS 73.01, -1.61) and Qorvo (QRVO 56.02, -1.58) rounded out the price-weighted index.

The health care space (+0.4%) finished ahead of the broader market as biotechnology outperformed. In the group, Gilead Sciences (GILD 77.88, +0.99) jumped 1.3% after being upgraded to "Buy" from "Hold" at Jefferies. Separately, health care plan names underperformed with Cigna (CI 127.58, -0.60) losing 0.5% after reaffirming its full-year adjusted net income guidance.

The financial sector (-0.2%) underperformed amid diminishing rate hike expectations for the year and a downturn in Treasury yields. The fed funds futures market estimates the implied probability of a rate hike at the September meeting at 18.0%, falling from the prior session's estimate of 21.0%. Money center banks and life insurance names underperformed with Prudential (PRU 78.59, -0.90) and Wells Fargo (WFC 49.99, -0.56) declining 1.1% apiece.

Treasuries ended on a higher note with yields dropping through the curve. The yield on the 2-yr note ended lower by seven basis points (0.72%) while the yield on the 10-yr note settled lower by seven basis points (1.54%).

Today's participation was above the recent average as more than 835 million shares changed hands on the NYSE floor.

Today's economic data was limited to ISM Services for August:

The ISM Non-Manufacturing Index for August was a big disappointment, dropping to 51.4 (Briefing.com consensus 54.7) from 55.5 in July.
This was the lowest reading for this index since February 2010.

For further details on this economic release, be sure to visit Briefing.com's Economic Calendar page.

Tomorrow's economic data will include the 7:00 ET release of the weekly MBA Mortgage Index. Separately, the Job Openings and Labor Turnover Survey for July and the Fed's Beige Book for September will cross the wires at 10:00 ET and 14:00 ET, respectively.

3:30 pm: [BRIEFING.COM]

The dollar index hit new session lows, -1.1% around the 94.85 level, boosting commodities overall
Commodities, as measured by the Bloomberg Commodity Index, were up +0.5% around the 83.39 level
Crude oil reversed initial morning losses & closed at session highs after headlines citing Iran's President as being in support of measures to support an oil price recovery
October crude oil futures rose $0.46 (+1.0%) to $44.85/barrel
Contributing factors affecting the price of oil include:
The next OPEC meeting will take place in Algiers, Algeria from Sept 26-28
Iran's President came out with comments in support of measures to aid in an oil price recovery
Non-OPEC producer Russia & Saudi Arabia (the two largest producers in the world collectively responsible for ~20% of global oil production) agreed to form a coalition to track oil markets and recommend action to OPEC members, announced after the G-20 Summit
Saudi Arabian oil minister has stated that he does not see the need for a production freeze at current price levels after the G-20 announcement
China released data on its strategic petroleum reserves, totalled 31.97 mln tons equal to 33-36 days of China's imports, China notes they have been stockpiling oil in anticipation of a future oil price recovery
The dollar index hits fresh lows of the session, notably -1.1% around the 94.82 level
Upcoming data:
EIA data will be released Thursday at 11:00 am ET, 30 min after natural gas inventory data
API data will be released tomorrow after the bell
Monthly IEA data will be released Sept 13
Natural gas consolidated near its morning lows, closed notably lower ahead of Thursday's inventory data
October natural gas closed $0.07 lower (-2.5%) at $2.72/MMBtu
EIA natural gas inventory data will be released at 10:30 am ET on Thursday, its normally scheduled time
In precious metals, gold & silver ended at highs of the day as the dollar index plummeted further in the afternoon
December gold ended today's session up $27.10 (+2.0%) to $1353.90/oz
December silver closed today's session $0.76 higher (+3.9%) at $20.13/oz
Base metal copper inched higher in afternoon pit trading
December copper closed $0.01 higher (+0.5%) at $2.09/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.3%) trades slightly ahead of the S&P 500 (+0.2%).

Seven sectors trade in the green with utilities (+0.9%), telecom services (+1.1%), and energy (+1.5%) leading the pack. The remaining gainers sport upticks between 0.1% (consumer discretionary) and 0.3% (health care). Conversely, materials (-0.3%), financials (-0.4%), and industrials (-0.5%) round out the board.

In the consumer staples space (+0.1%), wholesale retailers underperform with Costco (COST 157.21, -0.77) declining 0.5%. The name has been under pressure since announcing disappointing August same-store sales on September 1. Costco has declined 3.0% so far in September, which compares to a gain of 0.8% in the broader consumer staples sector.

Treasuries trade near session highs with yields under pressure throughout the complex. The yield on the benchmark 10-yr note has slipped five basis points to 1.54%.

WTI crude ended its pit session higher by 1.0% ($44.85/bbl; +$0.46).

2:30 pm:

[BRIEFING.COM] The broader market has traded in sideways fashion as the S&P 500 sports a gain of 0.2%.

The commodity-sensitive energy space (+1.5%) demonstrates relative strength amid a reversal in crude oil futures. WTI crude began the day on a lower note as headlines regarding a Russian and Saudi Arabian coalition fizzled out. The two oil producers agreed over the weekend that they would discuss potential oil market stabilization efforts in the future. The energy component tested the $43.85/bbl price level before some softening in the greenback boosted the dollar-denominated commodity. Crude oil trades higher by 0.5% ($44.66/bbl; +$0.23) ahead of its pit session close at 14:30 ET.

Spectra Energy (SE 42.09, +5.94) has rallied 16.4% after announcing a stock-for-stock merger with Enbridge (ENB 44.06, +3.07). The terms of the merger agreement value Spectra at $40.33 per share, which represents an 11.5% premium to last Friday's closing price. Separately, EOG Resources (EOG 94.82, +5.91) has gained 6.6% after announcing a $2.5 billion deal to merge with Yates Petroleum.

2:00 pm:

[BRIEFING.COM] The broader market trades in the upper end of today's trading range as the S&P 500 (+0.2%) floats one point below its best level of the day.

The heavily-weighted industrial sector (-0.5%) rounds out the leaderboard as Danaher (DHR 79.46, -1.73) and Cummins (CMI 117.94, -8.22) trade lower by 2.1% and 6.5%, respectively. Danaher is under pressure after agreeing to acquire Cepheid (CPHD 52.30, +17.88) for $53 per share. This represents a 54.0% premium to Cepheid's closing price last Friday. Meanwhile, Cummins underperforms amid concerns of increased competition from Navistar (NAV 19.88, +5.81). Navistar has surged 41.4% after Volkswagen Truck & Bus announced a wide-ranging strategic alliance with the company. Under the agreement Volkswagen assumed a 16.6% active stake in Navistar. The industrial sector is down 0.1% so far in September.

On the commodities front, gold ended its pit session higher by 2.0% ($1,353.90/ozt; +$27.10) amid weakness in the dollar and falling rate hike expectations for the year. Separately, silver settled at $20.13/ozt (+3.9%; +$0.76).

1:30 pm:

[BRIEFING.COM] The major U.S. indices have pulled back slightly in recent trading, but still show small gains to kick off Wall Street's shortened week.

A look inside the Dow Jones Industrial Average shows that Verizon (VZ 53.79, +0.91), Chevron (CVX 102.30, +1.37), & Exxon Mobil (XOM 88.45, +1.03) are outperforming. Verizon is leading the Dow as telecoms advance notably in excess of the broader market, while Chevon and Exxon trade in tandem with energy peers following this weekend's news that Russia and Saudi Arabia had agreed to cooperate in global oil markets, signaling the two could limit output down the road in an effort to stabilize prices.

Conversely, General Electric (GE 30.87, -0.42) is the worst-performing Dow component after this morning announcing plans to acquire two 3D companies, Arcam AB and SLM Solutions Group AG, for $1.4 bln. Ahead of today's announcement, GE had invested ~$1.5 bln in manufacturing and additive technologies (also called 3D printing) since 2010.

Today's session puts the DJIA's 2016 return at 6.24%.

1:05 pm:

[BRIEFING.COM] The stock market is little changed at midday as the Nasdaq Composite (+0.4%) trades slightly ahead of the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.1%). The tech-heavy index outperforms amid strength in the technology and biotechnology sub-groups. Other focal points have included softening in the dollar and a fair amount of M&A news.

Today's session began on a cautious note as a weaker-than-expected expected reading of the ISM Services Index for August pressured the broader market. The index fell to 51.4 in August (Briefing.com consensus 54.7), declining from July's reading of 55.5. The negative datapoint comes on the heels of a below-consensus reading of the ISM Manufacturing Index for August. The index registered at 49.4 (Briefing.com consensus 52.2) last Thursday.

The combination of negative data has pressured rate hike expectations. The fed funds futures market currently estimates the implied probability of a rate hike at the September meeting at 18.0%, falling from the prior session's estimate of 21.0%. The odds of a rate hike at the December meeting have inched below the 50.0% threshold, coming in at 48.8%.

The broader market pulled back in the first hour as heavily-weighted consumer discretionary (-0.1%), financials (-0.4%), and industrials (-0.5%) weighed. However, the benchmark index erased its early loss by mid-morning. Seven sectors currently trade in the green with defensively-oriented utilities (+1.0%) and telecom services (+1.2%) leading the pack. On the flipside, financials (-0.4%) and industrials (-0.5%) are acting as notable laggards.

Biotechnology demonstrates relative strength in the health care space (+0.5%) as Mylan Labs (MYL 40.61, +0.65) rebounds from last week's 7.1% decline. Gilead Sciences (GILD 78.18, +1.29) trades higher by 1.7% after being upgraded to "Buy" from "Hold" at Jefferies. The broader iShares Nasdaq Biotechnology ETF (IBB 285.18, +4.57) has gained 1.6% after declining 3.0% in August.

In the technology sector (+0.3%), large cap components Alphabet (GOOG 780.46, +9.00) and Facebook (FB 129.67, +3.15) outperform, rising 1.1% and 2.5%, respectively. Meanwhile, top-weighted Apple (AAPL 107.89, +0.16) trades slightly behind the broader sector ahead of tomorrow's special event. The company is widely expected to introduce its latest iPhone device at 13:00 ET. Conversely, iPhone suppliers underperform in the PHLX Semiconductor Index (-0.6%). Qorvo (QRVO 55.62, -1.98) rounds out the price-weighted index, falling 3.4%.

The economically-sensitive financial sector (-0.4%) underperforms amid diminishing rate hike expectations for the year and a downturn in Treasury yields. Money center banks demonstrate relative weakness in the group with Bank of America (BAC 15.84, -0.15) and Wells Fargo (WFC 49.90, -0.64) declining 1.3% apiece. The broader sector has lost 0.2% this month, rounding out the monthly leaderboard.

On the M&A front, Cepheid (CPHD 52.30, +17.88) has spiked 52.0% after agreeing to be acquired by Danaher (DHR 79.73, -1.45) for $53.00 per share in cash or approximately $4 billion. Separately, Monsanto (MON 107.40, -0.04) has erased an early gain after Bayer (BAYRY 108.12, +1.85) updated its proposal to acquire Monsanto, offering $127.50 per share in cash.

Treasuries continue to trade near session highs as yields remain pressured through the curve. The yield on the 2-yr note is lower by six basis points (0.73%) while the yield on the benchmark 10-yr note has also declined six basis points (1.54%).

Today's economic data was limited to ISM Services for August:

The ISM Non-Manufacturing Index for August was a big disappointment, dropping to 51.4 (Briefing.com consensus 54.7) from 55.5 in July.
This was the lowest reading for the series since February 2010.

For further details on this economic release, be sure to visit Briefing.com's Economic Calendar page.

12:30 pm:

[BRIEFING.COM] The Nasdaq Composite (+0.3%) recently notched a fresh session high as the tech-heavy index continues to lead the S&P 500 (+0.1%).

In the health care space (+0.5%), biotechnology demonstrates relative strength, evidenced by the 1.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 285.08, +4.47). In the group, Mylan Labs (MYL 40.53, +0.56) and Regeneron Pharmaceuticals (REGN 400.21, +11.57) have gained 1.4% and 3.0%, respectively. Mylan is rebounding from a loss of 7.1% in the prior week. The stock has been under pressure amid calls for the company to lower the price of its EpiPen device. The broader biotechnology ETF lost 0.4% last week.

Health care plan names underperform with Dow component UnitedHealth (UNH 136.07, -0.54) trading behind the price-weighted index. Meanwhile, Cigna (CI 127.50, -0.68) trades lower by 0.5% after reaffirming its full-year adjusted net income guidance.

On the commodities front, WTI crude trades lower by 0.1% ($44.38/bbl; -$0.06) while gold has jumped 1.5% to $1,346.30/ozt.

12:00 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has returned near its session high. The benchmark index remains inside a narrow nine-point trading range.

Retail name underperform in the consumer discretionary space (-0.2%), evidenced by the 0.5% decline in the SPDR S&P Retail ETF (XRT 44.31, -0.20). In the group, Nordstrom (JWN 50.50, -1.37) underperforms, declining 2.6%. The company is scheduled to present at the Goldman Sachs Annual Retail Conference tomorrow. The retail stock jumped 14.1% in August amid a rebound in the broader sub-group. Conversely, Amazon (AMZN 783.41, +10.97) has gained 1.5% while fellow F.A.N.G. member Netflix (NFLX 99.51, +2.13) trades higher by 2.2%.

Media names also display relative weakness as CBS (CBS 51.48, -0.73) and Viacom (VIAB 39.29, -0.61) trade lower by 1.4% and 1.5%, respectively.

Treasuries continue to trade near session highs as yields remain pressured through the curve. The yield on the 2-yr note is lower by five basis points (0.75%) while the yield on the 10-yr note has declined six basis points (1.55%).

11:30 am:

[BRIEFING.COM] The tech-heavy Nasdaq Composite (+0.2%) continues to outpace the S&P 500 (UNCH).

The influential technology sector (+0.2%) floats above its flat line as heavily-weighted Alphabet (GOOG 777.70, +6.24) and Facebook (FB 128.08, +1.57) outperform. Alphabet has gained 0.8% after receiving a positive mention in Barron's. Separately, fellow heavyweight Apple (AAPL 107.95, +0.22) trades in-line with the broader sector.

The PHLX Semiconductor Index (-0.4%) trades behind the technology space as Marvell (MRVL 12.77, -0.24) weighs. The stock has declined 2.0% as cautious guidance overshadows a bottom line beat. Meanwhile, Apple suppliers Qorvo (QRVO 56.53, -1.07) and Skyworks (SWKS 72.89, -1.73) underperform ahead of Apple's special event tomorrow. Recall that reports speculated last week that Apple is pushing suppliers for better deals amid falling iPhone sales.

The U.S. Dollar Index (95.04, -0.81, -0.84%) remains under pressure as the euro and the yen sport gains against the greenback. The euro has jumped 0.8% against the greenback (1.1233) while the dollar has lost 1.1% against the safe-haven yen (102.32).

11:00 am:

[BRIEFING.COM] The broader market floats above a session low as the Dow Jones Industrial Average (-0.2%) trades neck-and-neck with the S&P 500 (-0.2%). Elsewhere, small and mid-cap indices underperform with the S&P Mid Cap 400 declining 0.5%.

The economically-sensitive financial sector (-0.8%) demonstrates relative weakness, responding to a negative reading of the ISM Non-Manufacturing Index for August. The Index fell to 51.4 (Briefing.com consensus 54.7) from 55.5. The datapoint comes on the heels of a disappointing reading of the ISM Manufacturing Index last Thursday.

Money center banks and life insurance names underperform in the financial space with MetLife (MET 42.73, -0.53) and Wells Fargo (WFC 49.74, -0.81) declining 1.2% and 1.6%, respectively. The broader sector is also showing weakness in the wake of a downturn in Treasury yields. The yield on the 2-yr note has slipped to 0.75% (-5 bps) while the yield on the benchmark 10-yr note has fallen to 1.56% (-5 bps).

On the commodities front, WTI crude trades lower by 0.4% ($44.27/bbl; -$0.17), trimming its loss amid softening in the U.S. Dollar Index (94.90, -0.94, -0.98%).

10:30 am: [BRIEFING.COM]

The dollar index dropped to fresh session lows, -0.8% around the 95.09 level, boosting precious metals
Commodities, as measured by the Bloomberg Commodity Index, were trading nearly flat around the 82.98 level
Crude oil dropped to fresh session lows after a slurry of info over the long weekend, including announcements from the G-20 Summit, recovers after headlines surface of Iran's President supporting measures to aid an oil price recovery
October crude oil futures were down $0.36 (-0.8%) around the $44.08/barrel level before the Iran headline
After the Iran headline, crude recovered most of its losses to trade nearly flat around $44.42/barrel
Factors affecting the price of crude oil include:
Russia and Saudi Arabia agreed to form a coalition to track the oil markets and to provide recommendations
Saudi Arabia's oil minister has stated that he does not see a need for an immediate production freeze
Iran's President says he would support measures to aid recovery in oil prices
China released data on its strategic petroleum reserves, totalled 31.97 mln tons equal to 33-36 days of China's imports
API data will be released tomorrow after the bell rather than today due to Monday's holiday
EIA petroleum inventory data is scheduled to be released Thursday at 11:00 am ET following natural gas storage data
IEA monthly data will be released on Sept 13
Natural gas consolidated near its lows of the day ahead of Thursday's inventory data
October natural gas futures were down $0.06 (-2.2%) around the $2.73/MMbtu level
EIA inventory data will be released at its normal time on Thursday at 10:30 am ET
In precious metals, gold & silver surged as the dollar saw a notable drop
December gold futures were up $16.90 (+1.3%) around the $1343.60/oz level
December silver futures were up $0.41 (+2.2%) around the $19.78/oz level

10:00 am:

[BRIEFING.COM] The tech-heavy Nasdaq (+0.3%) trades ahead of the S&P 500 (+0.1%) and the Dow Jones Industrial Average (+0.1%).

The leaderboard remains little changed with heavily-weighted technology (+0.3%) and health care (+0.3%) following energy (+0.7%) in front of the pack. Conversely, industrials (-0.3%) and consumer staples (-0.3%) lead the retreat.

Just released, the ISM Services Index for August decreased to 51.4 from 55.5 while the Briefing.com consensus expected a reading of 54.7.

The U.S. Dollar Index (95.64, -0.20, -0.21%) hovers off its session low as the euro and the pound hold gains against the buck. The euro/dollar pair trades higher by 0.1% (1.1161) while the pound has gained 0.5% against the greenback (1.3390). Separately, the dollar has lost 0.1% against the safe-haven yen (103.33).

9:50 am:

[BRIEFING.COM] The stock market began the day on a flat note with the Nasdaq Composite (+0.2%) and the Dow Jones Industrial Average (+0.2%) trading slightly ahead of the S&P 500 (+0.1%).

Five sectors trade in the green with utilities (+0.4%) and energy (+0.8%) leading the upside. The remaining gainers sport upticks between 0.1% (materials) and 0.3% (health care). Conversely, financials (-0.2%) and consumer staples (-0.2%) lead to the downside.

Biotechnology demonstrates relative strength in the health care space (+0.3%), evidenced by the 0.7% gain in the iShares Nasdaq Biotechnology ETF (IBB 282.31, +1.68). In the ETF, Gilead Sciences (GILD 77.82, +0.93) and Mylan Labs (MYL 40.55, +0.58) trade higher by 1.2% and 1.5%, respectively.

In the technology space (+0.2%), top-weighted Apple (AAPL 108.20, +0.47) outperforms ahead of tomorrow's special event. The company is expected to introduce its latest iPhone device tomorrow.

On the commodities front, WTI crude trades lower by 0.8% ($44.08/bbl; -$0.36) while gold has jumped 0.9% to $1,338.80/ozt.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.40.

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

The flat start in the U.S. market comes amid mixed action in Europe. Today's session follows a largely range-bound Monday affair. Mixed economic data kept a lid on things at the beginning of the week as eurozone Services PMI (52.8; expected 53.1) disappointed in August while July Retail Sales (+1.1% month-over-month; expected 0.6%) came in ahead of estimates.

Crude oil futures remain in focus as oil trims its recent gain. WTI crude was up 5.5% yesterday on news that Saudi Arabia and Russia agreed to cooperate in stabilizing the oil market. However, the bulk of the gain was retraced into yesterday's close. WTI crude trades lower by 0.6% ($44.19/bbl; -$0.25), which represents a loss of 0.5% since Friday's pit session close. As a reminder, this week's inventory report from the Department of Energy will be released on Thursday at 11:00 ET.

In company specific news, Gilead Sciences (GILD 77.80, +0.91) trades higher by 1.2% after being upgraded to "Buy" from "Hold" at Jefferies. Separately, recent reports indicated that Bayer's (BAYRY 106.56, +0.29) latest offer to acquire Monsanto (MON 108.32, +0.88) is "close" on price. Bayer recently updated its proposal to acquire Monsanto, offering $127.50 per share in cash.

Today's economic data will be limited to ISM Services for August (Briefing.com consensus 54.7), which will be released at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +2.30.

The S&P 500 futures trade flat, floating within one point of fair value.

Equity indices across Asia ended Tuesday on a mostly higher note. The Reserve Bank of Australia opined overnight, keeping its key interest rate unchanged at 1.50%, as expected. The policy statement noted that an appreciating Australian dollar would make economic rebalancing more difficult. The Australian dollar is on track for its fifth consecutive advance, climbing 0.5% against the greenback to 0.7616.

In economic data:
China's August Caixin Services PMI 52.1 (expected 51.9; last 51.7)
Hong Kong's August Manufacturing PMI 49.0 (last 47.2)
Australia's Q2 Current Account -AUD15.50 billion (expected -AUD19.80 billion; last -AUD14.90 billion)

---Equity Markets---

Japan's Nikkei added 0.3% with seven sectors posting gains. Consumer staples (+1.2%), financials (+0.8%), and communications (+0.5%) outperformed while utilities (-0.1%) lagged. Konami, Shiseido, DeNa, Yamaha, Meiji Holdings, Casio Computer, and Sumitomo Realty & Development gained between 1.9% and 3.7%.
Hong Kong's Hang Seng climbed 0.6% to a one-year high. Consumer names and financials outperformed with China Mengniu Dairy, Li & Fung, Bank of China, Ping An Insurance, BoC Hong Kong, and Hang Seng Bank added between 0.4% and 2.0%.
China's Shanghai Composite gained 0.6%. HNA Innovation, Fujian Dongbai, Zhejiang Yankon Group, and Yueyang Forest & Paper advanced between 5.9% and 7.3%.

Major European indices trade near their flat lines with UK's FTSE (-0.4%) showing relative weakness. Today's affair follows a range-bound Monday session that unfolded after the release of mixed PMI readings. Eurozone Services PMI for August (52.8; expected 53.1) missed expectations while July Retail Sales (+1.1% month-over-month; expected 0.6%; last -0.1%) topped estimates.

In economic data:
Eurozone Q2 GDP +0.3%, as expected; +1.6% year-over-year, as expected. Retail PMI climbed to 51.0 from 48.9
Germany's July Factory Orders +0.2% month-over-month (expected 0.5%; last -0.3%)
Swiss Q2 GDP +0.6% quarter-over-quarter (expected 0.4%; last 0.3%); +2.0% year-over-year (consensus 0.9%; previous 1.1%). August CPI -0.1% month-over-month, as expected

---Equity Markets---

UK's FTSE trades lower by 0.4% with financials under pressure. Standard Chartered, Standard Life, Lloyds Banking, and HSBC are down between 0.6% and 1.9%. Miners have held up well with Anglo American, Fresnillo, Rio Tinto, and Antofagasta up between 0.5% and 2.6%.
France's CAC has added 0.2% with exporters Peugeot and Renault up 0.7% and 0.5%, respectively. Financials are mixed with BNP Paribas up 0.1%, Credit Agricole down 0.5%, and Societe Generale trading flat.
Germany's DAX trades up 0.4% with Fresenius climbing 4.3% after agreeing to acquire Spanish hospital operator, IDC Salud Holdings, for EUR5.76 billion. Exporters Daimler and Volkswagen are both up near 1.3%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +1.30.

Equity futures continue to trade little changed with the S&P 500 futures hovering one point above fair value.

In company specific news, Navistar (NAV 18.25, +4.18) has jumped 29.7% in pre-market trading after Volkswagen Truck & Bus announced a strategic technology collaboration with the company. Volkswagen agreed to take a 16.6% stake in Navistar at a 25.0% premium. Separately, General Electric (31.38, +0.09) announced plans to acquire Arcam (AMAVF 21.00, 0.00) and SLM Solutions Group AG for $1.4 billion in cash. Fellow 3-D printing name 3D Systems (DDD 15.84, +0.92) has gained 6.2% on the news.

The U.S. Dollar Index (95.64, -0.20, -0.21%) floats off its overnight low as the greenback trims losses against the euro and the pound. The euro/dollar pair trades higher by 0.1% (1.1160) while sterling has gained 0.4% (1.3351) against the buck. Separately, the Australian dollar sports a gain of 0.6% against the dollar (0.7630) after the Reserve Bank of Australia opted to keep its key interest rate unchanged at 1.50%, as expected.

8:04 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +2.10.

U.S. equity futures trade on a flat note with the S&P 500 futures trading one point above fair value. Index future remain little changed amid a mixed performance in global markets. European indices trade near their flat lines as investors digest weaker-than-expected German Factory Orders for July (+0.2% month-over-month; expected 0.5%). Separately, WTI crude has extended its recent gain, trading higher by 1.1% ($44.94/bbl; +$0.50). The energy component has benefited from reports from over the weekend that Saudi Arabia and Russia agreed to discuss potential oil market stabilization efforts.

On the economic front, data will be limited to ISM Services for August (Briefing.com consensus 54.7), which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Monsanto (MON 108.75, +1.31): +1.2% after receiving an updated acquisition proposal from Bayer (BAYRY 106.27, 0.00) for $127.50 per share
Cepheid (CPHD 52.42, +18.00): +52.3% following the company agreeing to be acquired by Danaher (DHR 81.05, -0.14) for $53.00 per share in cash or approximately $4 billion
Marvell (MRVL 12.25, -0.76): -5.8% after beating bottom-line estimates for the quarter and issuing below-consensus guidance for Q3
Five Below (FIVE 43.84, +0.44): +1.0% following the stock being upgraded to "Neutral" from "Sell" at Goldman

Reviewing overnight developments:

Asia-Pacific indices ended Tuesday on a higher note with Hong Kong's Hang Seng (+0.6%), China's Shanghai Composite (+0.6%), and Japan's Nikkei (+0.3%).
In economic data:
China's August Caixin Services PMI 52.1 (expected 51.9; last 51.7)
Hong Kong's August Manufacturing PMI 49.0 (last 47.2)
Australia's Q2 Current Account -AUD15.50 billion (expected -AUD19.80 billion; last -AUD14.90 billion)
In news:
The Reserve Bank of Australia opined overnight, keeping its key interest rate unchanged at 1.50%, as expected.
The policy statement noted that an appreciating Australian dollar would make economic rebalancing more difficult.
The Australian dollar is on track for its fifth consecutive advance, climbing 0.6% against the greenback to 0.7628.

European indices trade flat with Germany's DAX (+0.3%), France's CAC (+0.1%), and the U.K.'s FTSE (-0.3%).
In economic data:
Eurozone Q2 GDP +0.3%, as expected; +1.6% year-over-year, as expected. Retail PMI climbed to 51.0 from 48.9
Germany's July Factory Orders +0.2% month-over-month (expected 0.5%; last -0.3%)
Swiss Q2 GDP +0.6% quarter-over-quarter (expected 0.4%; last 0.3%); +2.0% year-over-year (consensus 0.9%; previous 1.1%). August CPI -0.1% month-over-month, as expected
In news:
Today's affair follows a range-bound Monday session that unfolded after the release of mixed PMI readings.
Yesterday, Eurozone Services PMI for August (52.8; expected 53.1) came in below estimates while July Retail Sales (+1.1% month-over-month; expected 0.6%; last -0.1%) beat expectations.

5:56 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +1.80.

5:56 am: [BRIEFING.COM] Nikkei...17082...+44.40...+0.30%. Hang Seng...23788...+138.10...+0.60%.

5:56 am: [BRIEFING.COM] FTSE...6868.14...-11.60...-0.20%. DAX...10711.25...+39.00...+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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