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 Post subject: January 5th Thursday Trade Results - No Trades
PostPosted: Thu Jan 05, 2017 6:17 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades today. I'm still preparing to trade soon. I've been studying the price action via WRB Analysis and will be seeing my doctor/occupational therapist soon to get approval to begin trading soon.

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=312&t=3290 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.

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


4:25 pm: [BRIEFING.COM] The stock market finished Thursday just below its flat line as the S&P 500 shed 0.1%. The Nasdaq outperformed, adding a modest 0.2%.

Stocks were able to overlook the red flags in other markets during the opening hour, but selling interest picked up soon thereafter. The S&P 500 saw a ten-point dip in the late morning amid defensive action in other asset classes. However, the slip, which came ahead of tomorrow's release of the Employment Situation Report for December (Briefing.com consensus 175K), was largely erased by the close.

Cyclical sectors performed slightly worse than their defensive counterparts, as five of the six finished in negative territory. Leading the retreat was the financial sector (-1.0%), which broke its three-session winning streak. Industrials (-0.4%), materials (-0.3%), and energy (-0.3%) also trailed the broader market.

Energy had a poor showing despite crude oil ending the day up 0.9% at $53.87/bbl. The advance occurred as the U.S. dollar retreated for the second consecutive day. The U.S. Dollar Index (101.52, -0.97) finished lower by 1.0%, thanks to strength in the euro (1.0593) and the Japanese yen (115.61). The two currencies increased 1.0% and 1.4% against the dollar, respectively.

The consumer discretionary space (-0.1%) settled in line with the broader market, bouncing back from heavy selling pressure in the morning. The sector started Thursday on the wrong foot after Macy's (M 30.86, -4.98) and Kohl's (KSS 42.01, -9.87) issued disappointing guidance due to weak holiday sales, pushing the SPDR S&P 500 Retail ETF (XRT 44.02, -1.15) lower by 2.6%. However, the sector's top-weighted stock, Amazon (AMZN 780.45, +23.27) had a solid showing, ending the day higher by 3.1%.

The top-weighted technology sector (+0.2%) was the only cyclical group to finish the day in positive territory. However, the win didn't come easy as weakness in chipmakers sent the PHLX Semiconductor Index lower by 0.9%. That soft spot was offset by gains in top components like Apple (AAPL 116.61, +0.59) and Facebook (FB 120.67, +1.98).

On the countercyclical side, health care (+0.5%) finished the day at the top of the leaderboard by capitalizing on biotechnology's positive performance; the iShares Nasdaq Biotechnology ETF (IBB 278.10, +0.87) added 0.3%. Real estate (+0.5%), consumer staples (+0.3%), and utilities (+0.1%) also finished in the green, drawing strength from a decline in yields.

U.S. Treasuries climbed into the late morning and returned to their highs just ahead of the close. The benchmark 10-yr yield fell seven basis points to 2.37%.

Economic data included ADP Employment Change, Initial Claims, and ISM Services:

The latest weekly initial jobless claims count totaled 235,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was below the revised prior week count of 263,000 (from 265,000). As for continuing claims, they rose to 2.112 million from the revised count of 2.096 million (from 2.102 million).
The key takeaway from the report is that it points to tight labor market conditions as employers overall appear to be reluctant to cut staff.
The ADP National Employment Report showed an increase of 153,000 in December (Briefing.com consensus 170,000) while the November reading was revised lower to 215,000 from 216,000. The ADP reading precedes Friday's more influential Employment Situation Report for December, which the Briefing.com consensus expects will show the addition of 175,000 nonfarm payrolls. The Employment Situation Report for November indicated that nonfarm payrolls increased by 178,000.
The ISM Services Index for December held at 57.2 while the Briefing.com consensus expected a downtick to 56.6.
The key takeaway from the report is that respondents' comments were mostly positive about business conditions and the overall economy, reinforcing the market's belief that the U.S. economy, which is driven predominately by the non-manufacturing sector, was exhibiting some encouraging growth characteristics as 2016 came to an end.
For further detail on today's economic releases, be sure to visit Briefing.com's Economic Calendar

Tomorrow, the Employment Situation report for December (Briefing.com consensus 175K) and November Trade Balance (Briefing.com consensus -$42.20 billion) will be reported at 8:30 ET while November Factory Orders (Briefing.com consensus -2.1%) will cross the wires at 10:00 ET.

Nasdaq Composite +2.0% YTD
S&P 500 +1.4% YTD
Russell 2000 +1.1% YTD
Dow Jones Industrial Average +0.7% YTD

3:30 pm: [BRIEFING.COM]

Crude oil ended a volatile pit trading session near its highs of the day despite EIA reporting notable builds in both gasoline & distillates; rig count on tap
Feb crude oil futures rose $0.50 (+0.9%) to $53.78/barrel
Baker Hughes rig count data will be released tomorrow at 1 pm ET.
Crude caught a bid close to the end of pit trading as headlines crossed indicating that Saudi Arabia plans to cooperate fully with the OPEC/non-OPEC production cut
EIA highlights:
Crude oil inventories had a draw of -7.1 mln barrels (consensus called for a draw of -2.15 mln barrels).
Gasoline inventories had a build of +8.3 mln barrels (consensus called for a build of +1.79 mln barrels).
Distillate inventories had a build of +10.1 mln barrels.
Natural gas ended a volatile session higher after EIA reported a smaller-than-expected draw in natural gas inventory vs. Consensus
Feb natural gas closed $0.03 higher (+0.9%) at $3.28/MMBtu
EIA highlights:
Natural gas inventory showed a draw of -49 bcf vs expectations for inventory to be a draw of approximately -82 bcf.
Working gas in storage was 3,311 Bcf as of Friday, Dec 30, 2016, according to EIA estimates.
Stocks were 364 Bcf less than last year at this time & 21 Bcf below the 5-year avg of 3,332 Bcf.
At 3,311 Bcf, total working gas is within the 5-year historical range.
In precious metals, gold ended pit trading at a 1-month high on continued dollar index weakness
Feb 2017 gold ended today's session up $18.40 (+1.6%) to $1183.60/oz
Mar 2017 silver closed today's session $0.11 higher (+0.7%) at $16.64/oz
The dollar index extended yesterday's losses, was -1.1% around the 101.56 level after Tuesday's 14-year high
Commodities, as measured by the Bloomberg Commodity Index, were +0.4% around the 87.53 level

3:00 pm:

[BRIEFING.COM] The stock market hovers near its recent level, on track for its first loss of the week. The Nasdaq (+0.1%) outperforms, while the S&P 500 (-0.2%) sits modestly below its flat line.

Energy remains lower by 0.2% despite crude oil finishing its trading day with a solid 0.9% gain. The commodity was volatile in today's session, with a big swing from positive to negative this morning, followed by a comparable, but opposite swing back into the green this afternoon. WTI crude closed at $53.78/bbl, aided in part by a softening U.S. Dollar.

The U.S. Dollar Index (101.45, -1.04) is poised for its second consecutive loss as the greenback hovers near its session low, down 1.0%. Conversely, gold futures are up 1.4% at $1,182.05/ozt. The precious metal locked in its third consecutive gain.

2:30 pm:

[BRIEFING.COM] The major averages drift near their recent levels, with the Nasdaq (+0.1%) outperforming the benchmark S&P 500 index (-0.1%).

Defensive sectors have the upper hand this afternoon as all five are in the green. On the cyclical side, technology (+0.1%), aided by gains from its large-cap components, is the only growth-sensitive sector to avoid posting a loss. The extremes of the leaderboard are represented by health care (+0.3%) in the top spot and financials (+1.3%) at the bottom.

In corporate news, Twitter (TWTR 17.11, +0.26) has spiked 1.5% on rumors that the company might consider replacing CEO Jack Dorsey. The rumors follow a tough 2016 campaign for the social networking service, a year in which the company's stock lost nearly 30% of its value.

1:55 pm:

[BRIEFING.COM] The major averages remain near their recent levels, but there has been some movement among media and telecom names after it was reported that President-elect Donald Trump is still against a merger between AT&T (T 42.60, -0.17) and Time Warner (TWX 95.24, -1.47). Shares of Time Warner fell about four points immediately after the report, but a half of that decline has been retraced. For its part, AT&T is down 0.4%, trading near its session low.

Earlier today, the president-elect said, in a tweet, that Toyota Motor (TM 120.61, -0.58) will have to "pay a big border tax" if the company builds a plant in Mexico to build Corolla vehicles intended for the U.S.

Treasuries have not seen much movement as of late, leaving the 10-yr yield lower by seven basis points at 2.37%.

1:30 pm:

[BRIEFING.COM] The S&P 500 (-0.2%) drifts near the middle of today's trading range as gains in three heavily-weighted sectors like technology (+0.1%), health care (+0.4%), and consumer staples (+0.2%) partially offset losses in financials (-1.3%), industrials (-0.5%), and energy (-0.3%).

The consumer discretionary sector (-0.2%) was also among the early laggards, but the group has erased the bulk of its loss. Apparel names continue showing broad weakness with the SPDR S&P Retail ETF (XRT 43.95, -1.22) down 2.7%. However, losses in apparel stocks have been overshadowed by big gains in Amazon (AMZN 777.94, +20.76) and Netflix (NFLX 131.63, +2.22). The two names hold respective gains of 2.7% and 1.8%.

Treasuries have inched down from their highs, but they remain solidly in the green with the 10-yr yield down seven basis points at 2.37%.

1:05 pm:

[BRIEFING.COM] The stock market remains lower at midday. The S&P 500 has dropped by 0.3%, while the Nasdaq (unch) fights for positive territory.

The market slid during late morning action as participants took note of the caution that has been present in other asset classes like Treasuries, the dollar, and precious metals. The 10-yr note sits at its best level of the day, pressuring its yield eight basis points to a one-month low near 2.35%.

Separately, the U.S. Dollar Index (101.44, -1.25) is on track for its second consecutive loss as the greenback retreats 1.6% against the yen (115.43). The sharp rally in the Japanese currency puts the pair near levels not seen since mid-December. Also of note, gold futures are up 1.5% at $1183.30/ozt, which puts the yellow metal on track for its third consecutive gain.

Today's spike in Treasuries has sent the financial sector (-1.4%) to the bottom of the leaderboard while other cyclical groups like industrials (-0.5%), materials (-0.5%), and consumer discretionary (-0.4%) also underperform.

The consumer discretionary sector has been haunted by the retail space, evidenced by the SPDR S&P 500 Retail ETF's (43.69, -1.48) 3.3% decline. The retail space started the day on the wrong foot, after Macy's (M 30.70, -5.12) and Kohl's (KSS 41.52, -10.37) issued disappointing guidance due to weak holiday sales. Macy's shares have fallen 14.2% while Kohl's is lower by 20.0%.

Energy (-0.5%) has also underperformed amid crude oil's poor showing. The commodity had a change of heart this morning, swapping a solid gain for a sound loss. WTI crude has returned to its flat line in recent action, currently trading at $53.38/bbl. Crude oil has not been able to find solace in today's dollar weakness.

On a positive note, all eleven sectors are still in the green for the week despite today's downtick. Currently, there are three sectors in positive territory as health care (+0.3%) trades ahead of technology (+0.1%) and consumer staples (+0.1%). The top-weighted technology sector has been able to withstand the weakness in the broader market as losses among chipmakers have been offset by a positive showing from the sector's top components like Apple (AAPL 116.53, +0.51) and Facebook (FB 119.60, +0.91). The two names have added 0.5% and 0.6%, respectively.

Reviewing today's economic data:

The latest weekly initial jobless claims count totaled 235,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was below the revised prior week count of 263,000 (from 265,000). As for continuing claims, they rose to 2.112 million from the revised count of 2.096 million (from 2.102 million).
The key takeaway from the report is that it points to tight labor market conditions as employers overall appear to be reluctant to cut staff.
The ADP National Employment Report showed an increase of 153,000 in December (Briefing.com consensus 170,000) while the November reading was revised lower to 215,000 from 216,000. The ADP reading precedes Friday's more influential Employment Situation Report for December, which the Briefing.com consensus expects will show the addition of 175,000 nonfarm payrolls. The Employment Situation Report for November indicated that nonfarm payrolls increased by 178,000.
The ISM Services Index for December held at 57.2 while the Briefing.com consensus expected a downtick to 56.6.
The key takeaway from the report is that respondents' comments were mostly positive about business conditions and the overall economy, reinforcing the market's belief that the U.S. economy, which is driven predominately by the non-manufacturing sector, was exhibiting some encouraging growth characteristics as 2016 came to an end.
For further detail on today's economic releases, be sure to visit Briefing.com's Economic Calendar

12:30 pm:

[BRIEFING.COM] The stock market has ticked up from its session low, with the S&P 500 down by 0.3%. The Nasdaq (unch) outperforms while the Dow (-0.4%) sits modestly lower than the benchmark index.

The top-weighted technology group (+0.1%) has vacillated near unchanged territory as of late as chipmakers' negative performances have been countered by a positive showing from the sector's top components. For instance, the PHLX Semiconductor Index is lower by 0.6%, but key names like Apple (AAPL 116.53, +0.51), Microsoft (MSFT 62.46, +0.16), Facebook (FB 119.60, +0.91), and Alphabet (GOOGL 810.36, +2.63) have added between 0.3% and 0.8%. For the week, the tech sector has outperformed the broader market with a week-to-date gain of 1.3%.

Only three other sectors are in the green early this afternoon with health care (+0.3%), consumer staples (+0.3%), and utilities (+0.2%) fighting for the top spot on today's leaderboard.

11:55 am:

[BRIEFING.COM] Equity indices have extended their losses with the S&P 500 now down 0.4%. The stock market spent the first hour of action near its unchanged level, but the presence of caution in other markets has caught up to stocks.

Treasuries have been running higher since the start, pressuring the 10-yr yield nine basis points to 2.35%. Elsewhere, the U.S. Dollar Index (101.51, -1.19) has been on the defensive since the overnight session amid a notable spike in the yen. The dollar/yen pair is down 1.5% at 115.45, returning to levels not seen since the middle of December. Also of note, crude oil is down 0.5% at $53.01/bbl. The energy component extended its decline after a bullish reading of stockpile data from the Energy Information Administration was overshadowed by a big build in gasoline inventories.

Stocks were able to overlook the red flags in other markets during the opening hour, but recent selling suggests the market has taken note of defensive action in other asset classes. To be fair, today's slip comes ahead of tomorrow's release of the Employment Situation Report for December (Briefing.com consensus 175K).

11:30 am:

[BRIEFING.COM] Equity indices have seen a downtick in recent action, with the Nasdaq (unch) falling just below its flat line. The S&P 500 is near its session low, posting a loss of 0.3%.

Crude oil has also fallen in recent action, despite the U.S. Dollar Index (101.35, -1.14) hitting a fresh session low. As a result, the energy sector has dropped into the red, losing 0.4%. WTI crude trades just below its flat line at $53.28/bbl.

Energy's cyclical peers have also trended downward in recent action, with industrials (-0.3%) and materials (-0.3%) joining financials (-1.3%) and consumer discretionary (-0.4%) in negative territory. The top-weighted technology group sits near its flat line after posting gains earlier this morning.

11:00 am:

[BRIEFING.COM] The S&P 500 (-0.1%) has remained near its recent level, while the Nasdaq (+0.2%) hovers a few points below its session high.

Five of eleven sectors are in the red this morning, with the heavily-weighted financial sector (-0.9%) seeing the largest decline. Another cyclical group--consumer discretionary (-0.3%)--is also in negative territory, along with three of the five non-cyclical spaces. The consumer discretionary sector continues to be held back by retail names despite a 5.0% uptick in Sears Holdings (SHLD 10.87, +0.51) after the company agreed to sell its Craftsman tool brand to Stanley Black & Decker (SWK 119.11, +2.63). The SPDR S&P 500 Retail ETF (XRT 43.93, -1.25) is down 2.8%.

U.S. Treasuries have increased their gains in recent action, with the 10-yr yield down five basis points to 2.39%.

10:30 am: [BRIEFING.COM]

Natural gas futures dropped to session lows & extended yesterday's losses after EIA reported a smaller-than-expected draw in natural gas inventories
Feb 2017 natural gas futures were down about $0.07 (-1.9%) around the $3.19/MMBtu level following the EIA release
Ahead of the EIA release, natural gas futures were trading nearly flat
EIA natural gas highlights:
Natural gas inventory showed a draw of -49 bcf vs expectations for inventory to be a draw of approximately -82 bcf.
Working gas in storage was 3,311 Bcf as of Friday, December 30, 2016, according to EIA estimates.
Stocks were 364 Bcf less than last year at this time and 21 Bcf below the five-year average of 3,332 Bcf.
At 3,311 Bcf, total working gas is within the five-year historical range.
Crude oil extended its overnight API gain ahead of today's 11:00 am ET EIA storage data release
Feb 2017 crude oil futures were up about $0.55 (+1.1%) around the $53.86/barrel level ahead of the EIA release
Baker Hughes rig count data will be released tomorrow at 1 pm ET.
Contributing factors affecting the price of oil:
As a sign of compliance with the cuts, Abu Dhabi National Oil Company has scheduled maintenance at oilfields for March and April, although it was not immediately clear how much exports might fall.
Oil prices found initial support from an API report showing U.S. crude inventories fell by about 7.4 mln barrels last week.
EIA inventory data will be published at 11:00 am ET today.
Forecast the EIA report would show U.S. crude stocks declined by about -2.2 mln barrels in the week to Dec 30.
In precious metals, gold rallied to a fresh 3-week high for the 2nd consecutive session on continued dollar index weakness
Feb 2017 gold futures were up about $15.80 (+1.3%) around the $1181.00/oz level
Mar 2017 silver futures were up about $0.17 (+1.1%) around the $16.72/oz level
The dollar index extended yesterday's losses, down about 1.0% around the 101.63 level, boosted precious metals
Commodities, as measured by the Bloomberg Commodity Index, were +0.7% around the 88.14 level

10:00 am:

[BRIEFING.COM] The S&P 500 remains just below its flat line while the Nasdaq has extended its gain to 0.3% thanks to relative strength in the technology sector.

The top-weighted tech space (+0.4%) trades ahead of the remaining groups, thanks to a strong showing from many influential components. For instance, Apple (AAPL 116.72, +0.70), Microsoft (MSFT 62.58, +0.28), Alphabet (GOOGL 812.29, +4.52), and Cisco Systems (CSCO 30.32, +0.21) are up between 0.4% and 0.7%.

On the downside, lightly-weighted real estate (-0.8%) and utilities (-0.8%) lag while financials (-0.4%) and consumer discretionary (-0.3%) have inched up off their opening lows.

Just reported, the ISM Services Index for December held at 57.2 while the Briefing.com consensus expected a downtick to 56.6.

9:35 am:

[BRIEFING.COM] The stock market began the trading day on a flat note with the Nasdaq (+0.1%) hovering just above its unchanged level while the S&P 500 (-0.1%) holds a slim loss.

Six out of eleven sectors are among the early laggards with real estate (-0.8%) at the bottom of the board while financials (-0.4%) and consumer discretionary (-0.5%) hold slimmer losses. The discretionary sector is likely to see increased attention today as participants respond to disappointing guidance from Kohl's (KSS 42.25, -9.63) and Macy's (M 31.30, -4.51). The SPDR S&P Retail ETF (XRT 44.24, -0.93) is down 2.0%, erasing its gain from yesterday.

Treasuries hold gains with the 10-yr yield down two basis points at 2.42% while the Dollar Index (101.96, -0.73) is down 0.7%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -8.80.

The equity market is on track for a lower start as the S&P 500 futures trade five points below fair value.

On the corporate front, the retail sector is under pressure after Macy's (M 31.85, -3.99), Kohl's (KSS 43.80, -8.08), and several others issued disappointing holiday sales results and guidance. Macy's shares have fallen 11.1% while Kohl's is lower by 15.6% in pre-market.

The latest weekly initial jobless claims count totaled 235,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was below the revised prior week count of 263,000 (from 265,000). Continuing claims rose to 2.112 million from the revised count of 2.096 million (from 2.102 million).

The ADP National Employment Report showed an increase of 153,000 in December (Briefing.com consensus 170,000) while the November reading was revised lower to 215,000 from 216,000. The ADP reading precedes Friday's more influential Employment Situation Report for December, which the Briefing.com consensus expects will show the addition of 175,000 nonfarm payrolls. The Employment Situation Report for November indicated that nonfarm payrolls increased by 178,000.

Thursday's economic data will conclude with the release of the December ISM Services Index, which is due at 10:00 ET.

Treasuries hold gains with the 10-yr yield down three basis points to 2.41%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -8.50.

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

Equity indices across the Asia-Pacific region ended Thursday on a mostly higher note, but trading ranges were pretty narrow overall. The Chinese yuan was up as much as 1.0% against the dollar in overnight action, responding to reports that State-Owned Enterprises will be asked to sell dollars.

In economic data:
China's December Caixin Services PMI 53.4 (expected 53.3; last 53.1)
Hong Kong's December Manufacturing PMI 50.3 (last 49.5)
Japan's Monetary Base +23.1% year-over-year (expected 22.3%; last 21.5%)
Australia's December AIG Services Index 57.7 (last 51.1)

---Equity Markets---

Japan's Nikkei lost 0.4%. SUMCO, Okuma, Nitto Denko, Tokyo Electron, Kobe Steel, Advantest, and Fast Retailing lost between 1.6% and 5.5%. Select technology names outperformed with Toshiba, Pioneer, and Fujitsu climbing between 3.3% and 4.9%.
Hong Kong's Hang Seng outperformed, climbing 1.5%. Energy-related names finished in the lead with Petrochina, China Shenhua Energy, and China Petrol & Chemical rising near 4.0%. Property names like China Resources Land, SHK Properties, and China Overseas posted gains between 1.6% and 2.6%.
China's Shanghai Composite added 0.2%. Gansu Ronghua Industry, Shanghai Tongda Venture Capital, Nanjing Panda Electronics, and Lawton Development climbed between 5.0% and 5.7%.
India's Sensex gained 0.9% amid broad strength. Adani Ports spiked 4.9% while Tata Steel, Tata Motors, Power Grid, Maruti Suzuki, and ICIC Bank added between 2.3% and 3.5%.

Major European indices trade mixed while Spain's IBEX (+0.2%) and Italy's MIB (+0.2%) outperform. All in all, the first half of the trading day has been quiet with the outperformance in Spain and Italy fueled by bank stocks. The euro is up 0.4% against the dollar at 1.0530 while the pound has shed 0.1% to 1.2313.

In economic data:
Eurozone November PPI +0.3% month-over-month (expected 0.1%; last 0.8%); +0.1% year-over-year (expected -0.1%; last -0.4%). Retail PMI 50.4 (previous 48.6)
UK's December Services PMI 56.2 (consensus 54.7; last 55.2)
Swiss December CPI -0.1% month-over-month, as expected (last -0.2%); 0.0% year-over-year, as expected (last -0.3%)

---Equity Markets---

Germany's DAX is lower by 0.1%. Adidas, Linde, Siemens, Continental, and BASF show losses between 0.3% and 1.5%. Financials trade well ahead of the broader market with Deutsche Bank and Commerzbank up 1.1% and 1.2%, respectively. Exporters like BMW, Daimler, and Volkswagen show gains between 0.3% and 0.8%.
France's CAC is down 0.1% with roughly half of its components trading lower. Societe Generale is down 1.2% while other financials have had a better showing. BNP Paribas trades lower by 0.6% while Credit Agricole is higher by 1.0%. Consumer names like Louis Vuitton, Kering, and L'Oreal are down between 0.3% and 0.9%.
UK's FTSE has added 0.1%. Rolls-Royce has stumbled 4.1% in reaction to a price target cut. Financials like Standard Life, RSA Insurance, Old Mutual, Experian, and HSBC show losses between 0.5% and 2.2%. On the upside, homebuilders Persimmon and Taylor Wimpey are up 6.5% and 4.3%, respectively.
Italy's MIB trades up 0.2% with Banco Bpm, FinecoBank, UBI Banca, Unicredit, Intesa Sanpaolo, Banca Pop Emilia Romagna, and Banca Mediolanum rising between 0.7% and 4.6%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -12.90.

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

Just in, the latest weekly initial jobless claims count totaled 235,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was below the revised prior week count of 263,000 (from 265,000). As for continuing claims, they rose to 2.112 million from the revised count of 2.096 million (from 2.102 million).

The ADP National Employment Report showed an increase of 153,000 in December (Briefing.com consensus 170,000) while the November reading was revised lower to 215,000 from 216,000. The ADP reading precedes Friday's more influential Employment Situation Report for December, which the Briefing.com consensus expects will show the addition of 175,000 nonfarm payrolls. The Employment Situation Report for November indicated that nonfarm payrolls increased by 178,000.

8:09 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.40.

Global equity markets are mixed again this morning and U.S. futures are showing some modest weakness, with the S&P 500 futures trading six points below fair value. Trading in overseas markets is mixed and generally subdued.

Crude oil is up 0.8% at $53.68/bbl after API Inventory data showed a 7.43 mln barrel draw, the largest single draw since September of last year and compared to last week's build of 4.2 mln barrels.

U.S. Treasuries are are flat this morning, with the 10-yr yield unchanged at 2.44%.

Thursday's economic data will include, December ADP Employment Change (Briefing.com consensus 170,000) at 8:15 ET, Initial Claims (Briefing.com consensus 265,000) at 8:30 ET, and the December ISM Services Index (Briefing.com consensus 56.6) at 10:00 ET.

In U.S. corporate news of note:

Constellation Brands (STZ 156.00, -1.99): -1.3% after beating on earnings, reporting in line revenues, and giving positive guidance.
Walgreens Boot Alliance (WBA 83.20, +0.22): +0.3% after beating on earnings and issuing in-line guidance. The company is also in talks with the Federal Trade Commission regarding its acquisition of Rite Aid (RAD 8.30, +0.03).
Kohl's (KSS 44.42, -7.46): -14.4% after lowering its guidance for fiscal year 2017.

Reviewing overnight developments:

Equity indices across the Asia-Pacific region ended Thursday on a mostly higher note, but trading ranges were pretty narrow overall. Japan's Nikkei -0.4%, Hong Kong's Hang Seng +1.5%, China's Shanghai Composite +0.2%, India's Sensex +0.9%.
In economic data:
China's December Caixin Services PMI 53.4 (expected 53.3; last 53.1)
Hong Kong's December Manufacturing PMI 50.3 (last 49.5)
Japan's Monetary Base +23.1% year-over-year (expected 22.3%; last 21.5%)
Australia's December AIG Services Index 57.7 (last 51.1)
In news:
The Chinese yuan was up as much as 1.0% against the dollar in overnight action, responding to reports that State-Owned Enterprises will be asked to sell dollars.

Major European indices trade modestly lower while Spain's IBEX (+0.2%) and Italy's MIB (+0.3%) outperform. Germany's DAX -0.2%, France's CAC -0.2%, UK's FTSE -0.1%, Italy's MIB +0.3%.
In economic data:
Eurozone November PPI +0.3% month-over-month (expected 0.1%; last 0.8%); +0.1% year-over-year (expected -0.1%; last -0.4%). Retail PMI 50.4 (previous 48.6)
UK's December Services PMI 56.2 (consensus 54.7; last 55.2)
Swiss December CPI -0.1% month-over-month, as expected (last -0.2%); 0.0% year-over-year, as expected (last -0.3%)
In news:
The euro is up 0.2% against the dollar at 1.0510 while the pound has shed 0.1% to 1.2313.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -6.90.

5:57 am: [BRIEFING.COM] Nikkei...19521...-73.50...-0.40%. Hang Seng...22457...+322.20...+1.50%.

5:57 am: [BRIEFING.COM] FTSE...7182.42...-7.30...-0.10%. DAX...11556.78...-27.50...-0.20%.

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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