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 Post subject: January 13th Friday Trade Results - No Trades
PostPosted: Fri Jan 13, 2017 8:09 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)
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Quote:
No trades today. Yet, the price action in the Emini futures was very interesting because of the enduring sideways price or low volatility price action...behaving as if the market is toppy while the recent past has shown the markets to be very persistent in not selling off.

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 major averages finished Friday's session mixed. The S&P 500 (+0.2%) and the Nasdaq (+0.5%) closed in the green, while the Dow (unch) finished in the red.

Investors had high hopes for today's earnings reports, looking for banks to validate the financial sector's 20.5% Q4 advance. What they received wasn't great, yet it wasn't all that bad either as Bank of America (BAC 23.01, +0.09), JPMorgan Chase (JPM 86.70, +0.46), and Wells Fargo (WFC 55.31, +0.81) came up short on revenue. Wells Fargo also missed bottom-line expectations while Bank of America and JPMorgan beat their respective earnings estimates.

Investors chose to run with the good news, pushing the financial sector, and the market, upward out of the gate. However, profit taking in the financial sector pressured the influential group off its high, leading to a sideways drift in the broader market as the session wore on. Bank of America (+0.4%), JPMorgan Chase (+0.5%), and Wells Fargo (+1.5%) finished off their session highs, but still outpaced the broader market. Similarly, the financial sector (+0.6%) ended atop the leaderboard, but only kept a portion of its opening gain.

Most cyclical sectors outperformed with consumer discretionary (+0.3%), industrials (+0.3%), and technology (+0.3%) closing in positive territory. The top-weighted technology sector had a mixed showing from its top components as Apple (AAPL 119.04, -0.21) lost 0.2% while Facebook (FB 128.34, +1.72) climbed 1.4%. On the other hand, chipmakers finished overwhelmingly in the green, with Qualcomm (QCOM 66.88, +0.76) pacing the advance. The PHLX Semiconductor Index closed higher by 0.7%.

On the countercyclical side, health care (+0.1%) outpaced its defensive peers. The space leaned on biotechnology to counter losses from large cap components like UnitedHealth (UNH 161.80, -0.56) and Bristol-Myers Squibb (BMY 56.22, -0.33) which lost 0.3% and 0.6%, respectively. The iShares Nasdaq Biotechnology ETF (IBB 280.01, +1.08) countered with a 0.4% gain. The remaining four countercyclical sectors finished just below their flat lines in negative territory.

For the week, the cyclical, non-cyclical trend continued as four of the six growth-sensitive sectors posted week-to-date gains. Comparatively, all five countercyclical sectors finished the week lower. The ends of the leaderboard were represented by consumer discretionary (+0.8%) at the top, riding a 0.7% week-to-date gain in the SPDR S&P 500 Retail ETF (XRT 44.01, +0.04), and real estate (-2.3%) at the bottom.

U.S. Treasuries were under moderate selling pressure early, sustaining losses immediately following the opening bell. The Treasury market recouped some of the loss, but still closed in negative territory with the 10-yr yield higher by two basis points at 2.39%.

Today's economic data included PPI, Retail Sales, Business Inventories, and the Michigan Sentiment Index:

December producer prices increased 0.3%, which is in line with the Briefing.com consensus. Core producer prices increased 0.2% while the Briefing.com consensus expected an increase of 0.1%.
The key takeaway from the report is that higher energy prices are driving up producer prices and continue to support the notion that inflation rates are apt to pick up in 2017.
December retail sales increased 0.6%, which compares to the Briefing.com consensus of 0.7%. The prior month's reading was revised higher to 0.2% from 0.1%. Excluding autos, retail sales rose 0.2% while the consensus expected an uptick of 0.6%. The prior month's reading was revised higher to 0.3% from 0.2%.
The key takeaway from the report is that consumers were somewhat guarded with their discretionary spending on goods in December despite some decent wage growth and reports of increased confidence.
Business Inventories rose 0.7% in November while the Briefing.com consensus expected an uptick of 0.6%. The prior month's reading was revised to -0.1% from -0.2%.
The key takeaway from the report is that business inventories continue to remain at an elevated level relative to sales, which will continue to weigh on pricing power.
The preliminary reading of the Michigan Consumer Sentiment Index for January declined to 98.1 (Briefing.com consensus 98.5) from 98.2 in December.
The key takeaway from the report is that there is a real divide between positive and negative concerns among consumers pertaining to the Trump Administration. However, when the outlook from consumers who didn't share any views on government is considered, the Expectations Index was a strong 90.9. The latter, according to the report, supports a real consumption growth rate of 2.7% in 2017.

The stock market will be closed on Monday, January 16 in observance of Martin Luther King Jr. Day. The next economic report will be January Empire Manufacturing (Briefing.com consensus 8.3), which will be released on Tuesday morning at 8:30 am ET.

Russell 2000 +1.1% YTD
Dow Jones Industrial Average +0.6% YTD
S&P 500 +1.6% YTD
Nasdaq Composite +3.6% YTD

Week in Review: Nasdaq Climbs While S&P 500 Holds Ground

The S&P 500 took a breather during the past week,logging a modest downtick of 0.1%, while the Nasdaq Composite added 1.0% thanksto relative strength in the technology sector.

The benchmark index spent the week inside a 25-point rangeas participants awaited the start of the fourth-quarter earnings season. OnFriday, Bank of America (BAC), JPMorgan Chase (JPM), and Wells Fargo (WFC) got things going with a set of mixed results. Bank ofAmerica and JPMorgan Chase topped bottom-line expectations while Wells Fargoreported below-consensus results. The three names surged at the start of Friday'ssession, but saw intraday profit taking. It is worth remembering that the financialsector enjoyed a huge post-election run, soaring more than 15.0% in just onemonth. During the past week, the sector shed 0.1%.

Meanwhile, the top-weighted technology sector advanced 0.8%with chipmakers leading the way. The PHLX Semiconductor Index climbed 1.8%ahead of next week's release of quarterly results from index components like ASML (ASML), Linear Technology (LLTC), and Skyworks (SWKS).

Investors received a small batch of economic reports lastweek with the most noteworthy pair crossing the wires on Friday. December PPI(+0.3%; Briefing.com consensus +0.3%) and core PPI (+0.2%; Briefing.comconsensus +0.1%) were close to expectations while December Retail Sales (+0.6%;Briefing.com consensus +0.7%) and Retail Sales ex-auto (+0.2%; Briefing.comconsensus +0.6%) disappointed. Recall that two weeks ago, several apparelretailers made cautious comments about their expectations for fourth-quarterearnings. The consumer discretionary sector added 0.8% for the week, extendingits January gain to 3.2%.

Rate hike expectations barely budged during the past week.The implied probability of a hike in June ticked up to 69.7% from last Friday's69.0%, according to the fed funds futures market.

3:35 pm: [BRIEFING.COM]

The dollar index closed up % at 101.4
Oil futures closed below $53
February Crude Oil futures fell $0.67 (-1.3%) to $52.36/barrel
While Natural gas prices rebounded to close moderately higher
February Natural Gas closed $0.03 higher (+0.9%) at $3.42/MMBtu
Gold and silver both closed lower this afternoon
February gold ended today's session down $3.10 (-0.3%) to $1196.5/oz
March silver closed today's session $0.06 lower (-0.4%) at $16.77/oz
While Copper closed higher
March copper closed $0.02 higher (+0.8%) at $2.69/lb

3:00 pm:

[BRIEFING.COM] Activity has slowed down this afternoon, as the major averages continue trending sideways. The S&P 500 is up 0.1% for the day, but resides 0.2% lower for the week with only one hour remaining.

The week's leaderboard currently lists three winners and six losers, with health care and industrials on the fence. Technology (+0.7%), consumer discretionary (+0.8%), and materials (+0.5%) are at the top of the standings, while countercyclical sectors are bunched up at the bottom. Outside of health care (unch), the defensive sectors are all in negative territory for the week with real estate (-2.2%) leading the retreat.

Crude oil closed its trading session lower by 1.3% at $52.36/bbl. The energy component lost 2.6% for the week.

2:30 pm:

[BRIEFING.COM] Equity indices have ticked down slightly in recent action, with the S&P 500 (+0.1%) sitting just above its flat line. The Dow underperforms the benchmark index, posting a 0.1% loss.

While the Dow is down in the dumps, the Dow Jones Transportation Average, has climbed 0.7%. The biggest drivers of the index's advance have been Kirby (KEX 66.53, +1.30), Kansas City Southern (KSU 83.65, +1.53), Landstar System (LSTR 86.95, +1.35), and Matson (MATX 36.10, +0.61). The four names are up between 1.6% and 1.9%. Airlines trade in mixed fashion with Alaska Air (ALK 94.14, +0.88) up 0.9% and American Airlines (AAL 47.64, -0.46) down 1.0%.

U.S. Treasuries have seen some buying interest in recent action, but still remain in the red for the day. The 10-yr yield is three basis points higher at 2.39%.

1:55 pm:

[BRIEFING.COM] Sideways action continues with the S&P 500 adding 0.2%.

The U.S. stock market has shrugged off a recent announcement from DBRS Ratings, which downgraded Italy to BBB from A. The downgrade was prompted by political uncertainty about structural reforms and persistent weakness in the banking system. According to Radobank, this decision means that Italian banks will need to put up collateral of nearly EUR7 billion at the European Central Bank.

DBRS released its report roughly an hour ago, meaning Italian bond and equity markets will not have a chance to respond until Monday. Keep in mind that markets in the U.S. will be closed on Monday for Martin Luther King Jr Day.

U.S. Treasuries continue holding the bulk of their losses with the 10-yr yield up three basis points at 2.40%.

1:30 pm:

[BRIEFING.COM] The major averages continue hovering near their midday levels with the S&P 500 up 0.2%. Given its current level, the benchmark index is set to end the week lower by 0.1%.

Unlike the S&P 500, the Nasdaq (+0.6%) has shown relative strength this week, adding 1.1%. The technology sector (+0.3%) has been the driver behind the strength, having climbed 0.8% since last Friday. Today, the top-weighted group trades a bit ahead of the broader market despite a flat showing from Apple (AAPL 119.09, -0.16) and Microsoft (MSFT 62.61, 0.00).

On the earnings front, Infosys (INFY 14.40, -0.85) has surrendered 5.6% despite beating earnings expectations. The decline may be associated with uncertainty related to the future of H-1B visas under the new U.S. administration. Investors will receive just a handful of tech earnings next week with IBM (IBM 167.52, -0.43) scheduled to report on Thursday evening.

1:00 pm:

[BRIEFING.COM] Equities have ticked down in recent action, with the S&P 500 (+0.2%) sitting just above its flat line. The Dow (-0.1%) resides in negative territory while the Nasdaq (+0.6%) outperforms.

Financials pushed the stock market up immediately following the opening bell as Bank of America (BAC 22.95, +0.04), JPMorgan Chase (JPM 86.43, +0.20), and Wells Fargo (WFC 54.99, +0.48) jumped up between 1.4% and 1.9% in early action. This increase was fueled by investor optimism as the three names reported generally positive quarterly earnings this morning. As of late, it appears that investors have shifted their attention to the weaker aspects of the banks' earnings reports, pushing the financial heavyweights, and the broader market, down from their session highs. JPMorgan Chase (+0.2%) and Bank of America (+0.2%) sit just above their flat lines, while Wells Fargo (+1.1%) continues showing relative strength.

Cyclical sectors have the upper hand on their countercyclical peers, with four of the six in the green. The top-weighted technology sector (+0.3%) sits in the upper half of the leaderboard despite the sector's top component, Apple (AAPL 119.08, -0.15) showing relative weakness, down 0.1%. Chipmakers have picked up the slack, sending the PHLX Semiconductor Index higher by 0.6%. The push has been led by Qualcomm (QCOM 66.90, +0.78), which is higher by 1.1%.

Bucking the positive cyclical trend is the energy sector (-0.1%) which has dipped into the red largely thanks to crude oil's underperformance. The commodity has spent today's entire session in the red after posting gains in the two previous sessions. WTI crude is currently lower by 0.8%, trading at $52.60/bbl.

On the defensive side, the health care (+0.4%) sector outperforms while the remaining non-cyclical sectors trade in the red. The health care space has capitalized on the 1.0% gain in the iShares Nasdaq Biotechnology ETF (IBB 282.51, +3.39), and it now sits in positive territory for the week with a gain of 0.2%. This feat is particularly impressive considering the health care space plummeted 1.0% on Wednesday after President-elect Donald Trump expressed his desire to bring back pharmaceutical operations to the United States and voiced support for competitive drug price bidding.

Treasuries have ticked up from their session lows, but still remain in negative territory. The 10-yr yield is up four basis points at 2.40%.

Today's economic data included PPI, Retail Sales, Business Inventories, and the Michigan Sentiment Index:

December producer prices increased 0.3%, which is in line with the Briefing.com consensus. Core producer prices increased 0.2% while the Briefing.com consensus expected an increase of 0.1%.
The key takeaway from the report is that higher energy prices are driving up producer prices and continue to support the notion that inflation rates are apt to pick up in 2017.
December retail sales increased 0.6%, which compares to the Briefing.com consensus of 0.7%. The prior month's reading was revised higher to 0.2% from 0.1%. Excluding autos, retail sales rose 0.2% while the consensus expected an uptick of 0.6%. The prior month's reading was revised higher to 0.3% from 0.2%.
The key takeaway from the report is that consumers were somewhat guarded with their discretionary spending on goods in December despite some decent wage growth and reports of increased confidence.
Business Inventories rose 0.7% in November while the Briefing.com consensus expected an uptick of 0.6%. The prior month's reading was revised to -0.1% from -0.2%.
The key takeaway from the report is that business inventories continue to remain at an elevated level relative to sales, which will continue to weigh on pricing power.
The preliminary reading of the Michigan Consumer Sentiment Index for January declined to 98.1 (Briefing.com consensus 98.5) from 98.2 in December.
The key takeaway from the report is that there is a real divide between positive and negative concerns among consumers pertaining to the Trump Administration. However, when the outlook from consumers who didn't share any views on government is considered, the Expectations Index was a strong 90.9. The latter, according to the report, supports a real consumption growth rate of 2.7% in 2017.

12:25 pm:

[BRIEFING.COM] Equities have ticked down in recent action, with the S&P 500 (+0.1%) sitting just above its flat line. The Dow now resides in negative territory, down 0.1%.

Sector standings remain much the same this afternoon, as the financial space (+0.5%) continues to lead its peers. However, the group has fallen from its session high in recent action with JPMorgan Chase (JPM 86.33, +0.09) and Bank of America (BAC 22.93, +0.01) returning to their flat lines. Wells Fargo (WFC 54.99, +0.49) has also backed off its high, but remains up 0.9%.

Across the pond, the major European bourses closed their sessions higher with France's CAC (+1.2%) setting the pace, followed by Germany's DAX (+0.9%), and the UK's FTSE (+0.6%). In European news, British Prime Minister Theresa May is expected to lay out her plans for the UK's exit from the European Union next Tuesday. The speech will be eyed closely by investors.

12:00 pm:

[BRIEFING.COM] The major averages haven't changed much since our last update. The Nasdaq continues to outpace the benchmark index, posting a gain of 0.7%.

The Nasdaq's solid showing stems from the outperformance of chipmakers and the biotechnology industry. Led by Qualcomm (QCOM 66.90, +0.78), which is currently up 1.2%, chipmakers have sent the PHLX Semiconductor Index higher by 0.8%. Similarly, the iShares Nasdaq Biotechnology ETF (IBB 281.90, +2.97) has added 1.1% as heavyweights like Amgen (AMGN 156.67, +1.31) and Celgene (CELG 117.97, +0.88) are up 0.9% and 0.8%, respectively.

U.S. Treasuries remain just above their session lows, with the 10-yr yield five basis points higher at 2.41%. Also of note, the yield curve has steepened, only aiding the financial sector (+1.0%) in its outperformance. The 2-yr yield is up just two basis points at 1.20%.

11:30 am:

[BRIEFING.COM] The major averages continue hovering near their recent levels, with the S&P 500 higher by 0.3%.

The financial sector (+1.1%) continues to set the pace while most of its cyclical peers also remain in positive territory. The energy sector hovers near its flat line, resisting the 1.1% downtick in crude oil. The commodity has tumbled past its overnight low and currently trades at $52.34/bbl.

In corporate news, President-elect Donald Trump is scheduled to meet with Lockheed Martin (LMT 254.67, +2.05) CEO Marillyn Hewson later today. Mr. Trump has taken shots at the defense contractor on several occasions recently, criticizing the cost of Lockheed Martin's F-35 fighter jet. The company's stock is up 0.9% as investors are hopeful for a positive tweet from Mr. Trump.

11:00 am:

[BRIEFING.COM] The stock market remains at its recent level, trending sideways since jumping to its session high immediately following the opening bell. The Nasdaq (+0.6%) has set the pace, followed by the S&P 500 (+0.3%) and the Dow (+0.1%).

Today's session has been underscored by some risk-on activity, most notably in the Treasury market as the 10-yr yield is up five basis points to 2.41%. In the same breath, countercyclical sectors have been dumped for their cyclical peers, a reverse of yesterday's trend. Five of six growth-sensitive spaces are in the green, compared to only one (health care) out of five for the defensive side.

Health care (+0.3%) performs in line with the broader market as the 1.2% jump in the iShares Nasdaq Biotechnology ETF (IBB 282.51, +3.39) has been mitigated by losses from large cap names. For instance, UnitedHealth (UNH 162.10, -0.26), Medtronic (MDT 74.93, -0.18), and Bristol-Myers Squibb (BMY 56.39, -0.16) are all down near 0.3%.

10:40 am: [BRIEFING.COM]

The dollar index is trading higher this morning, which is contributing to today's decline in commodities
Oil futures have been dropping lower during today's session and are now -0.7% at $52.65/barrel
Natural gas prices have been weak as well
February nat gas is now -0.3% at $3.37/MMBtu
Gold and silver are also trading lower
February gold is now -0.5% at $1193.80/oz, while March silver is -0.6% at 16.73$/oz
March copper is currently +0.3% at $2.68/lb

10:00 am:

[BRIEFING.COM] Equity indices hover near their recent levels with the S&P 500 up 0.3%. The Nasdaq outperforms the benchmark index with a gain of 0.5%.

Just released, Business Inventories rose 0.7% in November while the Briefing.com consensus expected an uptick of 0.6%. The prior month's reading was revised to -0.1% from -0.2%.

Separately, the preliminary reading of the Michigan Consumer Sentiment Index for January declined to 98.1 (Briefing.com consensus 98.5) from 98.2 in December.

9:45 am:

[BRIEFING.COM] The stock market has sprung upward out of the gate, piggybacking on the financial sector (+1.4%) after an array of banks reported their quarterly results this morning. The S&P 500 is higher by 0.3%.

Financials lead with Bank of America (BAC 23.20, +0.28), JPMorgan Chase (JPM 87.42, +1.23), and Wells Fargo (WFC 55.49, +0.99) all up between 1.4% and 1.9% despite reporting mixed earnings results. The top-weighted technology sector (+0.2%), consumer discretionary (+0.2%), and industrials (+0.3%) battle for second place while non-cyclical sectors generally sit in the red.

U.S. Treasuries continue to fall in early action, surpassing their overnight lows. The benchmark 10-yr yield is five basis points higher at 2.41%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.30.

The stock market is poised for a slightly higher open as the S&P 500 futures trade two points above fair value.

Banks dominated the earnings front today, with JPMorgan Chase (JPM 86.80, +0.56), Bank of America (BAC 22.84, -0.08), Wells Fargo (WFC 54.15, -0.40), BlackRock (BLK 381.00, 2.71), and PNC Financial Services (PNC 118.00, +0.07) all reporting. Bank of America and Wells Fargo are both down 0.4% and 0.7%, respectively, after disappointing results. Conversely, JPMorgan Chase, BlackRock, and PNC are all up between 0.6% and 0.8%, after reporting better-than-expected earnings.

In corporate news, Pandora Media (P 13.00, +1.00) has jumped 8.3% after saying it expects to surpass fourth-quarter guidance. In addition, the New York Post reported that Sirius XM (SIRI 4.58, 0.00) might be interested in acquiring the company.

U.S. Treasuries have seen a downtick in recent action, with the 10-yr yield up three basis points to 2.39%.

On the data front, December retail sales increased 0.6%, which compares to the Briefing.com consensus of 0.7%. The prior month's reading was revised higher to 0.2% from 0.1%. Excluding autos, retail sales rose 0.2% while the consensus expected an uptick of 0.6%. The prior month's reading was revised higher to 0.3% from 0.2%.

December producer prices increased 0.3%, which is in line with the Briefing.com consensus. Core producer prices increased 0.2% while the Briefing.com consensus expected an increase of 0.1%.

In addition to PPI and Retail Sales, today's economic data will also include November Business Inventories (Briefing.com consensus 0.6%) and the January Michigan Sentiment Index (Briefing.com consensus 98.5). The two reports will be released at 10:00 am ET.

8:51 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +5.90.

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

Equity indices across Asia-Pacific ended the week on a mixed note. Japan's Nikkei (+0.8%) was a pocket of relative strength after the yen retreated into overnight action. However, the yen has reclaimed its slim loss against the dollar this morning. The latest trade data from China showed a surplus, but the size of the surplus reached a nine-month low. Elsewhere, the Bank of Korea left its key interest rate unchanged at 1.25%, as expected.

In economic data:
China's December trade surplus $40.82 billion (expected $46.50 billion; last $44.61 billion). December Exports -6.1% year-over-year (expected -3.5%; last 0.1%) and December Imports +3.1% year-over-year (consensus 2.7%; previous 6.7%)
Japan's M2 Money Stock +4.0% year-over-year (consensus 4.1%; last 3.9%)
New Zealand's December Electronic Card Retail Sales -0.1% month-over-month (expected 1.0%; last -0.1%); +5.8% year-over-year (last 5.1%)
Singapore's November Retail Sales +0.5% month-over-month (last 1.8%); +1.1% year-over-year (consensus 2.0%; last 2.0%)

---Equity Markets---

Japan's Nikkei gained 0.8%, narrowing this week's loss to 0.9%. The index has spent the past five weeks bouncing between 19,000 and 19,600. Growth-sensitive names had a good showing with Kubota, Fanuc, Suzuki Motor, Mitsubishi Heavy Industries, Hitachi Construction, and Mazda Motor advanced between 1.5% and 2.3%.
Hong Kong's Hang Seng climbed 0.5%, extending its weekly gain to 1.9%. The index recorded its third consecutive weekly advance. Energy-related names led the way with China Shenhua Energy, China Petroleum & Chemical, PetroChina, and CNOOC climbing between 2.0% and 3.8%. Consumer names lagged with Belle International and Want Want China falling 2.6% and 1.0%, respectively.
China's Shanghai Composite shed 0.2%, extending its weekly decline to 1.3%. Shanghai Material Trading, Shanghai Potevio, Ningbo United, and Shanghai Shibei Hi-Tech posted losses between 7.1% and 7.8%.
India's Sensex settled just below its flat line, but gained 2.3% for the week. Tata Consultancy and Infosys posted respective losses of 3.9% and 2.5%. Tata Consultancy expressed concern over the future of H1-B visas while Infosys retreated despite beating earnings expectations. Maruti Suzuki, Hero MotoCorp, Bajaj Auto, and Tata Motors lost between 0.7% and 1.5%.

Major European indices trade in the green with Italy's MIB (+1.4%) showing relative strength amid gains in bank stocks. Bank of France Governor Francois Villeroy de Galhau said that concerns about rising inflation are "very exaggerated." Separately, British Prime Minister Theresa May is expected to make a "major" Brexit-related speech on Tuesday, January 17. Also of note, German Finance Minister Wolfgang Schaeuble spoke in favor of taking steps to unwind the European Central Bank's ultra-loose monetary policy this year.

In economic data:
Germany's December WPI +1.2% month-over-month (expected 0.3%; last 0.1%); +2.8% year-over-year (last 0.8%)
Spain's December CPI +0.6% month-over-month, as expected (last 0.6%); +1.6% year-over-year (consensus 1.5%; last 1.5%)

---Equity Markets---

UK's FTSE is higher by 0.4% with homebuilders and other consumer names contributing to the advance. Barratt Developments, Persimmon, and Taylor Wimpey are up between 1.4% and 2.9% while Kingfisher, Burberry, InterContinental Hotels, and Carnival show gains between 0.4% and 2.7%.
Germany's DAX trades up 0.6% with Deutsche Bank and Commerzbank among the leaders. The two names hold respective gains of 2.7% and 1.3%, while Daimler, Volkswagen, and BMW have added between 0.9% and 1.2%. Utility stock E.On is the weakest performer, shedding 0.7%.
France's CAC has climbed 0.9%, largely thanks to relative strength in financials. Credit Agricole, BNP Paribas, and Societe Generale show gains between 1.9% and 2.7%. Renault has tumbled 1.9% after prosecutors in Paris opened a probe into a potential violation of emission standards.
Italy's MIB outperforms with a gain of 1.4%. Financials UBI Banca, Unicredit, Banco Bpm, Banca Pop Emilia Romagna, and Banca Mediolanum are up between 3.2% and 7.3%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +3.80.

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

Just released, December retail sales increased 0.6%, which compares to the Briefing.com consensus of 0.7%. The prior month's reading was revised higher to 0.2% from 0.1%. Excluding autos, retail sales rose 0.2% while the consensus expected an uptick of 0.6%. The prior month's reading was revised higher to 0.3% from 0.2%.

December producer prices increased 0.3%, which is in line with the Briefing.com consensus. Core producer prices increased 0.2% while the Briefing.com consensus expected an increase of 0.1%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +7.40.

Equity futures point to a higher open on Friday morning as the S&P 500 futures trade two points above fair value. Investors are digesting a batch of earnings reports from some of the largest banks in the U.S. while keeping their eyes on the data front. Today's most notable economic reports include December PPI (Briefing.com consensus 0.3%) and Retail Sales (Briefing.com consensus 0.7%). Both reports will cross the wires at 8:30 am ET.

Crude oil has fallen 1.0% to $52.47/bbl this morning after posting gains in the last two sessions. Conversely, U.S. Treasuries are up, with the 10-yr yield one basis point lower at 2.35%.

In addition to PPI and Retail Sales, today's economic data will also include November Business Inventories (Briefing.com consensus 0.6%) and the January Michigan Sentiment Index (Briefing.com consensus 98.5). The two reports will be released at 10:00 am ET.

In U.S. corporate news of note:

Bank of America (BAC 22.79, -0.13): -0.6% after disappointing revenues overshadowed above-consensus earnings.
BlackRock (BLK 378.29, 0.00): unch after beating on earnings but missing on revenues.
PNC Financial Services (PNC 118.00, +0.07): +0.1% after reporting better-than-expected earnings and in-line revenues.
Infosys (INFY 14.80, -0.45): -3.0% despite beating earnings expectations and reporting in-line revenues.
Pandora Media (P 13.05, +1.05): +8.8% after the New York Post reported that Sirius XM (SIRI 4.58, 0.00) might be interested in acquiring the company.

Reviewing overnight developments:

Equity indices across Asia-Pacific ended the week on a mixed note. Japan's Nikkei +0.8%, Hong Kong's Hang Seng +0.5%, China's Shanghai Composite -0.2%, India's Sensex unch.
In economic data:
China's December trade surplus $40.82 billion (expected $46.50 billion; last $44.61 billion). December Exports -6.1% year-over-year (expected -3.5%; last 0.1%) and December Imports +3.1% year-over-year (consensus 2.7%; previous 6.7%)
Japan's M2 Money Stock +4.0% year-over-year (consensus 4.1%; last 3.9%)
New Zealand's December Electronic Card Retail Sales -0.1% month-over-month (expected 1.0%; last -0.1%); +5.8% year-over-year (last 5.1%)
Singapore's November Retail Sales +0.5% month-over-month (last 1.8%); +1.1% year-over-year (consensus 2.0%; last 2.0%)
In news:
The latest trade data from China showed a surplus, but the size of the surplus reached a nine-month low.
As expected, the Bank of Korea left its key interest rate unchanged at 1.25%.

Major European indices trade in the green with Italy's MIB showing relative strength amid gains in bank stocks. UK's FTSE +0.3%, Germany's DAX +0.6%, France's CAC +0.9%, Italy's MIB +1.4%.
In economic data:
Germany's December WPI +1.2% month-over-month (expected 0.3%; last 0.1%); +2.8% year-over-year (last 0.8%)
Spain's December CPI +0.6% month-over-month, as expected (last 0.6%); +1.6% year-over-year (consensus 1.5%; last 1.5%)
In news:
Bank of France Governor Francois Villeroy de Galhau said that concerns about rising inflation are "very exaggerated."
British Prime Minister Theresa May is expected to make a "major" Brexit-related speech on Tuesday, January 17.
German Finance Minister Wolfgang Schaeuble spoke in favor of taking steps to unwind the European Central Bank's ultra-loose monetary policy this year.

5:58 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.10.

5:58 am: [BRIEFING.COM] Nikkei...19287...+152.60...+0.80%. Hang Seng...22937...+108.40...+0.50%.

5:58 am: [BRIEFING.COM] FTSE...7319.40...+27.00...+0.40%. DAX...11580.98...+59.90...+0.50%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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