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 Post subject: January 20th Friday Trade Results - No Trades
PostPosted: Fri Jan 20, 2017 8:24 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
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Quote:
No trades today and most likely I will try to put in a few trades on Monday January 23rd. If not because I do have two personal appointments on Monday...I'll be able to trade on Tuesday.

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.

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


4:15 pm: [BRIEFING.COM] The rubber has finally met the road as Donald Trump became the 45th President of the United States on Friday. It will now be up to his administration to live up to the post-election hype that pushed the stock market up nearly 7.0% between the November 8th election and the S&P 500's record high on January 6th. So far so good, as the major averages finished with modest gains: S&P 500 (+0.3%), Nasdaq (+0.3%), Dow (+0.5%).

Much like the rest of the week, today's session was underpinned by a wait-and-see mentality as investors appeared to have already priced in Mr. Trump's pro-growth promises. The equity market opened the day immediately higher, but cut its gain in half during President Trump's inaugural address.

During the address, Mr. Trump struck a populist tone, reiterating his protectionist trade policy and promising to put American workers at the heart of every decision he makes. There wasn't really any new information in the President's address, just a fresh reminder of Mr. Trump's commitment to bring jobs back to America--a commitment that could hit manufacturers' bottom lines. The major averages responded by sliding from their highs, eventually ticking up in the final stretch of action.

Sector standings were consistent throughout the day, with telecom services (+0.9%) and materials (+0.9%) camping out at the top of the leaderboard, and health care (-0.3%) and industrials (unch) setting up shop at the bottom. Each of the remaining seven sectors closed in the green.

Energy (+0.5%) broke its two-session losing streak, piggybacking on crude oil's 2.1% advance. The commodity finished at $53.25/bbl, climbing for the second consecutive day as investors eyed this weekend's OPEC/non-OPEC compliance meeting, hoping for indications of a tightening market.

The financial sector (+0.5%) had a poor showing this week, despite ending Friday with an uptick. The space lost 1.6% for the week as better-than-expected quarterly earnings results from some of its top components were met with a sell-the-news response in the wake of the sector's huge 20.5% fourth quarter gain.

The top-weighted technology sector (+0.5%) also finished the day higher. Technology started the day on a positive note after both IBM (IBM 170.55, +3.74) and Skyworks Solutions (SWKS 88.67, +10.21) reported better-than-expected earnings, adding 2.2% and 13.0%, respectively. Skyworks Solutions' spike also had a ripple effect on other chipmakers, evidenced by the 1.3% increase in the PHLX Semiconductor Index.

In addition to IBM, three more Dow components reported before today's opening bell, including American Express (AXP 76.20, -0.49), General Electric (GE 30.53, -0.68), and Procter & Gamble (PG 87.45, +2.75). American Express and General Electric declined 0.6% and 2.1%, respectively after reporting disappointing results while Procter & Gamble jumped 3.3% on better than expected earnings-per-share and upbeat organic sales growth.

U.S. Treasuries finished their trading day mixed with the the 2-yr note higher while longer-dated issues ticked lower. The yield curve steepened with the 2-yr yield closing three basis points lower at 1.19% and the 30-yr yield finishing one basis point higher at 3.06%. The benchmark 10-yr yield closed unchanged at 2.47%.

Looking ahead, investors will not receive any economic data on Monday, but they will see a slew of earnings reports. Most notably, McDonald's (MCD 122.26, +0.08) and Halliburton (HAL 56.45, +1.11) will report before the open, while Yahoo! (YHOO 42.05, -0.04) will report after the close.

Russell 2000 -0.4% YTD
Dow Jones Industrial Average +0.3% YTD
S&P 500 +1.5% YTD
Nasdaq Composite +3.2% YTD

Week in Review: Stocks Slip During Inauguration Week

The stock market endured another range-bound week, whichended with the market remaining just below its record high from January 6. TheS&P 500 shed 0.2% for the week while small caps underperformed, sendingthe Russell 2000 lower by 1.4%.

Bond and equity markets were closed on Monday for MartinLuther King Jr Day while the remainder of the week featured a sideways driftahead of Friday's inauguration of Donald Trump as the 45th Presidentof the United States. The stock market enjoyed a big post-election rally on hopesthat deregulation and policies introduced by the new administration would boosteconomic growth. However, with the S&P 500 soaring nearly 7.0% in the monththat followed Election Day, the past five weeks featured range-bound trade.

Only three sectors ended the week in negative territory withtwo registering weekly losses larger than 1.0%. The financial sector lost 1.6%for the week, but the decline took place after the sector soared nearly 20.0%in the five weeks after the election. The health care sector alsounderperformed, but the countercyclical group remained in the green for themonth (+1.3%) despite surrendering 1.5% last week.

On the upside, consumer staples (+1.9%) and telecom services(+0.8%) recorded solid weekly gains. In the staples sector, Procter & Gamble (PG) jumped 3.3% on Friday after beating earningsexpectations and raising its organic sales growth guidance.

Rate hike expectations solidified a bit with the fed fundsfutures market projecting a 70.3% implied likelihood of a rate hike in June, upfrom 69.0% at the end of last week.

3:30 pm: [BRIEFING.COM]

Crude oil extended yesterday's gains ahead of the first OPEC/non-OPEC production cut compliance committee meeting scheduled this Sunday in Vienna
Mar crude oil futures rose $1.09 (+2.1%) to $53.24/barrel
Its worth mentioning that higher oil prices could prompt a rise in output levels from U.S. shale producers.
Rig count data from Baker Hughes last week showed a first weekly rig count decline after 10 consecutive weeks of rig count additions. Rig count data is seen as a proxy for US production activity.
Crude oil futures briefly declined 0.5% off its session high immediately following the release of Baker Hughes U.S. rig count data, which showed total rigs increased by 35 to 694 rigs, following last week's decline of 6. Of this total, 29 oil rigs were added.
Natural gas dropped nearly 5% in today's session, erased all of yesterday's post-EIA gains, & ended the week -6.1%
Feb natural gas closed $0.16 lower (-4.8%) at $3.21/MMBtu
In precious metals, gold & silver end modestly higher on dollar weakness as day 2 of the Inauguration of President-elect Trump winds down
Feb 2017 gold ended today's session up $3.50 (+0.3%) to $1204.70/oz
Mar 2017 silver closed today's session $0.10 higher (+0.6%) at $17.02/oz
The dollar index was -0.3% around the 100.88 level, boosted precious metals
Commodities, as measured by the Bloomberg Commodity Index, were +0.3% around the 88.38 level

2:55 pm:

[BRIEFING.COM] Equity indices are unchanged since the last update with the S&P 500 higher by 0.1%. For the week, the benchmark index shows a 0.4% loss.

Outside of an intraday downtick from its session high, the stock market has maintained this week's wait-and-see mentality as the Trump administration will now be judged by its actions rather than words. Sector standings remain much the same with nine of eleven groups trading in positive territory.

U.S. Treasuries have seen an uptick in buying interest in recent action, finally crossing over into green territory after spending the morning in the red. The 10-yr yield is down one basis point at 2.47%.

Also of note, the U.S. dollar has ticked down as of late, with the U.S. Dollar Index (100.75, -0.35) hitting its overnight low. The index is down 0.3%.

2:25 pm:

[BRIEFING.COM] The major averages continue trending sideways, just above their flat lines, after squandering half of their earlier gains after President Trump's inauguration. The S&P 500 is higher by 0.2%.

For the week, sector leadership has been weak with only consumer staples (+1.7%) posting a gain of more than 1.0%. On the opposite end of the leaderboard, financials have led the S&P 500's modest 0.3% retreat with a week-to-date loss of 1.8%. The sector's decline has occurred despite generally better-than-expected earnings reports from Goldman Sachs (GS 231.90, +0.43), Citigroup (C 56.21, -0.45), U.S. Bancorp (USB 51.21, +0.48), and Morgan Stanley (MS 42.49, +0.04), indicating that the space is still digesting its huge 20.5% advance in the fourth quarter.

Looking ahead, Monday will see a slew of earnings reports with a handful of big names reporting quarterly results. McDonald's (MCD 122.31, +0.14) and Halliburton (HAL 56.34, +1.00) will report before the open, while Yahoo! (YHOO 42.02, -0.07) will report after the close.

1:55 pm:

[BRIEFING.COM] Equity indices continue hovering near their early afternoon levels with the S&P 500 up 0.2%. Despite the modest gain, the benchmark index is on track to surrender 0.3% for the week.

The bulk of today's action has taken place inside a narrow range, but the market did stumble from its high during President Trump's inaugural address, during which the new president spoke in favor of protectionist policies.

Neither Treasuries nor the dollar have seen much movement as of late. The 10-yr yield is higher by one basis point at 2.48% while the US Dollar Index (101.02, -0.08) is lower by 0.1% and on track for its fourth consecutive weekly decline. The index has given up 1.9% over the past four weeks.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have ticked back higher as investors continue to digest the completion of Donald Trump's inauguration as the 45th President of the United States.

A look inside the Dow Jones Industrial Average shows that Merck (MRK 62.52, +2.19), Procter & Gamble (PG 86.91, +2.21), & IBM (IBM 169.75, +2.94) are outperforming. Merck is advancing after competitor Bristol-Myers (BMY 49.09, -6.40) announced it would not pursue accelerated regulatory pathway for the combination of Opdivo plus Yervoy in first-line lung cancer in the U.S. based on a review of data available at this time. P&G is higher after delivering strong quarterly results and increasing its organic sales outlook. Similarly, IBM is among the Dow's top gainers after its fourth quarter results.

Conversely, General Electric (GE 30.61, -0.60) is the worst-performing Dow component after reporting its fourth quarter results.

As stocks rally today, the DJIA is poised, at current levels, to close the week lower by 0.4%.

1:00 pm:

[BRIEFING.COM] The stock market ticked down in recent action after Donald Trump became the 45th President of the United States at 12:00 pm ET. The S&P 500 remains up 0.2%.

Equity indices jumped higher immediately following the opening bell and then trended sideways all the way into Mr. Trump's inauguration. A wait-and-see mentally still lingers as investors shift their attention from President Trump's words to his administration's actions. Mr. Trump's inaugural address had a populist undertone, as the President reiterated his immigration and trade policies. He promised to put America first and the benefit of the American worker at the heart of every decision he makes.

Seven of the eleven sectors remain in positive territory while industrials (-0.5%) trade in the red after posting gains earlier in the session. The industrial sector remains at the bottom of today's leaderboard, with health care (-0.3%) and utilities (-0.3%) showing slimmer losses.

At the top of today's standings has been the telecom services sector (+1.2%), capitalizing on a big gain from AT&T (T 41.64, +0.64), which is up 1.5%. Energy is also higher, adding 0.4% on the performance of crude oil. The commodity is up for the second consecutive day with hopes that this weekend's compliance meeting between the world's top oil producers will provide evidence of a tightening market. The energy component is higher by 1.3% at $52.81/bbl.

The heavily-weighted financial (+0.3%) and technology (+0.4%) sectors have also outperformed thus far, with the latter sector getting a bump from IBM (IBM 169.30, +2.49) after the company beat earnings per share estimates. The broader tech sector has benefited from its chipmaker components, evidenced by the 1.2% increase in the PHLX Semiconductor Index. Skyworks Solutions (SWKS 87.99, +9.51) has paced the semiconductor advance, spiking 12.1%, after reporting better-than-expected results and announcing a $500 million buyback. The company is an Apple (AAPL 119.92, +0.14) supplier, which makes today's earnings report particularly noteworthy--a positive sign about component orders at the world's largest technology company.

On the other hand, American Express (AXP 76.14, -0.56) has declined 0.7% after disappointing earnings overshadowed upbeat guidance. General Electric (GE 30.62, -0.58) and Procter & Gamble (PG 86.91, +2.21) also headlined large cap earnings reports. General Electric has fallen 1.9% after missing on revenues, while Procter & Gamble has jumped 2.6% after beating earnings estimates.

The Treasury market remains mixed with the 2-yr note higher amid selling pressure in longer-dated issues. The yield curve has steepened with the 2-yr yield three basis points lower at 1.20% and the 10-yr yield two basis points higher at 2.50%.

12:25 pm:

[BRIEFING.COM] The stock market ticked down from its recent level after Donald Trump officially became the 45th President of the United States at noon ET. The S&P 500 remains in positive territory, up 0.3%.

After the stock market's huge post-election rally, investors will be focused on political action, rather than words, as the Trump administration goes to work. In his inaugural address, President Trump reiterated his trade and immigration policies, promising to make every decision for the 'benefit of American workers'. The inaugural address had some populist undertones, which should help explain the six-point dip that took place in recent action.

Health care (-0.1%) joined industrials (-0.3%) and utilities (-0.2%) in negative territory during Mr. Trump's speech. Today's leader remains telecom services (+1.1%), but the sector came down from its session high amid the market's downtick.

Treasuries remain generally lower, with the 10-yr yield three basis points higher at 2.50%.

12:00 pm:

[BRIEFING.COM] The major averages have trended sideways since posting gains immediately following the opening bell. The S&P 500 is up 0.5% as all markets point to a wait-and-see mentality as investors await Mr. Trump's inauguration and his inaugural address.

Treasuries are mixed, with the 2-yr note higher amid selling pressure in the longer-dated issues. The yield curve has steepened with the 2-yr yield two basis points lower at 1.20% and the 10-yr yield three basis points higher at 2.50%.

Also of note, the U.S. Dollar Index (101.05, -0.05) is flat as an uptick in the euro (1.0680) has been balanced by a downtick in the Japanese yen (115.01). Gold trades at $1,202.50/ozt as the precious metal holds a small 0.1% gain.

11:25 am:

[BRIEFING.COM] The major averages remain near their recent levels while small caps outperform. The S&P 500 is up 0.5% while the Russell 2000 posts a 0.7% gain moments before Mr. Trump's inauguration.

In small cap news, Fred's (FRED 15.26, -0.90) has dropped 5.6% after reports of anti-trust concerns over the divestiture of 865 Rite Aid (RAD 7.74, -0.85) stores, which was agreed to last month. The potential transaction would more than double Fred's store footprint, instantly making the company the third-largest drugstore chain in the US. Rite Aid is also down on the report, losing 9.9%.

Other than the utilities sector (-0.1%) joining industrials (-0.1%) in negative territory, sector arrangement looks much the same. Telecom services (+1.7%) still hold their lead, while financials (+0.8%), energy (+0.8%), materials (+0.9%), and consumer staples (+0.7%) also outperform.

10:55 am:

[BRIEFING.COM] The S&P 500 (+0.4%) has maintained its early gain as ten of its eleven sectors reside in green territory.

The top-weighted technology sector (+0.5%) has seen some positive earnings reports since yesterday's close. IBM (IBM 169.75, +2.94) is up 2.9% after beating earnings per share estimates. Skyworks Solutions (SWKS 87.94, +9.53) is also higher, spiking 12.2%, after reporting better-than-expected results and announcing a $500 million buyback.

Skyworks Solutions is an Apple (AAPL 119.99, +0.21) supplier, which makes today's earnings report particularly noteworthy, a positive sign about component orders at the world's largest technology company. Fellow chipmakers have also advanced on the report, pushing the PHLX Semiconductor Index up by 1.6%.

Treasuries remain lower, with the 10-yr Note just below its flat line and its yield up two basis points at 2.49%.

10:30 am: [BRIEFING.COM]

Crude oil futures saw a notable extension of yesterday's rally ahead of the OPEC/non-OPEC compliance committee meeting in Vienna this Sunday
Feb 2017 crude oil futures were up $1.46 (+2.8%) around the $53.59/barrel level
Baker Hughes rig count data will be released at 1 pm ET today. The rig count decreased by 7 last week following 10 previous weeks of consecutive rig count additions
Natural gas futures erased over half of yesterday's post EIA gains, on track to end the week -1.2%
Feb 2017 natural gas futures were down about $0.06 (-1.7%) around the $3.30/MMBtu level
In precious metals, silver traded higher while the dollar index remained flat ahead of the Inauguration of President-elect Donald Trump
Feb 2017 gold futures were nearly flat around the $1204.00/oz level
Mar 2017 silver futures were up $0.11 (+0.6%) around the $17.11/oz
The dollar index traded nearly flat around the 101.08 level as the markets eye the Trump Inauguration
Commodities, as measured by the Bloomberg Commodity Index, were +0.5% around the 88.59 level

10:00 am:

[BRIEFING.COM] The stock market remains near its recent level with the S&P 500 higher by 0.5%.

The recent wait-and-see mentality ahead of Inauguration Day has left the benchmark index unchanged for the week-to-date. Mr. Donald Trump will be sworn in as President at 12:00 pm ET, and he is expected to give his inauguration address shortly after.

Early sector standings show telecom services (+1.3%) atop of the leaderboard and industrials (-0.1%) at the bottom. The heavily-weighted financial and technology sectors, which together comprise around 35.0% of the broader market, are up 0.5% and 0.7%, respectively.

9:45 am:

[BRIEFING.COM] The major averages opened Friday's trading session on an uptick with the S&P 500 up 0.6%.

Ten of eleven sectors are postings gains while industrials (-0.1%) buck the bullish trend as CSX (CSX 43.97, -1.56) has given back 3.5% of its huge 23.4% Thursday gain.

Telecom services (+1.1%) and Energy (+1.0%) have led the advance, with the latter sector getting a nice bump from crude oil. The commodity has surpassed its overnight high and currently trades up 2.3% at $53.34/bbl.

Other early outperformers include technology (+0.7%), financials (+0.7%), consumer staples (+0.9%), and materials (+0.8%).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +18.90.

The stock market is on track to open Inauguration Day higher as the S&P 500 futures trade six points (+0.3%) above fair value.

Mr. Donald Trump will be sworn in as the 45th President of the United States at 12:00 pm ET. Following the oath of office, investors will be tuned in to the new President's inaugural address, looking for some insight into the Trump administration's political agenda.

On the corporate front, several large cap names reported earnings results after yesterday's close, including American Express (AXP 75.20, -1.49), which is down 1.9% in pre-market trade after disappointing earnings overshadowed upbeat guidance. Tech heavyweight IBM (IBM 165.28, -1.52) also reported yesterday afternoon, losing 0.9% after reporting a decline in revenue for the 19th consecutive quarter. However, the company did beat earnings per share estimates.

Reporting earlier this morning, General Electric (GE 30.68, -0.53) has declined 1.7% after missing on revenues and reporting in-line earnings. Conversely, Procter & Gamble (PG 87.17, +2.45) is up, adding 2.9%, after beating earnings estimates and reaffirming guidance.

U.S. Treasuries have ticked up in recent action and now sit just below their flat lines. The benchmark 10-yr yield is up one basis point at 2.48%.

Investors will not receive any economic data on Friday.

8:50 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +19.90.

The S&P 500 futures trade six points (+0.3%) above fair value.

Equity indices in the Asia-Pacific region ended the week on a mixed note. China reported its latest growth figures with year-over-year GDP growth (+6.8%) hitting a one-year high despite weaker-than-expected Industrial Production in December (+6.0%; expected +6.1%). The U.S. dollar advanced against most other major currencies after incoming Treasury Secretary Steven Mnuchin called the dollar 'very, very strong' yesterday afternoon.

In economic data:

China's Q4 GDP +1.7% quarter-over-quarter, as expected (last 1.8%); +6.8% year-over-year (expected 6.7%; last 6.7%). December Retail Sales +10.9% year-over-year (consensus 10.7%; last 10.8%), December Industrial Production +6.0% year-over-year (expected 6.1%; prior 6.2%), and December Fixed Asset Investment +8.1% year-over-year (consensus 8.3%; last 8.3%)
Australia's November HIA New Home Sales +6.1% month-over-month (last 3.8%)

---Equity Markets---

Japan's Nikkei added 0.3%, narrowing this week's loss to 0.8%. SUMCO, Kubota, Ebara, Sumitomo Heavy Industries, Mitsubishi Electric, Tokio Marine Holdings, Komatsu, and Isuzu Motors gained between 1.7% and 5.3%.
Hong Kong's Hang Seng lost 0.7%, ending the week lower by 0.2%. Energy-related names like CNOOC and PetroChina lost 2.4% and 1.4%, respectively. Financials and property names also struggled with Cheung Kong Property Holdings, China Overseas, Sino Land, China Life Insurance, and HSBC falling between 0.7% and 2.2%.
China's Shanghai Composite gained 0.7%, adding 0.3% for the week. HuNan Tyen Machinery, Yonyou Network Technology, Tibet Urban Development & Investment, Zhongzhu Healthcare Holding, and Harbin Dongan Auto Engine climbed between 4.8% and 6.8%.
India's Sensex fell 1.0%, but still gained 1.0% for the week. AXIS Bank led the retreat, falling 6.9%, in reaction to disappointing results. SBI and ICIC Bank posted respective losses of 2.8% and 2.3% while HDFC Bank added 0.2%.

Major European indices trade near their flat lines while the euro is down 0.1% against the dollar at 1.0651. Today's downtick leaves the single currency near its closing level from last week. Reports from the World Economic Forum in Davos indicate German Finance Minister Wolfgang Schaeuble said Germany would not support a new Greek bailout without the involvement of the International Monetary Fund. Mr. Schaeuble added that the lack of the IMF's participation would be against the basis of the program.

In economic data:
Germany's December PPI +0.4% month-over-month, as expected (last 0.3%); +1.0% year-over-year, as expected (last 0.1%)
UK's December Retail Sales -1.9% month-over-month (expected -0.1%; last -0.1%); +4.3% year-over-year (consensus 7.2%; last 5.7%). December Core Retail Sales -2.0% month-over-month (expected -0.3%; previous 0.2%); +4.9% year-over-year (consensus 7.6%; prior 6.4%). December BRC Retail Sales Monitor 0.0% year-over-year (last 1.0%)

---Equity Markets---

France's CAC is higher by 0.3%. Carrefour is near the top of the leaderboard with a 1.8% gain after it was reported the grocery retail chain is considering making an offer to Best Buy CEO Hubert Joly. Financials are mixed with BNP Paribas and Societe Generale both adding near 0.5% while Credit Agricole trades flat. On the downside, Peugeot and Michelin are down 0.6% and 1.7%, respectively.
Germany's DAX is up a modest 0.1%. Financials Commerzbank and Deutsche Bank hold respective gains of 3.3% and 1.2% while exporters BMW and Volkswagen are up 0.7% and 0.4%, respectively. Another automaker, Daimler, trades flat. Continental is the weakest performer, down 1.3%.
UK's FTSE sits just below its flat line. Homebuilders and consumer names lag while energy-related names outperform. Taylor Wimpey, Barratt Developments, Persimmon, Sainsbury, Tesco, Associated British Foods, and Next are down between 0.9% and 2.4% while Royal Dutch Shell and BP trade higher by 1.1% and 0.5%, respectively.

8:24 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +18.40.

The stock market is poised for a higher open on Friday as the S&P 500 futures trade five points (+0.2%) above fair value.

Today's top story is of course the inauguration of Mr. Donald Trump. Investors will be tuned in to the new President's inaugural address, which will follow his oath of office at 12:00 pm ET, hoping for some insight into the new administration's political agenda.

In his address, Mr. Trump is likely to stick to his key economic themes, including his key trade message. However, he could also address the drug industry, an industry he criticized just last week in his first post-election news conference. Mr. Trump has also criticized specific defense contractors since winning the election, but he will most likely not touch on the subject today.

Treasuries are lower preceding the inauguration, with the 10-yr yield three basis points higher at 2.50%.

Conversely, the U.S. dollar is up, adding 0.3% amid weakness in the euro (1.0635) and the Japanese yen (115.17).

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +19.90.

U.S. equity futures have seen a steady bid since yesterday's close, trading higher ahead of today's presidential inauguration. The S&P 500 futures trade five points (+0.2%) above fair value.

Regarding the timing of the inauguration, Donald Trump will take his oath of office at noon ET. Investors will be closely watching the new President's inaugural address, an address in which Mr. Trump is expected to touch on his key trade message.

Crude oil is up for the second consecutive day with hopes that this weekend's compliance meeting between the world's top oil producers will provide evidence of a tightening market. The commodity is up 1.3% at $52.81/bbl.

Conversely, Treasuries are down for the third day in a row after trending flat throughout the overnight session. The benchmark 10-yr yield is up three basis points at 2.50%.

Investors will not receive any economic reports on Friday.

In U.S. corporate news:

American Express (AXP 74.99, -1.70): -2.2% after disappointing earnings overshadowed upbeat guidance.
IBM (IBM 164.23, -2.58): -1.6% after revenue declined for the 19th consecutive quarter. The company did beat earnings-per-share estimates by $0.13.
General Electric (GE 30.90, -0.31): -1.5% after missing on revenues and reporting in-line earnings.
Procter & Gamble (PG 86.34, +1.64): +1.9% after beating earnings estimates and reaffirming guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note. Japan's Nikkei +0.3%, Hong Kong's Hang Seng -0.7%, China's Shanghai Composite +0.7%, India's Sensex -1.0%.
In economic data:
China's Q4 GDP +1.7% quarter-over-quarter, as expected (last 1.8%); +6.8% year-over-year (expected 6.7%; last 6.7%). December Retail Sales +10.9% year-over-year (consensus 10.7%; last 10.8%), December Industrial Production +6.0% year-over-year (expected 6.1%; prior 6.2%), and December Fixed Asset Investment +8.1% year-over-year (consensus 8.3%; last 8.3%)
Australia's November HIA New Home Sales +6.1% month-over-month (last 3.8%)
In news:
China reported its latest growth figures with year-over-year GDP growth (+6.8%) hitting a one-year high despite weaker-than-expected Industrial Production in December (+6.0%; expected +6.1%).
The U.S. dollar advanced against most other major currencies after incoming Treasury Secretary Steven Mnuchin called the dollar 'very, very strong' yesterday afternoon.

Major European indices trade just above their flat lines while the euro is down 0.3% against the dollar at 1.0638. France's CAC +0.3%, Germany's DAX +0.1%, UK's FTSE unch.
In economic data:
Germany's December PPI +0.4% month-over-month, as expected (last 0.3%); +1.0% year-over-year, as expected (last 0.1%)
UK's December Retail Sales -1.9% month-over-month (expected -0.1%; last -0.1%); +4.3% year-over-year (consensus 7.2%; last 5.7%). December Core Retail Sales -2.0% month-over-month (expected -0.3%; previous 0.2%); +4.9% year-over-year (consensus 7.6%; prior 6.4%). December BRC Retail Sales Monitor 0.0% year-over-year (last 1.0%)
In news:
Reports from the World Economic Forum in Davos indicate German Finance Minister Wolfgang Schaeuble said Germany would not support a new Greek bailout without the involvement of the International Monetary Fund. Mr. Schaeuble added that the lack of the IMF's participation would be against the basis of the program.

5:56 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +18.10.

5:56 am: [BRIEFING.COM] Nikkei...19138...+65.70...+0.30%. Hang Seng...22886...-164.10...-0.70%.

5:56 am: [BRIEFING.COM] FTSE...7209.70...+1.30...+0.00%. DAX...11615.82...+18.90...+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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