Trade Results of M.A. Perry Trader and Founder of
WRB Analysis (wide range body/bar analysis)
TheStrategyLab 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 TheStrategyLab Reviews: http://www.thestrategylab.com/thestrategylab-reviews.htmTheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)
Attachment:
070617-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1487.50.png [ 96.24 KiB | Viewed 265 times ]
click on the above image to view today's performance verification Price Action Trade Performance for Today: Emini TF ($TF_F) futures @
$0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @
$1487.50 dollars or +29.75 points, Light Crude Oil CL ($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 @ $1487.50 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 @
CMEGroupEuroFX 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 for anyone to do a real-time review. 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 review
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=169&t=2593
##TheStrategyLab Chat Room is
free. 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 TheStrategyLab 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 TheStrategyLab 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. TheStrategyLab 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 via removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets.
TheStrategyLab free chat room is
not for traders looking for someone to hold their hands and tell them when to buy or sell. TheStrategyLab is for you to post
your real-time analysis or trades so that you can
review as feedback for any trading day to provide valuable information about the results in
your broker statements. Access instructions for chat room @
http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164Quote:
Also, posted below for you to
review 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.
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
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).
Daily Trading Plan Routine @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=324&t=3459 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 for easy review 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 The Market at 04:30PM ETDow: -158.13… | Nasdaq: -61.39… | S&P: -22.79…
NASDAQ Vol: 1.98 bln… Adv: 640… Dec: 2023…
NYSE Vol: 877.9 mln… Adv: 573… Dec: 2386…
Moving the Market
Financial sector outperforms while health care sector lags
Crude oil rolls over on post-inventory report gain, energy sector underperforms
Government bond yields up around the globe
Sector Watch
Strong: Financials, Materials, Consumer Staples, Utilities
Weak: Energy, Health Care, Telecom Services, Real Estate
04:30PM ET
[BRIEFING.COM] Stocks moved into negative territory for the week on Thursday as the S&P 500 (-0.9%) tumbled below its 50-day simple moving average (2,414) for the first time in seven weeks. The Nasdaq (-1.0%) and the Dow (-0.7%) also registered sizable declines, but none as great as the small-cap Russell 2000, which settled lower by 1.4%.
The major averages were bearish from the jump on Thursday, quickly turning their opening losses into sizable declines within the first few minutes of action. The S&P 500 found some support at its 50-day simple moving average (2,414) in the morning, bouncing off the key technical level to climb back to its opening mark. However, the bears reclaimed control in the afternoon, sending the benchmark index, and its peers, to a fresh session low.
There wasn't a specific catalyst to credit for the equity market's poor performance, but the market did express concerns about less accommodative central bankers, evidenced by rising interest rates around the globe. U.S. Treasuries moved lower in a curve-steepening trade that left the 10-yr yield five basis points higher at 2.37% and the 2-yr yield unchanged at 1.40%.
The heavily-weighted financial sector (-0.7%) benefited from the steepening of the yield curve and exhibited relative strength throughout the session. However, late-afternoon selling did trim the financial sector's advantage over the broader market a bit, leaving the group at its worst mark of the day. The consumer staples (-0.5%), materials (-0.4%), and utilities (-0.1%) sectors also outperformed.
Out of the remaining seven sectors, the lightly-weighted telecom services (-2.3%), real estate (-1.9%), and energy (-1.8%) groups finished with the widest declines. The energy sector struggled for the majority of the session despite an upbeat EIA crude inventory report, which showed that oil inventories declined by 6.3 million barrels last week (consensus -2.0 million).
Crude oil immediately shot to a new session high following the EIA release, trading as high as +3.0%, but eventually retraced a good portion of that gain to settle at a price of $45.52/bbl (+0.9%).
The influential technology (-0.9%) and health care (-1.3%) sectors struggled early on, but the tech group was able to move back in line with the broader market, thanks in large part to the positive performance of chipmakers; the PHLX Semiconductor Index settled with a modest loss of 0.5%.
Meanwhile, the health care group was never able to recover. All health care components finished in the red, but biotechnology companies showed particular weakness, sending the iShares Nasdaq Biotechnology ETF (IBB 310.45, -4.84) lower by 1.5%.
It's also worth pointing out that retailers struggled today, dragging the SPDR S&P Retail ETF (XRT 39.46, -0.87) lower by 2.2%. L Brands (LB 46.49, -7.62) led the retreat, plunging 14.1%, after reporting a 9.0% decline in June comparable sales vs +6.0% a year ago and -7.0% last month.
Reviewing today's large batch of economic data, which included June ADP Employment Change, the weekly Initial Claims Report, June ISM Services, May Trade Balance, the weekly MBA Mortgage Applications Index, and June Challenger Job Cuts:
The ADP National Employment Report showed an increase of 158,000 in June (Briefing.com consensus 185,000) while the May reading was revised lower to 230,000 from 253,000.
The ADP reading precedes Friday's more influential Employment Situation Report for June, which the Briefing.com consensus expects will show the addition of 173,000 nonfarm payrolls.
The latest weekly initial jobless claims count totaled 248,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was above the unrevised prior week count of 244,000. As for continuing claims, they rose to 1.956 million from the revised count of 1.945 million (from 1.948 million).
The key takeaway from the report is that jobless claims continue to remain at low levels that are consistent with a tight labor market.
The ISM Services Index for June rose to 57.4 from an unrevised reading of 56.9 in May. The Briefing.com consensus expected a reading of 56.6.
The key takeaway from the report is that the services side of the economy continues to perform well, evidenced by every index component registering a reading above 50.0 in June.
The May trade balance showed a deficit of $46.5 billion while the Briefing.com consensus expected the deficit to hit $46.1 billion. The previous month's deficit was left unrevised at $47.6 billion.
The key takeaway from the report is that the average real trade balance for the second quarter is higher than the average for the first quarter, which implies net exports will have a negative contribution on Q2 GDP growth.
The weekly MBA Mortgage Applications Index rose 1.4% to follow last week's 6.2% decrease.
June Challenger Job Cuts showed a year-over-year decrease of 19.3% to follow last month's year-over-year increase of 9.7%.
On Friday, investors will receive the Employment Situation Report for June, which the Briefing.com consensus expects will show the addition of 173,000 nonfarm payrolls. The report will be released at 8:30 ET.
Nasdaq Composite +13.1% YTD
S&P 500 +7.6% YTD
Dow Jones Industrial Average +7.9% YTD
Russell 2000 +3.2% YTD
Dow: -158.13… | Nasdaq: -61.39… | S&P: -22.79…
NASDAQ Adv/Dec 640/2023. …NYSE Adv/Dec 573/2386.
03:05PM ET
[BRIEFING.COM] Commodities end the day slightly higher:
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.12% at 82.4177
WTI crude is up a bit on the day, following a steep sell-off yesterday.
Futures settled $0.42 higher to $45.52/barrel.
In other energy:
August natural gas finished up $0.04 to settle at $2.89/MMBtu
Precious metals finished the session higher...
August gold gained $1.90 to settle at $1223.50/oz, while September silver gained $0.05 to $15.95/oz
September copper lost $0.03 to $2.66/lb
Dow: -116.43… | Nasdaq: -48.68… | S&P: -18.03…
NASDAQ Adv/Dec 802/1928. …NYSE Adv/Dec 661/2264.
03:05PM ET
[BRIEFING.COM] Moving into the final stretch, the S&P 500 (-0.8%) and the Dow (-0.6%) trade at their worst marks of the day while the Nasdaq (-0.8%) hovers in the middle of its trading range.
All sectors are trading in negative territory this afternoon with losses ranging from 0.2% (utilities) to 1.9% (telecom services). The health care (-1.2%), energy (-1.6%), telecom services (-1.9%), and real estate (-1.5%) groups are among the weakest sectors while the financials (-0.3%), materials (-0.3%), and utilities (-0.2%) spaces are among the strongest.
Tomorrow, the Employment Situation Report for June will be released at 8:30 ET, which the Briefing.com consensus expects will show the addition of 173,000 nonfarm payrolls. Investors will also pay close attention to the average hourly earnings metric (Briefing.com consensus +0.3%), which plays a key role in inflation expectations.
Dow: -117.82… | Nasdaq: -47.88… | S&P: -17.41…
NASDAQ Adv/Dec 813/1909. …NYSE Adv/Dec 681/2241.
02:35PM ET
[BRIEFING.COM] The S&P 500 (-0.7%) is hovering just a tick above its 50-day simple moving average (2,414), which proved to be a level of support earlier in the session.
Crude oil has given back a good portion of its earlier gain this afternoon and currently trades 0.8% above yesterday's closing price at $45.49/bbl. The energy component traded as high as +3.0% following a bullish EIA inventory report, which showed a larger-than-expected draw of 6.3 million barrels for the week ended June 30 (consensus -2.0 million barrels).
Similarly, the energy sector (-1.6%) has tumbled to a new session low, extending its week-to-date loss to 1.0%. For comparison, the S&P 500 currently holds a week-to-date loss of 0.3%.
Dow: -124.89… | Nasdaq: -43.41… | S&P: -17.60…
NASDAQ Adv/Dec 847/1896. …NYSE Adv/Dec 649/2279.
02:00PM ET
[BRIEFING.COM] Equity indices have ticked down from their recent levels as of late, leaving the S&P 500 lower by 0.6%.
The Dow Jones Transportation Average (+0.2%) is trading ahead of the broader market this afternoon as airlines outperform; Alaska Air (ALK 92.04, +0.76), Delta Air Lines (DAL 54.70, +0.37), Southwest Airlines (LUV 63.64, +0.48), and United Continental (UAL 78.27, +1.73) are sporting gains between 0.7% and 2.3%. The U.S. Global Jets ETF (JETS 32.14, +0.32) is up 1.0% and on track for its fourth-consecutive win.
Elsewhere, the CBOE Volatility Index (VIX 12.03, +0.96), often referred to as the "investor fear gauge", has spiked 8.8% to a seven-week high in today's session.
Dow: -99.00… | Nasdaq: -40.46… | S&P: -15.51…
NASDAQ Adv/Dec 855/1875. …NYSE Adv/Dec 719/2203.
01:30PM ET
[BRIEFING.COM] The major U.S. indices have seen additional buying activity since our last update as stocks continue to recover from this morning's lows.
A look inside the Dow Jones Industrial Average shows that General Electric (GE 26.47, -0.88), Merck (MRK 63.38, -0.78), & Walt Disney (DIS 103.63, -1.22) are underperforming. General Electric is the largest decliner in the Dow after the European Commission issued a Statements of Objections to the company alleging that they breached EU merger rules by providing incorrect or misleading information. Additionally weighing on shares, JP Morgan lowered their price target on the company this morning. Elsewhere, Merck is lower after announcing that the FDA had placed a clinical hold on KEYNOTE-183, KEYNOTE-185 and KEYNOTE-023, three combination studies of KEYTRUDA, the company's anti-PD-1 therapy, in the blood cancer multiple myeloma following a review of data by the Data Monitoring Committee in which more deaths were observed in the KEYTRUDA arms of KEYNOTE-183 and KEYNOTE-185.
Conversely, JP Morgan (JPM 94.39, +0.71) is the best-performing Dow component as financials continue to display relative strength despite a broader market selloff.
Despite today's decline, the DJIA is still up 0.31% this week.
Dow: -67.02… | Nasdaq: -26.12… | S&P: -9.71…
NASDAQ Adv/Dec 1010/1704. …NYSE Adv/Dec 847/2045.
01:05PM ET
[BRIEFING.COM] Equity indices are solidly lower at midday with the S&P 500 showing a loss of 0.5%. However, on a positive note, the benchmark index found support at its 50-day moving average (2,414) after testing it in the opening minutes. The Nasdaq (-0.5%) and the Dow (-0.4%) trade roughly in line with the benchmark index and all three averages hover in the upper half of today's trading range.
Government bond yields are higher around the globe today with U.S. Treasuries moving in a curve-steepening trade; the 10-yr yield is up five basis points at 2.38% while the 2-yr yield is just one basis point higher at 1.42%. The increased 2yr-10yr spread, which currently sits at a six-week high, has underpinned the heavily-weighted financial sector (+0.1%) throughout today's session.
The financial group has exhibited relative strength since the opening bell and is currently the only sector to trade in the green. The lightly-weighted materials group hovers at its unchanged mark, but the nine remaining sectors hold losses between 0.3% (consumer staples) and 1.7% (telecom services).
Chipmakers are outperforming, evidenced by the 0.1% increase in the PHLX Semiconductor Index, but most of the technology sector's (-0.4%) components are trading in the red. The tech group was trading as low as -1.2% early this morning, but the semiconductor industry's positive performance helped the group move back in line with the broader market.
The influential health care sector (-1.0%) is one of the weakest groups with just about all of its components trading in negative territory. Biotechnology names exhibit relative weakness with the iShares Nasdaq Biotechnology ETF (IBB 311.27, -3.97) showing a loss of 1.3%.
WTI crude futures are trading solidly higher today, up 2.6% at $46.28/bbl, after the Department of Energy reported that oil inventories declined by 6.3 million barrels last week, while the consensus expected a draw of just 2.0 million barrels. Gasoline stocks also declined more than expected, dropping 3.7 million barrels vs the consensus estimate of -1.8 million barrels.
However, the energy sector (-1.0%) has struggled despite crude oil's positive performance. The sector moved sharply higher immediately following the EIA release, but has since given back nearly all of the spike.
It's also worth noting that today's trading volume has been relatively light thus far as many investors remain on vacation following the Fourth of July holiday weekend.
Reviewing today's batch of economic data, which included June ADP Employment Change, the weekly Initial Claims Report, June ISM Services, May Trade Balance, the weekly MBA Mortgage Applications Index, and June Challenger Job Cuts:
The ADP National Employment Report showed an increase of 158,000 in June (Briefing.com consensus 185,000) while the May reading was revised lower to 230,000 from 253,000.
The ADP reading precedes Friday's more influential Employment Situation Report for June, which the Briefing.com consensus expects will show the addition of 173,000 nonfarm payrolls.
The latest weekly initial jobless claims count totaled 248,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was above the unrevised prior week count of 244,000. As for continuing claims, they rose to 1.956 million from the revised count of 1.945 million (from 1.948 million).
The key takeaway from the report is that jobless claims continue to remain at low levels that are consistent with a tight labor market.
The ISM Services Index for June rose to 57.4 from an unrevised reading of 56.9 in May. The Briefing.com consensus expected a reading of 56.6.
The key takeaway from the report is that the services side of the economy continues to perform well, evidenced by every index component registering a reading above 50.0 in June.
The May trade balance showed a deficit of $46.5 billion while the Briefing.com consensus expected the deficit to hit $46.1 billion. The previous month's deficit was left unrevised at $47.6 billion.
The key takeaway from the report is that the average real trade balance for the second quarter is higher than the average for the first quarter, which implies net exports will have a negative contribution on Q2 GDP growth.
The weekly MBA Mortgage Applications Index rose 1.4% to follow last week's 6.2% decrease.
June Challenger Job Cuts showed a year-over-year decrease of 19.3% to follow last month's year-over-year increase of 9.7%.
Dow: -82.46… | Nasdaq: -27.11… | S&P: -11.58…
NASDAQ Adv/Dec 982/1714. …NYSE Adv/Dec 845/2046.
12:30PM ET
[BRIEFING.COM] Equity indices have not changed much since the last update; the Dow Jones Industrial Average (-0.4%) is trading just a step ahead of the S&P 500 (-0.5%).
The Atlanta Fed's GDPNow model forecast for U.S. second quarter GDP growth fell to 2.7% today from 3.0% on Monday. Still, despite the tempered growth expectations, the benchmark 10-yr yield hovers at an eight-week high, up five basis points at 2.38%. Meanwhile, the 10-yr German bund yield has moved even higher, climbing nine basis points to 0.56%.
In the currency market, the U.S. dollar has dropped 0.5% against the euro (1.1412), leaving the U.S. Dollar Index (95.64, -0.33) lower by 0.3%.
Dow: -100.50… | Nasdaq: -40.91… | S&P: -14.15…
NASDAQ Adv/Dec 960/1723. …NYSE Adv/Dec 822/2041.
11:55AM ET
[BRIEFING.COM] Equity indices are hovering in the upper half of today's trading range with the Nasdaq (-0.5%) now trading in line with the S&P 500 (-0.5%) after lagging earlier in the session.
The heavily-weighted financial sector (+0.2%) has exhibited relative strength since the opening bell and is currently on track for its eighth win in nine sessions. A steepening of the yield curve has helped fuel the group's positive performance--the 2yr-10yr spread has increased by five basis points. Today's advance places the financial space at the top of the week's leaderboard with a week-to-date gain of 1.8%.
Elsewhere, in the technology sector (-0.6%), chipmakers have pushed the PHLX Semiconductor Index (+0.1%) above its flat line for the first time today. The semiconductor industry's positive performance has brought the tech space back in line with the broader market.
Dow: -49.45… | Nasdaq: -36.46… | S&P: -11.85…
NASDAQ Adv/Dec 926/1735. …NYSE Adv/Dec 778/2074.
11:25AM ET
[BRIEFING.COM] Equity indices have ticked up since the last update, but still trade solidly lower. The S&P 500 is holding a loss of 0.6%.
WTI crude futures have climbed to a fresh session high following the weekly EIA inventory report, which was released at the top of the hour, and are currently trading higher by 2.4% at a price of $46.19/bbl. The Department of Energy reported that oil inventories declined by 6.3 million barrels last week, while the consensus expected a draw of just 2.0 million barrels. Gasoline stocks also declined more than expected, dropping 3.7 million barrels vs the consensus estimate of -1.8 million barrels.
The energy sector (-0.9%) moved sharply higher immediately following the EIA release, but has since given back a good portion of the spike and now hovers in the middle of today's trading range. Dow components Chevron (CVX 104.33, -0.26) and Exxon Mobil (XOM 80.44, -0.41) show respective losses of 0.2% and 0.5%.
Dow: -96.15… | Nasdaq: -51.99… | S&P: -15.39…
NASDAQ Adv/Dec 839/1826. …NYSE Adv/Dec 728/2121.
11:05AM ET
[BRIEFING.COM] Commodities are beginning the day higher:
Overall, commodities, as measured by the Bloomberg Commodity Index, are up 0.3% at 82.5678
Dollar index is down 0.41 % at 95.90
Looking at energy...
Crude futures regained some losses from yesterday overnight and this morning and now rally following EIA inventory data.
August WTI crude oil futures are now up $1.18 at $46.31/barrel
In other energy,
June natural gas is up $0.039 at $2.879/MMBtu
Precious metals are performing better...
Aug gold is up $1.30 at $1223.00/oz, while July silver is up $0.049 at $15.945/oz
July copper is unchanged at $2.66/lb
REMINDER: EIA Natural gas data to be released tomorrow at 10:30am ET because of the holiday
Dow: -69.47… | Nasdaq: -52.16… | S&P: -12.43…
NASDAQ Adv/Dec 835/1834. …NYSE Adv/Dec 809/2010.
10:55AM ET
[BRIEFING.COM] The major averages trade just a tick above their session lows. The Nasdaq (-0.9%) and the Dow (-0.5%) hover on opposite sides of the benchmark S&P 500 (-0.7%).
All sectors are trading in negative territory this morning with the lightly-weighted telecom services group (-1.4%) pacing the retreat. The top-weighted technology sector (-1.0%) is also underperforming, giving back just about all of yesterday's advance, as mega-cap names like Apple (AAPL 142.83, -1.25), Microsoft (MSFT 68.25, -0.83), Facebook (FB 148.74, -1.60), and Alphabet (GOOGL 922.80, -9.46) show losses between 0.9% and 1.2%. For the week, the tech group currently holds a loss of 0.8%.
The Energy Information Administration (EIA) will release its weekly crude inventory report shortly at 11:00 ET. WTI crude is currently up 1.5% at $45.80/bbl.
Dow: -111.64… | Nasdaq: -57.49… | S&P: -16.53…
NASDAQ Adv/Dec 675/1986. …NYSE Adv/Dec 549/2280.
10:00AM ET
[BRIEFING.COM] The major averages have ticked down from their opening levels with the S&P 500 now showing a loss of 0.6%.
Just in, the ISM Services Index for June rose to 57.4 from an unrevised reading of 56.9 in May. The Briefing.com consensus expected a reading of 56.6.
Dow: -112.49… | Nasdaq: -52.34… | S&P: -14.80…
NASDAQ Adv/Dec 590/2029. …NYSE Adv/Dec 516/2200.
09:45AM ET
[BRIEFING.COM] The stock market opens Thursday's session lower with the benchmark S&P 500 showing a loss of 0.5%.
All of the S&P 500's 11 sectors are trading in the red with the lightly-weighted telecom services group (-1.4%) leading the retreat. The technology (-0.8%), consumer discretionary (-0.7%), and health care (-0.7%) groups also exhibit relative weakness. On a positive note, the financial sector (-0.1%) has managed to keep close to its unchanged mark amid a steepening of the yield curve.
Treasuries are trading lower this morning with longer-date issues facing the heaviest selling pressure. The 10-yr yield is up four basis points at 2.37% while the 2-yr yield is unchanged at 1.41%.
Dow: -95.61… | Nasdaq: -47.88… | S&P: -12.87…
NASDAQ Adv/Dec 646/1936. …NYSE Adv/Dec 601/2080.
09:20AM ET
[BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -44.80.
The stock market is poised to register a modest loss at the opening bell with no one catalyst prompting the bearish sentiment. The S&P 500 futures trade nine points, or 0.2%, below fair value.
Corporate news has been relatively light thus far, but it's worth noting that Costco (COST 161.60, +3.58) is up 2.3% after reporting a 6.0% increase in June same store sales vs 0.0% a year ago and +4.1% last month. Conversely, L Brands (LB 49.80, -4.31) has plunged 8.0% after reporting a 9.0% decrease in June same store sales vs +6.0% a year ago and -7.0% last month.
WTI crude futures have climbed 1.7% to a price of $45.90/bbl this morning after the American Petroleum Institute (API) reported on Wednesday evening that U.S. crude inventories declined by 5.8 million barrels last week, while the consensus expected a draw of 1.6 million barrels. The Department of Energy will release the official government figures later this morning at 11:00 ET.
U.S. Treasuries are lower in early action in a curve-steepening trade; the 10-yr yield has climbed five basis points to 2.37% while the 2-yr yield is up one basis point at 1.41%. Similarly, government bond yields are up around the globe with Japan's 10-yr yield rising two basis points to 0.09%, Germany's 10-yr yield climbing eight basis points to 0.55%, and the UK's 10-yr yield advancing five basis points to 1.31%.
Reviewing this morning's batch of economic data, which included the weekly MBA Mortgage Applications Index, June Challenger Job Cuts, June ADP Employment Change, the weekly Initial Claims Report, and May Trade Balance (Briefing.com consensus -$46.1 billion):
The weekly MBA Mortgage Applications Index rose 1.4% to follow last week's 6.2% decrease.
June Challenger Job Cuts showed a year-over-year decrease of 19.3% to follow last month's year-over-year increase of 9.7%.
The ADP National Employment Report showed an increase of 158,000 in June (Briefing.com consensus 185,000) while the May reading was revised lower to 230,000 from 253,000.
The ADP reading precedes Friday's more influential Employment Situation Report for June, which the Briefing.com consensus expects will show the addition of 173,000 nonfarm payrolls.
The latest weekly initial jobless claims count totaled 248,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was above the unrevised prior week count of 244,000. As for continuing claims, they rose to 1.956 million from the revised count of 1.945 million (from 1.948 million).
The May trade balance showed a deficit of $46.5 billion while the Briefing.com consensus expected the deficit to hit $46.1 billion. The previous month's deficit was left unrevised at $47.6 billion.
Today's last economic report--June ISM Services (Briefing.com consensus 56.6)--will cross the wires at 10:00 ET.
08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -51.10.
The S&P 500 futures trade 11 points, or 0.3%, below fair value.
Equity indices in the Asia-Pacific region ended Thursday on a mixed note. China's Ministry of Commerce said that trade probes against China declined significantly in the first half of 2017. In Japan, press reports suggest the Bank of Japan will maintain its policy stance and lower its inflation forecast for fiscal year ending March 2018. The change is expected to take place when the BoJ conducts its quarterly review on July 20th.
In economic data:
Australia's May trade surplus expanded to AUD2.47 billion from AUD90 million (expected surplus of AUD1.10 billion). May Imports +1.0% month-over-month (last -1.0%) and May Exports +9.0% month-over-month (last -8.0%)
---Equity Markets---
Japan's Nikkei gave up 0.4%. Growth-sensitive names like Okuma, Kubota, Bridgestone, Honda Motor, and Tosoh lost between 1.4% and 2.8% while retailers like Familymart, J Front Retailing, and Fast Retailing surrendered between 1.4% and 2.0%.
Hong Kong's Hang Seng shed 0.2%. Financials underperformed with Bank of China, BoC Hong Kong, Bank of East Asia, ICBC, and HSBC falling between 0.3% and 5.7%. On the upside, Hang Lung Properties and Cathay Pacific Air both gained near 2.0% while Galaxy Entertainment advanced 1.4%.
China's Shanghai Composite climbed into the close, adding 0.2%. Fortune Ng Fung Food, Shanghai Xin Nanyang, Caihong Display Devices, Tibet Tianlu, and HuNan Tyen Machinery climbed between 5.5% and 7.2%.
India's Sensex rose 0.4%. Financials were mixed with SBI rising 2.2%, HDFC Bank adding 0.5%, and ICICI Bank ticking up 0.3% while AXIS Bank lost 0.9%. Tech consultants like Wipro, Infosys, and Tata Consultancy lost between 0.2% and 0.6%.
Major European indices trade in negative territory with Italy's MIB (-0.1%) staying ahead of its peers. U.S. President Donald Trump will head to Hamburg for the G-20 summit after wrapping up his brief visit to Poland. Mr. Trump recently finished a speech at Warsaw's Krasinski Square, near a monument dedicated to those who fought in the Warsaw uprising of 1944. Elsewhere, Greece's Kathimerini reported that the European Stability Mechanism will delay the disbursement of 7.7 billion euros to Greece until at least Friday to ensure that Greece fulfills its commitments. It is worth noting that European sovereign yields have continued climbing in recent days with Germany's 10-yr yield rising eight basis points to 0.56% today.
In economic data:
Eurozone Retail PMI 53.2 (last 52.0)
Germany's May Factory Orders +1.0% month-over-month (expected 2.0%; last -2.2%)
UK's Housing Equity Withdrawal -GBP10.40 billion (expected -GBP7.40 billion; last -GBP10.60 billion)
Swiss June CPI -0.1% month-over-month (expected 0.0%; last 0.2%); +0.2% year-over-year (consensus 0.3%; last 0.5%)
---Equity Markets---
France's CAC trades lower by 0.9%, revisiting its June low. Sodexo has slumped 5.3% in reaction to disappointing results while consumer names like Danone, L'Oreal, Accor, Louis Vuitton, Pernod Ricard, and Carrefour are down between 1.1% and 2.0%. On the upside, automakers Peugeot and Renault show respective gains of 1.7% and 1.0%.
Germany's DAX has given up 0.8% amid broad weakness. Henkel, Bayer, Vonovia, Siemens, Merck, SAP, and BASF show losses between 0.9% and 2.0%. Financials have bucked the trend with Deutsche Bank rising 1.5% and Commerzbank climbing 3.6%.
UK's FTSE is down 0.6% with consumer names leading the retreat. Burberry, Sainsbury, Carnival, Next, British American Tobacco, InterContinental Hotels, Unilever, Diageo, and Imperial Brands are down between 0.9% and 2.0%. Select financials like RBS, Barclays, Lloyds Banking, and Standard Life outperform with gains between 0.4% and 1.6%.
Italy's MIB sits just below its flat line. Heavyweight components like Mediaset, Luxottica, and Ferrari are down between 0.5% and 1.8% while financials like Banco Bpm, UniCredit, Banca Generali, and Banca Mediolanum are up between 0.6% and 2.3%.
08:34AM ET
[BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -52.90.
The S&P 500 futures trade 11 points, or 0.3%, below fair value.
Released not long ago, the ADP National Employment Report showed an increase of 158,000 in June (Briefing.com consensus 185,000) while the May reading was revised lower to 230,000 from 253,000.
Separately, the latest weekly initial jobless claims count totaled 248,000 while the Briefing.com consensus expected a reading of 244,000. Today's tally was above the unrevised prior week count of 244,000. As for continuing claims, they rose to 1.956 million from the revised count of 1.945 million (from 1.948 million).
The May trade balance showed a deficit of $46.5 billion while the Briefing.com consensus expected the deficit to hit $46.1 billion. The previous month's deficit was left unrevised at $47.6 billion.
08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: -12.90. Nasdaq futures vs fair value: -55.50.
Equity futures are trading solidly lower this morning ahead of the release of several pieces of economic data, most notably of which is the June ADP Employment Change Report (Briefing.com consensus 185,000), which will be released at 8:15 ET. The S&P 500 futures trade 13 points, or 0.4%, below fair value.
Crude oil is up 1.5% at $45.80/bbl after the American Petroleum Institute (API) reported on Wednesday evening that U.S. crude inventories declined by 5.8 million barrels (consensus -1.6 million barrels) for the week ended June 30. The Department of Energy will release the official government figures later this morning at 11:00 ET.
U.S. Treasuries are trading lower across the curve this morning with the benchmark 10-yr yield climbing four basis points to 2.37%. Meanwhile, the U.S. Dollar Index (95.88, -0.09) shows a slim loss of 0.1%.
In addition to the ADP report, investors will receive the weekly Initial Claims Report (Briefing.com consensus 244,000) at 8:30 ET, May Trade Balance (Briefing.com consensus -$46.1 billion) at 8:30 ET, and June ISM Services (Briefing.com consensus 56.6) at 10:00 ET.
Also of note, the weekly MBA Mortgage Applications Index rose 1.4% to follow last week's 6.2% decrease and June Challenger Job Cuts showed a year-over-year decrease of 19.3% to follow last month's year-over-year increase of 9.7%.
In U.S. corporate news:
Costco (COST 162.75, +4.73): +3.0% after reporting a 6.0% increase in June same store sales vs 0.0% a year ago and +4.1% last month.
Genuine Parts (GPC 87.84, -1.32): -1.5% after GPC shares were downgraded to 'Sell' from 'Neutral' at Goldman.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei -0.4%, Hong Kong's Hang Seng -0.2%, China's Shanghai Composite +0.2%, India's Sensex +0.4%.
In economic data:
Australia's May trade surplus expanded to AUD2.47 billion from AUD90 million (expected surplus of AUD1.10 billion). May Imports +1.0% month-over-month (last -1.0%) and May Exports +9.0% month-over-month (last -8.0%)
In news:
China's Ministry of Commerce said that trade probes against China declined significantly in the first half of 2017.
In Japan, press reports suggest the Bank of Japan will maintain its policy stance and lower its inflation forecast for fiscal year ending March 2018. The change is expected to take place when the BoJ conducts its quarterly review on July 20th.
Major European indices trade in negative territory with Italy's MIB staying ahead of its peers. France's CAC -1.1%, Germany's DAX -0.9%, UK's FTSE -0.7%, Italy's MIB unch.
In economic data:
Eurozone Retail PMI 53.2 (last 52.0)
Germany's May Factory Orders +1.0% month-over-month (expected 2.0%; last -2.2%)
UK's Housing Equity Withdrawal -GBP10.40 billion (expected -GBP7.40 billion; last -GBP10.60 billion)
Swiss June CPI -0.1% month-over-month (expected 0.0%; last 0.2%); +0.2% year-over-year (consensus 0.3%; last 0.5%)
In news:
U.S. President Donald Trump will head to Hamburg for the G-20 summit after wrapping up his brief visit to Poland. Mr. Trump just finished a speech at Warsaw's Krasinski Square, near a monument dedicated to those who fought in the Warsaw uprising of 1944.
Greece's Kathimerini reported that the European Stability Mechanism will delay the disbursement of 7.7 billion euros to Greece until at least Friday to ensure that Greece fulfills its commitments.
It is worth noting that European sovereign yields have continued climbing in recent days with Germany's 10-yr yield rising seven basis points to 0.54% today.
06:46AM ET
[BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -45.50.
06:46AM ET
[BRIEFING.COM] Nikkei
...19,994.06...-87.60
...-0.40%
. Hang Seng
...25,465.22 ...-56.80
...-0.20%
06:46AM ET
[BRIEFING.COM] FTSE
...7,315.62 ...-52.00
...-0.70%
. DAX
...12,342.08 ...-114.00
...-0.90%
04:25PM ET
[BRIEFING.COM] The benchmark S&P 500 (+0.2%) registered its second win of the week on Wednesday, settling near the top of its trading range, but activity was subdued with only 886.2 million shares changing hands at the NYSE floor following the July Fourth holiday. The Nasdaq (+0.7%) outperformed while the Dow (unch) lagged, finishing just a tick below its unchanged mark. Also of note, the small-cap Russell 2000 underperformed, settling lower by 0.5%.
Investors got their hands on the minutes from the June 13-14 FOMC meeting on Wednesday afternoon, but the initial reaction was muted as the minutes did little to change the market's rate-hike expectations; the fed funds futures market still points to the December FOMC meeting as the most likely time for the next rate-hike announcement with an implied probability of 64.8%, which is slightly higher than Monday's reading of 62.2%.
In the minutes, Fed members seemed generally upbeat about economic activity and attributed the recent softness in inflation to idiosyncratic factors. In addition, Fed officials were divided on when to start unwinding the central bank's balance sheet; several preferred to start the process within a couple of months while others wanted to defer the decision until later in the year.
Looking ahead, inflation data, like the CPI Report and the average hourly earnings growth seen in the monthly employment reports, will take on an increasingly important role in guiding the market's thinking about when the Fed will next raise the target range for the fed funds rate and start reducing reinvestment of the Fed's securities holdings.
The Employment Situation Report for June (Briefing.com consensus 173,000), which includes average hourly earnings (Briefing.com consensus +0.3%), will be released on Friday morning at 8:30 ET.
In the equity market, the top-weighted technology sector (+1.0%) was able to reclaim all of Monday's slide on Wednesday, providing solid sector leadership from start to finish amid broad strength. Chipmakers showed notable strength, sending the PHLX Semiconductor Index higher by 2.1%, as did mega-cap names like Microsoft (MSFT 69.08, +0.91), Facebook (FB 150.34, +1.91), and Alphabet (GOOGL 932.26, +12.80).
Biotech names also had a solid showing, evidenced by the 1.4% increase in the iShares Nasdaq Biotechnology ETF (IBB 315.29, +4.34), helping to keep the influential health care sector (+0.5%) near the top of the day's leaderboard. The financials (+0.2%) and industrials (+0.3%) spaces also finished in positive territory.
The seven laggards--consumer discretionary (-0.2%), energy (-1.3%), materials (-0.4%), consumer staples (-0.1%), utilities (-0.4%), telecom services (-0.4%), and real estate (-1.2%)--put up a good fight, but were ultimately no match for the technology, health care, financials, and industrials sectors, which represent around 60.0% of the broader market combined.
Crude oil weighed heavily on the energy sector, dropping 4.2% to $45.10/bbl, following reports that Russia will oppose any proposals to deepen the existing production-cut agreement. In addition, news that OPEC exports increased by 450,000 barrels per day month-over-month in June also acted as a bearish catalyst. The loss ended the commodity's longest bull-run in more than five years.
In the bond market, the 10-yr yield slipped two basis points to 2.33% while the 2-yr yield settled unchanged at 1.41%. Treasuries gave back their modest gains immediately following the release of the FOMC minutes, but eventually closed in the green near their best marks of the day.
Reviewing Wednesday's economic data, which was limited to the Factory Orders Report for May:
The Factory Orders Report for May showed a decrease of 0.8%, which is below the Briefing.com consensus of -0.5%. The April reading was revised to -0.3% (from -0.2%).
The key takeaway from the report is that order and shipments activity for nondefense capital goods excluding aircraft were higher than first reported and will improve the expected contribution to Q2 GDP growth forecasts.
On Thursday, investors will receive a slew of economic reports, including the weekly MBA Mortgage Applications Index at 7:00 ET, June Challenger Job Cuts at 7:30 ET, June ADP Employment Change (Briefing.com consensus 185,000) at 8:15 ET, the weekly Initial Claims Report (Briefing.com consensus 244,000) at 8:30 ET, May Trade Balance (Briefing.com consensus -$46.1 billion) at 8:30 ET, and June ISM Services (Briefing.com consensus 56.6) at 10:00 ET.
Nasdaq Composite +14.3% YTD
S&P 500 +8.7% YTD
Dow Jones Industrial Average +8.7% YTD
Russell 2000 +4.6% YTD
Dow: -1.10… | Nasdaq: +40.80… | S&P: +3.53…
NASDAQ Adv/Dec 1115/1664. …NYSE Adv/Dec 1151/1782
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TheStrategyLab Review
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