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 Post subject: August 28th Monday Trade Results - No Trades
PostPosted: Mon Aug 28, 2017 6:32 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)
TheStrategyLab Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
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
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Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
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Quote:
Very tough weekend of exercise for me...did a little extreme hiking and did my full workout routine since I was seriously ill last fall 2016. Simply, I'm still recovering from the workout and I decided to not trade today. It even hurt to sit down.

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 RTY Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ 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 via the user name wrbtrader 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 even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=170&t=2632

Image ##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. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum. 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, many different mobile apps and many different types of social media software can be used to log in. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled.

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=164

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 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.

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=327&t=3486 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 04:20PM ET
Dow: -5.27… | Nasdaq: +17.37… | S&P: +1.19…
NASDAQ Vol: 1.55 bln… Adv: 1413… Dec: 1454…
NYSE Vol: 705 mln… Adv: 1385… Dec: 1545…

Moving the Market

M&A activity boosts health care sector: GILD buying KITE for $180/sh

Relative strength in the technology sector

Insurance stocks lose ground, weigh on financial sector, in wake of Hurricane Harvey

Apple moves up on news of September 12 product event, which participants think equates with iPhone 8 introduction

Sector Watch
Strong: Health Care, Information Technology, Utilities, Materials
Weak: Real estate, Financials, Energy, Consumer Staples
04:20PM ET

[BRIEFING.COM] It was a mixed outing on Wall Street to begin the week, as trading volume and conviction were both on the light side. The Nasdaq Composite (+0.3%) and Russell 2000 (+0.4%) were today's winning standouts among the major indices while the S&P 500 (+0.05%) and Dow Jones Industrial Average (-0.02%) lagged behind.

Today's session wasn't accompanied by any market-moving headlines, so much of the trading interest revolved around specific stocks and/or industry groups.

One stock of note that outperformed was Apple (AAPL 161.47, +1.61, +1.0%). The market's most heavily-weighted issue gained 1.0% on the back of a report that the company is planning a product event for Tuesday, September 12. It is widely thought the event will feature the introduction of the iPhone 8, which has been eagerly anticipated by legions of customers and investors.

Apple's relative strength lent a measure of support to the broader market along with the biotech stocks, which jumped in the wake of an announcement from Gilead Sciences (GILD 74.69, +0.90, +1.2%) that it is going to acquire Kite Pharmaceuticals (KITE 178.05, +38.95, +28.0%) for approximately $11.9 billion, or $180.00 per share, in cash.

The offer from Gilead was a 29% premium over Kite's closing price on Friday. The iShares Nasdaq Biotechnology ETF (IBB 316.89, +5.84, +1.9%) advanced 1.9%.

Some other trading activity of note surrounded plays related to Hurricane Harvey. Property insurance stocks were laggards all day on concerns about rising claim costs associate with the storm, which produced record flooding and forced the closure of the Port of Houston and many oil refineries along the Texas coast.

While gasoline futures traded higher on news of the closures, crude futures settled the day 2.7% lower at $46.57 per barrel on concerns about weaker demand for oil in the short-term due to the refinery shutdowns.

Separately, home improvement retailers Home Depot (HD 151.20, +1.55, +1.0%), Lowe's (LOW 73.80, +0.45, +0.6%), and Lumber Liquidators (LL 38.70, +1.64, +4.4%) moved up on the notion that they will be beneficiaries of remodeling/refurbishment/new construction activity in the affected areas.

The energy sector (-0.5%) was one of the day's biggest laggards, but it did manage to cut its losses in half after oil prices rebounded off their lows of $46.15. On a related note, there were reports that Saudi Arabia and Russia are seeking a 3-month extension to the oil production cut deal that has been embraced by OPEC and certain non-OPEC nations.

The financial sector (-0.5%) was the other key laggard of the day, yet relative strength in the health care (+0.6%) and information technology (+0.3%) sectors offset the weakness elsewhere and enabled the S&P 500 to eke out a slim gain to begin the week.

Elsewhere, the Treasury market manged some modest gains of its own, bolstered by the strong demand seen at the 2-yr note and 5-yr note auctions, as well as a modicum of safe-haven buying interest in front of next month's budget and debt ceiling debates. The 10-yr note yield dipped one basis point to 2.16%.

The dollar was on the defensive throughout the day, which pushed the U.S. Dollar Index (92.26, -0.48, -0.5%) to its lowest close since 2015.

Today's lone economic release showed a widening in the goods deficit to $65.1 billion in July (Briefing.com consensus -$64.3 billion) from $64.0 billion in June and a 0.4% increase in Wholesale Inventories (Briefing.com consensus +0.2%) in July versus a 0.6% increase in June.

Neither the stock market nor the Treasury market showed much reaction to that report. On Tuesday the economic calendar will feature the Case-Shiller Home Price Index for June (Briefing.com consensus 5.7%) at 9:00 a.m. ET and the Consumer Confidence report for August (Briefing.com consensus 120.3) at 10:00 a.m. ET.

Nasdaq Composite +16.7% YTD
Dow Jones industrial Average +10.4% YTD
S&P 500 +9.2% YTD
Russell 2000 +1.8% YTD

Dow: -5.27… | Nasdaq: +17.37… | S&P: +1.19…
NASDAQ Adv/Dec 1413/1454. …NYSE Adv/Dec 1385/1545.

03:30PM ET
[BRIEFING.COM]

Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.17% at 83.434
Dollar index is down 0.16% at 92.19
Oct WTI crude futures are down on the day
Futures settled $1.30 lower to $46.57/barrel
In other energy, Oct natural gas settled up $0.04 at $2.96/MMBtu
Metals:
Dec gold gained $15.90 to settle at $1313.80/oz, while Sept silver settled $0.38 higher to $17.43/oz
Sept copper settled up $0.03 to $3.06/lb
Finally, agriculture:
Dec corn settled down $0.02 at $3.51/bu. Nov soy settled down $0.03 at $9.41/bu. Dec wheat settled $0.01 higher at $4.35/bu.

Dow: -20.84… | Nasdaq: +15.63… | S&P: -0.55…
NASDAQ Adv/Dec 1535/1345. …NYSE Adv/Dec 1320/1602.

03:25PM ET

[BRIEFING.COM] The trading day is in its final stretch, only the stock market hasn't really stretched its legs today. Instead, it has crawled along without really getting anywhere.

After six hours of trading, the S&P 500 is down one point or less than 0.1%.

Five sectors are up and six sectors are down, yet there isn't a single sector that has moved more than 1.0%. The energy sector was down nearly 1.0% at one point when oil prices were down 3.6%, yet it has recovered some as oil prices have recovered some.

Crude futures settled the day 2.7% lower at $46.57 per barrel.

Separately, tomorrow's economic releases of note include the Case-Shiller Home Price Index for June (Briefing.com consensus 5.7%) and the Consumer Confidence report for August (Briefing.com consensus 120.3) at 9:00 a.m. and 10:00 a.m. ET, respectively.
Dow: -21.62… | Nasdaq: +13.20… | S&P: -0.75…
NASDAQ Adv/Dec 1542/1366. …NYSE Adv/Dec 1321/1589.

03:00PM ET

[BRIEFING.COM] Interest rates haven't moved much today, but they have tipped slightly lower, which seems to be helping the rate-sensitive utilities sector (+0.2%). The latter is exhibiting relative strength in a lethargic market.

Utility stocks often benefit from a drop in rates since many utility stocks sport hefty dividend yields, which look all the more attractive to income-oriented investors seeking yield.

Leading sector gainers today include SCANA Corp. (SCG 60.50, +0.42, +0.7%), American Electric Power (AEP 74.05, +0.48, +0.7%), and DTE Energy (DTE 112.09, +0.59, +0.5%).

Elsewhere, the biotech group remains a hot spot, underpinned by the enthusiasm surrounding the news that Gilead Sciences (GILD 74.83, +1.04, +1.4%) is going to acquire Kite Pharmaceuticals (KITE 178.22, +39.12, +28.1%)) for $180.00 per share, which is a 29% premium over Friday's closing price.

The iShares Nasdaq Biotechnology ETF (IBB 316.73, +5.68, +1.8%) is up nicely as the strength in the biotech space is contributing to the outperformance of the Nasdaq Composite (+0.2%).
Dow: -21.85… | Nasdaq: +14.08… | S&P: -0.97…
NASDAQ Adv/Dec 1513/1392. …NYSE Adv/Dec 1272/1634.

02:35PM ET

[BRIEFING.COM] Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.17% at 83.434
Dollar index is down 0.16% at 92.19.
Oct WTI crude futures are down on the day.
Futures settled $1.30 lower to $46.57/barrel.
In other energy, Oct natural gas settled up $0.04 at $2.96/MMBtu
Metals:
Dec gold gained $15.90 to settle at $1313.80/oz, while Sept silver settled $0.38 higher to $17.43/oz
Sept copper settled up $0.03 to $3.06/lb
Finally, agriculture:
Dec corn settled down $0.02 at $3.51/bu.
Nov soy settled down $0.03 at $9.41/bu.
Dec wheat settled $0.01 higher at $4.35/bu.

Dow: -26.73… | Nasdaq: +11.76… | S&P: -1.17…
NASDAQ Adv/Dec 1421/1462. …NYSE Adv/Dec 1225/1673.

02:25PM ET

[BRIEFING.COM] The stock market is moving in a listless fashion, which is not atypical this time of year. The "dog days of summer," as they are referred to, often lead to narrow trading ranges and a lack of conviction.

The little conviction there is favors declining issues by about a 4-to-3 margin at the NYSE.

Breadth is nearly even at the Nasdaq, although there, too, the edge goes to declining issues. Nevertheless, the Nasdaq Composite has maintained a posture in positive territory thanks to the gains in heavily-weighted issues like Apple (AAPL 161.60, +1.75, +1.1%), Amazon (AMZN 947.98, +2.72, +0.3%), Facebook (FB 167.16, +0.84, +0.5%), and Qualcomm (QCOM 51.65, +0.19, +0.4%).
Dow: -23.18… | Nasdaq: +13.71… | S&P: -0.72…
NASDAQ Adv/Dec 1423/1460. …NYSE Adv/Dec 1217/1681.

02:00PM ET

[BRIEFING.COM] Tight trading ranges persist for a mixed market that has been short on conviction. There are some movers of note today, however, one of which is the SPDR Gold Trust ETF (GLD 124.40, +1.66, +1.4%), which is drafting off the upswing in gold prices.

Gold is up $17.10, or 1.3%, to $1315.00/troy ounce. The move in gold has been attributed to a variety factors, including the weak dollar, geopolitical concerns, a technical breakout above $1300.00/troy ounce, and some possible safe-haven positioning in front of the budget and debt ceiling debates that will take place in Congress in September.

Individual stocks like Newmont Mining (NEM 38.21, +1.22, +3.3%), Barrick Gold (ABX 17.58, +0.44, +2.5%), and Freeport McMoRan (FCX 15.50, +0.21, +1.4%) are outperfoming today on the back of the strength in gold prices.

Separately, buying interest has picked up a bit in the Treasury market following the 5-yr note auction, which was met with strong demand like the 2-yr note auction was earlier in the day. The 10-yr note yield is up three ticks with its yield dropping one basis point to 2.16%.
Dow: -24.55… | Nasdaq: +12.20… | S&P: -1.92…
NASDAQ Adv/Dec 1424/1459. …NYSE Adv/Dec 1184/1692.

01:30PM ET

[BRIEFING.COM] The major U.S. indices remain mixed as equities get a slow start to the trading week.

A look inside the Dow Jones Industrial Average shows that Travelers (TRV 123.22, -3.25), Goldman Sachs (GS 219.73, -2.74), & Wal-Mart (WMT 77.97, -0.66) are underperforming. Travelers is the Dow's biggest laggard as insurance names drop in reaction to the devastation seen across Texas as a result of Hurricane Harvey.

Conversely, Home Depot (HD 151.26, +1.61) is the best-performing Dow component as shares display relative strength in the wake of the hurricane, as investors expect the damage in Texas to lead to an uptick in business as communities hit hard by look to rebuild their business and homes.

With the slow start to the week, the DJIA is now down 0.46% this month.

Elsewhere, at the top of the hour, the Treasury's $34 bln 5-year auction drew a high yield of 1.742% on a bid-to-cover of 2.59
Dow: -23.04… | Nasdaq: +10.74… | S&P: -1.70…
NASDAQ Adv/Dec 1425/1436. …NYSE Adv/Dec 1220/1663.

01:00PM ET

[BRIEFING.COM] There was a modestly positive bias in front of today's open, but it didn't gain any traction after the opening bell. On the contrary, the buying interest soon faded and the major indices spent the bulk of the morning trading in a mixed fashion not far from their opening levels. That is the state they remain in as the New York lunch hour comes to a close.

Currently the S&P 500 is down 0.1%, the Nasdaq Composite is up 0.2%, the Dow Jones Industrial Average is down 0.1%, and the Russell 2000 is up 0.1%.

There isn't much conviction on the part of buyers or sellers today, which isn't entirely surprising as this week remains the last of the summer vacation weeks for market participants. Accordingly, volume has been light and active trading interest has been confined mostly to specific stocks and/or industry groups.

Relevant themes in that respect include the following:

A play on Hurricane Harvey that has featured weakness in the property insurance stocks and strength in the home improvement retailers
A boost for the biotech industry following the news that Gilead Sciences (GILD 75.61, +1.82, +2.5%) is acquiring Kite Pharmaceuticals (KITE 178.35, +39.25, +28.2%) for $180.00 per share in cash, which translates to a 29% premium over Friday's closing price
Selling activity in the food/grocer space as Amazon's (AMZN 945.87, +0.61, +0.1%) move to lower prices at Whole Foods has triggered profit margin concerns for fellow grocery and food companies; and
Strength in Apple (AAPL 161.16, +1.30, +0.8%) as investors anticipate a September 12 product event will involve the introduction of the iPhone 8

Notably, crude futures ($46.18, -$1.69, -3.6%) have been quite weak today, which is something that has weighed heavily on the energy sector (-0.9%).

The drop in crude prices is related in part to an understanding that production disruptions for oil won't be as pronounced as the disruptions for gasoline production in the face of Hurricane Harvey, which has brought historic flooding to the Texas coast that has forced the closing of many oil refineries. The force of that idea is further reflected in the fact that dollar-denominated crude futures are not benefiting from the weakness in the dollar, which has driven the U.S. Dollar Index (92.25, -0.49, -0.5%) to a 15-month low. Gasoline futures, meanwhile, are up 2.7% to $1.58 per gallon.

The Treasury market has been stuck close to unchanged for most of its session, which featured a 2-yr note auction earlier that saw some solid demand. There was no reaction to the advanced report on international trade in goods for July, which showed the goods deficit widening to $65.3 billion (briefing.com consensus -$64.3 billion) from $64.0 billion in June. The results of a 5-yr note auction will be out shortly.
Dow: -25.76… | Nasdaq: +9.21… | S&P: -2.61…
NASDAQ Adv/Dec 1331/1538. …NYSE Adv/Dec 1165/1691.

12:30PM ET

[BRIEFING.COM] Hurricane Harvey, which has literally flooded the Texas coast with massive amounts of rain and has caused plenty of property damage in its wake, is generating its share of headlines and understandably so. For the stock market, it is also generating some trading ideas.

The stocks of the insurance companies, which will be covering the claims, are weak, yet don't be surprised if they eventually see some buy-the-dip action eventually as natural disasters like Harvey provide an opening to raise insurance premiums later.

Separately, home improvement stocks like Home Depot (HD 151.57, +1.92, +1.3%), Lowe's (LOW 73.94, +0.59, +0.8%), and Lumber Liquidators (LL 38.85, +1.79, +4.8%) are all up today on the assumption that their businesses will benefit from massive remodeling/refurbishment/construction efforts in the affected areas.

Other residual plays on the hurricane include stocks like Amazon (AMZN 949.47, +4.21, +0.5%) and Netflix (NFLX 167.67, +1.72, +1.1%) as the torrential rain, as well as closed schools and business, have triggered a nesting effect for residents fortunate enough to still have power and who are able to remain in their homes.
Dow: -33.97… | Nasdaq: +12.21… | S&P: -2.64…
NASDAQ Adv/Dec 1381/1474. …NYSE Adv/Dec 1201/1625.

11:55AM ET

[BRIEFING.COM] The storyline for the broader market isn't much to write home about, as today's interesting trading twists have been mostly stock or industry-specific.

For instance, the consumer staples sector (-0.3%) is relatively weak at the moment and weakness in the food and grocer stocks is largely to blame. That weakness coincides with the closure of Amazon's (AMZN 950.20, +4.94, +0.5%) deal to acquire Whole Foods Market.

In an effort to grab market share, Amazon is lowering prices on many items at Whole Foods, which is leading investors to think that other grocers may soon be squeezing suppliers for price concessions in an effort to defend their market share.

Stocks like Wal-Mart (WMT 78.04, -0.59, -0.8%), Kroger (KR 21.49, -0.26, -1.2%), General Mills (GIS 54.34, -0.68, -1.2%), ConAgra (CAG 32.60, -0.54, -1.6%), Kellogg (K 66.53, -1.18, -1.7%), and Campbell Soup (CPB 50.54, -0.86, -1.7%) are all on the defensive.
Dow: -7.23… | Nasdaq: +21.45… | S&P: +0.91…
NASDAQ Adv/Dec 1403/1426. …NYSE Adv/Dec 1265/1534.

11:30AM ET

[BRIEFING.COM] There hasn't been much change in the overall action since the last update. The Nasdaq Composite (+0.3%) continues to be the winning standout, supported by gains in the information technology sector and particularly the gain in Apple (AAPL 161.77, +1.91, +1.2%).

Share of AAPL are up 1.2% following the news that it will be holding a product event on Tuesday, September 12.

Investors believe that event is likely to feature the introduction of the highly-anticipated iPhone 8. With some reports previously suggesting the launch of iPhone 8 could be delayed, the timing of the event is quelling those concerns since it would imply, based on past product announcements in September, that the iPhone 8 won't be delayed and that it should be available in mass quantities during the holiday season.

The leadership from Apple is helping to prop up the Nasdaq 100 (+0.4%) and holding losses in the Dow Jones Industrial Average in check. Other large-cap technology issues of note showing relative strength today include Electronic Arts (EA 118.37, +1.44, +1.2%), Lam Research (LRCX 159.57, +1.71, +1.1%), and Micron Technology (MU 30.66, +0.37, +1.2%).
Dow: -25.19… | Nasdaq: +19.26… | S&P: +0.53…
NASDAQ Adv/Dec 1359/1452. …NYSE Adv/Dec 1273/1542.

11:05AM ET

[BRIEFING.COM] A positive start for the major indices has given way to a mixed showing, with the Nasdaq (+0.4%) out ahead and the S&P 500 (+0.1%), Russell 2000 (unch), and Dow Jones Industrial Average (-0.1%) trailing behind.

There wasn't a specific news catalyst for the slow fade, yet it is apparent that weakness in the energy sector (-0.6%) has had a hand in interrupting the positive start.

The energy sector looks to be tracking crude futures ($46.72, -$1.16, -2.4%) lower. The slide in oil prices is related partly to trader sentiment turning negative after Hurricane Harvey failed to produce the event shock some traders using leverage thought it would going into the weekend.

Gasoline futures ($1.58, +$0.04, +2.6%) have jumped on the storm's impact, which has forced many gasoline refiners to close their facilities; however, there has been less of a hit to oil production capabilities.

The financial sector (-0.4%) remains the other key drag with losses among insurers like Allstate (ALL 90.91, -1.11, -1.2%) and Assurant (AIZ 95.06, -3.43, -3.5%) acting as the major drag there.
Dow: -14.05… | Nasdaq: +25.75… | S&P: +2.85…
NASDAQ Adv/Dec 1422/1361. …NYSE Adv/Dec 1304/1458.

10:50AM ET

[BRIEFING.COM] Commodities begin the day slightly lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are down 0.12% at 83.1949
Dollar index is currently up 0.05% at 92.38.
Oct WTI crude is lower on the day.
Futures are $1.14 lower to $46.73/barrel.
In other energy, Oct natural gas is up $0.04 at $2.964/MMBtu
Metals are performing well to start the week:
Dec gold gained $5.70 and trades at $1303.60/oz, while Sept silver gained $0.116 to $17.165/oz
Sept copper gained $0.033 to $3.0665/lb

Dow: -33.36… | Nasdaq: +13.23… | S&P: -0.09…
NASDAQ Adv/Dec 1297/1458. …NYSE Adv/Dec 1134/1605.

09:55AM ET

[BRIEFING.COM] The major averages have slipped in recent action, further trimming their opening gains. The S&P 500 now holds a slim gain of just 0.1%.

Biotech stocks are rallying this morning, evidenced by the 1.5% increase in the iShares Nasdaq Biotechnology ETF (IBB 315.78, +4.73). The positive performance follows news that Gilead Sciences (GILD 75.15, +1.45) is acquiring Kite Pharmaceuticals (KITE 179.23, +40.13) for $180.00 per share, or approximately $11.9 billion, in cash. That offer price is a 29% premium over Friday's closing price. The two companies are currently trading higher by 1.9% and 28.9%, respectively.

Unsurprisingly, the influential health care sector, which houses biotechnology names, is trading near the top of today's leaderboard with a gain of 0.5%. Meanwhile, the top-weighted technology and financials spaces show losses of 0.1% and 0.3%, respectively.
Dow: -15.37… | Nasdaq: +6.76… | S&P: +0.97…
NASDAQ Adv/Dec 1548/1105. …NYSE Adv/Dec 1563/1081.

09:40AM ET

[BRIEFING.COM] The major averages opened Monday's session modestly higher with the S&P 500 sporting a gain of 0.2%.

Nearly all of the sectors are trading in positive territory this morning, but gains have been modest with no sector trading higher than +0.4%. The financial sector (-0.1%) shows relative weakness as insurance names lag following the destruction of Hurricane Harvey, which struck the Texas coast over the weekend.

In the bond market, U.S. Treasuries are mostly flat, but the 10-yr Treasury note has faced mild selling pressure. The 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, is up one basis point at 2.18%.
Dow: +31.41… | Nasdaq: +11.35… | S&P: +4.97…
NASDAQ Adv/Dec 1634/940. …NYSE Adv/Dec 1775/805.

09:14AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +16.40.

The equity market looks set to open Monday's session with a modest gain as the S&P 500 futures trade six points, or 0.2%, above fair value. Equity futures have been creeping higher this morning and are currently trading at their best marks of the overnight session.

Energy and insurance names will be in focus today as investors digest the impact of Hurricane Harvey, which has produced record rainfall in Texas coastal cities, including Houston, and has forced the closure of the Port of Houston as well as many refineries in the state. Crude futures are down 0.8% at $47.51 per barrel while gasoline futures are up 3.3% at $1.59 per gallon.

The biotech space is another area that should be active today thanks in large part to the news that Gilead Sciences (GILD 74.38, +0.59) is acquiring Kite Pharmaceuticals (KITE 179.31, +40.21) for $180.00 per share, or approximately $11.9 billion, in cash. That offer price is a 29% premium over Friday's closing price.

In other corporate news of note, reports indicate Expedia (EXPE 144.75, -4.51) CEO Dara Khosrowshahi will be leaving Expedia to become CEO for privately-held Uber. That news is driving EXPE shares 3.0% lower.

On the data front, the Advance report for International Trade in Goods for July showed a deficit of $65.1 billion (Briefing.com consensus -$64.3 billion), up from a revised deficit of $64.0 billion for June (from -$63.9 billion).

Separately, July Wholesale Inventories increased 0.4% (Briefing.com consensus +0.2%). The prior month's reading was revised to +0.6% from +0.7%.

Investors will not receive any additional economic data on Monday.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +14.90.

The S&P 500 futures trade five points, or 0.2%, above fair value.

Equity indices in the Asia-Pacific region began the week on a mostly higher note. Regional markets showed little concern over North Korea's latest missile tests, which took place on Saturday. Japan's government said the three short-range missiles launched by Pyongyang did not pose a threat to Japan. Bank of Japan Governor Haruhiko Kuroda said during the Jackson Hole Symposium that BoJ policy will remain very accommodative and that the second quarter growth rate of 4.0% is not sustainable. The approval rating of Japan Prime Minister Shinzo Abe's cabinet has increased by four points to 46%, according to Nikkei.

Investors did not receive any economic data of note

---Equity Markets---

Japan's Nikkei settled just below its flat line. Fuji Heavy Industries, Konami, Alps Electric, Familymart, Yokohama Rubber, Trend Micro, Hino Motors, Fast Retailing, Yamaha Motor, TDK, and Dainippon Screen Manufacturing lost between 0.8% and 2.1%. On the upside, Terumo, DeNA, Yaskawa Electric, Shiongi, Showa Denko, Komatsu, and Bridgestone advanced between 1.2% and 2.3%.
Hong Kong's Hang Seng ticked up 0.1%. Apple supplier AAC Technologies surged 11.1% after beating earnings expectations while financials like Bank of East Asia, Bank of China, China Life Insurance, Citic Pacific, HSBC, and BoC Hong Kong added between 0.2% and 1.9%. On the downside, Tencent Holdings fell 2.0% while Galaxy Entertainment and Sands China both lost near 0.9%.
China's Shanghai Composite rose 0.9%. Hebei Baoshuo, Sinolink Securities, Luxin Venture Capital Group, China Railway Tielong Container Logistics, Fangda Carbon New Material, and CITIC Securities climber between 4.7% and 6.2%.
India's Sensex gained 0.5%. Infosys continued its rebound, rising 3.1% while Sun Pharma, Hero MotoCorp, Hindustan Unilever, Asian Paints, AXIS Bank, and ICICI Bank added between 0.8% and 2.0%. Conversely, Tata Motors and Dr Reddy's Labs lost 1.3% and 2.0%, respectively.

Major European indices are trading flat while the U.K.'s FTSE is closed for Summer Bank Holiday. The euro has edged up 0.1% against the dollar to 1.1932, hitting its best level since the start of 2015 after Friday's comments from ECB President Mario Draghi did not suggest a rush among European policymakers to reduce the pace of asset purchases. Reports indicate that France is open to beginning Brexit trade talks within the next month. French officials have put forth a proposal for a three-year transitional agreement that would require the U.K. to pay EUR10 billion into the EU budget per year.

In economic data:
Eurozone July M3 Money Supply +4.5% year-over-year (expected 4.9%; last 5.0%) and Private Sector Loans +2.6% year-over-year (expected 2.7%; previous 2.6%)
Italy's August Consumer Confidence 110.8 (expected 106.9; last 106.9) and Business Confidence 108.1 (consensus 108.0; last 107.8)
Swiss Q2 Employment 4.91 million (last 4.88 million)

---Equity Markets---

U.K.'s FTSE is closed
France's CAC is up 0.1%, approaching last week's low. Most components trade in the red with Vivendi sliding 2.0% while Airbus, Solvay, Safran, Schneider Electric, and ArcelorMittal show losses between 0.4% and 0.6%. Financials outperform as Credit Agricole, Societe Generale, and BNP Paribas sport gains between 0.3% and 0.7%.
Germany's DAX is lower by 0.1%. Growth-sensitive names like Linde, BASF, Adidas, HeidelbergCement, and Lufthansa are down between 0.3% and 0.8%. Volkswagen has added 0.5% while peers BMW and Daimler are both down near 0.2%.

08:32AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +8.90.

The S&P 500 futures currently trade four points, or 0.2%, above fair value.

Just in, the Advance report for International Trade in Goods for July showed a deficit of $65.1 billion (Briefing.com consensus -$64.3 billion), up from a revised deficit of $64.0 billion for June (from -$63.9 billion).

Separately, July Wholesale Inventories increased 0.4% (Briefing.com consensus +0.2%). The prior month's reading was revised to +0.6% from +0.7%.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: flat.

Wall Street is on track to open Monday's session slightly higher as the S&P 500 futures currently trade two points, or 0.1%, above fair value.

Hurricane Harvey, the most powerful hurricane to hit Texas in more than 50 years, has caused large-scale flooding in the Houston area since coming ashore over the weekend and knocked out around 15.0% of the nation's fuel-making capacity thus far.

Gasoline RBOB futures are up 3.7% this morning at a price of $1.59/gallon while WTI crude futures are down 1.0% at a price of $47.41/bbl.

U.S. Treasuries are trading relatively flat in early action with the benchmark 10-yr yield unchanged at 2.17%. Meanwhile, the U.S. Dollar Index (92.40, -0.07) has shed 0.1%, gold has climbed 0.4% to $1,303.05/ozt, and the CBOE Volatility Index (VIX 11.66, +0.38) has jumped 3.4%.

On the data front, investors will receive two pieces of economic data today--July International Trade in Goods and Advance Wholesale Inventories. Both reports will cross the wires at 8:30 ET.

Also of note, the week's two most notable reports--the July Personal Income & Spending Report and the August Employment Situation Report--will be released on Thursday and Friday, respectively.

In U.S. corporate news:

Expedia (EXPE 146.89, -2.37): -1.6% following reports that CEO Dara Khosrowshahi will take over the chief executive position at Uber.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mostly higher note. Japan's Nikkei unch, Hong Kong's Hang Seng +0.1%, China's Shanghai Composite +0.9%, India's Sensex +0.5%.
In economic data:
Investors did not receive any economic data of note.
In news:
Regional markets showed little concern over North Korea's latest missile tests, which took place on Saturday. Japan's government said the three short-range missiles launched by Pyongyang did not pose a threat to Japan.
Bank of Japan Governor Haruhiko Kuroda said during the Jackson Hole Symposium that BoJ policy will remain very accommodative and that the second quarter growth rate of 4.0% is not sustainable.
The approval rating of Japan Prime Minister Shinzo Abe's cabinet has increased by four points to 46%, according to Nikkei.

Major European indices have seen some selling in the first half of action while the U.K.'s FTSE is closed for Summer Bank Holiday. France's CAC -0.4%, Germany's DAX -0.5%.
In economic data:
Eurozone July M3 Money Supply +4.5% year-over-year (expected 4.9%; last 5.0%) and Private Sector Loans +2.6% year-over-year (expected 2.7%; previous 2.6%)
Italy's August Consumer Confidence 110.8 (expected 106.9; last 106.9) and Business Confidence 108.1 (consensus 108.0; last 107.8)
Swiss Q2 Employment 4.91 million (last 4.88 million)
In news:
The euro has edged up 0.1% against the dollar to 1.1938, hitting its best level since the start of 2015 after Friday's comments from ECB President Mario Draghi did not suggest a rush among European policymakers to reduce the pace of asset purchases.
Reports indicate that France is open to beginning Brexit trade talks within the next month. French officials have put forth a proposal for a three-year transitional agreement that would require the U.K. to pay EUR10 billion into the EU budget per year.

06:12AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -6.00.

06:12AM ET
[BRIEFING.COM] Nikkei...19450...-2.70...0.00%. Hang Seng...27863...+15.10...+0.10%.

06:12AM ET
[BRIEFING.COM] FTSE...7401.46...-5.60...-0.10%. DAX...12100...-67.80...-0.60%.

04:30PM ET

[BRIEFING.COM] Investors pushed the stock market modestly higher on Friday to end a largely positive week on a positive note. The S&P 500 and the Dow added 0.2% and 0.1%, respectively, while the tech-heavy Nasdaq underperformed, shedding 0.1%. For the week, the S&P 500 added 0.7%.

Arguably the most-anticipated events of the week--Friday speeches from Fed Chair Janet Yellen and ECB President Mario Draghi--turned out to be nonevents as the two central bankers provided the market with little to no new information.

Ms. Yellen praised the Fed's regulatory efforts while Mr. Draghi spoke in favor of open trade and argued for raising potential output growth, which was received as dovish. The two central bankers delivered their speeches at the annual Jackson Hole Symposium, which will wrap up on Saturday.

The U.S. Dollar Index (92.49, -0.74, -0.8%) moved sharply lower following the speeches, ending the day at its lowest level since January 2015. Meanwhile, U.S. Treasuries finished mostly higher; the 10-yr yield dropped three basis points to 2.17% while the 2-yr yield settled flat at 1.33%.

In the equity market, nine of the eleven sectors finished Friday in positive territory, but gains were modest for the most part. The telecom services group (+0.8%) showed relative strength while the remaining advancers settled with gains of 0.5% or less. Technology (-0.1%) and health care (-0.1%) were the two laggards.

Within the tech sector, chipmakers showed relative weakness, sending the PHLX Semiconductor Index lower by 0.5%. Broadcom (AVGO 245.59, -9.46) led the semiconductor retreat, dropping 3.7%, despite beating bottom-line estimates.

Meanwhile, within the health care group, biotech names underperformed, evidenced by the 0.6% decrease in the iShares Nasdaq Biotechnology ETF (IBB 311.05, -1.82).

On a positive note, the Dow Jones Transportation Average, which is seen as a leading indicator, registered its third win of the week, climbing higher by 1.3%.

Reviewing Friday's economic data, which was limited to July Durable Orders:

July durable goods orders declined 6.8%, which is more than the 6.0% decrease expected by the Briefing.com consensus. The prior month's reading was revised to +6.4% (from +6.5%). Excluding transportation, durable orders increased 0.5% (Briefing.com consensus +0.5%) to follow the prior month's revised uptick of 0.1% (from 0.2%).
The upshot of the report was in the shipments and new orders for nondefense capital goods excluding aircraft. Shipments for that component, which factors into GDP computations, increased 1.0% while orders, which are considered a proxy for business spending, increased 0.4%. The key takeaway from the report, then, is that it connotes good growth news for the manufacturing sector early in the third quarter.

On Monday, investors will receive two pieces of economic data--July International Trade in Goods and Advance Wholesale Inventories. Both reports will cross the wires at 8:30 ET.

Nasdaq Composite +16.4% YTD
Dow Jones Industrial Average +10.4% YTD
S&P 500 +9.1% YTD
Russell 2000 +1.6% YTD

Week In Review: No News is Good News

No news proved to be good news for the bulls this week, giving them an opportunity to reclaim control of the U.S. equity market, which rode a two-week slide into Monday's session. The S&P 500 and the Dow finished with gains of 0.7% apiece while the Nasdaq (+0.8%) finished a tick above its peers.

Ten sectors settled the week in the green--real estate (+2.3%), telecom services (+2.0%), materials (+1.3%), health care (+1.1%), technology (+1.0%), utilities (+1.0%), energy (+1.0%), financials (+0.8%), consumer discretionary (+0.4%), and industrials (+0.4%)--while one group finished in the red--consumer staples (-1.0%).

The week's most notable headlines in chronological order:

Monday--S&P 500 +0.1%, Nasdaq -0.1%, Dow +0.1%
U.S. and South Korea forces begin their annual military exercise; North Korea says the exercise will only add fuel to the fire
Tuesday--S&P 500 +1.0%, Nasdaq +1.4%, Dow +0.9%
Politico reports that White House and Congressional leaders have worked together to make significant strides in framing a tax-reform proposal
Wednesday--S&P 500 -0.4%, Nasdaq -0.3%, Dow -0.4%
President Trump threatens a government shutdown if his promised barrier along the U.S.-Mexico border doesn't secure funding
This event happened on Tuesday night, but the market reacted on Wednesday
Thursday--S&P 500 -0.2%, Nasdaq -0.1%, Dow -0.1%
Grocers take a beating following news that Amazon's (AMZN) acquisition of Whole Foods Market (WFM) will close on August 28
Friday--S&P 500 +0.2%, Nasdaq -0.1%, Dow +0.2%
Fed Chair Janet Yellen says any changes to financial regulations should be modest and she is open to reviewing the Volcker Rule.
ECB President Mario Draghi speaks in favor of open trade and argues for raising potential output growth

One of the most talked about news items this week was the possibility of a government shutdown. Without going into the political details, the gist for the market is simple; the probability of a government shutdown appears to be higher now than it was a week ago.

A shutdown may stifle economic growth a bit, but the market has traditionally held up pretty well during halts in government spending. To avoid a shutdown, Congress will need to pass a new spending bill, and President Trump will have to sign it, by the end of September.

Following this week's events, the fed funds futures market now points to the June 2018 FOMC meeting as the most likely time for the next rate-hike announcement with an implied probability of 58.0%. Last week, the market expected the next rate hike to occur in March 2018 with an implied probability of 51.5%.
Dow: +31.57… | Nasdaq: -5.68… | S&P: +4.22…
NASDAQ Adv/Dec 1738/1051. …NYSE Adv/Dec 1940/955.

Image Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

Image Trade Strategies via Volatility Analysis @ http://www.thestrategylab.com/VolatilityTrading.htm

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Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links will be useful for you. gm

Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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