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 Post subject: September 1st Friday Trade Results - No Trades
PostPosted: Fri Sep 01, 2017 9:35 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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
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Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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Quote:
No trades today because I didn't like the price action the entire trading day along with the fact I wanted a relaxing day going into the U.S. Labor Day Holiday (Monday's stock market closed).

Price Action Trade Performance for Today: Emini RTY ($RTY_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 = $5.00 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=171&t=2638

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.

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

The Market at 04:30PM ET
Dow: +39.46… | Nasdaq: +6.67… | S&P: +4.90…
NASDAQ Vol: 1.49 bln… Adv: 1931… Dec: 922…
NYSE Vol: 651.0 mln… Adv: 2030… Dec: 866…

Moving the Market

Investors dial back rate-hike expectations following another tepid average hourly earnings reading (+0.1% actual vs +0.2% Briefing.com consensus)

August nonfarm payrolls miss estimates (156K actual vs 183K Briefing.com consensus)

August ISM Manufacturing Index beats expectations (58.8 actual vs 56.8 Briefing.com consensus)

Sector Watch
Strong: Financials, Consumer Discretionary, Energy, Materials, Consumer Staples
Weak: Technology, Health Care, Utilities, Telecom Services, Real Estate
04:30PM ET

[BRIEFING.COM] Equities ended another positive week on a positive note as investors took a relatively disappointing August jobs report in stride, pushing the Nasdaq (+0.1%) to a new record high (6,435.33). The S&P 500 and the Dow climbed 0.2% apiece, ending the day in the middle of their trading ranges. Trading volume was especially light as many investors got a jump start on the extended Labor Day weekend.

The Employment Situation Report for August disappointed on nonfarm payrolls (156K actual vs 183K Briefing.com consensus), nonfarm private payrolls (165K actual vs 173K Briefing.com consensus), the unemployment rate (4.4% actual vs 4.3% Briefing.com consensus), and the average workweek (34.4 actual vs 34.5 Briefing.com consensus). However, another tepid average hourly earnings reading (+0.1% actual vs +0.2% Briefing.com consensus) overshadowed the less-than-stellar metrics.

Average hourly earnings have been reluctant to pick up despite a tightening of the labor market, effectively tempering inflation and, therefore, the market's rate-hike expectations. The fed funds futures market currently places the chances of an additional rate hike this year--which the Fed needs to meet its forecast of three rate hikes in 2017--at 41.4%.

Treasury yields moved solidly higher on Friday to end the week relatively flat. The 10-yr yield climbed four basis points to 2.16%, registering a weekly loss of one basis point, while the 2-yr yield jumped three basis points to 1.35%, settling the week higher by one basis point. Meanwhile, the U.S. Dollar Index (92.77, +0.18) added 0.2% to end the week higher by 0.1%.

Seven of the eleven sectors settled Friday's session in positive territory, but the underperformance of the influential health care (-0.1%) and technology (-0.2%) spaces kept the broader market's gain in check. Still, the two groups ended the week at the top of the leaderboard--in first and second place, respectively. Health care climbed 3.0% for the week while technology added 2.1%.

The energy sector (+0.8%) was the top performer on Friday, followed closely by the financials (+0.4%), consumer discretionary (+0.5%), and materials (+0.7%) groups. Within the consumer discretionary space, automakers outperformed after reporting their U.S. sales for the month of August.

Fiat Chrysler (FCAU 15.86, +0.73), Ford Motor (F 11.35, +0.32), and General Motors (GM 37.36, +0.82) showed notable strength, climbing 4.8%, 2.9%, and 2.2%, respectively. However, GM was the only one to report an increase in sales (+7.5%). FCAU and F reported respective year-over-year declines of 11.0% and 2.1%.

On the earnings front, lululemon athletica (LULU 61.68, +4.13) jumped 7.2% after beating both top and bottom line estimates and issuing above-consensus guidance. The SPDR S&P Retail ETF (XRT 39.70, +0.53) finished higher by 1.4%.

In Washington, reports indicate that the White House will not shut down the government in October in an attempt to gain funding for President Trump's promised barrier along the U.S.-Mexico border. The decision will potentially make it easier for Congress to reach a deal on a short-term budget.

Reviewing Friday's economic data, which included the Employment Situation Report for August, the August ISM Manufacturing Index, July Construction Spending, and the final reading of the University of Michigan Consumer Sentiment Index for the month of August:

The August Employment Situation Report:
August nonfarm payrolls hit 156,000 while the Briefing.com consensus expected a reading of 183,000. The prior month's reading was revised to 189,000 from 209,000. Nonfarm private payrolls added 165,000 while the Briefing.com consensus expected an increase of 173,000. The previous month's reading was revised to 202,000 from 205,000.
The unemployment rate rose to 4.4% (Briefing.com consensus 4.3%). Average hourly earnings increased 0.1% (Briefing.com consensus +0.2%), while the previous month's reading was left unrevised at 0.3%. The average workweek was reported at 34.4 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.
The key takeaway from the report is that wage inflation is still not picking up despite the low unemployment rate. That will keep the Goldilocks narrative in place, which has served as a perfectly-cooked bowl of porridge for a stock market that has feasted on a backdrop of modest growth and low inflation.
The ISM Index for August rose to 58.8 from an unrevised reading of 56.3 in July while the Briefing.com consensus expected an uptick to 56.8.
The key takeaway from the survey is that it connotes a manufacturing sector running with a full head of steam, although that interpretation conflicts somewhat with the drop in the manufacturing workweek reported in the Employment Situation report for August.
The Construction Spending report for July declined 0.6% while the Briefing.com consensus expected an increase of 0.5%. The prior month's reading was revised to -1.4% from -1.3%.
The key takeaway from the report is that the decline in construction spending will act as a drag on Q3 GDP forecasts.
The final reading of the University of Michigan Consumer Sentiment Index for August declined to 96.8 (Briefing.com consensus 97.1) from 97.6 in the preliminary reading.
The key takeaway from the report is that consumer sentiment remains at high levels despite the (geo)political drama as consumers reportedly have maintained a favorable assessment of their own financial situations.

The U.S. equity market will be closed on Monday in observance of Labor Day.

Nasdaq Composite +19.6% YTD
S&P 500 +10.6% YTD
Dow Jones Industrial Average +11.3% YTD
Russell 2000 +4.2% YTD

Week In Review: Back to Record Territory

The stock market moved notably higher for the second week in a row as investors continued to buy the mid-August dip that pulled the major averages from their all-time highs. The Nasdaq moved back into record territory, climbing 2.7% to settle the week at a new all-time high. Meanwhile, the Russell 2000, the S&P 500, and the Dow added 2.6%, 1.4%, and 0.8%, respectively.

Eight sectors settled the week in the green--health care (+3.0%), technology (+2.1%), industrials (+1.5%), materials (+1.9%), consumer discretionary (+1.6%), energy (+0.8%), consumer staples (+0.5%), and real estate (+0.4%)--while three groups finished in the red--financials (-0.1%), utilities (-0.6%) and telecom services (-1.4%).

The week's most notable headlines in chronological order:

Monday--S&P 500 +0.1%, Nasdaq +0.3%, Dow unch
Crude futures drop and gasoline futures rise after Hurricane Harvey, which hit the Texas coast over the weekend, forced the closure of many oil refineries.
Reports indicate that Apple (AAPL) will hold a product event on September 12, in which the company is expected to unveil its much-anticipated iPhone 8.
Gilead Sciences (GILD) announces that it will acquire Kite Pharmaceuticals (KITE) for approximately $11.9 billion, or $180.00 per share, in cash.
Tuesday--S&P 500 +0.1%, Nasdaq +0.3%, Dow +0.3%
North Korea fires a ballistic missile over the Japanese island of Hokkaido, marking the first time since 2009 that Pyongyang has fired over Japan's main islands.
President Trump says "all options are on the table" in response to North Korea's latest missile test.
Wednesday--S&P 500 +0.5%, Nasdaq +1.1%, Dow +0.1%
Second estimate of second quarter GDP beats estimates (3.0% actual vs 2.7% Briefing.com consensus).
ADP National Employment Report for August comes in better than expected (237,000 actual vs 180,000 Briefing.com consensus).
Thursday--S&P 500 +0.6%, Nasdaq +1.0%, Dow +0.3%
The latest reading of the core PCE Price Index shows that consumer prices decelerated on a year-over-year basis in July--dropping to +1.4% from +1.5% in June.
July personal income beats estimates (+0.4% actual vs Briefing.com consensus +0.3%) while personal spending falls short (+0.3% vs Briefing.com consensus +0.4%).
Friday--S&P 500 +0.2%, Nasdaq +0.1%, Dow +0.2%
The Employment Situation Report for August misses estimates; nonfarm payrolls (156K actual vs 183K Briefing.com consensus).
The ISM Manufacturing Index comes in better than expected (58.8 actual vs 56.8 Briefing.com consensus).
Reports indicate that the White House will not attempt to shut down the government, even if it doesn't secure funding for a barrier along the U.S.-Mexico border.

Economic data was the focal point this week as investors received a slew of economic reports--the most notable of which were the Employment Situation Report for August and the core PCE Price Index for July. Both reports helped ease the market's rate-hike concerns, providing further evidence that inflation has been, and will continue to be, relatively sluggish.

The core PCE Price Index, which excludes food and energy, increased by 0.1% in July (Briefing.com consensus 0.1%), but dropped on a year-over-year basis to +1.4% from +1.5% in June. The Fed has set a year-over-year target of 2.0% for inflation so July's deceleration doesn't bode well for the notion that the Fed will be able to follow through with its forecast of one additional rate hike this year.

In addition, the August jobs report provided no signs of a pick up in inflation in the near term as it showed another relatively weak increase in average hourly earnings (0.1% actual vs 0.2% Briefing.com consensus). On a year-over-year basis, average hourly earnings have risen 2.5%, unchanged from the 12-month period ending in July.

The fed funds futures market currently places the chances of another rate hike this year at 41.4% and considers the June 2018 FOMC meeting as the most likely time for the next rate-hike announcement with an implied probability of 54.4%. Last week, the market expected the next rate hike to occur in June 2018 with an implied probability of 58.0%.

Looking ahead, the market's attention will likely shift from rate hikes to the Fed's balance sheet during the next FOMC meeting, which is scheduled to take place September 19-20, as the U.S. central bank is expected to announce the start of a plan to reduce its massive $4.5 trillion balance sheet.

Dow: +39.46… | Nasdaq: +6.67… | S&P: +4.90…

NASDAQ Adv/Dec 1931/922. …NYSE Adv/Dec 2030/866.

03:25PM ET

[BRIEFING.COM] Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.38% at 84.9775
Dollar index is currently up 0.2% at 92.82.
Oct WTI crude settled higher on the day.
Futures settled $0.16 higher to $47.30/barrel.
In other energy, Oct natural gas settled up $0.04 at $3.07/MMBtu
On to metals:
Dec gold gained $7.20 to settle at $1323.30/oz, while Sept silver gained $0.26 to $17.57/oz
Sept copper gained $0.02 to settle at $3.12/lb
Finally, agriculture:
Dec corn settled $0.03 lower at $3.55/bu.
Nov soy settled down $0.04 at $9.50/bu.
Dec wheat settled higher $0.06 at $4.40/bu.

Dow: +65.61… | Nasdaq: +11.01… | S&P: 706…

NASDAQ Adv/Dec 1809/1064. …NYSE Adv/Dec 1973/926.

02:55PM ET

[BRIEFING.COM] The S&P 500 (+0.2%) and the Nasdaq (+0.1%) are fighting to close a new all-time highs moving into the final stretch. The Nasdaq is currently in position to rewrite its record mark while the S&P 500 is about three points shy.

Nine sectors are poised to settle the week in the green--health care (+2.9%), technology (+2.1%), industrials (+1.8%), materials (+1.8%), consumer discretionary (+1.6%), energy (+1.0%), real estate (+0.7%), consumer staples (+0.5%), and financials (+0.2%)--while two groups are on track to finish in the red--utilities (-0.6%) and telecom services (-1.3%).

The stock market will not be open on Monday in observance of Labor Day. On Tuesday, investors will receive the July Factory Orders Report and earnings from Hewlett Packard (HPE 14.19, +0.19).

Dow: +65.66… | Nasdaq: +7.29… | S&P: +6.29…

NASDAQ Adv/Dec 1766/1117. …NYSE Adv/Dec 1962/914.

02:30PM ET

[BRIEFING.COM] Equity indices have not shifted much since the last update.

The energy sector (+0.9%) has climbed to the top of today's leaderboard despite a lackluster showing from crude oil, which is down 0.2% at a price of $47.16/bbl. The commodity has had a rough week, dropping 1.5%, amid demand concerns as Tropical Storm Harvey has forced the closure of many oil refineries along the Texas coast.

In the currency market, the U.S. Dollar Index (92.73, +0.15) is trading higher by 0.2% with the greenback climbing 0.3% against the euro (1.1873) and 0.2% against the yen (110.24). For the week, the U.S. Dollar Index is just a tick lower, showing a loss of 0.1%.

Dow: +65.11… | Nasdaq: +5.99… | S&P: +6.27…

NASDAQ Adv/Dec 1729/1137. …NYSE Adv/Dec 1942/938.

02:00PM ET

[BRIEFING.COM] Equity indices continue trading near their sessions highs, except for the Nasdaq (+0.1%), which currently hovers in the middle of its trading range.

Biotechnology stocks have done extremely well this week, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 336.16, +2.81), which currently shows a week-to-date gain of 8.1%. The positive performance has helped the Nasdaq--which houses many biotech names--outpace the benchmark S&P 500 this week; the two indices hold week-to-date gains of 2.7% and 1.4%, respectively.

Within the biotech industry, Gilead Sciences (GILD 82.92, -0.79) has given back a small portion of its weekly advance, which now sits at 12.4%. The rally kicked off on Monday following news that the company has acquired Kite Pharmaceuticals (KITE 178.02, +0.03) for approximately $11.9 billion, or $180.00 per share, in cash.

Dow: +69.92… | Nasdaq: +4.04… | S&P: +6.38…

NASDAQ Adv/Dec 1763/1081. …NYSE Adv/Dec 1948/920.

01:30PM ET

[BRIEFING.COM] The S&P 500 (+0.3%) hovers near its midday high, looking to complete its sixth consecutive advance, which will put the benchmark index within a few points of its intraday record (2490.87) that was registered on August 8.

The market has been able to move higher as gains in nine sectors outweigh relative weakness in the technology sector (-0.3%), which has slipped to its morning low in recent action. Chipmakers have fared better than the overall sector with the PHLX Semiconductor Index up 0.3%, but the group has run into resistance near its best level from July.

For the week, the S&P 500 is up 1.5% while the Nasdaq has gained 2.7%.

Dow: +76.84… | Nasdaq: +8.48… | S&P: +7.26…

NASDAQ Adv/Dec 1767/1061. …NYSE Adv/Dec 1941/907.

01:00PM ET

[BRIEFING.COM] The equity market is looking to sneak in one more win ahead of the extended Labor Day weekend, undeterred by a largely disappointing August jobs report. Both the Dow (+0.3%) and the Nasdaq (+0.3%) are trading roughly in line with the benchmark S&P 500, which is up 0.3%. For the week, the S&P 500 currently holds a gain of 1.4%.

Investors were disappointed to see worse-than-expected readings for nonfarm payrolls (156K actual vs 183K Briefing.com consensus), nonfarm private payrolls (165K actual vs 173K Briefing.com consensus), the unemployment rate (4.4% actual vs 4.3% Briefing.com consensus), and the average workweek (34.4 actual vs 34.5 Briefing.com consensus) when the Employment Situation Report for August crossed the wires this morning. However, another tepid average hourly earnings reading (+0.1% actual vs +0.2% Briefing.com consensus) has helped keep the bears at bay.

Slow wage growth has been an important factor in keeping a lid on inflation and, consequently, a lid on the Fed's rate hikes. Today's average hourly earnings reading did little to dispel the notion that the Fed will fall short of its goal to raise interest rates one more time this year, evidenced by the fed fund futures market, which currently places the chances of another rate hike this year at 43.3%.

Treasury yields have moved higher today following the economic data, retracing a portion of this week's losses. The 10-yr yield is up two basis points at 2.14%, which places it three basis points below last Friday's closing level. Meanwhile, the 2-yr yield is up one basis point at 1.34% and now trades flat for the week.

Most sectors are trading higher this afternoon--eight of eleven to be exact--but some influential groups have lagged, namely information technology (-0.1%) and health care (unch). However, today's weakness has done little to change the two groups' positions at the top of the week's leaderboard; the tech and health care sectors currently hold week-to-date gains of 2.2% and 3.1%, respectively.

The heavily-weighted financial space (+0.8%) has shown relative strength throughout the session, helping keep the technology and health care sectors' influence in check. Meanwhile, the industrial sector (+0.5%) has also outperformed, thanks in part to transports, which have pushed the Dow Jones Transportation Average higher by 0.8%. For the week, the DJTA is up an impressive 2.8%.

Likewise, the consumer discretionary group (+0.6%) is outperforming, benefiting from automakers' positive performance. General Motors (GM 37.59, +1.05) and Toyota Motor (TM 113.35, +0.37) sport gains of 2.9% and 0.3%, respectively, after reporting year-over-year increases in U.S. sales.

Meanwhile, Fiat Chrysler (FCAU 15.89, +0.76), Ford Motor (F 11.40, +0.37), and Honda Motor (HMC 28.26, +0.16) also trade higher, climbing 5.0%, 3.1%, and 0.6%, respectively, despite reporting year-over-year declines in U.S. sales.

Reviewing Friday's economic data, which included the Employment Situation Report for August, the August ISM Manufacturing Index, July Construction Spending, and the final reading of the University of Michigan Consumer Sentiment Index for the month of August:

The August Employment Situation Report:
August nonfarm payrolls hit 156,000 while the Briefing.com consensus expected a reading of 183,000. The prior month's reading was revised to 189,000 from 209,000. Nonfarm private payrolls added 165,000 while the Briefing.com consensus expected an increase of 173,000. The previous month's reading was revised to 202,000 from 205,000.
The unemployment rate rose to 4.4% (Briefing.com consensus 4.3%). Average hourly earnings increased 0.1% (Briefing.com consensus +0.2%), while the previous month's reading was left unrevised at 0.3%. The average workweek was reported at 34.4 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.
The key takeaway from the report is that wage inflation is still not picking up despite the low unemployment rate. That will keep the Goldilocks narrative in place, which has served as a perfectly-cooked bowl of porridge for a stock market that has feasted on a backdrop of modest growth and low inflation.
The ISM Index for August rose to 58.8 from an unrevised reading of 56.3 in July while the Briefing.com consensus expected an uptick to 56.8.
The key takeaway from the survey is that it connotes a manufacturing sector running with a full head of steam, although that interpretation conflicts somewhat with the drop in the manufacturing workweek reported in the Employment Situation report for August.
The Construction Spending report for July declined 0.6% while the Briefing.com consensus expected an increase of 0.5%. The prior month's reading was revised to -1.4% from -1.3%.
The key takeaway from the report is that the decline in construction spending will act as a drag on Q3 GDP forecasts.
The final reading of the University of Michigan Consumer Sentiment Index for August declined to 96.8 (Briefing.com consensus 97.1) from 97.6 in the preliminary reading.
The key takeaway from the report is that consumer sentiment remains at high levels despite the (geo)political drama as consumers reportedly have maintained a favorable assessment of their own financial situations.

Dow: +86.80… | Nasdaq: +12.77… | S&P: +7.54…

NASDAQ Adv/Dec 1784/1024. …NYSE Adv/Dec 1897/944.

12:25PM ET

[BRIEFING.COM] The stock market continues to trade modestly higher this afternoon with the benchmark S&P 500 sporting a gain of 0.2%.

Transports are outperforming today, evidenced by the Dow Jones Transportation Average, which is currently up 0.7%. Nearly all of the DJTA's 20 components are currently trading in the green with Ryder System (R 78.56, +0.96), Norfolk Southern (NSC 121.97, +1.45), and Expeditors (EXPD 56.73, +0.63) showing relative strength. Today's advance extends the DJTA's week-to-date gain to an impressive 2.8%. For comparison, the S&P 500 currently holds a week-to-date gain of 1.4%.

In the bond market, U.S. Treasuries have come up from their session lows, but are still trading in the red. The benchmark 10-yr yield is up two basis points at 2.14% while the 2-yr yield trades flat at 1.33%.

Dow: +66.95… | Nasdaq: +9.44… | S&P: +6.15…

NASDAQ Adv/Dec 1742/1042. …NYSE Adv/Dec 1852/963.

12:00PM ET

[BRIEFING.COM] The major U.S. indices have not shifted since the last update.

American automakers have rallied today after reporting their sales figures for the month of August. General Motors (GM 37.38. +0.83) is up 2.4% after reporting a 7.5% year-over-year increase in total U.S. sales. Meanwhile, Ford Motor (F 11.28, +0.25) has climbed 2.3% despite reporting a year-over-year decline of 2.1%.

International automobile manufacturers are also trading higher with Fiat Chrysler (FCAU 15.86, +0.73) showing particular strength. The Italian automaker has jumped 4.9% despite reporting a 11.0% year-over-year decline in U.S. sales. Also of note, Japanese automakers Honda Motor (HMC 28.24, +0.14) and Toyota Motor (TM 113.40, +0.42) are up 0.4% apiece. HMC reported a decline of 2.4% in U.S. sales while TM reported an increase of 6.8%.

The consumer discretionary sector, which houses automakers, trades a step ahead of the broader market with a gain of 0.5%.

Dow: +52.41… | Nasdaq: +8.21… | S&P: +5.42…

NASDAQ Adv/Dec 1725/1052. …NYSE Adv/Dec 1832/964.

11:30AM ET

[BRIEFING.COM] The Dow Jones Industrial Average (+0.2%) has ticked down in recent action, moving in line with the S&P 500 (+0.2%). Meanwhile, the Nasdaq (+0.1%) struggles to keep pace.

Microsoft (MSFT 73.77, -0.99) has dropped 1.3% in today's session, trimming its week-to-date gain to 1.3%. The mega-cap tech name is one of the weakest components within the top-weighted technology sector (-0.2%) and most certainly deserves a large chunk of credit for the sector's underperformance.

Like technology, the influential health care sector has struggled today, losing 0.2%. However, for the week, the technology and health care groups hover at the very top of the sector standings with week-to-date gains of 2.0% and 2.9%, respectively. For comparison, the S&P 500 is up 1.3% for the week.

Dow: +46.52… | Nasdaq: +3.88… | S&P: +4.34…

NASDAQ Adv/Dec 1704/1064. …NYSE Adv/Dec 1840/949.

11:05AM ET

[BRIEFING.COM] Commodities begin the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.22% at 84.8451
Dollar index is currently up 0.06% at 92.72.
Oct WTI crude is flat at $47.26/barrel.
In other energy, Oct natural gas is up $0.041 at $3.081/MMBtu
Metals are up:
Dec gold gained $5.20 and trades at $1327.40/oz, while Sept silver gained $.155 to $17.73/oz
Sept copper gained $0.0165 to $3.1145/lb
Finally, agriculture:
Dec corn is $0.02 lower at $3.556/bu.
Nov soy is up $0.01 at $9.462/bu.
Dec wheat is up $0.036 at $4.382/bu.

Dow: +69.47… | Nasdaq: +6.85… | S&P: +6.9…

NASDAQ Adv/Dec 1697/1043. …NYSE Adv/Dec 1920/836.

10:55AM ET

[BRIEFING.COM] The major averages are trading slightly higher this morning with the Dow (+0.3%) showing relative strength.

Eight of the eleven sectors are currently trading in positive territory. The influential financial sector is the top performer, adding 0.8%, while the top-weighted technology group lags, losing 0.2%. The health care sector, which is third to technology and financials in terms of weight, is also underperforming and currently trades at the bottom of today's leaderboard with a loss of 0.3%.

Within the Treasury market, U.S. sovereign debt is trading lower across the curve with the heaviest selling taking place at the back end. The benchmark 10-yr yield is up four basis points at 2.16% while the 2-yr yield is higher by just one basis point at 1.34%. For the week, the 10-yr yield is now lower by just one basis point.

Dow: +63.15… | Nasdaq: +6.38… | S&P: +5.44…

NASDAQ Adv/Dec 1708/1025. …NYSE Adv/Dec 1900/844.

10:00AM ET

[BRIEFING.COM] The major averages are currently drifting a tick above their unchanged marks.

Just in, the ISM Index for August rose to 58.8 from an unrevised reading of 56.3 in July while the Briefing.com consensus expected an uptick to 56.8.

Separately, the Construction Spending report for July declined 0.6% while the Briefing.com consensus expected an increase of 0.5%. The prior month's reading was revised to -1.4% from -1.3%.

The final reading of the University of Michigan Consumer Sentiment Index for August declined to 96.8 (Briefing.com consensus 97.1) from 97.6 in the preliminary reading.

Dow: +48.69… | Nasdaq: -0.95… | S&P: +2.88…

NASDAQ Adv/Dec 1592/1038. …NYSE Adv/Dec 1768/916.

09:45AM ET

[BRIEFING.COM] The major U.S. indices opened Friday's session in positive territory with the S&P 500 sporting a gain of 0.2%.

Nearly all sectors are trading in the green, but gains have been modest thus far with no group adding more than 0.4%. The consumer discretionary (+0.4%) and materials (+0.4%) spaces exhibit relative strength while the energy (unch), real estate (unch), and health care (-0.1%) groups exhibit relative weakness.

Investors will receive several economic reports shortly at 10:00 ET, including the August ISM Manufacturing Index (Briefing.com consensus 56.8), July Construction Spending (Briefing.com consensus 0.5%), and the final reading of the University of Michigan Consumer Sentiment Index for the month of August (Briefing.com consensus 97.1).

Dow: +40.17… | Nasdaq: +11.56… | S&P: +4.32…

NASDAQ Adv/Dec 1536/1001. …NYSE Adv/Dec 1724/886.

09:16AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +18.40.

The U.S. equity market still looks poised to open Friday's session in positive territory despite a largely disappointing August Employment Situation Report, which was released less than an hour ago. The S&P 500 futures currently trade five points, or 0.2%, above fair value. For the week, the S&P 500 enters Friday's session with a gain of 1.2%.

The August jobs report missed estimates for nonfarm payrolls (156K actual vs 183K Briefing.com consensus), nonfarm private payrolls (165K actual vs 173K Briefing.com consensus), the unemployment rate (4.4% actual vs 4.3% Briefing.com consensus), the average workweek (34.4 actual vs 34.5 Briefing.com consensus), and, most notably given the market's current disposition, average hourly earnings (+0.1% actual vs +0.2% Briefing.com consensus).

Another tepid average hourly earnings reading has kept rate-hike concerns at bay this morning, allowing investors to keep their positive disposition in the face of relatively disappointing job-growth metrics. According to the CME FedWatch Tool, the market is putting the chances of another rate hike this year at just 36.9%, down from 41.9% ahead of the jobs report release.

U.S. Treasuries were trading lower across the curve earlier this morning, but now trade mixed. The 2-yr yield is down one basis point at 1.32% while the 10-yr yield is up two basis points at 2.14%. Meanwhile, the U.S. Dollar Index (92.53, -0.06) hovers about where it did going into the release, down 0.1%.

Investors will receive several other pieces of economic data this morning, including the August ISM Manufacturing Index (Briefing.com consensus 56.8), July Construction Spending (Briefing.com consensus 0.5%), and the final reading of the University of Michigan Consumer Sentiment Index for the month of August (Briefing.com consensus 97.1)--all of which will be released at 10:00 ET. Also of note, August auto and truck sales will be released throughout the day.

08:50AM ET

[BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +19.10.

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

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. The People's Bank of China cautioned that the Chinese property market has become a significant source of financial risk and that pure monetary policy will be unable to address the problems. Xinhua reported that the Communist Party will convene National Congress on October 18. The Bank of Japan offered to buy JPY300 billion in 3-5yr notes, down from JPY330 billion purchased during the previous operation.

In economic data:
China's August Caixin Manufacturing PMI 51.6 (expected 50.9; last 51.1)
Japan's August Manufacturing PMI 52.2 (expected 52.8; last 52.8). Q2 CAPEX Spending +1.5% year-over-year (consensus 8.3%; last 4.5%). August Household Confidence 43.3 (expected 43.7; last 43.8)
Australia's August AIG Manufacturing Index 59.8 (last 56.0). Commodity Prices +20.1% year-over-year (last 21.7%)
New Zealand's Q2 Terms of Trade Index +1.5% quarter-over-quarter (expected 3.5%; last 5.1%). Import Prices +0.9% (expected 0.2%; last 2.7%) and Export Prices +2.4% (expected 3.0%; last 8.0%)
South Korea's Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.6%); +2.7% year-over-year, as expected (last 2.7%). August CPI +0.6% month-over-month (last 0.2%); +2.6% year-over-year (consensus 2.0%; last 2.2%). August Nikkei Manufacturing PMI 49.9 (last 49.1). August Industrial Production +1.9% month-over-month (last -0.5%)
India's Markit Manufacturing PMI 51.2 (expected 49.3; last 47.9)

---Equity Markets---

Japan's Nikkei added 0.3%, extending its weekly gain to 1.3%. Showa Denko, Haseko, Konami, Toho, Kubota, Yokohama Rubber, Nissan Chemical Industries, Bridgestone, and Eisai advanced between 1.4% and 4.1%.
Hong Kong's Hang Seng slipped 0.1%, narrowing this week's gain to 0.4%. Financials like BoC Hong Kong, ICBC, China Life Insurance, Bank of East Asia, and HSBC lost between 0.1% and 1.4%. On the upside, China Mengniu Dairy spiked 6.8% in reaction to better than expected results. Gaming names like Galaxy Entertainment and Sands China both gained near 4.0%.
China's Shanghai Composite rose 0.2%, rising 1.1% for the week. Wuhan DDMC Culture, Baotou Huazi Industry, Nanjing Iron & Steel, Hundsun Technologies, and Yonyou Network Technology posted gains between 6.0% and 9.9%.
India's Sensex gained 0.5%, ending the week higher by 1.2%. Dr Reddy's Labs surged 9.8% after winning a lawsuit. Asian Paints, Bajaj Auto, Tata Motors, Tata Steel, Maruti Suzuki, and Hero MotoCorp advanced between 0.9% and 4.0%.

Major European indices trade in the green with the UK's FTSE (+0.3%) struggling to keep pace with other markets. UK's trade secretary Liam Fox said the UK should not allow itself to be blackmailed by the EU over the cost of Brexit, adding that a bad deal would hurt British and European companies. European Central Bank member Ewald Nowotny said that he does not see a path for higher rates as long as eurozone inflation remains low.

In economic data:
Eurozone August Manufacturing PMI 57.4, as expected (last 57.4)
Germany's August Manufacturing PMI 59.3 (expected 59.4; last 59.4)
UK's August Manufacturing PMI 56.9 (consensus 55.0; last 55.3)
France's August Manufacturing PMI 55.8, as expected (last 55.8)
Italy's August Manufacturing PMI 56.3 (consensus 55.3; previous 55.1). Q2 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +1.5% year-over-year, as expected (last 1.5%)
Swiss August SVME PMI 61.2 (expected 60.5; last 60.9) and July Retail Sales -0.7% year-over-year (consensus 1.7%; last 1.7%)
Spain's August Manufacturing PMI 52.4 (expected 54.4; last 54.0)

---Equity Markets---

UK's FTSE is higher by 0.3% with miners and consumer names showing relative strength. Antofagasta, Glencore, Fresnillo, and Rio Tinto are up between 0.7% and 1.6% while Paddy Power, Tesco, Imperial Brands, Carnival, Diageo, Burberry, InterContinental Hotels, and Compass show gains between 0.5% and 2.2%.
Germany's DAX has climbed 0.7% amid broad strength. Heavyweights like Lufthansa, Adidas, Volkswagen, BASF, Bayer, Daimler, and Siemens are up between 0.7% and 1.8%. On the downside, Deutsche Bank is lower by 1.1% and Commerzbank is off 0.3%.
France's CAC is up 0.8% with Vivendi rising 4.9% in reaction to upbeat results. Peugeot is up 1.9% while peer Renault has risen just 0.1%. Financials trail the broader market with BNP Paribas, Societe Generale, and Credit Agricole up around 0.2% apiece. Carrefour is the weakest performer, falling 2.0%.

08:35AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +21.90.

The S&P 500 futures trade six points, or 0.3%, above fair value.

Just in, August nonfarm payrolls hit 156,000 while the Briefing.com consensus expected a reading of 183,000. The prior month's reading was revised to 189,000 from 209,000. Nonfarm private payrolls added 165,000 while the Briefing.com consensus expected an increase of 173,000. The previous month's reading was revised to 202,000 from 205,000.

The unemployment rate rose to 4.4% (Briefing.com consensus 4.3%). Average hourly earnings increased 0.1% (Briefing.com consensus +0.2%), while the previous month's reading was left unrevised at 0.3%. The average workweek was reported at 34.4 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.

07:58AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +18.10.

Investors are optimistic around the globe this morning ahead of today's release of the Employment Situation Report for August, which will cross the wires at 8:30 ET. On Wall Street, the S&P 500 rolls into Friday's session on a five-session winning streak--during which it has advanced 1.3%--and sits just 0.4% below its record-high close of 2,480.91, which it posted four weeks ago on August 7. The S&P 500 futures currently trade five points, or 0.2%, above fair value.

The Briefing.com consensus expects that the August jobs report will show the addition of 183,000 nonfarm payrolls, an increase of 0.2% in average hourly earnings, and an unemployment rate of 4.3%. The average hourly earnings figure will be of particular interest as a tightening of the labor market has yet to translate into a notable increase in wages, making investors skeptical that the Fed will be able to follow through with its forecast of one additional rate hike this year.

According to the CME FedWatch Tool, the market is currently putting the chances of an additional rate hike this year at 41.9%. The June 2018 FOMC meeting is seen as the most likely time for the next rate-hike announcement, but even then it's a toss up, with an implied probability of 56.0%.

In addition, investors will receive several other pieces of economic data this morning, including the August ISM Manufacturing Index (Briefing.com consensus 56.8), July Construction Spending (Briefing.com consensus 0.5%), and the final reading of the University of Michigan Consumer Sentiment Index for the month of August (Briefing.com consensus 97.1)--all of which will be released at 10:00 ET. Also of note, August auto and truck sales will be released throughout the day.

U.S. Treasuries are trading modestly lower this morning, retracing a small portion of their weekly gains. The benchmark 10-yr yield is up one basis point at 2.13%, which places it four basis points below last Friday's closing level (2.17%). Meanwhile, the U.S. Dollar Index (92.56, -0.03) is hovering at its flat line and gold is up 0.2% at $1,324.56/ozt.

Crude oil is down 0.4% at $47.02/bbl after registering its first win on the week on Thursday. Tropical Storm Harvey remains a factor in the crude futures market as it has forced the closure of many refineries along the Texas coast.

In U.S. corporate news:

lululemon athletica (LULU 60.78, +3.23): +5.6% after beating both top and bottom line estimates and issuing above-consensus guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. Japan's Nikkei +0.3%, Hong Kong's Hang Seng -0.1%, China's Shanghai Composite +0.2%, India's Sensex +0.5%.
In economic data:
China's August Caixin Manufacturing PMI 51.6 (expected 50.9; last 51.1)
Japan's August Manufacturing PMI 52.2 (expected 52.8; last 52.8). Q2 CAPEX Spending +1.5% year-over-year (consensus 8.3%; last 4.5%). August Household Confidence 43.3 (expected 43.7; last 43.8)
Australia's August AIG Manufacturing Index 59.8 (last 56.0). Commodity Prices +20.1% year-over-year (last 21.7%)
New Zealand's Q2 Terms of Trade Index +1.5% quarter-over-quarter (expected 3.5%; last 5.1%). Import Prices +0.9% (expected 0.2%; last 2.7%) and Export Prices +2.4% (expected 3.0%; last 8.0%)
South Korea's Q2 GDP +0.6% quarter-over-quarter, as expected (last 0.6%); +2.7% year-over-year, as expected (last 2.7%). August CPI +0.6% month-over-month (last 0.2%); +2.6% year-over-year (consensus 2.0%; last 2.2%). August Nikkei Manufacturing PMI 49.9 (last 49.1). August Industrial Production +1.9% month-over-month (last -0.5%)
India's Markit Manufacturing PMI 51.2 (expected 49.3; last 47.9)
In news:
The People's Bank of China cautioned that the Chinese property market has become a significant source of financial risk and that pure monetary policy will be unable to address the problems. Xinhua reported that the Communist Party will convene National Congress on October 18.
The Bank of Japan offered to buy JPY300 billion in 3-5yr notes, down from JPY330 billion purchased during the previous operation.

Major European indices trade in the green. UK's FTSE +0.3%, Germany's DAX +0.7%, France's CAC +0.9%.
In economic data:
Eurozone August Manufacturing PMI 57.4, as expected (last 57.4)
Germany's August Manufacturing PMI 59.3 (expected 59.4; last 59.4)
UK's August Manufacturing PMI 56.9 (consensus 55.0; last 55.3)
France's August Manufacturing PMI 55.8, as expected (last 55.8)
Italy's August Manufacturing PMI 56.3 (consensus 55.3; previous 55.1). Q2 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +1.5% year-over-year, as expected (last 1.5%)
Swiss August SVME PMI 61.2 (expected 60.5; last 60.9) and July Retail Sales -0.7% year-over-year (consensus 1.7%; last 1.7%)
Spain's August Manufacturing PMI 52.4 (expected 54.4; last 54.0)
In news:
UK's trade secretary Liam Fox said the UK should not allow itself to be blackmailed by the EU over the cost of Brexit, adding that a bad deal would hurt British and European companies.
European Central Bank member Ewald Nowotny said that he does not see a path for higher rates as long as eurozone inflation remains low.

06:36AM ET

[BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.40.
06:36AM ET

[BRIEFING.COM] Nikkei

...19691.5...+45.20

...+0.20%

Hang Seng

...27953.16...-17.10

...-0.10%

06:36AM ET

[BRIEFING.COM] FTSE

...7446.35...+15.70

...+0.20%

DAX

...12135.56...+79.70

...+0.70%

04:25PM ET

[BRIEFING.COM] Equities moved higher once again on Thursday, extending the S&P 500's winning streak to five sessions in a row. The Russell 2000 (+1.0%) and the Nasdaq (+1.0%) finished comfortably ahead of the benchmark S&P 500 (+0.6%) while the Dow Jones Industrial Average (+0.3%) underperformed. For the month, the benchmark index ticked up 0.1%.

Investors were happy to dial back their rate-hike expectations on Thursday following yet another tepid inflationary report. The latest reading of the core PCE Price Index showed that consumer prices decelerated on a year-over-year basis in July--dropping to +1.4% from +1.5% in June--and remain well below the Fed's longer run target of 2.0%.

Treasury yields ended the day lower across the curve following Thursday's economic data with the benchmark 10-yr yield dropping two basis points to 2.12%. Likewise, the U.S. Dollar Index (92.61, -0.23) slipped, losing 0.3%. As for the fed funds futures market, the implied probability of a December rate hike now sits at 36.4%, slightly lower than where it stood at this time last week (38.7%).

In the equity market, nine of the eleven sectors settled the day in positive territory with the influential health care group (+1.7%) leading the charge after closing above its 50-day simple moving average (919.36) for the first time in three weeks on Wednesday. Biotech names showed particular strength, sending the iShares Nasdaq Biotechnology ETF (IBB 333.35, +9.03) higher by 2.8%.

Like the health care space, the top-weighted technology sector (+0.7%) also finished ahead of the broader market on Thursday as Apple (AAPL 164.00, +0.65) added another 0.4% to settle August with a monthly gain of 10.3%. The tech sector was the top-performer in the month of August, climbing 3.2% to extend its year-to-date advance to 25.3%.

The lightly-weighted materials space (+0.7%) also outperformed on Thursday, but the remaining advancers finished with gains of no more than 0.5%. On the flip side, the heavily-weighted financial space (unch) settled with the telecom services sector (-0.5%) at the bottom of the sector standings, extending its monthly loss to 1.9%.

Elsewhere, crude oil climbed 2.6% to $47.14/bbl, breaking its four-session losing streak. Tropical Storm Harvey remains a key factor in the crude and gasoline futures market as it has forced the closure of many refineries along the Texas coast. Thursday reports indicate that Motiva Enterprises' Port Arthur refinery, the biggest in Texas, may be shut down for up to two weeks.

Political news was fairly light on Thursday, but Treasury Secretary Steven Mnuchin did say the White House has a "very detailed" tax plan ready that will be released to the public by the end of September.

Reviewing Thursday's economic data, which included July Personal Income, Personal Spending, core PCE Prices, Initial Claims, August Chicago PMI, and July Pending Home Sales:

Personal income ticked up 0.4% in July (Briefing.com consensus +0.3%) after an unrevised reading of 0.0% for June. Personal spending rose 0.3% (Briefing.com consensus +0.4%), while the prior month's reading was revised to 0.2% from 0.1%. The core PCE Price Index, which excludes food and energy, increased 0.1% (Briefing.com consensus +0.1%).
The key takeaway from the report was that inflation pressures remained subdued, which suggests to market participants that expectations for another rate hike this year can also remain subdued.
The latest weekly initial jobless claims count totaled 236,000, as expected. Today's tally was above the revised prior week count of 235,000 (from 234,000). As for continuing claims, they declined to 1.942 million from an unrevised count of 1.954 million.
This report marks the 130th straight week that initial claims have been below 300,000, which is reflective of an environment in which employers are reluctant to let go of their workers.
Chicago PMI for August hit 58.9, unchanged from July and in line with the Briefing.com consensus.
All of the barometer components, with the exception of employment, were above their year-ago levels.
Pending Home Sales for July declined 0.8% (Briefing.com consensus +0.5%). Today's reading follows a revised 1.3% increase in June (from +1.5%).

On Friday, the Employment Situation Report for August will be released at 8:30 ET and has the power to jolt, or further dampen, the chances of a December rate hike. The Briefing.com consensus expects that the report will show the addition of 183,000 nonfarm payrolls, an increase of 0.2% in average hourly earnings, and an unemployment rate of 4.3%.

In addition, investors will receive several other pieces of economic data on Friday, including the August ISM Manufacturing Index (Briefing.com consensus 56.8), July Construction Spending (Briefing.com consensus 0.5%), and the final reading of the University of Michigan Consumer Sentiment Index for the month of August (Briefing.com consensus 97.1)--all of which will be released at 10:00 ET.

Also of note, August auto and truck sales will be released throughout the day.

Nasdaq Composite +19.4% YTD
Dow Jones Industrial Average +11.1% YTD
S&P 500 +10.4% YTD
Russell 2000 +3.6% YTD

Dow: +55.67… | Nasdaq: +60.35… | S&P: +14.06…

NASDAQ Adv/Dec 1907/909. …NYSE Adv/Dec 2136/761.

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

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

Image Review of TheStrategyLab @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167

Image TheStrategyLab Review @ http://www.thestrategylab.com/thestrategylab-reviews.htm

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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