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 Post subject: September 5th Tuesday Trade Results - Profit $2837.50
PostPosted: Tue Sep 05, 2017 11:05 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
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $2837.50 dollars or +56.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2837.50 dollars

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

Russell 2000 Emini 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=2640

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: -234.25… | Nasdaq: -59.76… | S&P: -18.70…
NASDAQ Vol: 1.87 bln… Adv: 952… Dec: 1834…
NYSE Vol: 907 mln… Adv: 881… Dec: 2059…

Moving the Market

North Korea conducts its sixth nuclear test on Sunday: caution returns to capital markets

Financial sector noticeably weak as long-term rates drop on safe-haven positioning; insurers drop on Hurricane Irma exposure concerns

Energy sector up along with crude oil prices

Passenger unit revenue warnings from Delta (DAL) and Spirit (SAVE) pressures airline stocks

Angst over Congress' ability to reach agreement on budget and debt limit without any eleventh-hour drama

Sector Watch
Strong: Energy, Utilities, Consumer Staples, Real Estate, Health Care, Consumer Discretionary
Weak: Financials, Technology, Industrials, Telecom Services, Materials
04:20PM ET

[BRIEFING.COM] The major indices closed off their lows of the session, yet it is fair to say they struggled all day to overcome a panoply of issues that kept buyers mostly sidelined. The losses were broad based as the major indices closed the day down between 0.8% and 1.1%.

The ostensible trigger for Tuesday's bearish bias was North Korea's nuclear test over the weekend, yet it quickly morphed into more than that as the media intensified its coverage of Hurricane Irma, which was upgraded to a category 5 storm that is tracking toward the Caribbean and could very well hit the continental U.S., namely Florida, by the weekend or early next week.

The governors of Florida and Puerto Rico have already declared a state of emergency and the Florida Keys have a mandatory evacuation order.

Fittingly, investors were evacuating themselves from the insurance, reinsurance, and cruise line stocks on Tuesday as their businesses are expected to be adversely impacted in the near term by the hurricane. Conversely, home improvement retailers Home Depot (HD 152.93, +2.20, +1.5%) and Lowe's (LOW 75.68, +1.07, +1.4%), as well as companies like Generac Holdings (GNRC 42.05, +1.39, +3.4%), a manufacturer of power generators, outperformed as potential beneficiaries of the looming natural disaster.

Still, there was a political cloud hanging over the market all day, too, that rained down on investor sentiment.

North Korea's provocative act got things rolling, yet there was also a domestically-rooted concern that a budget resolution and debt limit increase won't be achieved as readily, or as agreeably, as last week's market participants thought they would in the wake of Hurricane Harvey.

Those concerns festered on the back of reports that the Republican Freedom Caucus is opposed to attaching a funding request for Hurricane Harvey aid to a debt limit increase and on the news that President Trump ended the Deferred Action for Childhood Arrivals (DACA) program.

The confluence of concerns related to North Korea, Hurricane Irma, and domestic politics came together in a Treasury market rally that saw the 10-yr note jump nearly a point and its yield drop nine basis points to 2.07%. That move was billed as a safe-haven bid, which was also evident in rising gold prices ($1347.10, +16.70, +1.3%) and a huge move in the CBOE Volatility Index (12.52, +2.39, +23.6%). Separately, the U.S. Dollar Index declined 0.4% to 92.24.

Today's corporate news mostly took a backseat to the macro concerns, yet it wasn't overshadowed altogether as a driver of things.

United Technologies (UTX 111.19, -6.73, -5.7%) paced the Dow's decline after announcing a deal to acquire Rockwell Collins (COL 130.87, +0.26, +0.2%) for $30 billion, or $140.00 per share, in cash and stock. Rumors had been circulating for several weeks that such a deal could come to fruition, helping to drive up shares of COL, so their was little movement today in the acquisition target following the actual news.

Travelers (TRV 115.47, -4.43, -3.7%) was the next weakest component in the Dow, as it tracked lower with other insurers. That group weighed heavily on the financial sector (-2.2%), which was the worst-performing sector on Tuesday. Notable weakness in the bank stocks, which got clipped on concerns about net interest margin pressures related to the flattening yield curve, also factored significantly into the sector's weakness.

Another weak spot of note was the airlines, as they got grounded following third quarter passenger unit revenue warnings from Delta Air Lines (DAL 45.84, -1.67, -3.5%) and Spirit Airlines (SAVE 32.51, -1.52, -4.5%)

Those sectors that bucked the broader trend included the defensive-oriented utilities (+0.3%) and consumer staples (+0.2%) sectors, as well as the energy sector (+0.6%), which followed crude prices ($48.64, +1.34, +2.8%) higher. The latter move was based on an outlook of improved demand for oil as refineries in Texas come back online.

The lone economic release today was the Factory Orders report for July. It showed orders fell 3.3% in July (Briefing.com consensus -3.2%) on the back of weakness in transportation equipment orders. The report was quickly glossed over by traders, though, since it was largely in-line with expectations.

Wednesday's economic calendar features the MBA Mortgage Applications Index for the week of September 2, the Trade Balance report for July (Briefing.com consensus -$44.6 bln), the ISM Services report for August (Briefing.com consensus 55.2), and the Fed's Beige Book report.

Nasdaq Composite +18.4% YTD
Dow Jones Industrial Average +10.2%
S&P 500 +9.7% YTD
S&P Midcap 400 Index +3.5%
Russell 2000 +3.3%

Dow: -234.25… | Nasdaq: -59.76… | S&P: -18.70…

NASDAQ Adv/Dec 952/1834. …NYSE Adv/Dec 881/2059.

03:30PM ET

[BRIEFING.COM] Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.46% at 85.3689
Dollar index is down 0.39% at 92.27.
Oct WTI crude settled up on the day.
As refineries continue to come back online, crude sees increased demand.
Futures settled $1.34 higher to $48.64/barrel.
In other energy, Oct natural gas got pummeled, settling down $0.10 at $2.97/MMBtu
On to metals:
Dec gold gained $21.10 to settle at $1344.40/oz, while Sept silver settled $0.37 higher to $17.94/oz
Sept copper gained $0.03 to $3.13/lb
Finally, agriculture:
Dec corn settled $0.03 higher at $3.58/bu.
Nov soy is settled $0.19 higher at $9.69/bu.
Dec wheat is down $0.01 higher at $4.41/bu.

Dow: -234.62… | Nasdaq: -62.87… | S&P: -19.43…

NASDAQ Adv/Dec 954/1912. …NYSE Adv/Dec 829/2106.

03:00PM ET

[BRIEFING.COM] There hasn't been much of a rush to buy today's dip. Maybe that happens tomorrow or maybe it doesn't, but clearly, buyers have been a reluctant bunch in today's session.

Several headwinds seem to be getting in their way, one of which is pretty literal -- that being Hurricane Irma, which is a category 5 hurricane packing winds in excess of 180 miles per hour.

The storm's path toward the Caribbean and possibly South Florida has hit the cruise line stocks -- Royal Caribbean (RCL 119.08, -5.16, -4.1%), Carnival (CCL 66.82, -2.32, -3.3%), and Norwegian Cruise Line (NCLH 56.45, -2.09, -3.6%) -- today and it has also weighed heavily on the insurers and reinsurers, which are still dealing with a host of claims related to Hurricane Harvey.

These hurricanes may ultimately provide some pricing power for the insurers, yet that is being overshadowed by the outsized estimates of what insurance claims and losses in the near term could be.

Dow: -242.50… | Nasdaq: -71.68… | S&P: -22.53…

NASDAQ Adv/Dec 910/1957. …NYSE Adv/Dec 767/2154.

02:25PM ET

[BRIEFING.COM] The major averages hover near their midday lows with the S&P 500 (-0.9%) trading about eight points above its worst level of the day.

Just about every sector has followed the same downward pattern today while the energy space has narrowed its gain to just 0.3% after being up nearly 1.0% at the start. Crude oil, meanwhile, has been able to remain near its morning high, trading up 2.6% at $48.53/bbl with the pit close looming.

On the downside, today's weakest sector--financials--has widened its loss to 2.1%. Including today's decline, the group is now up just 3.9% year-to-date after backing off its high from August when the sector was up 10.0% for the year.

Dow: -227.64… | Nasdaq: -67.52… | S&P: -21.56…

NASDAQ Adv/Dec 908/1947. …NYSE Adv/Dec 761/2158.

02:00PM ET

[BRIEFING.COM] The stock market continues to trade in a negative fashion, lacking leadership from its two most heavily-weighted sectors. The financial (-2.1%) and information technology (-1.1%) sectors comprise the two most influential pockets of weakness, yet there are some deep pockets today as most sectors are lower for the session.

Notably, Minneapolis Fed President Kashkari (an FOMC voter) is speaking this afternoon and he has indicated that the thinks the rate hikes by the Federal Reserve may have done some harm to the economy.

Mr. Kashkari is known to be one of the Federal Reserve's most dovish members, if not the most dovish.

In any event, there is a wide swath of weakness in cyclical sectors today, as well as in areas of the market, namely the Russell 2000 (-1.2%) and the S&P Midcap 400 index (-1.3%), where there is a large concentration of domestically-oriented companies.

Dow: -235.08… | Nasdaq: -73.37… | S&P: -22.51…

NASDAQ Adv/Dec 867/1992. …NYSE Adv/Dec 732/2182.

01:30PM ET

[BRIEFING.COM] The major U.S. indices are under meaningful pressure, and near their lows of the day as stocks plummet in the wake of the latest North Korea development. The defiant nation this past weekend was reported to have successfully denoted a hydrogen bomb in the face of global scrutiny.

A look inside the Dow Jones Industrial Average shows that United Technologies (UTX 112.22, -5.70), Goldman Sachs (GS 219.02, -6.86), & Travelers (TRV 116.31, -3.59) are underperforming. United Technologies is weighing on the Dow after unveiling its long-reported deal to acquire Rockwell Collins (COL 131.29, +0.68) for $23 bln in cash and stock. Travelers on the other hand is weak as investors sell insurance companies ahead of the possible landfall of Hurricane Irma.

Conversely, Home-Depot (HD 153.28, +2.50) is the best-performing Dow component after being resumed with a Buy at BofA/Merrill. The DIY retailer continues to be seen as a beneficiary from Hurricane Harvey and the rapidly approaching and intensifying Hurricane Irma.

On the heels of today's weakness, the DJIA is currently down 0.94% to start September.

Dow: -270.0… | Nasdaq: -97.63… | S&P: -29.74…

NASDAQ Adv/Dec 801/2074. …NYSE Adv/Dec 675/2233.

01:00PM ET

[BRIEFING.COM] The week and the month have gotten off to a bad start, as a broad-based selloff has knocked the major indices noticeably lower. The tone was set over the Labor Day weekend when North Korea conducted a nuclear test, drawing the ire of the international community and stirring the pot of geopolitical worries. Per usual, though, there is more to the story than that single headline item.

Other drivers behind today's selling interest include:

Reports the Freedom Caucus wouldn't support a debt limit increase if a funding request for Hurricane Harvey relief was attached to it. Also, it has been said any spirit of compromise over the budget and the debt limit could be disrupted if President Trump elects to end the DACA program.
News that a Category 5 hurricane -- Irma -- is barreling toward the Caribbean and forcing Florida and Puerto Rico to declare a state of emergency
This development has weighed heavily on the insurers, which have dragged the financial sector (-2.2%) lower
Third quarter revenue warnings from Delta Air Lines (DAL 46.36, -1.16, -2.4%) and Spirit Airlines (SAVE 33.02, -1.01, -3.0%) that have links to weaker than expected demand and/or aggressive pricing; and
Pent-up selling interest in the wake of last week's rally effort in a thinly-traded market

The lone pockets of weakness at this juncture are the energy sector (+0.2%), which is following crude prices higher ($48.76, +1.47, +3.1%), and the utilities sector (+0.2%), which is following the Treasury market higher.

Treasury prices have jumped across the curve in a safe-haven trade that has also boosted gold prices ($1343.00, +12.60, +1.0%) and has launched the CBOE Volatility Index (13.51, +3.38, +33.8%). The U.S. Dollar Index, meanwhile, has dropped 0.4% to 92.27.

Currently, the 10-yr note is up 27 ticks and its yield has fallen eight basis points to 2.08%. That drop in long-term rates has been another negative for the financial sector, which is being pinched by added concerns related to net interest margin pressures for the banks.

The biggest piece of corporate news was provided by United Technologies (UTX 112.20, -5.72, -4.9%). The Dow component confirmed prior rumors with the news that it is going to acquire Rockwell Collins (COL 131.21, +0.60, +0.5%) for $30 billion, or $140.00 per share, in cash and stock.

UTX is the biggest loser in the Dow today, yet it has plenty of company as there are only six stocks trading higher. Home Depot (HD 153.58, +2.80, +1.9%), which stands to benefit from any hurricane-inflicted property damage and which also saw Bank of America\Merrill Lynch resume coverage with a Buy rating, is the Dow's best-performing component.

Today lone economic release -- the Factory Orders report for July -- was largely in-line with expectations, registering a 3.3% decline (Briefing.com consensus -3.2%) on the heels of an upwardly revised 3.2% increase (from 3.0%) for June. There was little reaction to this second-tier release.

At this juncture, the financial (-2.2%) information technology (-1.4%), materials (-1.2%), and industrials (-1.1%) sectors are the weakest areas.

Dow: -234.69… | Nasdaq: -83.69… | S&P: -24.32…

NASDAQ Adv/Dec 846/2029. …NYSE Adv/Dec 719/2187.

12:30PM ET

[BRIEFING.COM] The major indices all plumbed new session lows in the past half hour in a move that coincided with a warning from discount carrier Spirit Airlines (SAVE 33.19, -0.84, -2.5%) that its total revenue per available seat mile (TRASM) in the third quarter is going to be well below its prior estimate.

Specifically, Spirit sees its third quarter TRASM down 7.0% to 8.5%, versus its prior guidance of down 2.0% to 4.0%. The company blamed Hurricane Harvey disruptions for approximately 100 basis points of the guidance change while the remainder was pinned on a broadening of aggressive pricing activity.

Recall that Delta (DAL 46.57, -0.95, -2.0%) cut its third quarter passenger unit revenue growth outlook before the open, so Spirit's warning has had a compounding effect on industry matters.

The aggressive pricing activity stems from either too much supply, not enough demand, or an aggressive reach to gain market share-- or all of the above. In any event, it is keeping the pressure on the transports, which were already weak. Currently, the Dow Jones Transportation Average is down 0.8% while the U.S. Global Jets ETF (JETS 28.52, -0.37) is down 1.3%.

Dow: -214.85… | Nasdaq: -73.53… | S&P: -21.12…

NASDAQ Adv/Dec 898/1961. …NYSE Adv/Dec 808/2077.

12:00PM ET

[BRIEFING.COM] The major indices are off their session lows, but not by much as buyer conviction has been lacking in what has been a trend down day so far.

While North Korea's nuclear test is getting much of the attribution for today's weakness, one could argue that misgivings about the ability to reach a budget and debt limit agreement without any eleventh-hour drama is also factoring into the mix.

Weekend reports suggested the spirit of compromise could be complicated if the president elects to end the DACA program and/or Hurricane Harvey relief funding is attached to a bid for a debt limit increase.

There has been a healthy bid in the benchmark 10-yr note today, which is up 23 ticks, sending its yield down seven basis points to 2.09%. Notably, the 10-yr note also showed relative strength ahead of the 2011 debt ceiling drama, which ultimately led to Standard & Poor's dropping its 'AAA' rating of the U.S.

While there isn't much that is up today in the stock market, the drop in long rates is helping to afford the rate-sensitive utilities sector (unch) a measure of relative strength.

Dow: -143.52… | Nasdaq: -39.04… | S&P: -12.04…

NASDAQ Adv/Dec 1134/1729. …NYSE Adv/Dec 1000/1858.

11:30AM ET

[BRIEFING.COM] The month of September doesn't have the best performance reputation for the stock market, and thus far, it is living up to its bad reputation. Selling interest has won out since the open and has weighed noticeably on the major indices.

The lone sector on the upside this morning is the energy sector (+0.8%), which is following crude oil prices ($48.80, +1.52, +3.2%) to the upside to begin the week. The energy sector was in need of a lift, having dropped 16.2% for the year entering today's session and qualifying as the worst-performing sector this year.

Higher fuel costs were cited by Delta Air Lines (DAL 46.84, -0.68, -1.5%) this morning as one of the factors contributing to a downward revision in its operating margin guidance for the September quarter. That update and reduced passenger unit revenue guidance for the September quarter have knocked down shares of Delta and other airlines today.

The weakness in that group has pressured the Dow Jones Transportation Average (9316.59, -39.43, -0.4%), which has been another notable laggard this year, up 3.5% as of Friday's close.

Dow: -170.85… | Nasdaq: -41.81… | S&P: -13.06…

NASDAQ Adv/Dec 1096/1792. …NYSE Adv/Dec 1002/1841.

10:55AM ET

[BRIEFING.COM] The major averages have dipped to new session lows after failing to rebound off their opening levels. The S&P 500 is now down 0.5% while the Dow Jones Industrial Average (-0.8%) underperforms.

The financial sector (-1.6%) has occupied the bottom of today's leaderboard since the start of the session. Today's underperformance has dropped the influential group to the bottom of this month's standings and it comes amid a spike in Treasuries that has pressured the benchmark 10-yr yield to a fresh low for the year (2.09%). The 2s10s spread is now at 79 basis points, down from 83 basis points at the start of last week.

On the upside, the energy sector (+0.6%) continues holding its gain while crude oil is now up 3.0% at $48.70/bbl.

Dow: -177.96… | Nasdaq: -31.37… | S&P: -13.27…

NASDAQ Adv/Dec 1124/1730. …NYSE Adv/Dec 1024/1782.

10:30AM ET

[BRIEFING.COM] Commodities begin the day noticeably higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.58% at 85.4668
The dollar index is down 0.24% at 92.41.
Oct WTI crude is up sharply on the day.
Crude futures are seeing strength this morning as U.S. refineries begin to come back online, following hurricane Harvey
Futures are $1.45 higher to $48.74/barrel.
In other energy,
Oct natural gas is down $0.91 at $2.979/MMBtu
Oct RBOB futures were down sharply before the open.
Futures have recovered from a low of $1.67 and now trade down $0.052 at $1.6959
Gasoline prices are beginning to drop following a two year high last week
With driving season is coming to a close after the holiday weekend and pipelines coming back online allowing the transport of refined products, gas prices have dropped dramatically.
Metals are seeing strength:
Dec gold gained $10.10 and trades at $1340.50/oz, while Sept silver gained $0.234 to $18.05/oz
Sept copper gained $0.035to $3.153/lb
Finally, agriculture:
Dec corn is up $0.0225 at $3.575/bu.
Nov soy is up $0.15 at $9.645/bu.
Dec wheat is up $0.04 at $4.4275/bu.

Dow: -96.66… | Nasdaq: -14.31… | S&P: -6.4…

NASDAQ Adv/Dec 1184/1643. …NYSE Adv/Dec 1130/1670.

10:00AM ET

[BRIEFING.COM] Equities have ticked up off their opening lows with the S&P 500 narrowing its loss to 0.3%.

Just in, the Factory Orders Report for July showed a decrease of 3.3% while the Briefing.com consensus expected a decline of 3.2%. The June reading was revised up to 3.2% from 3.0%.

Dow: -94.18… | Nasdaq: -13.55… | S&P: -7.57…

NASDAQ Adv/Dec 1292/1447. …NYSE Adv/Dec 1260/1470.

09:40AM ET

[BRIEFING.COM] The major averages have faced some selling in the early going with the S&P 500 trading lower by 0.4% amid losses in seven sectors.

Heavily-weighted financials (-1.2%), industrials (-0.5%), and technology (-0.5%) are among the early pockets of relative weakness while energy (+0.8%) and consumer staples (+0.1%) have bucked the early trend. The outperformance in the energy sector comes alongside a 2.8% spike in crude oil to $48.62/bbl.

Treasuries remain near their highs with the 10-yr yield down five basis points at 2.11%.

Today's lone economic data point-July Factory Orders (Briefing.com consensus -3.2%)-will be released at 10:00 ET

Dow: -94.91… | Nasdaq: -32.69… | S&P: -9.67…

NASDAQ Adv/Dec 1026/1645. …NYSE Adv/Dec 1230/1458.

09:09AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -17.40.

The stock market is on track for a modestly lower start, as futures on the S&P 500 trade eight points below fair value.

The abbreviated trading week will start with a modicum of caution, brought on by weekend developments on the Korean peninsula. North Korea conducted its sixth and most powerful nuclear test on Sunday, drawing strong condemnation from world leaders. In addition, there are indications that DPRK might conduct its 13th missile test of 2017 during the upcoming weekend.

While geopolitical developments have captured the market's attention, it is worth noting that Rockwell Collins (COL 132.22, +1.61) has agreed to be acquired by United Technologies (UTX 115.70, -2.22) for $140 per share in cash and stock, representing a 7.2% premium to COL's Friday closing price. This comes after more than a week of speculation about an impending deal.

Today's economic data will be limited to the 10:00 ET release of July Factory Orders (Briefing.com consensus -3.2%).

Treasuries hold solid gains with the 10-yr yield down five basis points at 2.11%.

08:55AM ET

[BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -15.40.

The S&P 500 futures trade eight points below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note, but concerns about North Korea's sixth nuclear test, which was conducted over the weekend, subsided. U.S. President Donald Trump and other world leaders responded to the test by strongly condemning North Korea's actions. The People's Bank of China said initial coin offerings or ICOs are illegal. The central bank said it will punish future offerings and penalize ones that have been already completed. It is worth noting that South Korea has also moved to strengthen regulation of cryptocurrencies. The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected.

In economic data:
China's August Caixin Services PMI 52.7 (expected 51.8; last 51.5)
Hong Kong's August Manufacturing PMI 49.7 (last 51.3)
Australia's Q2 Current Account deficit AUD9.60 billion (expected deficit of AUD8.10 billion; last deficit of AUD4.80 billion). Q2 Net Exports Contribution +0.3% (expected -0.1%; last -0.7%). August AIG Services Index 53.0 (last 56.4)
Singapore's August Manufacturing PMI 51.8 (last 51.0)
India's August Nikkei Services PMI 47.5 (last 45.9)

---Equity Markets---

Japan's Nikkei lost 0.6%. Fujitsu, Showa Denko, Mitsubishi Chemical Holdings, Nippon Meat Packers, NGK Insulators, Konami, Nitto Denko, and Chugai Pharmaceuticals lost between 1.5% and 2.9%. On the upside, Sumitomo Metal Mining, Toyota, Panasonic, Suzuki Motor, and Honda Motor added between 0.2% and 1.6%.
Hong Kong's Hang Seng settled just above its flat line. Wharf Holdings surged 3.9% after submitting a listing application for a spinoff of its landmark properties. Other property names like Henderson Land, Link Reit, China Construction Bank, Hang Lung Properties, and Sino Land added between 0.2% and 0.9%.
China's Shanghai Composite added 0.1%. Hubei Mailyard Share, Beijing Wandong Medical Technology, Tianjin Global Magnetic Card, and Jiangsu Wuzhong Industrial advanced between 4.2% and 6.2%. On the downside, Aluminum Corp of China, Baoshan Iron & Steel, and Shanxi Coking lost between 2.8% and 3.3%.
India's Sensex rose 0.3%. Coal India, Adani Ports, Bajaj Auto, Reliance Industries, and Tata Motors gained between 0.8% and 3.0%. Financials were mixed as HDFC Bank and ICICI Bank added 0.2%, AXIS Bank settled flat, and SBI shed 0.2%.

Major European indices trade in mixed fashion with Spain's IBEX (-0.4%) displaying relative weakness. French President Emmanuel Macron called on the United Nations Security Council for a quick reaction to North Korea's violation of international law while also demanding a united and clear reaction from the European Union. In a weekend debate with challenger Martin Schulz, German Chancellor Angela Merkel acknowledged that EU accession talks with Turkey should be halted. Mr. Schulz agreed with Ms. Merkel.

In economic data:
Eurozone August Services PMI 54.7 (expected 54.9; last 54.9). July Retail Sales -0.3% month-over-month (expected -0.2%; last 0.6%); +2.6% year-over-year (consensus 2.5%; last 3.3%)
Germany's August Services PMI 53.5 (consensus 53.4; last 53.4)
UK's August Services PMI 53.2 (expected 53.5; last 53.8)
France's August Services PMI 54.9 (expected 55.6; last 55.6)
Italy's August Services PMI 55.1 (consensus 55.5; last 56.3)
Spain's August Services PMI 56.0 (consensus 57.0; previous 57.6)
Swiss Q2 GDP +0.3% quarter-over-quarter (expected 0.5%; last 0.1%); +0.3% year-over-year (consensus 1.1%; last 0.6%). August CPI 0.0% month-over-month, as expected (last -0.3%); +0.5% year-over-year, as expected (last 0.3%)

---Equity Markets---

Germany's DAX is higher by 0.5% with heavyweights like Merck, BMW, Volkswagen, Daimler, Siemens, Bayer, and Adidas up between 0.6% and 2.9%. On the downside, Deutsche Bank and Commerzbank are both down near 1.3%.
France's CAC has shed 0.1% amid losses in half of its components. Orange is down 1.6% while financials like Credit Agricole, AXA, BNP Paribas, and Societe Generale show losses between 0.6% and 1.2%.
UK's FTSE is off 0.2%. Provident Financial is down 3.9% while other financials like Standard Life, Aviva, RBS, Barclays, HSBC, Lloyds Banking, and Prudential show losses between 0.4% and 1.0%. Select consumer names outperform with Merlin Entertainments, Paddy Power, Marks & Spencer, Next, and Sainsbury adding between 0.8% and 1.6%.
Spain's IBEX is lower by 0.4% with financials like Bankia, Banco Sabadell, Caixabank, BBVA, and Santander falling between 0.8% and 2.5%.

08:27AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -16.10.

U.S. equity futures remain near their recent levels with S&P 500 futures trading eight points below fair value.

Market participants received a heavy batch of economic data last week, headlined by a disappointing Employment Situation report for August. With August jobs data out of the way, the abbreviated post-Labor Day week, will be fairly quiet on the economic front. Today's data will be limited to the 10:00 ET release of July Factor Orders (Briefing.com consensus -3.2%). July trade balance (Briefing.com consensus -$44.60 billion) and August ISM Services (Briefing.com consensus 55.2) will be reported tomorrow at 8:30 ET and 10:00 ET, respectively.

Treasuries hold gains with the 10-yr yield slipping three basis points to 2.13%.

08:00AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -11.00.

The stock market's early disposition is a cautious one, as North Korea's nuclear test over the weekend has stirred the pot of geopolitical angst once again. That pot isn't boiling over, though -- not yet anyway -- as the futures market reflects only a relatively modest safe-haven premium in the grand scheme of things.

The S&P futures are down five points, the Nasdaq 100 futures are down nine points, and the Dow Jones Industrial Average futures are down 57 points. Those indications, should they hold, would leave the major indices on track to open the session 0.2% to 0.3% lower.

The fact that the stock market shrugged off a provocative missile test by North Korea last week has tempered its bearish mindset today along with some M&A activity.

Elsewhere, a measure of safe-haven positioning is evident. Gold prices are up 0.4% to $1335.30/troy ounce, the 10-yr note is up eight ticks, dropping its yield two basis points to 2.14%, and the CBOE Volatility Index is up 15% to 11.70. The U.S. Dollar Index is down less than 0.1% at 92.59.

The only featured release on the economic calendar today is the Factory Orders report for July (Briefing.com consensus -3.2%; prior +3.0%). Several Fed officials, all of whom are FOMC voters, will be delivering speeches today: Fed Governor Lael Brainard (7:30 a.m. ET), Minneapolis Fed President Kashkari (1:10 p.m. ET), and Dallas Fed president Kaplan (7:00 p.m. ET).

In U.S. corporate news:

United Technologies (UTX 114.60, -3.32): -2.8% after announcing it will acquire Rockwell-Collins (COL 131.00, +0.39, +0.3%), as rumored, for $30 billion or $140 per share in cash and stock
Walt Disney (DIS 102.13, +0.63): +0.6% after being upgraded at Wells Fargo from Market Perform to Outperform
U.S. Steel (X 27.71, +0.72): +2.7% after being upgraded at Bank of America Merrill Lynch from Neutral to Buy

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.6%, Hang Seng UNCH, Shanghai +0.1%
In economic data:
China's August Caixin Services PMI 52.7 (expected 51.8; last 51.5)
Hong Kong's August Manufacturing PMI 49.7 (last 51.3)
Australia's Q2 Current Account deficit AUD9.60 billion (expected deficit of AUD8.10 billion; last deficit of AUD4.80 billion). Q2 Net Exports Contribution +0.3% (expected -0.1%; last -0.7%). August AIG Services Index 53.0 (last 56.4)
Singapore's August Manufacturing PMI 51.8 (last 51.0)
India's August Nikkei Services PMI 47.5 (last 45.9)
In news:
The People's Bank of China said initial coin offerings or ICOs are illegal. The central bank said it will punish future offerings and penalize ones that have been already completed. It is worth noting that South Korea has also moved to strengthen regulation of cryptocurrencies.
The Reserve Bank of Australia left its cash rate unchanged at 1.50%, as expected

Major European indices are mixed. Germany's DAX +0.5%, France's CAC -0.1%, UK's FTSE -0.1%
In economic data:
Eurozone August Services PMI 54.7 (expected 54.9; last 54.9). July Retail Sales -0.3% month-over-month (expected -0.2%; last 0.6%); +2.6% year-over-year (consensus 2.5%; last 3.3%)
Germany's August Services PMI 53.5 (consensus 53.4; last 53.4)
UK's August Services PMI 53.2 (expected 53.5; last 53.8)
France's August Services PMI 54.9 (expected 55.6; last 55.6)
Italy's August Services PMI 55.1 (consensus 55.5; last 56.3)
Spain's August Services PMI 56.0 (consensus 57.0; previous 57.6)
Swiss Q2 GDP +0.3% quarter-over-quarter (expected 0.5%; last 0.1%); +0.3% year-over-year (consensus 1.1%; last 0.6%). August CPI 0.0% month-over-month, as expected (last -0.3%); +0.5% year-over-year, as expected (last 0.3%)
In news:
French President Emmanuel Macron called on the United Nations Security Council for a quick reaction to North Korea's violation of international law while also demanding a united and clear reaction from the European Union.
In a weekend debate with challenger Martin Schulz, German Chancellor Angela Merkel acknowledged that EU accession talks with Turkey should be halted. Mr. Shulz agreed with Ms. Merkel.

05:57AM ET

[BRIEFING.COM] S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -12.30.
05:57AM ET

[BRIEFING.COM] Nikkei

...19386...-122.40

...-0.60%

Hang Seng

...27741...+1.10

...0.00

05:57AM ET

[BRIEFING.COM] FTSE

...7422.05...+10.60

...+0.10%

DAX

...12200.21...+98.00

...+0.80%

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.

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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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