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Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
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 Post subject: February 2nd Friday Price Action Trade Result - No Trades
PostPosted: Sat Feb 03, 2018 11:44 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
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
Users Reviews, Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
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Twitter @ http://twitter.com/wrbtrader (24/7)

Quote:
No trades today because it was a day set aside to clean my camping equipment after the vacation in January and to setup new computers. The new computers...I'm moving from desktops to laptop connected to my multiple monitors for trading. Essentially I'm moving from sitting to standing while trading for better circulation in my body.

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

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 & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=177&t=2745

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Although the trades and price action analysis are posted by me and other users of WRB Analysis in real-time...review of TheStrategyLab is that this is not a signal calling chat room nor is this a live trading room that has a head trader telling you what to do. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform 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), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide 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.

Image ##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room nor is it a live trading room with a head trader even though members of the chat room are posting their trades & market analysis in real-time. 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 about your own trading 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 quantitative statistical analysis, brokerage statements in the free chat room. Instead, its highly recommended that you only post that particular information in your private thread for security reasons. Yet, if you want to post that type of information at another website, blog or chat room...that's your choice.

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, many different types of social media software can be used to log in along with IRC being easier to moderate via script codes when trouble makers, spammers and trolls show up. 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 problematic traders so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled or harassed.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell nor do we allow the free chat room to be used for mentoring because we do not offer a mentoring service. The purpose of 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. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading.

In fact, we do not want silent (lurkers) traders to join the free chat room unless they are actively posting at the forum about their trading after the markets close. Access instructions for the free 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 WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Yet, I'm always backtesting new concepts of WRB Analysis, new trade entry rules, new trade management rules, new position size management rules before application in real money trades (small position size trades) to adapt to changed market conditions prior to large position size trades or sharing the new concepts with fee-base clients...living up to the name of my website. TheStrategyLab.

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=345&t=3659 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 RTY futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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

The Market at 04:30PM ET
Dow: -665.75… | Nasdaq: -144.92… | S&P: -59.85…
NASDAQ Vol: ---… Adv: 453… Dec: 1034…
NYSE Vol: 1.02 bln… Adv: 304… Dec: 2747…
iPad apps for Morningstar StockInvestor, FundInvestor, DividendInvestor, ETFInvestor

Moving the Market

Stocks extend this week's retreat following strong start to 2018

Apple (AAPL), Alphabet (GOOGL), Exxon Mobil (XOM), and Chevron (CVX) tumble following earnings, while Amazon (AMZN) rallies to a new all-time high

Yields continue to rise; 10-yr touches highest mark since January 2014

Sector Watch
Strong: Consumer Discretionary, Health Care, Utilities
Weak: Energy, Materials, Technology, Telecom Services

04:30PM ET

[BRIEFING.COM] The sky fell on Friday. Just kidding. The stock market just had a bad day--which has kind of felt as impossible as the prospect of a falling sky since the start of the year.

The Dow Jones Industrial Average tumbled 2.5%, and the S&P 500 and the Nasdaq Composite lost 2.1% and 2.0%, respectively, but the three major indices still hold year-to-date gains between 3.2% and 4.9%. Equities opened Friday with sizable losses and extended those losses throughout the session, finishing at session lows.

Declining issues outnumbered advancing issues 9 to 1 at the New York Stock Exchange. In terms of S&P 500 sectors, 11 of 11 finished in negative territory, with the energy space (-4.1%) pacing the retreat following fourth quarter earnings from Chevron (CVX 118.58, -6.99) and Exxon Mobil (XOM 84.53, -4.54). Both companies missed revenues estimates; Exxon missed profit estimates as well. In addition, a decline in the price of crude oil also weighed on the sector; West Texas Intermediate crude futures slid 0.8% to $65.30 per barrel.

The top-weighted technology sector (-3.0%) also had a rough outing, with Apple (AAPL 160.37, -7.41), Alphabet (GOOGL 1119.20, -62.39), and Visa (V 120.91, -4.81) losing between 3.8% and 5.3% after releasing their Q4 results. Apple and Visa beat earnings estimates, but Alphabet came up short despite reporting better-than-expected revenues. Apple's iPhone sales were disappointing, and the company lowered its sales forecast for the first quarter.

Dow component Merck (MRK 58.56, -1.30) also reported Q4 results, beating bottom-line estimates, but slid 2.2% nonetheless.

On a positive note, Amazon (AMZN 1429.95, +39.95) jumped 2.9%, touching a new intraday record, after soundly beating earnings estimates for the fourth quarter, thanks in large part to changes in the U.S. tax code. The consumer discretionary sector (-0.9%), which houses Amazon, was among the top-performing groups.

Investors received the Employment Situation report for January on Friday morning. Job growth was solid again with the addition of 220,000 nonfarm payrolls (Briefing.com consensus +180,000), but the focal point was the 0.3% jump in average hourly earnings. That was in-line with the Briefing.com consensus estimate, but after taking revisions into account, it left average hourly earnings up 2.9% year over year--the highest growth rate since May 2009.

There has been a burgeoning assumption that the strengthening economy and the tight labor market are going to invite higher wages and wage-based inflation pressures that have been dormant for years. The key takeaway, then, is that the January report has given some data-based life to that assumption and has offered a reasonable basis for the Federal Reserve to move ahead with a rate hike at its March meeting.

U.S. Treasuries were weak ahead of the jobs report release, but selling accelerated in the aftermath, pushing yields to multi-year highs; the benchmark 10-yr yield climbed another eight basis points--extending its weekly gain to 19 basis points--to finish at 2.85%, which is its highest level since January 2014. Shorter-dated issues showed relative strength, however, with the 2-yr yield slipping two basis points to 2.14%. Yields move inversely to prices.

In Washington, President Trump authorized the release of a House Intelligence Committee memo that alleges there was an anti-Trump bias at both the FBI and the Justice Department in investigative matters pertaining to Russia's meddling in the 2016 presidential election. The release received some credit for accelerating Friday's sell off given that it creates some political uncertainty in front of next week's spending deadline; Congress will have to pass a new spending resolution by February 8 to avoid another government shutdown.

It's also worth pointing out that the CBOE Volatility Index, often referred to as the "investor fear gauge," spiked about four points, or 29.0%, on Friday to 17.40--its highest level since the U.S. presidential election on November 8, 2016.

Reviewing Friday's batch of economic data, which included the Employment Situation report for January, the final reading of the University of Michigan Consumer Sentiment Index for January, and Factory Orders for December:

Employment Situation
January nonfarm payrolls increased by 200,000 while the Briefing.com consensus expected an increase of 180,000. The prior month's increase was revised to 160,000 from 148,000. Nonfarm private payrolls rose by 196,000 while the Briefing.com consensus expected an increase of 175,000. The previous month's increase was revised to 166,000 from 146,000.
The unemployment rate stayed at 4.1%, as expected.
Average hourly earnings increased by 0.3% (Briefing.com consensus +0.3%), while the previous month's increase was revised to 0.4% from 0.3%.
The average workweek was reported at 34.3 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.
Michigan Consumer Sentiment
The final reading of the University of Michigan Consumer Sentiment Index for January rose to 95.7 (Briefing.com consensus 95.0) from 94.4 in the preliminary reading.
Factory Orders
The Factory Orders Report for December showed an increase of 1.7% (Briefing.com consensus 1.3%), while the November reading was revised to +1.7% from +1.3%.

On Monday, investors will receive the ISM Services Index for January at 10:00 AM ET.

Nasdaq Composite: +4.9% YTD
S&P 500: +3.3% YTD
Dow Jones Industrial Average: +3.2% YTD
Russell 2000: +0.8% YTD

Week In Review: Pulling Back

Stocks tumbled this week, denting their impressive 2018 gains; the Dow Jones Industrial Average dropped 4.1%, the S&P 500 slid 3.9%, and the Nasdaq lost 3.5%.

While investors had a lot of news to digest, including President Trump's first State of the Union address, a tech-heavy batch of fourth quarter earnings, and the Employment Situation report for January, the selling was more so a natural response to a market that's moved too far too fast--although, a spike in Treasury yields did help strengthen a case for the bears.

Technology names dominated this week's batch of earnings, with Apple (AAPL), Microsoft (MSFT), Facebook (FB), and Alphabet (GOOGL) reporting their fourth quarter results, which were mostly better-than-expected. However, the companies' shares settled the week mostly lower; MSFT, GOOGL, and AAPL shares lost 2.4%, 5.8%, and 6.4% for the week, respectively, while FB shares advanced 0.2%, touching a new all-time high.

Apple reported above-consensus earnings on in-line revenues, but iPhone sales for the holiday season came in weaker than expected, and the company lowered its sales forecast for the first three months of 2018. Meanwhile, Facebook beat earnings and revenue estimates and reassured investors that its ad business would remain highly profitable despite changes to its news feed, which have prompted users to spend less time on the site--about 50 million hours less per day (in aggregate).

As for the others, Microsoft reported above-consensus earnings and revenues on the back of its rapidly-growing cloud computing business, while Alphabet, the parent company of Google, missed earnings estimates--despite beating revenue forecasts--largely due to rising costs.

Outside the technology space, Amazon (AMZN) and Boeing (BA) also reported their quarterly results this week. Amazon ended with a weekly gain of 2.0% after blowing past earnings estimates--thanks in part to changes in the U.S. tax code--while Boeing jumped 1.7% after also soundly beating earnings estimates, beating revenue estimates, and issuing much better-than-expected guidance for fiscal year 2018.

In other corporate news, the health care sector struggled this week, losing 5.1%, after Amazon (AMZN), Berkshire Hathaway (BRK.A), and JPMorgan Chase (JPM) announced on Tuesday that they will be partnering to form a company focused on reducing health care costs for hundreds of thousands of their U.S. employees.

In Washington, President Trump delivered his first State of the Union address on Tuesday evening. The president stayed on script, calling for a $1.5 trillion infrastructure plan and a compromise on immigration that would allow a path to citizenship for "Dreamers" in exchange for his promised barrier along the Mexico border and added border security. Mr. Trump also noted that lowering prescription drug prices is a top priority of his administration and took a firm, but relatively calm, stance against North Korea.

Meanwhile, Fed Chair Janet Yellen wrapped up her time at the Federal Reserve on a rather uneventful note as the Federal Open Market Committee unanimously voted on Wednesday to leave the fed funds target range unchanged at 1.25%-1.50%, as expected. In its statement, the central bank said near-term risks to the economic outlook appear roughly balanced, but added that officials are keeping an eye on inflation, which has been slow to pick up despite a tightening of the labor market.

The policy directive did little to change the market's rate-hike expectations; the CME FedWatch Tool still points to the March FOMC meeting as the most likely time for the next rate-hike announcement, with an implied probability of 77.5% (up from 74.7% last week), and calls for an additional two hikes before the end of the year.

On the data front, investors receive the Employment Situation report for January on Friday: Nonfarm payrolls came in better-than-expected (+200,000 actual vs +180,000 Briefing.com consensus), average hourly earnings hit estimates (+0.3% MoM), and the unemployment rate stayed at 4.1% as expected. U.S. Treasuries were lower for the week ahead of the report's release, but extend their losses in the aftermath, sending yields to multi-year highs.

The yield on the benchmark 10-yr Treasury note spiked 19 basis points to 2.85% this week, its best level since January 2014, while the 2-yr yield climbed two basis points to 2.14%, its best level in nearly a decade--dating back to the financial crisis. The recent rise in Treasury yields--the 10-yr yield has climbed 50 basis points in seven weeks--is seen by some as a positive sign for economic growth, but it could also be a headwind for equities, which are trading at very high valuations.
Dow: -665.75… | Nasdaq: -144.92… | S&P: -59.85…
NASDAQ Adv/Dec 453/1034. …NYSE Adv/Dec 304/2747.

03:30PM ET

[BRIEFING.COM] Commodities end the day higher :

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up % at 89.87
Dollar index is currently up 0.52% at 89.13
Mar WTI Crude is down 0.76% on the day.
Baker Hughes total U.S. rig count decreased by 1 to 946 following last week's increase of 11
Futures settle $0.5 lower to $65.30/barrel.
In other energy, Mar Natural Gas settled down $0.01 at $2.85/MMBtu
On the metals:
Apr Gold lost $10.50 to settle at $1337.40/oz, while Mar silver lost $0.45 to $16.71/oz
Mar Copper dropped $0.02 to $3.19/lb
Finally, agriculture:
Mar Corn settled down $0.01 at $3.61/bu.
Mar Soy settled down $0.005 at $9.785/bu.
Mar wheat settled flat at $4.47/bu.

Dow: -610.47… | Nasdaq: -126.45… | S&P: -55.34…
NASDAQ Adv/Dec 551/1391. …NYSE Adv/Dec 288/2741.

03:05PM ET

[BRIEFING.COM] Equities are hovering at session lows with one hour to go; the Dow is down 2.1%, while the S&P 500 and the Nasdaq show losses of 1.8% and 1.6%, respectively.

In Washington, President Trump authorized the House Intelligence Committee to release a memo that alleges there was an anti-Trump bias at both the FBI and the Justice Department in investigative matters pertaining to Russia's meddling in the 2016 presidential election. The release is receiving some credit for today's sell off given that it creates some political uncertainty in front of next week's spending deadline; Congress will have to pass a new spending resolution by February 8 to avoid another government shutdown.

Meanwhile, the CBOE Volatility Index, often referred to as the "investor fear gauge," has spiked three points, or 22.3% today to 16.48--its highest level since November 2016.
Dow: -574.51… | Nasdaq: -118.32… | S&P: -53.18…
NASDAQ Adv/Dec 508/1636. …NYSE Adv/Dec 298/2721.

02:35PM ET

[BRIEFING.COM] Stocks have continued sliding, pulling the S&P 500 1.8% below its unchanged mark.

All 11 sectors are trading in the red, with the energy (-4.0%), technology (-2.5%), materials (-2.4%), and telecom services (-2.2%) sectors showing relative weakness. Meanwhile, Treasury yields keep climbing, with the benchmark 10-yr yield up eight basis points at 2.85%.

The 10-yr yield has added 19 basis points week to date, advancing to its highest level since January 2014.

Elsewhere, the U.S. Dollar Index is up 0.6% at 89.02 after closing yesterday's session at a three-year low. The greenback is up 0.5% against the euro at 1.2458, 0.9% against the British pound at 1.4137, and 0.8% against the Japanese yen at 110.27.
Dow: -521.42… | Nasdaq: -98.29… | S&P: -46.86…
NASDAQ Adv/Dec 548/1720. …NYSE Adv/Dec 326/2696.

02:00PM ET

[BRIEFING.COM] Stocks are trading at their lowest marks of the day. The Dow is the weakest of the three major indices, showing a loss of 1.7%.

All eleven sectors are down for the week, with the energy group (-5.9% WTD) being the weakest performer. The materials (-5.0% WTD) and health care (-4.4% WTD) groups also exhibit relative weakness, while the financials (-1.9% WTD) and telecom services (-0.4% WTD) groups exhibit relative strength.

For comparison, the S&P 500 holds a week-to-date loss of 3.1%. The Nasdaq (-2.7%) has done a little better, while the Dow (-3.3%) has done a little worse.
Dow: -434.33… | Nasdaq: -82.18… | S&P: -38.62…
NASDAQ Adv/Dec 652/1819. …NYSE Adv/Dec 391/2616.

01:35PM ET

[BRIEFING.COM] The major U.S. indices remain under significant pressure as the end of the trading week nears, with stocks setting fresh session lows in recent action.

A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 83.87, -5.20), Chevron (CVX 120.19, -5.38), & Apple (AAPL 161.77, -6.01) are underperforming. Exxon is leading the Dow lower following this morning's fourth quarter earnings miss, while Chevron is also selling off following its own mixed quarterly report. Similarly, Apple is seeing a rare down day following last night's mixed earnings report. The tech giant delivered better than expected sales and earnings but offered soft fiscal second quarter projections.

Conversely, Wal-Mart (WMT 105.79, +0.27) is the best-performing Dow component as consumer staples fare moderately well in the face of today's broad-based sell-off.

At current levels, the DJIA is poised to close the week lower by 3.08%.
Dow: -421.36… | Nasdaq: -90.88… | S&P: -37.87…
NASDAQ Adv/Dec 642/1867. …NYSE Adv/Dec 399/2586.

01:00PM ET

[BRIEFING.COM] U.S. stocks have tumbled today, extending losses for the week, with energy shares pacing the decline.

The Dow Jones Industrial Average is down 1.3%, the S&P 500 is lower by 1.0%, and the Nasdaq Composite shows a loss of 0.8%. For the week, the three major indices hold losses between 2.4% and 2.9%. It's probably safe to say that the market will post its first weekly decline of 2018 at today's closing bell.

Investors received the Employment Situation report for January this morning. Job growth was solid again with the addition of 220,000 nonfarm payrolls (Briefing.com consensus +180,000), but the focal point was the 0.3% jump in average hourly earnings. That was in-line with the Briefing.com consensus estimate, but after taking revisions into account, it left average hourly earnings up 2.9% year over year--the highest growth rate since May 2009.

There has been a burgeoning assumption that the strengthening economy and the tight labor market are going to invite higher wages and wage-based inflation pressures that have been dormant for years. The key takeaway, then, is that the January report has given some data-based life to that assumption and has offered a reasonable basis for the Federal Reserve to move ahead with a rate hike at its March meeting.

U.S. Treasuries are mostly lower following the data, extending their losses for the week. The yield on the benchmark 10-yr Treasury note is up six basis points at 2.83%, its highest level since January 2014, and has added 17 basis points week to date. Meanwhile, the 2-yr yield is lower by one basis point at 2.15%.

As for equities, 10 of the S&P 500's 11 sectors are trading in the red this afternoon. The energy sector is the worst-performing group, down 3.3%, following quarterly results from Chevron (CVX 120.98, -4.57) and Exxon Mobil (XOM 83.90, -5.16). The two Dow components are down 3.8% and 5.9%, respectively, after both missed revenues estimates; Exxon missed profit estimates as well. In addition, West Texas Intermediate crude futures have slipped 0.8% to $65.24 per barrel.

The top-weighted technology space is also underperforming, down 1.8%, with Apple (AAPL 162.59, -5.18), Alphabet (GOOGL 1122.69, -58.89), and Visa (V 122.43, -3.29) holding losses between 2.6% and 5.0% after reporting their fourth quarter results. Apple and Visa beat earnings estimates, but Alphabet came up short despite reporting better-than-expected revenues. Apple's iPhone sales were disappointing, and the company lowered its sales forecast for the first quarter.

On a positive note, Amazon (AMZN 1468.21, +78.21) has jumped 5.6% to a new all-time high following its latest earnings release, pushing the consumer discretionary sector (+0.6%) into positive territory. The internet retail giant notched its best quarter in its history in terms of profit, thanks in large part to changes in the U.S. tax law.

Reviewing Friday's batch of economic data, which included the Employment Situation report for January, the final reading of the University of Michigan Consumer Sentiment Index for January, and Factory Orders for December:

Employment Situation
January nonfarm payrolls increased by 200,000 while the Briefing.com consensus expected an increase of 180,000. The prior month's increase was revised to 160,000 from 148,000. Nonfarm private payrolls rose by 196,000 while the Briefing.com consensus expected an increase of 175,000. The previous month's increase was revised to 166,000 from 146,000.
The unemployment rate stayed at 4.1%, as expected.
Average hourly earnings increased by 0.3% (Briefing.com consensus +0.3%), while the previous month's increase was revised to 0.4% from 0.3%.
The average workweek was reported at 34.3 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.
Michigan Consumer Sentiment
The final reading of the University of Michigan Consumer Sentiment Index for January rose to 95.7 (Briefing.com consensus 95.0) from 94.4 in the preliminary reading.
Factory Orders
The Factory Orders Report for December showed an increase of 1.7% (Briefing.com consensus 1.3%), while the November reading was revised to +1.7% from +1.3%.

Dow: -373.18… | Nasdaq: -64.19… | S&P: -29.67…
NASDAQ Adv/Dec 684/1901. …NYSE Adv/Dec 463/2514.

12:25PM ET

[BRIEFING.COM] The major stock indices hold losses between 0.9% and 1.3%.

Amazon (AMZN 1465.80, +76.53) has spiked 5.4% to a new all-time high after blowing past earnings estimates in the fourth quarter. It's upbeat performance has allowed the consumer discretionary sector to buck the bearish trend and move higher by 0.6%. The ten remaining sectors hold losses between 0.2% and 3.3%.

In Europe, the major bourses closed Friday on a lower note; Germany's DAX lost 1.7%, France's CAC tumbled 1.6%, and the UK's FTSE shed 0.6%.
Dow: -345.72… | Nasdaq: -64.10… | S&P: -28.34…
NASDAQ Adv/Dec 679/1944. …NYSE Adv/Dec 431/2545.

11:55AM ET

[BRIEFING.COM] Equities have ticked lower in recent trading, pushing the S&P 500 down 1.1%. The Dow lower by 1.3%, while the Nasdaq is down 1.0%.

The top-weighted technology sector (-1.8%) is trading a ways behind the broader market. Within the group, Apple (AAPL 163.59, -4.18), Alphabet (GOOGL 1122.02, -59.52), and Visa (V 122.46, -3.26) hold losses between 2.5% and 5.0% after reporting their fourth quarter results.

Apple beat earnings estimates, but iPhone sales for the holiday season came in weaker than expected, and the company lowered its sales forecast for the first quarter. Meanwhile, Visa reported better-than-expected earnings and revenues, but Alphabet missed profit estimates.
Dow: -337.18… | Nasdaq: -71.91… | S&P: -29.39…
NASDAQ Adv/Dec 631/2042. …NYSE Adv/Dec 369/2599.

11:30AM ET

[BRIEFING.COM] Equity indices haven't changed much since the last update; the S&P 500 trades lower by 1.0%.

The energy sector is the worst-performing group today, down 3.5%, following fourth quarter results from Chevron (CVX 120.98, -4.57) and Exxon Mobil (XOM 83.90, -5.16). The two Dow components are down 3.8% and 5.9%, respectively, after both missed revenues estimates; Exxon missed profit estimates as well.

In addition, a decline in the price of crude oil hasn't helped matters; West Texas Intermediate crude futures are down 1.6% at $64.76 per barrel. According to a Reuters survey, OPEC production rose by 100,000 barrels per day in January, but compliance by major oil producers increased to 138% from 137% in December.

Weekly U.S. oil rig count data will be released at 1:00 PM ET.
Dow: -313.46… | Nasdaq: -62.97… | S&P: -26.28…
NASDAQ Adv/Dec 665/2050. …NYSE Adv/Dec 384/2569.

11:00AM ET

[BRIEFING.COM] Stocks have continued to drift near their opening levels, leaving the major stock indices with losses between 0.7% and 1.0%.

Ten sectors are trading in the red this morning--energy (-3.4%), technology (-1.6%), materials (-1.2%), telecom services (-1.1%), consumer staples (-0.7%), real estate (-0.7%), industrials (-0.7%), financials (-0.5%), health care (-0.4%), and utilities (-0.2%)--while just one trades in the green--consumer discretionary (+0.7%).

In the bond market, U.S. Treasuries are mostly lower, although shorter-dated issues have managed to tick higher. The yield on the benchmark 10-yr Treasury note is up seven basis points at 2.84%, extending its weekly gain to 18 basis points, while the 2-yr yield is down one basis point at 2.15%.
Dow: -291.02… | Nasdaq: -58.70… | S&P: -24.84…
NASDAQ Adv/Dec 656/2059. …NYSE Adv/Dec 395/2536.

10:30AM ET

[BRIEFING.COM] Commodities begin the day lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 1% at 88.9412
Dollar index is currently up 0.74% at 89.33
Jan WTI crude is down 1.52% on the day.
Baker Hughes rig count is due out at noon ET.
Futures are $1.00 lower to $64.8/barrel.
In other energy, Jan natural gas is unchanged at $2.86/MMBtu
Metals:
Feb gold lost $15.30 and trades at $1332.60/oz, while Mar silver lost $0.44 to $16.72/oz
Mar copper dropped 0.03 to $3.18/lb
Finally, agriculture:
Mar corn is down $0.02 at $3.6/bu.
Jan soy is down $0.04 at $9.8125/bu.
Mar wheat is down $0.06 at $4.45/bu.

Dow: -262.26… | Nasdaq: -71.67… | S&P: -25.84…
NASDAQ Adv/Dec 594/2136. …NYSE Adv/Dec 339/2584.

10:05AM ET

[BRIEFING.COM] Equity indices are still solidly lower, showing losses between 0.8% and 1.0%.

Just in, the final reading of the University of Michigan Consumer Sentiment Index for January rose to 95.7 (Briefing.com consensus 95.0) from 94.4 in the preliminary reading.

Separately, the Factory Orders Report for December showed an increase of 1.7% (Briefing.com consensus 1.3%), while the November reading was revised to +1.7% from +1.3%.
Dow: -284.01… | Nasdaq: -77.58… | S&P: -27.09…
NASDAQ Adv/Dec 673/2082. …NYSE Adv/Dec 339/2535.

09:45AM ET

[BRIEFING.COM] The major stock indices are lower in the opening minutes, showing losses between 0.6% and 0.9%.

Ten of eleven sectors are trading in the red, with the energy sector (-2.3%) leading the retreat. Dow components Chevron (CVS 123.13, -2.43) and Exxon Mobil (XOM 84.74, -4.35) are down 1.9% and 4.9%, respectively, after reporting their quarterly results this morning; both companies missed revenue estimates and XOM also reported disappointing profits.

Meanwhile, the consumer discretionary sector (+1.0%) is higher as Amazon (AMZN 1479.49, +91.06) is up 6.7% at a new all-time high. The internet retail giant reported its best quarter of profits in its history on Thursday evening, thanks in large part to changes in the U.S. tax law.
Dow: -220.94… | Nasdaq: -37.95… | S&P: -18.97…
NASDAQ Adv/Dec 740/1972. …NYSE Adv/Dec 344/2447.

09:12AM ET
[BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -31.30.

The stock market is on track to open decidedly lower, as the S&P 500 futures trade 16 points, or 0.6%, below fair value.

In earnings news:

Apple (AAPL 166.48, -1.30) is down 0.8% after disappointing sales guidance for the first quarter overshadowed better-than-expected earnings.
Amazon (AMZN 1468.00, +78.00) is up 5.6% after reporting the largest profits in its history--thanks in part to changes in the U.S. tax code.
Alphabet (GOOGL 1138.24, -43.35) has shed 3.7% after missing earnings estimates despite better-than-expected revenues.
Chevron (CVX 122.90, -2.67) has lost 2.1% after reporting worse-than-expected revenues.
Exxon Mobil (XOM 86.32, -2.80) is down 3.1% after missing earnings and revenue estimates.

On the data front:

January nonfarm payrolls increased by 200,000 while the Briefing.com consensus expected an increase of 180,000. The prior month's increase was revised to 160,000 from 148,000.
Nonfarm private payrolls rose by 196,000 in January while the Briefing.com consensus expected an increase of 175,000. The previous month's increase was revised to 166,000 from 146,000.
The unemployment rate stayed at 4.1%, as expected.
Average hourly earnings increased by 0.3% in January (Briefing.com consensus +0.3%), while the previous month's increase was revised to 0.4% from 0.3%.
The average workweek was reported at 34.3 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.

Today's last two economic reports--the final reading of the University of Michigan Consumer Sentiment Index for January (Briefing.com consensus 95.0) and Factory Orders for December (Briefing.com consensus +1.3%)--will be released at 10:00 AM ET.

U.S. Treasuries were mixed earlier, but are now lower across the curve. The yield on the benchmark 10-yr Treasury note is up five basis points at 2.82%, its highest level since January 2014, while the 2-yr yield is higher by one basis point at 2.17%, its highest level in nearly a decade. Yields move inversely to prices.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -14.50. Nasdaq futures vs fair value: -28.50.

The S&P 500 futures are trading 15 points, or 0.5%, below fair value.

Equity indices in the Asia-Pacific region ended the week on a mixed note. Looking to keep a lid on rising yields, the Bank of Japan increased its purchases of 5-10yr JGBs to JPY450 billion from JPY410 billion and offered to buy an unlimited amount of 10-yr JGBs at a yield of 0.11%. Japan's 10-yr yield ended the day at 0.085%, down from a session high near 0.104%. Japan's Chief Cabinet Secretary Yoshihide Suga said there are no plans for U.S. Vice President Mike Pence to meet with Finance Minister Taro Aso during next week's visit to Japan. Mr. Suga added that there are no plans for economic talks, suggesting the visit will focus on military cooperation between the two countries.

In economic data:
Japan's Monetary Base +9.7% year-over-year (expected 11.0%; last 11.2%)
Australia's Q4 PPI +0.6% quarter-over-quarter (expected 0.2%; last 0.2%); +1.7% year-over-year (expected 1.2%; last 1.6%)
New Zealand's December Building Consents -9.6% month-over-month (last 9.6%). December External Migration & Visitors +3.9% (last 8.0%)

---Equity Markets---

Japan's Nikkei lost 0.9%, surrendering 1.5% for the week. Casio, Konica Minolta, Kyocera, Okuma, SUMCO, Komatsu, TOTO, Dainippon Screen Manufacturing, Tokyo Electron, Fast Retailing, and Suzuki Motor fell between 1.5% and 7.9%.
Hong Kong's Hang Seng shed 0.1%, widening this week's loss to 1.7%. The index recorded its first weekly loss since early December as most components settled lower. Galaxy Entertainment, Tencent Holdings, and Sands China lost between 1.3% and 1.9% while property names like Link Reit, New World Development, China Overseas, and SHK Properties lost between 1.1% and 1.5%.
China's Shanghai Composite rose 0.4%, but lost 2.7% for the week. Beijing Aerospace Changfeng, Zhongchang Bigdata Corp, Shanghai Aerospace Automobile Electromechanical, and Luoyang Glass surrendered between 8.0% and 10.0%.
India's Sensex slid 2.3% to end the week lower by 1.3%. The index accelerated its retreat after the government proposed to bring back a tax on equity investments 14 years after being phased out. Bajaj Auto, Maruti Suzuki, AXIS Bank, Reliance Industries, Tata Steel, Mahindra&Mahindra, and Hero MotoCorp fell between 3.0% and 4.9%.

Major European indices trade lower across the board with Germany's DAX (-1.4%) leading the way after Deutsche Bank delivered another bad quarterly report. There were reports pointing to some ECB officials wanting a clearer interest rate guidance due to worries that vague language could invite market volatility. ECB member Ewald Nowotny said the current situation calls for ending the asset purchase program.

In economic data:
Eurozone December PPI +0.2% month-over-month (expected 0.3%; last 0.6%); +2.2% year-over-year (consensus 2.3%; last 2.8%)
UK's January Construction PMI 50.2 (expected 52.0; last 52.2)
Italy's January CPI +0.2% month-over-month (expected 0.3%; last 0.4%); +0.8% year-over-year, as expected (last 0.9%)
Spain's Unemployment Change 63,700 (expected 50,300; last -61,500)

---Equity Markets---

UK's FTSE is down 0.3%. BT Group has slid 4.5% in response to disappointing earnings while consumer names like Taylor Wimpey, Barratt Developments, ITV, Tesco, Compass, and Imperial Brands show losses between 0.9% and 1.9%.
France's CAC has given up 1.1% amid losses in most components. Defense contractors Airbus and Safran lead the decline with respective losses of 2.6% and 2.5% while Michelin, Orange, Carrefour, Accor, and Kering are down between 1.3% and 2.5%.
Germany's DAX has slid 1.4%. Deutsche Bank is down 4.7%, Commerzbank has dropped 1.7%, while Continental, Infineon, Volkswagen, BMW, BASF, Daimler, and Bayer show losses between 1.0% and 2.1%.


08:34AM ET
[BRIEFING.COM] S&P futures vs fair value: -15.30. Nasdaq futures vs fair value: -35.30.

The S&P 500 futures are trading 15 points, or 0.5%, below fair value.

Just in, January nonfarm payrolls increased by 200,000 while the Briefing.com consensus expected an increase of 180,000. The prior month's increase was revised to 160,000 from 148,000. Nonfarm private payrolls rose by 196,000 while the Briefing.com consensus expected an increase of 175,000. The previous month's increase was revised to 166,000 from 146,000. The unemployment rate stayed at 4.1%, as expected.

Average hourly earnings increased by 0.3% (Briefing.com consensus +0.3%), while the previous month's increase was revised to 0.4% from 0.3%. The average workweek was reported at 34.3 (Briefing.com consensus 34.5). The previous month's reading was left unrevised at 34.5.

08:05AM ET
[BRIEFING.COM] S&P futures vs fair value: -16.50. Nasdaq futures vs fair value: -44.80.

Equity futures are pointing towards a distinctly lower open this morning after two directionless days on Wall Street. Investors are digesting the latest earnings reports from Apple (AAPL), Amazon (AMZN), and Alphabet (AAPL) and eagerly awaiting the Employment Situation report for January, which will be released at 8:30 AM ET.

The S&P 500 futures are trading 17 points, or 0.6%, below fair value. The benchmark index is down 1.8% for the week.

Amazon is up 5.8% in pre-market trading after reporting the largest profits in its history--thanks in large part to changes in the U.S. tax code--while Alphabet is down 4.2% after missing earnings estimates on better-than-expected revenues. Apple has moved more modestly this morning, adding 0.8%, as investors balance better-than-expected earnings against a below-consensus first quarter sales forecast.

On the data front, the Briefing.com consensus expects that the Employment Situation report for January will show the addition of 180,000 nonfarm payrolls (prior 148,000), a 0.3% increase in average hourly earnings (prior +0.3%), and an unemployment rate of 4.1% (prior 4.1%). The average hourly earnings figure will be of particular interest to investors as wages have a strong correlation with inflation--which the Fed has been closely monitoring as it remains stubbornly below its 2.0% year-over-year target.

In addition, investors will receive the final reading of the University of Michigan Consumer Sentiment Index for January (Briefing.com consensus 95.0) and Factory Orders for December (Briefing.com consensus +1.3%), both of which will cross the wires at 10:00 AM ET.

U.S. Treasuries are mixed this morning, but remain near multi-year lows. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.79%, its highest level since 2014, while the 2-yr yield is lower by one basis point at 2.15% after closing Thursday at its highest level in nearly a decade. Yields move inversely to prices.

In U.S. corporate news:

Apple (AAPL 169.10, +1.32): +0.8% after better-than-expected earnings overshadowed disappointing sales guidance for the first quarter.
Amazon (AMZN 1470.40, +80.40): +5.8% after reporting the largest profits in its history--thanks in part to changes in the U.S. tax code.
Alphabet (GOOGL 1140.00, -41.59): -4.2% after missing earnings estimates despite better-than-expected revenues.
Mattel (MAT 14.10, -1.22): -8.0% after missing earnings and revenue estimates.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note. Japan's Nikkei -0.9%, Hong Kong's Hang Seng -0.1%, China's Shanghai Composite +0.4%, India's Sensex -2.3%.
In economic data:
Japan's Monetary Base +9.7% year-over-year (expected 11.0%; last 11.2%)
Australia's Q4 PPI +0.6% quarter-over-quarter (expected 0.2%; last 0.2%); +1.7% year-over-year (expected 1.2%; last 1.6%)
New Zealand's December Building Consents -9.6% month-over-month (last 9.6%). December External Migration & Visitors +3.9% (last 8.0%)
In news:
Looking to keep a lid on rising yields, the Bank of Japan increased its purchases of 5-10yr JGBs to JPY450 billion from JPY410 billion and offered to buy an unlimited amount of 10-yr JGBs at a yield of 0.11%. Japan's 10-yr yield ended the day at 0.085%, down from a session high near 0.104%.
Japan's Chief Cabinet Secretary Yoshihide Suga said there are no plans for U.S. Vice President Mike Pence to meet with Finance Minister Taro Aso during next week's visit to Japan. Mr. Suga added that there are no plans for economic talks, suggesting the visit will focus on military cooperation between the two countries.

Major European indices trade lower across the board. UK's FTSE -0.3%, France's CAC -1.1%, Germany's DAX -1.2%.
In economic data:
Eurozone December PPI +0.2% month-over-month (expected 0.3%; last 0.6%); +2.2% year-over-year (consensus 2.3%; last 2.8%)
UK's January Construction PMI 50.2 (expected 52.0; last 52.2)
Italy's January CPI +0.2% month-over-month (expected 0.3%; last 0.4%); +0.8% year-over-year, as expected (last 0.9%)
Spain's Unemployment Change 63,700 (expected 50,300; last -61,500)
In news:
There were reports pointing to some ECB officials wanting a clearer interest rate guidance due to worries that vague language could invite market volatility. ECB member Ewald Nowotny said the current situation calls for ending the asset purchase program.
In Germany, Deutsche Bank delivered another bad quarterly report.


05:53AM ET
[BRIEFING.COM] S&P futures vs fair value: -19.50. Nasdaq futures vs fair value: -38.50.

05:53AM ET
[BRIEFING.COM] Nikkei...23274.53...-211.60...-0.90%. Hang Seng...32602...-40.30...-0.10%.

05:53AM ET
[BRIEFING.COM] FTSE...7468.67...-21.70...-0.30%. DAX...12862.88...-141.00...-1.10%.

04:30PM ET

[BRIEFING.COM] U.S. equities had a mixed outing on Thursday as investors watched yields rise to multi-year highs, digested a tech-heavy batch of fourth quarter earnings, and looked ahead to Friday's release of the Employment Situation report for January. After opening lower, the market struggled for direction, rotating between modest gains and losses.

At its best mark of the day, the S&P 500 was up 0.4% and, at its worst, was down 0.4%. The benchmark index ended just a tick lower, losing 0.1%, while the Dow Jones Industrial Average advanced 0.1% and the Nasdaq Composite shed 0.4%. Small caps outperformed, pushing the Russell 2000 higher by 0.3%.

Equities soared through the first four weeks of 2018, hitting record after record, but investors have decided to pull back this week. The major averages hold week-to-date losses between 1.6% and 1.8% going into Friday's session, but still hold year-to-date gains between 5.6% and 7.0%.

The most recent batch of Q4 earnings included technology heavyweights Microsoft (MSFT 94.26, -0.75) and Facebook (FB 193.09, +6.20), less influential tech names like PayPal (PYPL 78.40, -6.92) and eBay (EBAY 46.19, +5.61), wireless giant AT&T (T 39.16, +1.71), chemical mammoth DowDuPont (DWDP 73.50, -2.08), and package deliverer UPS (UPS 119.51, -7.81). Six of the seven companies beat both earnings and revenue estimates (eBay's results were in line with estimates), but only three advanced on Thursday.

Facebook climbed 3.3% to a new all-time high after reassuring investors that its ad business would remain highly profitable despite changes to its news feed, which have prompted users to spend less time on the site--about 50 million hours less per day in aggregate. Meanwhile, eBay spiked 13.8% to a new record after announcing plans to take over crucial payment processing duties from PayPal, which tumbled 8.1% in reaction.

As for the others, AT&T soared 4.6% after raising its profit guidance for fiscal year 2018, while DowDuPont and UPS dropped 2.8% and 6.1%, respectively. UPS fell after announcing plans to upgrade its delivery network, which struggled to fulfill a high volume of orders during the holiday season.

Declining issues outnumbered advancers 1.2 to 1 at the New York Stock Exchange on Thursday. Energy shares showed relative strength, pushing the S&P 500's energy sector higher by 1.1%, as the price of crude oil climbed for the second day in a row; West Texas Intermediate crude futures advanced 1.6% to $65.76 per barrel. Financial stocks also outperformed, thanks in large part to an increase in Treasury yields, which touched new multi-year highs.

The yield on the benchmark 10-yr Treasury note jumped five basis points to 2.77%, its highest level since April 2014, and the 2-yr yield advanced two basis points to 2.16%, its highest mark in over a decade--dating back to the financial crisis. The recent rise in Treasury yields--the 10-yr yield has climbed 42 basis points in seven weeks--is seen by some as a positive sign for economic growth, but it could also be a headwind for equities, which are trading at high valuations.

Elsewhere, equity indices in the Asia-Pacific region finished Thursday on a mixed note; Japan's Nikkei added 1.6%, breaking a six-session losing streak, while Hong Kong's Hang Seng and China's Shanghai Composite lost 0.8% and 1.0%, respectively.

In Europe, Germany's DAX (-1.4%), the UK's FTSE (-0.6%), and France's CAC (-0.5%) tumbled as the euro climbed 0.8% against the U.S. dollar to 1.2517--a three-year high. The pound also advanced against the greenback, jumping 0.6% to 1.4274, while the Japanese yen finished roughly flat (109.27).

Reviewing Thursday's batch of economic data, which included the ISM Manufacturing Index for January, the preliminary readings for fourth quarter Productivity and Unit Labor Costs, weekly Initial Claims, and Construction Spending for December:

The ISM Index for January declined to 59.1 from a revised reading of 59.3 in December (from 59.7), while the Briefing.com consensus expected a reading of 58.5.
The key takeaway from the report is that the manufacturing sector is still expanding at a solid clip, driven by an ongoing expansion in new order and production activity.
The preliminary unit labor costs rose 2.0% during the fourth quarter, while the Briefing.com consensus expected an increase of 1.0%. The preliminary productivity reading showed a decrease of 0.1%, while the Briefing.com consensus expected an increase of 1.0%.
The key takeaway from this report is that it will feed into the market's burgeoning concerns about rising inflation and it will trigger some added concerns about economic growth not living up to the market's high expectations.
The latest weekly initial jobless claims count totaled 230,000, while the Briefing.com consensus expected a reading of 238,000. Today's tally was below the revised prior week count of 231,000 (from 233,000). As for continuing claims, they rose to 1.953 million from a revised count of 1.940 million (from 1.937 million).
The latest week marked the 152nd week that initial claims have been below 300,000
The Construction Spending report for December increased 0.7% (Briefing.com consensus +0.3%). The prior month's increase was lowered to 0.6% from 0.8%.
The key takeaway from the report is that construction spending growth continues to run at a relatively slow pace.

On Friday, investors will receive the Employment Situation report for January at 8:30 AM ET. The Briefing.com consensus expects the report will show the addition of 180,000 nonfarm payrolls (prior 148,000), a 0.3% increase in average hourly earnings (prior +0.3%), and an unemployment rate of 4.1% (prior 4.1%).

In addition, the final reading of the University of Michigan Consumer Sentiment Index for January (Briefing.com consensus 95.0) and Factory Orders for December (Briefing.com consensus +1.3%) will both cross the wires at 10:00 AM ET.

Nasdaq Composite: +7.0% YTD
Dow Jones Industrial Average: +5.9% YTD
S&P 500: +5.6% YTD
Russell 2000: +2.9% YTD

Dow: +37.32… | Nasdaq: -25.62… | S&P: -1.83…
NASDAQ Adv/Dec 1159/1111. …NYSE Adv/Dec 1318/1647.

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 and data will be useful for you. gm

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 Rebuttal to 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

Image Advance WRB Analysis Tutorial Chapters 4 - 12 @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

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. The risk of loss can be substantial. Therefore, you must carefully consider if trading is suitable for you within the context of your financial condition. TheStrategyLab.com is an education and research site. The resources on this site are provided for informational purposes only and should not be used to replace professional educational and professional research because we are retail traders only. TheStrategyLab.com does not accept liability for your use of the website and its resources.

We make no guarantees of success and your level of success is dependent upon other factors including your skill as a trader, knowledge, financial condition, market conditions and other factors. Trading is stressful and you should always consult a doctor in all matters relating to physical and mental health of you & your family because trading can impact beyond your financial condition regardless if you're a profitable or losing trader. Also, you can read our full disclaimer statement @ http://www.thestrategylab.com/Disclaimer.htm


Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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