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 Post subject: April 11th Weds Price Action Trade Result Profit $4437.50
PostPosted: Wed Apr 11, 2018 11:19 pm 
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The Market at 04:20PM ET
Dow: -218.55… | Nasdaq: -25.27… | S&P: -14.68…
NASDAQ Vol: 1.83 bln… Adv: 1390… Dec: 1482…
NYSE Vol: 727.5 mln… Adv: 1468… Dec: 1416…

Moving the Market

President Trump warns Russia that a strike on the Syrian government is imminent

Energy shares rally as oil prices climb to three-year high following unconfirmed reports that Saudi Arabia intercepted a rocket over Riyadh

Minutes from March FOMC meeting reveal that a number of officials expect a slightly steeper-than-expected path of rate increases; see trade tensions as a downside risk

Sector Watch
Strong: Energy, Real Estate
Weak: Financials, Health Care, Telecom Services

04:20PM ET

[BRIEFING.COM] A two-session rebound came to an end on Wednesday, as an imminent U.S. strike on Syria gave equity investors cause for pause.

The Dow Jones Industrial Average led the major averages lower, ending with a loss of 0.9%, while the S&P 500 and the Nasdaq Composite finished lower by 0.6% and 0.4%, respectively. The small-cap Russell 2000 outperformed, however, finishing with a gain of 0.2%.

Investors have been waiting for a response from the U.S. following a suspected chemical attack from the Syrian government on the rebel-held town of Douma that killed at least 40 people over the weekend. However, the situation escalated on Wednesday morning when Russia, which supports Syrian President Bashar al-Assad, warned that it would shoot down any missiles fired at Syria -- to which U.S. President Donald Trump replied "get ready Russia, because they will be coming."

Unconfirmed reports that Saudi Arabia intercepted a missile over its capital Riyadh -- presumably launched by Houthi rebels in Yemen who have targeted Saudi territory before -- added to the uncertainty within the region. Oil prices rose once again, hitting a three-year high, in anticipation that increased tensions in the oil-rich Middle East could lead to a slowdown in production; West Texas Intermediate crude futures finished higher by 2.0% at a price of $66.82 per barrel.

The S&P's energy sector rallied amid the increase in crude prices, adding 1.0%, but nearly all other sectors finished in the red. The heavily-weighted financial sector finished near the bottom of the sector standings, losing 1.3%, outdone only by the telecom services group, which lost 1.5%. A curve-flattening trade in the Treasury market weighed on lenders, which depend on the difference between the interest they make on loans and the rate they pay out on deposits; the benchmark 10-yr yield slipped one basis point to 2.79%, while the 2-yr yield ticked up one basis point to 2.32%.

Minutes from the March FOMC meeting were released on Wednesday afternoon, but contained few surprises. The minutes showed that a number of Fed officials anticipate the path of rate increases to be slightly steeper than they previously expected -- which is in line with the so-called "dot plot" released at the end of the March meeting -- and revealed that they had an in-depth discussion around trade tensions, which all members agree present "downside risks" to the economic outlook.

Investors also received some inflation data on Wednesday; namely, the March CPI readings. Total CPI decreased 0.1% (Briefing.com consensus +0.1%), while core CPI, which excludes the volatile categories of food and energy, increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, total CPI was up 2.4% in March (vs +2.2% in February) and core CPI was up 2.1% (vs +1.8% in February). In short, the report showed a firming (though not scary) inflation trend that will keep the Federal Reserve wedded to its tightening bias and its belief that at least two more rate hikes are warranted this year.

Separately, the Treasury Budget for March showed a deficit of $208.7 billion versus a deficit of $176.2 billion for the same period a year ago.

News networks were focused on the second, and final, day of Mark Zuckerberg's testimony on Capitol Hill. Mr. Zuckerberg, who is the chief executive at Facebook (FB 166.32, +1.28), appeared before a joint hearing of the House Energy and Commerce Committees, answering questions regarding the Cambridge Analytica data scandal and Russia's use of Facebook in attempting to influence the 2016 U.S. presidential election. Facebook shares finished higher by 0.8%, adding to Tuesday's 4.5% rally.

Nasdaq Composite: +2.4% YTD
Russell 2000: +0.7% YTD
S&P 500: -1.2% YTD
Dow Jones Industrial Average: -2.1% YTD

Dow: -218.55… | Nasdaq: -25.27… | S&P: -14.68…
NASDAQ Adv/Dec 1390/1482. …NYSE Adv/Dec 1468/1416.

03:35PM ET
[BRIEFING.COM]

Commodities ending the day higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are +0.5% at 89.2491
The dollar index is -0.4% at 89.78
Energy:
May WTI crude oil futures settled +$1.32 at $66.81/barrel on the day
In other energy, May natural gas settled $0.02 higher at $2.68/MMBtu
Metals:
June gold settled +$14.30 at $1360.20/oz, while May silver settled +$0.17 to $16.76/oz
May copper settled +$0.02 lower at $3.12/lb

Dow: -206.71… | Nasdaq: -23.88… | S&P: -12.90…
NASDAQ Adv/Dec 1364/1532. …NYSE Adv/Dec 1468/1408.

02:55PM ET

[BRIEFING.COM] The major averages are lower moving into the final stretch, showing losses between 0.1% and 0.6%.

Looking ahead, investors will receive earnings reports from a handful of well-known companies before tomorrow's open; Bed Bath & Beyond (BBBY 21.43, +0.20) will report following today's closing bell, while BlackRock (BLK 526.41, -8.39), Delta Air Lines (DAL 52.00, -0.36), and Rite Aid (RAD 1.65, 0.00) are scheduled to report early Thursday morning. As for economic data, investors will receive two reports on Thursday -- Export/Import Prices for March and weekly Initial Claims (Briefing.com consensus 230K).

From the White House, Bloomberg reporter Jennifer Jacobs tweeted earlier this afternoon that a U.S. strike on Syria is not expected today, as President Trump is still weighing his options for military action. The president tweeted early this morning that a strike is imminent.
Dow: -171.84… | Nasdaq: -8.80… | S&P: -9.82…
NASDAQ Adv/Dec 1205/1241. …NYSE Adv/Dec 1547/1319.

02:35PM ET

[BRIEFING.COM] The stock market momentarily moved lower following the minutes from the March FOMC meeting-- which were released about 30 minutes ago-- but quickly returned to their pre-minutes levels. The benchmark index still holds losses near 0.3%.

In the minutes, Fed officials pointed to "possible benefits of postponing hikes." The minutes also showed that Fed officials see a "significant fiscal policy growth boost the next few years" as the Committee expects inflation move up in the coming months and to stabilize around the Committee's 2% objective over the medium term. Almost all participants agreed that it remained appropriate to follow a gradual approach to raising the target range for the federal funds rate.

Participants also gave general comments in relation to recent trade war concerns; the Committee stated it does not see the steel and aluminum tariffs, by themselves, as likely to have a significant effect on the national economic outlook. However, a strong majority of participants viewed the prospect of retaliatory trade actions by other countries, as well as other issues and uncertainties associated with trade policies, as downside risks for the U.S. economy.

In Treasuries, the yield on the benchmark 10-year note is down about one basis point at 2.79%, while the more "Fed-sensitive" 2-yr note is mostly flat at 2.31%. The U.S. Dollar Index went red-to-green following the minutes, and currently sits up slightly at 89.66.
Dow: -124.12… | Nasdaq: +10.29… | S&P: -7.17…
NASDAQ Adv/Dec 1318/1154. …NYSE Adv/Dec 1686/1185.

01:55PM ET

[BRIEFING.COM] The major averages are little changed since our last update.

Recently, gold futures settled up 1.1% at $1,360/oz, its best level since late-January. The precious metal has enjoyed a few up days as rising global tensions have seen investors flock to what can often be viewed as a safe haven during times of global uncertainty.

The U.S. Dollar Index sheds about 0.2% to 89.48 at this juncture, aiding the advance in gold which in general benefits from a weaker dollar, as those holding foreign currencies in turn pay less for the yellow metal.

In economic data, the FOMC Minutes from the March meeting and the March Treasury Budget will both be released shortly, at 2:00 PM ET.
Dow: -130.07… | Nasdaq: +3.06… | S&P: -6.73…
NASDAQ Adv/Dec 1378/1132. …NYSE Adv/Dec 1666/1169.

01:30PM ET

[BRIEFING.COM] The major U.S. indices continue to trade mixed at this time as investors weigh several ongoing geopolitical developments.

A look inside the Dow Jones Industrial Average shows that DowDuPont (DWDP 64.80, -1.09), Verizon (VZ 47.65, -0.62), & American Express (AXP 91.89, -1.11) are underperforming.

Conversely, Exxon Mobil (XOM 77.63, +0.56) is the best-performing Dow component as the energy sector again rallies in tandem with a 2% gain in crude oil futures, which today set fresh multi-year highs.

The DJIA is currently +1.43% this week despite today's pullback.

Elsewhere, at the top of the hour, the Treasury's $31 bln 10-year note reopening drew a high yield of 2.795% on a bid-to-cover of 2.46.
Dow: -107.15… | Nasdaq: +11.48… | S&P: -3.59…
NASDAQ Adv/Dec 1365/1187. …NYSE Adv/Dec 1653/1200.

01:05PM ET

[BRIEFING.COM] Increased tensions between the U.S. and Russia over the ongoing situation in Syria has weighed on sentiment today -- although things have gotten a little more cheerful since the opening bell. The S&P 500 is currently down 0.2%, while the Nasdaq trades a tick above its flat line and the Dow shows a loss of 0.5%.

A U.S.-led attack against Syrian President Bashar al-Assad appears to be imminent following a suspected chemical attack from the Syrian government on the rebel-held town of Douma that killed at least 40 people over the weekend. Russia said it would shoot down any missiles fired at its ally Syria, to which U.S. President Donald Trump replied "get ready Russia, because they will be coming." In addition, unconfirmed reports that Saudi Arabia intercepted a rocket over Riyadh -- likely launched by Houthi rebels in Yemen -- have further added to fears in the region.

Accordingly, oil prices have continued to rise despite some otherwise bearish inventory data reported earlier this morning, underpinned by the possibility that tensions in the oil-rich Middle East could lead to a slow down in production. WTI crude futures are up 2.0% at $66.82 per barrel, hitting a three-year high, and the energy sector is the strongest of the 11 S&P 500 groups, sporting a gain of 1.0%.

Meanwhile, in Washington, Facebook's (FB 166.28, +1.26) CEO Mark Zuckerberg has dominated the news networks today, appearing for the second, and final, day of testimony on Capitol Hill -- where he is answering questions from lawmakers about the Cambridge Analytica data scandal and Russia's use of Facebook in attempting to influence the 2016 presidential election. Shares of Facebook are up 0.8% this afternoon, adding to yesterday's 4.5% rally.

In total, four sectors are trading in the green and seven are trading in the red. As mentioned earlier, energy is the top performer, followed by real estate (+0.7%), consumer discretionary (+0.2%), and consumer staples (+0.1%). Conversely, telecom services (-1.3%) is the weakest performer, and financials (-0.8%) is also exhibiting notable weakness. The top-weighted technology sector, which houses Facebook, is down 0.1%.

Reviewing Wednesday's economic data, which has been limited to the March CPI readings thus far:

Total CPI decreased 0.1% (Briefing.com consensus +0.1%) in March, while core CPI, which excludes food and energy, rose 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.4% (vs +2.2% in February) and core CPI is up 2.1% (vs +1.8% in February).
The key takeaway from the report is that it showed a firming (though not scary) inflation trend that will keep the Federal Reserve wedded to its tightening bias and belief that at least two more rate hikes are warranted this year.

The FOMC Minutes from the March meeting and the March Treasury Budget will both be released at 2:00 PM ET.
Dow: -104.76… | Nasdaq: +7.84… | S&P: -3.21…
NASDAQ Adv/Dec 1412/1155. …NYSE Adv/Dec 1687/1137.

12:25PM ET

[BRIEFING.COM] The S&P 500 (+0.1%) is now in positive territory, as is the Nasdaq (+0.4%), while the Dow (-0.4%) still holds a modest loss.

In Europe, the major indices finished Wednesday with losses between 0.1% and 0.8%. Germany's DAX (-0.8%) showed relative weakness, while the UK's FTSE showed relative strength (-0.1%). For the week, the Euro Stoxx 50 is up 0.4% -- which is quite a bit less than the S&P 500's weekly gain of 2.0%.

Asian stock indices settled the midweek session on a mostly higher note, but Japan's Nikkei (-0.5%) underperformed.
Dow: -79.08… | Nasdaq: +21.96… | S&P: +0.87…
NASDAQ Adv/Dec 1538/1087. …NYSE Adv/Dec 1688/1137.

11:55AM ET

[BRIEFING.COM] The S&P 500 has returned to its session high, hovering just at tick below its Tuesday close.

In the bond market, U.S. Treasuries are still in the green, but have given back around half of their earlier gains. The yield on the benchmark 10-yr Treasury note is currently down two basis points at 2.78% after hovering around 2.76% at its low. Yields move inversely to prices.

Meanwhile, in currencies, the U.S. Dollar Index, which measures the greenback's value relative to a basket of other currencies, is down 0.2% at 89.11. The dollar has dropped 0.2% against the euro to 1.2384 and 0.4% against the Japanese yen to 106.78.
Dow: -78.79… | Nasdaq: +22.01… | S&P: -0.02…
NASDAQ Adv/Dec 1613/1085. …NYSE Adv/Dec 1682/1120.

11:30AM ET

[BRIEFING.COM] Stocks have slipped from session highs in recent trading. The Nasdaq is now down 0.1%, while the S&P 500 and the Dow show respective losses of 0.4% and 0.7%.

Eight sectors are trading in the red -- financials (-1.1%), industrials (-0.6%), materials (-1.0%), technology (-0.4%), health care (-0.7%), consumer staples (-0.1%), utilities (-0.1%), and telecom services (-1.3%) -- while three are in the green -- consumer discretionary (+0.1%), energy (+0.6%), and real estate (+0.9%).

Facebook (FB 164.45, -0.62) shares are down 0.5%, as CEO Mark Zuckerberg fields questions from the House Energy and Commerce Committees regarding the Cambridge Analytica data scandal and Russia's use of Facebook in attempting to influence the 2016 presidential election. Today is the second of two days on Capitol Hill for Mr. Zuckerberg.
Dow: -156.25… | Nasdaq: -2.23… | S&P: -7.77…
NASDAQ Adv/Dec 1412/1303. …NYSE Adv/Dec 1467/1319.

11:00AM ET

[BRIEFING.COM] Equity indices have ticked up since the opening bell, with the S&P 500 trimming its loss to 0.2% and the Nasdaq popping into positive territory (+0.1%).

The Department of Energy released its weekly crude inventory report at the bottom of the hour, showing that U.S. crude stockpiles increased by 3.3 million barrels last week; the consensus estimate was from a decline of around 600,000 barrels. Crude futures initially dropped following the release, but have since rebounded, with WTI crude futures up 2.1% at $66.91 per barrel -- which marks their best level since December 2014. Meanwhile, the energy sector remains atop the day's leaderboard with a gain of 0.5%.

Also of note, there are unconfirmed reports floating around that Saudi air defense forces have intercepted a rocket over the nation's capital city Riyadh. These reports are likely contributing to the bullish bias in the crude oil futures market, adding to the uncertainty surrounding the oil-rich Middle East.
Dow: -149.45… | Nasdaq: -4.83… | S&P: -8.47…
NASDAQ Adv/Dec 1399/1318. …NYSE Adv/Dec 1406/1345.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.3% at 89.0678
Dollar index is currently -0.2% at 89.17
Looking at energy...
May WTI crude oil futures are now +$0.80 at $66.31/barrel
In other energy, May natural gas is +$0.02 at $2.68/MMBtu
Moving on to metals...
June gold is currently +$10.60 at $1356.50/oz, while May silver is $0.14 at $16.74/oz
May copper is now -$0.01 at $3.13/lb

Dow: -81.29… | Nasdaq: +11.81… | S&P: -3.50…
NASDAQ Adv/Dec 1502/1136. …NYSE Adv/Dec 1514/1213.

09:55AM ET

[BRIEFING.COM] Equities are still lower this morning, pushing the S&P 500 about 0.4% below its Tuesday close.

The energy sector has advanced 0.5% thus far despite the broad retreat, helped by another increase in the price of crude oil, which has been underpinned by heightened tensions in the Middle East. West Texas Intermediate crude futures are up 1.1% at $66.21 per barrel, extending their weekly gain to 6.7%.

The Department of Energy will release its weekly crude inventory figures at 10:30 AM ET.
Dow: -143.81… | Nasdaq: -23.51… | S&P: -11.10…
NASDAQ Adv/Dec 1271/1445. …NYSE Adv/Dec 1366/1255.

09:40AM ET

[BRIEFING.COM] The major indices are lower in the opening minutes of today's session, holding losses between 0.3% and 0.7%.

Nearly all S&P sectors are trading in the red, with the heavily-weighted financial space (-1.0%) leading the retreat. The energy space (+0.1%) is a tick higher, however, helped by another jump in the price of crude oil; West Texas Intermediate crude futures are up 0.9% at $66.12 per barrel.

Facebook (FB 166.35, +1.35) is outperforming, up 0.7%, ahead of CEO Mark Zuckerberg's second, and final, day of testimony on Capitol Hill, which is slated to begin at 10:00 AM ET.
Dow: -169.33… | Nasdaq: -19.75… | S&P: -13.24…
NASDAQ Adv/Dec 1041/1648. …NYSE Adv/Dec 959/1592.

09:17AM ET
[BRIEFING.COM] S&P futures vs fair value: -23.30. Nasdaq futures vs fair value: -50.50.

The S&P 500 futures are pointing towards a solidly lower open this morning, trading 23 points, or 0.9%, below fair value.

A U.S.-led attack against Syrian President Bashar al-Assad appears to be imminent following a suspected chemical attack from the Syrian government on the rebel-held town of Douma that killed at least 40 people over the weekend. Tensions were tightened further this morning when President Trump issued an inflammatory response to Russia, which has vowed to shoot down any missiles fired at its ally Syria. Reports indicate that several U.S. allies, including France, have expressed interest in backing a strike on Syria.

Investors received the Consumer Price Index for March earlier this morning, which came is lower than expected, showing a month-over-month decrease of 0.1%; the Briefing.com consensus expected an increase of 0.1%. Meanwhile, the core CPI, which excludes the volatile categories of food and energy, increased 0.2% as expected. On a year-over-year basis, total CPI is up 2.4% (vs +2.2% in February) and core CPI is up 2.1% (vs +1.8% in February). The FOMC Minutes from the March meeting and the March Treasury Budget will both be released at 2:00 PM ET.

U.S. Treasuries have extended their gains since the release of the consumer inflation data, pushing yields even lower; the benchmark 10-yr yield is down four basis points at 2.76%. Meanwhile, the U.S. Dollar Index is down 0.1% at 89.22, and WTI crude futures are up 0.6% at $65.92 per barrel ahead of the weekly inventory figures from the U.S. government, which will be released at 10:30 AM ET. The heightened tensions regarding the situation in Syria have helped give crude futures a boost this week.

In corporate news, Facebook's (FB) CEO Mark Zuckerberg will begin his second, and final, day of testimony on Capitol Hill at 10:00 AM ET. Mr. Zuckerberg will be appearing before a joint hearing of the House Energy and Commerce Committees today after a long Q&A session in the Senate on Tuesday.

Also from Washington, reports indicate that House Speaker Paul Ryan (R-WI) will soon announce that he will not seek re-election.

08:51AM ET
[BRIEFING.COM] S&P futures vs fair value: -22.80. Nasdaq futures vs fair value: -52.00.

The S&P 500 futures are trading 23 points, or 0.9%, below fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. People's Bank of China Governor Yi Gang claimed that yuan depreciation will not be used as a trade tool and that foreign firms will be allowed to compete on an equal footing in the country's financial sector by the end of 2018. The plans to set up a Shanghai-London stock market link by year's end remain in place. Keep in mind that some of these measures had been announced in the past. Japan's Bank Lending Growth decelerated to its lowest level since mid-2016.

In economic data:
China's March CPI -1.1% month-over-month (expected -0.5%; last 1.2%); +2.1% year-over-year (consensus 2.6%; last 3.9%). March PPI +3.1% year-over-year (expected 3.2%; last 3.7%)
Japan's March PPI -0.1% month-over-month, as expected (last 0.1%); +2.1% year-over-year, as expected (last 2.6%). February Core Machinery Orders +2.1% month-over-month (expected -2.4%; last 8.2%); +2.4% year-over-year (consensus 0.6%; last 2.9%). March Bank Lending +2.0% year-over-year (expected 2.1%; last 2.1%)
Australia's April Westpac Consumer Sentiment -0.6% (last 0.2%)
South Korea's March Unemployment Rate 4.0% (last 3.6%)

---Equity Markets---

Japan's Nikkei lost 0.5%. J Front Retailing, Yamaha, Kikkoman, Meiji Holdings, Familymart, Konami, Isuzu Motors, Ricoh, Olympus, Fast Retailing, and Trend Micro posted losses between 1.3% and 9.3%.
Hong Kong's Hang Seng rose 0.6%, logging its fourth consecutive advance. Financials like AIA Group, Hang Seng Bank, ICBC, HSBC, and Bank of East Asia gained between 0.7% and 4.7%. Energy-related names also had a good showing with PetroChina and CNOOC both rising near 4.0%.
China's Shanghai Composite added 0.6%. Shanghai Baosight Software, Chongqing Department Store, Shianghai Xin Nanyang, and Yibin Paper climbed between 5.3% and 10.0%.
India's Sensex edged up 0.2%. Tata Consultancy, Reliance Industries, Hero MotoCorp, Infosys, Tata Motors, and Wipro gained between 0.1% and 2.9%.

Major European indices trade lower across the board, having slid to session lows after U.S. President Trump used his favorite diplomatic channel-Twitter-to warn Russia that a strike on Syria is looming. Keep in mind that just yesterday, NBC reported that the Russian military has been using jamming equipment to prevent U.S. drones from flying over Syria. The limited surveillance capacity within a small theater with many operatives raises the likelihood of an accident that could lead to a broader conflict.

In economic data:
UK's February Construction Output -1.6% month-over-month (expected 0.7%; last -3.1%); -3.0% year-over-year (expected -2.5%; last -2.1%). February Industrial Production +0.1% month-over-month (expected 0.4%; last 1.3%); +2.2% year-over-year (expected 2.9%; last 1.2%). February Manufacturing Production -0.2% month-over-month (expected 0.2%; last 0.1%); +2.5% year-over-year (consensus 3.3%; last 2.2%)
Italy's February Retail Sales +0.4% month-over-month (expected 0.3%; last -0.5%); -0.6% year-over-year (last -0.7%)

---Equity Markets---

Germany's DAX is down 1.1% amid broad weakness. Lufthansa has slid 3.9% while Commerzbank, Continental, Siemens, Infineon, SAP, BASF, BMW, and Daimler hold losses between 0.9% and 2.5%.
France's CAC has given up 0.8%. STMicroelectronics, Renault, Michelin, Airbus Group, Safran, Societe Generale, BNP Paribas, and Danone hold losses between 0.7% and 2.7%. TechnipFMC outperforms, rising 3.3%.
UK's FTSE is lower by 0.2%. Carnival, EasyJet, InterContinental Hotels, Associated British Foods, Imperial Brands, and Compass are down between 0.9% and 3.6%. Tesco has surged 6.4% after beating earnings expectations.


08:32AM ET
[BRIEFING.COM] S&P futures vs fair value: -22.80. Nasdaq futures vs fair value: -54.00.

The S&P 500 futures are trading 23 points, or 0.9%, below fair value.

Just in, total CPI decreased 0.1% (Briefing.com consensus +0.1%) in March, while core CPI, which excludes food and energy, rose 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.4% (vs +2.2% in February) and core CPI is up 2.1% (vs +1.8% in February).

07:55AM ET
[BRIEFING.COM] S&P futures vs fair value: -24.00. Nasdaq futures vs fair value: -57.00.

Stocks are on course for a solidly lower open this morning -- potentially putting an end to a two-day rally -- with several notable events on radar, including a potential military strike from the U.S. against Syrian President Bashar al-Assad. The S&P 500 futures are trading 24 points, or 0.9%, below fair value.

President Trump sent equity futures to new lows earlier this morning after tweeting an inflammatory response to Russia, which has vowed to shoot down any missiles fired at Syria. The president is expected to take military action following a suspected chemical attack from the Syrian government, and its ally Russia, on the rebel-held town of Douma that killed at least 40 people on Saturday. Reports indicate that a strike from the U.S. would be more powerful than last year's attack, which sent 59 cruise missiles at a Syrian government airbase, and could include the backing of several allies.

In addition to potential military action in Syria, investors are awaiting some key pieces of inflation data -- including the Consumer Price Index for March (Briefing.com consensus +0.1%) and the core Consumer Price Index for March (Briefing.com consensus +0.2%), both of which will be released at 8:30 AM ET -- and the FOMC minutes from the March meeting -- which will be released at 2:00 PM ET. The Treasury Budget for March will also cross the wires at 2:00 PM ET.

U.S. Treasuries are higher ahead of today's batch of economic data and amid the uncertainty surrounding the situation in Syria, pushing yields lower across the curve. The yield on the benchmark 10-yr Treasury note is down three basis points at 2.77%, while the yield on the 2-yr Treasury note is lower by two basis points at 2.29%. Meanwhile, gold futures are up 0.5% at 1352.90/oz, and the Japanese yen, which is another safe-haven asset, has jumped 0.4% against the U.S. dollar to 105.82.

In U.S. corporate news:

Facebook (FB 163.87, -1.17): -0.7% as investors prepare for CEO Mark Zuckerberg's second, and final, day of testimony on Capitol Hill. Mr. Zuckerberg will appear before a joint hearing of the House Energy and Commerce Committees, with kick off set for 10:00 AM ET.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note. Japan's Nikkei -0.5%, Hong Kong's Hang Seng +0.6%, China's Shanghai Composite +0.6%, India's Sensex +0.2%.
In economic data:
China's March CPI -1.1% month-over-month (expected -0.5%; last 1.2%); +2.1% year-over-year (consensus 2.6%; last 3.9%). March PPI +3.1% year-over-year (expected 3.2%; last 3.7%)
Japan's March PPI -0.1% month-over-month, as expected (last 0.1%); +2.1% year-over-year, as expected (last 2.6%). February Core Machinery Orders +2.1% month-over-month (expected -2.4%; last 8.2%); +2.4% year-over-year (consensus 0.6%; last 2.9%). March Bank Lending +2.0% year-over-year (expected 2.1%; last 2.1%)
Australia's April Westpac Consumer Sentiment -0.6% (last 0.2%)
South Korea's March Unemployment Rate 4.0% (last 3.6%)
In news:
People's Bank of China Governor Yi Gang claimed that yuan depreciation will not be used as a trade tool and that foreign firms will be allowed to compete on an equal footing in the country's financial sector by the end of 2018.
The plans to set up a Shanghai-London stock market link by year's end remain in place, but keep in mind that some of these measures had been announced in the past.
Japan's Bank Lending Growth decelerated to its lowest level since mid-2016.

Major European indices trade lower across the board, having slid to session lows after U.S. President Trump used his favorite diplomatic channel-Twitter-to warn Russia that a strike on Syria is looming. Germany's DAX -0.9%, France's CAC -0.7%, UK's FTSE -0.2%.
In economic data:
UK's February Construction Output -1.6% month-over-month (expected 0.7%; last -3.1%); -3.0% year-over-year (expected -2.5%; last -2.1%). February Industrial Production +0.1% month-over-month (expected 0.4%; last 1.3%); +2.2% year-over-year (expected 2.9%; last 1.2%). February Manufacturing Production -0.2% month-over-month (expected 0.2%; last 0.1%); +2.5% year-over-year (consensus 3.3%; last 2.2%)
Italy's February Retail Sales +0.4% month-over-month (expected 0.3%; last -0.5%); -0.6% year-over-year (last -0.7%)
In news:
Keep in mind that just yesterday, NBC reported that the Russian military has been using jamming equipment to prevent U.S. drones from flying over Syria. The limited surveillance capacity within a small theater with many operatives raises the likelihood of an accident that could lead to a broader conflict.

07:31AM ET
[BRIEFING.COM] S&P futures vs fair value: -28.50. Nasdaq futures vs fair value: -70.50.

06:53AM ET
[BRIEFING.COM] S&P futures vs fair value: -20.80. Nasdaq futures vs fair value: -51.30.

06:53AM ET
[BRIEFING.COM] Nikkei...21687...-107.20...-0.50%. Hang Seng...30898...+169.00...+0.60%.

06:53AM ET
[BRIEFING.COM] FTSE...7252.71...-14.00...-0.20%. DAX...12329.11...-68.20...-0.60%.

04:30PM ET

[BRIEFING.COM] Stocks were up big from start to finish on Tuesday following conciliatory remarks from Chinese President Xi Jinping, which helped ease fears of a global trade war. The major averages endured some intraday volatility to finish a step below their best marks of the day -- the S&P 500 added 1.7%, the Dow climbed 1.8%, and the Nasdaq advanced 2.1% -- which was an encouraging sign for investors, who were still a little shell shocked following Monday's sharp reversal.

Mr. Xi helped alleviate fears that the U.S. and China are barreling towards a tit-for-tat trade war in an overnight speech at the Boao Forum, saying that he plans to "significantly" cut tariffs on imported automobiles, reduce duties on other imported goods, and improve the intellectual property rights of foreign firms. President Trump, who has promised to hit China with tariffs in an effort to reduce Washington's trade deficit with Beijing, praised Mr. Xi for his comments, saying the two leaders will "make great progress together."

Moving to the Middle East, uncertainty as to how President Trump will respond to a chemical attack in Syria prompted traders to push oil prices higher on Tuesday, which, in turn, fueled a strong outing for energy shares; the S&P 500's energy sector rallied 3.3%, while West Texas Intermediate crude futures jumped 3.2% to $65.49 per barrel -- their best level in two weeks. President Trump's response to the chemical attack -- which killed more than 40 people on Saturday -- is believed to be imminent.

In Washington, Mark Zuckerberg -- Facebook's (FB 165.04, +7.11) founder, chairman, and CEO -- began a two-day testimony on Capitol Hill with an appearance before a joint hearing of the Senate Judiciary and Commerce Committees on Tuesday, answering questions regarding the Cambridge Analytica data scandal and Russia's alleged use of Facebook to influence the 2016 U.S. presidential election. The market appeared to like what Mr. Zuckerberg had to say, as Facebook's share price more than double its daily gain after he began speaking; FB shares finished higher by 4.5%.

Nine of eleven S&P 500 sectors finished Tuesday in positive territory, with the lightly-weighted utilities (-0.7%) and real estate (-0.7%) sectors being the lone laggards. The energy group (+3.3%) was the top performer, while the top-weighted technology sector (+2.5%) and the telecom services space (+2.3%) finished in second and third, respectively. Within the telecom space, Sprint (S 6.02, +0.88) and T-Mobile US (TMUS 63.13, +3.39) spiked 17.1% and 5.7%, respectively, following a Wall Street Journal report that the two companies have restarted merger talks.

In the bond market, U.S. Treasuries ended Tuesday on a mostly lower note, with the long bond showing relative strength for the second consecutive day. The yield on the benchmark 10-yr Treasury note finished one basis point higher at 2.80%, while the yield on the 30-yr bond finished flat at 3.02%. Yields move inversely to prices.

Investors received just two pieces of economic data on Tuesday -- the Producer Price Index for March and Wholesale Inventories for February:

Producer prices rose 0.3% in March (Briefing.com consensus +0.2%) and core producer prices increased 0.3% (Briefing.com consensus +0.2%). Year-over-year, producer prices are up 3.0% (vs +2.8% in February) and core producer prices have risen 2.7% (vs +2.5% in February).
The key takeaway from the report is that producer prices are trending higher, which will feed concerns about a pass through to consumers and keep the Federal Reserve wedded to its belief that inflation rates are poised to pick up, leaving it with a tightening bias.
February Wholesale Inventories increased 1.0% (Briefing.com consensus +1.1%). The January reading was revised to +0.9% from +0.8%.
The market doesn't typically pay much attention to this release since the full business inventories report is usually released a short time later.

On Wednesday, investors will receive the weekly MBA Mortgage Applications Index at 7:00 AM ET, the Consumer Price Index (Briefing.com consensus +0.1%) for March at 8:30 AM ET, and both the minutes from the March FOMC meeting and the March Treasury Budget at 2:00 PM ET.

Nasdaq Composite: +2.8% YTD
Russell 2000: +0.5% YTD
S&P 500: -0.6% YTD
Dow Jones Industrial Average: -1.3% YTD

Dow: +428.90… | Nasdaq: +143.96… | S&P: +43.71…
NASDAQ Adv/Dec 2353/594. …NYSE Adv/Dec 2266/707.

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

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Image The Strategy Lab: Valforex - The Manipulative Review Scam @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3676

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

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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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