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 Post subject: May 29th Tuesday Price Action Trade Result Profit $4925.00
PostPosted: Tue May 29, 2018 5:45 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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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
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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 @ $4925.00 dollars or +98.50 points, Light Crude Oil CL ($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 @ $4925.00 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=180&t=2832

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.

Quote:
These real-time 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 and prior to sharing the new concepts with fee-base clients...living up to the name of my website. TheStrategyLab.

Image ##TheStrategyLab Chat Room is free. 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 and the chat room will be useless to you. 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 here at the forum.

Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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=352&t=3733 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 discussed by members of TheStrategyLab chat room or private thread discussions

The Market at 04:25PM ET
Dow: -391.64… | Nasdaq: -37.26… | S&P: -31.47…
NASDAQ Vol: 2.07 bln… Adv: 1119… Dec: 1827…
NYSE Vol: 941.5 mln… Adv: 1227… Dec: 1694…

Moving the Market

Political worries after Italy's president blocked formation of euroskeptic government; action may prompt a de facto referendum vote on Italy's membership in the EU

Heavily-weighted financial sector tumbles amid sharp decline in Treasury yields

Sector Watch
Strong: Consumer Staples, Utilities, Real Estate
Weak: Financials, Industrials

04:25PM ET

[BRIEFING.COM] Uncertainty surrounding the future of the Italian government sent equity markets lower around the globe on Tuesday as U.S. investors returned to the trading desk for the first time this week following an extended Memorial Day weekend. The S&P 500 lost 1.2% on Tuesday, settling at a three-week low, while the Dow and the Nasdaq ended lower by 1.6% and 0.5%, respectively. The small-cap Russell 2000 showed relative strength, settling lower by just 0.2%.

On Sunday, Italian President Sergio Mattarella moved to block the formation of a euroskeptic government, vetoing the economic minister nominee of an anti-establishment coalition that's aiming to come to power. The president's veto puts Italy on track for a snap election, which some insiders fear could become a de facto referendum on Italy's membership in the European Union. Italy's major stock index, the MIB, dropped 2.7% on Tuesday, extending its two-week decline to 12.1%. Italian debt also dropped, sending the yield on the Italian 10-yr bond seven basis points higher to 3.18%, a fresh four-year high.

Separately, Spain's major stock index, the IBEX, tumbled 2.5% on Tuesday after the country's parliament agreed to a vote of confidence in Prime Minister Mariano Rajoy's leadership following a corruption scandal involving 29 individuals with ties to Mr. Rajoy's People's Party. The vote is scheduled for Friday.

In a flight to safety, European investors bid up German bunds, sending the 10-yr bund yield eight basis points lower to 0.25%, which is its lowest level in nearly a year. American debt was also in demand, pushing yields lower across the curve. The yield on the benchmark 10-yr U.S. Treasury note, for instance, dropped 16 basis points to 2.77%, which is a fresh seven-week low. The 10-yr yield is now about 35 basis points below the seven-year high it hit less than two weeks ago on May 17.

Financial shares sold off sharply in reaction to the sudden decline in yields. The S&P 500's financial sector ended lower by 3.4%, closing at the bottom of the sector standings by a comfortable margin; the next-worst performing group was materials with a loss of 1.8%. On the flip side, the rate-sensitive utilities (unch) and real estate (+0.3%) sectors were the top performers.

European political worries weighed heavily on the euro, which dropped 0.8% against the U.S. dollar to 1.1539, hitting its lowest level in nearly a year. The dollar's relative strength didn't bode well for most dollar-denominated commodities, including crude oil. West Texas Intermediate crude futures dropped 1.7% on Tuesday to $66.78 per barrel, slipping further from the three-and-a-half year high they hit last week. In addition to a strengthening dollar, concerns that Saudi Arabia and Russia are planning to ramp up production have weighed on crude prices as of late.

Some late buying brought the major U.S. stock indices up from their lowest marks of the day in the final minutes of the session. At its session low, the S&P 500 was down 1.6% at 2677, which is just five points above its 50-day moving average. Meanwhile, the Dow was down as much as 2.0%, and the Nasdaq was down as much as 1.1%.

Reviewing Tuesday's economic data, which was limited to the Conference Board's Consumer Confidence Index for May and the S&P Case-Shiller Home Price Index for March:

The consumer confidence reading for May increased to 128.0 (Briefing.com consensus 127.5) from the prior month's revised reading of 125.6 (from 128.7).
The key takeaway from the report is that consumers' assessment of current conditions is at a 17-year high, which matches up neatly with the understanding that the unemployment rate is at a 17-year low.
The Case-Shiller 20-city Index increased 6.8% in March (Briefing.com consensus +6.4%), while the February increase was left unrevised at 6.8%.

On Wednesday, investors will receive a number of economic reports, including the weekly MBA Mortgage Applications Index, the ADP Employment Change report for May (Briefing.com consensus 183K), the second estimate of first quarter GDP (Briefing.com consensus 2.3%), both the Advance International Trade in Goods (Briefing.com consensus -$70.7 billion) and Advance Wholesale Inventories reports for April, and the Fed's Beige Book for April.

Nasdaq Composite +7.1% YTD
Russell 2000 +5.7% YTD
S&P 500 +0.6% YTD
Dow Jones Industrial Average -1.5% YTD

Dow: -391.64… | Nasdaq: -37.26… | S&P: -31.47…
NASDAQ Adv/Dec 1119/1827. …NYSE Adv/Dec 1227/1694.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices
July Crude Oil futures fell $1.13 (-1.66%) to $66.78/barrel
June Natural Gas settled $0.06 lower (-2.05%) at $2.87/MMBtu
July RBOB Gasoline settled $0.03 lower (-1.38%) at $2.14/gallon
July Heating oil futures settled $0.02 lower (-0.91%) at $2.18/gallon
Metals Settlement Prices
June gold settled today's session down $5.00 (0.38%) at $1298.50/oz
July silver settled today's session $0.18 lower (1.09%) at $16.37/oz
July copper settled $0.02 lower (0.65%) at $3.06/lb
Agriculture Settlement Prices
May corn settled $0.07 lower at $4.00/bushel
May wheat settled $0.07 lower at $5.38/bushel
May soybeans settled $0.09 lower at $10.33/bushel

Dow: -414.87… | Nasdaq: -46.40… | S&P: -34.90…
NASDAQ Adv/Dec 1105/1821. …NYSE Adv/Dec 1210/1717.

02:55PM ET

[BRIEFING.COM] Equity indices are at session lows moving into the final hour of action, showing losses between 0.8% and 2.0%. The S&P 500 is currently hovering at 2678, just six points above its 50-day moving average, which it hasn't settled below in three weeks.

10 of 11 S&P sectors are in the red, with financials leading the retreat, down nearly 4.0%. Industrials is the next worst-performing group, down about 2.0%, while consumer discretionary (-1.1%), materials (-1.9%), technology (-1.1%), health care (-1.6%), and telecom services (-1.1%) are all down more than 1.0%. The lightly-weighted real estate sector is at the top of the sector standings, hovering just a tick above its unchanged mark.

In the bond market, U.S. Treasuries are still solidly higher, pushing yields to multi-weeks lows. The benchmark 10-yr yield, for instance, is down 16 basis points at 2.77%, which marks its lowest level in nearly two months. Meanwhile, the 2-yr yield is also down 16 basis points, hovering at 2.33%, which marks its lowest level since April 11.
Dow: -494.67… | Nasdaq: -67.80… | S&P: -43.49…
NASDAQ Adv/Dec 893/1977. …NYSE Adv/Dec 1043/1876.

02:30PM ET

[BRIEFING.COM] The Dow slipped to a session low since our last update, down now about 1.8%.

Looking ahead to tonight's closing bell, investors should expect quarterly results from two notable names -- HP (HPQ 21.29, -0.61, -2.8%) and Salesforce (CRM 126.73, -1.23, =1.0%). For Salesforce, investors will be eyeing closely the company's billings metric and integration of the recent MuleSoft deal.

Tomorrow morning investors will receive quarterly results from retail names Michael Kors (KORS 68.33, -0.31, -0.5%), Dick's Sporting Goods (DKS 30.35, -0.03, -0.1%), DSW (DSW 26.10, +0.28, +1.1%), Chico's FAS (CHS 9.99, -0.16, -1.6%), Movado Group (MOV 41.40, +0.65, +1.6%), and Sears Holdings (SHLD 3.41, -0.07, -2.2%). In terms of expectations for Dick's, the report could reveal weakness in the hunting segment, fitness trackers, and waning demand for athletic wear.
Dow: -455.01… | Nasdaq: -50.34… | S&P: -39.66…
NASDAQ Adv/Dec 917/1945. …NYSE Adv/Dec 1061/1867.

02:00PM ET

[BRIEFING.COM] The major averages hold their firmly lower trade on Tuesday afternoon, little changed since we last checked in. The Dow Jones Industrial Average is still the worst performer, down 1.6%.

Gold futures kept stepping lower at Tuesday progressed, ultimately settling down 0.4% at $1,304.10/oz as investors opted to flock to U.S. Treasuries. The weakness in commodities today was due in part to heightened global concerns after President Donald Trump announced a 25 percent tariff on imported Chinese goods, as well as news that Italian President Sergio Mattarella moved to block the formation of a euroskeptic government on Sunday, vetoing the economic minister nomination of a populist coalition aiming to come to power.

In Treasuries, the yield on the benchmark 10-yr note slips eleven basis points to 2.81%.
Dow: -402.13… | Nasdaq: -50.74… | S&P: -37.89…
NASDAQ Adv/Dec 917/1932. …NYSE Adv/Dec 1067/1843.

01:25PM ET

[BRIEFING.COM] The major U.S. indices are solidly lower following Italian President Sergio Mattarella's decision to block the formation of a euroskeptic government, which has prompted a flight to safety on Wall Street and beyond. U.S. Treasuries are in demand, pushing yields lower across the curve. The yield on the benchmark 10-yr Treasury note is down 12 basis points at 2.81%.

A look inside the Dow Jones Industrial Average shows that financials like JPMorgan Chase (JPM 106.01, -4.65), American Express (AXP 97.39, -3.71), and Goldman Sachs (GS 226.82, -8.19) are among the weakest components, suffering amid the sharp decline in Treasury yields. Industrial giant General Electric (GE 14.06, -0.56) is also struggling.

Conversely, Coca-Cola (KO 42.64, +0.24) is the only Dow component in the green as relatively safe consumer staples shares are outperforming in today's session.

For the month, the Dow is now higher by just 0.6%.
Dow: -420.62… | Nasdaq: -47.82… | S&P: -34.57…
NASDAQ Adv/Dec 935/1882. …NYSE Adv/Dec 1082/1817.

01:05PM ET

[BRIEFING.COM] U.S. stocks have opened the shortened week on a solidly lower note as investors digest a fresh dose of political uncertainty in Europe. The S&P 500 is currently down 1.2%, hovering at a fresh three-week low and just a step above its 50-day moving average. Meanwhile, the Dow is lower by 1.6%, and the Nasdaq shows a loss of 0.6%.

Italian President Sergio Mattarella moved to block the formation of a euroskeptic government on Sunday, vetoing the economic minister nomination of a populist coalition aiming to come to power. Mr. Mattarella's veto places Italy on track for a snap election, which insiders fear could become a de facto referendum on Italy's membership in the European Union. Italy's major stock index, the MIB, dropped 2.7% on Tuesday, extending its two-week decline to 12.1%, and the yield on the Italian 10-yr bond jumped seven basis points to 3.17%, its highest level since May 2014.

Separately, Spanish Prime Minister Mariano Rajoy's leadership will be put to the test with a confidence vote on Friday following a corruption scandal involving 29 individuals with ties to his People's Party. Spain's major stock index, the IBEX, tumbled 2.5% on Tuesday, extending its one-week loss to 6.1%.

A flight to safety has boosted the German 10-yr bund, sending its yield 10 basis points lower to 0.25%, as well as the U.S. 10-yr Treasury note, sending its yield 11 basis points lower to 2.82%. For perspective, that's significantly below the seven-year high of 3.11% that the U.S. 10-yr yield hit less than two weeks ago.

Meanwhile, the euro has dropped 0.7% against the U.S. dollar to 1.1549, its lowest level since July 2017.

Nine of eleven S&P 500 sectors are in the red this afternoon. The heavily-weighted financials sector (-2.8%) is at the back of the pack by a sizable margin, hurt by the sharp decline in Treasury yields. The industrials (-1.4%), materials (-1.2%), and health care (-1.3%) groups are also solidly lower, while the rate-sensitive utilities (+0.1%) and real estate (+0.4%) spaces outperform.

In corporate news, CNBC reported that Disney (DIS 99.97, -2.22) is lining up financing in case Comcast (CMCSA 31.61, -0.14) outbids the company for 21st Century Fox's (FOXA 38.59, -0.42) movie studio and other assets. Separately, the U.S. Department of Justice has conditionally approved Bayer's (BAYRY 28.90, -0.59) proposed acquisition of Monsanto (MON 127.35, +0.85).

Reviewing today's economic data, which was limited to the Conference Board's Consumer Confidence Index for May and the S&P Case-Shiller Home Price Index for March:

The consumer confidence reading for May increased to 128.0 (Briefing.com consensus 127.5) from the prior month's revised reading of 125.6 (from 128.7).
The key takeaway from the report is that consumers' assessment of current conditions is at a 17-year high, which matches up neatly with the understanding that the unemployment rate is at a 17-year low.
The Case-Shiller 20-city Index increased 6.8% in March (Briefing.com consensus +6.4%), while the February increase was left unrevised at 6.8%.

Dow: -416.26… | Nasdaq: -46.63… | S&P: -33.74…
NASDAQ Adv/Dec 918/1899. …NYSE Adv/Dec 1092/1799.

12:25PM ET

[BRIEFING.COM] Stocks have continued sliding this afternoon, sending the S&P 500 (-1.5%) to a fresh three-week low, just 10 points above its 50-day moving average.

West Texas Intermediate crude futures are down 2.8% at $66.01 per barrel today amid continued concerns that Saudi Arabia and Russia are aiming to dial up production to compensate for shortfalls in Iran and Venezuela. The commodity is now about 8.5% below the three-and-a-half year high it hit at the beginning of last week.

The API's weekly crude inventory reading will cross the wires tomorrow afternoon -- rather than 4:30 PM ET today -- due to the Memorial Day holiday.
Dow: -423.01… | Nasdaq: -64.92… | S&P: -37.98…
NASDAQ Adv/Dec 740/2078. …NYSE Adv/Dec 924/1967.

11:55AM ET

[BRIEFING.COM] Equity indices have tumbled to new session lows. The Dow is down 1.6%, the S&P 500 is down 1.2%, and the Nasdaq is lower by 0.7%.

The financial sector is now down nearly 3.0% as Treasury yields continue to fall, with JPMorgan Chase (JPM 106.49, -4.19), Bank of America (BAC 29.05, -1.11), Citigroup (C 65.73, -2.71), Morgan Stanley (MS 50.34, -2.66), and Goldman Sachs (GS 227.77, -7.24) down between 3.0% and 5.1%. The industrials, materials, and health care groups are also solidly lower, down by at least 1.0% apiece.

In Europe, the major stock indices finished Tuesday solidly lower, losing between 1.2% and 1.5%. Italy's MIB and Spain's IBEX showed particular weakness, dropping around 2.5% apiece, amid continued political uncertainty in both nations.
Dow: -369.54… | Nasdaq: -50.38… | S&P: -31.94…
NASDAQ Adv/Dec 896/1883. …NYSE Adv/Dec 1130/1732.

11:30AM ET

[BRIEFING.COM] The major averages have slipped a bit in recent action, with the S&P 500 extending its loss to 0.8%.

U.S. Treasuries are solidly higher today, pushing yields lower across the curve. The yield on the benchmark 10-yr Treasury note is down eight basis points at 2.85%, while the yield on the 2-yr Treasury note is down seven basis points at 2.41%. The bond buying has been prompted by political uncertainty in Europe, where Italian President Sergio Mattarella decided on Sunday to block the formation of a euroskeptic government by rejecting the nomination of economist Paolo Savona for economy minister, whom the anti-establishment 5 Star Movement and far-right League parties had selected.

The act will likely result in a snap election, which some fear could turn into a de facto vote on Italy's membership in the European Union. The euro is down 0.6% against the U.S. dollar at 1.1559, which marks its lowest level against the greenback since July 2017.
Dow: -259.50… | Nasdaq: -17.34… | S&P: -20.59…
NASDAQ Adv/Dec 1111/1645. …NYSE Adv/Dec 1323/1505.

10:55AM ET

[BRIEFING.COM] The major averages are still in negative territory, but up from their opening levels. The S&P 500 is down 0.5% after opening with a loss of around 0.7%.

Three S&P sectors have ticked up into positive territory, including consumer staples (+0.1%), utilities (+0.1%), and real estate (+0.1%), but the other eight are still in the red, showing losses between 0.1% and 1.8%. The heavily-weighted financials and health care sectors are at the back of the pack, down 1.8% and 1.0%, respectively.

In corporate news, CNBC reported earlier this morning that Disney (DIS 100.69, -1.51) is lining up financing in case Comcast (CMCSA 31.74, -0.01) outbids the company for 21st Century Fox's (FOXA 38.68, -0.34) movie studio and other assets.
Dow: -165.82… | Nasdaq: -5.32… | S&P: -14.94…

10:30AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.4% at 90.60
Dollar index is currently +0.2% at 94.59
Looking at energy...
July WTI crude oil futures are now -$0.94 at $66.94/barrel
In other energy, June natural gas is -$0.07 at $2.89/MMBtu
Moving on to metals...
June gold is currently -$6.70 at $1297.00/oz, while Jul silver is -$0.13 at $16.42/oz
Jul copper is now +$0.01 at $3.09/lb

Dow: -140.90… | Nasdaq: -13.43… | S&P: -14.58…
NASDAQ Adv/Dec 1171/1520. …NYSE Adv/Dec 1246/1514.

10:05AM ET

[BRIEFING.COM] The tech-heavy Nasdaq (-0.1%) has nearly reclaimed all of its opening loss, while the S&P 500 has trimmed its decline to 0.5%.

Just in, the consumer confidence reading for May increased to 128.0 (Briefing.com consensus 127.5) from the prior month's revised reading of 125.6 (from 128.7).
Dow: -146.38… | Nasdaq: -7.46… | S&P: -12.49…
NASDAQ Adv/Dec 962/1694. …NYSE Adv/Dec 1011/1692.

09:40AM ET

[BRIEFING.COM] The major averages are down in the opening minutes of today's session, holding losses between 0.5% and 0.8%.

All 11 S&P 500 sectors are trading in the red, with losses ranging between 0.1% and 1.6%. The financial sector (-1.6%) is the weakest-performing group, by a decent margin, while the energy (-0.2%) and consumer staples (-0.3%) sectors have held up relatively well.

As a reminder, the Conference Board's Consumer Confidence Index for May (Briefing.com consensus 127.5) will be released at 10:00 AM ET.
Dow: -215.40… | Nasdaq: -37.27… | S&P: -20.82…
NASDAQ Adv/Dec 674/1920. …NYSE Adv/Dec 784/1888.

09:16AM ET
[BRIEFING.COM] S&P futures vs fair value: -19.30. Nasdaq futures vs fair value: -34.00.

The stock market is on course for a lower open, as the S&P 500 futures are trading 19 points, or 0.7%, below fair value.

Political uncertainty in Europe has been cited as the catalyst behind this morning's sell off after Italian President Sergio Mattarella decided on Sunday to block the formation of a euroskeptic government, likely forcing a snap election, which some fear could become a referendum on Italy's membership in the European Union. Meanwhile, in Spain, Prime Minister Mariano Rajoy is facing a vote of confidence following corruption convictions of dozens of people linked to his center-right People's Party. Italy's MIB and Spain's IBEX are down 3.2% and 2.5%, respectively, while the euro is down 0.4% against the U.S. dollar at 1.1576, which marks a nearly one-year low.

Safe-haven assets, like U.S. Treasuries and German bunds, are up this morning, sending yields into the red. The yield on the benchmark 10-yr U.S. Treasury note is down four basis points at 2.89%, which is its lowest level since mid-April. Meanwhile, the yield on the 10-yr German bund is down one basis point at 0.33, its lowest level since December.

Investors received the Case-Shiller 20-City Index earlier this morning, which increased 6.8% in March (Briefing.com consensus +6.4%). The February increase was left unrevised at 6.8%. Today's last economic report, the Conference Board's Consumer Confidence Index for May (Briefing.com consensus 127.5), will be released at 10:00 AM ET.

08:54AM ET
[BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -31.00.

The S&P 500 futures are currently trading 16 points, or 0.6%, below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note while the yen spiked, as political uncertainty surrounding Italy began taking a toll on markets outside of Europe. There was speculation that the People's Bank of China could cut the reserve requirement ratio if liquidity tightens during the summer. Bank Indonesia will hold an additional policy meeting on Wednesday, as policymakers struggle to contain recent weakness in the rupiah. President Trump's June 12 meeting with North Korea's Kim Jong-un may take place after all, but Japanese press cautioned that the two sides are far apart when it comes to terms of denuclearization.

In economic data:
Japan's April Unemployment Rate 2.5%, as expected (last 2.5%). April Jobs/Applications ratio 1.59 (expected 1.60; last 1.59)
South Korea's May Consumer Confidence 108 (last 107)

---Equity Markets---

Japan's Nikkei lost 0.6%. Ricoh, Sumitomo Metal Mining, Softbank, TDK, NSK, Yokohama Rubber, Kawasaki Heavy Industries, SUMCO, Trend Micro, Isuzu Motors, and Yaskawa Electric fell between 1.9% and 4.1%.
Hong Kong's Hang Seng surrendered 1.0%. CNOOC, Sino Land, China Resources Land, AIA Group, ICBC, Hang Lung Properties, and HSBC dropped between 1.2% and 1.7%. On the upside, Want Want China gained 4.7%.
China's Shanghai Composite ended lower by 0.5%. Tibet Rhodiola Pharmaceutical, China Television Media, Topchoice Medical Investment, and Zhangzhou Pientzehuang Pharmaceutical posted losses between 5.4% and 10.1%.
India's Sensex lost 0.6%. Financials were among the laggards with ICICI Bank, SBI, IndusInd Bank, Yes Bank, Kotak Mahindra Bank, and HDFC Bank losing between 0.6% and 2.9%.

Major European indices trade lower across the board with Italy's MIB (-2.8%) pacing the decline. On Sunday, Italy's President Sergio Mattarella vetoed the nomination of euroskeptic economy minister Paolo Savona and called on former IMF official Carlo Cottarelli to form a caretaker government. There has already been pushback against the appointment, with Movimento 5 Stelle leader Luigi Di Maio saying the new government will only get a few votes in parliament. Mr. Cottarelli is expected to meet with President Mattarella at 16:30 local time. Italian debt has faced significant pressure that has sent the country's 10-yr yield higher by 44 basis points to 3.12%, a level not seen in four years. Up front, yield on Italy's 2-yr debt has surged 153 basis points to 2.41%, the highest level in five years. In Spain, Prime Minister Mariano Rajoy will face a confidence vote on May 31st or June 1st.

In economic data:
Eurozone April M3 Money Supply +3.9% year-over-year, as expected (last 3.7%). Private Sector Loans +2.9% year-over-year (expected 3.2%; last 2.9%)
France's May Consumer Confidence 100 (expected 101; last 101)
Italy's May Business Confidence 107.7 (expected 107.2; last 107.7) and Consumer Confidence 113.7 (expected 116.5; last 116.9)
Swiss April trade surplus CHF2.29 billion (expected CHF2.23 billion; last CHF1.69 billion)

---Equity Markets---

Germany's DAX is lower by 1.2%. Commerzbank and Deutsche Bank lead the retreat with losses close to 3.0% apiece while Volkswagen, Daimler, Continental, BMW, Lufthansa, BASF, and SAP hold losses between 1.1% and 2.7%.
UK's FTSE has given up 1.2%. Dixons Carphone has slumped 17.9% in response to disappointing results and guidance while financials like RBS, Barclays, Provident Financial, Prudential, Aviva, and Lloyds Banking are down between 1.1% and 3.1%. Select miners outperform with Fresnillo and Randgold Resources rising 1.9% and 0.7%, respectively.
France's CAC trades down 1.1% amid losses in all but a few components. Financials Credit Agricole, BNP Paribas, Societe Generale, and AXA are down between 2.5% and 3.8% while other heavyweights like Peugeot, Renault, and Michelin hold losses between 2.4% and 3.4%.
Italy's MIB has slid 2.8% to its lowest level in nearly a year. Banco Bpm, UBI Banca, Bper Banca, UniCredit, Mediobanca, Banca Generali, and Intesa Sanpaolo are down between 4.3% and 8.5%. Fiat, Ferrari, Pirelli, and Mediaset show losses between 1.8% and 3.7%.

08:26AM ET
[BRIEFING.COM] S&P futures vs fair value: -20.30. Nasdaq futures vs fair value: -42.80.

The S&P 500 futures are currently trading 20 points, or 0.7%, below fair value.

With just a few trading sessions left in the month of May, the monthly sector standings are as follows: technology (+7.0%), industrials (+4.6%), and materials (+3.5%) are in the lead, consumer discretionary (+2.3%), financials (+1.3%), health care (+0.8%), real estate (+0.7%), and energy (+0.6%) represent the middle of the pack, and telecom services (-1.2%), consumer staples (-1.3%), and utilities (-2.6%) bring up the rear.

The benchmark S&P 500 is up 2.8% month to date, while the Dow and the Nasdaq hold monthly gains of 2.4% and 5.2%, respectively.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: -20.30. Nasdaq futures vs fair value: -42.80.

U.S. equities are set to roll back at the start of today's session as investors return from an extended Memorial Day weekend. The focus is on Europe this morning, where political worries about Italy and Spain have weighed on equities and the euro, while sending the German 10-yr bund to a nearly one-year high. The S&P 500 futures are currently 20 points, or 0.7%, below fair value.

Italian President Sergio Mattarella decided on Sunday to block the formation of a euroskeptic government by rejecting the nomination of economist Paolo Savona for economy minister, whom the anti-establishment 5 Star Movement and far-right League parties had selected. Meanwhile, in Spain, Prime Minister Mariano Rajoy is facing a vote of confidence following corruption convictions of dozens of people linked to his center-right People's Party. Italy's MIB and Spain's IBEX are down 3.2% and 2.5%, respectively.

Investors have flocked to safe-haven assets this morning, including U.S. Treasuries, which are at multi-week highs. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, is down six basis points at 2.86% -- its lowest level since mid-April. Meanwhile, the yield on the 10-yr German bund is down six basis points at 0.2875, and the U.S. dollar has climbed 0.7% against the euro to 1.1549, hitting its highest level since July 2017.

On the data front, there are just two economic reports on the docket today, the S&P Case-Shiller Home Price Index for March (Briefing.com consensus 6.4%) and the Conference Board's Consumer Confidence Index for May (Briefing.com consensus 127.5), which will be released at 9:00 AM ET and 10:00 AM ET, respectively.

In U.S. corporate news:

There isn't any corporate news of note.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note while the yen spiked, as political uncertainty surrounding Italy began taking a toll on markets outside of Europe. Japan's Nikkei -0.6%, Hong Kong's Hang Seng -1.0%, China's Shanghai Composite -0.5%, India's Sensex -0.6%.
In economic data:
Japan's April Unemployment Rate 2.5%, as expected (last 2.5%). April Jobs/Applications ratio 1.59 (expected 1.60; last 1.59)
South Korea's May Consumer Confidence 108 (last 107)
In news:
There was speculation that the People's Bank of China could cut the reserve requirement ratio if liquidity tightens during the summer.
Bank Indonesia will hold an additional policy meeting on Wednesday, as policymakers struggle to contain recent weakness in the rupiah.
President Trump's June 12 meeting with North Korea's Kim Jong-un may take place after all, but Japanese press cautioned that the two sides are far apart when it comes to terms of denuclearization.

Major European indices trade lower across the board with Italy's MIB (-3.2%) pacing the decline. Germany's DAX -1.3%, UK's FTSE -1.4%, France's CAC -1.5%.
In economic data:
Eurozone April M3 Money Supply +3.9% year-over-year, as expected (last 3.7%). Private Sector Loans +2.9% year-over-year (expected 3.2%; last 2.9%)
France's May Consumer Confidence 100 (expected 101; last 101)
Italy's May Business Confidence 107.7 (expected 107.2; last 107.7) and Consumer Confidence 113.7 (expected 116.5; last 116.9)
Swiss April trade surplus CHF2.29 billion (expected CHF2.23 billion; last CHF1.69 billion)
In news:
On Sunday, Italy's President Sergio Mattarella vetoed the nomination of euroskeptic economy minister Paolo Savona and called on former IMF official Carlo Cottarelli to form a caretaker government. There has already been pushback against the appointment, with Movimento 5 Stelle leader Luigi Di Maio saying the new government will only get a few votes in parliament. Mr. Cottarelli is expected to meet with President Mattarella at 16:30 local time. Italian debt has faced significant pressure that has sent the country's 10-yr yield higher by 44 basis points to 3.12%, a level not seen in four years. Up front, yield on Italy's 2-yr debt has surged 153 basis points to 2.41%, the highest level in five years.

In Spain, Prime Minister Mariano Rajoy will face a confidence vote on May 31st or June 1st.

07:32AM ET
[BRIEFING.COM] S&P futures vs fair value: -21.80. Nasdaq futures vs fair value: -44.00.

06:53AM ET
[BRIEFING.COM] S&P futures vs fair value: -24.50. Nasdaq futures vs fair value: -47.00.

06:53AM ET
[BRIEFING.COM] Nikkei...22358...-122.70...-0.60%. Hang Seng...30485...-307.70...-1.00%.

06:53AM ET
[BRIEFING.COM] FTSE...7626.16...-104.10...-1.40%. DAX...12673.88...-189.60...-1.50%.

04:30PM ET

[BRIEFING.COM] The stock market ended Friday on a mostly lower note, but managed to keep in positive territory for the week. The S&P 500 declined 0.2% on Friday, closing the week higher by 0.3%. The Dow also dropped 0.2% on Friday, trimming its weekly gain to 0.2%, while the Nasdaq ticked up 0.1%, extending its weekly advance to an impressive 1.1%.

North Korea-U.S. relations were in focus once again on Friday after a North Korean official responded with a conciliatory tone to President Trump's Thursday decision to cancel his scheduled summit with North Korean leader Kim Jong Un, saying that North Korea is still willing to meet with the United States. President Trump later revealed that communication has reopened with North Korea, adding that the summit could still happen -- possibly even on the originally scheduled date of June 12.

Separately, the Trump administration has reportedly reached a deal with Beijing to save struggling Chinese telecom company ZTE that involves ZTE paying a fine, hiring compliance officers, and changing its management. There were also reports that, in connection with the ZTE deal, the U.S. is pushing for approval of the proposed Qualcomm (QCOM 59.96, +0.88)/NXP Semi (NXPI 116.79, +5.28) merger. The merger has been approved by eight of the nine required global regulators, with Chinese approval still pending.

Energy shares dropped sharply on Friday, pushing the S&P 500's energy sector lower by 2.6%. The energy sell off coincided with a tumble in crude oil futures, which further retreated from Monday's three-and-a-half year high following reports that Saudi Arabia and Russia are thinking about reducing supply constraints to make up for any production fallout in Iran and Venezuela. West Texas Intermediate crude futures lost 4.0% on Friday, settling at $67.91 per barrel, marking a fresh three-week low.

Outside of energy, most S&P 500 groups finished within 0.4% of their flat lines. Within the consumer discretionary space (+0.2%), retailers were all over the place following another batch of earnings reports. Ross Stores (ROST 77.34, -5.62) and Gap (GPS 28.15, -4.80) dropped 6.8% and 14.6%, respectively, after missing earnings estimates for the first quarter, while Foot Locker (FL 55.74, +9.35) surged 20.2% after beating both top and bottom line estimates.

In the bond market, U.S. Treasuries extended their weekly gains, sending yields lower across the curve, thanks to some inflows from European investors, who sought some security from continued political uncertainty within the region following reports that the main opposition party in Spain is seeking to remove Prime Minister Mariano Rajoy. The yield on the benchmark 10-yr Treasury note finished Friday five basis points lower at 2.93%, closing the week with a loss of 13 basis points.

Elsewhere, the U.S. Dollar Index advanced 0.4% on Friday to 94.13, marking its best close since mid-November.

Reviewing Friday's economic data, which was limited to April Durable Orders and the final reading of the University of Michigan Consumer Sentiment Index for May:

April durable goods orders fell 1.7%, which is more than the 1.6% decrease expected by the Briefing.com consensus. The prior month's reading was revised to +2.7% (from +2.6%). Excluding transportation, durable orders increased 0.9% (Briefing.com consensus +0.6%) to follow the prior month's revised increase of 0.4% (from 0.0%).
The key takeaway from the report is that it will factor as a positive input for Q2 GDP forecasts since shipments of nondefense capital goods, excluding aircraft, rose 0.8%. It also conveyed a modest pickup in business spending, evidenced by the 1.0% increase in new orders for nondefense capital goods, excluding aircraft.
The final reading of the University of Michigan Consumer Sentiment Index for May slipped to 98.0 (Briefing.com consensus 98.8) from 98.8 in the preliminary reading.
The key takeaway from the report is that consumers expect smaller income gains than they did a month ago, or a year ago, despite thinking the unemployment rate will stabilize at its 18-year low of 3.9%.

U.S. markets will be closed on Monday in observance of Memorial Day.

Nasdaq Composite +7.7% YTD
Russell 2000 +6.0% YTD
S&P 500 +1.8% YTD
Dow Jones Industrial Average +0.1% YTD

Week In Review: Unfazed

Equities finished the week a tick higher, unfazed by what seemed like a continuous flow of geopolitical headlines. Most of the news centered on U.S.-China trade relations and the U.S.-North Korea summit -- which, as of Thursday, is "officially" canceled, but more on that later. The Dow settled the week up 0.2%, the S&P 500 added 0.3%, and the Nasdaq outperformed, jumping 1.1%.

The week began on a positive note following weekend comments from Treasury Secretary Steven Mnuchin, who said that a U.S.-China trade war has been put "on hold" while the two nations continue to try and work out their differences, and following news that last week's trade talks ended with China agreeing to buy more goods from the U.S. in an effort to reduce its trade surplus. China followed up that pledge by announcing early on Tuesday that it will be cutting import tariffs on U.S. automobiles (to 15% from 25%) and on some U.S. auto parts (to 6% from 8-25%).

However, the upbeat vibes faded later on Tuesday when President Trump revealed that the White House has yet to reach a deal with Beijing to save struggling Chinese telecom company ZTE. The news didn't sit well with investors, who had been expecting the president to use ZTE, which has been severely hurt by U.S. sanctions, as a bargaining chip in trade negotiations with Beijing. Reports on Friday indicated that President Trump and China have finally reached a tentative deal on ZTE, but by then the focus had largely shifted to the ongoing situation in North Korea.

President Trump canceled his June 12 summit with North Korean leader Kim Jong Un on Thursday, stating in an open letter to Mr. Kim that he felt the meeting was "inappropriate" based on the "tremendous anger and open hostility" displayed in a recent statement from a North Korean official directed at Vice President Mike Pence. However, the president has left open the possibility of meeting with Mr. Kim, saying on Friday that dialog with North Korea has reopened and that the summit could still happen.

In other political developments, President Trump officially signed the Dodd-Frank reform bill on Thursday, which rolled back regulations on small and medium-sized lenders put in place following the 2008 financial crisis. The president also added that the rollback may be extended to larger banks in the future. Separately, The Wall Street Journal reported that the Trump administration is considering import tariffs on automobiles that could be as high as 25%.

Investors received on Wednesday afternoon the FOMC minutes from the May meeting, which came in more dovish than expected, helping to fuel a late-session rally. The minutes pointed to a rate hike at the June meeting, as expected, and suggested that the Fed may not be as aggressive with its rate-hike path as many had previously thought. The latter takeaway stems from the acknowledgement in the minutes that officials would be content to let inflation briefly run above their 2.0% target.

Overseas, the prospect of a populist government coming to power in Italy weighed on Italian debt, pushing the yield on Italy's 10-yr BTP higher by 25 basis points to 2.47%. A flight to safety pushed both German and U.S. debt higher -- thereby reducing bond yields. The 10-yr German bund yield dropped 18 basis points to 0.40 this week, and the 10-yr U.S. Treasury note yield dropped 13 basis points to 2.93%. Investors also expressed concern over the ongoing situation in Spain following Friday reports that the country's opposition party is looking to oust Prime Minister Rajoy.

Meanwhile, reports that Saudi Arabia and Russia will soon relax their crude oil supply constraints to compensate for any production fallout in Venezuela and Iran sent crude prices sharply lower this week. West Texas Intermediate crude futures hit a fresh three-and-a-half year high on Monday, but finished Friday 6.4% below that level at $67.91 per barrel. A rise in the U.S. dollar also didn't help matters, making commodities, which are priced in U.S. dollars, more expensive for holders of foreign currencies. The U.S. Dollar Index jumped 0.6% this week to 94.13, its highest level since mid-November.

Back on Wall Street, retailers dominated the earnings front once again, with Lowe's (LOW), TJX (TJX), Target (TGT), Ross Stores (ROST), Best Buy (BBY), AutoZone (AZO), Tiffany & Co (TIF), Gap (GPS), Kohl's (KSS), Advance Auto (AAP), and Foot Locker (FL) reporting their quarterly results. The results come in mostly better-than-expected, but a few companies missed bottom-line estimates, including Lowe's, Target, and Gap. The SPDR S&P Retail ETF (XRT) settled the week higher by 0.3%.

The S&P 500 sectors finished the week on a mostly higher note, with seven of the eleven settling in the green. The rate sensitive utilities space (+3.1%) led the charge, underpinned by the decline in Treasury yields, while the energy sector (-4.5%) was by far the weakest group, suffering from the drop in crude prices. The other sectors finished with weekly gains/losses of 2.0% or less.
Dow: -58.67… | Nasdaq: +9.42… | S&P: -6.43…
NASDAQ Adv/Dec 1489/1416. …NYSE Adv/Dec 1367/1538.

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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)
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