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 Post subject: May 14th Monday Price Action Trade Result - No Trades
PostPosted: Tue May 15, 2018 7:03 am 
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The Market at 04:20PM ET
Dow: +68.24… | Nasdaq: +8.43… | S&P: +2.41…
NASDAQ Vol: 2.06 bln… Adv: 1304… Dec: 1597…
NYSE Vol: 735.6 mln… Adv: 1365… Dec: 1563…

Moving the Market

Quiet start to the week

Dow Jones Transportation Average finds resistance near April high

Chipmakers jump after Chinese regulators reopen review of Qualcomm's (QCOM) offer to acquire NXP Semiconductor (NXPI)

Sector Watch
Strong: Energy, Health Care, Materials
Weak: Financials, Industrials, Consumer Staples, Utilities, Real Estate

04:20PM ET

[BRIEFING.COM] The stock market began the week on a slightly higher note, but intraday action saw the major averages back off their opening highs. The S&P 500 added 0.1% after being up 0.5% in the early going. The Dow Jones Industrial Average outperformed, rising 0.3%.

Equities got off to an upbeat start thanks to an early rally among chipmakers. Qualcomm (QCOM 56.74, +1.51) was at the forefront of the early strength, responding to reports that Chinese regulators will reevaluate the company's offer to acquire NXP Semiconductors (NXPI 110.74, +11.73). The news came after President Trump voiced his desire to find a way to allow U.S. companies to do business with China's ZTE Corporation once again.

The outperformance in high-beta semiconductor names provided an early boost to the technology sector (unch), but large tech components had a mixed showing in the afternoon, pressuring the sector back to its flat line. The PHLX Semiconductor Index (+1.3%) remained strong until the close with Cavium (CAVM 78.18, +5.21) spiking 7.1% to lead the group higher.

Like technology, energy (+0.7%) and health care (+0.7%) outperformed from the start, but unlike technology, the two sectors remained strong until the close. Biotechnology contributed to the outperformance in health care, sending the iShares Nasdaq Biotechnology ETF (IBB 107.68, +1.10) higher by 1.0%. Meanwhile, the energy sector held the lead throughout the session even though crude oil retreated from its high. The energy component settled higher by 0.4% at $71.01/bbl after approaching the $71.25 area in morning trade.

The market's midday pullback developed as sectors like financials (-0.1%), industrials (-0.2%), and consumer staples (unch) refused to follow in the footsteps of influential groups that outperformed from the start. Industrials were pressured by relative weakness in transport stocks. The Dow Jones Transportation Average fell 0.4% after briefly climbing above its closing high from April.

Treasuries recorded losses across the curve with the 10-yr yield rising two basis points to 3.00%.

Market participants did not receive any economic data today, but tomorrow's session will feature several releases. April Retail Sales (Briefing.com consensus 0.3%), Retail Sales ex-auto (Briefing.com consensus 0.5%), and the May Empire Manufacturing survey (Briefing.com consensus 15.0) will be released at 8:30 ET while March Business Inventories (Briefing.com consensus 0.1%) and May NAHB Housing Market Index (Briefing.com consensus 69) will follow at 10:00 ET. The Net Long-Term TIC Flows report for March will be released at 16:00 ET.

Nasdaq Composite +7.4% YTD
Russell 2000 +4.3% YTD
S&P 500 +2.1% YTD
Dow Jones Industrial Average +0.7% YTD

Dow: +68.24… | Nasdaq: +8.43… | S&P: +2.41…
NASDAQ Adv/Dec 1304/1597. …NYSE Adv/Dec 1365/1563.

03:45PM ET
[BRIEFING.COM]

Energy Settlement Prices
June Crude Oil futures rose $0.34 to $71.01/barrel
June Natural Gas settled $0.04 higher at $2.84/MMBtu
June RBOB Gasoline settled $0.01 higher at $2.20/gallon
June Heating oil futures settled $0.03 higher at $2.25/gallon
Metals Settlement Prices
June gold settled today's session down $2.70 (0.2%) at $1318.20/oz
July silver settled today's session $0.10 lower (0.6%) at $16.65/oz
July copper settled $0.02 lower (0.64%) at $3.09/lb
Agriculture Settlement Prices
May corn settled $0.01 lower at $3.96/bushel
May wheat settled $0.06 lower at $4.91/bushel
May soybeans settled $0.16 higher at $10.18/bushel

Dow: +36.38… | Nasdaq: +3.21… | S&P: -0.88…
NASDAQ Adv/Dec 1353/1527. …NYSE Adv/Dec 1333/1594.

02:55PM ET

[BRIEFING.COM] The major averages hover near their lows with one hour remaining in today's trade. The S&P 500 (+0.1%) is hanging onto a two-point gain.

Today's pullback from opening highs took place as the the technology sector (+0.1%) surrendered its early gain, falling in line with groups that struggled from the start. Chipmakers, however, have refused to give in. The PHLX Semiconductor Index is higher by 1.3% with all but one component trading in the green.

Treasuries are about to end the session with modest losses, pushing the 10-yr yield up two basis points to 2.99%.
Dow: +80.90… | Nasdaq: +16.23… | S&P: +3.69…
NASDAQ Adv/Dec 1369/1499. …NYSE Adv/Dec 1428/1478.

02:30PM ET

[BRIEFING.COM] Even though the broader market is now split, the Dow Jones Industrial Average is still on pace to record its eighth straight positive finish. The index holds onto gains of 0.2% at this juncture.

Tomorrow morning investors will receive the latest quarterly report from home improvement company Home Depot (HD 190.99, +0.68, +0.4%). Strength in the housing market in the past few years has allowed Home Depot to report solid results. Expectations for this period may appear tempered, however, as a cold start to spring across much of the country has the potential to put a damper on Home Depot's results.

With a $220 billion market cap, Home Depot trades at just over 20x earnings. Home improvement peer Lowe's (LOW 86.56, -0.89, -1.0%) has consistently under-performed Home Depot, resulting in a notable discount at 16x earnings. LOW is slated to release its latest quarterly results before the open next Wednesday (5/23).
Dow: +36.77… | Nasdaq: +6.52… | S&P: -0.83…
NASDAQ Adv/Dec 1303/1555. …NYSE Adv/Dec 1394/1504.

02:00PM ET

[BRIEFING.COM] The major averages have bounced off the last half hour's weakness, still well within their daily ranges.

Gold futures continued their recent tepid trade, settling 0.2% lower at $1,318.20/oz on Monday. The yellow metal remains subdued as yields post decent gains.

The yield on the benchmark 10-yr note is up about two basis points at 2.99%.
Dow: +81.06… | Nasdaq: +16.98… | S&P: +4.38…
NASDAQ Adv/Dec 1358/1491. …NYSE Adv/Dec 1465/1437.

01:35PM ET

[BRIEFING.COM] The major U.S. indices continue to gradually surrender today's gains with stocks near their lowest levels of the session.

A look inside the Dow Jones Industrial Average shows that Wal-Mart (WMT 84.40, +1.02), UnitedHealth Group (UNH 240.75, +2.47), & Walt Disney (DIS 103.11, +1.04) are outperforming. Walmart is advancing ahead of Thursday's quarterly earnings report, while Disney is gaining amid continued success for their latest Marvel Avengers release, Infinity War, and optimism over expected benefits from today's Supreme Court ruling that moved to allow states to legalize sports gambling.

Conversely, Travelers (TRV 130.43, -0.82) is the worst-performing Dow component as financials display relative weakness to kick off the trading week.

Still showing small gains on the day, the DJIA is now +3% this month.
Dow: +59.20… | Nasdaq: +7.21… | S&P: +0.81…
NASDAQ Adv/Dec 130/1530. …NYSE Adv/Dec 1410/1462.

12:55PM ET

[BRIEFING.COM] The major averages trade on a modestly higher note at midday, but the market has pulled back from its opening peak over the last few hours. The S&P 500 remains higher by 0.2% while the Nasdaq (+0.4%) outperforms.

The tech-heavy Nasdaq has shown relative strength since the start, with chipmakers contributing to the outperformance. The PHLX Semiconductor Index is up 1.7% with Qualcomm (QCOM 56.93, +1.71) jumping 3.1% after it was reported that Chinese regulators will reevaluate the company's offer to acquire NXP Semiconductors (NXPI 112.92, +13.88). The news came after President Trump voiced his desire to find a way to allow U.S. companies to do business with China's ZTE once again.

Biotechnology has also done its part in keeping the Nasdaq ahead of the broader market, as the iShares Nasdaq Biotechnology ETF (IBB 107.87, +1.29) extends its rebound off this year's low. The ETF has climbed 1.2% today, approaching its 200-day moving average (107.81). Biotech's outperformance has boosted the health care sector (+0.7%), while another top-weighted group-financials (+0.1%)-struggles to keep pace.

Like technology and health care, the energy space (+0.8%) has traded ahead of the broader market since the start, maintaining its outperformance despite a pullback in crude oil. The energy component has narrowed its gain to 0.3% at $70.95/bbl after flirting with the $70.25 level.

Rate-sensitive sectors like telecom services (-0.3%), utilities (-0.8%), and real estate (-1.1%) have spent the first half in negative territory while industrials (unch) and consumer staples (unch) have been unable to pull away from their flat lines. Transport stocks have weighed on the industrial sector, as the Dow Jones Transportation Average sheds 0.2% after surrendering its opening gain.

Treasuries trade lower across the curve with the 10-yr yield rising two basis points to 2.99%.
Dow: +102.56… | Nasdaq: +28.54… | S&P: +5.78…
NASDAQ Adv/Dec 1387/1439. …NYSE Adv/Dec 1515/1352.

12:25PM ET

[BRIEFING.COM] The major averages have paused near their recent levels as participants ponder the persisting divergence in sector standings. Heavily-weighted health care (+0.8%) and technology (+0.5%) have shown relative strength since the opening bell, but that strength has yet to encourage buying in some other areas of the market.

The intraday pullback from early highs has masked continued strength in the energy sector (+0.7%). The commodity-sensitive group is now up 4.5% in May, while crude oil is higher by 0.4% at $71.00/bbl, boosting this month's gain to 3.5%.

Treasuries remain modestly lower with the 10-yr yield up two basis points at 2.99%.
Dow: +120.09… | Nasdaq: +36.53… | S&P: +8.00…
NASDAQ Adv/Dec 1425/1367. …NYSE Adv/Dec 1562/1300.

11:55AM ET

[BRIEFING.COM] Recent action saw the major averages surrender a bit more of their gains, which has returned the S&P 500 (+0.3%) to its opening level. Meanwhile, the Dow (+0.5%) and Nasdaq (+0.4%) remain ahead of the benchmark index.

The backtracking in the S&P 500 has been owed to a weak showing from a handful of influential sectors. Top-weighted technology (+0.4%) and health care (+0.6%) remain near their highs while financials (+0.1%), industrials (unch), and consumer staples (unch) hover near their flat lines.

Transport stocks have contributed to the underperformance among industrials. The Dow Jones Transportation Average is down 0.3%, pulling back after logging five gains in the past six sessions. Today's selling comes after the Average failed to make a sustained move above its closing level from April 18.
Dow: +114.97… | Nasdaq: +30.20… | S&P: +7.68…
NASDAQ Adv/Dec 1374/1396. …NYSE Adv/Dec 1590/1278.

11:25AM ET

[BRIEFING.COM] The major averages have backed off their session highs, but they remain comfortably in the green with the S&P 500 (+0.4%) trading four points below its session high.

With today's gain, the benchmark index will look to boost its May advance to 3.4%. However, even with the solid start to the month, the S&P 500 remains nearly 150 points below its record high that was notched in late January. For its part, the tech-heavy Nasdaq (+0.6%) sits about 200 points below its record from mid-March.

Treasuries remain in negative territory with the 10-yr yield up two basis points at 2.99%.
Dow: +149.77… | Nasdaq: +41.16… | S&P: +10.24…
NASDAQ Adv/Dec 1459/1298. …NYSE Adv/Dec 1625/1224.

11:00AM ET

[BRIEFING.COM] Equity indices have built on their early gains with the Nasdaq Composite (+0.6%) remaining in the lead.

The technology sector (+0.6%) continues trading ahead of the broader market, but the group has been overtaken by health care (+0.9%). Biotechnology has contributed to the outperformance in health care, as the iShares Nasdaq Biotechnology ETF (IBB 108.19, +1.61) adds 1.5%.

It is worth noting that the relative strength in health care and technology has overshadowed a weak outing from bank stocks, which has the financial sector (+0.1%) holding just a slim gain.
Dow: +134.28… | Nasdaq: +44.11… | S&P: +10.40…
NASDAQ Adv/Dec 1478/1263. …NYSE Adv/Dec 1640/1176.

10:30AM ET
[BRIEFING.COM]

Commodities are beginning the day higher, after showing a reversal here from modest weakness
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.2% at 90.23
Dollar index is currently -0.3% at 92.16
Looking at energy...
June WTI crude oil futures are now +$0.36 at $71.06/barrel
In other energy, June natural gas is +$0.02 at $2.82/MMBtu
Moving on to metals...
June gold is currently -$1.60 at $1319.10/oz, while May silver is -$0.10 at $16.65/oz
May copper is now -$0.01 at $3.10/lb

Dow: +125.72… | Nasdaq: +51.18… | S&P: +12.91…
NASDAQ Adv/Dec 1585/1048. …NYSE Adv/Dec 1769/986.

09:55AM ET

[BRIEFING.COM] The major averages remain near their opening highs, but the early gains on the headline level have masked some softness in a handful of sectors.

The top-weighted technology space (+0.7%) trades well ahead of the broader market while energy (+0.8%) also outperforms. However, consumer staples (+0.1%) and consumer discretionary (+0.1%) are struggling to keep pace with the market.

Rate-sensitive sectors began the day in negative territory, but they have put up an early fight with telecom services (-0.1%) and real estate (-0.1%) hovering just below their flat lines.

Treasuries sit on their lows with the 10-yr yield rising two basis points to 2.99%.
Dow: +122.28… | Nasdaq: +43.57… | S&P: +12.52…
NASDAQ Adv/Dec 1681/944. …NYSE Adv/Dec 1871/830.

09:40AM ET

[BRIEFING.COM] As expected, the major averages have climbed out of the gate with semiconductor names leading the early advance. The S&P 500 trades higher by 0.3%.

Chipmakers have gotten off to a strong start, as the PHLX Semiconductor Index jumps 1.8% to a level not seen since late March. Qualcomm (QCOM 57.17, +1.90) has paced the group's rally after it was reported that Chinese regulators reopened their review of Qualcomm's offer to acquire NXP Semiconductor (NXPI 108.75, +9.74). Elsewhere among chipmakers, NVIDIA (NVDA 256.49, +2.08) has climbed 0.8% in the early going.

On the downside, the telecom services sector (-0.1%) is the lone decliner.
Dow: +121.85… | Nasdaq: +34.48… | S&P: +9.32…
NASDAQ Adv/Dec 1594/977. …NYSE Adv/Dec 1782/818.

09:11AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +16.50.

The stock market is on track for a modestly higher start as futures on the S&P 500 trade seven points above fair value.

The trading week has gotten off to an unassuming start with Asian markets recording gains while European indices have seen some selling. The retreat in Europe has been paced by Italy's MIB (-0.5%) while Italian 10-yr yield (+2 bps to 1.91%) has remained beneath last week's high even though the Lega-M5S governing coalition will have a populist platform.

Domestically, chipmakers are likely to display some early strength, as Qualcomm (QCOM 56.60, +1.37) rises 2.5% in pre-market after Chinese regulators reportedly reopened their review of Qualcomm's proposal to acquire NXP Semiconductor (NXPI 108.99, +10.08).

08:57AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.80.

The S&P 500 futures trade six points above fair value.

Equity indices in the Asia-Pacific region began the week on a mostly higher note. President Trump voiced his desire to find a way to allow U.S. companies to do business with China's ZTE once again. The move can be viewed as an olive branch, which is a part of a broader strategy to resolve trade issues with China. The People's Bank of China released its quarterly report, noting that monetary policy will be implemented in "prudent and neutral fashion" to "create a moderate financial environment for supply-side structural reform and high-quality development."

In economic data:
Japan's April PPI +0.1% month-over-month, as expected (last -0.1%); +2.0% year-over-year, as expected (last 2.1%). Machine Tool Orders +22.0% year-over-year (last 28.1%)
India's April WPI Inflation +3.18% year-over-year (expected 2.86%; last 2.47%); +3.11% year-over-year (last 3.03%)

---Equity Markets---

Japan's Nikkei gained 0.5%. Nippon Sheet Glass, Shiseido, Mitsui Fudosan, Meiji Holdings, Familymart, Alps Electric, Sony, Sumitomo Mitsui, Fanuc, and Fujifilm Holdings rose between 1.6% and 16.1%.
Hong Kong's Hang Seng climbed 1.4%. Apple suppliers were mixed as Sunny Optical Tech jumped 7.9% while AAC Technologies lost 4.9%. Property names like Wharf Real Estate, Sino Land, New World Development, Henderson Land, China Overseas, and Hang Lung Properties gained between 1.9% and 3.4%.
China's Shanghai Composite added 0.3%. Xinjiang Yilite Industry, Inner Mongolia Yili Industrial, Oriental Pearl Media, Sanan Optoelectronics, and Tibet Tourism advanced between 4.2% and 4.9%.
India's Sensex added 0.1%. NTPC, Dr. Reddy's Labs, IndusInd Bank, SBI, Infosys, HDFC Bank, and Sun Pharma gained between 0.5% and 2.5%.

Major European indices have started the week in a defensive posture that has resulted in modest losses for the major bourses. There hasn't been any economic data of note to drive things. Instead, threats of U.S. sanctions being imposed on European companies that do business with Iran have acted as a headwind for buyers. Separately, reports suggest Italy's 5-Star Movement and the League Party have worked out agreements on several provisions, like a universal basic income, that could pave the way for the formation of a coalition government without a new election. Also grabbing attention is a report that ECB member Villeroy said it's possible the ECB could give some additional guidance on when the ECB is apt to announce its first rate hike following the end of its asset purchase program, noting though that the rate path will be contingent on the inflation outlook.

No economic data of note

---Equity Markets---

France's CAC is down 0.3%.Not a lot of big movers in a generally mixed market; however, losses in Airbus Group (-3.1%), Publicis Groupe (-1.0%), Michelin (-1.0%), and Credit Agricole (0.9%) are making a difference in tilting the French market modestly lower.Sanofi (+1.1%) is the only component up more than 1.0%.
Germany's DAX is down 0.4%, with the majority of its components trading in the red.Deutsche Bank (-1.2%) sits atop the list of laggards, followed by Deutsche Boerse (-1.2%), RWE AG (-1.0%), and Volkswagen (-1.0%).Merck (+1.0%) is the only component up at least 1.0%.
UK's FTSE has shed 0.2% in a somewhat mixed day of trading so far.Gains in Capita (+2.0%), Mediclinic (+1.9%), and Compass (+1.7%) are helping to offset losses in ITV (-3.6%), Royal Mail (-2.4%), and Direct Line Insurance (-2.1%).
Italy's MIB is down 0.5% with automakers Ferrari (-1.8%) and Fiat (-1.7%) on the defensive.Other laggards of note include Azimut Holding (-3.0%), Prysmian (-2.2%), UniCredit (-1.2%), and Telecom Italia (-1.2%).

08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +16.80.

Equity futures remain near their recent levels with futures on the S&P 500 trading six points above fair value.

Market participants will not receive any economic data today, but a few noteworthy reports will be released later in the week. The April Retail Sales report (Briefing.com consensus 0.3%) will cross the wires tomorrow at 8:30 ET while April Housing Starts (Briefing.com consensus 1325K) and Building Permits (Briefing.com consensus 1350K) will be reported on Wednesday.

U.S. Treasuries remain near their flat lines with the 10-yr yield up one basis point at 2.98%.

07:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +14.50.

U.S. equity futures hold modest pre-market gains with the S&P 500 futures trading six points above fair value.

The major averages are coming off solid weekly gains after the previous three weeks saw the market trade in sideways fashion.

The overnight session featured gains in most Asian markets, but European equities have failed to keep up amid some jitters related to the government formation process in Italy, where M5S and Lega have agreed on a populist platform that will test the country's relationship with Brussels.

On the home front, this week will feature a dose of quarterly reports from retailers, but today's earnings slate is free of noteworthy releases.

Treasuries are modestly lower with the 10-yr yield edging up one basis point to 2.98%.

In U.S. corporate news:

Qualcomm (QCOM 57.10, +1.87): +3.4% after President Trump voiced his desire to help ZTE regain access to U.S. suppliers. In addition, Chinese regulators have reportedly reopened their review of Qualcomm's proposal to acquire NXP Semiconductor (NXPI 109.15, +10.14)
UPS (UPS 117.00, +1.55): +1.3% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Neutral.'
Xerox (XRX 28.60, -1.57): -5.2% after the company terminated its transaction agreement with Fujifilm and entered into a settlement agreement with Carl Icahn. The stock was downgraded at Cross Research and JP Morgan after the change

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.5%, Hong Kong's Hang Seng +1.4%, and China's Shanghai Composite +0.3%
In economic data:
Japan's April PPI +0.1% month-over-month, as expected (last -0.1%); +2.0% year-over-year, as expected (last 2.1%). Machine Tool Orders +22.0% year-over-year (last 28.1%)
India's April WPI Inflation +3.18% year-over-year (expected 2.86%; last 2.47%); +3.11% year-over-year (last 3.03%)
In news:
President Trump voiced his desire to find a way to allow U.S. companies to do business with China's ZTE once again
The People's Bank of China released its quarterly report, noting that monetary policy will be implemented in "prudent and neutral fashion" to "create a moderate financial environment for supply-side structural reform and high-quality development."
Major European indices trade in the red. Germany's DAX -0.4%, France's CAC -0.2%, and UK's FTSE -0.2%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -0.2%
Participants did not receive any economic data of note
In news:
In Italy, Movimento 5 Stelle and Lega are reportedly close to naming a prime minister. The two parties have reached agreement on a universal basic income, a flat tax, and a rollback of pensions reforms from 2011, setting up a battle with the EU

06:54AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +19.30.

06:54AM ET
[BRIEFING.COM] Nikkei...22866...+107.40...+0.50%. Hang Seng...31541...+419.00...+1.40%.

06:54AM ET
[BRIEFING.COM] FTSE...7707.92...-16.60...-0.20%. DAX...12943.22...+58.00...+0.50%.

04:30PM ET

[BRIEFING.COM] Equities ticked higher on Friday, locking in big gains for the week, as a positive performance from the health care sector narrowly outweighed a modest pullback from the information technology group. The S&P 500 and the Dow added 0.2% and 0.4%, respectively, while the tech-heavy Nasdaq underperformed, closing a tick below its flat line. All three indices finished with weekly gains of more than 2.0%.

The market drifted flat to slightly higher for the bulk of Friday's session, but volatility picked up briefly in the afternoon when President Trump unveiled a blueprint for lowering drug prices. The president plans to increase competition within the drug space and to change rules that have allowed some drugmakers to game the system. The blueprint lacked many details, however, prompting a sigh of relief from investors, who were worried about the possibility of imminent regulation. Health-related names rallied into the close, leaving the S&P 500's health care sector with a gain of 1.5%.

Telecom services was the only group to outperform health care on Friday, largely thanks to Verizon (VZ 48.62, +1.42), which rallied after JPMorgan upgraded shares to 'Overweight' from 'Neutral'; the telecom services group finished with a gain of 2.1%, while Verizon shares ended higher by 3.0%.

The only other sectors to finish in the green were industrials, consumer discretionary, and utilities, but their gains were modest at 0.2% apiece. On the downside, six sectors finished in the red, but no group lost more than 0.5%. The technology group was among the worst performers, closing lower by 0.3%, which posed a problem for the broader market given the group's huge influence; technology is the top-weighted S&P 500 sector, representing around a quarter of the broader market alone.

Shares of chipmaker NVIDIA (NVDA 254.53, -5.60) declined 2.2%, retreating from an all-time high, amid a "sell the news" response to the company's first quarter results, which came in better-than-expected. Separately, Apple (AAPL 188.59, -0.72) shares broke their nine-session winning streak, slipping 0.4%, and shares of Symantec (SYMC 19.52, -9.66) plunged 33.1% after the company announced that it has relayed concerns from an ex-employee to the SEC.

Outside of equities, U.S. Treasuries finished Friday on a flattish note, with the benchmark 10-yr yield holding steady at 2.97%. Meanwhile, WTI crude futures declined 0.9% to $70.70 per barrel, slipping from a three-and-a-half year high, and the U.S. Dollar Index dropped for the third day in a row, slipping 0.2% to 92.41.

Reviewing Friday's economic data, which was limited to April Import/Export Prices and the preliminary reading of the University of Michigan Consumer Sentiment Index for May:

Import prices excluding oil rose 0.2% in April after rising a revised 0.1% in March (from +0.2%). Export prices excluding agriculture increased 0.7% after holding flat last month (revised from -0.1%).
The key takeaway from the report is that overall import price pressures moderated on a year-over-year basis while nonfuel import prices remain at palatable levels on a year-over-year basis.
The preliminary reading of the University of Michigan Consumer Sentiment Index for May held steady at 98.8 (Briefing.com consensus 98.0).
The key takeaway from the report is that there was some slippage in income expectations and a small uptick in the one-year inflation expectation to 2.8% from 2.7%.

Investors will not receive any economic data on Monday.

Nasdaq Composite: +7.2% YTD
Russell 2000: +4.6% YTD
S&P 500: +2.0% YTD
Dow Jones Industrial Average: +0.5% YTD

Week In Review: Buyers Re-emerge Following Q1 Earnings Season

Buyers returned to the market this week following a three-week absence during the thick of the first quarter earnings season. The S&P 500, the Dow, and the Nasdaq finished with sizable weekly gains, adding between 2.3% and 2.7% apiece -- enough to put the S&P 500 and the Dow back into positive territory for the year (+2.0%, +0.5% YTD). The Nasdaq is now up 7.2% year-to-date.

The stock market got off to a slow start this week as investors digested President Trump's decision to pull the U.S. out of the Iran nuclear agreement and restore the "highest level of economic sanctions" against Iran. The president was scolded by European allies, which wanted the U.S. to remain in the agreement, while Iran's response was more violent with lawmakers burning the American flag in parliament.

Tensions in Middle East were further escalated later in the week when Israel struck nearly all of Iran's military infrastructure in Syria in response to an Iranian missile attack on Israeli-held territory.

Outside of a brief pause, stocks had a mostly muted reaction to the headlines, but crude oil futures took off, with WTI crude establishing a new three-and-a-half year high ($71.26/bbl), as the restoration of U.S. sanctions on Iran -- which is OPEC's third-largest oil exporter -- and the looming threat of conflict within the oil-rich region prompted investors to bet on a disruption to crude supply on the global market.

The S&P's energy sector benefited from the rise in oil prices, adding 3.8% this week, but the industrials, technology, and financials sectors finished with similar weekly gains, adding between 3.4% and 3.6%. In total, nine sectors finished the week in the green, while two -- consumer staples (-0.5%) and utilities (-2.3%) -- finished in the red.

Stocks started taking off on Wednesday and carried that momentum into Thursday's session; the S&P 500 added 1.9% in those two days alone, catapulting above its 50-day moving average to a nearly two-month high. Technology shares rallied over that two-day stretch, reminiscing last year's tech-charged surge, with Apple (AAPL) extending its streak of record closes to five in a row on Thursday (the streak was then broken with a small loss on Friday).

Investors received some important inflation data on Thursday -- namely, the Consumer Price Index for April -- which helped further fuel the bullish bias, coming in slightly below estimates (+0.2% actual vs +0.3% Briefing.com consensus), and thereby tempering concerns that the Fed might have to be more aggressive in its path to normalization.

Overseas, the Bank of England voted 7-2 in favor of keeping its official bank rate and its asset purchase program unchanged on Thursday, but BoE Governor Mike Carney added that interest rates will likely go up by the end of the year. Separately, President Trump announced that his summit with North Korean Leader Kim Jong Un will be held on June 12 in Singapore, a positive stride in the quest for global peace.

The stock market ended the week with a flat performance on Friday. Volatility picked up temporarily in the afternoon when President Trump released a blueprint for lowering drug prices, but order was restored after it became clear that the blueprint still lacked many specific details.

Dow: +91.64… | Nasdaq: -2.09… | S&P: +4.65…
NASDAQ Adv/Dec 1543/1295. …NYSE Adv/Dec 1623/1279.

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