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Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
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 Post subject: May 15th Tuesday Price Action Trade Result Profit $3175.00
PostPosted: Tue May 15, 2018 10:27 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users Reviews, Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
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Twitter @ http://twitter.com/wrbtrader (24/7)

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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 @ $3175.00 dollars or +63.50 points, Light Crude Oil CL ($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 @ $3175.00 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=2822

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 free chat room is not a signal calling trading room nor is it a live trading room with a head trader even though members of the chat room are posting their trades & market analysis in real-time. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of TheStrategyLab free chat room is for you to use as your trade journal so that you can use as valuable feedback about your own trading and for members to help each other...as in more eyes on the market. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum.

Also, you can use TheStrategyLab free chat room to ask real-time WRB Analysis questions. Yet, please do not post your quantitative statistical analysis, brokerage statements in the free chat room. Instead, its highly recommended that you only post that particular information in your private thread for security reasons. Yet, if you want to post that type of information at another website, blog or chat room...that's your choice.

TheStrategyLab free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages, many different mobile apps, many different types of social media software can be used to log in along with IRC being easier to moderate via script codes when trouble makers, spammers and trolls show up. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing problematic traders so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled or harassed.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell nor do we allow the free chat room to be used for mentoring because we do not offer a mentoring service. The purpose of TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading.

In fact, we do not want silent (lurkers) traders to join the free chat room unless they are actively posting at the forum about their trading after the markets close. Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Also, posted below for you to review are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=350&t=3706 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 04:30PM ET
Dow: -193.00… | Nasdaq: -59.69… | S&P: -18.68…
NASDAQ Vol: 2.08 bln… Adv: 1360… Dec: 1488…
NYSE Vol: 800.5 mln… Adv: 1075… Dec: 1835…

Moving the Market

Stocks pull back following an impressive start to the month

Treasury yields spike; benchmark 10-yr yield hits highest level since July 2011

April Retail Sales come in as expected, showing month-over-month increase of 0.3%

Sector Watch
Strong: Financials, Energy, Materials
Weak: Technology, Health Care, Real Estate

04:30PM ET

[BRIEFING.COM] The Dow's eight-session winning streak came to an abrupt end on Tuesday as Treasury yields spiked, returning to multi-year highs. The Dow and the Nasdaq finished with losses of 0.8% apiece, while the S&P 500 ended lower by 0.7%. The small-cap Russell 2000 held up relatively well though, settling near its unchanged mark.

Treasury yields, which move inversely to Treasury prices, shot higher in pre-market action on Tuesday following the release of the Retail Sales report for April, which came in as expected, showing a month-over-month increase of 0.3%. In addition, the March increase was upwardly revised to 0.8% from 0.6%, and core retail sales -- which exclude auto, gas station, building materials, and food and drinking services sales -- jumped 0.4%.

The yield on the benchmark 10-yr Treasury note blew past the more than four-year high it hit three weeks ago, ending nine basis points above its Monday close at 3.08% -- its highest close since July 2011. Meanwhile, the yield on the 2-yr Treasury note climbed four basis points to 2.58% -- its highest close since July 2008.

Higher "risk free" interest rates enticed investors to dial back their equity holdings, especially within the rate-sensitive real estate space -- which finished at the bottom of the sector standings with a loss of 1.7% -- and within the homebuilding subsector -- evidenced by a 3.8% decline in the iShares U.S. Home Construction ETF (ITB 37.27, -1.47). The financial sector benefited from the rise in rates, settling near the top of sector leaderboard, but still ended with a loss of 0.2%.

Meanwhile, the heavily-weighted health care sector lost 1.3%, led lower by medical device company Agilent (A 62.50, -6.71), which tumbled 9.7% to a nine-month low after slashing its guidance for the July quarter and for the fiscal year. The top-weighted technology sector also underperformed, losing 1.0%, and energy was the only group to close in the green, finishing just a tick higher.

Dow component Home Depot (HD 187.98, -3.10) declined 1.6% after missing same-store sales estimates for the first quarter -- the first time it's missed on that metric in seven quarters. The home improvement retailer did beat earnings estimates though and did reaffirm its guidance for the fiscal year.

The U.S. and China kicked off a second round of trade talks in Washington on Tuesday. Round one, which took place in Beijing earlier this month, failed to move the needle, but there is some optimism about this round after U.S. President Donald Trump said he's working on getting Chinese phone company ZTE, which is suffering from U.S. sanctions, "back into business."

Reviewing Tuesday's economic data, which included Retail Sales for April, the Empire State Manufacturing Index for May, the NAHB Housing Market Index for May, and Business Inventories for March:

April retail sales rose 0.3% (Briefing.com consensus +0.3%), while the March increase was revised to 0.8% from 0.6%. Excluding autos, retail sales increased 0.3% in April (Briefing.com consensus +0.5%), and last month's increase was revised to 0.4% from 0.2%.
The key takeaway from the report is that consumer spending on goods was decent in April. Core retail sales, which exclude auto, gas station, building materials, and food and drinking services sales, jumped 0.4%.
The Empire Manufacturing Survey for May climbed to 20.1 (Briefing.com consensus 15.0) from the prior month's unrevised reading of 15.8.
The NAHB Housing Market Index for May ticked up to 70 (Briefing.com consensus 69) from a revised reading of 68 in April (from 69).
Business Inventories were flat in March (Briefing.com consensus +0.1%). The February reading was left unrevised at +0.6%.
The key takeaway from the report is that sales growth outpaced inventories growth, which is what businesses need to see to claim some pricing power.

Dow: -193.00… | Nasdaq: -59.69… | S&P: -18.68…
NASDAQ Adv/Dec 1360/1488. …NYSE Adv/Dec 1075/1835.

03:45PM ET
[BRIEFING.COM]

Energy Settlement Prices
June Crude Oil futures rose $0.29 (0.41%) to $71.30/barrel
June Natural Gas settled unch at $2.84/MMBtu
June RBOB Gasoline settled $0.01 higher (0.45%) at $2.21/gallon
June Heating oil futures settled unch at $2.25/gallon
Metals Settlement Prices June gold settled today's session down $27.90 (2.12%) at $1290.30/oz
July silver settled today's session $0.37 lower (2.22%) at $16.28/oz
July copper settled $0.03 lower (0.97%) at $3.06/lb
Agriculture Settlement Prices
May corn settled $0.06 higher at $4.02/bushel
May wheat settled $0.04 higher at $4.95/bushel
May soybeans settled $0.02 lower at $10.16/bushel

Dow: -244.90… | Nasdaq: -73.66… | S&P: -24.66…
NASDAQ Adv/Dec 1344/1519. …NYSE Adv/Dec 976/1958.

02:55PM ET

[BRIEFING.COM] The major averages are down around 0.9% apiece moving into the final hour of trading.

All 11 S&P sectors are trading in the red -- financials (-0.2%), consumer discretionary (-0.8%), industrials (-0.5%), energy (-0.1%), materials (-0.4%), technology (-1.1%), health care (-1.4%), consumer staples (-0.5%), utilities (-1.1%), telecom services (-1.1%), and real estate (-1.8%).

Looking ahead, the American Petroleum Institute will deliver its weekly crude oil inventory report following today's closing bell (4:30 PM ET). West Texas Intermediate crude futures are up 0.5% at $71.30 per barrel, hovering just a tick below a three-and-a-half year high, ahead of the release.
Dow: -221.55… | Nasdaq: -70.02… | S&P: -22.51…
NASDAQ Adv/Dec 1013/1908. …NYSE Adv/Dec 1014/1908.

02:25PM ET

[BRIEFING.COM] The major averages are little changed since our last update, still holding losses worse than 0.9% across the board.

Tomorrow morning investors will receive quarterly results from retailer Macy's (M 29.87, +0.24, +0.8%). All told, Macy's appears in better shape than it was one year ago. Department stores still face a challenging environment as eCommerce eats in to traffic at brick-and-mortar malls (Bon-Ton Stores recently filed for bankruptcy), but Macy's is taking encouraging steps to right-size its assets. Macy's continues to rationalize its store base and monetize valuable real estate assets.

The macroeconomic backdrop could provide a nice tailwind for the retail sector. This morning, the U.S. Census Bureau reported April retail sales grew 4.8% in April and 5.5% in March. However, retail sales at department stores fell 1.6% and 1.2% over that period.

Still, Macy's stock trades at a decent discount to most retailers. With a $9.1 billion market cap, Macy's trades at just over 8x earnings with a $13.7 billion enterprise value just over 5x EBITDA estimates. A broad group of publicly traded retailers trade at ~16x EPS and ~8x EV/EBITDA. Higher end department store Nordstrom (JWN 49.49, +0.17, +0.3%) trades at just over 14x EPS and 6x EV/EBITDA.
Dow: -237.31… | Nasdaq: -77.40… | S&P: -25.55…
NASDAQ Adv/Dec 1281/1549. …NYSE Adv/Dec 983/1922.

01:55PM ET

[BRIEFING.COM] The major averages have recently taken a tick toward lows, but still hold within daily ranges on losses between 1.1% and 0.8% apiece.

Gold futures took a beating today, settling 2.1% lower at $1,290.30/oz. The yellow metal was taken to the woodshed amid rising treasury market yields.

Today, the benchmark 10-yr Treasury Bond hit a nearly seven-year high at 3.07%. The 2-yr yield currently is up about three basis points at 2.58%, and the 30-yr note gains about eight basis points at 3.21%.
Dow: -220.67… | Nasdaq: -76.95… | S&P: -24.07…
NASDAQ Adv/Dec 1292/1523. …NYSE Adv/Dec 959/1935.

01:35PM ET

[BRIEFING.COM] The major U.S. indices remain under notable pressure at this time, as investors fret over the 10-year yield hitting fresh multi-year highs.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 53.71, -1.19), Caterpillar (CAT 152.69, -2.59), & 3M (MMM 202.23, -3.53) are underperforming. Intel is selling off as the entire semiconductor space falls under pressure, while Catperillar is lagging amid notable put activity in today's trade.

Conversely, Nike (NKE 69.19, +0.35) is the best-performing Dow component as retail displays relative strength in today's session.

Despite today's pullback, the DJIA is +2.1% this month.
Dow: -228.45… | Nasdaq: -71.32… | S&P: -23.27…
NASDAQ Adv/Dec 1302/1505. …NYSE Adv/Dec 966/1924.

01:00PM ET

[BRIEFING.COM] The stock market has pulled back today following a strong start to the month and amid a spike in Treasury yields, which have returned to multi-year highs. The S&P 500, the Dow, and the Nasdaq have largely been trending sideways since the opening bell and are currently down between 0.7% and 0.9%. The small-cap Russell 2000 outperforms, down just 0.1%.

Stocks appear somewhat less attractive today in light of the rising returns that "risk free" government debt can provide. The yield on the benchmark 10-yr Treasury note is eight basis points above its Monday close, hovering at 3.07% -- its highest level since July 2011. The 2-yr yield is also higher, but not nearly as much, up two basis points at 2.56%.

The increased 2s10s spread has helped keep the S&P's financial sector (+0.2%) above water, but the 10 other groups are trading in the red. The heavily-weighted technology and health care sectors -- which, together, comprise around 40% of the broader market -- are near the bottom of today's sector standings, showing losses of around 1.1% apiece. Real estate is the worst-performing group, down 1.8%.

On the corporate front, shares of Dow component Home Depot (HD 188.28, -2.80) are down 1.5% today after the home improvement retailer missed same-store sales forecasts for the first quarter -- the first time it's missed on that metric in seven quarters. The company did beat earnings estimates though and did reaffirm its guidance for FY19.

In Washington, the U.S. and China kicked off four days of trade talks today with renewed optimism after President Trump voiced his desire to lift U.S. sanctions on China's ZTE Corporation.

Reviewing today's economic data, which included Retail Sales for April, the Empire State Manufacturing Index for May, the NAHB Housing Market Index for May, and Business Inventories for March:

April retail sales rose 0.3% (Briefing.com consensus +0.3%), while the March increase was revised to 0.8% from 0.6%. Excluding autos, retail sales increased 0.3% in April (Briefing.com consensus +0.5%), and last month's increase was revised to 0.4% from 0.2%.
The key takeaway from the report is that consumer spending on goods was decent in April. Core retail sales, which exclude auto, gas station, building materials, and food and drinking services sales, jumped 0.4%.
The Empire Manufacturing Survey for May climbed to 20.1 (Briefing.com consensus 15.0) from the prior month's unrevised reading of 15.8.
The NAHB Housing Market Index for May ticked up to 70 (Briefing.com consensus 69) from a revised reading of 68 in April (from 69).
Business Inventories were flat in March (Briefing.com consensus +0.1%). The February reading was left unrevised at +0.6%.
The key takeaway from the report is that sales growth outpaced inventories growth, which is what businesses need to see to claim some pricing power.

Dow: -184.16… | Nasdaq: -65.08… | S&P: -18.71…
NASDAQ Adv/Dec 1302/1492. …NYSE Adv/Dec 1034/1840.

12:25PM ET

[BRIEFING.COM] Equities have slipped in recent trading, sending the S&P 500 to a new low; the benchmark index is now down 0.9%.

The yield on the benchmark 10-yr Treasury note has returned to its session high, now up eight basis points at 3.07%, surpassing the more than four-year high it hit three weeks ago and on course for its highest close since July 2011. The rise in yields has weighed on rate-sensitive sectors like utilities and real estate, which are down 1.1% and 1.6%, respectively.

In Europe, the major indices settled Tuesday little changed, with the UK's FTSE and France's CAC adding 0.2% and Germany's DAX shedding 0.1%.
Dow: -238.81… | Nasdaq: -77.80… | S&P: -24.03…
NASDAQ Adv/Dec 1238/1565. …NYSE Adv/Dec 933/1945.

11:55AM ET

[BRIEFING.COM] Equity indices have been stuck in a sideways trend since the opening bell and are still showing losses of around 0.7% apiece.

The heavily-weighted technology and health care sectors -- which, together, comprise around 40% of the broader market -- are near the bottom of today's sector standings, showing losses of around 1.1% apiece. Medical device company Agilent (A 63.75, -5.48) is leading the health care group lower with a loss of 7.9% after slashing its guidance for the July quarter and for FY18.

In currencies, the U.S. Dollar Index is up for the second straight session, climbing 0.5% to 93.01, and on course for its best close since hitting a nearly five-month high last Tuesday. The greenback is up 0.6% against the euro at 1.1862 and up 0.5% against the Japanese yen at 110.24.
Dow: -184.62… | Nasdaq: -60.97… | S&P: -17.62…
NASDAQ Adv/Dec 1326/1451. …NYSE Adv/Dec 1040/1811.

11:25AM ET

[BRIEFING.COM] The major averages continue to hover at their recent levels, with the S&P 500 still showing a loss of around 0.7%.

Shares of Dow component Home Depot (HD 187.95, -3.05) are down 1.6% today after the home improvement retailer missed same-store sales forecasts for the first quarter -- the first time it's missed on that metric in seven quarters. The company did beat earnings estimates though and did reaffirm its guidance for FY19.

The consumer discretionary sector, which houses Home Depot, is trading a step behind the broader market, down 0.8%.
Dow: -172.63… | Nasdaq: -65.12… | S&P: -17.81…
NASDAQ Adv/Dec 1280/1475. …NYSE Adv/Dec 1030/1810.

10:55AM ET

[BRIEFING.COM] Stocks have kept within a pretty narrow range since the opening bell, hovering comfortably below their unchanged marks. The Dow and the Nasdaq are down 0.8% apiece, while the S&P 500 shows a loss of 0.7%.

10 of 11 S&P sectors are lower, including consumer discretionary (-0.7%), industrials (-0.7%), energy (-0.2%), materials (-0.7%), technology (-1.0%), health care (-0.9%), consumer staples (-0.2%), utilities (-0.9%), telecoms (-0.6%), and real estate (-1.4%). Meanwhile, the financial group is a tick higher.

In the bond market, U.S. Treasuries are still solidly lower, but have come up from their session lows; the yield on the benchmark 10-yr Treasury note is currently up six basis points at 3.05% after touching 3.07% earlier.
Dow: -189.89… | Nasdaq: -61.45… | S&P: -18.19…
NASDAQ Adv/Dec 1175/1562. …NYSE Adv/Dec 899/1925.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.7% at 89.74
Dollar index is currently +0.7% at 93.15
Looking at energy...
June WTI crude oil futures are now -$0.13 at $70.83/barrel
In other energy, June natural gas is unch at $2.85/MMBtu
Moving on to metals..
June gold is currently -$24.00 at $1294.20/oz, while May silver is -$0.41 at $16.24/oz
May copper is now -$0.04 at $3.05/lb

Dow: -155.52… | Nasdaq: -51.82… | S&P: -14.47…
NASDAQ Adv/Dec 1146/1477. …NYSE Adv/Dec 861/1956.

10:05AM ET

[BRIEFING.COM] Equity indices are still solidly lower, holding losses between 0.8% and 1.2%.

Just in, Business Inventories were flat in March (Briefing.com consensus +0.1%). The February reading was left unrevised at +0.6%.

Separately, the NAHB Housing Market Index for May ticked up to 70 (Briefing.com consensus 69) from a revised reading of 68 in April (from 69).
Dow: -208.94… | Nasdaq: -87.65… | S&P: -25.12…
NASDAQ Adv/Dec 873/1789. …NYSE Adv/Dec 561/2218.

09:45AM ET

[BRIEFING.COM] The major averages are lower in the opening minutes, showing losses between 0.8% and 1.0%.

11 of 11 S&P 500 sectors are trading in the red. The worst-performing groups are technology (-1.2%), consumer discretionary (-1.0%), real estate (-1.1%), and telecom services (-1.2%). Financials and energy are the best-performing groups, but are still down 0.1% and 0.4%, respectively.

As a reminder, Business Inventories for March (Briefing.com consensus +0.1%) and the NAHB Housing Market Index for May (Briefing.com consensus 69) will be released at 10:00 AM ET.
Dow: -192.09… | Nasdaq: -76.02… | S&P: -21.31…
NASDAQ Adv/Dec 830/1805. …NYSE Adv/Dec 530/2207.

09:13AM ET
[BRIEFING.COM] S&P futures vs fair value: -12.80. Nasdaq futures vs fair value: -53.00.

Wall Street is ready to give back a chunk of its May rally at the opening bell, with equity futures continuing to slide, hitting new overnight lows in recent trade. Over the last hour of action, the S&P 500 futures have extended their loss from 0.3% to 0.6%.

April Retail Sales crossed the wires earlier this morning, showing a month-over-month increase of 0.3%, which was in line with the Briefing.com consensus. Meanwhile, the Empire Manufacturing Survey for May came in better than expected, hitting 20.1 (Briefing.com consensus 15.0). Today's last two economic reports -- Business Inventories for March (Briefing.com consensus +0.1%) and the NAHB Housing Market Index for May (Briefing.com consensus 69) -- will be released at 10:00 AM ET.

In corporate news, Home Depot (HD 185.49, -5.67) is down 3.0% in pre-market trading after missing same-store sales estimates for the first time in seven quarters.

U.S. Treasuries have extended their Monday losses this morning, pushing yields back to multi-year highs; the yield on the benchmark 10-yr Treasury note is up five basis points at 3.04%, which marks its highest level since July 2011. Meanwhile, the 2-yr yield is up two basis points at 2.56%, its highest level since August 2008.

In Washington, four days of trade talks between the U.S. and China are set to kick off today, and there's renewed hope that a deal may be worked out after President Trump voiced his desire to lift U.S. sanctions on China's ZTE Corporation over the weekend.

08:51AM ET
[BRIEFING.COM] S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -44.00.

The S&P 500 futures are trading 10 points, or 0.4%, below fair value.

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Moody's commented on the ongoing U.S.-China trade dispute, noting that China could disrupt its domestic economy if it meets President Trump's demand to reduce the trade surplus by $200 billion. Meanwhile a U.S. ambassador to China cautioned that the two sides remain very far apart. MSCI announced that 234 Chinese A-shares will be added to the MSCI Emerging Market Index and other relevant regional indices. Elsewhere, Nikkei reported that Japan's government is considering cutting taxes on home and vehicle purchases to ease the impact of a consumption tax hike that is planned for next year. South Korea's Unification Ministry announced that high-level talks will be held with North Korean officials on May 16.

In economic data:
China's April Retail Sales +9.4% year-over-year (expected 10.0%; last 10.1%), April Industrial Production +7.0% year-over-year (expected 6.4%; last 6.0%), and April Fixed Asset Investment +7.0% year-over-year (expected 7.4%; last 7.5%)
South Korea's April Import Price Index +4.0% year-over-year (last 3.2%) and Export Price Index -2.0% year-over-year (last -1.4%)
Japan's Tertiary Industry Activity Index -0.3% month-over-month (expected -0.2%; last 0.1%)

---Equity Markets---

Japan's Nikkei shed 0.2%. Ebara, Trend Micro, Shiseido, Sumitomo Metal Mining, Takeda Pharmaceutical, TDK, Haseko, Konami, and Alps Electric lost between 1.3% and 8.4%. On the upside, Nippon Sheet Glass, Konica Minolta, Furukawa Electric, DOWA Holdings, and Advantest rose between 2.0% and 7.7%.
Hong Kong's Hang Seng fell 1.2% amid losses in most components. Apple suppliers AAC Technologies and Sunny Optical Tech lost 4.9% and 2.5%, respectively, while financials like ICBC, AIA Group, Bank of East Asia, China Life Insurance, and Hang Seng Bank fell between 0.7% and 1.4%.
China's Shanghai Composite rose 0.6%. Kangmei Pharmaceutical, Glarun Technology, Fangda Carbon New Material, Hubei Kaile Science & Technology, and Guangzhou Baiyunshan Pharmaceutical Holdings climbed between 5.4% and 10.0%.
India's Sensex settled just below its flat line. Tata Motors, Coal India, SBI, Sun Pharma, ITC, and ICICI Bank lost between 0.6% and 4.3%.

Major European indices trade near their flat lines. In Italy, Movimento 5 Stelle and Lega have been granted more time to reach a coalition deal. The two parties have agreed on a main platform, but have yet to name a prime minister. Lega will reportedly hold an informal referendum over the weekend to gauge the party's support for a government with M5S. Germany reported weaker than expected GDP growth for the first quarter, but the country's Economic Ministry reiterated that the domestic economy remains in an upturn.

In economic data:
Eurozone Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +2.5% year-over-year, as expected (last 2.5%). March Industrial Production +0.5% month-over-month (expected 0.6%; last -0.9%); +3.0% year-over-year (expected 3.7%; last 2.6%). ZEW Economic Sentiment 2.4 (expected 2.0; last 1.9)
Germany's Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; last 0.6%); +1.6% year-over-year (expected 1.8%; last 2.3%). May ZEW Current Conditions 87.4 (expected 86.2; last 87.9) and May ZEW Economic Sentiment -8.2 (expected -8.0; last -8.2)
UK's March Average Earnings Index + Bonus +2.6% year-over-year (expected 2.7%; last 2.8%). April Claimant Count Change 31,200 (expected 13,300; last 15,700). March Unemployment Rate 4.2%, as expected (last 4.2%)
France's April CPI +0.2% month-over-month (expected 0.1%; last 0.1%); +1.6% year-over-year, as expected (last 1.6%). Q1 Nonfarm Payrolls +0.3% quarter-over-quarter (expected 0.4%; last 0.4%)
Swiss April PPI +0.4% month-over-month (expected 0.3%; last -0.2%); +2.7% year-over-year (last 2.0%)

---Equity Markets---

Germany's DAX is higher by 0.1%. Commerzbank has jumped 3.5% while Heidelbergcement, Infineon, BASF, Volkswagen, and Siemens sport gains between 0.6% and 1.0%. BMW and Daimler are both down near 0.1% while Deutsche Bank has given up 1.9%.
France's CAC trades up 0.3%. Growth-sensitive names like LafargeHolcim, Atos, Peugeot, Total, TechnipFMC, and Renault are up between 0.3% and 2.6%. Credit Agricole has climbed 1.9% despite missing quarterly expectations. BNP Paribas is flat while AXA is up 0.1% and Societe Generale is down 0.3%.
UK's FTSE has added 0.4%. Taylor Wimpey has spiked 3.4% after boosting its dividend. Peers Persimmon and Barratt Developments hold respective gains of 1.8% and 2.1%. Consumer names like British American Tobacco, Next, Carnival, Tesco, Compass, and Merlin Entertainments are up between 0.8% and 1.5%.

08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -18.50.

The S&P 500 futures are trading five points, or 0.2%, below fair value.

Just in, April retail sales rose 0.3% (Briefing.com consensus +0.3%), while the March increase was revised to 0.8% from 0.6%. Excluding autos, retail sales increased 0.3% in April (Briefing.com consensus +0.5%), and last month's increase was revised to 0.4% from 0.2%.

Separately, the Empire Manufacturing Survey for May climbed to 20.1 (Briefing.com consensus 15.0) from the prior month's unrevised reading of 15.8.

07:57AM ET
[BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -25.50.

Wall Street is on course for a modestly lower open this morning following yesterday's slim victory -- which marked the eighth consecutive win for the Dow Jones Industrial Average. The Dow futures are currently down 0.4%, while the S&P 500 futures and the Nasdaq futures are lower by 0.3% and 0.5%, respectively.

The Retail Sales report for April (Briefing.com consensus +0.3%) will headline today's batch of economic data, due to cross the wires at 8:30 AM ET. The Empire State Manufacturing Index for May (Briefing.com consensus 15.0) will also be released at 8:30 AM ET, while Business Inventories for March (Briefing.com consensus +0.1%) and the NAHB Housing Market Index (Briefing.com consensus 69) are both set to cross the wires at 10:00 AM ET.

In Washington, four days of trade talks between the U.S. and China are set to kick off today. The two countries, which have threatened tens of billions of dollars in tariffs against one another, held high-level discussions in Beijing earlier this month that made little progress. However, there's renewed hope that a deal may be worked out after President Trump voiced his desire to lift U.S. sanctions on China's ZTE Corporation over the weekend.

Treasury yields are up across the curve this morning, with the benchmark 10-yr yield up four basis points at 3.03% -- challenging the more than four-year high it hit three weeks ago. Meanwhile, the 2-yr yield is up two basis points at 2.56% -- its highest level since August 2008.

In U.S. corporate news:

Home Depot (HD 186.50, -4.58): -2.4% after missing same-store sales estimates for the first time in seven quarters.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei -0.2%, Hong Kong's Hang Seng -1.2%, China's Shanghai Composite +0.6%, India's Sensex unch.
In economic data:
China's April Retail Sales +9.4% year-over-year (expected 10.0%; last 10.1%), April Industrial Production +7.0% year-over-year (expected 6.4%; last 6.0%), and April Fixed Asset Investment +7.0% year-over-year (expected 7.4%; last 7.5%)
South Korea's April Import Price Index +4.0% year-over-year (last 3.2%) and Export Price Index -2.0% year-over-year (last -1.4%)
Japan's Tertiary Industry Activity Index -0.3% month-over-month (expected -0.2%; last 0.1%)
In news:
Moody's commented on the ongoing U.S.-China trade dispute, noting that China could disrupt its domestic economy if it meets President Trump's demand to reduce the trade surplus by $200 billion. Meanwhile a U.S. ambassador to China cautioned that the two sides remain very far apart.
MSCI announced that 234 Chinese A-shares will be added to the MSCI Emerging Market Index and other relevant regional indices.
Nikkei reported that Japan's government is considering cutting taxes on home and vehicle purchases to ease the impact of a consumption tax hike that is planned for next year.
South Korea's Unification Ministry announced that high-level talks will be held with North Korean officials on May 16.

Major European indices trade near their flat lines. Germany's DAX +0.1%, France's CAC +0.2%, UK's FTSE +0.2%.
In economic data:
Eurozone Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +2.5% year-over-year, as expected (last 2.5%). March Industrial Production +0.5% month-over-month (expected 0.6%; last -0.9%); +3.0% year-over-year (expected 3.7%; last 2.6%). ZEW Economic Sentiment 2.4 (expected 2.0; last 1.9)
Germany's Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; last 0.6%); +1.6% year-over-year (expected 1.8%; last 2.3%). May ZEW Current Conditions 87.4 (expected 86.2; last 87.9) and May ZEW Economic Sentiment -8.2 (expected -8.0; last -8.2)
UK's March Average Earnings Index + Bonus +2.6% year-over-year (expected 2.7%; last 2.8%). April Claimant Count Change 31,200 (expected 13,300; last 15,700). March Unemployment Rate 4.2%, as expected (last 4.2%)
France's April CPI +0.2% month-over-month (expected 0.1%; last 0.1%); +1.6% year-over-year, as expected (last 1.6%). Q1 Nonfarm Payrolls +0.3% quarter-over-quarter (expected 0.4%; last 0.4%)
Swiss April PPI +0.4% month-over-month (expected 0.3%; last -0.2%); +2.7% year-over-year (last 2.0%)
In news:
In Italy, Movimento 5 Stelle and Lega have been granted more time to reach a coalition deal. The two parties have agreed on a main platform, but have yet to name a prime minister. Lega will reportedly hold an informal referendum over the weekend to gauge the party's support for a government with M5S.
Germany reported weaker than expected GDP growth for the first quarter, but the country's Economic Ministry reiterated that the domestic economy remains in an upturn.

07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -20.80.

06:54AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -8.00.

06:54AM ET
[BRIEFING.COM] Nikkei...22818...-47.80...-0.20%. Hang Seng...31152...-389.10...-1.20%.

06:54AM ET
[BRIEFING.COM] FTSE...7735.44...+24.40...+0.30%. DAX...12964.27...-13.40...-0.10%.

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.


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