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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 16th Wednesday Price Action Trade Result Profit $775.00
PostPosted: Wed May 16, 2018 11:06 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)
Stocktwits @ http://stocktwits.com/wrbtrader (24/7)
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 @ $775.00 dollars or +15.50 points, Light Crude Oil CL ($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 @ $775.00 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=2823

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: +62.52… | Nasdaq: +46.67… | S&P: +11.01…
NASDAQ Vol: 2.08 bln… Adv: 1858… Dec: 972…
NYSE Vol: 755.2 mln… Adv: 1908… Dec: 1008…

Moving the Market

Treasury yields remain near multi-year highs following big jump on Tuesday

Macy's (M) spikes, leading retailers higher, following better-than-expected Q1 results

Chipmakers rally, helping keep top-weighted tech group in line with broader market

Russell 2000 outperforms, touching new record high

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

04:30PM ET

[BRIEFING.COM] Stocks rebounded on Wednesday, reclaiming about half of their Tuesday losses, with shares of smaller, domestically focused companies showing particular strength. The small-cap Russell 2000 jumped 1.0%, finishing at a new all-time high, while the tech-heavy Nasdaq added 0.6% and the S&P 500 and the Dow advanced 0.4% and 0.3%, respectively.

The major averages opened with slim gains and extended them in a sharp move around midday, but slipped a bit in front of the closing bell.

Treasury yields remained at multi-year highs, with the benchmark 10-yr yield ticking up another two basis points to 3.10% -- its highest close since July 2011. However, unlike on Tuesday, the rise in yields didn't have a broadly bearish impact on equities. The rate-sensitive utilities (-0.9%) and real estate (-0.4%) groups finished in the red, but the nine other S&P sectors advanced.

Materials was the top-performing group with a gain of 1.2%, but consumer discretionary and consumer staples also outperformed, adding 0.8% apiece, as retailers rallied around Macy's (M 33.17, +3.24) first quarter results; the department store soared 10.8%, hitting a 15-month high, after beating earnings and revenue estimates and raising its guidance for the fiscal year.

Chipmakers were also strong, with Micron (MU 56.50, +2.49) showing particular strength after being initiated with an 'Outperform' rating at RBC Capital Markets. Micron shares rallied 4.6%, helping to push the PHLX Semiconductor Index higher by 1.4%. The top-weighted technology sector, which houses chipmakers, advanced 0.4%.

Overseas, Italy's MIB dropped 2.3% on Wednesday following the leaking of a draft proposal from the two anti-establishment parties seeking to form a coalition government. The draft reportedly advocates for procedures that would allow countries to quit the euro and for debt forgiveness from the European Central Bank. Italy's 10-yr yield surged 19 basis points to 2.13%.

The U.S. dollar climbed 0.3% against the euro to 1.1801, helping to push the U.S. Dollar Index (93.30, +0.16) up 0.2% to a five-month high.

Reviewing Wednesday's economic data, which included April Housing Starts and Building Permits, April Capacity Utilization and Industrial Production, and the weekly MBA Mortgage Applications Index:

Housing starts decreased to a seasonally adjusted annualized rate of 1.287 million units in April (Briefing.com consensus 1.325 million), down from a revised 1.336 million units in March (from 1.319 million). Building permits slipped to a seasonally adjusted 1.352 million in April (Briefing.com consensus 1.350 million) from a revised 1.377 million in March (from 1.354 million).
The key takeaway from the report is that single-family activity remained fairly muted. Bad weather will get some blame for the torpid activity overall, yet nothing in this report suggests prospective homeowners can expect supply-driven price relief in the near future.
Industrial Production increased 0.7% in April (Briefing.com consensus +0.6%), while the March reading was revised to +0.7% (from +0.5%). Meanwhile, Capacity Utilization ticked up to 78.0% (Briefing.com consensus 78.4%) from a revised reading of 77.6% in March (from 78.0%).
The key takeaway from the report is that the April increase was fueled by increased output across all three major industry groups.
The weekly MBA Mortgage Applications Index decreased 2.7% following last week's downtick of 0.4%.

On Thursday, investors will receive several economic reports, including weekly Initial Claims, the Philadelphia Fed Index for May, and the Conference Board's Leading Economic Index for April. In addition, Walmart (WMT 86.13, +1.61) -- the world's largest retailer -- will report earnings ahead of the opening bell.

Nasdaq Composite +7.2% YTD
Russell 2000 +5.3% YTD
S&P 500 +1.8% YTD
Dow Jones Industrial Average +0.2% YTD

Dow: +62.52… | Nasdaq: +46.67… | S&P: +11.01…
NASDAQ Adv/Dec 1858/972. …NYSE Adv/Dec 1908/1008.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices
June Crude Oil futures rose $0.14 (0.2%) to $71.44/barrel
June Natural Gas settled $0.02 lower (-0.7%) at $2.82/MMBtu
June RBOB Gasoline settled $0.04 higher (1.81%) at $2.25/gallon
June Heating oil futures settled $0.02 higher (0.89%) at $2.27/gallon
Metals Settlement Prices
June gold settled today's session up $1.20 (0.09%) at $1291.50/oz
July silver settled today's session $0.09 higher (0.55%) at $16.37/oz
July copper settled $0.01 higher (0.33%) at $3.07/lb
Agriculture Settlement Prices
May corn settled $0.03 lower at $3.99/bushel
May wheat settled $0.01 higher at $4.96/bushel
May soybeans settled $0.17 lower at $9.99/bushel

Dow: +51.14… | Nasdaq: +44.70… | S&P: +10.07…
NASDAQ Adv/Dec 1937/918. …NYSE Adv/Dec 1921/989.

03:00PM ET

[BRIEFING.COM] Equity indices are hovering at session highs, up between 0.3% and 0.8%, moving into the final hour of action.

The materials (+1.2%) and consumer discretionary (+1.0%) sectors are leading today's rally, but seven other groups -- financials (+0.4%), industrials (+0.6%), energy (+0.3%), technology (+0.5%), health care (+0.8%), consumer staples (+0.9%), and telecoms (+0.7%) -- are also in the green. On the flip side, utilities (-0.9%) and real estate (-0.4%) are the worst-performing sectors.

Looking ahead, Cisco Systems (CSCO 45.17, -0.31) will report earnings following today's closing bell, while Walmart (WMT 85.98, +1.47) will deliver its quarterly results tomorrow morning.
Dow: +88.90… | Nasdaq: +59.40… | S&P: +15.52…
NASDAQ Adv/Dec 2038/833. …NYSE Adv/Dec 2012/883.

02:30PM ET

[BRIEFING.COM] Something big is afoot today and it doesn't relate so much to the performance of the blue-chip averages and the Nasdaq Composite as it does to the performance of the Russell 2000.

The Russell 2000 is comprised of small-cap companies and it just hit a new record high today (1619.97), eclipsing the prior high set in January.

With today's gain, the Russell 2000 is up 5.1% this month and 5.5% year-to-date, which means it is outpacing the S&P 500 (+2.0%) by a significant margin.

Several factors have contributed to the relative strength -- and resilience -- of the small caps in this volatile year, including but not limited to:

Small-cap companies stand to benefit more from the cut in the corporate tax rate since they typically have higher effective tax rates than their large-cap counterparts
Sales for small-cap companies tend to be domestically concentrated, so they benefit from growth in the U.S. economy and are less exposed to the pratfalls of global trade spats
Small-cap companies are not as sensitive to changes in the dollar, which can impact demand from foreign buyers
The outperformance of the financial, information technology, and energy stocks, which comprise a large percentage of the Russell 2000

A new intraday high has been established. To establish a new closing high, the Russell 2000 would have to close above 1610.71.

The iShares Russell 2000 ETF (161.12, +1.86, +1.2%) is the largest ETF tracking the Russell 2000.
Dow: +83.15… | Nasdaq: +51.58… | S&P: +14.72…
NASDAQ Adv/Dec 2031/802. …NYSE Adv/Dec 1979/908.

02:00PM ET

[BRIEFING.COM] The broader market has held its lines as we progress further into the afternoon.

Today's action in office supply company Office Depot (ODP 2.48, +0.14) has the stock up 6.0%, outpacing broader market gains. This morning the company released its financial outlook through 2020, to the delight of investors. Shares traded in a wide range after reporting quarterly results one calendar week ago, but have since calmed down. Even with today's gains the stock still holds a YTD loss worse than 30%.

In addition to reaffirming its FY18 revenue view of $10.8 billion, Office Depot outlined plans for revenue growth of 0-2% for FY19.

Also of note in Office Depot in the last 24 hours, yesterday David Einhorn of Greenlight Capital disclosed a nearly 2.1 million share position in the company, a new stake for Einhorn.
Dow: +61.49… | Nasdaq: +51.12… | S&P: +13.34…
NASDAQ Adv/Dec 2000/827. …NYSE Adv/Dec 1966/907.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have mostly traded sideways since our last update as stocks hold on to modest gains in afternoon trading.

A look inside the Dow Jones Industrial Average shows that Nike (NKE 71.36, +1.86), General Electric (GE 14.97, +0.26), & Wal-Mart (WMT 85.71, +1.19) are outperforming. Nike shares are displaying relative strength as they break out to fresh all-time highs, while Wal-Mart is gaining in advance of tomorrow morning's earnings report.

Conversely, 3M (MMM 200.42, -1.99) is the worst-performing Dow component after being downgraded to Hold from Buy at Jefferies.

As stocks rebound from yesterday's decline, the DJIA is currently up 2.55% this month.
Dow: +62.11… | Nasdaq: +48.01… | S&P: +12.01…
NASDAQ Adv/Dec 2005/815. …NYSE Adv/Dec 1942/914.

12:55PM ET

[BRIEFING.COM] U.S. equities have rebounded today, reclaiming a good chunk of their Tuesday declines. A recent spike has taken the major averages to new session highs, with the Dow up 0.3%, the S&P 500 up 0.5%, and the Nasdaq up 0.8% at midday. The small-cap Russell 2000 is also higher, sporting a gain of 1.0%.

Today's rally has occurred even in the face of heightened Treasury yields, which are still hovering near the multi-year highs they hit on Tuesday. The benchmark 10-yr yield, for instance, is unchanged at 3.08%, which marks its highest level since July 2011. The U.S. Dollar Index has rallied in tandem -- although it has come off its session high -- climbing 0.1% to 93.25.

The rate-sensitive utilities (-1.1%) and real estate (-0.4%) sectors are the only S&P groups in the red this afternoon, while the other nine spaces sport gains between 0.3% and 1.2%. Materials is the top-performing group, up 1.2%, with chemical giant LyondellBasell (LYB 115.84, +3.67) leading the charge following an upgrade at Jefferies this morning; LYB shares are up 3.2%.

The consumer discretionary space (+0.9%) is also outperforming, thanks in part to retailers, which have rallied around Macy's (M 33.07, +3.11) upbeat first quarter results. Shares of the department store are up 9.9%, hovering at a more than one-year high, after the company reported better-than-expected earnings and revenues for Q1 and raised its guidance for the fiscal year.

Chipmakers are also higher, pushing the PHLX Semiconductor Index up 1.2% and helping the top-weighted technology space (+0.5%) keep in line with the broader market. Micron (MU 56.41, +2.40) and Advanced Micro (AMD 12.86, +0.41) are especially strong -- up 4.5% and 3.4%, respectively. Micron was initiated with an 'Outperform' rating at RBC Capital Markets this morning, while AMD was upgraded to 'Neutral' from 'Negative' at Susquehanna.

Tech names Cisco Systems (CSCO 45.30, -0.18) and Take-Two (TTWO 112.65, -0.82) are set to deliver their quarterly results following today's closing bell.

Reviewing today's economic data, which included April Housing Starts and Building Permits, April Capacity Utilization and Industrial Production, and the weekly MBA Mortgage Applications Index:

Housing starts decreased to a seasonally adjusted annualized rate of 1.287 million units in April (Briefing.com consensus 1.325 million), down from a revised 1.336 million units in March (from 1.319 million). Building permits slipped to a seasonally adjusted 1.352 million in April (Briefing.com consensus 1.350 million) from a revised 1.377 million in March (from 1.354 million).
The key takeaway from the report is that single-family activity remained fairly muted. Bad weather will get some blame for the torpid activity overall, yet nothing in this report suggests prospective homeowners can expect supply-driven price relief in the near future.
Industrial Production increased 0.7% in April (Briefing.com consensus +0.6%), while the March reading was revised to +0.7% (from +0.5%). Meanwhile, Capacity Utilization ticked up to 78.0% (Briefing.com consensus 78.4%) from a revised reading of 77.6% in March (from 78.0%).
The key takeaway from the report is that the April increase was fueled by increased output across all three major industry groups.
The weekly MBA Mortgage Applications Index decreased 2.7% following last week's downtick of 0.4%.

Dow: +61.97… | Nasdaq: +52.95… | S&P: +13.14…
NASDAQ Adv/Dec 1985/812. …NYSE Adv/Dec 1914/929.

12:30PM ET

[BRIEFING.COM] The stock market has ticked up to new highs in recent trading, with the tech-heavy Nasdaq extending its gain to 0.7%.

Chipmakers are outperforming today, evidenced by the PHLX Semiconductor Index, which is up 1.0%. Micron (MU 56.30, +2.29) and Advanced Micro (AMD 12.85, +0.40) are especially strong, up 4.2% and 3.3%, respectively. Micron was initiated with an 'Outperform' rating at RBC Capital Markets this morning, while AMD was upgraded to 'Neutral' from 'Negative' at Susquehanna.

In Europe, the major stock indices settled Wednesday with modest gains, adding 0.2%-0.3% apiece.
Dow: +60.25… | Nasdaq: +50.11… | S&P: +12.87…
NASDAQ Adv/Dec 1963/824. …NYSE Adv/Dec 1881/948.

11:55AM ET

[BRIEFING.COM] Stocks are still in a sideways trend moving into the afternoon, holding the major averages to gains of 0.5% or less.

In Washington, President Trump tweeted earlier today that nothing has happened with Chinese phone company ZTE "except as it pertains to the larger trade deal." Officials from the U.S. and China are holding a second round of trade talks in Washington this week following a stalemate in the first round earlier this month.

Asian equities finished Wednesday on a lower note, with China's Shanghai Composite (-0.7%) leading the retreat.
Dow: +19.22… | Nasdaq: +34.07… | S&P: +7.29…
NASDAQ Adv/Dec 1847/911. …NYSE Adv/Dec 1751/1051.

11:25AM ET

[BRIEFING.COM] Equity indices continue drifting a tick above their flat lines this morning, with the small-cap Russell 2000 (+0.4%) showing relative strength.

The lightly-weighted materials sector is at the top of today's sector leaderboard with a gain of 0.8%. Within the group, chemical giant LyondellBasell (LYB 115.97, +3.80) is the top-performing component, up 3.4%, after its shares were upgraded to 'Buy' from 'Hold' at Jefferies earlier this morning.

Conversely, the rate-sensitive utilities space (-0.9%) is the worst-performing sector as yields continue to rise across the curve. The yield on the benchmark 10-yr Treasury note is up one basis point at 3.09%, which is its highest level since July 2011.
Dow: +17.62… | Nasdaq: +28.08… | S&P: +6.21…
NASDAQ Adv/Dec 1722/988. …NYSE Adv/Dec 1657/1101.

11:00AM ET

[BRIEFING.COM] The major averages are trading a step above their flat lines this morning, sporting gains between 0.1% and 0.4%.

Eight S&P sectors are in the green -- financials (+0.1%), consumer discretionary (+0.6%), industrials (+0.2%), materials (+0.9%), technology (+0.3%), health care (+0.3%), consumer staples (+0.5%), and telecoms (unch) -- while three are in the red -- energy (-0.2%), utilities (-1.1%), and real estate (-0.4%).

Crude futures have been jumpy over the last 30 minutes following the release of the EIA's weekly inventory report, which showed a smaller-than-expected draw of 1.4 million barrels. WTI crude futures are currently down 0.5% at $70.95/bbl after being down 0.8% ahead of the release.
Dow: +25.72… | Nasdaq: +29.57… | S&P: +6.15…
NASDAQ Adv/Dec 1797/897. …NYSE Adv/Dec 1718/1023.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.3% at 89.84
Dollar index is currently +0.2% at 93.33
Looking at energy...
June WTI crude oil futures are now -$0.34 at $70.97/barrel
In other energy, June natural gas is -$0.02 at $2.81/MMBtu
Moving on to metals...
June gold is currently -$2.30 at $1288.00/oz, while May silver is +$0.02 at $16.29/oz
May copper is now unch at $3.06/lb

Dow: +25.61… | Nasdaq: +26.50… | S&P: +6.09…
NASDAQ Adv/Dec 1708/885. …NYSE Adv/Dec 1713/1002.

09:55AM ET

[BRIEFING.COM] The major averages have extended their opening gains slightly since the last update, with the S&P 500 now up 0.3%.

10 of 11 S&P groups are in the green this morning; energy (-0.2%) is the lone exception. The consumer staples (+0.7%) and consumer discretionary (+0.7%) sectors are trading atop the sector standings, thanks in part to retailers, which have pushed the SPDR S&P Retail ETF (XRT 49.96, +0.77) higher by 1.7%.

As a reminder, the EIA will release its weekly crude oil inventory report at 10:30 AM ET. WTI crude futures are down 0.6% at $70.89/bbl ahead of the release.
Dow: +46.48… | Nasdaq: +24.09… | S&P: +7.79…
NASDAQ Adv/Dec 1686/872. …NYSE Adv/Dec 1822/805.

09:45AM ET

[BRIEFING.COM] The major averages are a tick higher in the opening minutes of today's session.

Most S&P sectors hold slim gains, with consumer discretionary (+0.6%), materials (+0.6%), and consumer staples (+0.6%) being the top-performing groups. On the flip side, energy (-0.3%), technology (-0.1%), and utilities (unch) trade at the bottom of the sector standings.

Shares of Macy's (M 32.54, +2.61) are up 8.2%, hitting a more than one-year high, after the department store reported better-than-expected earnings and revenues for the first quarter and raised its guidance for the fiscal year.
Dow: +19.56… | Nasdaq: +8.06… | S&P: +4.06…
NASDAQ Adv/Dec 1626/883. …NYSE Adv/Dec 1755/822.

09:18AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -2.50.

The stock market is poised to open a tick lower, as the S&P 500 futures are trading four points, or 0.2%, below fair value.

Treasury yields have slipped this morning, but are still hovering near the multi-year highs they spiked to yesterday; the benchmark 10-yr yield is down two basis points at 3.06%, just a tick below its highest close since July 2011. Meanwhile, the U.S. Dollar Index is up 0.4% at 93.50 -- a fresh five-month high.

In earnings news, Macy's (M 32.17, +2.24) is up 7.5% in pre-market trading after reporting better-than-expected earnings and revenues for the first quarter and raising its guidance for the fiscal year. Cisco Systems (CSCO 45.40, -0.08) will report its results following the closing bell.

Investors received several pieces of influential economic data this morning, including Housing Starts and Building Permits for April and Capacity Utilization and Industrial Production for April:

Housing starts decreased to a seasonally adjusted annualized rate of 1.287 million units in April (Briefing.com consensus 1.325 million), down from a revised 1.336 million units in March (from 1.319 million). Building permits slipped to a seasonally adjusted 1.352 million in April (Briefing.com consensus 1.350 million) from a revised 1.377 million in March (from 1.354 million).
Industrial Production increased 0.7% in April (Briefing.com consensus +0.6%), while the March reading was revised to +0.7% (from +0.5%). Meanwhile, Capacity Utilization ticked up to 78.0% (Briefing.com consensus 78.4%) from a revised reading of 77.6% in March (from 78.0%).


08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -4.30.

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

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. North Korea cancelled today's planned meeting with officials from South Korea. The cancellation was due to the ongoing joint U.S.-South Korea military exercises. North Korea also threatened to cancel the June 12 meeting with President Trump. KCNA reported that North Korea will not give up its nuclear program to open a trade channel with the United States.

In economic data:
China's April House Prices +4.7% year-over-year (last 4.9%)
Japan's Q1 GDP -0.2% quarter-over-quarter (expected 0.0%; last 0.1%); -0.6% year-over-year (expected -0.2%; last 0.6%). Q1 GDP Capital Expenditure -0.1% quarter-over-quarter (expected 0.4%; last 0.6%), GDP Private Consumption 0.0% quarter-over-quarter, as expected (last 0.2%), and GDP Price Index +0.5% year-over-year (expected 0.3%; last 0.1%). March Industrial Production +1.4% month-over-month (expected 1.2%; last 1.2%) and Capacity Utilization +0.5% month-over-month (expected 1.0%; last 1.3%)
South Korea's April Unemployment Rate 3.8% (last 4.0%)
Australia's Q1 Wage Price Index +0.5% quarter-over-quarter (expected 0.6%; last 0.5%); +2.1% year-over-year, as expected (last 2.1%). May Westpac Consumer Sentiment -0.6% (last -0.6%)

---Equity Markets---

Japan's Nikkei lost 0.4%. Ebara, Obayashi, Trend Micro, TOTO, Sumitomo Metal Mining, Softbank, Panasonic, Konami, Yamaha Motor, Asahi Glass, Haseko, Kubota, Alps Electric, Kyocera, and Fast Retailing surrendered between 1.4% and 5.3%.
Hong Kong's Hang Seng shed 0.1%. Property names were among the laggards with Wharf Real Estate, Swire Pacific, Hang Lung Properties, Henderson Land, Link Reit, Sino Land, and SHK Properties falling between 0.4% and 3.4%.
China's Shanghai Composite lost 0.7%. Sino-Platinum Metals, Baoji Titanium, Yonyou Network Technology, and Shandong Tyan Home posted losses between 3.3% and 5.1%.
India's Sensex settled lower by 0.4%. ICICI Bank, SBI, HDFC Bank, and AXIS Bank lost between 0.4% and 3.3%. Reliance Industries, Hero MotoCorp, and Bajaj Auto registered losses between 0.5% and 2.3%.

Major European indices trade in mixed fashion with Italy's MIB (-2.3%) showing relative weakness. It is all but certain that Movimento 5 Stelle and Lega will name a prime minister, but the market has now turned its attention to the platform of the two parties. A leaked draft of a governing agreement between Lega and M5S showed that the two parties expect the European Central Bank to forgive EUR250 billion in Italian debt that was bought as part of the ECB's quantitative easing program. The draft also highlights intentions to re-open European treaties and radically reform the stability and growth pact. Italy's 10-yr yield has jumped 11 basis points to 2.04%, approaching its post-election high (2.13%). Elsewhere, outgoing European Central Bank vice president Vitor Constancio called for accelerated plans for a banking union.

In economic data:
Eurozone April CPI +0.3% month-over-month, as expected (last 1.0%); +1.2% year-over-year, as expected (last 1.2%). April core CPI +0.2% month-over-month, as expected (last 1.4%); +0.7% year-over-year, as expected (last 0.7%)
Germany's April CPI 0.0% month-over-month, as expected (last 0.0%); +1.6% year-over-year, as expected (last 1.6%)
Italy's April CPI +0.1% month-over-month, as expected (last 0.1%); +0.5% year-over-year, as expected (last 0.5%). March Industrial New Orders +0.5% (last -0.8%); +2.6% year-over-year (last 2.8%). March Industrial Sales +0.8% month-over-month (last 0.5%); +3.6% year-over-year (last 2.7%)

---Equity Markets---

Germany's DAX trades up 0.3% amid gains in most components. Adidas, Bayer, BASF, Siemens, SAP, Infineon, and Merck sport gains between 0.8% and 2.4%. Financials are among the laggards with Deutsche Bank down 3.0% and Commerzbank falling 5.1%.
UK's FTSE is higher by 0.2%. Consumer names like Paddy Power, Burberry, Diageo, Reckitt Benckiser, Carnival, InterContinental Hotels, and ITV hold gains between 0.3% and 7.2%. Homebuilders underperform with Persimmon, Barratt Developments, and Taylor Wimpey showing losses between 0.4% and 0.9%.
France's CAC trades up 0.1%. TechnipFMC has spiked 3.6% while Kering, Sanofi, Louis Vuitton, and AXA hold gains between 0.2% and 2.1%.
Italy's MIB is down 2.3% amid losses in all but four components. Mediaset is down 5.2% while UniCredit, Banco Bpm, Intesa Sanpaolo, FinecoBank, UBI Banca, Bper Banca, Freni Brembo, Pirelli, and Banca Generali show losses between 1.0% and 5.0%.

08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: +1.00.

The S&P 500 futures are trading three points, or 0.1%, below fair value.

Just in, housing starts decreased to a seasonally adjusted annualized rate of 1.287 million units in April (Briefing.com consensus 1.325 million), down from a revised 1.336 million units in March (from 1.319 million). Building permits slipped to a seasonally adjusted 1.352 million in April (Briefing.com consensus 1.350 million) from a revised 1.377 million in March (from 1.354 million).

07:55AM ET
[BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -2.00.

Equities are on course for a flat to slightly lower open following a sharp decline on Tuesday, which ended an eight-session winning streak for the Dow. The Dow futures are currently down 0.1%, as are the S&P 500 futures, while the Nasdaq futures trade flat.

Treasury yields spiked to multi-year highs yesterday and have kept the bulk of that move intact this morning, but the 10-yr yield is down slightly, slipping one basis point to 3.07%. Still, that leaves the benchmark yield near its highest level since July 2011. Meanwhile, the 2-yr yield is flat at 2.58%, marking its highest level in nearly a decade.

Investors will receive several important pieces of economic data today, including April Housing Starts (Briefing.com consensus 1325K) and Building Permits (Briefing.com consensus 1350K) -- which will be released at 8:30 AM ET -- and April Capacity Utilization (Briefing.com consensus 78.4%) and Industrial Production (Briefing.com consensus +0.6%) -- which will cross the wires at 9:15 AM ET. Apart from economic data, the Department of Energy's weekly crude oil inventory report will be released at 10:30 AM ET.

Overseas, North Korea canceled talks with South Korea, originally scheduled for today, and threatened to also walk away from talks with the U.S. scheduled for June 12 due to ongoing joint U.S.-South Korea military exercises, which North Korea sees as a "provocation." The rift puts months of warming ties in jeopardy.

The earnings front is quiet overall today as the Q1 earnings season comes to a close, but tech giant Cisco Systems (CSCO) will be reporting following the closing bell.

In U.S. corporate news:

Macy's (M 29.56, -0.37): -1.2% ahead of this morning's earnings release.
Advanced Micro (AMD 12.63, +0.18): +1.5% after being upgraded to 'Neutral' from 'Negative' at Susquehanna.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a mostly lower note. Japan's Nikkei -0.4%, Hong Kong's Hang Seng -0.1%, China's Shanghai Composite -0.7%, India's Sensex -0.4%.
In economic data:
China's April House Prices +4.7% year-over-year (last 4.9%)
Japan's Q1 GDP -0.2% quarter-over-quarter (expected 0.0%; last 0.1%); -0.6% year-over-year (expected -0.2%; last 0.6%). Q1 GDP Capital Expenditure -0.1% quarter-over-quarter (expected 0.4%; last 0.6%), GDP Private Consumption 0.0% quarter-over-quarter, as expected (last 0.2%), and GDP Price Index +0.5% year-over-year (expected 0.3%; last 0.1%). March Industrial Production +1.4% month-over-month (expected 1.2%; last 1.2%) and Capacity Utilization +0.5% month-over-month (expected 1.0%; last 1.3%)
South Korea's April Unemployment Rate 3.8% (last 4.0%)
Australia's Q1 Wage Price Index +0.5% quarter-over-quarter (expected 0.6%; last 0.5%); +2.1% year-over-year, as expected (last 2.1%). May Westpac Consumer Sentiment -0.6% (last -0.6%)
In news:
North Korea cancelled today's planned meeting with officials from South Korea. The cancellation was due to the ongoing joint U.S.-South Korea military exercises. North Korea also threatened to cancel the June 12 meeting with President Trump. KCNA reported that North Korea will not give up its nuclear program to open a trade channel with the United States.
Editor's Note: An earlier version of this comment stated that Japan reported its "fifth quarterly contraction since the end of 2015." That is incorrect and has since been removed.

Major European indices trade in mixed fashion with Italy's MIB (-1.9%) showing relative weakness. Germany's DAX +0.4%, UK's FTSE +0.2%, France's CAC +0.1%.
In economic data:
Eurozone April CPI +0.3% month-over-month, as expected (last 1.0%); +1.2% year-over-year, as expected (last 1.2%). April core CPI +0.2% month-over-month, as expected (last 1.4%); +0.7% year-over-year, as expected (last 0.7%)
Germany's April CPI 0.0% month-over-month, as expected (last 0.0%); +1.6% year-over-year, as expected (last 1.6%)
Italy's April CPI +0.1% month-over-month, as expected (last 0.1%); +0.5% year-over-year, as expected (last 0.5%). March Industrial New Orders +0.5% (last -0.8%); +2.6% year-over-year (last 2.8%). March Industrial Sales +0.8% month-over-month (last 0.5%); +3.6% year-over-year (last 2.7%)
In news:
It is all but certain that Movimento 5 Stelle and Lega will name a prime minister, but the market has now turned its attention to the platform of the two parties. A leaked draft of a governing agreement between Lega and M5S showed that the two parties expect the European Central Bank to forgive EUR250 billion in Italian debt that was bought as part of the ECB's quantitative easing program. The draft also highlights intentions to re-open European treaties and radically reform the stability and growth pact.

Outgoing European Central Bank vice president Vitor Constancio called for accelerated plans for a banking union.

07:33AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +3.30.

06:54AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +7.80.

06:54AM ET
[BRIEFING.COM] Nikkei...22717...-100.80...-0.40%. Hang Seng...31110...-41.80...-0.10%.

06:54AM ET
[BRIEFING.COM] FTSE...7730.23...+7.30...+0.10%. DAX...13002.82...+32.80...+0.30%.

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.

On Wednesday, investors will receive several economic reports, including Housing Starts and Building Permits for April, Capacity Utilization and Industrial Production for April, and the weekly MBA Mortgage Applications Index.

Nasdaq Composite +6.5% YTD
Russell 2000 +4.2% YTD
S&P 500 +1.4% YTD
Dow Jones Industrial Average -0.1% YTD

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

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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
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