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 Post subject: May 25th Friday Price Action Trade Result - No Trades
PostPosted: Sat May 26, 2018 12:43 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
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Quote:
Getting an early start on the U.S. Memorial Day Holiday celebrations eventhough I live in Quebec, Canada. No trades today and no trading discussions...U.S. markets closed. I spent my day with kids, friends and a few veteran pals from the Canadian armed forces although I'm from the U.S. armed forces (ex military).

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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=2830

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Although the trades and price action analysis are posted by me and other users of WRB Analysis in real-time...review of TheStrategyLab is that this is not a signal calling chat room nor is this a live trading room that has a head trader telling you what to do. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion.

In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads.

Quote:
These real-time trades involves price action concepts from WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Yet, I'm always backtesting new concepts of WRB Analysis, new trade entry rules, new trade management rules, new position size management rules before application in real money trades (small position size trades) to adapt to changed market conditions prior to large position size trades and prior to sharing the new concepts with fee-base clients...living up to the name of my website. TheStrategyLab.

Image ##TheStrategyLab Chat Room is free. The purpose of TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading and the chat room will be useless to you. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread here at the forum.

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

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

Analysis -----> Trade Signals

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

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=352&t=3733 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini RTY futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets discussed by members of TheStrategyLab

The Market at 04:30PM ET
Dow: -58.67… | Nasdaq: +9.42… | S&P: -6.43…
NASDAQ Vol: 1.75 bln… Adv: 1489… Dec: 1416…
NYSE Vol: 719.5 mln… Adv: 1367… Dec: 1538…
iPad apps for Morningstar StockInvestor, FundInvestor, DividendInvestor, ETFInvestor

Moving the Market

President Trump says he's still talking with North Korea; suggests summit could happen

Bonds rally as European investors seek safety amid ongoing political concerns

WTI crude futures tumble after Saudi Arabia and Russia talk about boosting production

Lack of conviction ahead of extended Memorial Day weekend

Sector Watch
Strong: Consumer Discretionary, Utilities, Real Estate
Weak: Energy, Telecom Services

04:30PM ET

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

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

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

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

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

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

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

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

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

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

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

Week In Review: Unfazed

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

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

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

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

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

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

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

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

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

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

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices
July Crude Oil futures fell $2.85 (-4.03%) to $67.91/barrel
June Natural Gas settled $0.01 lower (-0.34%) at $2.93/MMBtu
July RBOB Gasoline settled $0.06 lower (-2.69%) at $2.17/gallon
July Heating oil futures settled $0.06 lower (-2.65%) at $2.2/gallon
Metals Settlement Prices
June gold settled today's session down $1.00 (0.08%) at $1303.5/oz
July silver settled today's session $0.13 lower (0.78%) at $16.55/oz
July copper settled $0.01 lower (0.32%) at $3.08/lb
Agriculture Settlement Prices
July corn settled $0.03 higher at $4.07/bushel
July wheat settled $0.15 higher at $5.45/bushel
July soybeans settled $0.05 higher at $10.42/bushel

Dow: -59.52… | Nasdaq: +9.73… | S&P: -6.95…
NASDAQ Adv/Dec 1422/1492. …NYSE Adv/Dec 1308/1576.

03:00PM ET

[BRIEFING.COM] Equities have slipped to new lows in recent action, with the S&P 500 extending its loss to 0.4%. The S&P 500 and the Dow enter the final hour roughly flat for the week, with the S&P 500 up 0.1% and the Dow down 0.1%, while the Nasdaq is solidly higher, sporting a weekly gain of 0.9%.

Seven of eleven sectors hold week-to-date gains, including utilities (+3.1%), real estate (+1.9%), technology (+1.2%), and consumer discretionary (+1.2%), which are the top-performing groups. On the flip side, the energy sector has had a rough week, dropping 5.0%, moving in tandem with the price of crude oil, which is now 6.6% below Monday's three-and-a-half year high.

In the bond market, U.S. Treasuries are still solidly higher, preserving their weekly gains. The benchmark 10-yr yield, which moves inversely to the price of the 10-yr Treasury note, is down five basis points at 2.93%, which places it 13 basis points below last Friday's close.
Dow: -98.65… | Nasdaq: +0.79… | S&P: -11.35…
NASDAQ Adv/Dec 1293/1501. …NYSE Adv/Dec 1197/1689.

02:25PM ET

[BRIEFING.COM] The broader market carries a mixed move into the final hour plus of action on Friday. The tech-heavy Nasdaq Composite has perked up a bit since our last update, now clearing a 0.1% gain, while the Dow and the S&P 500 each lose about 0.3% apiece.

Next week is shortened for the Memorial Day holiday, but economic data will not be in short supply. Kicking off the bevvy of data on Tuesday investors will receive the Conference Board's Consumer Confidence Index. It offers a gauge of consumer attitudes oriented primarily around their view of the labor market.

Also on tap for the holiday-shortened week on Wednesday expect the Fed's Beige Book and the GDP report, on Thursday investors will get the Personal Income and Spending reports for April, followed by the April jobs report and the ISM Manufacturing Index on Friday.
Dow: -71.99… | Nasdaq: +9.58… | S&P: -8.05…
NASDAQ Adv/Dec 1364/1405. …NYSE Adv/Dec 1268/1614.

02:00PM ET

[BRIEFING.COM] The major average have slipped slightly since our last update, but still trade firmly within their daily ranges. The Nasdaq manages to hold its head above water, up under 0.1% though.

Gold futures settled Friday little changed at $1,303.70/oz, allowing the precious metal to gain nearly 1% on the week due in part to increasing geopolitical tensions stemming from U.S. President Donald Trump's cancellation of a planned June 12 summit with North Korean leader Kim Jong-Un.

The modest move lower in gold today was underpinned by strength in the greenback, which makes multi-month highs. The U.S. Dollar Index boasts its best levels since November 2017, up 0.5% at 94.20.
Dow: -87.06… | Nasdaq: +2.22… | S&P: -10.02…
NASDAQ Adv/Dec 1338/1438. …NYSE Adv/Dec 1221/1640.

01:30PM ET

[BRIEFING.COM] The major U.S. indices continue to trade mixed ahead of the extended Memorial Day weekend.

A look inside the Dow Jones Industrial Average shows that energy giants Exxon Mobil (XOM 78.27, -1.98) and Chevron (CVX 121.58, -5.04) are the weakest components, weighed down by a sharp decline in the price of crude oil. WTI crude futures are down 4.5% at $67.50/bbl, hitting a fresh May low, following reports that Saudi Arabia and Russia are thinking about dialing back supply constraints to make up for any production fallout in Iran and Venezuela.

Conversely, Intel (INTC 55.32, +0.57) is the best-performing Dow component as chipmakers exhibit relative strength as a whole.

The Dow is on course to close out the week with a weekly gain of 0.1%.
Dow: -76.17… | Nasdaq: +14.87… | S&P: -8.28…
NASDAQ Adv/Dec 1397/1363. …NYSE Adv/Dec 1274/1571.

12:55PM ET

[BRIEFING.COM] The major averages are coasting towards the closing bell, which will mark the start of a three-day Memorial Day weekend, hoping to keep their weekly gains intact. The S&P 500 and the Dow are down roughly 0.3% apiece, while the tech-heavy Nasdaq is higher by 0.2%. For the week, the S&P 500 and the Dow are just a step higher, but the Nasdaq is up more than 1.0%.

Energy shares have weighed on the broader market today due to a sharp decline in crude oil prices. WTI crude futures are down 4.4% at $67.60 per barrel, responding to reports that Saudi Arabia and Russia are thinking about winding down supply constraints to make up for any production fallout in Iran and Venezuela. The S&P 500's energy sector is down 3.4%.

As for the other S&P 500 groups, materials (-0.8%), telecom services (-0.8%), and financials (-0.6%) are relatively weak, and the utilities (+0.5%), real estate (+0.4%), consumer discretionary (+0.3%), technology (+0.2%), and consumer staples (+0.2%) groups are relatively strong.

In Washington, President Trump updated reporters on the ongoing situation with North Korea this morning, saying that dialogue between Washington and Pyongyang has resumed. The president also added that his previously scheduled meeting with North Korean leader Kim Jong Un, which Mr. Trump canceled on Thursday, could still happen.

Separately, The New York Times and Fox Business are reporting that President Trump has reached a tentative deal to revive Chinese telecom giant ZTE.

In the bond market, U.S. Treasuries have soared today, sending yields into the red, thanks to some inflows from European investors, who are seeking some security from continued political uncertainty within the region. Reports from Spain indicate that the main opposition party is seeking to remove Prime Minister Mariano Rajoy. The yield on the benchmark 10-yr Treasury note is down six basis points at 2.92%.

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

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

Dow: -70.31… | Nasdaq: +15.23… | S&P: -7.96…
NASDAQ Adv/Dec 1445/1295. …NYSE Adv/Dec 1333/1493.

12:25PM ET

[BRIEFING.COM] Equity indices have slipped a bit in recent trading as energy shares continue to weaken. The S&P 500 is down 0.3%.

The energy sector is now down 3.4%, extending its weekly decline to 5.3%, as crude prices continue to fall. WTI crude futures are down 4.2% at $67.72 per barrel, responding to reports that Saudi Arabia and Russia are thinking about winding down supply constraints to make up for any production fallout in Iran and Venezuela.

In Europe, the major stock indices finished Friday mixed, with Germany's DAX (+0.7%) and the UK's FTSE (+0.2%) advancing and France's CAC (-0.1%), Italy's MIB (-1.5%), and Spain's IBEX (-1.7%) declining. For the week, the Euro Stoxx 50 finished with a loss of 1.7%.

The New York Times just reported that the Trump administration has reached a deal to save Chinese telecom giant ZTE, confirming an earlier report from Fox Business.
Dow: -78.25… | Nasdaq: +10.29… | S&P: -8.73…
NASDAQ Adv/Dec 1394/1329. …NYSE Adv/Dec 1327/1481.

12:00PM ET

[BRIEFING.COM] Stocks have ticked higher in recent trade, lifting the Nasdaq 0.3% above yesterday's closing level.

The tech-heavy Nasdaq has been helped by the outperformance of big names like Apple (AAPL 189.42, +1.27), Microsoft (MSFT 98.84, +0.53), and Amazon (AMZN 1612.09, +9.02), which are currently sporting gains of around 0.6% apiece. Chipmakers have also provided a measure of support, evidenced by a 0.8% increase in the PHLX Semiconductor Index. Chipmaking giant Broadcom (AVGO 250.11, +6.58) is showing particular strength, up 2.7%

In currencies, the U.S. Dollar Index has rallied 0.4% today to 94.07, which places it on track for its best close since December 12.
Dow: -32.22… | Nasdaq: +22.96… | S&P: -4.13…
NASDAQ Adv/Dec 1468/1231. …NYSE Adv/Dec 1451/1366.

11:30AM ET

[BRIEFING.COM] Equity indices continue to trade roughly flat, with the S&P 500 down 0.1%.

The rate-sensitive utilities (+0.6%) and real estate (+0.8%) sectors are the top-performing S&P 500 groups today, benefiting from a decline in Treasury yields. The yield on the benchmark 10-yr Treasury note has dropped five basis points today to 2.93%, bringing its weekly decline to 13 basis points. The drop in yields, which signifies increased demand for "risk-free" U.S. Treasuries, comes amid continued political uncertainty in Europe following reports that the opposition party in Spain is looking to oust Prime Minister Rajoy.

European government debt is also generally higher, pushing yields into the red. The yield on the 10-yr German bund is down seven basis points at 0.40%.
Dow: -32.50… | Nasdaq: +16.74… | S&P: -4.98…
NASDAQ Adv/Dec 1400/1270. …NYSE Adv/Dec 1420/1384.

11:00AM ET

[BRIEFING.COM] The major averages have kept within a pretty narrow range so far today, drifting near their unchanged marks, and are currently trading mixed. The S&P 500 and the Dow Jones Industrial Average are down around 0.1% apiece, while the Nasdaq Composite is higher by 0.2%.

In Washington, President Trump said earlier this morning that the U.S. has reopened dialogue with North Korea, even suggesting that the June 12 summit between the president and North Korean leader Kim Jong Un -- which Mr. Trump officially canceled yesterday -- could still take place.

Separately, Fox Business is reporting that President Trump has reached a tentative deal with Beijing to save struggling Chinese telecom giant ZTE.
Dow: -32.88… | Nasdaq: +16.82… | S&P: -3.91…
NASDAQ Adv/Dec 1334/1305. …NYSE Adv/Dec 1322/1427.

10:30AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.6% at 90.96
Dollar index is currently +0.4% at 94.13
Looking at energy...
July WTI crude oil futures are now -$2.29 at $68.42/barrel
Oil prices are getting hit this morning over talk that Russia and Saudi Arabia may ease production cuts, from the current OPEC/non-OPEC production cut deal, in an effort to make up for some lower production from Iran and Venezuela
In other energy, June natural gas is -$0.01 at $2.93/MMBtu
Moving on to metals...
June gold is currently -$1.10 at $1303.30/oz, while Jul silver is -$0.11 at $16.58/oz
Jul copper is now -$0.02 at $3.08/lb

Dow: -1.83… | Nasdaq: +26.24… | S&P: -0.50…
NASDAQ Adv/Dec 1389/1240. …NYSE Adv/Dec 1418/1317.

10:00AM ET

[BRIEFING.COM] The major averages continue to drift near their opening levels, with the S&P 500 down 0.2%.

Just in, the final reading of the University of Michigan Consumer Sentiment Index for May slipped to 98.0 (Briefing.com consensus 98.8) from 98.8 in the preliminary reading.
Dow: -59.82… | Nasdaq: +11.63… | S&P: -5.85…
NASDAQ Adv/Dec 1308/1229. …NYSE Adv/Dec 1213/1456.

09:40AM ET

[BRIEFING.COM] The S&P 500 and the Dow are a tick lower at the start of today's session, while the Nasdaq is unchanged.

Most S&P 500 sectors have moved very little thus far, but the energy space is an exception. The energy group is currently down 2.7%, extending its weekly loss to 4.7%, amid a sharp decline in crude oil prices. WTI crude futures are down 2.8% at $68.72/bbl following reports that Saudi Arabia and Russia are talking about boosting supply to make up for any shortfalls out of Iran and Venezuela.

As a reminder, the final reading of the University of Michigan Consumer Sentiment Index for May (Briefing.com consensus 98.8) will be released at 10:00 AM ET.
Dow: -73.52… | Nasdaq: -3.51… | S&P: -8.01…
NASDAQ Adv/Dec 1170/1298. …NYSE Adv/Dec 1030/1539.

09:11AM ET
[BRIEFING.COM] S&P futures vs fair value: -9.30. Nasdaq futures vs fair value: -5.30.

The stock market is on course for a modestly lower open, as the S&P 500 futures are trading nine points, or 0.3%, below fair value.

In earnings news, Ross Stores (ROST 79.80, -3.16), Autodesk (ADSK 132.06, -6.86), Gap (GPS 30.75, -2.20), and Buckle (BKE 24.60, -1.15) are down between 3.8% and 6.7% after reporting their quarterly results, while Foot Locker (FL 52.45, +6.06) is up 13.1% and Deckers Outdoor (DECK 107.75, +4.08) is higher by 3.9% following their earnings releases.

Investors received the Durable Goods Orders report for April this morning, which showed a decline of 1.7%, slightly more than the 1.6% decrease expected by the Briefing.com consensus. However, excluding transportation, durable orders increased 0.9% (Briefing.com consensus +0.6%).

Today's last economic report, the final reading of the University of Michigan Consumer Sentiment Index for May (Briefing.com consensus 98.8), will cross the wires at 10:00 AM ET. In addition, Fed Chairman Jerome Powell is scheduled to make an appearance at around 9:15 AM ET, speaking in a panel discussion in Stockholm, Sweden on the topic of "Financial Stability and Central Bank Transparency."

Elsewhere, West Texas Intermediate crude futures are down 2.8% at $68.74 per barrel after Saudi Arabia and Russia said they were ready to wind down supply restrictions that have been in place since January 2017 due to production concerns out of Iran and Venezuela. Meanwhile, U.S. Treasuries are rallying, sending yields lower for the third day in a row. The yield on the benchmark 10-yr Treasury note is down four basis points at 2.94%, while the 2-yr yield is down two basis points at 2.48%.

Trading volume is expected to be light today due to limited participation ahead of the three-day Memorial Day weekend.

08:52AM ET
[BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: +1.80.

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

Equity indices in the Asia-Pacific region ended the week on a mixed note. North Korea's vice foreign minister Kim Kye Gwan responded to President Trump's cancellation of the June 12 summit, saying North Korea remains willing to hold a meeting with the U.S. at any time. Southeast Asian currencies continued rebounding against the dollar with the Indonesian rupiah recording its first weekly gain in six weeks.

In economic data:
Japan's May Tokyo CPI +0.4% year-over-year (expected 0.5%; last 0.5%) and core CPI +0.5% year-over-year (expected 0.6%; last 0.6%)
Singapore's April Industrial Production +0.2% month-over-month (expected 1.2%; last 0.5%); +9.1% year-over-year (expected 8.3%; last 6.1%)

---Equity Markets---

Japan's Nikkei added 0.1%, but could not avoid its first decline in nine weeks, having surrendered 2.1% since last Friday. Kirin Holdings, Nippon Sheet Glass, Nitto Denko, Kikkoman, Olympus, TOTO, Yaskawa Electric, Fast Retailing, and Alps Electric gained between 0.8% and 4.3%.
Hong Kong's Hang Seng fell 0.6%, widening this week's loss to 1.5%. Energy-related names lagged with CNOOC, PetroChina, China Shenhua Energy, and China Petrol & Chemical lost between 1.1% and 3.4%.
China's Shanghai Composite shed 0.4%, falling 1.6% for the week. INESA Intelligent Tech, Grinm Advanced Materials, Zhejiang Xinan Chemical Industrial Group, Ningbo Shanshan lost between 4.9% and 6.2%.
India's Sensex added 0.8%, narrowing this week's loss to 1.7%. Oil & Natural Gas, Tata Steel, Yes Bank, IndusInd Bank, AXIS Bank, Tata Motors, HDFC Bank, and Bajaj Auto gained between 1.0% and 4.6%.

Major European indices trade in mixed fashion with Spain's IBEX (-1.9%) showing relative weakness after Ciudadanos secretary Jose Villegas called on Prime Minister Mariano Rajoy to call a snap election or face a no-confidence vote. The main opposition party-PSOE-filed a no-confidence motion against Mr. Rajoy earlier today. In Italy, Prime Minister-designate Giuseppe Conte said one of his priorities will be to look after savings of people hurt by bank defaults.

In economic data:
Germany's April Ifo Business Climate Index 102.2 (expected 102.7; last 102.1). April Business Expectations 98.5 (expected 99.5; last 98.7) and April Current Assessment 106.0, as expected (last 105.7)
UK's preliminary Q1 GDP +0.1% quarter-over-quarter, as expected (last 0.1%); +1.2% year-over-year, as expected (last 1.2%). Gross Mortgage Approvals 38,000 (expected 37,800; last 37,600)
Italy's non-EU trade balance EUR1.86 billion (last EUR3.83 billion)
Spain's PPI +1.9% year-over-year (last 1.3%)

---Equity Markets---

Germany's DAX is higher by 0.6%. Adidas leads, rising 1.8%, while Bayer, Merck, Lufthansa, BASF, Volkswagen, and SAP are up between 0.6% and 1.4%.
France's CAC trades up 0.1% amid gains in most components. Vivendi, Atos, Safran, Pernod Ricard, Danone, Kering, Louis Vuitton, and L'Oreal sport gains between 0.3% and 1.7%. On the downside, financials like Societe Generale, Credit Agricole, and BNP Paribas are down between 1.2% and 1.9%.
UK's FTSE is up 0.1%. Mediclinic, Kingfisher, Dixons Carphone, Paddy Power, Burberry, Persimmon, Barratt Developments, and Carnival hold gains between 0.4% and 4.8%.
Italy's MIB is down 1.4%, falling to levels from the start of April. Banco Bpm, Bper Banca, Mediobanca, UBI Banca, Intesa Sanpaolo, FinecoBank, UniCredit, and Banca Generali show losses between 2.2% and 6.1%.
Spain's IBEX has slid 1.9%. Caixabank, Santander, BBVA, Bankia, Banco Sabadell, Bankinter, Telefonica, Grifols, and Mediaset are down between 0.7% and 3.6%.

08:31AM ET
[BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: +1.80.

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

Just in, April durable goods orders fell 1.7%, which is more than the 1.6% decrease expected by the Briefing.com consensus. The prior month's reading was revised to +2.7% (from +2.6%). Excluding transportation, durable orders increased 0.9% (Briefing.com consensus +0.6%) to follow the prior month's revised increase of 0.4% (from 0.0%).

08:01AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: +4.30.

A recent dip in the equity futures market has put the major indices on course for a slightly lower start to today's session -- the last session ahead of a three day Memorial Day weekend. The S&P 500 futures are currently trading four points, or 0.2%, below fair value. For the week, the three major averages are up between 0.4% and 1.0%.

Fed Chairman Jerome Powell is scheduled to make an appearance today, speaking in a panel discussion in Stockholm, Sweden on the topic of "Financial Stability and Central Bank Transparency." The discussion is scheduled to take place from 9:15 AM ET to 10:30 AM ET. Separately, Dallas Fed President Robert Kaplan (non-voter), Chicago Fed President Charles Evans (non-voter), and Atlanta Fed President Raphael Bostic (voter) will be participating in a panel discussion at the Federal Reserve Bank of Dallas scheduled to kick off at 11:45 AM ET.

On the data front, investors will receive two economic reports today: the Durable Goods Orders report for April (Briefing.com consensus -1.6%) will be released at 8:30 AM ET, while the final reading of the University of Michigan Consumer Sentiment Index for May (Briefing.com consensus 98.8) will cross the wires at 10:00 AM ET.

U.S. Treasuries are flat to modestly higher this morning, sending the yield on the benchmark 10-yr Treasury note three basis points lower to 2.95%. Meanwhile, WTI crude futures are down notably, dropping 2.3% to $69.10/bbl, after Saudi Arabia and Russia said they were ready to wind down supply restrictions that have been in place since January 2017 due to production concerns out of Iran and Venezuela.

In U.S. corporate news:

Autodesk (ADSK 132.50, -6.42): -4.6% after lowering its earnings guidance for Q2.
Ross Stores (ROST 78.82, -4.14): -5.0% after missing earnings estimates for Q1 and lowering its guidance for Q2 and FY19.
Gap (GPS 30.40, -2.55): -7.7% after missing earnings estimates for Q1.
Foot Locker (FL 52.20, +5.81): +12.5% after beating both top and bottom line estimates for Q1.
Deckers Outdoor (DECK 108.50, +4.83): +4.7% after beating both top and bottom line estimates for Q1 and raising its guidance for FY19.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note. Japan's Nikkei +0.1%, Hong Kong's Hang Seng -0.6%, China's Shanghai Composite -0.4%, India's Sensex +0.8%.
In economic data:
Japan's May Tokyo CPI +0.4% year-over-year (expected 0.5%; last 0.5%) and core CPI +0.5% year-over-year (expected 0.6%; last 0.6%)
Singapore's April Industrial Production +0.2% month-over-month (expected 1.2%; last 0.5%); +9.1% year-over-year (expected 8.3%; last 6.1%)
In news:
North Korea's vice foreign minister Kim Kye Gwan responded to President Trump's cancellation of the June 12 summit, saying North Korea remains willing to hold a meeting with the U.S. at any time.
Southeast Asian currencies continued rebounding against the dollar with the Indonesian rupiah recording its first weekly gain in six weeks.

Major European indices trade in mixed fashion with Spain's IBEX (-1.8%) showing relative weakness. Germany's DAX +1.0%, France's CAC +0.4%, UK's FTSE +0.1%, Italy's MIB -0.8%.
In economic data:
Germany's April Ifo Business Climate Index 102.2 (expected 102.7; last 102.1). April Business Expectations 98.5 (expected 99.5; last 98.7) and April Current Assessment 106.0, as expected (last 105.7)
UK's preliminary Q1 GDP +0.1% quarter-over-quarter, as expected (last 0.1%); +1.2% year-over-year, as expected (last 1.2%). Gross Mortgage Approvals 38,000 (expected 37,800; last 37,600)
Italy's non-EU trade balance EUR1.86 billion (last EUR3.83 billion)
Spain's PPI +1.9% year-over-year (last 1.3%)
In news:
In Spain, Ciudadanos secretary Jose Villegas called on Prime Minister Mariano Rajoy to call a snap election or face a no-confidence vote. The main opposition party-PSOE-filed a no-confidence motion against Mr. Rajoy earlier today.
In Italy, Prime Minister-designate Giuseppe Conte said one of his priorities will be to look after savings of people hurt by bank defaults.

07:31AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +14.80.

07:04AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +26.30.

07:04AM ET
[BRIEFING.COM] Nikkei...22451...+13.80...+0.10%. Hang Seng...30588...-172.40...-0.60%.

07:04AM ET
[BRIEFING.COM] FTSE...7735.12...+18.40...+0.20%. DAX...12990.56...+135.50...+1.10%.

04:25PM ET

[BRIEFING.COM] The stock market was on track for a sizable loss on Thursday following President Trump's decision to cancel his June 12 summit with North Korean leader Kim Jong Un, but nearly reclaimed all of that loss in an intraday rebound. The S&P 500 was down as much as 1.0% before ending the session lower by 0.2%. Meanwhile, the Dow finished lower by 0.3%, and the Nasdaq closed just a tick beneath its flat line.

In a letter to Mr. Kim, President Trump said he felt it was "inappropriate" to go through with their planned meeting based on the "tremendous anger and open hostility" displayed in a recent statement directed at Vice President Mike Pence. The cancellation is obviously a blow to U.S.-North Korea relations, which appeared to be warming before North Korea started reverting to old habits in recent weeks, but it also might be a blow to U.S.-China relations as Mr. Trump has insinuated that Chinese President Xi might have had something to do with North Korea's change in attitude.

Also out of Washington, President Trump officially signed the Dodd-Frank reform bill on Thursday, which rolled back regulations on small and medium-sized lenders put in place following the 2008 financial crisis. The president also added that the rollback may be extended to larger banks in the future. Separately, The Wall Street Journal reported that the Trump administration is considering import tariffs on automobiles that could be as high as 25%. American automakers Ford Motor (F 11.62, +0.18) and General Motors (GM 38.39, +0.54) rallied more than 1.0% the news, while foreign automakers slid.

The S&P 500 sectors finished Thursday mostly lower, with seven of eleven closing in the red. The energy sector (-1.7%) was the weakest space, suffering amid another decline in the price of crude oil, which has now dropped for three sessions in a row amid fears that OPEC may boost production due to supply concerns out of Iran and Venezuela. WTI crude futures ended 1.6% lower at $70.71 per barrel. The heavily-weighted financial sector (-0.7%) was also relatively weak as Treasury yields declined for the second day in a row. The benchmark 10-yr yield ended two basis points lower at 2.98%.

On a positive note, the consumer discretionary (+0.2%), industrials (+0.6%), telecom services (+0.6%), and utilities (+0.8%) sectors finished in the green. General Electric (GE 14.60, +0.42) led the industrial sector higher, adding 3.0%, after CNBC's David Faber reported that the company does not plan to cut its dividend (refuting reports from earlier in the week). Meanwhile, in the consumer discretionary space,electronics retailer Best Buy (BBY 70.90, -5.05) slid 6.7% despite reporting above-consensus earnings and revenues for the first quarter.

Reviewing Thursday's economic data, which included weekly Initial Claims, Existing Home Sales for April, and the FHFA Housing Price Index for March:

The latest weekly initial jobless claims count totaled 234,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 223,000 (from 222,000). As for continuing claims, they rose to 1.741 million from a revised count of 1.712 million (from 1.707 million).

While initial claims were higher than expected, the key takeaway from the report is that it won't do anything to upset the favorable perspective on the initial claims trend.

Existing home sales decreased 2.5% in April to an annualized rate of 5.46 million units (Briefing.com consensus 5.57 million). The March reading was left unrevised at 5.60 million.

The key takeaway from the report remains the same: notable supply constraints continue to act as a drag on overall sales. The limited inventory -- and the high prices on available inventory -- is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are going to feel added affordability pressures from rising mortgage rates.

The FHFA Housing Price Index rose 0.1% in March (Briefing.com consensus +0.6%), and the February increase was left unrevised at 0.6%.

Looking ahead to Friday, investors will receive April Durable Orders and the final reading of the University of Michigan Consumer Sentiment Index for May.

Nasdaq Composite +7.6% YTD
Russell 2000 +6.0% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average +0.4% YTD

Dow: -75.05… | Nasdaq: -1.53… | S&P: -5.53…
NASDAQ Adv/Dec 1396/1522. …NYSE Adv/Dec 1466/1441.

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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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