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 Post subject: June 6th Wednesday Price Action Trade Result - No Trades
PostPosted: Wed Jun 06, 2018 11:15 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
Users of WRB Analysis Real-Time Trades - TheStrategyLab Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users of WRB Analysis 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
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Quote:
No trades today for me. Its a designated rest/relax day for me but I did log into the free chat room and left my computer on to record the chat room conversation for other traders that were in the chat room to post their real-time trades and price action analysis to ensure that guest visitors reading the chat logs will know that members of TheStrategyLab do in fact did post their real time trades. TheStrategyLab members chat log at the below link. [ec44]

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=181&t=2840

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 along with the real-time trades by other users of WRB Analysis for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Also, as stated since the birth of the free chat room TheStrategyLab...we are not a signal calling trade alert room. Thus, there is no trader telling you what to trade, when to buy and when to sell. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion.

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

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

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

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

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

Analysis -----> Trade Signals

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

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

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

Market Context Summaries

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

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click on the above image to view today's price action of key markets discussed by members of TheStrategyLab chat room or private thread discussions

The Market at 04:15PM ET
Dow: +346.41… | Nasdaq: +51.38… | S&P: +23.55…
NASDAQ Vol: 2.2 bln… Adv: 1816… Dec: 1177…
NYSE Vol: 957.7 mln… Adv: 1888… Dec: 1011…

Moving the Market

Buying momentum following three straight victories for the S&P 500

Financials rally as Treasury yields rise across the curve

Top-weighted tech group underperforms; Facebook (FB) particularly weak after reports that it gave data access to at least four Chinese electronics companies

Sector Watch
Strong: Financials, Materials, Health Care, Telecom Services
Weak: Technology, Consumer Staples, Utilities, Real Estate

04:15PM ET

[BRIEFING.COM] Stocks rallied for a fourth straight session on Wednesday, with financials and materials shares leading the charge. The Nasdaq and the Russell 2000 hit new record highs for the third day in a row, adding 0.7% apiece, and the Dow led the major indices with a solid gain of 1.4%. The benchmark S&P 500 index added 0.9%, closing at its best level in three months.

10 of 11 S&P 500 sectors advanced on Wednesday. The financial space (+1.8%) was strong throughout the session, underpinned by a sharp rise in Treasury yields, which hit their highest levels in nearly two weeks. The yield on the benchmark 10-yr Treasury note climbed six basis points to 2.98%. The materials (+1.9%), consumer discretionary (+1.0%), health care (+1.2%), and telecom services (+1.5%) sectors were also notably strong.

On the flip side, rising yields weighed on the interest-rate-sensitive utilities sector, which finished at the bottom of the sector standings with a loss of 2.1%. The top-weighted technology group finished in the green with a gain of 0.5%, but had trouble keeping up with the broader market. Within the space, Facebook (FB 191.34, -1.60) was particularly weak, dropping 0.8%, after reports that the company gave data access to at least four Chinese electronics companies, including one flagged by American intelligence officials as a national security threat.

In other corporate news, Tesla (TSLA 319.50, +28.37) spiked 9.7% after its CEO, Elon Musk, said at the company's annual shareholder meeting on Tuesday evening that it's "quite likely" that Tesla will hit its target for producing 5,000 Model 3 electric vehicles per week by the end of June. Signet Jewelers (SIG 52.27, +8.12) also had a strong outing, soaring 18.4%, after reporting better-than-expected earnings and revenues for the first quarter and reaffirming its earnings guidance for the fiscal year.

The energy sector (+0.6%) was volatile on Wednesday after the Department of Energy reported an unexpected build in crude oil inventories. The DOE said that U.S. crude stockpiles increased by 2.1 million barrels last week, while estimates had expected a draw of around 3.6 million barrels. West Texas Intermediate crude futures were down around 0.2% ahead of the release, but finished the session lower by 1.1% at $64.76 per barrel, which ties a two-month low.

In Europe, ECB officials said that inflation is moving towards the 2.0% target, suggesting that next week's policy meeting could provide investors with some guidance about the wind-down of the central bank's asset purchase program. The euro climbed to a two-week high against the U.S. dollar following the comments, jumping 0.5% to 1.1772.

Reviewing Wednesday's economic data, which included the April Trade Balance, the revised readings for first quarter Productivity and Unit Labor Costs, and the weekly MBA Mortgage Applications Index:

The April trade balance showed a deficit of $46.2 billion (Briefing.com consensus -$48.8 billion). The March deficit was revised to $47.2 billion from $49.0 billion.
The key takeaway from the report is that the real goods deficit in April was 6.0% less than the first quarter average, which suggests net exports should be factored as a positive input for upbeat Q2 GDP growth forecasts.
First quarter unit labor costs were revised upward to 2.9% (Briefing.com consensus +2.8%) from +2.7% in the preliminary reading, while first quarter productivity was revised to +0.4% (Briefing.com consensus +0.6%) from +0.7% in the preliminary reading.
The key takeaway from the report is that productivity continues to run at relatively weak levels, which will stand in the way of GDP growth maintaining an accelerated growth rate above 3.0%.
The weekly MBA Mortgage Applications Index increased 4.1% to follow last week's decrease of 2.9%.

On Thursday, investors will receive weekly Initial Claims (Briefing.com consensus 225K) and April Consumer Credit (Briefing.com consensus $13.9 billion).

Nasdaq Composite +11.4% YTD
Russell 2000 +9.2% YTD
S&P 500 +3.7% YTD
Dow Jones Industrial Average +1.7% YTD

Dow: +346.41… | Nasdaq: +51.38… | S&P: +23.55…
NASDAQ Adv/Dec 1816/1177. …NYSE Adv/Dec 1888/1011.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
July Crude Oil futures fell $0.75 (-1.14%) to $64.76/barrel
August Natural Gas settled $- higher (0%) at $2.89/MMBtu
September RBOB Gasoline settled $0.04 lower (-1.9%) at $2.07/gallon
October Heating oil futures settled $0.01 lower (-0.47%) at $2.13/gallon
Metals Settlement Prices:
Aug gold settled today's session down $0.90 (0.07%) at $1301.4/oz
Jul silver settled today's session $0.06 higher (0.85%) at $16.69/oz
Jul copper settled $0.06 higher (1.87%) at $3.26/lb
Agriculture Settlement Prices:
July corn settled $0.05 lower at $3.79/bushel
July wheat settled $0.13 higher at $5.22/bushel
July soybeans settled $0.07 lower at $9.95/bushel

Dow: +294.44… | Nasdaq: +38.35… | S&P: +18.70…
NASDAQ Adv/Dec 1982/1016. …NYSE Adv/Dec 1843/1074.

02:55PM ET

[BRIEFING.COM] Stocks have continued ticking up, hitting new highs for the day, with the S&P 500 is now higher by 0.7%.

The financials (+1.8%), materials (+1.2%), health care (+1.1%), and telecom services (+1.5%) sectors are leading today's broad-based rally, while the consumer staples (-0.1%) and utilities (-2.1%) sectors continue to struggle. The top-weighted technology group (+0.3%) is lagging, but still trades in positive territory.

Looking ahead to tomorrow, investors will receive just two economic reports, the weekly Initial Claims report (Briefing.com consensus 225K) and the April Consumer Credit report (Briefing.com consensus $13.9 billion). As for earnings, J.M. Smucker (SJM 106.04, -0.06) will be reporting before the opening bell.
Dow: +287.10… | Nasdaq: +37.90… | S&P: +18.63…
NASDAQ Adv/Dec 1841/1024. …NYSE Adv/Dec 1788/1096.

02:30PM ET

[BRIEFING.COM] The Nasdaq Composite moves to its best levels of the day, a fresh all-time high near 7664.96, but there remains some pockets of underperformance.

Consumer staples (-0.2%) names just haven't had much relief lately from the bevy of selling pressure which today takes shares of tobacco company Philip Morris International (PM 76.32, -1.19, -1.5%) and packaged food and beverage manufacturer Campbell Soup (CPB 33.24, -0.09, -0.3%) fall to multi-year lows. Shares of the former fall due in part to a press release issued this morning by the company wherein it detailed its latest scientific update for smoke-free products. The trend of independent research was 'in line' with PMI's conclusions -- the company's most advanced smoke-free product generates significantly lower levels of toxicants compared to cigarette smoke.

The Consumer Staples SPDR ETF (XLP 49.71, -0.12, -0.3%) has modestly come off this morning's lows, but is still on pace to post back-to-back declines, extending its five-session selloff to 1.5%. For comparison, the S&P 500 carries a five-session 3.2% advance into the afternoon.
Dow: +217.70… | Nasdaq: +26.95… | S&P: +13.42…
NASDAQ Adv/Dec 1782/1067. …NYSE Adv/Dec 1683/1186.

02:00PM ET

[BRIEFING.COM] The major averages are little changed since our last update.

Yesterday's higher finish in gold futures was short-lived, as the yellow metal fell in the final hour of trading before it settled down less than 0.1% at $1,301.40/oz.

Partly aiding the late-session declines in gold, the greenback trimmed its losses in the past hour or so. The U.S. Dollar Index now shows losses of 0.3% at 93.64 vs. lows of 0.5% at today's worst levels.
Dow: +224.81… | Nasdaq: +15.31… | S&P: +12.59…
NASDAQ Adv/Dec 1716/1108. …NYSE Adv/Dec 1642/1233.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are enjoying their fourth day of gains as today's rally thrusts the Dow Jones Industrial Average back above the closely watched 25k level.

A look inside the Dow shows that JP Morgan (JPM 110.62, +2.78), Boeing (BA 369.12, +9.02), & DowDuPont (DWDP 69.40, +1.51) are outperforming. JP Morgan is leading the Dow higher as financials display relative strength, vastly outpacing all other sectors on the heels of today's increase in yields.

Conversely, Travelers (TRV 128.23, -0.94) is the worst-performing Dow component as insurers drop following a report that Amazon (AMZN 1694.85, -1.50) could explore offering its own home insurance.

For the week, the DJIA is +1.6%.
Dow: +227.22… | Nasdaq: +13.98… | S&P: +12.11…
NASDAQ Adv/Dec 1689/1114. …NYSE Adv/Dec 1652/1217.

12:55PM ET

[BRIEFING.COM] The stock market is up for the fourth session in a row, with financial shares leading the charge. The price-weighted Dow Jones Industrial Average is up 1.0% as its most influential component, Boeing (BA 369.35, +9.36), sports a gain of 2.6%. Meanwhile, the S&P 500 (+0.4%), the Nasdaq (+0.2%), and the Russell 2000 (+0.2%) are also higher, following the Dow from a distance.

Most S&P 500 sectors are in the green, but none is up as much as the heavily-weighted financial space, which is higher by 1.7%. Financials have been underpinned by an increase in U.S. Treasury yields, which are higher across the curve. The yield on the benchmark 10-yr Treasury note is up five basis points at 2.97%, and the 2-yr yield is up four basis points at 2.52%. Conversely, the rate-sensitive utilities sector has been negatively impacted by the rise in yields and is currently at the bottom of the sector standings with a loss of 1.3%.

The energy space (-0.1%) was up with financials at the start of today's session, but slipped in tandem with crude prices after the Department of Energy reported an unexpected build in crude inventories. The DOE said that U.S. crude stockpiles increased by 2.1 million barrels last week, while estimates had expected a draw of around 3.6 million barrels. West Texas Intermediate crude futures were down around 0.2% ahead of the release, but now trade lower by 1.4% at $64.63 per barrel.

Meanwhile, the top-weighted technology sector (unch) is lagging, keeping the S&P 500's gain in check. Facebook (FB 190.05, -2.89) is particularly weak, losing 1.5%, after reports that the company gave data access to at least four Chinese electronics companies, including one flagged by American intelligence officials as a national security threat.

In other corporate news, Signet Jewelers (SIG 53.54, +9.41) has spiked 21.4%, hitting a fresh four-month high, after reporting better-than-expected earnings and revenues for the first quarter and reaffirming its earnings guidance for the fiscal year. athenaHealth (ATHN 157.32, +6.19) is also higher, up 4.1%, after the company's co-founder, president, and CEO, Jonathan Bush, resigned this morning. Conversely, Delta Air Lines (DAL 53.81, -0.86) is down 1.6% after lowering its second quarter earnings guidance, due in part to higher fuel prices.

Elsewhere, the euro is up 0.6% against the U.S. dollar today, hitting its highest level in two weeks, after several European Central Bank officials said that inflation is moving towards the 2.0% target, suggesting that next week's policy meeting could provide investors with some guidance about the wind-down of the ECB's asset purchase program.

Reviewing today's economic data, which included the April Trade Balance, the revised readings for first quarter Productivity and Unit Labor Costs, and the weekly MBA Mortgage Applications Index:

The April trade balance showed a deficit of $46.2 billion (Briefing.com consensus -$48.8 billion). The March deficit was revised to $47.2 billion from $49.0 billion.
The key takeaway from the report is that the real goods deficit in April was 6.0% less than the first quarter average, which suggests net exports should be factored as a positive input for upbeat Q2 GDP growth forecasts.
First quarter unit labor costs were revised upward to 2.9% (Briefing.com consensus +2.8%) from +2.7% in the preliminary reading, while first quarter productivity was revised to +0.4% (Briefing.com consensus +0.6%) from +0.7% in the preliminary reading.
The key takeaway from the report is that productivity continues to run at relatively weak levels, which will stand in the way of GDP growth maintaining an accelerated growth rate above 3.0%.
The weekly MBA Mortgage Applications Index increased 4.1% to follow last week's decrease of 2.9%.

Dow: +221.04… | Nasdaq: +15.35… | S&P: +10.82…
NASDAQ Adv/Dec 1621/1158. …NYSE Adv/Dec 1566/1310.

12:25PM ET

[BRIEFING.COM] The major U.S. indices are drifting at their best marks of the day, with the Dow now up nearly 1.0%.

Seven sectors are in the green, including financials (+1.6%), consumer discretionary (+0.6%), industrials (+0.4%), materials (+0.9%), technology (+0.1%), health care (+0.6%), and telecoms (+0.5%), while four groups are in the red, including energy (-0.1%), consumer staples (-0.1%), utilities (-1.5%), and real estate (-0.3%).

In Europe, the major indices settled Wednesday on a mostly higher note, with Germany's DAX and the UK's FTSE adding 0.3% apiece.
Dow: +235.80… | Nasdaq: +16.49… | S&P: +11.77…
NASDAQ Adv/Dec 1627/1139. …NYSE Adv/Dec 1526/1299.

11:55AM ET

[BRIEFING.COM] The equity market has climbed to new session highs in recent action, with the S&P 500 now sporting a gain of 0.4%.

Shares of Signet Jewelers (SIG 52.74, +8.59) have spiked 19.5%, hitting a fresh four-month high, after the world's largest retailer of diamond jewelry reported better-than-expected earnings and revenues for the first quarter and reaffirmed its earnings guidance for the fiscal year.

Separately, shares of athenaHealth (ATHN 157.75, +6.61) are also higher, up 4.4%, after the company's president and CEO, Jonathan Bush, stepped down this morning. Mr. Bush co-founded the company in 1997.
Dow: +194.15… | Nasdaq: +21.10… | S&P: +11.00…
NASDAQ Adv/Dec 1627/1118. …NYSE Adv/Dec 1490/1339.

11:25AM ET

[BRIEFING.COM] Stocks have bounced back a bit in recent trading, returning to their opening levels. The Dow Jones Industrial Average is leading the major indices with a gain of 0.6%, helped by solid performances from JPMorgan (JPM 110.08, +2.24) and Boeing (BA 366.72, +6.62).

Treasury yields have continued to climb, with the benchmark 10-yr yield now up five basis points at 2.97%, hitting its highest level since May 24. However, the 10-yr yield is still a ways below the seven-year high of 3.12% it hit on May 17. Meanwhile, the 2-yr yield is up four basis points at 2.52%.

The interest-rate-sensitive utilities sector has dropped amid the rise in Treasury yields and is currently lower by 1.6%, extending its weekly decline to 3.0%. For comparison, the S&P 500 is up 0.9% week to date.
Dow: +179.24… | Nasdaq: +18.72… | S&P: +9.67…
NASDAQ Adv/Dec 1598/1110. …NYSE Adv/Dec 1475/1340.

10:55AM ET

[BRIEFING.COM] Equity indices have slipped from their opening levels, with the S&P 500 now flat after being up around 0.3%.

The Department of Energy reported at the bottom of the hour that U.S. crude stockpiles increased by 2.1 million barrels last week, while estimates had expected a draw of around 3.6 million barrels. WTI crude futures were down 0.2% ahead of the release and are now down 1.8% at $64.38 per barrel. The energy sector, meanwhile, is down 0.2% after being up 0.7%.

In currencies, the U.S. Dollar Index is currently down 0.4% at 93.49, hitting its lowest level since May 18. The greenback has dropped 0.6% against the euro after ECB officials suggested next week's policy meeting could provide investors with some guidance about the wind-down of the ECB's asset purchase program.
Dow: +95.47… | Nasdaq: -12.18… | S&P: +1.13…
NASDAQ Adv/Dec 1522/1148. …NYSE Adv/Dec 1382/1370.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day slightly higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.1% at 89.76
Dollar index is currently -0.4% at 93.52
Looking at energy...
July WTI crude oil futures are now -$0.44 at $65.08/barrel
Oil intially sold off following the weekly EIA petroleum storage data...
Crude oil inventories had a build of 2.1 mln barrels
Gasoline Inventories has a build of 4.6 mln barrels
Distillate Inventories had a build of 2.2 mln barrels
In other energy, Jul natural gas is -$0.01 at $2.88/MMBtu
Moving on to metals...
June gold is currently +$1.50 at $1303.70/oz, while Jul silver is +$0.15 at $16.70/oz
Jul copper is now +$0.04 at $3.24/lb

Dow: +104.04… | Nasdaq: -5.94… | S&P: +3.29…
NASDAQ Adv/Dec 1562/1127. …NYSE Adv/Dec 1427/1288.

09:55AM ET

[BRIEFING.COM] Equity indices continue to hold modest gains, with the Dow (+0.4%) showing relative strength.

The heavily-weighted financial sector is at the top of today's sector standings, up 1.0%, with giants like JPMorgan Chase (JPM 109.25, +1.40), Bank of America (BAC 29.51, +0.39), Citigroup (C 67.37, +0.61), and Wells Fargo (WFC 55.02, +0.52) sporting gains between 1.0% and 1.4%. Rising Treasury yields have helped underpin the sector. The yield on the benchmark 10-yr Treasury note is up three basis points at 2.95%.

As a reminder, the Department of Energy will release its weekly crude oil inventory report at 10:30 AM ET. WTI crude futures are down 0.3% at $65.32/bbl.
Dow: +109.47… | Nasdaq: +11.97… | S&P: +5.67…
NASDAQ Adv/Dec 1507/1099. …NYSE Adv/Dec 1468/1160.

09:40AM ET

[BRIEFING.COM] The major averages are modestly higher in the opening minutes, with the S&P 500 sporting a gain of 0.3%.

Most S&P 500 sectors are trading in the green, led by financials (+0.9%) and energy (+0.8%). The utilities space (-0.3%) is lagging.

In the bond market, the yield on the benchmark 10-yr Treasury note is up three basis points at 2.95%.
Dow: +129.38… | Nasdaq: +13.62… | S&P: +7.71…
NASDAQ Adv/Dec 1572/944. …NYSE Adv/Dec 1620/927.

09:10AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.80.

The stock market is set to open in positive territory, as the S&P 500 futures are trading five points, or 0.2%, above fair value.

Shares of Facebook (FB 191.12, -1.82) are down 0.9% in pre-market trading following a NY Times report that the company gave data access to at least four Chinese electronics companies, including one flagged by American intelligence officials as a national security threat. Meanwhile, shares of Signet Jewelers (SIG 48.31, +4.16) have spiked 9.4% after the company reported better-than-expected earnings and revenues for the first quarter.

Investors received the April trade balance earlier this morning, which showed a smaller-than-expected deficit of $46.2 billion (Briefing.com consensus -$48.8 billion). Separately, first quarter unit labor costs were revised upward to 2.9% (Briefing.com consensus +2.8%) from +2.7% in the preliminary reading, and first quarter productivity was revised to +0.4% (Briefing.com consensus +0.6%) from +0.7% in the preliminary reading.

In Europe, several European Central Bank officials said that inflation is moving towards the 2.0% target, suggesting that next week's policy meeting could provide investors with some guidance about the wind-down of the ECB's asset purchase program. The euro has climbed to a fresh two-week high following the news, jumping 0.5% against the U.S. dollar to 1.1771.

U.S. Treasuries are lower this morning, sending the yield on the benchmark 10-yr Treasury note three basis points higher to 2.95%.

08:52AM ET
[BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +14.00.

The S&P 500 futures are trading eight points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. A report in China Securities Journal noted that the People's Bank of China could lower the reserve requirement ratio while raising yields on the medium-term lending facility and reverse repurchases. South Korea's Ministry of Trade, Industry, and Energy revealed that Chinese investors have poured approximately $500 million into next-generation technologies like chips, automobiles, and robots. The Reserve Bank of India unanimously voted for its first rate hike in nearly five years, increasing the repurchase rate by 25 basis points to 6.25% (expected 6.00%). The reverse repurchase rate was increased to 6.00% from 5.75% while the cash reserve ratio was left unchanged at 4.00%.

In economic data:
Japan's April Average Cash Earnings +0.8% year-over-year (expected 1.4%; last 2.0%)
Australia's Q1 GDP +1.0% quarter-over-quarter (expected 0.8%; last 0.5%); +3.1% year-over-year (expected 2.8%; last 2.4%)
New Zealand's ANZ Commodity Price Index +1.5% month-over-month (last 1.0%)

---Equity Markets---

Japan's Nikkei gained 0.4%. Nippon Electric Glass, Sony, Fast Retailing, Yokohama Rubber, Sumitomo Metal Mining, Dentsu, Softbank, Toyota Motor, KDDI, Alps Electric, and Nikon gained between 1.6% and 4.8%. On the downside, heavyweight Fanuc lost 2.9%, revisiting this year's low.
Hong Kong's Hang Seng added 0.5%. Apple suppliers AAC Technology and Sunny Optical Tech gained 9.3% and 4.9%, respectively. Energy-related names like PetroChina, China Shenhua Energy, and CNOOC rose between 0.3% and 2.7%.
China's Shanghai Composite settled just above its flat line. AVIC Shenyang Aircraft, Hebei Hengshui Laobaigan Liquor, Chongqing Brewery, and Dasheng Times Cultural Investment rose between 3.9% and 4.4%.
India's Sensex gained 0.8%. Bharti Airtel, Tata Motors, Sun Pharma, Coal India, Bajaj Auto, Wipro, and Infosys climbed between 1.2% and 4.6%. Financials like AXIS Bank, ICICI Bank, and HDFC Bank settled near their flat lines.

Major European indices trade on a mostly higher note, but Italian debt has extended yesterday's decline. Italy's BTPs have climbed off their session lows notched just before 5:00 ET, but renewed selling could pressure regional markets. Conversely, an extension of the rebound should be a supportive factor for the remainder of the session. Comments from several European Central Bank members have crossed the wires today, but their message has been consistent. The ECB policymakers agreed that inflation is moving toward the 2.0% target with less dependence on stimulus. This suggests next week's ECB meeting could provide some guidance about the wind-down of the asset purchase program. The European Commission has endorsed duties on U.S. products in response to U.S. tariffs on steel and aluminum imports.

In economic data:
Eurozone Retail PMI 51.7 (last 48.6)
Swiss May CPI +0.4% month-over-month (expected 0.3%; last 0.2%)
Spain's April Industrial Production +1.9% year-over-year (expected 5.0%; last 4.6%)

---Equity Markets---

UK's FTSE is higher by 0.3%. Consumer names like Merlin Entertainments, Barratt Developments, ITV, Marks & Spencer, Burberry, Kingfisher, Dixons Carphone, Persimmon, and Next hold gains between 1.1% and 3.8%.
Germany's DAX trades up 0.4%. Adidas, Deutsche Bank, Commerzbank, Lufthansa, and Volkswagen are up between 0.5% and 2.1%. On the downside, Siemens, BASF, Daimler, Merck, and Bayer show losses between 0.2% and 1.4%.
France's CAC sits just below its flat line. Consumer stocks like L'Oreal, Danone, Carrefour, Pernod Ricard, Louis Vuitton, and Kering are down between 0.2% and 1.2% while ArcelorMittal, TechnipFMC, Peugeot, BNP Paribas, and STMicroelectronics have gained between 0.5% and 1.9%.
Italy's MIB is down 0.4%. Fiat, Generali, Luxottica, Intesa Sanpaolo, Pirelli, and Saipem hold losses between 0.2% and 0.9% while FinecoBank, Banca Generali, Banco Bpm, and Salvatore Ferragamo have risen between 1.3% and 2.6%.
Spain's IBEX is higher by 0.8%. Repsol, Acciona, Merlin Properties, IAG, Santander, and Bankia are up between 1.0% and 3.2%.

08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +20.00.

The S&P 500 futures are trading eight points, or 0.3%, above fair value.

Just in, the April trade balance showed a deficit of $46.2 billion (Briefing.com consensus -$48.8 billion). The March deficit was revised to $47.2 billion from $49.0 billion.

Separately, first quarter unit labor costs were revised upward to 2.9% (Briefing.com consensus +2.8%) from +2.7% in the preliminary reading. Meanwhile, first quarter productivity was revised to +0.4% (Briefing.com consensus +0.6%) from +0.7% in the preliminary reading.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +20.50.

U.S. equities are looking to extend their winning streak to four sessions this morning, as the S&P 500 futures are trading eight points, or 0.3%, above fair value. Both the tech-heavy Nasdaq Composite and the small-cap Russell 2000 will be attempting to settle at new record highs for the third session in a row.

In Europe, the major stock indices are mostly higher, but the German 10-yr bund is lower after several European Central Bank officials said that inflation is moving towards the 2.0% target, suggesting that next week's policy meeting could provide investors with some guidance about the wind-down of the ECB's asset purchase program. The euro has climbed to a fresh two-week high following the news, jumping 0.5% against the U.S. dollar to 1.1771.

Today's batch of economic data will include the April Trade Balance report (Briefing.com consensus -$48.8 billion) and the revised readings for first quarter Productivity (Briefing.com consensus 0.6%) and Unit Labor Costs (Briefing.com consensus 2.8%), all of which will cross the wires at 8:30 AM ET. The weekly MBA Mortgage Applications Index was released earlier this morning, showing an increase of 4.1% to follow last week's decrease of 2.9%.

Meanwhile, WTI crude futures are down 0.6% at $65.10 per barrel ahead of the government's weekly crude inventory report, which will be released at 10:30 AM ET. Last night, the API reported that U.S. crude stockpiles declined by 2.0 million barrels last week, but the API reading isn't seen as a reliable prelude to the official government report.

Elsewhere, U.S. Treasuries are lower, sending the yield on the benchmark 10-yr Treasury note four basis points higher to 2.96%.

In U.S. corporate news:

Facebook (FB 191.45, -1.49): -0.8% following a NY Times report that Facebook gave data access to at least four Chinese electronics companies, including one flagged by American intelligence officials as a national security threat.
Signet Jewelers (SIG 47.65, +3.50): +7.9% after beating earnings and revenue estimates for the first quarter.
L Brands (LB 39.26, +2.07): +5.6% after reporting a year-over-year increase of 10% in May sales.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a higher note. Japan's Nikkei +0.4%, Hong Kong's Hang Seng +0.5%, China's Shanghai Composite unch, India's Sensex +0.8%.
In economic data:
Japan's April Average Cash Earnings +0.8% year-over-year (expected 1.4%; last 2.0%)
Australia's Q1 GDP +1.0% quarter-over-quarter (expected 0.8%; last 0.5%); +3.1% year-over-year (expected 2.8%; last 2.4%)
New Zealand's ANZ Commodity Price Index +1.5% month-over-month (last 1.0%)
In news:
A report in China Securities Journal noted that the People's Bank of China could lower the reserve requirement ratio while raising yields on the medium-term lending facility and reverse repurchases.
South Korea's Ministry of Trade, Industry, and Energy revealed that Chinese investors have poured approximately $500 million into next-generation technologies like chips, automobiles, and robots.
The Reserve Bank of India unanimously voted for its first rate hike in nearly five years, increasing the repurchase rate by 25 basis points to 6.25% (expected 6.00%). The reverse repurchase rate was increased to 6.00% from 5.75% while the cash reserve ratio was left unchanged at 4.00%.

Major European indices trade on a mostly higher note, but Italian debt has extended yesterday's decline. UK's FTSE +0.4%, Germany's DAX +0.3%, France's CAC unch, Italy's MIB -0.2%, Spain's IBEX +1.0%.
In economic data:
Eurozone Retail PMI 51.7 (last 48.6)
Swiss May CPI +0.4% month-over-month (expected 0.3%; last 0.2%)
Spain's April Industrial Production +1.9% year-over-year (expected 5.0%; last 4.6%)
In news:
Comments from several European Central Bank members have crossed the wires today, but their message has been consistent. The ECB policymakers agreed that inflation is moving toward the 2.0% target with less dependence on stimulus. This suggests next week's ECB meeting could provide some guidance about the wind-down of the asset purchase program.
The European Commission has endorsed duties on U.S. products in response to U.S. tariffs on steel and aluminum imports.

07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +22.00.

06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +20.50.

06:55AM ET
[BRIEFING.COM] Nikkei...22626...+86.20...+0.40%. Hang Seng...31259...+165.70...+0.50%.

06:55AM ET
[BRIEFING.COM] FTSE...7713.31...+26.50...+0.30%. DAX...12829.48...+42.40...+0.30%.

04:15PM ET

[BRIEFING.COM] Stocks ended Tuesday on slightly higher note, with the S&P 500 adding 0.1%. The Nasdaq (+0.4%) and the Russell 2000 (+0.7%) outperformed, finishing at new all-time highs for the second day in a row, but the Dow lagged, closing lower by 0.1%. The major averages kept within pretty narrow ranges on Tuesday due to a lack of market-moving news.

The lightly-weighted materials sector (+0.8%) was the top-performing S&P 500 group, followed by consumer discretionary (+0.6%), information technology (+0.4%), and telecom services (+0.5%). On the flip side, financials (-0.4%) finished with energy (-0.3%), consumer staples (-0.5%), utilities (-0.7%), and real estate (-0.5%) at the bottom of the sector standings. Financials declined in tandem with Treasury yields, which finished lower across the curve. The yield on the benchmark 10-yr Treasury note dropped two basis points to 2.92%.

In corporate news, shares of Starbucks (SBUX 55.68, -1.39) dropped 2.4% after Howard Schultz announced on Monday evening that he's stepping down from his role as executive chairman. Twitter (TWTR 39.80, +1.92) shares, meanwhile, spiked 5.1% after news that the company will be added to the S&P 500 on June 7, and shares of Mylan (MYL 39.98, +1.48) jumped 3.8% after the company received FDA approval for a drug similar to Amgen's (AMGN 181.73, -3.71) Neulasta, which is used to decrease the chance of inflection for chemotherapy patients.

Several retailers made outsized moves on Tuesday, sending the SPDR S&P Retail ETF (XRT 48.49, +0.85) up 1.8% to its best level since late January. The retail rally was helped by Monday comments from Evercore ISI Research, which suggested that fears about Amazon's (AMZN 1696.35, +31.08) ever-growing footprint are overblown. However, Amazon shares also had a solid performance on Tuesday, climbing 1.9% to finish at a new record high.

Overseas, Italian Prime Minister Giuseppe Conte delivered his inaugural address, calling for a universal basic income, a fairer tax system, and the EU to review sanctions against Russia. Italy's major stock index, the MIB, underperformed other European indices, losing 1.2%, and the yield on the Italian 10-yr bond rose 20 basis points to 2.75%.

Reviewing Tuesday's economic data, which was limited to the ISM Services Index for May and the Job Openings and Labor Turnover Survey for April:

The ISM Services Index for May ticked up to 58.6 (Briefing.com consensus 58.0) from an unrevised reading of 56.8 in April.
The key takeaway from the report is that it matched an uptick in the ISM Manufacturing Index for May. The uptick in both will help substantiate the belief that second quarter GDP growth is poised to pick up noticeably from the first quarter.
The April Job Openings and Labor Turnover Survey showed that job openings increased to 6.698 million from a revised 6.633 million (from 6.550 million) in March.

Looking ahead, investors will receive on Wednesday the April Trade Balance (Briefing.com consensus -$48.8 billion), the revised readings for first quarter Productivity (Briefing.com consensus 0.6%) and Unit Labor Costs (Briefing.com consensus 2.8%), and the weekly MBA Mortgage Applications Index.

Nasdaq Composite +10.6% YTD
Russell 2000 +8.4% YTD
S&P 500 +2.8% YTD
Dow Jones Industrial Average +0.3% YTD

Dow: -13.71… | Nasdaq: +31.40… | S&P: +1.93…
NASDAQ Adv/Dec 1889/1055. …NYSE Adv/Dec 1742/1183.

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M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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