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 Post subject: June 7th Thursday Price Action Trade Result Profit $2775.00
PostPosted: Thu Jun 07, 2018 9:01 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
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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 @ $2775.00 dollars or +55.50 points, Light Crude Oil CL ($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 @ $2775.00 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=181&t=2841

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 chat room or private thread discussions

The Market at 04:20PM ET
Dow: +95.02… | Nasdaq: -54.17… | S&P: -1.98…
NASDAQ Vol: 2.3 bln… Adv: 1301… Dec: 1647…
NYSE Vol: 883.1 mln… Adv: 1597… Dec: 1323…

Moving the Market

Top-weighted technology sector slides, keeps broader market in check

Energy shares rally as crude prices rise due to Venezuela production concerns

Bonds rally, sending yields lower, possibly due to issues in the emerging markets

Sector Watch
Strong: Energy, Consumer Staples, Utilities, Telecom Services
Weak: Technology, Materials

04:20PM ET

[BRIEFING.COM] The major averages finished Thursday on a mostly lower note, with the S&P 500 shedding 0.1% to end a four-session winning streak. The Nasdaq and the Russell 2000 retreated from all-time highs, finishing lower by 0.7% and 0.5%, respectively, while the Dow outperformed, adding 0.4%.

Most S&P 500 sectors finished the day in positive territory, with energy (+1.6%) and telecom services (+1.2%) leading the charge. Energy stocks rose with the price of crude oil following reports that Venezuela is nearly a month behind in crude deliveries due to its ongoing economic crisis. WTI crude futures advanced 1.9% to $65.95 per barrel after hitting a two-month low on Wednesday. In addition to energy, the consumer staples (+0.6%) and utilities (+0.4%) sectors also outperformed.

However, the information technology sector -- which is the biggest S&P 500 group, representing a quarter of the broader market by itself -- dropped 1.1%, overpowering mostly modest gains from the ten other groups. Within the space, giants like Microsoft (MSFT 100.88, -1.61), Facebook (FB 188.18, -3.16), and Alphabet (GOOG 1123.86, -13.02) lost between 1.2% and 1.7%, and chipmakers pushed the Philadelphia Semiconductor Index lower by 1.0%.

In Washington, Commerce Secretary Wilbur Ross said the U.S. has struck a deal to end crippling sanctions against Chinese telecom giant ZTE that includes a $1 billion penalty and the implementation of a U.S.-chosen compliance team to monitor the company going forward. ZTE will also be required to change its board of directors and its executive team in the next 30 days. Separately, President Donald Trump and Japan's Prime Minister Shinzo Abe held a joint press conference on Thursday, touching on next week's U.S.-North Korea summit.

On the corporate front, Qualcomm (QCOM 60.64, +0.80) and NXP Semi (NXPI 120.07, +5.55) rallied 1.3% and 4.9%, respectively, following reports that China is ready to approve Qualcomm's proposed acquisition of NXP. Meanwhile, J.M. Smucker (SJM 100.80, -5.72) lost 5.4% and Five Below (FIVE 99.05, +17.77) spiked 21.9% after both companies released their quarterly results, and Allergan (AGN 163.27, +7.89) jumped 5.1% following reports that billionaire investor Carl Icahn has built a small position in the drugmaker.

U.S. Treasuries rallied on Thursday, shooting to new highs in the afternoon when emerging market currencies dropped to new lows against the U.S. dollar. There wasn't a news catalyst to credit for the move, but it's worth noting that Indonesia, Turkey, and India have all raised rates recently in an effort to stem capital flight. The iShares MSCI Brazil Capped ETF (EWZ 31.71, -1.77) got clobbered on Thursday, dropping 5.1%, and the iShares MSCI Emerging Markets ETF (EEM 46.42, -0.72) lost 1.5%. The yield on the benchmark 10-yr U.S. Treasury note dropped five basis points to 2.93%.

Reviewing Thursday's economic data, which was limited to weekly Initial Claims and the Consumer Credit report for April:

The latest weekly initial jobless claims count totaled 222,000, while the Briefing.com consensus expected a reading of 225,000. Today's tally was below the revised prior week count of 223,000 (from 221,000). As for continuing claims, they rose to 1.741 million from a revised count of 1.720 million (from 1.726 million).
The key takeaway from this report is that the low level of initial claims is consistent with a tight labor market.
The Consumer Credit report for April showed an increase of $9.2 billion (Briefing.com consensus $13.9 billion). March credit growth was revised to $12.3 billion from $11.6 billion.

On Friday, investors will receive just one economic report, Wholesale Inventories for April (Briefing.com consensus +0.2%).

Nasdaq Composite +10.6% YTD
Russell 2000 +8.6% YTD
S&P 500 +3.6% YTD
Dow Jones Industrial Average +2.1% YTD

Dow: +95.02… | Nasdaq: -54.17… | S&P: -1.98…
NASDAQ Adv/Dec 1301/1647. …NYSE Adv/Dec 1597/1323.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices:
July Crude Oil futures rose $1.17 (1.81%) to $65.93/barrel
August Natural Gas settled $0.04 higher (1.38%) at $2.93/MMBtu
September RBOB Gasoline settled $0.05 higher (2.42%) at $2.12/gallon
October Heating oil futures settled $0.05 higher (2.35%) at $2.18/gallon
Metals Settlement Prices:
Aug gold settled today's session up $1.70 (0.13%) at $1303.10/oz
Jul silver settled today's session $0.02 higher (0.78%) at $16.82/oz
Jul copper settled $0.02 higher (0.61%) at $3.28/lb
Agriculture Settlement Prices
July corn settled $0.02 lower at $3.77/bushel
July wheat settled $0.06 higher at $5.28/bushel
July soybeans settled $0.21 lower at $9.74/bushel

Dow: +105.98… | Nasdaq: -46.20… | S&P: -0.62…
NASDAQ Adv/Dec 1404/1566. …NYSE Adv/Dec 1615/1300.

03:05PM ET

[BRIEFING.COM] The S&P 500 is down 0.1%, the Dow is up 0.4%, and the Nasdaq is lower by 0.7% with just one hour left in today's session.

Just in, the Consumer Credit report for April showed an increase of $9.2 billion (Briefing.com consensus $13.9 billion). March credit growth was revised to $12.3 billion from $11.6 billion.
Dow: +70.43… | Nasdaq: -61.62… | S&P: -4.82…
NASDAQ Adv/Dec 1259/1593. …NYSE Adv/Dec 1523/1367.

02:30PM ET

[BRIEFING.COM] Major averages have pulled off their session lows since our last update as the Nasdaq has trimmed its losses to under 1%.

Checking in on the S&P 500 sectors, energy (+1.6%) and the lightly-weighted telecom services (+1.3%) sector continue to lead the pack. The latter is helped by strength out of Verizon (VZ 49.09, +0.68, +1.4%), AT&T (T 33.980, +0.52, +1.6%), T-Mobile US (TMUS 57.89, +0.29, +0.5%), and Sprint (S 5.26, +0.03, +0.7%). The positive sentiment in the telecom space today seems to be centering around today's deal with ZTE (ZTCOF 2.26) which effectively would remove a sales ban on the company. Also posting decent gains today, the consumer staples (+0.8%) and utilities (+0.6%) groups hold onto their advance.

On the flip side, the information technology (-1.4%) and materials (-0.7%) groups 'lead' the laggards in the S&P today. Widely-covered weakness in mega-cap tech names has kept a lid on what otherwise was a good session out of Apple (AAPL 192.93, -1.05, -0.5%) and Microsoft (MSFT 100.53, -1.95, -1.9%) -- both of which notched all-time highs today, yet currently trade in negative territory. In the materials sector, seven of the top ten weighted names in the group show losses out of midday with the worst performers DWDP, PX, and FCX all showing declines of worse than 1%.
Dow: +54.09… | Nasdaq: -73.28… | S&P: -7.34…
NASDAQ Adv/Dec 1178/1664. …NYSE Adv/Dec 1477/1399.

02:00PM ET

[BRIEFING.COM] The broader market made fresh session lows since our last update with the Dow still in positive territory but the S&P and Nasdaq extending their losses to 0.4% and 1.1%, respectively.

Gold futures settled up 0.1% on Thursday at $1,303.00/oz, recouping yesterday's slightly lower action into settlement.

Treasuries rallied about 20 minutes ago as the yield on the benchmark 10-yr note fell as much as nine basis points to 2.88%, but action has come back a little and now slips five bps at 2.92%.
Dow: +57.02… | Nasdaq: -82.17… | S&P: -11.43…
NASDAQ Adv/Dec 1126/1708. …NYSE Adv/Dec 1377/1469.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are currently trading mixed as stocks see a notable divergence across sectors, highlighted by an near 1.5% decline for technology.

A look inside the Dow Jones Industrial Average shows that McDonald's (MCD 168.62, +6.24), Chevron (CVX 127.59, +4.21), & Procter & Gamble (PG 76.02, +1.67) are outperforming. McDonald's is leading the Dow in the wake of a WSJ report that the company was preparing a fresh round of corporate layoffs, while Chevron is advancing amid relative strength in the energy complex, today's best performing sector.

Conversely, Visa (V 133.36, -2.92) is the worst-performing Dow component as payment processors pullback after reaching fresh record levels yesterday.

Clinging to today's gains, the DJIA is currently 2.37% this week.
Dow: +100.10… | Nasdaq: -69.05… | S&P: -4.35…
NASDAQ Adv/Dec 1203/1618. …NYSE Adv/Dec 1491/1367.

01:00PM ET

[BRIEFING.COM] The major averages are mixed today as energy shares soar and as technology shares retreat. The Dow is up 0.4%, the S&P 500 is flat, the tech-heavy Nasdaq is down 0.8%, and the small-cap Russell 2000 is lower by 0.5%. The Nasdaq and the Russell 2000 have finished at new record highs in each session this week, but today's losses have put their streaks in jeopardy.

Seven sectors are in positive territory this afternoon while four are trading in the red. The energy sector is leading to the upside with a gain of 2.0%, underpinned by crude oil prices, which are up following reports that Venezuela is struggling to fulfill contracts with major buyers amid an ongoing economic crisis. A weaker dollar is also providing a boost to crude prices. The U.S. Dollar Index is down 0.3% at 93.37, and West Texas Intermediate crude futures are up 1.8% at $65.86/bbl. The consumer staples sector (+0.9%) is also outperforming.

On the flip side, the information technology sector -- which is the biggest S&P group, representing a quarter of the broader market by itself -- is leading to the downside with a loss of 1.1%. Tech stocks are broadly lower, with mega caps like Apple (AAPL 193.35, -0.63), Microsoft (MSFT 101.60, -0.88), Facebook (FB 188.05, -3.29), and Alphabet (GOOG 1123.91, -12.97) down between 0.3% and 1.2%. Chipmakers are also weak, evidenced by a 1.2% decline in the PHLX Semiconductor Index. The health care group (-0.3%) is also a notable laggard.

In corporate news, Qualcomm (QCOM 60.42, +0.59) and NXP Semi (NXPI 121.69, +7.17) are up 1.0% and 6.3%, respectively, following news that China is ready to approve Qualcomm's proposed acquisition of NXP. Meanwhile, J.M. Smucker (SJM 100.63, -5.89) is down 5.5% and Five Below (FIVE 99.42, +18.14) is up 22.3% after releasing their quarterly results. Allergan (AGN 162.26, +6.88) is higher by 4.4% following reports that billionaire investor Carl Icahn has built a small position in the drugmaker.

On the political front, Commerce Secretary Wilbur Ross said the U.S. has struck a deal to end crippling sanctions against Chinese telecom giant ZTE that includes a $1 billion penalty and the implementation of a U.S.-chosen compliance team to monitor the company going forward. ZTE will also be required to change its board of directors and its executive team in the next 30 days. Separately, President Donald Trump is meeting with Japanese Prime Minister Shinzo Abe today, and the two leaders will hold a joint press conference at 2:00 PM ET.

In the bond market, Treasuries are up this afternoon, pushing yields lower across the curve. The benchmark 10-yr yield has slipped to 2.95% from 2.98% on Wednesday.

Reviewing today's economic data, which has been limited to the weekly Initial Claims report thus far:

The latest weekly initial jobless claims count totaled 222,000, while the Briefing.com consensus expected a reading of 225,000. Today's tally was below the revised prior week count of 223,000 (from 221,000). As for continuing claims, they rose to 1.741 million from a revised count of 1.720 million (from 1.726 million).
The key takeaway from this report is that the low level of initial claims is consistent with a tight labor market.

Today's last economic report, the Consumer Credit report for April (Briefing.com consensus $13.9 billion), will be released at 3:00 PM ET.
Dow: +104.89… | Nasdaq: -69.07… | S&P: -3.48…
NASDAQ Adv/Dec 1212/1583. …NYSE Adv/Dec 1549/1314.

12:25PM ET

[BRIEFING.COM] The S&P 500 continues to drift near its unchanged mark, while the Dow (+0.6%) shows relative strength and the Nasdaq (-0.7%) shows relative weakness.

Within the Dow, McDonald's (MCD 167.85, +5.47) and Chevron (CVX 167.84, +5.46) are the top performers, up 3.4% apiece, followed by Procter & Gamble (PG 76.01, +1.66), Verizon (VZ 49.03, +0.63), Travelers (TRV 129.66, +1.66), and Exxon Mobil (XOM 83.12, +1.06), which are up between 1.3% and 2.3%.

In Washington, President Trump is meeting with Japanese Prime Minister Shinzo Abe today, and the two leaders will hold a joint press conference at 2:00 PM ET.
Dow: +153.71… | Nasdaq: -47.52… | S&P: +1.60…
NASDAQ Adv/Dec 1273/1487. …NYSE Adv/Dec 1565/1265.

11:55AM ET

[BRIEFING.COM] The major averages continue drifting near their recent levels, with the S&P 500 trading a tick beneath its flat line.

Seven sectors are in the green, including financials (+0.4%), consumer discretionary (+0.1%), industrials (+0.2%), energy (+1.7%), consumer staples (+0.7%), utilities (+0.1%), and telecoms (+1.2%), while four are in the red, including materials (-0.4%), technology (-1.0%), health care (-0.2%), and real estate (-0.5%).

In Europe, the UK's FTSE, Germany's DAX, and France's CAC ended Thursday on a slightly lower note, shedding 0.1%-0.2% apiece.
Dow: +106.82… | Nasdaq: -56.29… | S&P: -3.44…
NASDAQ Adv/Dec 1237/1523. …NYSE Adv/Dec 1420/1379.

11:25AM ET

[BRIEFING.COM] Equity indices are mixed this morning, with the S&P 500 and the Dow up 0.1% and 0.7%, respectively, and the Nasdaq down 0.5%.

The energy sector is the top-performing group today with a gain of 1.8%, underpinned by a rise in the price of crude oil, which has rallied on news that Venezuela is struggling to fulfill contracts with major buyers amid an ongoing economic crisis. West Texas Intermediate crude futures are currently up 1.9% at $65.93 per barrel.

Meanwhile, the consumer staples sector is also having a strong outing, up 1.0%. Within the space, Dow component Procter & Gamble (PG 76.09, +1.75) is among the best performers with a gain of 2.3%, and the world's largest retailer, Dow component Walmart (WMT 85.34, +0.78), is higher by 1.0%.
Dow: +140.94… | Nasdaq: -40.90… | S&P: +1.01…
NASDAQ Adv/Dec 1310/1426. …NYSE Adv/Dec 1598/1190.

11:00AM ET

[BRIEFING.COM] The equity market has slipped since our last update, with the S&P 500 now down 0.1%. The tech-heavy Nasdaq is down 0.6%.

A 1.2% drop in the top-weighted information technology sector has mitigated gains elsewhere. Within the group, giants like Apple (AAPL 193.25, -0.73), Facebook (FB 187.10, -4.22), and Alphabet (GOOG 1120.68, -16.20) are down between 0.5% and 2.3%, while Netflix (NFLX 359.33, -8.06) shows a loss of 2.6%.

Meanwhile, fellow FAANG stock Amazon (AMZN 1683.20, -12.55), which is in the consumer discretionary sector (+0.3%), is down 0.7%.
Dow: +112.89… | Nasdaq: -45.97… | S&P: -0.31…
NASDAQ Adv/Dec 1365/1348. …NYSE Adv/Dec 1647/1105.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.6% at 90.28
Dollar index is currently -0.2% at 93.40
Looking at energy...
July WTI crude oil futures are now +$0.97 at $65.97/barrel
In other energy, Jul natural gas is +$0.06 at $2.95/MMBtu
Moving on to metals...
June gold is currently +$0.70 at $1302.10/oz, while Jul silver is +$0.18 at $16.87/oz
Jul copper is now +$0.05 at $3.31/lb

Dow: +74.20… | Nasdaq: -55.98… | S&P: -3.65…
NASDAQ Adv/Dec 1535/1199. …NYSE Adv/Dec 1298/1413.

09:55AM ET

[BRIEFING.COM] Equity indices have ticked up since the opening bell, with the S&P 500 now up 0.3%.

Shares of Qualcomm (QCOM 61.28, +1.44) and shares of NXP Semi (NXPI 121.53, +7.03) are up 2.5% and 6.1%, respectively, following news that China is ready to approve Qualcomm's proposed acquisition of NXP Semi. Chipmakers are roughly flat overall though, evidenced by the PHLX Semiconductor Index, which is just a tick higher.

In earnings news, shares of J.M. Smucker (SJM 99.81, -6.72) are down 6.3% after the company missed earnings and revenue estimates and lowered its profit guidance, but shares of Five Below (FIVE 97.33, +16.06) are up 19.4% after the company reported better-than-expected quarterly results and issued upbeat guidance.
Dow: +117.65… | Nasdaq: +3.60… | S&P: +7.46…
NASDAQ Adv/Dec 1527/1032. …NYSE Adv/Dec 1696/919.

09:40AM ET

[BRIEFING.COM] The major U.S. indices are relatively flat at the start of today's session, with the S&P 500 up 0.1%.

Most S&P 500 sectors are trading within 0.3% of their unchanged marks. Energy is by far the best-performing group with a gain of 1.2%, while the top-weighted technology sector (-0.4%) and the telecom services space (-0.5%) are at the back of the pack.

U.S. Treasuries are slightly higher, pushing yields lower across the curve. The benchmark 10-yr yield is down one basis point at 2.97%.
Dow: +56.56… | Nasdaq: -5.27… | S&P: +2.52…
NASDAQ Adv/Dec 1480/997. …NYSE Adv/Dec 1596/927.

09:11AM ET
[BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: -4.30.

The stock market is on course for a flattish start to today's session as Wall Street attempts to extend its winning streak to five sessions.

Earlier this morning, Commerce Secretary Wilbur Ross said the U.S. has struck a deal to end crippling sanctions against Chinese telecom giant ZTE that includes a $1 billion penalty and the implementation of a U.S.-chosen compliance team to monitor the company going forward. ZTE will also be required to change its board of directors and its executive team in the next 30 days.

U.S. Treasuries are flat this morning, with the yield on the benchmark 10-yr Treasury note unchanged at 2.98%, and the U.S. Dollar Index is down 0.4% at 93.26, hitting a three-week low. The dollar weakness has helped underpin crude futures, as have supply concerns in Venezuela, which is reportedly unable to fulfill contracts with major buyers amid an ongoing economic crisis. West Texas Intermediate crude futures are currently up 0.9% at $65.29 per barrel.

The latest weekly initial jobless claims count, which was released earlier this morning, totaled 222,000, while the Briefing.com consensus expected a reading of 225,000. Today's tally was below the revised prior week count of 223,000 (from 221,000). As for continuing claims, they rose to 1.741 million from a revised count of 1.720 million (from 1.726 million).

Today's last economic report, the Consumer Credit report for April (Briefing.com consensus $13.9 billion), will be released at 3:00 PM ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: -1.50.

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

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Chinese trade officials have reportedly offered to buy $70 billion worth of U.S. goods if President Trump decides to cancel tariffs on steel and aluminum imports. Elsewhere, Bank Indonesia Governor Perry Warjiyo said that while two emergency hikes in May helped stabilize the rupiah, more action could be needed.

In economic data:
China's FX Reserves $3.111 trillion (expected $3.120 trillion; last $3.125 trillion)
Japan's April Leading Index 105.6, as expected (last 104.4) and Coincident Indicator +1.7% month-over-month (last 0.2%). Weekly foreign investment in Japanese stocks -JPY527.60 billion (last -JPY380.00 billion)
Australia's May AIG Construction Index 54.0 (last 55.4). April trade surplus AUD977 million (expected AUD980 million; last AUD1.73 billion). April Imports 0.0% month-over-month (last 1.0%) and Exports -2.0% month-over-month (last 1.0%). April HIA New Home Sales -4.2% month-over-month (last -2.0%)

---Equity Markets---

Japan's Nikkei gained 0.9%, nearing its May high. Shiseido, Pacific Metals, Komatsu, Okuma, Daikin Industries, TOTO, Subaru, TDK, Familymart, Fast Retailing, and Konami gained between 1.6% and 5.6%.
Hong Kong's Hang Seng climbed 0.8%. Geely Automobile jumped 3.4% while financials like Hang Seng Bank, ICBC, BoC Hong Kong, HSBC, and Bank of China rose between 1.0% and 1.8%.
China's Shanghai Composite shed 0.2%. Glarun Technology, Chongqing Brewery, Wuhan DDMC Culture, Shanghai Highly, and Shanghai Sanmao Enterprise lost between 3.8% and 5.5%.
India's Sensex advanced 0.8%. Tata Steel, Tata Motors, ICICI Bank, AXIS Bank, Wipro, Infosys, and Tata Consultancy added between 0.4% and 3.7%.

Major European indices trade slightly higher. French President Emmanuel Macron met with Canadian Prime Minister Justin Trudeau in Ottawa ahead of the G7 summit. A joint statement released by the two leaders noted support for "a strong, responsible, transparent multilateralism to face global challenges." There has been speculation about an impending resignation of the UK's Brexit minister David Davis. Mr. Davis has reportedly threatened to leave due to the removal of a firm Brexit date from the withdrawal bill. Greece has reportedly decided to postpone a debt sale due to the recent jitters surrounding Italy.

In economic data:
Eurozone Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +2.5% year-over-year, as expected (last 2.5%)
UK's May Halifax House Price Index +1.5% month-over-month (expected 1.1%; last -3.1%); +1.9% year-over-year (expected 1.9%; last 2.2%)
Germany's April Factory Orders -2.5% month-over-month (expected 0.7%; last -1.1%)
France's April trade deficit EUR5.00 billion (expected deficit of EUR5.10 billion; last deficit of EUR5.00 billion)
Italy's April Retail Sales -0.7% month-over-month (expected 0.2%; last -0.2%); -4.6% year-over-year (last 3.0%)
Swiss May Unemployment Rate 2.6%, as expected (last 2.7%)

---Equity Markets---

Germany's DAX is a tick above its flat line. Financials are among the leaders with Deutsche Bank, Munich Re, Commerzbank, and Allianz rising between 0.4% and 1.5%. Heavyweights like SAP, Siemens, and Merck are up between 0.2% and 0.7%. Adidas is the weakest performer, falling 2.4% to erase the bulk of yesterday's gain.
UK's FTSE trades up 0.2%. Homebuilders Persimmon, Taylor Wimpey, and Barratt Developments are up between 0.9% and 1.6% while financials like Standard Life, Hargreaves Lansdown, RBS, and HSBC hold gains between 0.4% and 1.6%. On the downside, consumer names like Sainsbury, Compass, Burberry, Imperial Brands, Marks & Spencer, and Diageo are down between 0.5% and 2.9%.
France's CAC is higher by 0.1%. TechnipFMC has spiked 2.7% while financials like Societe Generale, AXA, Credit Agricole, and BNP Paribas show gains between 0.7% and 1.0%.

08:34AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -2.30.

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

Just in, the latest weekly initial jobless claims count totaled 222,000, while the Briefing.com consensus expected a reading of 225,000. Today's tally was below the revised prior week count of 223,000 (from 221,000). As for continuing claims, they rose to 1.741 million from a revised count of 1.720 million (from 1.726 million).

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: -0.50.

The U.S. equity market is on course for a slightly higher start to today's session, looking to extend its winning streak to five sessions. The S&P 500 futures are currently trading two points, or 0.1%, above fair value after the benchmark index finished Wednesday at its best level in three months and after both the Nasdaq and the Russell 2000 notched new record highs for the third day in a row.

U.S. Treasuries are flat to slightly higher this morning, with the yield on the benchmark 10-yr Treasury note unchanged at 2.98%, and the U.S. Dollar Index is down 0.2% at 93.39, hitting a three-week low. The dollar weakness has helped underpin crude futures, as have supply concerns in Venezuela, which is reportedly unable to fulfill contracts with major buyers amid an ongoing economic crisis. West Texas Intermediate crude futures are currently up 1.1% at $65.43 per barrel.

On the data front, investors will receive just two economic reports today, the weekly Initial Claims report (Briefing.com consensus 225K) and the Consumer Credit report for April (Briefing.com consensus $13.9 billion). The two reports will be released at 8:30 AM ET and 3:00 PM ET, respectively.

In U.S. corporate news:

Allergan (AGN 159.60, +4.22): +2.7% following news that billionaire investor Carl Icahn has built a small position in the drugmaker.
J.M. Smucker (SJM 97.60, -8.92): -8.4% after missing earnings and revenue estimates and lowering its profit guidance.
Five Below (FIVE 95.01, +13.73): +16.9% after beating earnings and revenue estimates and raising its profit guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly higher note. Japan's Nikkei +0.9%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite -0.2%, India's Sensex +0.8%.
In economic data:
China's FX Reserves $3.111 trillion (expected $3.120 trillion; last $3.125 trillion)
Japan's April Leading Index 105.6, as expected (last 104.4) and Coincident Indicator +1.7% month-over-month (last 0.2%). Weekly foreign investment in Japanese stocks -JPY527.60 billion (last -JPY380.00 billion)
Australia's May AIG Construction Index 54.0 (last 55.4). April trade surplus AUD977 million (expected AUD980 million; last AUD1.73 billion). April Imports 0.0% month-over-month (last 1.0%) and Exports -2.0% month-over-month (last 1.0%). April HIA New Home Sales -4.2% month-over-month (last -2.0%)
In news:
Chinese trade officials have reportedly offered to buy $70 billion worth of U.S. goods if President Trump decides to cancel tariffs on steel and aluminum imports.
Bank Indonesia Governor Perry Warjiyo said that while two emergency hikes in May helped stabilize the rupiah, more action could be needed.

Major European indices trade mostly higher, but Italy's MIB (-0.2%) lags. Germany's DAX +0.2%, UK's FTSE +0.2%, France's CAC +0.2%.
In economic data:
Eurozone Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.4%); +2.5% year-over-year, as expected (last 2.5%)
UK's May Halifax House Price Index +1.5% month-over-month (expected 1.1%; last -3.1%); +1.9% year-over-year (expected 1.9%; last 2.2%)
Germany's April Factory Orders -2.5% month-over-month (expected 0.7%; last -1.1%)
France's April trade deficit EUR5.00 billion (expected deficit of EUR5.10 billion; last deficit of EUR5.00 billion)
Italy's April Retail Sales -0.7% month-over-month (expected 0.2%; last -0.2%); -4.6% year-over-year (last 3.0%)
Swiss May Unemployment Rate 2.6%, as expected (last 2.7%)
In news:
French President Emmanuel Macron met with Canadian Prime Minister Justin Trudeau in Ottawa ahead of the G7 summit. A joint statement released by the two leaders noted support for "a strong, responsible, transparent multilateralism to face global challenges."
There has been speculation about an impending resignation of the UK's Brexit minister David Davis. Mr. Davis has reportedly threatened to leave due to the removal of a firm Brexit date from the withdrawal bill.
Greece has reportedly decided to postpone a debt sale due to the recent jitters surrounding Italy.

07:29AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.80.

06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.30.

06:55AM ET
[BRIEFING.COM] Nikkei...22823...+197.50...+0.90%. Hang Seng...31513...+253.50...+0.80%.

06:55AM ET
[BRIEFING.COM] FTSE...7706.12...-6.30...-0.10%. DAX...12838.40...+8.30...+0.10%.

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.

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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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