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 Post subject: June 8th Friday Price Action Trade Result - No Trades
PostPosted: Sat Jun 09, 2018 8:46 am 
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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=2845

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.

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Market Context Summaries

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

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

The Market at 04:30PM ET
Dow: +75.12… | Nasdaq: +10.44… | S&P: +8.66…
NASDAQ Vol: 1.96 bln… Adv: 1528… Dec: 1393…
NYSE Vol: 778.5 mln… Adv: 1714… Dec: 1204…

Moving the Market

Caution as G7 leaders kick off two-day summit in Canada

Apple (AAPL) down after reportedly telling suppliers to prepare fewer iPhone components

The consumer staples and health care sectors outperform

Sector Watch
Strong: Consumer Staples, Health Care
Weak: Energy, Utilities, Technology

04:30PM ET

[BRIEFING.COM] The major averages ticked up between 0.1% and 0.3% on Friday, extending their weekly gains to 1.2%-2.8%. Stocks opened modestly lower as technology shares weighed, but the consumer staples and health care sectors helped turn things around later in the session. The day was pretty quiet in terms of headlines, although the Group of Seven (G7) did kick of its annual summit in Quebec.

President Trump is expected to be on the outside looking in at this year's G7 summit after his decision to impose tariffs on steel and aluminum imports was met with resistance from U.S. allies. The president further stirred the pot on Friday by saying the G7 -- which used to be the G8 before Russia got thrown out in 2014 for its annexation of Crimea -- should let Russia back into the group. Investors weren't spooked by the tension though, nor were they fazed by reports that Chinese government hackers stole massive amounts of highly sensitive data from a U.S. Navy contractor.

Nearly all S&P 500 sectors advanced on Friday, but gains were modest for the most part. The consumer staples sector was an exception though, adding 1.3%. Monster Beverage (MNST 55.48, +2.65) was the top-performing consumer staples component, rallying 5.0%, following its annual shareholder meeting. The health care sector also showed relative strength, climbing 0.7% in a broad-based rally.

The energy (-0.2%) and utilities (unch) sectors were the only groups to finish Friday in the red, but the top-weighted information technology group also lagged, closing just a tick above its unchanged mark. Within the tech space, Apple (AAPL 191.70, -1.76) lost 0.9% following reports that it has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018, and Broadcom (AVGO 257.97, -6.71) dropped 2.5% despite reporting better-than-expected quarterly results on Thursday evening.

Elsewhere, U.S. Treasuries finished Friday on a flattish note, with the yield on the benchmark 10-yr note ticking up one basis point to 2.94%. Meanwhile, West Texas Intermediate crude futures slid 0.3% to $65.76 per barrel, and the U.S. Dollar Index climbed 0.1% to 93.56 to end a four-session losing streak.

Reviewing Friday's economic data, which was limited to Wholesale Inventories for April:

April Wholesale Inventories ticked up 0.1% (Briefing.com consensus +0.2%). The March reading was revised to +0.2% from +0.3%.
The key takeaway from the report is that sales growth outpaced inventories growth, which is a positive dynamic that can eventually help wholesalers regain pricing power if it persists.

Investors will not receive any economic data on Monday.

Nasdaq Composite +10.8% YTD
Russell 2000 +8.9% YTD
S&P 500 +3.9% YTD
Dow Jones Industrial Average +2.4% YTD

Week In Review: Third Straight Weekly Advance

The U.S. equity market advanced for the third week in a row, with the benchmark S&P 500 index adding 1.6%. The Dow Jones Industrial Average was particularly strong, adding 2.8%, while the Nasdaq Composite and the Russell 2000 touched new record highs, finishing the week with respective gains of 1.2% and 1.5%.

There were several notable corporate headlines this week, starting on Monday when the executive chairman and former CEO of Starbucks (SBUX), Howard Schultz, announced that he will be stepping down. In talking about his future plans, Mr. Schultz failed to rule out a run for the White House, prompting speculation that he'll challenge President Trump in 2020.

Elsewhere in the consumer discretionary space, Tesla (TSLA) shares spiked on Wednesday after CEO Elon Musk said 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. Retailers soared this week, sending the SPDR S&P Retail ETF (XRT) higher by 6.3%, following comments from Evercore ISI Research, which suggested that fears about Amazon's (AMZN) ever-growing footprint may be overblown. Some short-covering activity also likely helped push retail shares higher.

Meanwhile, in the tech space, Facebook (FB) came under scrutiny once again following news that the social media company has data-sharing partnerships with at least four Chinese electronics companies, including one flagged as a national security threat by American intelligence officials. Separately, Apple (AAPL) shares dropped on Friday following reports that the company has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018.

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. On a related note, China is reportedly ready to approve Qualcomm's (QCOM) proposed acquisition of NXP Semi (NXPI).

Leaders from the Group of Seven (G7) kicked off their annual summit on Friday in the small Canadian resort town of La Malbaie. This year's meeting is expected to be more contentious than usual due to President Trump's decision to impose tariffs on imports of steel and aluminium. French President Emmanuel Macron has threatened to exclude the U.S. from the annual joint statement, symbolizing the strained relationship between the U.S. and its allies.

In Europe, the ECB's Chief Economist, Peter Praet, said the European Central Bank will discuss how to wind down its asset purchase program at next week's policy meeting after officials agreed that inflation is moving towards the central bank's target of 2.0%. The euro responded by rallying against the U.S. dollar, adding nearly 1.0% for the week.

The Fed will also be meeting next week, and it's all but certain that officials will hike interest rates for the second time this year. The question is whether the updated interest-rate projections, which will be released alongside the rate-hike decision on Wednesday, will call for one or two more hikes this year.
Dow: +75.12… | Nasdaq: +10.44… | S&P: +8.66…
NASDAQ Adv/Dec 1528/1393. …NYSE Adv/Dec 1714/1204.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
July Crude Oil futures fell $0.17 (-0.26%) to $65.76/barrel
August Natural Gas settled $0.04 lower (-1.37%) at $2.89/MMBtu
July RBOB Gasoline settled unch at $2.12/gallon
July Heating oil futures settled $0.02 lower (-0.92%) at $2.16/gallon
Metals Settlement Prices:
Aug gold settled today's session down $0.50 (0.04%) at $1302.6/oz
Jul silver settled today's session $0.02 lower (0.48%) at $16.74/oz
Jul copper settled $0.02 higher (0.61%) at $3.3/lb
Agriculture Settlement Prices:
July corn settled unch at $3.77/bushel
July wheat settled $0.05 lower at $5.23/bushel
July soybeans settled $0.05 lower at $9.69/bushel

Dow: +58.72… | Nasdaq: +14.00… | S&P: +7.00…
NASDAQ Adv/Dec 1675/1244. …NYSE Adv/Dec 1706/1194.

03:00PM ET

[BRIEFING.COM] Equity indices are hovering at session highs moving into the final stretch, looking to end a positive week on a positive note. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite all sport gains of around 0.2% while the small-cap Russell 2000 is higher by 0.3%.

Most S&P 500 sectors are higher, but gains have been limited for the most part. The consumer staples sector is the best performer with a gain of 1.1%, but the health care group is also notably strong, up 0.6%. On the downside, the utilities and energy groups are at the back of the pack with respective losses of 0.2% and 0.4%.

For the week, 10 of 11 sectors are higher -- utilities (-3.3% WTD) is the lone laggard -- with gains ranging between 0.7% (information technology) and 3.3% (telecom services). As for the major averages, the S&P 500 is up 1.6%, the Dow is up 2.7%, and the Nasdaq is up 1.2%.
Dow: +60.35… | Nasdaq: +12.63… | S&P: +6.76…
NASDAQ Adv/Dec 1609/1206. …NYSE Adv/Dec 1709/1189.

02:30PM ET

[BRIEFING.COM] Major averages hover near HoDs at the moment with the S&P 500 holding a narrow lead, up about 0.2%.

At the bottom of the hour the markets took a brief step back in reaction to a Bloomberg headline (later confirmed by indictment documents available on the Department of Justice's website) which detailed new charges brought on by U.S. Special Counsel Robert Mueller against former Donald Trump campaign manager Paul Manafort in addition to a new indictment of Russia/Ukrainian political-consultant Konstantin Kilimnik. The broader market has since recouped the pullback and now trades near HoDs.

Elsewhere, the yield on the benchmark 10-yr treasury note trims this morning's gains and now stands little changed at 2.93%.
Dow: +54.74… | Nasdaq: +9.36… | S&P: +5.25…
NASDAQ Adv/Dec 1617/1183. …NYSE Adv/Dec 1696/1189.

02:00PM ET

[BRIEFING.COM] The broader market is still mostly higher at this point while the Nasdaq Composite currently flirts with unchanged levels.

Gold futures settled down less than 0.1% on Friday at $1,302.70/oz, leaving their weekly advance at nearly 0.3%. The modest move lower was juxtaposed against an equally modest move higher in the dollar.

At this juncture, the U.S. Dollar Index adds 0.2% to 93.56.
Dow: +52.17… | Nasdaq: +1.06… | S&P: +4.72…
NASDAQ Adv/Dec 1529/1251. …NYSE Adv/Dec 1677/1201.

01:30PM ET

[BRIEFING.COM] The major U.S. indices are currently sporting small gains at this time as the end of the trading week nears in a quiet Friday trade.

A look inside the Dow Jones Industrial Average shows that Procter & Gamble (PG 77.05, +1.29), Walt Disney (DIS 103.64, +1.17), & Coca-Cola (KO 43.92, +0.48) are outperforming. P&G is leading the Dow following comments from a Bernstein analyst regarding the company's sum of the parts analysis should they pursue a break-up.

Conversely, Intel (INTC 55.00, -0.88) is the worst-performing Dow component as semiconductors slide in today's session.

At current levels, the DJIA is poised to end the week with gains of nearly 2.7%.
Dow: +46.78… | Nasdaq: +3.53… | S&P: +4.03…
NASDAQ Adv/Dec 1523/1232. …NYSE Adv/Dec 1674/1184.

01:00PM ET

[BRIEFING.COM] It's been a range-bound day on Wall Street thus far as investors keep an eye towards Quebec where G7 leaders are holding their annual summit. The S&P 500 was down modestly this morning, but a recent uptick in buying has pushed it into the green (+0.2%). The Dow is also higher (+0.2%) while the Nasdaq is trading flat.

The U.S. appears to be on the outside looking in at this year's G7 summit, given the cold shoulder by its allies, which are protesting President Trump's decision to impose tariffs on imports of steel and aluminum. French President Emmanuel Macron has threatened to exclude the U.S. from a joint statement issued every year at the end of the meeting, but President Trump has shown no signs of backing down. The stock market doesn't appear to be too concerned by situation though, evidenced by today's uptick.

Most S&P 500 sectors are trading in the green this afternoon, but not all. The top-weighted technology group, for instance, is a tick lower, weighed down by a 1.3% drop in Apple (AAPL 191.01, -2.45) and a 2.1% drop in Broadcom (AVGO 259.19, -5.49). Apple is down following reports that it has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018, and Broadcom is down despite reporting better-than-expected quarterly results on Thursday evening.

At the opposite end of the leaderboard, the consumer staples sector is leading by a wide margin, up 1.3%. Monster Beverage (MNST 55.75, +2.92) is pacing the consumer staples rally, up 5.5%, following its annual shareholder meeting, and Philip Morris (PM 79.65, +2.26) is up 2.9% after raising its quarterly dividend. The health care and real estate spaces are the next-best performing groups with gains of 0.5% apiece, but no other sector is up more than 0.3%.

Elsewhere, U.S. Treasuries are flat this afternoon, with the benchmark 10-yr yield unchanged at 2.93%, West Texas Intermediate crude futures are down 0.6% at $65.61 per barrel, and the U.S. Dollar Index is up 0.1% at 93.56 as it attempts to break a four-session losing streak.

Reviewing today's economic data, which was limited to Wholesale Inventories for April:

April Wholesale Inventories ticked up 0.1% (Briefing.com consensus +0.2%). The March reading was revised to +0.2% from +0.3%.
The key takeaway from the report is that sales growth outpaced inventories growth, which is a positive dynamic that can eventually help wholesalers regain pricing power if it persists.

Dow: +53.94… | Nasdaq: +5.51… | S&P: +4.78…
NASDAQ Adv/Dec 1533/1215. …NYSE Adv/Dec 1685/1175.

12:25PM ET

[BRIEFING.COM] The S&P 500 has ticked up since the last update, hitting positive territory (+0.1%).

Meanwhile, WTI crude futures are down 0.5% at $65.62 per barrel, giving back around a quarter of yesterday's rally and slipping back into negative territory for the week (-0.3%). The S&P 500's energy sector, which typically moves in tandem with crude prices, is at the bottom of today's sector standings with a loss of 0.7%.

In Europe, stocks finished Friday on a modestly lower note, leaving the Euro Stoxx 50 with a weekly loss of 0.3%.
Dow: +41.58… | Nasdaq: -1.27… | S&P: +2.68…
NASDAQ Adv/Dec 1464/1286. …NYSE Adv/Dec 1599/1246.

12:00PM ET

[BRIEFING.COM] The major averages continue drifting near their unchanged marks.

Chipmakers are down today, pushing the Philadelphia Semiconductor Index lower by 1.6%. Broadcom (AVGO 256.68, -8.00) is one of the weakest semiconductor names after reporting its quarterly results on Thursday evening. The results came in better-than-expected, but Broadcom shares are down 3.0% nonetheless.

Meanwhile, shares of 21st Century Fox (FOXA 40.15, +0.50) and shares of Disney (DIS 103.21, +0.73) are up 1.2% and 0.7%, respectively, following news that Comcast (CMCSA 32.02, +0.02) will attempt to outdo Disney with a new offer for Fox's assets on Wednesday.
Dow: +8.30… | Nasdaq: -12.29… | S&P: -0.96…
NASDAQ Adv/Dec 1354/1378. …NYSE Adv/Dec 1465/1355.

11:30AM ET

[BRIEFING.COM] The major averages haven't shifted much since the last update. The S&P 500 is still down 0.1%.

Most sectors are trading near their unchanged marks, but the consumer staples group is exhibiting relative strength with a gain of 0.8%. Monster Beverage (MNST 55.20, +2.37) is pacing the consumer staples rally, up 4.5%, following its annual shareholder meeting, and Philip Morris (PM 78.93, +1.54) is up 2.0% after raising its quarterly dividend.

In currencies, the U.S. Dollar Index has trimmed its gain to 0.2% from 0.4%, but is still on track to break a four-session losing streak.
Dow: -3.72… | Nasdaq: -11.19… | S&P: -1.56…
NASDAQ Adv/Dec 1310/1381. …NYSE Adv/Dec 1390/1386.

11:00AM ET

[BRIEFING.COM] The Nasdaq is down 0.3%, the S&P 500 is lower by 0.1%, and the Dow is flat following a quiet first hour and a half of trading.

Six S&P 500 sectors are in the red, including financials (unch), industrials (unch), energy (-0.3%), materials (-0.2%), technology (-0.5%), and telecoms (-0.5%), while five are in the green, including consumer discretionary (+0.1%), health care (+0.3%), consumer staples (+1.0%), utilities (+0.1%), and real estate (+0.2%).

In the bond market, U.S. Treasuries are flat today, looking to end a volatile week on a quiet note. The benchmark 10-yr yield is unchanged at 2.93%.
Dow: +4.46… | Nasdaq: -18.42… | S&P: -1.38…
NASDAQ Adv/Dec 1346/1331. …NYSE Adv/Dec 1412/1319.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day flat
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.01% at 90.06
Dollar index is currently +0.2% at 93.57
Looking at energy...
July WTI crude oil futures are now +$0.16 at $66.11/barrel
In other energy, Jul natural gas is -$0.03 at $2.90/MMBtu
Moving on to metals...
Aug gold is currently $+0.20 at $1303.20/oz, while Jul silver is -$0.03 at $16.79/oz
Jul copper is now +$0.02 at $3.30/lb

Dow: -29.12… | Nasdaq: -27.17… | S&P: -4.55…
NASDAQ Adv/Dec 1283/1355. …NYSE Adv/Dec 1349/1367.

10:05AM ET

[BRIEFING.COM] Stocks are still slightly lower, with the S&P 500 down 0.1%.

Just in, April Wholesale Inventories ticked up 0.1% (Briefing.com consensus +0.2%). The March reading was revised to +0.2% from +0.3%.
Dow: -27.44… | Nasdaq: -14.21… | S&P: -1.63…
NASDAQ Adv/Dec 1351/1245. …NYSE Adv/Dec 1397/1246.

09:40AM ET

[BRIEFING.COM] The major averages are down modestly in the opening minutes of today's session, showing losses between 0.1% and 0.3%.

Information technology (-0.6%) is at the bottom of the sector standings for the second day in a row, while consumer staples (+0.7%) is the best-performing group. Most other sectors are roughly flat, trading within 0.3% of their unchanged marks.

As a reminder, Wholesale Inventories for April (Briefing.com consensus +0.2%) will be released at 10:00 AM ET.
Dow: -29.13… | Nasdaq: -26.46… | S&P: -4.62…
NASDAQ Adv/Dec 1330/1197. …NYSE Adv/Dec 1288/1230.

09:13AM ET
[BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -64.80.

The stock market is on course for a lower start to today's session, as the S&P 500 futures are trading eight points, or 0.3%, below fair value.

President Trump will be attending the 44th annual Group of Seven (G7) summit in Canada today, but is expected to leave the two-day meeting early in order to prepare for his Tuesday summit with North Korean leader Kim Jong Un in Singapore. This year's G7 has been called a "G6+1" to illustrate the isolation of the U.S. following its implementation of tariffs on imports of steel an aluminum.

Shares of Apple (APPL 190.75, -2.71) are down 1.4% in pre-market trading following a Nikkei Asian Review report that the tech giant has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018. Shares of Broadcom (AVGO 258.90, -5.78) are also lower, down 2.2%, despite the company's better-than-expected quarterly earnings.

Meanwhile, U.S. Treasuries are roughly flat, with the yield on the benchmark 10-yr Treasury note unchanged at 2.93%, WTI crude futures are down 0.2% at $65.81 per barrel, and the U.S. Dollar Index is up 0.4% at 93.78 after hitting a three-week low on Thursday.

Investors will receive just one economic report today, Wholesale Inventories for April (Briefing.com consensus +0.2%), which will be released at 10:00 AM ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -67.50.

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

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Ministry of Commerce commented on fixed income flows in April, noting that Japanese investors bought the largest amount of Italian debt in two years while selling the largest amount of German debt since 2015. In addition, Japanese investors bought a record amount of Spanish debt. The Japanese press reported that the Bank of Japan may lower its inflation forecast when it meets on June 14-15. Economic data from the region showed that Japan's Q1 GDP was left unrevised at -0.2% quarter-over-quarter, but the private consumption component was revised down to -0.1% from 0.5% reported in the preliminary reading.

In economic data:
China's May trade surplus $24.92 billion (expected $31.90 billion; last $28.38 billion). May Imports +26.0% year-over-year (expected 18.7%; last 21.5%) and May Exports +12.6% year-over-year (expected 10.0%; last 12.7%)
Japan's Q1 GDP -0.2% quarter-over-quarter (expected -0.1%; last -0.2%); -0.6% year-over-year (expected -0.4%; last -0.6%). Q1 GDP Capital Expenditure +0.3% quarter-over-quarter (expected 0.2%; last -0.1%). May Bank Lending +2.0% year-over-year (expected 2.2%; last 2.1%). April Current Account surplus JPY1.89 trillion (expected JPY2.10 trillion; last JPY1.77 trillion). May Economy Watchers Current Index 47.1 (expected 49.4; last 49.0)

---Equity Markets---

Japan's Nikkei lost 0.6%, trimming this week's gain to 2.4%. Hitachi Construction, SUMCO, Dainippon Screen Manufacturing, Kirin Holdings, Tokyo Electron, Okuma, Fanuc, and Denso lost between 1.1% and 5.3%.
Hong Kong's Hang Seng fell 1.8%, narrowing this week's advance to 1.5%. The index was pressured by broad-based losses with China Unicom Hong Kong, Want Want China, China Shenhua Energy, AAC Technologies, Wharf Real Estate, New World Development, AIA Group, CNOOC, and ICBC losing between 2.1% and 5.1%.
China's Shanghai Composite surrendered 1.4%, falling 0.3% for the week. Phenix Optical, CCS Supply Chain Management, Bright Real Estate Group, Shanghai Chinafortune, and Heilan Home lost between 5.5% and 6.8%.
India's Sensex shed 0.1%, but gained 1.5% for the week. Power Grid, AXIS Bank, ICICI Bank, Mahindra & Mahindra, IndusInd Bank, HDFC Bank, and Yes Bank dropped between 0.6% and 2.1%.

Major European indices are trading roughly flat. Italian debt has also retreated, pushing up the country's 10-yr yield to 3.09% (+8 bps), which coincides with the closing level from last Tuesday. German Finance Minister Olaf Scholz said he is optimistic the European Stability Mechanism will be converted into an IMF-like facility in the coming weeks.

In economic data:
Germany's April trade surplus EUR19.40 billion (expected EUR21.00 billion; last EUR21.60 billion). April Imports +2.2% month-over-month (expected 0.6%; last -0.2%) and April Exports -0.3% month-over-month (expected -0.2%; last 1.8%)
France's April Industrial Production -0.5% month-over-month (expected 0.3%; last -0.4%)

---Equity Markets---

France's CAC is flat. Saint Gobain, ArcelorMittal, Renault, BNP Paribas, Societe Generale, Credit Agricole, Accor, and Peugeot show losses between 0.6% and 3.3%.
UK's FTSE is up 0.1%. Miners like Fresnillo, Antofagasta, Glencore, Anglo American, and Randgold Resources show losses between 0.5% and 5.1%. Select financials also lag with Standard Life, Standard Chartered, Old Mutual, Barclays, Lloyds Banking, and RBS falling between 0.4% and 3.5%.
Germany's DAX is down 0.3%. Deutsche Bank and Commerzbank are both down near 1.0% amid speculation about a potential merger. Volkswagen, BMW, and Daimler hold losses between 0.9% and 1.8%. On the upside, BASF, Adidas, and SAP are up between 0.6% and 1.0%.

08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -68.50.

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

10 of 11 S&P 500 sectors hold weekly gains coming into today's session. The telecom services (+3.2%), consumer discretionary (+2.9%), materials (+2.7%), and financials (+1.9%) sectors have been the top performers thus far, while the utilities space (-3.2%) is at the back of the pack, extending its yearly loss to 8.4%.

The S&P 500 is up 1.3% week to date, while the Nasdaq and the Dow hold respective weekly gains of 1.1% and 2.5%.

07:58AM ET
[BRIEFING.COM] S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -73.50.

Stocks look ready to extend yesterday's losses, which ended a four-session win streak for the S&P 500. The S&P 500 futures are down 0.4%, and the tech-heavy Nasdaq 100 futures are down 0.8% following a Nikkei Asian Review report that Apple (AAPL) has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018.

The 44th Group of Seven (G7) summit will kick off in the small Canadian town of La Malbaie today. This year's meeting has been called a "G6+1" to illustrate the isolation of the U.S. following President Trump's decision to implement tariffs on steel and aluminum imports, a decision the six other nations have vocally opposed. President Trump is expected to leave the two-day summit early in order to prepare for his Tuesday meeting with North Korean leader Kim Jong Un in Singapore.

Looking at other markets, U.S. Treasuries are slightly higher this morning, pushing the benchmark 10-yr yield one basis point lower to 2.92%, West Texas Intermediate crude futures are down 0.5% at $65.63 per barrel, and the U.S. Dollar Index is up 0.4% at 93.76 with the greenback jumping 0.5% against the euro to 1.1741.

Investors will receive just one economic report today, Wholesale Inventories for April (Briefing.com consensus +0.2%), which will be released at 10:00 AM ET.

In U.S. corporate news:

Apple (AAPL 191.28, -2.18): -1.1% after the Nikkei Asian Review reported that the company has asked its supply chain to prepare around 20% fewer components for iPhones debuting in the second half of 2018.
Verizon (VZ 48.65, -0.36): -0.7% after naming Hans Vestberg, the company's current Chief Technology Officer, as its next CEO, effective August 1.
Broadcom (AVGO 257.12, -7.56): -2.9% despite beating earnings estimates for its fiscal second quarter.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei -0.6%, Hong Kong's Hang Seng -1.8%, China's Shanghai Composite -1.4%, India's Sensex -0.1%.
In economic data:
China's May trade surplus $24.92 billion (expected $31.90 billion; last $28.38 billion). May Imports +26.0% year-over-year (expected 18.7%; last 21.5%) and May Exports +12.6% year-over-year (expected 10.0%; last 12.7%)
Japan's Q1 GDP -0.2% quarter-over-quarter (expected -0.1%; last -0.2%); -0.6% year-over-year (expected -0.4%; last -0.6%). Q1 GDP Capital Expenditure +0.3% quarter-over-quarter (expected 0.2%; last -0.1%). May Bank Lending +2.0% year-over-year (expected 2.2%; last 2.1%). April Current Account surplus JPY1.89 trillion (expected JPY2.10 trillion; last JPY1.77 trillion). May Economy Watchers Current Index 47.1 (expected 49.4; last 49.0)
In news:
Japan's Ministry of Commerce commented on fixed income flows in April, noting that Japanese investors bought the largest amount of Italian debt in two years while selling the largest amount of German debt since 2015. In addition, Japanese investors bought a record amount of Spanish debt.
The Japanese press reported that the Bank of Japan may lower its inflation forecast when it meets on June 14-15.

Major European indices trade lower across the board with Italy's MIB (-1.6%) trailing other regional markets. France's CAC -0.3%, UK's FTSE -0.3%, Germany's DAX -0.7%.
In economic data:
Germany's April trade surplus EUR19.40 billion (expected EUR21.00 billion; last EUR21.60 billion). April Imports +2.2% month-over-month (expected 0.6%; last -0.2%) and April Exports -0.3% month-over-month (expected -0.2%; last 1.8%)
France's April Industrial Production -0.5% month-over-month (expected 0.3%; last -0.4%)
In news:
German Finance Minister Olaf Scholz said he is optimistic the European Stability Mechanism will be converted into an IMF-like facility in the coming weeks.

06:58AM ET
[BRIEFING.COM] S&P futures vs fair value: -15.80. Nasdaq futures vs fair value: -91.00.

06:58AM ET
[BRIEFING.COM] Nikkei...22694.50...-128.80...-0.60%. Hang Seng...30958...-554.40...-1.80%.

06:58AM ET
[BRIEFING.COM] FTSE...7655.52...-48.90...-0.60%. DAX...12704.75...-106.30...-0.80%.

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.
The key takeaway from the report is that the increase in consumer credit was the lowest since September 2017, which suggests rising interest rates may have driven consumers to pay down debt and/or tempered their demand for credit.

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.

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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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