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 Post subject: June 13th Wednesday Price Action Trade Result - No Trades
PostPosted: Thu Jun 14, 2018 6:25 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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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=2848

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 04:30PM ET
Dow: -119.53… | Nasdaq: -8.09… | S&P: -11.22…
NASDAQ Vol: 2.1 bln… Adv: 1296… Dec: 1647…
NYSE Vol: 959.2 mln… Adv: 986… Dec: 1939…
iPad apps for Morningstar StockInvestor, FundInvestor, DividendInvestor, ETFInvestor

Moving the Market

Fed hikes rates as expected, points to two more rate increases by year's end

May PPI increases more than expected (+0.5% actual vs +0.3% Briefing.com consensus)

AT&T (T) drops after federal judge rules it can acquire Time Warner (TWX)

Sector Watch
Strong: Consumer Discretionary, Health Care
Weak: Industrials, Materials, Telecom Services, Real Estate

04:30PM ET

[BRIEFING.COM] Stocks drifted flat to slightly higher for much of Wednesday's session, but slipped in the afternoon following the Fed's decision to up its rate-hike forecast. The S&P 500 and the Dow Jones Industrial Average finished lower by 0.4% and 0.5%, respectively, while the Nasdaq shed 0.1%, slipping from its all-time high.

The Federal Open Market Committee decided to raise interest rates for the second time this year on Wednesday, increasing the fed funds target range by a quarter point to 1.75% to 2.00%. The market had expected the rate hike, but the updated rate-hike forecast took some by surprise as the Fed is now calling for four rate hikes in 2018 -- up from three in March. Treasuries sold off sharply following the policy release, sending yields to new highs, but bounced back a bit before the close. The benchmark 10-yr yield finished up two basis points at 2.98%.

Separately, the Wall Street Journal reported late in the session that the White House is preparing to implement tariffs on tens of billions of dollars of Chinese goods as early as Friday, which will likely spark heavy retaliation from Beijing. The equity market sold off and then bounced back following the Fed decision, but dropped once again following the WSJ report -- muddying the waters as to exactly what to credit for the slide into the close.

Elsewhere, media names were in focus after a federal judge ruled in favor of AT&T (T 32.22, -2.13, -6.2%) in its drawn-out legal battle with the Justice Department. The ruling allows AT&T to move forward with its acquisition of Time Warner (TWX 97.95, +1.73, +1.8%) and sets the stage for more merger activity in the future.

Comcast (CMCSA 32.32, -0.06, -0.2%), for instance, upped its bid for the bulk of 21st Century Fox's (FOXA 43.66, +3.12, +7.7%) assets immediately following Wednesday's closing bell. Comcast is now offering $35 per share, which represents a premium of around 19% to Walt Disney's (DIS 106.31, +1.98, +1.9%) all-stock offer. Fox had accepted the Disney offer six months ago, but the deal was never finalized, leaving the door open for Comcast to shake things up.

On a related note, Netflix (NFLX 379.93, +16.10), which has been a big player in forcing traditional media companies to reinvent themselves, rallied 4.4% on Wednesday, hitting a new all-time high. Goldman increased its target price for the content-streaming giant to $490 -- a new Street high -- which helped fuel the bullish bias.

Reviewing Wednesday's economic data, which was limited to the Producer Price Index for May and the weekly MBA Mortgage Applications Index:

Producer prices rose 0.5% in May (Briefing.com consensus +0.3%) and core producer prices increased 0.3% (Briefing.com consensus +0.2%). Year-over-year, producer prices are up 3.1% (vs +2.6% in April) and core producer prices have risen 2.4% (vs +2.3% in April).
The key takeaway from the report is that large increases were registered in the indexes for processed goods for intermediate demand (+1.5%) and unprocessed goods for intermediate demand (+2.5%), which was related mostly to higher energy prices. This suggests a potential buildup of pipeline pricing pressures that could carry through to the index for final demand if there isn't any energy price relief.
The weekly MBA Mortgage Applications Index decreased 1.5% to follow last week's increase of 4.1%.

On Thursday, investors will receive Retail Sales for May, export and import prices for May, weekly Initial Claims, and April Business Inventories. In addition, the European Central Bank will release its latest policy directive, which is expected to reference the end of the central bank's asset purchase program.

Nasdaq Composite +11.5% YTD
Russell 2000 +9.2% YTD
S&P 500 +3.8% YTD
Dow Jones Industrial Average +2.0% YTD

Dow: -119.53… | Nasdaq: -8.09… | S&P: -11.22…
NASDAQ Adv/Dec 1296/1647. …NYSE Adv/Dec 986/1939.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
July Crude Oil futures rose $0.29 (0.44%) to $66.65/barrel
August Natural Gas settled $0.02 higher (0.68%) at $2.96/MMBtu
July RBOB Gasoline settled $0.04 higher (1.91%) at $2.13/gallon
July Heating oil futures settled $0.02 higher (0.93%) at $2.18/gallon
Metals Settlement Prices:
Aug gold settled today's session up $1.90 (0.15%) at $1301.4/oz
Jul silver settled today's session $- higher (0.53%) at $16.99/oz
Jul copper settled unch at $3.25/lb
Agriculture Settlement Prices:
July corn settled $0.01 lower at $3.76/bushel
July wheat settled $0.17 lower at $5.18/bushel
July soybeans settled $0.18 lower at $9.36/bushel

Dow: -52.95… | Nasdaq: +3.13… | S&P: -5.67…
NASDAQ Adv/Dec 1408/1556. …NYSE Adv/Dec 1056/1840.

03:00PM ET

[BRIEFING.COM] Equity indices have bounced back a bit since hitting session lows following the Fed's rate-hike decision, with the S&P 500 trimming its loss to 0.1%.

Fed Chairman Jerome Powell is currently taking questions from reporters. Notable excerpts include Mr. Powell's decision to hold a press conference after every FOMC meeting starting in January, and his acknowledgement that the fed funds target range is getting closer to "neutral." However, it's unclear as to exactly where neutral is.

Looking ahead, Tailored Brands (TLRD 33.85, -0.55) will report earnings after the closing bell, and Michaels Stores (MIK 21.93, +0.19) will report tomorrow morning.
Dow: -42.89… | Nasdaq: +13.29… | S&P: -3.17…
NASDAQ Adv/Dec 1384/1440. …NYSE Adv/Dec 1043/1862.

02:25PM ET

[BRIEFING.COM] Stocks gave up today's mostly higher action following the release of the Fed's latest policy directive. The S&P 500 is currently -0.1% after holding a mostly flat trade ahead of the release, with seven of its eleven sectors now trading in negative territory.

The Fed decided to raise the federal funds target range by 25 basis points to 1.75% to 2.00%, as expected, and upped its 2018 hike forecast to four from the three it foresaw at the March meeting. The change to the projection was came as the Committee changed its phrasing to, "economic activity [which] has been rising at a solid rate," from the previous phrasing at the March meeting of, "economic activity has been rising at a moderate rate."

Fed Chairman Jerome Powell will begin his post-decision press conference at 2:30 PM ET.
Dow: -25.53… | Nasdaq: -9.12… | S&P: -4.89…
NASDAQ Adv/Dec 1279/1533. …NYSE Adv/Dec 968/1934.

02:05PM ET

[BRIEFING.COM] As expected, the FOMC voted to raise the federal funds target range by 25 basis points to 1.75% to 2.00%.

Equities have ticked lower following the release with the S&P 500 modestly trimming its gains, still mostly flat.

Meanwhile, the 2-yr yield jumped higher following the FOMC decision to 2.55%, the 10-yr yield adds to today's move to 2.96% from 2.95%, and the U.S. Dollar Index (93.58) has trims its loss to 0.2% from 0.3%.
Dow: -8.14… | Nasdaq: +27.47… | S&P: +0.78…
NASDAQ Adv/Dec 1347/1454. …NYSE Adv/Dec 1093/1768.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are currently trading mixed as investors brace for the FOMC's Rate Decision at the top of the hour.

A look inside the Dow Jones Industrial Average shows that Verizon (VZ 47.79, -1.02), Caterpillar (CAT 155.15, -2.34), & DowDuPont (DWDP 68.77, -1.01) are underperforming. Verizon is weighing on the Dow as the entire telecom sector slides after a judge ruled in favor of AT&T (T 32.67, -1.68), allowing it to proceed with its planned acquisition of Time Warner (TWX 99.07, +2.85). Elsewhere, Caterpillar is selling off after releasing its May retail sales data.

Conversely, Walt Disney (DIS 107.67, +3.34) is the best-performing Dow component as media stocks soar in the wake of the AT&T/Time Warner ruling, as investors speculate about an imminent wave of M&A activity.

Ahead of the Fed's expected rate hike, the DJIA is down 0.05% this week.
Dow: -20.47… | Nasdaq: +23.51… | S&P: +0.20…
NASDAQ Adv/Dec 1360/1415. …NYSE Adv/Dec 1086/1770.

01:00PM ET

[BRIEFING.COM] Stocks have largely drifted sideways since the opening bell as investors await the Fed's latest policy directive, which will almost certainly include a rate hike, as well as updated economic and interest-rate projections. The Fed will release its decision at 2:00 PM ET. The S&P 500 and the Dow are flat, while the Nasdaq is up 0.4%.

There's been high trading volume within the media space today after a federal judge on Tuesday evening ruled in favor of AT&T (T 32.74, -1.60, -4.7%) in its drawn-out legal battle with the Justice Department. The ruling allows AT&T to move forward with its acquisition of Time Warner (TWX 99.25, +3.03, +3.2%) and sets the stage for more merger activity within the media space.

Comcast (CMCSA 32.32, -0.06, -0.2%), for instance, has been waiting on the AT&T/Time Warner ruling before deciding whether to engage in a bidding war with Walt Disney (DIS 107.45, +3.12, +3.0%) for the bulk of 21st Century Fox's (FOXA 43.53, +2.99, +7.4%) assets. CNBC's David Faber says Comcast is expected to make a bid later today.

The consumer discretionary sector (+0.6%), which houses media names, is hovering alongside the information technology (+0.4%) and health care (+0.5%) groups at the top of today's sector standings. They're virtually the only groups in the green -- consumer staples (+0.1%) has a slim gain -- but they've been able to keep the broader market afloat because they are heavily-weighted, representing around 50% of the broader market combined.

On the flip side, the lightly-weighted telecom services (-3.5%), real estate (-1.2%), and materials (-0.7%) sectors are at the back of the pack, but they're impact has been limited. Together they represent less than 10% of the broader market. The financial sector (-0.2%) is also a notable laggard.

Elsewhere, U.S. Treasuries are roughly flat, with the benchmark 10-yr yield unchanged at 2.96%, and West Texas Intermediate crude futures are up 0.3% at $66.55 per barrel. WTI crude futures were modestly lower this morning, but shot higher following the release of the EIA's weekly inventory report, which showed U.S. crude stockpiles declined by 4.1 million barrels last week. On a related note, President Trump tweeted this morning "oil prices are too high, OPEC is at it again. Not good!"
Dow: -14.28… | Nasdaq: +26.35… | S&P: +0.57…
NASDAQ Adv/Dec 1365/1413. …NYSE Adv/Dec 1044/1790.

12:30PM ET

[BRIEFING.COM] The major averages haven't shifted since the last update.

Eight of eleven sectors are in negative territory, with telecom services (-3.6%), real estate (-1.3%), and materials (-0.7%) showing particular weakness. The good news is, though, that those three groups are lightly-weighted, representing just around 8.0% of the broader market combined.

Conversely, the information technology (+0.4%), consumer discretionary (+0.7%), and health care (+0.4%) sectors are at the opposite end of the sector standings and are heavily-weighted by comparison; the three sectors make up around 50% of the broader market combined.
Dow: +1.97… | Nasdaq: +29.57… | S&P: +1.42…
NASDAQ Adv/Dec 1407/1341. …NYSE Adv/Dec 1097/1717.

12:00PM ET

[BRIEFING.COM] Equity indices continue to hover near their recent levels, with the Dow up 0.1%.

Only three sectors are in the green -- consumer discretionary (+0.6%), technology (+0.6%), and health care (+0.5%). Within the consumer discretionary sector, 21st Century Fox (FOXA 43.60, +3.06) is the top-performing component, up 7.6%, after a federal judge ruled in favor of AT&T's (T 32.83, -1.50) proposed acquisition of Time Warner (TWX 99.27, +3.04), setting the stage for more activity within the media space, including a bidding war between Disney (DIS 107.26, +2.92) and Comcast (CMCSA 32.27, -0.11) for the bulk of Fox's assets.

In Europe, France's CAC and the UK's FTSE ended Wednesday little changed while Germany's DAX advanced 0.4%.
Dow: +9.73… | Nasdaq: +38.02… | S&P: +2.96…
NASDAQ Adv/Dec 1501/1237. …NYSE Adv/Dec 1187/1634.

11:25AM ET

[BRIEFING.COM] The Nasdaq has been ticking higher in recent action, hitting a new all-time high. The tech-heavy index is now up 0.5%.

Technology (+0.6%) is vying with health care (+0.6%) for the top spot in today's sector standings. Within the tech space, Netflix (NFLX 372.78, +9.02) is among the top performers, up 2.5%, after Goldman raised its target price to a new Street high of $490. Dow component Intel (INTC 55.48, +0.66) is also strong, adding 1.2%.

Meanwhile, in the bond market, U.S. Treasuries continue drifting near their flat lines, with the benchmark 10-yr yield unchanged at 2.96%, as investors await the Fed's latest policy directive, which will be released this afternoon at 2:00 PM ET.
Dow: +21.68… | Nasdaq: +37.20… | S&P: +3.80…
NASDAQ Adv/Dec 1509/1193. …NYSE Adv/Dec 1278/1495.

10:55AM ET

[BRIEFING.COM] The major averages are still roughly where they opened today's session, hovering a tick above their unchanged marks.

Four S&P 500 sectors are in the green, including consumer discretionary (+0.3%), technology (+0.4%), health care (+0.6%), and utilities (+0.2%), while the other seven groups are trading in the red. Losses have been modest for the most part, but the telecom services (-3.6%) group has really gotten hammered following the AT&T (T 32.72, -1.63)/Time Warner (TWX 99.18, +2.96) ruling, which could reshape the media landscape, setting the stage for other deals.

The Department of Energy released its latest weekly crude inventory report about half an hour ago, which showed that U.S. stockpiles declined by 4.1 million barrels last week. WTI crude futures were down around 0.5% ahead of the release, but are now up 0.3% at $66.56 per barrel.
Dow: +5.86… | Nasdaq: +23.40… | S&P: +1.30…
NASDAQ Adv/Dec 1416/1262. …NYSE Adv/Dec 1193/1537.

10:40AM ET
[BRIEFING.COM]

Commodities are beginning the day slightly higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.1% at 89.99
Dollar index is currently -0.2% at 93.68
Looking at energy...
July WTI crude oil futures are now +$0.14 at $66.50/barrel
Oil prices pop higher following EIA storage data, which showed cuts across the board just now
Crude oil inventories had a draw of 4.1 mln barrels
Gasoline Inventories has a draw of 2.3 mln barrel
Distillate Inventories had a build of 2.1 mln barrels
In other energy, Jul natural gas is +$0.03 at $2.97/MMBtu
Moving on to metals...
June gold is currently +$1.20 at $1300.60/oz, while Jul silver is +$0.11 at $17.00/oz
Jul copper is now +$0.01 at $3.26/lb

Dow: +7.73… | Nasdaq: +21.98… | S&P: +2.00…
NASDAQ Adv/Dec 1400/1305. …NYSE Adv/Dec 1171/1537.

09:55AM ET

[BRIEFING.COM] Equity indices are a tick higher in what has been a quiet start to today's session. The S&P 500 is up 0.1%.

The health care (+0.5%), utilities (+0.4%), and consumer discretionary (+0.3%) sectors are the best-performing groups thus far. Within the health care space, Dow components Johnson & Johnson (JNJ 123.75, +1.21) and UnitedHealth (UNH 256.12, +2.54) are up 1.0% apiece, good enough for a new record for UNH.

As a reminder, the Department of Energy will release its weekly crude oil inventory report at 10:30 AM ET. West Texas Intermediate crude futures are down 0.5% at $66.00 per barrel ahead of the release, and the energy sector is down 0.4%.
Dow: +18.59… | Nasdaq: +14.34… | S&P: +1.58…
NASDAQ Adv/Dec 1359/1203. …NYSE Adv/Dec 1246/1362.

09:40AM ET

[BRIEFING.COM] The major averages are roughly flat in the opening minutes of today's session.

Telecom services (-3.4%) is the worst-performing S&P 500 sector by a wide margin following AT&T's (T 32.87, -1.49) victory in the court room, allowing the wireless giant to acquire Time Warner (TWX 99.42, +3.18) without any restraints. Most other groups are trading within 0.3% of their flat lines, although health care (+0.5%) is relatively strong.

In the bond market, U.S. Treasuries are unchanged, with the benchmark 10-yr yield flat at 2.96%.
Dow: +21.96… | Nasdaq: +11.72… | S&P: +1.42…
NASDAQ Adv/Dec 1361/1098. …NYSE Adv/Dec 1379/1170.

09:14AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +5.30.

Stocks are on course for a slightly higher open this morning, as the S&P 500 futures are trading two points above fair value.

The Fed will release its latest policy directive this afternoon at 2:00 PM ET, and the market is all but certain that officials will announce the second rate hike of 2018. The focus then is more on the updated economic and interest rate projections, which will give investors a better feel for the number of upcoming rate hikes. The market is currently on the fence as to whether the U.S. central bank will hike rates once more or twice more in 2018 -- not accounting for today's expected rate increase.

Elsewhere, AT&T (T 33.03, -1.27, -3.7%) won its long legal battle with the Justice Department when a federal judge ruled on Tuesday evening that AT&T can acquire Time Warner (TWX 99.99, +3.77, +4.1%) without any conditions. The ruling could reshape the media landscape, setting the stage for other deals. Comcast (CMCSA 30.90, -1.48, -4.6%), for instance, has been waiting on the AT&T/Time Warner ruling before deciding whether to engage in a bidding war with Walt Disney (DIS 101.89, -2.44, -2.3%) over the bulk of 21st Century Fox's (FOXA 43.53, +2.99, +7.4%) assets.

On the data front, the Producer Price Index increased 0.5% in May, more than the 0.3% increase the Briefing.com consensus expected, and the core PPI, which excludes the volatile categories of food and energy, rose 0.3% (Briefing.com consensus +0.2%). Year-over-year, producer prices are up 3.1% (vs +2.6% in April) and core producer prices have risen 2.4% (vs +2.3% in April). Separately, the Department of Energy will release its weekly crude oil inventory report at 10:30 AM ET.

08:53AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.00.

The S&P 500 futures are trading two points above fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. The overnight session was quiet due to a limited set of economic data and the anticipation associated with the upcoming FOMC Statement. Furthermore, markets in South Korea were closed for Regional Election Day. It has been reported that tariffs against China may be imposed by the end of the week. Reserve Bank of Australia Governor Philip Lowe said there is still no strong case for near-term adjustments to monetary policy.

In economic data:
Australia's June Westpac Consumer Sentiment 0.3% (last -0.6%)
New Zealand's May FPI 0.0% month-over-month (last 0.1%)
Singapore's Q1 Unemployment Rate 2.0%, as expected (last 2.0%)

---Equity Markets---

Japan's Nikkei gained 0.4%. Softbank, TOTO, Yamato Holdings, Isuzu Motors, Japan Tobacco, Toyota Motor, Honda Motor, and Mazda Motor rose between 1.0% and 2.7%.
Hong Kong's Hang Seng lost 1.2%. Energy-related names like PetroChina, CNOOC, and China Shenhua Energy surrendered between 1.4% and 4.4%. Apple suppliers AAC Technologies and Sunny Optical Tech lost 4.1% and 2.5%, respectively.
China's Shanghai Composite dropped 1.0%. Nantong Jiangshan Agrochemical & Chemicals, Xinjiang Tianrun Dairy, Yonyou Network Technology, and Jiangxi Lianchuang Optoelectronic Science lost between 5.7% and 10.0%.
India's Sensex added 0.1%. Dr. Reddy's Labs jumped 2.8% while tech consultants like Tata Consultancy, Wipro, and Infosys rose between 1.0% and 2.4%. On the downside, Tata Steel fell 2.1%.

Major European indices trade on a mostly higher note while Spain's IBEX (-0.2%) lags. The British parliament has rejected a plan to remove the Brexit date from the withdrawal bill while the lower house rejected a proposed amendment that would have required the government to accept the direction of parliament in the event of a failure to reach an agreement. The government's plan requires a new strategy to be presented within 28 days if the parliament rejects the negotiated Brexit deal. Germany's Institute for Economic Research lowered Germany's 2018 GDP growth forecast to 1.9% from 2.2%.

In economic data:
Eurozone April Industrial Production -0.9% month-over-month (expected -0.5%; last 0.6%); +1.7% year-over-year (expected 2.8%; last 3.0%). Q1 Employment Change +0.4% quarter-over-quarter (expected 0.3%; last 0.3%); +1.4% year-over-year (last 1.6%)
UK's May CPI +0.4% month-over-month, as expected (last 0.4%); +2.4% year-over-year, as expected (last 2.4%). Core CPI +2.1% year-over-year, as expected (last 2.1%). May Input PPI +2.8% month-over-month (expected 1.8%; last 0.6%) and May Output PPI +0.4% month-over-month (expected 0.3%; last 0.4%). May House Price Index +3.9% year-over-year (expected 4.4%; last 4.2%)
Spain's May CPI +0.9% month-over-month, as expected (last 0.9%); +2.1% year-over-year (expected 2.0%; last 2.0%)
Swiss May PPI +0.2% month-over-month (expected 0.3%; last 0.4%); +3.2% year-over-year, as expected (last 2.7%). Q1 Industrial Orders 9.0% (last 19.6%)

---Equity Markets---

UK's FTSE is higher by 0.4%. Select consumer names are among the leaders with Burberry, Pearson, Compass, Taylor Wimpey, Paddy Power, Imperial Brands, Reckitt Benckiser, Diageo, British American Tobacco, TUI, and Sainsbury sport gains between 1.7% and 1.6%.
France's CAC trades up 0.3%. STMicroelectronics leads, jumping 3.6%, while Renault, Peugeot, L'Oreal, Vivendi, Kering, and Pernod Ricard hold gains between 0.7% and 1.8%.
Germany's DAX has climbed 0.2%. Lufthansa has spiked 4.2% while Infineon, Siemens, SAP, Bayer, Volkswagen, Merck, and Continental are up between 0.5% and 1.5%. On the downside, Deutsche Bank is down 0.8% and Commerzbank has slid 1.4%.
Spain's IBEX has shed 0.2%. Telefonica, DIA, Banco Sabadell, ACS, Caixabank, BBVA, and Bankinter hold losses between 0.5% and 2.9%.

08:32AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +3.80.

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

Just in, producer prices rose 0.5% in May (Briefing.com consensus +0.3%) and core producer prices increased 0.3% (Briefing.com consensus +0.2%). Year-over-year, producer prices are up 3.1% (vs +2.6% in April) and core producer prices have risen 2.4% (vs +2.3% in April).

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +9.00.

Futures are pointing towards a slightly higher start for the U.S. equity market this morning as investors await the latest policy decision from the Fed, which will be released at 2:00 PM ET. The S&P 500 futures are current trading three points, or 0.1%, above fair value. The S&P 500 has ticked up in each of the last three sessions, adding 0.6% in total.

The market is all but certain that the Fed will decide to raise interest rates for the second time this year at the conclusion of its two-day policy meeting. The focus then is more on the updated economic and interest rate projections, which will give investors a better feel for the number of upcoming rate hikes. The market is currently on the fence as to whether the U.S. central bank will hike rates once more or twice more in 2018 -- not accounting for today's expected rate increase.

Elsewhere, AT&T (T) won its long legal battle with the Justice Department when a federal judge ruled on Tuesday evening that AT&T can acquire Time Warner (TWX) without any conditions. The ruling could reshape the media landscape, setting the stage for other deals. Comcast (CMCSA), for instance, has been waiting on the AT&T/Time Warner ruling before deciding whether to engage in a bidding war with Walt Disney (DIS) over the bulk of 21st Century Fox's (FOXA) assets.

Investors will receive the Producer Price Index for May (Briefing.com consensus +0.3%) at 8:30 AM ET, and the Department of Energy will release its weekly crude oil inventory report at 10:30 AM ET. The API reported a build of around 0.8 million barrels last night, and WTI crude futures are currently down 0.5% at $66.01 per barrel. Also of note, the weekly MBA Mortgage Applications Index crossed the wires earlier this morning, showing a decrease of 1.5%.

In U.S. corporate news:

AT&T (T 32.68, -1.67): -4.9% after a federal judge ruled that AT&T can proceed with its acquisition of Time Warner (TWX 99.57, +3.35) without any conditions. On a related note, 21st Century Fox (FOXA 43.50, +2.96) is up 7.3% as Comcast (CMSA 31.00, -1.38) is now expected to challenge Disney's (DIS 102.75, -1.58) bid for a good chunk of FOXA's assets.
H&R Block (HRB 24.35, -5.25): -17.7% after disappointing guidance overshadowed upbeat quarterly results.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a mixed note. Japan's Nikkei +0.4%, Hong Kong's Hang Seng -1.2%, China's Shanghai Composite -1.0%, India's Sensex +0.1%. Markets in South Korea were closed for Regional Election Day.
In economic data:
Australia's June Westpac Consumer Sentiment 0.3% (last -0.6%)
New Zealand's May FPI 0.0% month-over-month (last 0.1%)
Singapore's Q1 Unemployment Rate 2.0%, as expected (last 2.0%)
In news:
It has been reported that tariffs against China may be imposed by the end of the week.
Reserve Bank of Australia Governor Philip Lowe said there is still no strong case for near-term adjustments to monetary policy.

Major European indices trade on a mostly higher note while Spain's IBEX (-0.1%) lags. UK's FTSE +0.5%, France's CAC +0.3%, Germany's DAX +0.4%.
In economic data:
Eurozone April Industrial Production -0.9% month-over-month (expected -0.5%; last 0.6%); +1.7% year-over-year (expected 2.8%; last 3.0%). Q1 Employment Change +0.4% quarter-over-quarter (expected 0.3%; last 0.3%); +1.4% year-over-year (last 1.6%)
UK's May CPI +0.4% month-over-month, as expected (last 0.4%); +2.4% year-over-year, as expected (last 2.4%). Core CPI +2.1% year-over-year, as expected (last 2.1%). May Input PPI +2.8% month-over-month (expected 1.8%; last 0.6%) and May Output PPI +0.4% month-over-month (expected 0.3%; last 0.4%). May House Price Index +3.9% year-over-year (expected 4.4%; last 4.2%)
Spain's May CPI +0.9% month-over-month, as expected (last 0.9%); +2.1% year-over-year (expected 2.0%; last 2.0%)
Swiss May PPI +0.2% month-over-month (expected 0.3%; last 0.4%); +3.2% year-over-year, as expected (last 2.7%). Q1 Industrial Orders 9.0% (last 19.6%)
In news:
The British parliament has rejected a plan to remove the Brexit date from the withdrawal bill while the lower house rejected a proposed amendment that would have required the government to accept the direction of parliament in the event of a failure to reach an agreement. The government's plan requires a new strategy to be presented within 28 days if the parliament rejects the negotiated Brexit deal.
Germany's Institute for Economic Research lowered Germany's 2018 GDP growth forecast to 1.9% from 2.2%.

07:29AM ET
[BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +10.50.

06:52AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +12.50.

06:52AM ET
[BRIEFING.COM] Nikkei...22966...+88.00...+0.40%. Hang Seng...30725...-377.90...-1.20%.

06:52AM ET
[BRIEFING.COM] FTSE...7736.82...+33.00...+0.40%. DAX...12866.94...+24.60...+0.20%.

04:30PM ET

[BRIEFING.COM] Equities settled Tuesday little changed as investors showed a muted reaction to President Trump's historic summit with North Korean leader Kim Jong Un. The S&P 500 ticked higher for a third straight session, adding 0.2%, while the Nasdaq (+0.6%) and the Russell 2000 (+0.5%) finished at new all-time highs. The Dow finished flat.

Mr. Trump and Mr. Kim ended their Tuesday meeting in Singapore -- the first ever meeting between a sitting U.S. president and a North Korean leader -- with a joint statement in which North Korea reaffirmed its commitment to completely denuclearize and the U.S. promised "security guarantees" -- including the suspension of military exercises on the Korean Peninsula. The two nations will engage in follow-up negations to work out the specific details of the agreement.

The S&P 500 sectors were pretty evenly mixed on Tuesday, with six advancing and five declining. The utilities sector (+1.3%) was the top performer, bouncing back from a disappointing start to the month, followed by the top-weighted technology sector (+0.6%). Within the tech space, Twitter (TWTR 43.49, +2.07) soared 5.0%, hitting a three-year high, after JPMorgan raised its target price to $50 from $39.

On the downside, the energy sector (-0.8%) settled at the bottom of the sector standings, even though crude prices ticked higher. WTI crude futures advanced 0.4% to $66.36 per barrel on Tuesday, their best close of the month. The heavily-weighted financials sector (-0.3%) also underperformed.

In earnings news, Dave & Busters (PLAY 55.82, +7.99) jumped 16.7% after reporting better-than-expected earnings and revenues for the first quarter. Restoration Hardware (RH 155.00, +36.27) did even better, spiking 30.6%, after beating earnings estimates and raising its guidance.

Elsewhere, U.S. Treasuries finished mixed, with shorter-dated issues showing relative weakness. The yield on the 2-yr Treasury note climbed three basis points to 2.55%, while the yield on the benchmark 10-yr Treasury note finished flat at 2.96%. The 10-yr yield touched 2.98% in early-morning trading before falling back. Meanwhile, the U.S. Dollar Index got off to a flat start, but rebounded to end the day higher by 0.3% at 93.80.

Reviewing Tuesday's economic data, which included the Consumer Price Index for May and the May Treasury Budget:

Total CPI increased 0.2% (Briefing.com consensus +0.3%) in May, and core CPI, which excludes food and energy, also rose 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.8% (vs +2.5% in April), and core CPI is up 2.2% (vs +2.1% in April).
The key takeaway from the Consumer Price Index for May is that it validated the expectation for a 25 basis points rate hike by the FOMC at its June meeting and provided some backing for the prevailing expectation among Fed members that there will be at least three rate hikes in 2018.
The Treasury Budget for May showed a deficit of $146.8 billion versus a deficit of $88.4 billion for the same period a year ago.
The Treasury Budget data is not seasonally adjusted, so the May deficit cannot be compared to the $214.3 billion surplus for April.

On Wednesday, the Fed's latest policy directive will cross the wires at 2:00 PM ET, and the market is all but certain that it will include the second rate hike of 2018. The Fed will also release updated economic and interest-rate projections. Separately, the Producer Price Index for May will be released at 8:30 AM ET.

Nasdaq Composite +11.6% YTD
Russell 2000 +9.6% YTD
S&P 500 +4.2% YTD
Dow Jones Industrial Average +2.4% YTD

Dow: -1.58… | Nasdaq: +43.87… | S&P: +4.85…
NASDAQ Adv/Dec 1562/1323. …NYSE Adv/Dec 1463/1449

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