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 Post subject: June 20th Wedneday Price Action Trade Result Profit $1787.50
PostPosted: Wed Jun 20, 2018 6:07 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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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
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini ES ($ES_F) futures @ $1787.50 dollars or +35.75 points, Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1787.50 dollars

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=181&t=2853

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 at the above direct link to the archived chat log.

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: -42.41… | Nasdaq: +55.93… | S&P: +4.73…
NASDAQ Vol: 2.3 bln… Adv: 1906… Dec: 1063…
NYSE Vol: 775.9 mln… Adv: 1758… Dec: 1147…

Moving the Market

Stocks rebound following three straight losses; U.S.-China trade tensions remain in focus

Disney (DIS) ups offer for 21st Century Fox (FOXA), outdoing Comcast's (CMCSA) bid

Top-weighted technology sector outperforms; tech-heavy Nasdaq hits new record

Sector Watch
Strong: Consumer Discretionary, Energy, Technology, Real Estate
Weak: Financials, Materials, Telecom Services

04:30PM ET

[BRIEFING.COM] Stocks ended a three-session skid on Wednesday as a heap of corporate news served to distract investors from escalated U.S.-China trade tensions. The Nasdaq and the Russell 2000 rallied to new record highs, adding around 0.7% apiece, and the S&P 500 ticked up 0.2%. The Dow underperformed though, shedding 0.2%.

Walgreens Boots Alliance (WBA 68.00, +3.39) will be joining the Dow Jones Industrial Average on June 26, taking the spot of General Electric (GE 12.88, -0.07), which was one of the original Dow components and has been a continuous part of the average for more than a century. The decision follows a disastrous 18-month stretch for GE shares, which have dropped around 60% since the end of 2016.

Media names returned to the spotlight on Wednesday after Walt Disney (DIS 107.15, +1.05) increased its offer for 21st Century Fox's (FOXA 48.08, +3.37) entertainment assets. Disney is now offering $35 per share, up from $28 per share and better than last week's offer from Comcast (CMCSA 33.39, +0.58) of $35 per share. Fox shares surged 7.5%.

Elsewhere, Oracle (ORCL 42.82, -3.45) shares dropped 7.5% to a 15-month low after the company's quarterly update provided less insight than usual into its growing cloud business. Meanwhile, shares of Starbucks (SBUX 52.22, -5.21) tumbled 9.1% to a 20-month low after the coffee giant announced it will be scaling back store growth and closing underperforming urban locations.

Most S&P 500 sectors finished in the green, but gains were pretty modest; other than real estate (+1.1%), no group added more than 0.5%. The consumer discretionary (+0.5%) and energy (+0.4%) sectors were the top-performing groups, but the top-weighted technology sector (+0.3%) also had a relatively solid showing. Within the tech space, shares of Facebook (FB 202.00, +4.51) jumped 2.3% to a new all-time high, helped by reports that its photo-sharing subsidiary Instagram has reached 1 billion monthly users.

At the opposite end of the sector standings, the heavily-weighted financial space ended lower by 0.3% even though the 2s-10s spread widened, rebounding from its lowest level in a decade. The yield on the benchmark 10-yr Treasury note advanced four basis points to 2.93% while the 2-yr yield climbed two basis points to 2.57%. The telecom services sector was the worst-performing group with a loss of 1.0%.

Outside of equities, West Texas Intermediate crude futures rallied on Wednesday, rising 1.3% to $65.71 per barrel, after the Department of Energy reported that U.S. crude stockpiles decreased for the second week in a row, declining by 5.9 million barrels. The U.S. Dollar Index ticked up 0.1% to 94.73.

Reviewing Wednesday's economic data, which included the Existing Home Sales report for May, the Current Account Balance for the first quarter, and the weekly MBA Mortgage Applications Index:

Existing home sales decreased 0.4% in May to an annualized rate of 5.43 million units (Briefing.com consensus 5.55 million). The April reading was revised to 5.45 million (from 5.46 million).
The key takeaway from the report remains the same: notable supply constraints continue to act as a drag on overall sales. The limited inventory -- and the high prices on available inventory -- is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are feeling affordability pressures from rising mortgage rates and home prices rising faster than income.
The current account deficit for the first quarter totaled $124.1 billion (Briefing.com consensus -$129.2 billion). The fourth quarter deficit was revised to $116.1 billion from $128.2 billion.
The weekly MBA Mortgage Applications Index rose 5.1% to follow last week's decline of 1.5%.

On Thursday, investors will receive the weekly Initial Claims report (Briefing.com consensus 220K), the Philadelphia Fed Index for June (Briefing.com consensus 27.0), the FHFA Housing Price Index for April, and the Conference Board's Leading Economic Index for May (Briefing.com consensus +0.4%).

Nasdaq Composite +12.7% YTD
Russell 2000 +11.2% YTD
S&P 500 +3.5% YTD
Dow Jones Industrial Average -0.3% YTD

Dow: -42.41… | Nasdaq: +55.93… | S&P: +4.73…
NASDAQ Adv/Dec 1906/1063. …NYSE Adv/Dec 1758/1147.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures rose $0.77 (1.19%) to $65.69/barrel
August Natural Gas settled $0.06 higher (2.07%) at $2.96/MMBtu
July RBOB Gasoline settled $0.02 lower (-0.98%) at $2.02/gallon
July Heating oil futures settled $0.01 lower (-0.47%) at $2.11/gallon
Metals Settlement PricesL:
Aug gold settled today's session down $3.90 (0.31%) at $1274.40/oz
Jul silver settled today's session $0.01 lower (0.12%) at $16.31/oz
Jul copper settled $0.01 lower (0.33%) at $3.04/lb
Agriculture Settlement Prices
July corn settled unch at $3.54/bushel
July wheat settled $0.09 higher at $4.89/bushel
July soybeans settled $0.01 higher at $8.90/bushel

Dow: -11.32… | Nasdaq: +59.94… | S&P: +7.34…
NASDAQ Adv/Dec 1981/999. …NYSE Adv/Dec 1816/1090.

02:55PM ET

[BRIEFING.COM] The major averages are mostly higher moving into the final stretch, with the S&P 500 up 0.3% and the Nasdaq Composite up 0.9%.

Reports from earlier this afternoon revealed that Instagram, which is owned by Facebook (FB 202.71, +5.22), has reached 1 billion monthly users, up from 800 million monthly users in September. Shares of Facebook have been outperforming all day and are currently up 2.6%, hovering at a fresh all-time high.

Separately, it was also reported that Walt Disney (DIS 107.00,+ 0.90) is close to winning government approval for its $71 billion offer for 21st Century Fox's (FOXA 48.31, +3.61) entertainment assets. Disney shares are up 0.8% while Fox's shares trade higher by 8.1%.
Dow: -25.94… | Nasdaq: +67.23… | S&P: +7.26…
NASDAQ Adv/Dec 1945/911. …NYSE Adv/Dec 1813/1069.

02:30PM ET

[BRIEFING.COM] The Dow joins the S&P and the Nasdaq in positive territory in recent action, though the Nasdaq continues to lead with gains north of 1.0%.

Checking in once again on the S&P 500 sectors, the majority trade in positive territory. Leading action in the green today is the lightly-weighted real estate (+1.1%) group, followed by heavily-weighted information technology (+0.7%), consumer discretionary (+0.7%) and energy (+0.4%). Allowing the tech space, and the Nasdaq Composite for that matter, to make highs today is impressive performances from bellwether tech names like Facebook (FB 202.75, +5.26, +2.7%), Alphabet (GOOGL 1,197.02, +18.33, +1.6%), Visa (V 135.86, +0.75, +0.6%), PayPal (PYPL 86.45, +1.93, +2.3%), and Salesforce (CRM 139.82, +0.30, +0.2%) -- all of which made fresh all-time highs today.

After a strong Tuesday, the telecom services (-0.9%) group turns lower and the materials (-0.2%) sector displays relative weakness as constituents like DowDuPont (DWDP 66.11, -0.25, -0.4%), LyondellBasell (LYB 110.47, -0.78, -0.7%), and Air Products (APD 157.74, -1.80, -1.1%) all trade below Tuesday's close.
Dow: +10.80… | Nasdaq: +76.25… | S&P: +10.52…
NASDAQ Adv/Dec 1946/891. …NYSE Adv/Dec 1847/1023.

02:00PM ET

[BRIEFING.COM] The major averages attempt to return to session highs, though still trade within their daily ranges at this juncture.

Gold futures made a fresh 2018 low today by settling 0.3% lower at $1,274.50/oz as strength in the dollar pushed investors out of gold.

Admittedly, the U.S. Dollar Index has peeled off opening strength, now showing slight losses of 0.1% at 94.99 after earlier being within arm's reach of a fresh 2018 high.
Dow: -10.39… | Nasdaq: +75.77… | S&P: +8.98…
NASDAQ Adv/Dec 1979/847. …NYSE Adv/Dec 1848/995.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are now trading mixed as stocks experience modest selling pressure in afternoon trading

A look inside the Dow Jones Industrial Average shows that Travelers (TRV 126.16, -2.00), McDonald's (MCD 162.83, -2.14), & DowDuPont (DWDP 65.86, -0.50) are underperforming.

Conversely, Microsoft (MSFT 101.98, +1.12) is the best-performing Dow component as investors rotate back into technology in today's session.

For the week, the DJIA is currently down 1.6%.
Dow: -18.47… | Nasdaq: +68.06… | S&P: +8.79…
NASDAQ Adv/Dec 1937/874. …NYSE Adv/Dec 1826/1011.

01:00PM ET

[BRIEFING.COM] Stocks have been ticking higher in recent trading, pushing the S&P 500 (+0.4%) to a fresh session high. The tech-heavy Nasdaq Composite (+1.0%) and the small-cap Russell 2000 (+0.8%) are outperforming, hitting new intraday records, while the Dow Jones Industrial Average (unch) lags. Today's gains follow three straight days of tariff-induced losses.

There have been quite a few developments on the corporate front today. General Electric (GE 12.81, -0.13, -1.0%) is down following news that it will be kicked out of the Dow Jones Industrial Average after being a part of the Dow for more than a century. Walgreens Boots Alliance (WBA 68.22, +3.61, +5.6%) will replace GE, effective June 26.

Meanwhile, Walt Disney (DIS 106.33, +0.24, +0.2%) has upped its offer for the bulk of 21st Century Fox's (FOXA 47.86, +3.15, +7.1%) assets to $38 per share from $28 per share, topping Comcast's (CMCSA 32.47, -0.34, -1.0%) offer of $35 per share. Comcast is not expected to back down, according to CNBC's David Faber.

On the earnings front, Oracle (ORCL 42.66, -3.60, -7.8%) has hit a 15-month low after its lower-than-expected guidance overshadowed its above-consensus fiscal fourth quarter. Meanwhile, FedEx (FDX 256.25, -2.14, -0.8%) is also experiencing a post-earnings sell off despite beating bottom-line estimates.

Lastly, Starbucks (SBUX 52.23, -5.20, -9.1%) has hit a 20-month low after lowering its Q3 sales forecast and announcing it will scale back store growth.

Nine of eleven S&P 500 sectors are in positive territory this afternoon. The lightly-weighted real estate space is the best-performing group with a gain of 1.1%, but the top-weighted technology sector is also outperforming with a gain of 0.8%. Tech giants Facebook (FB 203.30, +5.83), Microsoft (MSFT 102.34, +1.48), and Alphabet (GOOG 1185.53, +17.47) are up between 1.5% and 2.9%. On the flip side, the materials (-0.3%) and telecom services (-0.9%) sectors are the two laggards.

In the bond market, U.S. Treasuries are lower, pushing yields up across the curve. The yield on the benchmark 10-yr note is up three basis points at 2.92%.

In Europe, Fed Chairman Jerome Powell said at the annual ECB Forum on Central Banking that "the case for continued gradual rate increases in the federal funds rate is strong." This comment is consistent with the Fed's latest policy directive, which was released last week, but the market ticked lower on the comment before bouncing back.

Reviewing today's economic data, which included the Existing Home Sales report for May, the Current Account Balance for the first quarter, and the weekly MBA Mortgage Applications Index:

Existing home sales decreased 0.4% in May to an annualized rate of 5.43 million units (Briefing.com consensus 5.55 million). The April reading was revised to 5.45 million (from 5.46 million).
The current account deficit for the first quarter totaled $124.1 billion (Briefing.com consensus -$129.2 billion). The fourth quarter deficit was revised to $116.1 billion from $128.2 billion.
The weekly MBA Mortgage Applications Index rose 5.1% to follow last week's decline of 1.5%.

Dow: +14.73… | Nasdaq: +76.07… | S&P: +11.41…
NASDAQ Adv/Dec 1914/866. …NYSE Adv/Dec 1852/990.

12:25PM ET

[BRIEFING.COM] The S&P 500 has returned to its session high in recent trading and is now up 0.3%.

Nine of eleven sectors are now in the green, with materials (-0.4%) and telecom services (-0.9%) being the two laggards. The consumer discretionary sector is outperforming today, up 0.6%, thanks in part to 21st Century Fox (FOXA 47.92, +3.21), which has jumped 7.2% after Disney (DIS 106.21, +0.11) upped its bid for the bulk of Fox's assets -- increasing its offer to $38 per share from $28 per share.

In Europe, the UK's FTSE and Germany's DAX added 0.3% and 0.1%, respectively, but France's CAC shed 0.3%.
Dow: -16.97… | Nasdaq: +65.66… | S&P: +8.23…
NASDAQ Adv/Dec 1875/886. …NYSE Adv/Dec 1784/1025.

11:55AM ET

[BRIEFING.COM] The S&P 500 is hovering in the middle of today's trading range, sporting a gain of 0.2%.

Oracle (ORCL 42.93, -3.33) has fallen 7.2% today, hitting a fresh 15-month low, after lower-than-expected guidance overshadowed the company's above-consensus fiscal fourth quarter. Meanwhile, FedEx (FDX 253.90, -4.49) is also experiencing a post-earnings sell off, down 1.7%, despite beating bottom-line estimates.

Tonight's earnings lineup will most notably feature chipmaker Micron (MU 59.43, +0.18), which has surged 44.6% so far this year. American Outdoor Brands (AOBC 13.35, +0.26), Barnes & Noble Education (BNED 6.60, +0.11), and Steelcase (SCS 15.30, -0.05) will also be reporting tonight.
Dow: -42.18… | Nasdaq: +59.73… | S&P: +7.17…
NASDAQ Adv/Dec 1851/901. …NYSE Adv/Dec 1744/1032.

11:25AM ET

[BRIEFING.COM] The tech-heavy Nasdaq Composite is showing relative strength today, rallying 0.7% to a new intraday record.

Tech giants like Facebook (FB 202.54, +5.08), Alphabet (GOOG 1179.82, +11.76), and Netflix (NFLX 413.94, +8.93) are solidly higher, sporting gains between 1.0% and 2.6%. Apple (AAPL 186.08, +0.40), which is the largest component in the S&P 500 by market cap, is only modestly higher though, up just 0.2%.

In Europe, Fed Chairman Jerome Powell said at the annual ECB Forum on Central Banking that "the case for continued gradual rate increases in the federal funds rate is strong." This comment is consistent with the Fed's latest policy directive, which was released just last week, but the market dipped nonetheless.
Dow: -32.66… | Nasdaq: +57.66… | S&P: +6.82…
NASDAQ Adv/Dec 1847/865. …NYSE Adv/Dec 1755/1030.

10:55AM ET

[BRIEFING.COM] Stocks have slipped since the opening bell. The S&P 500 has trimmed its gain to 0.1% from 0.3%, and the Dow is now in the red (-0.2%).

Movement has been modest overall, with nine of eleven sectors hovering within 0.5% of their unchanged marks. The lightly-weighted telecom services space is the weakest performer with a loss of 0.9%, while the lightly-weighted real estate space is the top performer with a gain of 0.9%.

The energy sector is down 0.2%, even though WTI crude futures are up 1.2% at $65.69 per barrel. Crude futures have been volatile since the EIA released its weekly crude inventory report 30 minutes ago, which showed a larger-than-expected draw of 5.9 million barrels.
Dow: -34.52… | Nasdaq: +49.05… | S&P: +4.81…
NASDAQ Adv/Dec 1762/901. …NYSE Adv/Dec 1593/1153.

10:35AM ET
[BRIEFING.COM]

Commodities are starting the day off higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.1% at 86.67
Dollar index is currently +0.1 at 94.75
Looking at energy...
Aug WTI crude oil futures are now +$0.88 at $65.78/barrel
In other energy, Jul natural gas is +$0.06 at $2.96/MMBtu
Moving on to metals...
Aug gold is currently -$2.40 at $1276.20/oz, while Jul silver is -$0.03 at $16.32/oz
Jul copper is now -$0.02 at $3.03/lb

Dow: -34.95… | Nasdaq: +39.45… | S&P: +3.25…
NASDAQ Adv/Dec 1648/1053. …NYSE Adv/Dec 1474/1250.

10:00AM ET

[BRIEFING.COM] The major averages are hovering near their opening levels, sporting gains between 0.2% and 0.6%.

Just in, existing home sales decreased 0.4% in May to an annualized rate of 5.43 million units (Briefing.com consensus 5.55 million). The April reading was revised to 5.45 million (from 5.46 million).
Dow: +61.98… | Nasdaq: +51.38… | S&P: +9.29…
NASDAQ Adv/Dec 1769/839. …NYSE Adv/Dec 1536/1110.

09:40AM ET

[BRIEFING.COM] Equity indices are up modestly in the opening minutes, with the S&P 500 higher by 0.3%. The Nasdaq (+0.6%) is at a new all-time high.

More than half of the 11 S&P sectors are in the green this morning, with financials (+0.3%), consumer discretionary (+0.6%), energy (+0.4%), and technology (+0.5%) being the top performers. On the flip side, the materials (-0.3%) and utilities (-0.3%) sectors are at the back of the pack.

As a reminder, the Existing Home Sales report for May (Briefing.com consensus 5.55 million) will be released at 10:00 AM ET.
Dow: +19.29… | Nasdaq: +41.81… | S&P: +6.88…
NASDAQ Adv/Dec 1761/771. …NYSE Adv/Dec 1610/945.

09:14AM ET
[BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +37.80.

The stock market is on course for a higher open, as the S&P 500 futures are trading 10 points, or 0.4%, above fair value.

In corporate news, General Electric (GE 12.71, -0.24, -1.9%) will be removed from the Dow Jones Industrial Average as shares have plunged nearly 60% since the start of 2017. GE was one of the original Dow components, and has been continuously in the industrial average for more than 100 years. Walgreens Boots Alliance (WBA 66.45, +1.84, +2.9%) will replace GE effective June 26.

Separately, Walt Disney (DIS 106.91, +0.81, +0.8%) upped its offer for the bulk of 21st Century Fox's (FOXA 47.96, +3.25, +7.3%) assets to $38 per share from $28 per share. Fox shareholders would be able to take the offer in cash or stock.

Also of note, Oracle (ORCL 44.45, -1.82, -3.9%) and FedEx (FDX 257.50, -0.89, -0.3%) are down in pre-market trading after reporting their quarterly results last night, and Starbucks (SBUX 55.25, -2.18, -3.8%) is also down after lowering its guidance.

On the data front, the current account deficit for the first quarter totaled $124.1 billion (Briefing.com consensus -$129.2 billion), and the fourth quarter deficit was revised to $116.1 billion from $128.2 billion. Today's last economic report, the Existing Home Sales report for May (Briefing.com consensus 5.55 million), will be released at 10:00 AM ET.

U.S. Treasuries are flat to slightly lower this morning, with the benchmark 10-yr yield up one basis point at 2.90%.

08:51AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +30.80.

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

Equity indices in the Asia-Pacific region ended the midweek session on a higher note, rebounding from Tuesday's losses. South Korea's Finance Minister Kim Dong-yeon said he will review the ruling party's request for expansionary fiscal policy. The Bank of Japan's policy minutes from the April meeting pointed to an agreement among policymakers that the 2.0% inflation target remains a long way away and that highly accommodative conditions remain necessary.

In economic data:
Japan's June Reuters Tankan Index 26 (last 22)
Australia's MI Leading Index -0.2% month-over-month (last 0.2%)
New Zealand's Q1 Current Account surplus NZD180 million (expected NZD50 million; last deficit of NZD2.77 billion)

---Equity Markets---

Japan's Nikkei gained 1.2%. Fast Retailing, Kirin Holdings, Kikkoman, TOTO, Familymart, SUMCO, Okuma, Tokyo Electron, Sony, Alps Electric, and Fanuc advanced between 1.7% and 3.5%.
Hong Kong's Hang Seng rose 0.8%. Consumer names Want Want China and China Mengniu Dairy led the way, climbing near 4.3% apiece. Property names like Wharf Real Estate, Sino Land, Link Reit, Henderson Land, and SHK Properties gained between 0.9% and 3.6%.
China's Shanghai Composite added 0.3%. Whirlpool China, Sinomach General Machinery Science & Technology, Anhui Golden Seed Winery, Huaxin Cement, and Shen Ma Industry climbed between 6.8% and 9.5%.
India's Sensex ended higher by 0.7%. Reliance Industries, Vedanta, Tata Steel, Adani, Bajaj Auto, Maruti Suzuki, and Tata Motors DV added between 0.5% and 2.4%.

Major European indices trade in the green with the UK's FTSE (+1.0%) showing relative strength. In Germany, Minister President of Bavaria Markus Soder expressed skepticism over the plan for deeper European integration presented by Chancellor Angela Merkel and French President Emmanuel Macron. Yesterday, the two leaders agreed to establish a eurozone budget and turn the European Stability Mechanism into a European monetary fund that would offer loans to struggling EU countries. The European Commission announced that EUR2.80 billion worth of imports from the U.S. will be hit with a 25.0% tariff, starting Friday. Meanwhile, CEOs of major German automakers have proposed to eliminate all tariffs on European vehicles sold in the U.S. and U.S. vehicles sold in Europe.

In economic data:
Germany's May PPI +0.5% month-over-month (expected 0.4%; last 0.5%); +2.7% year-over-year (expected 2.5%; last 2.0%)
UK's June CBI Industrial Trends Orders 13 (expected 1; last -3)

---Equity Markets---

Germany's DAX is higher by 0.5%. Volkswagen is up 2.0% while Covestro, Vonovia, SAP, BASF, and Deutsche Bank show gains between 0.3% and 1.4%. On the downside, utilities RWE and E.On are both down near 1.0% while BMW and Daimler hold respective losses of 0.6% and 0.7%.
France's CAC is up 0.4%. ArcelorMittal, Vivendi, L'Oreal, Publicis Groupe, Danone, Carrefour, and Accor hold gains between 0.4% and 1.6%. Conversely, STMicroelectronics, TechnipFMC, and Valeo are down between 0.3% and 1.1%.
UK's FTSE has climbed 1.0%. Miners lead with Glencore, Fresnillo, Antofagasta, Rio Tinto, and Randgold Resources rising between 1.3% and 3.2%. Consumer names like Imperial Brands, British American Tobacco, Reckitt Benckiser, Carnival, Unilever, and Burberry sport gains between 1.2% and 3.0%.

08:32AM ET
[BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +24.00.

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

Just in, the current account deficit for the first quarter totaled $124.1 billion (Briefing.com consensus -$129.2 billion). The fourth quarter deficit was revised to $116.1 billion from $128.2 billion.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +17.50.

Wall Street is looking to partake in a global equity rally this morning following three straight losing sessions. The S&P 500 futures are currently trading seven points, or 0.2%, above fair value. Asian equities ended Wednesday on a broadly higher note, and the Euro Stoxx 50 is currently up 0.4%.

Trade war fears seem to have subsided somewhat this morning, even though tensions between the U.S. and China remain high. In Europe, the EU announced it will implement retaliatory tariffs of 25% on EUR2.8 billion ($3.2 billion) worth of U.S. goods starting on Friday. However, German automakers are, according to the Wall Street Journal, looking to make peace with President Trump, proposing to eliminate all tariffs on imports of automobiles between the U.S. and the EU.

Separately, the fifth annual ECB Forum on Central Banking will wrap up in Portugal today with Fed Chairman Jerome Powell, ECB President Mario Draghi, and Bank of Japan Governor Haruhiko Kuroda participating in a panel discussion. The topic will be price and wage-setting in advanced economies.

Back in the U.S., it was announced on Tuesday evening that General Electric (GE) will be removed from the Dow Jones Industrial Average as shares have plunged nearly 60% since the start of 2017. GE was one of the original Dow components, and has been continuously in the industrial average for more than 100 years. Walgreens Boots Alliance (WBA) will replace GE effective June 26.

On the data front, investors will receive the Current Account Balance for the first quarter (Briefing.com consensus -$129.2 billion) at 8:30 AM ET, and the Existing Home Sales report for May (Briefing.com consensus 5.55 million) at 10:00 AM ET. The weekly MBA Mortgage Applications Index was released earlier this morning, showing an increase of 5.1%.

In U.S. corporate news:

Oracle (ORCL 44.55, -1.72): -3.7% after lowering its guidance for the current quarter, which outweighed above-consensus earnings results.
FedEx (FDX 257.40, -0.99): -0.4% despite reporting better-than-expected earnings and raising its revenue guidance for FY19.
Starbucks (SBUX 55.22, -2.21): -3.9% after lowering its earnings guidance for FY18.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a higher note, rebounding from Tuesday's losses. Japan's Nikkei +1.2%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite +0.3%, India's Sensex +0.7%.
In economic data:
Japan's June Reuters Tankan Index 26 (last 22)
Australia's MI Leading Index -0.2% month-over-month (last 0.2%)
New Zealand's Q1 Current Account surplus NZD180 million (expected NZD50 million; last deficit of NZD2.77 billion)
In news:
South Korea's Finance Minister Kim Dong-yeon said he will review the ruling party's request for expansionary fiscal policy.
The Bank of Japan's policy minutes from the April meeting pointed to an agreement among policymakers that the 2.0% inflation target remains a long way away and that highly accommodative conditions remain necessary.

Major European indices trade in the green with the UK's FTSE (+0.8%) showing relative strength, though all regional markets have backed off their highs. Germany's DAX +0.1%, France's CAC +0.1%.
In economic data:
Germany's May PPI +0.5% month-over-month (expected 0.4%; last 0.5%); +2.7% year-over-year (expected 2.5%; last 2.0%)
UK's June CBI Industrial Trends Orders 13 (expected 1; last -3)
In news:
In Germany, Minister President of Bavaria Markus Soder expressed skepticism over the plan for deeper European integration presented by Chancellor Angela Merkel and French President Emmanuel Macron. Yesterday, the two leaders agreed to establish a eurozone budget and turn the European Stability Mechanism into a European monetary fund that would offer loans to struggling EU countries.
The European Commission announced that EUR2.80 billion worth of imports from the U.S. will be hit with a 25.0% tariff, starting Friday.
CEOs of major German automakers have proposed to eliminate all tariffs on European vehicles sold in the U.S. and U.S. vehicles sold in Europe.

07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +16.30.

06:58AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +21.30.

06:58AM ET
[BRIEFING.COM] Nikkei...22555...+277.00...+1.20%. Hang Seng...29696...+228.00...+0.80%.

06:58AM ET
[BRIEFING.COM] FTSE...7695.32...+91.50...+1.20%. DAX...12740.86...+62.90...+0.50%.

04:25PM ET

[BRIEFING.COM] U.S. stocks retreated for a third consecutive session on Tuesday as U.S.-China trade tensions continued to weigh on sentiment. However, also for the third straight session, an intraday rebound made the close look notably better than the open. The S&P 500, for instance, was down 1.1% early on Tuesday, but settled lower by just 0.4%. Meanwhile, the Nasdaq and the Dow ended lower by 0.3% and 1.2%, respectively, while the Russell 2000 outperformed (+0.1%), ticking up to a new all-time high.

President Trump threatened to escalate trade tensions with China even further on Monday evening, asking his administration to identify an additional $200 billion worth of Chinese goods to be penalized with tariffs. The president says this new list of goods will be subject to tariffs of 10% if Beijing follows through on its promise to retaliate against planned U.S. tariffs of 25% on $50 billion worth of Chinese imports. In addition, if Beijing retaliates against the new $200 billion list, Mr. Trump said he will place tariffs on yet another $200 billion worth of Chinese goods.

The industrial sector, which is viewed as being in the crosshairs of protectionist trade actions, was the worst-performing S&P 500 group on Tuesday with a loss of 2.1%. Meanwhile, chipmakers, which derive a large chunk of their revenue from shipments to China, also underperformed, sending the Philadelphia Semiconductor Index lower by 1.2%. The top-weighted technology sector, which houses semiconductor names, settled with a loss of 0.7%, and the materials sector was also a notable laggard, dropping 1.8%.

In general, cyclical sectors underperformed their less-risky, countercyclical peers. For instance, the three aforementioned groups -- industrials, technology, and materials -- are all cyclical spaces, and the health care (+0.2%), consumer staples (+0.5%), utilities (+1.1%), and telecom services (+1.4%) groups, which finished in the green, are all countercyclical.

Within the health care space, Sarepta Therapeutics (SRPT 143.93, +38.69) spiked 36.8% after announcing positive trial results for its Duchenne muscular dystrophy (DMD) drug. The iShares Nasdaq Biotechnology ETF (IBB 112.04, +1.61) rallied 1.5%, hitting a three-month high.

Elsewhere, Tesla (TSLA 352.55, -18.28) dropped 4.9% after CEO Elon Musk revealed in a company email that a disgruntled employee conducted "extensive and damaging sabotage."

Outside of equities, U.S. Treasuries moved higher in a curve-flattening trade that left the 2-10 spread at its lowest level in more than a decade. The yield on the benchmark 10-yr Treasury note slipped three basis points to 2.89%, and the yield on the 2-yr Treasury note finished flat at 2.55%. Meanwhile, the U.S. Dollar Index rallied 0.3% to 94.67, and West Texas Intermediate crude futures dropped 1.2% to $64.90 per barrel.

Reviewing Tuesday's economic data, which was limited to Housing Starts and Building Permits for May:

Housing starts rose to a seasonally adjusted annualized rate of 1.350 million units in May (Briefing.com consensus 1.323 million), up from a revised 1.286 million units in April (from 1.287 million).
Building permits declined to a seasonally adjusted 1.301 million in May (Briefing.com consensus 1.343 million) from a revised 1.364 million in April (from 1.352 million).
The key takeaway from the report is that permits -- a leading indicator -- declined for both single-family units (-2.2%) and multi-unit dwellings (-8.8%), suggesting there might not be follow-on strength for badly needed single-family homes in June.

Looking ahead, investors will receive on Wednesday the Existing Home Sales report for May (Briefing.com consensus 5.55 million), the Current Account Balance for the first quarter (Briefing.com consensus -$129.2 billion), and the weekly MBA Mortgage Applications Index.

Nasdaq Composite +11.9% YTD
Russell 2000 +10.3% YTD
S&P 500 +3.3% YTD
Dow Jones Industrial Average -0.1% YTD

Dow: -287.26… | Nasdaq: -21.44… | S&P: -11.30…
NASDAQ Adv/Dec 1265/1696. …NYSE Adv/Dec 1242/1664.

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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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