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 Post subject: June 21st Thursday Price Action Trade Result - No Trades
PostPosted: Thu Jun 21, 2018 10:07 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Users of WRB Analysis Real-Time Trades - TheStrategyLab Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users of WRB Analysis Reviews / Accolades / Testimonials: http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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Quote:
No trades today for me. Its a designated rest/relax day for me but I did log into the free chat room and left my computer on to record the chat room conversation for other traders that were in the chat room to post their real-time trades and price action analysis to ensure that guest visitors reading the chat logs will know that members of TheStrategyLab did in fact post their real time trades and/or price action analysis. 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=2854

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 04:20PM ET
Dow: -196.10… | Nasdaq: -68.56… | S&P: -17.56…
NASDAQ Vol: 2.31 bln… Adv: 834… Dec: 2156…
NYSE Vol: 790.6 mln… Adv: 911… Dec: 2016…

Moving the Market

Supreme Court rules that states can force online shoppers to pay sales tax

Energy shares sell off as OPEC/Russia kicks off two-day meeting in Vienna

Industrial sector underperforms, further extending its big weekly decline

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

04:20PM ET

[BRIEFING.COM] Stocks dropped for the fourth time in five sessions on Thursday, with energy and industrial shares leading the retreat. The S&P 500 shed 0.6%, extending its weekly loss to 1.1%. The market opened flat, but dropped sharply about 30 minutes into the session. The S&P 500 settled near the bottom of its daily range.

E-commerce names took a hit on Thursday after the U.S. Supreme Court ruled that states can require online retailers to collect sales tax, overturning a 1992 precedent. Shares of eBay (EBAY 38.01, -1.25) and Overstock.com (OSTK 36.15, -2.80) tumbled 3.2% and 7.2%, respectively, while shares of online retail behemoth Amazon (AMZN 1730.22, -19.86) declined 1.1%.

Meanwhile, energy shares in the S&P 500 lost 1.9% as top oil producers kicked off a two-day meeting in Vienna, Austria. The summit is expected to result in an agreement to raise production levels following more than 18 months of a deal designed to reduce output by 1.8 million barrels per day. WTI crude futures were down more than 1.0% in early trading, but ended lower by 0.3% at $65.54/bbl.

In the tech space (-0.8%), chipmakers were in focus following better-than-expected earnings from Micron (MU 59.44, +0.49) and the resignation of Intel's (INTC 52.19, -1.27) chief executive, Brian Krzanich, who is stepping down after violating the company's non-fraternization policy. Micron shares added 0.8%, while Intel shares declined 2.4%.

Elsewhere, shares of Kroger (KR 28.73, +2.55) and Darden Restaurants (DRI 107.06, +13.79) spiked 9.7% and 14.8%, respectively, after the companies beat quarterly earnings estimates. However, shares of German automaker Daimler (DDAIF 67.09, -3.18) lost 4.5% after the company issued a profit warning due to pending Chinese retaliatory tariffs on cars built in the United States.

In the UK, the Bank of England voted in favor of maintaining its key policy rate, but the decision was split with three of the nine policymakers pushing for a rate hike. The degree of disunity surprised some investors and helped increase demand for the pound, which climbed 0.6% against the U.S. dollar to 1.3245.

U.S. Treasuries rallied on Thursday, pushing yields lower across the curve. The benchmark 10-yr yield dropped to 2.90% from 2.93%.

Reviewing Thursday's economic data, which included the weekly Initial Claims report, the Philadelphia Fed Index for June, the FHFA Housing Price Index for April, and the Conference Board's Leading Economic Index for May:

The latest weekly initial jobless claims count totaled 218,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 215,000 (from 218,000). As for continuing claims, they rose to 1.723 million from a revised count of 1.701 million (from 1.697 million).
If one wanted to extrapolate a concern from the initial claims report, it would be the notion that the low level of initial claims will keep the Fed inclined to raise interest rates.
The Philadelphia Fed Survey for June declined to 19.9 (Briefing.com consensus 27.0) from an unrevised 34.4 in May.
The key takeaway from the report is that the downturn was led by a sharp pullback in the New Orders Index, which dropped to 17.9 from 40.6, and that the Unfilled Orders Index dropped to -2.7 (first negative reading since January) from 15.3, suggesting firms' backlog diminished.
The FHFA Housing Price Index rose 0.1% in April, and the March increase was revised to 0.2% from 0.1%.
The Conference Board's Leading Economic Index increased 0.2% in May (Briefing.com consensus +0.4%), and the April increase was left unrevised at 0.4%.
The key takeaway from the report is that the strength among the leading indicators remains very widespread.

Investors will not receive any notable economic data on Friday.

Nasdaq Composite +11.7% YTD
Russell 2000 +10.0% YTD
S&P 500 +2.9% YTD
Dow Jones Industrial Average -1.0% YTD

Dow: -196.10… | Nasdaq: -68.56… | S&P: -17.56…
NASDAQ Adv/Dec 834/2156. …NYSE Adv/Dec 911/2016.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures fell $0.08 (-0.12%) to $65.61/barrel
August Natural Gas settled $0.01 higher (0.34%) at $2.97/MMBtu
July RBOB Gasoline settled $0.01 lower (-0.5%) at $2.01/gallon
July Heating oil futures settled $0.03 lower (-1.42%) at $2.08/gallon
Metals Settlement Prices:
Aug gold settled today's session down $7.60 (0.59%) at $1270.70/oz
Jul silver settled today's session $0.03 higher at $16.33/oz
Jul copper settled $0.03 lower (0.98%) at $3.02/lb
Agriculture Settlement Prices:
July corn settled $0.04 higher at $3.58/bushel
July wheat settled $0.07 higher at $4.96/bushel
July soybeans settled $0.10 lower at $8.8/bushel

Dow: -238.71… | Nasdaq: -71.40… | S&P: -21.36…
NASDAQ Adv/Dec 822/2162. …NYSE Adv/Dec 857/2058.

02:55PM ET

[BRIEFING.COM] The major averages remain near their session lows going into the final hour of trade. The S&P 500 is down 0.5%, hovering roughly five points above its worst level of the day.

The stock market retreated through the first hour of today's action, but the S&P 500 followed the initial slide with a rebound, which fizzled out right near the middle of the day's range. That uptick was met with renewed selling interest, but the S&P 500 stopped just short of its morning low. Another rebound developed in midday trade, but selling interest appeared near the previous rebound high, testing the resolve of the bulls.

Six out of eleven sectors continue trading in the red, but it is worth noting that the highly-weighted financials (+0.1%) sector has erased its loss, inching into positive territory. On the downside, the energy sector (-1.9%) remains well behind the other groups.
Dow: -159.53… | Nasdaq: -53.99… | S&P: -14.18…
NASDAQ Adv/Dec 906/1969. …NYSE Adv/Dec 952/1950.

02:30PM ET

[BRIEFING.COM] The broader market remains lower, unchanged since our last update.

Looking ahead to tonight's earnings calendar investors should expect quarterly results from open source software provider Red Hat (RHT 166.00, -3.22, -1.9%). The stock has been a strong and steady climber during the past year, going from around $100 a year ago to about $165 now. More recently, the stock is up about 27% since mid-February. So shares have been on a nice trajectory: slow and steady which appeals to buy-and-hold investors. With that said, the stock has pulled back in recent days heading into this MayQ earnings report from nearly $178 a week ago to the aforementioned $165. Perhaps investors are taking more of a wait-and see approach with this MayQ report.

Red Hat has reported EPS upside for four quarters in a row, but there has been some variability, but on the whole the trend has been for EPS upside. This may be due in part to RHT not providing a guidance range like most companies. Instead they give one number for EPS, and operating margin etc. (they do provide a narrow range for revenue). This likely causes some variability in sell side analyst models.

If RHT were to report a miss or provide lackluster guidance that would be a surprise and could lead to a pullback in the stock, especially in light of its recent run. Although the pullback during the past week probably could limit the damage.
Dow: -131.91… | Nasdaq: -51.85… | S&P: -9.47…
NASDAQ Adv/Dec 955/1903. …NYSE Adv/Dec 1027/1855.

02:00PM ET

[BRIEFING.COM] The major averages still all trade worse than 0.5% lower across the board on Thursday, though stand little changed since our last update.

Gold futures settled 0.3% lower on Thursday at $1,270.50/oz, a fresh 2018 low. The yellow metal was pressured by the latest round of trade tension risks following a Global-Times report which detailed that the country could act against Dow-listed U.S. companies if trade tensions worsen.

The precious metal trimmed its earlier losses, though, which took futures to $1,261.30/oz as the dollar fell from its morning highs. The U.S. Dollar Index began the session strong, topping at 95.53, only to fall as the session progressed. The index now shows losses of 0.3% at 94.80 in recent action.
Dow: -142.71… | Nasdaq: -50.61… | S&P: -13.05…
NASDAQ Adv/Dec 946/1909. …NYSE Adv/Dec 1026/1838.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have seen some bullish activity since our last update, but remain broadly lower at this time.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 52.22, -1.24), Chevron (CVX 123.29, -2.00), & Caterpillar (CAT 140.88, -2.25) are underperforming. Intel is the Dow's biggest laggard after announcing the surprise resignation of its CEO, Brian Krzanich, following an investigation into a previous consensual relationship Krzanich had with a fellow employee.

Conversely, Verizon (VZ 48.59, +0.50) is the best-performing Dow component after shares were upgraded to Buy from Neutral at Goldman.

Where markets currently stand, the DJIA is down 2.32% this week alone.
Dow: -146.56… | Nasdaq: -43.36… | S&P: -11.50…
NASDAQ Adv/Dec 947/1914. …NYSE Adv/Dec 1001/1853.

01:00PM ET

[BRIEFING.COM] Stocks are down for the fourth time in five sessions today in what's been a broad-based retreat thus far. The S&P 500 is currently lower by 0.5%, extending its weekly loss to 1.0%, and the tech-heavy Nasdaq Composite is down 0.6%, retreating from the record high it hit on Wednesday.

The energy sector (-1.6%) is leading today's retreat as investors turn their attention to Vienna, where OPEC and non-OPEC oil ministers are meeting to discuss their production cut agreement. The ministers are expected to increase production caps, which have decreased output by roughly 1.8 million barrels per day since January 2017. The potential increase in supply was weighing on the crude oil futures market earlier, but WTI crude is now trading roughly flat at $65.72 per barrel.

As for the other laggards, the industrials (-0.9%) technology (-0.7%), health care (-0.8%), and materials (-0.7%) sectors are the next worst-performing groups. Within the tech space, chipmakers have been a focal point today following better-than-expected earnings from Micron (MU 60.14, +1.19, +2.0%) and the resignation of Intel's (INTC 52.18, -1.27, -2.3%) chief executive, Brian Krzanich, who is stepping down after breaching the company's non-fraternization policy. Intel also issued encouraging second quarter guidance.

On the earnings front, Kroger (KR 28.54, +2.36, +9.0%) has hit its highest level since February after beating earnings estimates for the first quarter and raising the bottom end of its guidance for the fiscal year. Similarly, Darden Restaurants (DRI 104.15, +10.93, +11.7%) has surged to a new record after reporting above-consensus quarterly results.

In Washington, the Supreme Court overturned a 1992 precedent, allowing states to now force online retailers to collect sales taxes. Online giant Amazon (AMZN 1734.49, -15.31, -0.9%) is roughly in line with the broader market, but other e-commerce names like Wayfair (W 114.07, -2.08, -1.9%), Etsy (ETSY 42.82, -1.39, -3.1%), and Overstock (OSTK 37.02, -1.92, -5.0%) are showing relative weakness.

Away from equities, U.S. Treasuries are broadly higher today in another curve-flattening trade. The yield on the benchmark 10-yr Treasury note is down three basis points at 2.90%, and the yield on the 2-yr Treasury note is down four basis points at 2.52%. Meanwhile, the U.S. Dollar Index has given back an early gain and is now down 0.2% at 94.56.

The greenback has shed 0.6% against the British pound after the Bank of England voted 6-3 to maintain interest rates, but took a less dovish line in suggesting it intends not to reduce its stock of asset purchases until the Bank Rate reaches around 1.5%, compared to its previous guidance of around 2.0%.

Reviewing today's economic data, which included the weekly Initial Claims report, the Philadelphia Fed Index for June, the FHFA Housing Price Index for April, and the Conference Board's Leading Economic Index for May:

The latest weekly initial jobless claims count totaled 218,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 215,000 (from 218,000). As for continuing claims, they rose to 1.723 million from a revised count of 1.701 million (from 1.697 million).
If one wanted to extrapolate a concern from the initial claims report, it would be the notion that the low level of initial claims will keep the Fed inclined to raise interest rates.
The Philadelphia Fed Survey for June declined to 19.9 (Briefing.com consensus 27.0) from an unrevised 34.4 in May.
The key takeaway from the report is that the downturn was led by a sharp pullback in the New Orders Index, which dropped to 17.9 from 40.6, and that the Unfilled Orders Index dropped to -2.7 (first negative reading since January) from 15.3, suggesting firms' backlog diminished.
The FHFA Housing Price Index rose 0.1% in April, and the March increase was revised to 0.2% from 0.1%.
The Conference Board's Leading Economic Index increased 0.2% in May (Briefing.com consensus +0.4%), and the April increase was left unrevised at 0.4%.
The key takeaway from the report is that the strength among the leading indicators remains very widespread.

Dow: -175.38… | Nasdaq: -51.49… | S&P: -14.17…
NASDAQ Adv/Dec 941/1885. …NYSE Adv/Dec 974/1874.

12:25PM ET

[BRIEFING.COM] Equity indices continue drifting sideways, showing losses of around 0.5%. The Dow is relatively weak with a loss of 0.7%.

The energy sector (-1.6%) is today's worst-performing group by a decent margin; the next worst-performing group -- industrials -- is down 0.9%. WTI crude futures were down more than 1.0% earlier, but have since trimmed their losses to 0.1% and are currently trading at $65.64 per barrel.

OPEC and non-OPEC members, including Russia, began a two-day meeting in Vienna today with the expectation being that the nations will vote to increase production. A current OPEC/non-OPEC production cut deal has decreased output by roughly 1.8 million barrels per day since January 2017.
Dow: -164.08… | Nasdaq: -41.31… | S&P: -13.41…
NASDAQ Adv/Dec 909/1904. …NYSE Adv/Dec 943/1886.

11:55AM ET

[BRIEFING.COM] The major averages are still lower, showing loses between 0.3% and 0.5%.

In earnings news, Kroger (KR 28.66, +2.49) has spiked 9.5% today, hitting its highest level since February, after beating earnings estimates for the first quarter and raising the bottom end of its guidance for the fiscal year. Similarly, Darden Restaurants (DRI 104.05, +10.78) has surged 11.3%, hitting a new all-time high, after reporting above-consensus quarterly results.

Across the pond, the major European stock indices finished Thursday on a lower note, losing between 0.9% and 1.4%. In Germany, automaker Daimler dropped 4.3% after lowering its 2018 outlook, citing escalated U.S.-China trade tensions.
Dow: -117.53… | Nasdaq: -21.94… | S&P: -7.89…
NASDAQ Adv/Dec 922/1853. …NYSE Adv/Dec 993/1821.

11:25AM ET

[BRIEFING.COM] The major averages are still broadly lower, but have come up from their session lows. The S&P 500 is now down 0.4%.

Chipmakers are in focus today, particularly Intel (INTC 52.40, -1.05) and Micron (MU 59.55, +0.60). Intel is down 2.2% after announcing that its CEO Brian Krzanich has resigned after breaking the company's non-fraternization policy. Intel also provided updated second quarter guidance, which came in above-consensus.

Meanwhile, Micron is up 1.1% -- down from its opening gain of 3.0% -- after beating quarterly earnings estimates. The chipmaker also provided better-than-expected guidance for its fiscal fourth quarter.

The Philadelphia Semiconductor Index is lower by 1.0%.
Dow: -131.25… | Nasdaq: -38.68… | S&P: -11.22…
NASDAQ Adv/Dec 811/1942. …NYSE Adv/Dec 941/1859.

11:00AM ET

[BRIEFING.COM] Stocks dropped following a Supreme Court ruling that gives states the authority to force online retailers to collect sales taxes.

The S&P 500 is now down 0.5% after opening just a tick below its unchanged mark. Seven of eleven S&P sectors are in the red, including financials (-0.8%), consumer discretionary (-0.4%), industrials (-1.2%), energy (-0.7%), materials (-0.5%), technology (-0.5%), and health care (-0.6%). On the flip side, the defense-oriented consumer staples (+0.3%), utilities (+0.7%), and telecom services (+0.9%) sectors are among the top-performing groups.

In the bond market, U.S. Treasuries have been rallying as of late, pushing yields lower across the curve. The yield on the benchmark 10-yr Treasury note is currently down three basis points at 2.90%, and the yield on the 2-yr Treasury note is down two basis points at 2.55%.
Dow: -142.13… | Nasdaq: -41.65… | S&P: -12.13…
NASDAQ Adv/Dec 741/2013. …NYSE Adv/Dec 893/1883.

10:35AM ET
[BRIEFING.COM]

Commodities are starting the day off lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.3% at 86.56
Dollar index is currently -0.2% at 94.59
Looking at energy...
Aug WTI crude oil futures are now -$0.09 at $65.62/barrel
In other energy, Jul natural gas is +$0.03 at $3.00/MMBtu
Natural gas inventory showed a build of 91 bcf vs a build of 96 bcf in the prior week
Working gas in storage was 2,004 Bcf as of Friday, June 15, 2018, according to EIA estimates. This represents a net increase of 91 Bcf from the previous week. Stocks were 757 Bcf less than last year at this time and 499 Bcf below the five-year average of 2,503 Bcf. At 2,004 Bcf, total working gas is within the five-year historical range
Moving on to metals...
Aug gold is currently -$6.60 at $1267.90/oz, while Jul silver is -$0.04 at $16.27/oz
Jul copper is now -$0.01 at $3.03/lb

Dow: -172.84… | Nasdaq: -66.24… | S&P: -17.00…
NASDAQ Adv/Dec 665/2076. …NYSE Adv/Dec 771/1982.

10:00AM ET

[BRIEFING.COM] Equity indices have slipped since the opening bell and are now showing losses between 0.1% and 0.5%.

Just in, the Conference Board's Leading Economic Index increased 0.2% in May (Briefing.com consensus +0.4%), and the April increase was left unrevised at 0.4%.
Dow: -118.64… | Nasdaq: -9.56… | S&P: -6.07…
NASDAQ Adv/Dec 866/1781. …NYSE Adv/Dec 893/1786.

09:40AM ET

[BRIEFING.COM] The major averages are roughly flat in the opening minutes, with the S&P 500 down 0.1%.

Most S&P sectors are drifting within 0.3% of their unchanged marks, although the industrials (-0.7%) and energy (-1.0%) sectors are showing relative weakness. Energy is down with WTI crude futures, which have slipped 1.1% to $65.02 per barrel. On the flip side, the telecom services sector (+0.4%) is showing relative strength.

As a reminder, the Conference Board's Leading Economic Index for May (Briefing.com consensus +0.4%) will be released at 10:00 AM ET.
Dow: -91.78… | Nasdaq: +4.28… | S&P: -3.53…
NASDAQ Adv/Dec 1097/1422. …NYSE Adv/Dec 968/1612.

09:12AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +12.00.

The stock market is on course for a slightly lower open this morning, as the S&P 500 futures are trading one point below fair value.

Oil ministers from the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries, including Russia, will kick off a two-day meeting in Vienna today to review their current production cut deal, which has decreased output by roughly 1.8 million barrels per day since January 2017. The deal helped boost oil prices to a three-and-a-half year high, and the expectation is that the countries will now decide to increase output. WTI crude futures are down 1.1% at $65.02/bbl.

In corporate news, Micron (MU 61.26, +2.31, +3.8%), Kroger (KR 28.54, +2.36, +9.0%), and Darden Restaurants (DRI 104.87, +11.60, +12.4%) are higher in pre-market trading after all three companies beat earnings estimates. Micron and Kroger also issued upbeat guidance. Outside of earnings, Intel (INTC 54.33, +0.87, +2.4%) announced that CEO Brian Krzanich has resigned after breaching the company's non-fraternization policy.

On the data front, investors have received several pieces of economic data this morning:

The latest weekly initial jobless claims count totaled 218,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 215,000 (from 218,000). As for continuing claims, they rose to 1.723 million from a revised count of 1.701 million (from 1.697 million).
The Philadelphia Fed Survey for June declined to 19.9 (Briefing.com consensus 27.0) from an unrevised 34.4 in May.
The FHFA Housing Price Index rose 0.1% in April, and the March increase was revised to 0.2% from 0.1%.

Today's last economic report, the Conference Board's Leading Economic Index for May (Briefing.com consensus +0.4%), will cross the wires at 10:00 AM ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -1.80.

The S&P 500 futures are trading four points below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note with markets in China and Hong Kong showing relative weakness. IMF official Paul Cashin said Japan needs to increase its consumption tax to 15.0% and cut social security spending to curb unsustainable debt. Meanwhile, Bank of Japan policymaker Yukitoshi Funo said the central bank needs to maintain its strong monetary easing to reach the 2.0% inflation target. China's state-run Global Times reported that the country could act against Dow-listed U.S. companies if trade tensions worsen.

In economic data:
South Korea's May PPI +0.2% month-over-month (last 0.1%); +2.2% year-over-year (last 1.7%)
New Zealand's Q1 GDP +0.5% quarter-over-quarter, as expected (last 0.6%); +2.7% year-over-year, as expected (last 2.9%). Q1 GDP Expenditure +0.3% quarter-over-quarter (expected 0.1%; last 0.4%)
Hong Kong's May CPI +2.1% year-over-year (last 1.9%)

---Equity Markets---

Japan's Nikkei gained 0.6%. Showa Denko, Softbank, TDK, Familymart, Fast Retailing, Konami, Sony, Fanuc, Shin-Etsu Chemical, and Kikkoman gained between 0.9% and 5.0%.
Hong Kong's Hang Seng fell 1.4%, pausing just above this year's low. Apple supplier Sunny Optical Tech was the weakest performer, falling 9.0%, while CNOOC, Geely Automobile, Henderson Land, China Overseas, Link Reit, Bank of East Asia, and ICBC lost between 1.6% and 3.7%.
China's Shanghai Composite ended lower by 1.4%. Hubei Kaile Science & Technology, Nanjing Xinjiekou Department Store, AVIC Heavy Machinery, and Shenzhen Kingdom Sci-Tech all lost near 10.0%.
India's Sensex shed 0.3%. Mahindra & Mahindra, Power Grid, SBI, Sun Pharma, Bajaj Auto, AXIS Bank, and Kotak Mahindra Bank dropped between 1.1% and 2.3%.

Major European indices trade on a lower note with Italy's MIB (-1.6%) showing relative weakness. Italian debt has faced renewed selling pressure after Alberto Bagnai was named head of the Senate Finance Committee while Claudio Borghi was named the head of the Budget Committee in the lower house. Mr. Bagnai and Mr. Borghi are both considered to be euroskeptics. Press reports indicate that European officials have drafted a proposal on migration, which will call for stronger external border protection and support for migrant reception and resettlement outside of the EU. The Bank of England voted 6-3 to leave its official cash rate and asset purchase program at their respective 0.50% and GBP435 billion, as expected. The Swiss National Bank left its SARON unchanged at -0.75%, as expected.

In economic data:
UK's May Public Sector Net Borrowing GBP3.36 billion (expected GBP5.10 billion; last GBP5.27 billion)
France's June Business Survey 110 (expected 108; last 109)
Swiss May trade surplus CHF2.76 billion (expected CHF1.89 billion; last surplus of CHF2.25 billion)

---Equity Markets---

France's CAC is down 0.7%. STMicroelectronics, Peugeot, Valeo, Cap Gemini, TechnipFMC, Accor, and Societe Generale show losses between 0.8% and 1.5%. On the upside, Michelin, Louis Vuitton, Danone, and Kering hold gains between 0.2% and 0.4%.
UK's FTSE has given up 0.7%. Berkeley Group, GlaxoSmithKline, Barratt Developments, Persimmon, InterContinental Hotels, Imperial Brands, and Barclays are down between 1.1% and 2.7%.
Germany's DAX is down 1.1%. Automakers Daimler, BMW, and Volkswagen hold losses between 2.4% and 3.9% while Infineon, Commerzbank, BASF, Siemens, Deutsche Bank, and SAP are down between 0.4% and 1.3%. On the upside, Merck and Adidas hold respective gains of 0.6% and 1.1%.
Italy's MIB has slid 1.6%. Fiat, UniCredit, STMicroelectronics, UBI Banca, Banca Generali, Bper Banca, Telecom Italia, ENI, FInecoBank, Banca Mediolanum, and Intesa Sanpaolo are down between 1.2% and 2.9%.

08:34AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +5.80.

The S&P 500 futures are trading one point above fair value.

Just in, the latest weekly initial jobless claims count totaled 218,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the revised prior week count of 215,000 (from 218,000). As for continuing claims, they rose to 1.723 million from a revised count of 1.701 million (from 1.697 million).

Separately, the Philadelphia Fed Survey for June declined to 19.9 (Briefing.com consensus 27.0) from an unrevised 34.4 in May.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +5.80.

The stock market ended a three-session losing streak yesterday, but is on course to open today's session slightly lower. The S&P 500 futures are down 0.1%.

Oil ministers from the Organization of Petroleum Exporting Countries (OPEC) and other major oil-producing countries, including Russia, will kick off a two-day meeting in Vienna today to review their current production cut deal, which has decreased output by roughly 1.8 million barrels per day since January 2017. The deal helped boost oil prices to a three-and-a-half year high, and the expectation is that the countries will now decide to ramp up output. WTI crude futures are down 1.6% at $64.67/bbl.

Meanwhile, in the UK, the Bank of England voted 6-3 to leave interest rates and its asset purchase program unchanged, as expected.

Elsewhere, U.S. Treasuries are flat to slightly higher, with the yield on the benchmark 10-yr Treasury note unchanged at 2.93%, and the U.S. Dollar Index is up 0.2% at 94.98, which marks a fresh 11-month high. The greenback is up 0.3% against the euro at 1.1542 and up 0.1% against the yen at 110.52.

On the data front, the weekly Initial Claims reading (Briefing.com consensus 220K) and the Philadelphia Fed Index for June (Briefing.com consensus 27.0) will be released at 8:30 AM ET, the FHFA Housing Price Index for April will be released at 9:00 AM ET, and the Conference Board's Leading Economic Index for May (Briefing.com consensus +0.4%) will cross the wires at 10:00 AM ET.

Also of note, banks will be in focus today as the Fed is scheduled to release the first set of results from its annual stress test this afternoon.

In U.S. corporate news:

Micron (MU 61.83, +2.88): +4.9% after beating earnings estimates and issuing better-than-expected guidance.
Kroger (KR 28.49, +2.31): +8.8% after reporting upbeat earnings and raising the bottom end of its guidance for FY19.
Darden Restaurants (DRI 101.31, +8.04): +8.6% after reporting above-consensus earnings.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note with markets in China and Hong Kong showing relative weakness. Japan's Nikkei +0.6%, Hong Kong's Hang Seng -1.4%, China's Shanghai Composite -1.4%, India's Sensex -0.3%.
In economic data:
South Korea's May PPI +0.2% month-over-month (last 0.1%); +2.2% year-over-year (last 1.7%)
New Zealand's Q1 GDP +0.5% quarter-over-quarter, as expected (last 0.6%); +2.7% year-over-year, as expected (last 2.9%). Q1 GDP Expenditure +0.3% quarter-over-quarter (expected 0.1%; last 0.4%)
Hong Kong's May CPI +2.1% year-over-year (last 1.9%)
In news:
IMF official Paul Cashin said Japan needs to increase its consumption tax to 15.0% and cut social security spending to curb unsustainable debt.
Bank of Japan policymaker Yukitoshi Funo said the central bank needs to maintain its strong monetary easing to reach the 2.0% inflation target.
China's state-run Global Times reported that the country could act against Dow-listed U.S. companies if trade tensions worsen.

Major European indices trade on a lower note with Italy's MIB (-1.3%) showing relative weakness. France's CAC -0.4%, UK's FTSE -0.5%, Germany's DAX -0.7%.
In economic data:
UK's May Public Sector Net Borrowing GBP3.36 billion (expected GBP5.10 billion; last GBP5.27 billion)
France's June Business Survey 110 (expected 108; last 109)
Swiss May trade surplus CHF2.76 billion (expected CHF1.89 billion; last surplus of CHF2.25 billion)
In news:
Italian debt has faced renewed selling pressure after Alberto Bagnai was named head of the Senate Finance Committee while Claudio Borghi was named the head of the Budget Committee in the lower house. Mr. Bagnai and Mr. Borghi are both considered to be euroskeptics.
Press reports indicate that European officials have drafted a proposal on migration, which will call for stronger external border protection and support for migrant reception and resettlement outside of the EU.
The Bank of England voted 6-3 to leave its official cash rate and asset purchase program at their respective 0.50% and GBP435 billion, as expected.
The Swiss National Bank left its SARON unchanged at -0.75%, as expected.

07:34AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: +3.80.

06:58AM ET
[BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +0.50.

06:58AM ET
[BRIEFING.COM] Nikkei...22693...+137.60...+0.60%. Hang Seng...29296...-400.10...-1.40%.

06:58AM ET
[BRIEFING.COM] FTSE...7629.46...+2.10...+0.00%. DAX...12573.12...-122.00...-1.00%.

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.

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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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