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 Post subject: June 22nd Friday Price Action Trade Result - No Trades
PostPosted: Sat Jun 23, 2018 6:29 am 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3273
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=2855

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 04:25PM ET
Dow: +119.19… | Nasdaq: -20.13… | S&P: +5.12…
NASDAQ Vol: 3.4 bln… Adv: 1595… Dec: 1374…
NYSE Vol: 2.22 mln… Adv: 1962… Dec: 994…
Find out what makes your portfolio tick with Morningstar Premium >>

Moving the Market

Oil futures and energy shares spike after OPEC agrees to raise output by 600,000 barrels per day -- far less than Russia's suggested 1.5 million barrels per day

President Trump threatens to impose a 20% tariff on auto imports from the EU

Top-weighted technology and financials spaces underperform

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

04:25PM ET

[BRIEFING.COM] The S&P 500 ended the week on a positive note by advancing 0.2% on Friday. Energy shares led the broad-based rally thanks to a spike in oil prices, which surged to a four-week high as OPEC wrapped up its latest summit in Vienna. However, financials, technology, and consumer discretionary stocks lagged, keeping gains in check. For the week, the S&P 500 lost 0.9%.

Friday's session was range-bound to say the least. The S&P 500 held a gain between 0.2% and 0.5% throughout the entire session, sticking to a 12-point range. Trading volume was extremely high due to the annual re-balancing of the Russell 1000 and Russell 2000 indices. Roughly 2.2 million shares changed hands at the New York Stock Exchange.

The OPEC summit was the biggest event of the day, as it ended on a somewhat unexpected note. Following a contentious two-day meeting, the oil-producing countries agreed to increase total output by roughly 600,000 barrels per day -- far less than the top end of estimates, which were calling for an increase of up to 1.5 million barrels per day.

West Texas Intermediate crude futures rallied 4.5% to $68.59 per barrel in reaction, helping the energy sector (+2.2%) finish unchallenged atop the sector standings; the next best-performing group -- materials -- added 1.4%. In total, eight of the eleven sectors finished in the green, with financials (-0.5%), technology (-0.4%), and consumer discretionary (-0.1%) being the three laggards. Unfortunately for the bulls, those three groups are heavily-weighted, representing around 50% of the broader market combined.

The financials and consumer discretionary sectors were holding up alright until the afternoon when they dropped to fresh session lows, while technology was weak throughout the session. Within the tech space, software company Red Hat (RHT 142.14, -23.59) tumbled 14.2% after disappointing guidance for its fiscal second quarter overshadowed its better-than-expected Q1 results.

In Washington, President Trump announced a new tariff threat via Twitter on Friday, vowing to slap a 20% tariff on automobiles produced in EU countries if the European Union fails to remove duties on imports of U.S. autos. The U.S. stock market dropped to new lows following the tweet, but didn't stay there for long.

U.S. Treasuries finished Friday on a flattish note, although shorter-dated issues showed relative weakness. The yield on the benchmark 10-yr Treasury note finished unchanged at 2.90%, while the yield on the 2-yr Treasury note climbed two basis points to 2.55%. The U.S. Dollar Index declined 0.4%, slipping from an 11-month high.

Investors did not receive any notable economic data on Friday.

Nasdaq Composite +11.4% YTD
Russell 2000 +9.8% YTD
S&P 500 +3.0% YTD
Dow Jones Industrial Average -0.6% YTD

Week In Review: Trade Tensions Weigh

Stocks fell this week as trade tensions helped to keep buyers at bay. The benchmark S&P 500 index ended the week lower by 0.9%. The tech-heavy Nasdaq lost 0.7%, but did notch a new all-time high on Wednesday, and the Dow Jones Industrial Average tumbled 2.0%.

At the start of the week, investors were still weighing the prospect of a trade war between the U.S. and China after President Trump confirmed last Friday that he has approved a 25% tariff on $50 billion worth of Chinese goods. Beijing responded swiftly to that news, vowing to implement equivalent duties on U.S. goods.

The story added a new chapter on Monday evening when President Trump asked his administration to identify an additional $200 billion worth of Chinese goods that he says will be hit with a 10% tariff should China follow through on its promise to retaliate. In addition, if China 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 this week, losing 3.4%. Similarly, chipmakers, which derive a large chunk of their revenue from shipments to China, were also under pressure, sending the Philadelphia Semiconductor Index lower by 3.6%.

President Trump issued another tariff threat on Friday, this time targeting the European Union. The president said the U.S. will be imposing a 20% tariff on all automobiles imported from EU countries if the EU fails to remove duties on imports of U.S. automobiles. On a related note, as of Friday, the European Union has officially implemented tariffs on $3.2 billion worth of U.S. goods in retaliation to U.S. tariffs on imports of steel and aluminum that went into effect earlier this month.

Elsewhere, the Organization of Petroleum Exporting Countries (OPEC) met in Vienna this week to discuss easing production caps that have been in place for more than 18 months. The meeting was reportedly contentious, but the countries eventually agreed to boost oil output by a less-than-expected 600,000 barrels per day. WTI crude futures rallied to a four-week high on Friday following the news, and the energy sector reclaimed losses registered earlier in the week, finishing with a weekly gain of 1.5%.

In U.S. corporate news, Walgreens Boots Alliance (WBA) will be joining the Dow Jones Industrial Average on June 26, taking the spot of General Electric (GE), 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.

Separately, media names returned to the spotlight on Wednesday when Walt Disney (DIS) increased its offer for 21st Century Fox's (FOXA) entertainment assets. Disney is now offering $38 per share, up from its previous offer of $28 per share and better than last week's offer from Comcast (CMCSA) of $35 per share.

E-commerce companies, including Amazon (AMZN), eBay (EBAY), Wayfair (W), Overstock.com (OSTK), and Etsy (ETSY), sold off on Thursday after the U.S. Supreme Court ruled that states can require online retailers to collect sales tax, overturning a 1992 precedent.

Also of note, Intel's (INTC) chief executive, Brian Krzanich, resigned after breaking the company's non-fraternization policy, Oracle (ORCL) shares dropped to a 15-month low after the company's quarterly update provided less insight than usual into its growing cloud business, and Starbucks (SBUX) shares hit a three-year low after the company announced it will be scaling back store growth.

U.S. Treasuries ended the week on a modestly higher note, pushing the benchmark 10-yr yield lower by two basis points to 2.90%.
Dow: +119.19… | Nasdaq: -20.13… | S&P: +5.12…
NASDAQ Adv/Dec 1595/1374. …NYSE Adv/Dec 1962/994.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures rose $2.98 (4.54%) to $68.59/barrel
August Natural Gas settled $0.03 lower (-1.01%) at $2.94/MMBtu
July RBOB Gasoline settled $0.04 higher (1.99%) at $2.05/gallon
July Heating oil futures settled $0.04 higher (1.92%) at $2.12/gallon
Metals Settlement Prices:
Aug gold settled today's session unch at $1270.70/oz
Jul silver settled today's session $0.01 higher (0.8%) at $16.46/oz
Jul copper settled $0.01 higher (0.33%) at $3.03/lb
Agriculture Settlement Prices:
July corn settled $0.01 lower at $3.57/bushel
July wheat settled $0.07 lower at $4.89/bushel
July soybeans settled $0.17 higher at $8.97/bushel

Dow: +184.86… | Nasdaq: -9.84… | S&P: +10.47…
NASDAQ Adv/Dec 1371/1594. …NYSE Adv/Dec 1867/1013.

02:55PM ET

[BRIEFING.COM] The trading day has been range-bound since the start. Equity indices continue to trade mixed, with the S&P 500 up 0.4% and the Nasdaq down 0.1%.

Shares of Red Hat (RHT 145.23, -20.50) and BlackBerry (BB 10.74, -0.96) have tumbled 12.5% and 8.4% today, respectively, after the companies released their their quarterly earnings results, while shares of CarMax (KMX 81.45, +10.40) have spiked 14.5%, hitting a new record, in reaction to the company's above-consensus report.

Looking ahead to next week, several notable companies will be reporting earnings, including Carnival (CCL 63.39, +0.99), General Mills (GIS 45.26, +0.29), Walgreens Boots Alliance (WBA 67.93, +0.15), Accenture (ACN 159.71, -0.32), and Nike (NKE 73.59, -0.35).
Dow: +190.25… | Nasdaq: -5.44… | S&P: +12.85…
NASDAQ Adv/Dec 1305/1541. …NYSE Adv/Dec 1853/1009.

02:30PM ET

[BRIEFING.COM] The major averages have faded slightly, though still trade comfortably within their daily ranges in recent trade.

Checking in on the S&P sectors, the heaviest-weighted sector -- information technology -- is lower on Friday, along with the financials (-0.1%) group. The IT space (-0.2%) falls after this week's strong performance out of some large cap tech names. Namely, Netflix (NFLX 413.11, -2.32, -0.6%), Facebook (FB 201.74, +0.24, +0.1%), Alphabet (GOOGL 1,170.19, +0.75, +0.1%), Visa (V 135.36, +0.83, +0.6%), and PayPal (PYPL 85.13, -0.83, -1.0%) all notched fresh 52-week highs this week though trade split on Friday.

Elsewhere, the energy (+2.7%), telecom services (+1.6%), and materials (+1.4%) groups display particular strength. Strength in the energy sector stems from a 4.6% gain in WTI crude futures today. The black gold has shown strength following reports that OPEC would likely raise production by 600,000 barrels per day, significantly less than the 1 million barrels per day jump many had feared. Telecom enjoys decent gains as bellwethers Verizon (VZ 49.73, +1.10, +2.3%), AT&T (T 31.83, +0.23, +0.7%), and CenturyLink (CTL 18.66, +0.21, +1.1%) all outperform the broader market.
Dow: +177.50… | Nasdaq: -7.94… | S&P: +12.37…
NASDAQ Adv/Dec 1352/1470. …NYSE Adv/Dec 1858/1008.

02:00PM ET

[BRIEFING.COM] The major averages sit little changed since our last update with the Dow and the S&P 500 near the session highs.

Gold futures slightly trimmed their weekly losses on Friday, settling less than 0.1% higher at $1,270.70/oz to leave the five-session skid at about 0.6%. The yellow metals hovered near unchanged levels for the majority of the session, juxtaposed against a dollar which has spent the majority of its Friday in the red.

The U.S. Dollar Index currently sits lower by about 0.2% at 94.55, slightly higher off session lows of 94.43. For the week, the U.S. Dollar Index shows a nearly 0.2% decline.
Dow: +175.37… | Nasdaq: +3.27… | S&P: +13.55…
NASDAQ Adv/Dec 1501/1301. …NYSE Adv/Dec 1957/895.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are now all in positive territory after seeing some increased buying activity since our last update.

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 125.87, +3.28), Verizon (VZ 49.87, +1.24), & Exxon Mobil (XOM 81.65, +1.96) are outperforming. Chevron & Exxon are leading the Dow higher as an output boost agreement by OPEC has crude oil futures higher by nearly 5%.

Conversely, Microsoft (MSFT 100.46, -0.68) is the worst-performing Dow component as technology lags in today's session.


Dow: +169.78… | Nasdaq: +156… | S&P: +12.80…
NASDAQ Adv/Dec 1420/1392. …NYSE Adv/Dec 1883/962.

12:55PM ET

[BRIEFING.COM] Stocks are broadly higher this afternoon -- especially energy shares -- but technology names are lagging, keeping the major averages in check. The S&P 500 and the Dow Jones Industrial Average are up 0.4% and 0.7%, respectively, while the tech-heavy Nasdaq is a tick lower, down 0.1%.

Oil prices have spiked following reports that OPEC will likely raise production by 600,000 barrels per day, significantly less than the 1 million barrels per day jumped many were fearing. WTI crude futures are up 4.5% at $68.46/bbl, a four week high. Naturally, energy stocks have followed suit, pushing the energy sector higher by 2.9%.

The telecom services (+1.4%) and materials (+1.2%) sectors are the next-best performing groups, while the seven other advancing sectors are sporting gains between 0.1% and 0.8%. The heavily-weighted financial space (+0.1%) is lagging, but the only sector in the red is the top-weighted information technology group (-0.4%).

Software company Red Hat (RHT 145.69, -20.14) is leading the tech space lower, losing 12.1%, after disappointing guidance overshadowed the company's better-than-expected quarterly earnings report. Microsoft (MSFT 100.10, -1.04) is also notably weak (-1.0%), as are chipmakers, evidenced by a 0.7% decline in the Philadelphia Semiconductor Index.

On a positive note, CarMax (KMX 79.74, +8.71) is up 12.3%, hitting a new record, after beating both top and bottom line estimates for its fiscal first quarter.

In Washington, President Trump tweeted this morning that the U.S. will be placing a 20% tariff on all cars imported from EU countries if the EU fails to remove duties on imports of U.S. automobiles. The market shot lower immediately following the tweet, but has since bounced back. The S&P 500 is currently hovering near its opening level.

U.S. Treasuries are modestly lower, pushing yields slightly higher across the curve. The yield on the benchmark 10-yr note is up one basis point at 2.91%.

Investors did not receive any notable economic data today.
Dow: +169.33… | Nasdaq: -7.83… | S&P: +11.38…
NASDAQ Adv/Dec 1342/1433. …NYSE Adv/Dec 1858/970.

12:25PM ET

[BRIEFING.COM] Equity indices continue drifting sideways. The S&P 500 (+0.4%) and the Dow (+0.7%) are both higher, but the tech-heavy Nasdaq (-0.1%) is lower.

Ten sectors are in the green, including financials (+0.2%), consumer discretionary (+0.4%), industrials (+0.5%), energy (+1.1%), materials (+1.2%), health care (+0.7%), consumer staples (+0.8%), utilities (+0.5%), telecom services (+1.3%), and real estate (+0.2%), and just one -- information technology (-0.4%) -- is in the red.

In the bond market, U.S. Treasury yields are still a tick higher this afternoon, with the benchmark 10-yr yield up one basis point at 2.91%.
Dow: +178.55… | Nasdaq: -8.25… | S&P: +11.77…
NASDAQ Adv/Dec 1479/1285. …NYSE Adv/Dec 1941/876.

11:55AM ET

[BRIEFING.COM] The major U.S. stock indices haven't changed since the last update. The S&P 500 is still higher by 0.4%.

Overseas, the Euro Stoxx 50 ended Friday with a gain of 1.1%, trimming its weekly loss to 0.8%.

The UK's FTSE (+1.7%) was the top performer in Europe on Friday with Glencore (+4.2%), Hikma Pharma (+3.9%), and Royal Dutch Shell (+3.8%) leading the charge. Germany's DAX (+0.5%) lagged though, with automakers struggling in the wake of comments from President Trump, who threatened a 20% tariff on all automobiles imported from EU countries if the EU fails to remove duties on imports of U.S. automobiles.

In currencies, the U.S. dollar is down 0.2% against the euro at 1.631, its lowest level in a week.
Dow: +166.18… | Nasdaq: -11.26… | S&P: +11.46…
NASDAQ Adv/Dec 1526/1229. …NYSE Adv/Dec 1967/843.

11:30AM ET

[BRIEFING.COM] Equity indices haven't shifted since the last update. The Dow is sporting a gain of 0.6%.

Within the Dow, energy giants Exxon Mobil (XOM 81.65, +1.96) and Chevron (CVX, 125.41, +2.82) are the top performers, underpinned by crude prices, which have risen to a three-week high. West Texas Intermediate crude futures are up 3.7% at $67.97 per barrel following reports that OPEC is seeking to increase output by a less-than-expected 600K barrels per day. On a related note, President Trump tweeted earlier that he hopes OPEC increases output "substantially."

On the flip side, Microsoft (MSFT 99.87, -1.27) is the worst-performing Dow component amid a broad tech retreat. Microsoft last hit a record high approximately two weeks ago on June 6, but has lost 2.6% in total since. The S&P 500's technology sector is down 0.6%.
Dow: +123.67… | Nasdaq: -21.64… | S&P: +7.89…
NASDAQ Adv/Dec 1488/1252. …NYSE Adv/Dec 1952/841.

11:00AM ET

[BRIEFING.COM] The major averages continue to trade mixed, with the S&P 500 up 0.4%.

In Washington, President Trump recently tweeted that the U.S. will be placing a 20% tariff on all cars imported from EU countries if the EU fails to remove duties on imports of U.S. automobiles. German carmakers Daimler, BMW, and Volkswagen are down between 0.7% and 1.8%.

10 of 11 S&P 500 sectors are still in the green, with energy (+2.9%) leading the charge and technology (-0.5%) being the lone laggard.
Dow: +139.52… | Nasdaq: -17.62… | S&P: +10.05…
NASDAQ Adv/Dec 1528/1197. …NYSE Adv/Dec 1976/779.

10:30AM ET
[BRIEFING.COM]

Commodities are starting the day off higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.6% at 86.89
Dollar index is currently -0.1% at 94.43
Looking at energy...
Aug WTI crude oil futures are now +$1.93 at $67.47/barrel
Oil is higher following OPEC agreement to raise production by 600-800K barrels per day
In other energy, Jul natural gas is -$0.02 at $2.96/MMBtu
Moving on to metals...
Aug gold is currently +$0.40 at $1270.90/oz, while Jul silver is +$0.07 at $16.40/oz
Jul copper is now -$0.006 at $3.016/lb

Dow: +126.40… | Nasdaq: -28.33… | S&P: +6.72…
NASDAQ Adv/Dec 1500/1175. …NYSE Adv/Dec 1967/755.

10:00AM ET

[BRIEFING.COM] The S&P 500 has trimmed its opening gain a bit, now higher by 0.3%.

Technology giants Microsoft (MSFT 99.91, -1.22), Facebook (FB 200.61, -0.89), and Alphabet (GOOG 1151.87, -5.79) -- which have a combined market cap of $1.6 trillion -- are weighing on the broader market this morning, showing losses between 0.5% and 1.2%. Meanwhile, Red Hat (RHT 144.67, -20.98) is still solidly lower, down 12.8%, after issuing disappointing guidance.

In the bond market, U.S. Treasuries are a tick lower, with the yield on the benchmark 10-yr Treasury note up one basis point at 2.91%.
Dow: +176.13… | Nasdaq: -10.79… | S&P: +11.19…
NASDAQ Adv/Dec 1515/1115. …NYSE Adv/Dec 1963/707.

09:45AM ET

[BRIEFING.COM] The S&P 500 (+0.4%) and the Dow (+0.6%) are modestly higher in the opening minutes, but the Nasdaq (-0.1%) is lagging as tech shares struggle.

Most S&P sectors are in the green, with energy (+2.8%) leading the charge amid a spike in crude oil prices, which are up following reports that OPEC has tentatively agreed to a less-than-feared output increase of 600,000 barrel per day. The materials space (+1.2%) is also notably strong.

On the flip side, the top-weighted technology sector, which represents a quarter of the broader market, is down 0.5%. Within the group, Red Hat (RHT 144.79, -20.93) has dropped 12.6% after its better-than-expected earnings were overshadowed by a disappointing outlook.
Dow: +128.62… | Nasdaq: -10.13… | S&P: +10.42…
NASDAQ Adv/Dec 1433/1161. …NYSE Adv/Dec 1967/672.

09:16AM ET
[BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +24.30.

The stock market is on course for a higher open, as the S&P 500 futures are trading 15 points, or 0.6%, above fair value.

West Texas Intermediate crude futures are up 3.5% at $67.81 per barrel, a fresh three-week high, following reports that OPEC is close to a deal that would increase crude production by roughly 600,000 barrels a day -- which is less than the 1 million barrels per day estimate that some investors were fearing.

In earnings news, Red Hat (RHT 143.70, -22.03) is down 13.5% in pre-market trading after issuing disappointing earnings guidance for its fiscal second quarter and disappointing revenue guidance for its fiscal year. Conversely, CarMax (KMX 77.35, +6.30) is up 8.9% after beating both top and bottom line estimates.

Separately, big banks passed the Fed's annual stress test, which is feeding some hope that they'll be increasing their capital return plans soon.

U.S. Treasuries are modestly lower this morning, pushing yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up two basis point at 2.92%. Meanwhile, the U.S. Dollar Index has taken a hit, dropping 0.3% to 94.23, after briefly touching an 11-month high on Thursday.

Investors will not receive any notable economic data today.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +26.00.

The S&P 500 futures are currently trading 15 points, or 0.5%, above fair value.

Equity indices in the Asia-Pacific ended the week on a mixed note. China's Shanghai Composite (+0.5%) eked out a modest gain, but not before briefly dipping into bear market territory. In Japan, the Toyko Interbank Offered Rate remained in negative territory for the second consecutive day. This was the first time TIBOR turned negative since 1995.

In economic data:
Japan's June Manufacturing PMI 53.1 (expected 52.6; last 52.8). May National CPI +0.1% month-over-month (last -0.4%); +0.7% year-over-year (expected 0.3%; last 0.6%). National Core CPI +0.7% year-over-year, as expected (last 0.7%). All Industries Activity Index +1.0% month-over-month (expected 0.9%; last 0.0%)
New Zealand's Credit Card Spending +3.7% year-over-year (last 6.9%). May External Migration & Visitors +6.2% (last -9.0%)

---Equity Markets---

Japan's Nikkei lost 0.8%, falling 1.5% for the week. SUMCO, Softbank, Yamaha, Toyota Motor, Hitachi Construction, Familymart, Honda Motor, Komatsu, Trend Micro, Okuma, and Fast Retailing lost between 1.5% and 4.2%.
Hong Kong's Hang Seng added 0.2%, narrowing this week's loss to 3.2%. MTR, Sunny Optical Tech, Bank of East Asia, Citic Pacific, AIA Group, Link Reit, Hang Seng Bank, and Sino Land gained between 0.5% and 3.5%.
China's Shanghai Composite rose 0.5%, but lost 4.4% for the week. Shen Ma Industry, Chongqing Department Store, Glarun Technology, Everbright Jiabao, and Shanghai Phoenix Enterprise climbed between 6.6% and 9.7%.
India's Sensex advanced 0.7%, gaining 0.7% for the week. Sun Pharma, Mahindra & Mahindra, AXIS Bank, SBI, ICICI Bank, HDFC Bank, Yes Bank, and Tata Motors DV posted gains between 0.7% and 3.9%. Tech consultants lagged as Wipro and Tata Consultancy lost 0.4% apiece while Infosys finished flat.

Major European indices trade in the green with the UK's FTSE (+1.4%) leading the charge. IMF Managing Director Christine Lagarde proclaimed the end of the Greek crisis after creditors agreed on a debt relief package that includes a 10-year extension of the loan from the EFSF and a 10-year deferral of interest and amortization. The country will receive the final bailout disbursement of EUR15 billion and should have enough cash to avoid selling debt for nearly two years. In Italy, Budget Committee chief Claudio Borghi said that an exit from the euro is not part of government policy, but added that monetary sovereignty would solve many of Italy's problems.

In economic data:
Eurozone June Services PMI 55.0 (expected 53.7; last 53.8) and Manufacturing PMI 55.0, as expected (last 55.5)
Germany's June Services PMI 53.9 (expected 52.2; last 52.1) and Manufacturing PMI 55.9 (expected 56.3; last 56.9)
France's June Services PMI 56.4 (expected 54.3; last 54.3) and Manufacturing PMI 53.1 (expected 54.0; last 54.4). Q1 GDP +0.2% quarter-over-quarter, as expected (last 0.2%)

---Equity Markets---

Germany's DAX is higher by 0.4%. Bayer, Deutsche Bank, Allianz, Commerzbank, Lufthansa, Siemens, and Adidas are up between 0.2% and 1.7%. Automakers lag with MB and Daimler down 0.7% and 0.5%, respectively, while Volkswagen is up 0.2%.
France's CAC has climbed 1.0% amid gains in most components. Consumer names like Danone, L'Oreal, and Accor are up between 1.1% and 1.5% while financials Credit Agricole, BNP Paribas, Societe Generale, and AXA hold gains between 0.8% and 1.4%.
UK's FTSE trades up 1.3%. Financials are among the leaders with Provident Financial, RBS, Aviva, Barclays, and HSBC holding gains between 1.6% and 2.9%. Royal Dutch Shell and BP are both up near 1.3%.

08:27AM ET
[BRIEFING.COM] S&P futures vs fair value: +15.30. Nasdaq futures vs fair value: +28.80.

The S&P 500 futures are currently trading 15 points, or 0.6%, above fair value.

Nine of eleven S&P sectors are lower for the week, with the utilities (+1.8%) and real estate (+1.7%) spaces being the two exceptions. The industrials (-3.7%) and materials (-3.4%) sectors are the worst-performing groups by a wide margin, but the telecom services sector (-1.7%) has also underperformed.

As for the major averages, the S&P 500 is lower by 1.1%, the Dow Jones Industrial Average is down 2.5%, and the Nasdaq Composite is lower by 0.4%.

08:01AM ET
[BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +23.50.

U.S. equities are on course for a higher start this morning after the S&P 500 notched its fourth loss in five sessions on Thursday, and the Dow registered its eighth straight decline. The S&P 500 and the Dow are down 1.1% and 2.5% for the week, respectively, while the Nasdaq is lower by 0.4%. The S&P 500 futures are currently trading 14 points, or 0.5%, above fair value.

In Europe, the European Union has officially implemented tariffs on $3.2 billion worth of U.S. goods in retaliation to U.S. tariffs on imports of steel and aluminum that went into effect earlier this month. Separately, eurozone nations have agreed on a relief package for Greece that will make its crisis-era debt more serviceable.

The Organization of Petroleum Exporting Countries (OPEC) is meeting in Vienna for the second day in a row, trying to work out an agreement to increase production amid falling output from Iran and Venezuela. OPEC and non-OPEC members have had production caps in place for more than 18 months in an effort to end a global oil glut.

On Wall Street, big banks passed the Fed's annual stress test, implying that they would be stable even in a severe economic downturn.

U.S. Treasuries are modestly lower this morning, pushing yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up one basis point at 2.91%. Meanwhile, the U.S. Dollar Index has taken a hit, dropping 0.3% to 94.25, after briefly touching an 11-month high on Thursday.

Investors will not receive any notable economic data today.

In U.S. corporate news:

Red Hat (RHT 142.01, -23.72): -14.3% after issuing disappointing earnings guidance for fiscal Q2 and lowering its revenue guidance for FY19.

Reviewing overnight developments:

Equity indices in the Asia-Pacific ended the week on a mixed note. Japan's Nikkei -0.8%, Hong Kong's Hang Seng +0.2%, China's Shanghai Composite +0.5%, India's Sensex +0.7%.
In economic data:
Japan's June Manufacturing PMI 53.1 (expected 52.6; last 52.8). May National CPI +0.1% month-over-month (last -0.4%); +0.7% year-over-year (expected 0.3%; last 0.6%). National Core CPI +0.7% year-over-year, as expected (last 0.7%). All Industries Activity Index +1.0% month-over-month (expected 0.9%; last 0.0%)
New Zealand's Credit Card Spending +3.7% year-over-year (last 6.9%). May External Migration & Visitors +6.2% (last -9.0%)
In news:
In Japan, the Toyko Interbank Offered Rate remained in negative territory for the second consecutive day. This was the first time TIBOR turned negative since 1995.

Major European indices trade in the green with Italy's MIB (+1.2%) rebounding from yesterday's underperformance. Germany's DAX +0.4%, France's CAC +0.8%, UK's FTSE +1.0%.
In economic data:
Eurozone June Services PMI 55.0 (expected 53.7; last 53.8) and Manufacturing PMI 55.0, as expected (last 55.5)
Germany's June Services PMI 53.9 (expected 52.2; last 52.1) and Manufacturing PMI 55.9 (expected 56.3; last 56.9)
France's June Services PMI 56.4 (expected 54.3; last 54.3) and Manufacturing PMI 53.1 (expected 54.0; last 54.4). Q1 GDP +0.2% quarter-over-quarter, as expected (last 0.2%)
In news:
IMF Managing Director Christine Lagarde proclaimed the end of the Greek crisis after creditors agreed on a debt relief package that includes a 10-year extension of the loan from the EFSF and a 10-year deferral of interest and amortization. The country will receive the final bailout disbursement of EUR15 billion and should have enough cash to avoid selling debt for nearly two years.
In Italy, Budget Committee chief Claudio Borghi said that an exit from the euro is not part of government policy, but added that monetary sovereignty would solve many of Italy's problems.

07:06AM ET
[BRIEFING.COM] S&P futures vs fair value: +13.80. Nasdaq futures vs fair value: +24.50.

07:06AM ET
[BRIEFING.COM] Nikkei...22517...-176.20...-0.80%. Hang Seng...29339...+42.70...+0.20%.

07:06AM ET
[BRIEFING.COM] FTSE...7620.70...+64.30...+0.90%. DAX...12571.33...+59.40...+0.50%.

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.

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Best Regards,
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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