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 Post subject: June 28th Thursday Price Action Trade Result Profit $7137.50
PostPosted: Thu Jun 28, 2018 10:26 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
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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Twitter @ http://twitter.com/wrbtrader (24/7)

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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 @ $7137.50 dollars or +142.75 points, Emini RTY ($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 @ $7137.50 dollars

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=181&t=2859

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 price action analysis or real-time trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements...it also gives guest readers of the chat logs a peek into the trade performance of users of TheStrategyLab. 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 except for those silent chat room members that are posting their broker statements & quantitative statistical analysis of their trading in their private threads at the forum itself. Thus, we highly recommend that you use your broker trade execution platform (real money or simulator) 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 will provide you with the quantitative statistical analysis of your trading regardless if you're posting real-time trades or real-time price action analysis in the free chat room.

You can download your results and then post them in your private thread at the forum at the end of your trading day. This allows silent members to continue using the free chat room to just monitor the real time discussion whenever they want..useful if you view chat rooms as a distraction from your trading if you were to share real-time info about your trading for documentation in the chat room logs.

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=354&t=3784 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: +98.46… | Nasdaq: +58.60… | S&P: +16.68…
NASDAQ Vol: 2.2 bln… Adv: 1641… Dec: 1336…
NYSE Vol: 809.1 mln… Adv: 1784… Dec: 1147…
Find out what makes your portfolio tick with Morningstar Premium >>

Moving the Market

Top-weighted technology and financials sectors rebound after leading Wednesday retreat

Drug distributors sell off after Amazon (AMZN) acquires online pharmacy PillPack

S&P 500 faces resistance at its 50-day moving average (2717)

Sector Watch
Strong: Financials, Technology, Telecom Services
Weak: Industrials, Energy, Health Care, Consumer Staples, Utilities

04:25PM ET

[BRIEFING.COM] Stocks rebounded on Thursday, reclaiming around a third of their weekly losses. The S&P 500 advanced 0.6%, but some late selling left it just a tick below its 50-day moving average. The Nasdaq did a little better, adding 0.8%, while the Dow and the Russell 2000 underperformed, climbing 0.4% and 0.3%, respectively.

There wasn't much going on at the macro level on Thursday, but there were plenty of corporate headlines.

Amazon (AMZN 1701.45, +40.94) received perhaps the most attention after announcing a deal to acquire online pharmacy start-up PillPack. CVS Health (CVS 65.78, -4.27) and Walgreens Boots Alliance (WBA 59.70, -6.56) tumbled 6.1% and 9.9%, respectively, in response to the news.

Package delivery giants FedEx (FDX 226.67, -3.08) and UPS (UPS 105.88, -2.50) also fell on Amazon-related news, dropping 1.3% and 2.3%, respectively, after the internet retail giant announced it is inviting entrepreneurs to form small companies to carry packages over the last leg of the delivery journey.

Elsewhere, Chipotle (CMG 428.36, -28.88) tumbled 6.3% after CEO Brian Niccol failed to provide future growth plan details in a conference call to investors, Starbucks (SBUX 48.54, -1.30) declined 2.6% after CFO Scott Maw announced his retirement (effective November 30), and tech consulting firm Accenture (ACN 164.50, +9.16)rallied 5.9% afterreporting above-consensus earnings and revenues for its fiscal third quarter and raising its profit guidance for FY18.

Nine of eleven S&P 500 sectors finished Thursday in positive territory, with energy (-0.1%) and utilities (unch) being the outliers. After leading Wednesday's sell off, the top-weighted technology (+1.1%) and financials (+0.9%) sectors were among the top-performing groups on Thursday, providing an extra boost to sentiment.

Away from equities, WTI crude futures hit $74.00/bbl for the first time since November 2014 before falling back to $73.37/bbl; still, that's a daily gain of 0.9%. Meanwhile, U.S. Treasuries finished modestly lower, leaving yields in the green. The benchmark 10-yr yield climbed to 2.85% from 2.83%.

Reviewing Thursday's economic data, which included the third estimate of first quarter GDP and the weekly Initial Claims report:

The third estimate of first quarter GDP pointed to an expansion of 2.0% (Briefing.com consensus 2.2%). The second estimate came in at 2.2%.
The key takeaway from the report is that personal spending was weak in the first quarter, yet the relevant takeaway today is that this is a dated number and a pickup in personal spending is a key reason why many Q2 GDP forecasts have a four-handle on them.
The latest weekly initial jobless claims count totaled 227,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the unrevised prior week count of 218,000. As for continuing claims, they declined to 1.705 million from a revised count of 1.726 million (from 1.723 million).

Looking ahead to Friday, investors will receive Personal Income, Personal Spending, and PCE Prices for May at 8:30 AM ET, the Chicago PMI for June at 9:45 AM ET, and the final reading of the University of Michigan Consumer Sentiment Index for June at 10:00 AM ET.

Nasdaq Composite +8.7% YTD
Russell 2000 +7.1% YTD
S&P 500 +1.6% YTD
Dow Jones Industrial Average -2.0% YTD

Dow: +98.46… | Nasdaq: +58.60… | S&P: +16.68…
NASDAQ Adv/Dec 1641/1336. …NYSE Adv/Dec 1784/1147.

03:40PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures rose $0.68 (0.94%) to $73.37/barrel
August Natural Gas settled $0.04 lower (-1.34%) at $2.94/MMBtu
July RBOB Gasoline settled $0.01 lower (-0.47%) at $2.10/gallon
July Heating oil futures settled unch at $2.18/gallon
Metals Settlement Prices:
Aug gold settled today's session down $5.50 (0.44%) at $1250.80/oz
Jul silver settled today's session $0.03 lower (1.3%) at $15.93/oz
Jul copper settled $0.03 lower (1.01%) at $2.95/lb
Agriculture Settlement Prices:
July corn settled $0.07 lower at $3.45/bushel
July wheat settled $0.11 lower at $4.78/bushel
July soybeans settled $0.05 lower at $8.62/bushel

Dow: +124.31… | Nasdaq: 64.18… | S&P: +18.32…
NASDAQ Adv/Dec 1650/1351. …NYSE Adv/Dec 1777/1155.

02:55PM ET

[BRIEFING.COM] Equities have continued ticking higher this afternoon and are hovering at session highs with one hour to go. The S&P 500 is up 0.7%.

Looking ahead, Dow component Nike (NKE 71.94, +0.59) is scheduled to release its fiscal fourth quarter results following today's closing bell. Shares of the athletic shoe and apparel maker have had a good year thus far, adding 15.0% year-to-date. However, they have struggled in recent weeks, losing 5.1% since June 15.

Also of note, the Fed will release the results from the final stage of its 2018 stress test at 4:30 PM ET.
Dow: +137.45… | Nasdaq: +63.95… | S&P: +18.88…
NASDAQ Adv/Dec 1544/1301. …NYSE Adv/Dec 1811/1117.

02:30PM ET

[BRIEFING.COM] The major averages inch higher, at HoDs now, with the tech-heavy Nasdaq Composite still in the lead on a 0.7% move higher.

Examining the S&P 500 sectors once more, the lion's share of the heavier-weighted groups manage to keep their heads above water on what has been a largely unimpressive trade thus far on Thursday. Of note, the lightly-weighted telecom services sector (+2.0%) once again stands at the head of the pack with strong gains out of constituent Verizon (VZ 50.77, +1.46, +3.0%).

Elsewhere, financials (+1.0%) and information technology (+0.7%) post decent sessions in their own right. On the whole, bank stocks have been higher on Thursday in anticipation of The Federal Reserve's release of results from its Comprehensive Capital Analysis and Review (CCAR) this afternoon at 4:30 PM. CCAR evaluates a bank's capital adequacy, capital planning process, and planned capital distributions, such as any dividend payments and common stock repurchases. As far as banking stock go then, shares of JPMorgan Chase (JPM 105.17, +1.93, +1.9%), Bank of America (BAC 28.77, +0.53, +1.9%), Wells Fargo (WFC 53.82, +0.54, +1.0%), Citigroup (C 67.08, +1.62, +2.5%), and Goldman Sachs (GS 224.60, +4.42, +2.0%) all carry a positive bias into the afternoon.

For its part, the IT group has recovered nicely on Thursday after losing steam into Wednesday's closing bell. Bellwethers Microsoft (MSFT 98.76, +1.22), Cisco Systems (CSCO 42.92, +0.59), and NVIDIA (NVDA 239.95, +4.23) all post gains of more than 1%, outpacing shallow gains out of the broader market. The S&P Technology SPDR (XLK 69.41, +0.75, +1.1%) posts a modest recovery as well, shaving a portion off yesterday's decline, yet still down 2.2% week-to-date.
Dow: +78.20… | Nasdaq: +52.47… | S&P: +10.51…
NASDAQ Adv/Dec 1550/1296. …NYSE Adv/Dec 1766/1143.

02:00PM ET

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

Gold futures settled lower again on Thursday, extending their recent losing streak to four on a 0.4% decline to $1,251.00/oz. Continued momentum in the dollar and amped up geopolitical tensions have served to hinder the yellow metal.

For its part then, the U.S. Dollar Index inches 0.1% lower at 95.20, slipping modestly from an 11-month high.
Dow: +60.06… | Nasdaq: +36.09… | S&P: +8.70…
NASDAQ Adv/Dec 1488/1343. …NYSE Adv/Dec 1697/1206.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are currently sporting mild gains at this time in what has mostly been an uneventful trading session.

A look inside the Dow Jones Industrial Average shows that Verizon (VZ 50.71, +1.40), Goldman Sachs (GS 223.88, +3.70), & IBM (IBM 139.66, +2.18) are outperforming. Verizon is leading the Dow higher as telecoms again display relative strength, while IBM is advancing after being initiated with a Buy and $160 tgt at Nomura/Instanet.

Conversely, Walgreens Boots Alliance (WBA 60.00, -6.26) is the worst-performing Dow component, and has slumped to fresh multi-year lows after Amazon (AMZN 1694.65, +34.14) announced it would be acquiring online pharmacy PillPack, in a deal that reportedly totaled just below $1 bln. Walgreens also reported earnings this morning, but the positive report and announcement of an increased dividend and new $10 bln share repurchase authorization were completely overshadowed by Amazon's announcement. All these things taken together, BofA/Merrill downgraded shares to to Underperform from Neutral late this morning.

For the week, the DJIA is down 1.62%.

Elsewhere, at the top of the hour, the Treasury's $30 bln 7-year note auction drew a high yield of 2.809% on a bid-to-cover of 2.53.
Dow: +44.34… | Nasdaq: +26.23… | S&P: +7.85…
NASDAQ Adv/Dec 1442/1378. …NYSE Adv/Dec 1625/1259.

01:00PM ET

[BRIEFING.COM] It's been a choppy day of trading on Wall Street thus far as investors show a lack of conviction following Wednesday's pounding. The major averages are modestly higher at the moment, up around 0.2% apiece. The benchmark S&P 500 index has been drifting between -0.3% and +0.4% since the opening bell.

There's been quite a few corporate headlines today, starting with Amazon's (AMZN 1688.00, +27.49) decision to acquire online pharmacy company PillPack. Drug distributors CVS Health (CVS 65.05, -4.99) and Walgreens Boots Alliance (WBA 59.78, -6.48) are down big, losing 7.0% and 9.8%, respectively, following the news.

Meanwhile, on the earnings front, Accenture (ACN 164.20, +8.86) and McCormick (MKC 113.98, +8.05) are up 5.7% and 7.7%, respectively, after reporting better-than-expected results, but Bed Bath & Beyond (BBBY 19.81, -0.37) is down 1.8% after reporting a decline in same-store sales for a fifth straight quarter.

Also of note, Chipotle Mexican Grill (CMG 418.18, -39.06) has tumbled 8.5% after CEO Brian Niccol withheld some key details in a conference call to investors, and Starbucks (SBUX 47.69, -2.15) is lower by 4.3% after its CFO, Scott Maw, announced his retirement this morning, effective November 30.

The financials (+0.5%) and technology (+0.3%) sectors are relatively strong today, which has provided a boost to sentiment after the top-weighted groups led yesterday's sell off. Conversely, the energy sector (-0.3%) is weak even though WTI crude futures are up for a third straight session, hitting $74.00/bbl for the first time since November 2014.

Elsewhere, U.S. Treasuries are flat to slightly lower today, pushing the yield on the benchmark 10-yr Treasury note up one basis point to 2.84%. The U.S. Dollar Index is down 0.1%, slipping from an 11-month high, and the CBOE Volatility Index has climbed 2.2% to 18.26, its highest level since April 12.

Reviewing today's economic data, which included the third estimate of first quarter GDP and the weekly Initial Claims report:

The third estimate of first quarter GDP pointed to an expansion of 2.0% (Briefing.com consensus 2.2%). The second estimate came in at 2.2%.
The key takeaway from the report is that personal spending was weak in the first quarter, yet the relevant takeaway today is that this is a dated number and a pickup in personal spending is a key reason why many Q2 GDP forecasts have a four-handle on them.
The latest weekly initial jobless claims count totaled 227,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the unrevised prior week count of 218,000. As for continuing claims, they declined to 1.705 million from a revised count of 1.726 million (from 1.723 million).

Dow: +18.51… | Nasdaq: +17.84… | S&P: +4.69…
NASDAQ Adv/Dec 1278/1538. …NYSE Adv/Dec 1409/1450.

12:25PM ET

[BRIEFING.COM] Stocks have slipped over the last 30 minutes, with the S&P 500 coughing up all of its 0.3% gain.

The 11 S&P 500 sectors are pretty evenly mixed between green and red. Five groups are higher, including top performers technology (+0.5%), financials (+0.6%), and telecom services (+1.6%), while six are in the red, including worst performers materials (-0.4%), energy (-0.5%), and industrials (-0.6%).

In the bond market, U.S. Treasuries are roughly flat. The benchmark 10-yr note is slightly lower, sending its yield to 2.84% from 2.83%.
Dow: -23.18… | Nasdaq: +6.56… | S&P: +0.83…
NASDAQ Adv/Dec 1230/1560. …NYSE Adv/Dec 1315/1531.

12:00PM ET

[BRIEFING.COM] Equity indices continue to drift near the top of their daily ranges, sporting gains between 0.2% and 0.4%.

Transports are struggling today, evidenced by a 1.1% decline in the Dow Jones Transportation Average. Another increase in the price of crude oil has been a headwind for the transport space, which is obviously more dependent on energy prices than most. Avis Budget (CAR 31.92, -1.48) is pacing the retreat today with a loss of 4.4%.

In Europe, most major bourses finished Thursday solidly lower, but the UK's FTSE (-0.1%) managed to escape with minimal damage.
Dow: +58.45… | Nasdaq: +32.06… | S&P: +9.64…
NASDAQ Adv/Dec 1310/1469. …NYSE Adv/Dec 1400/1432.

11:25AM ET

[BRIEFING.COM] Equity indices are challenging their session highs, with the tech-heavy Nasdaq up 0.3%.

West Texas Intermediate crude futures are up for a third straight session, climbing 1.3% to $73.71 per barrel, which marks a new three-and-a-half year high. The energy sector (-0.4%) is lagging though, cutting its weekly gain to just 0.1%. Energy stocks typically outperform when crude prices jump, but not today.

Meanwhile, the top-weighted technology sector has been ticking higher as of late, now up 0.6%. Within the space, tech consulting firm Accenture (ACN 164.24, +8.90) is up 5.8% after reporting better-than-expected earnings and revenues for its fiscal third quarter and raising its profit guidance for FY18.
Dow: +13.35… | Nasdaq: +20.66… | S&P: +4.80…
NASDAQ Adv/Dec 1277/1469. …NYSE Adv/Dec 1323/1482.

10:55AM ET

[BRIEFING.COM] The stock market is little changed, drifting near yesterday's closing levels.

Most of the 11 S&P 500 sectors are drifting within 0.5% of their unchanged marks. The health care (-0.6%) and telecom services (+1.1%) groups are exceptions though. Within the health care space, names like McKesson (MCK 133.14, -11.45) and Cardinal Health (CAH 48.86, -4.06) are down big (-7.0% to -8.0%) after Amazon (AMZN 1678.38, +17.87) announced it will be acquiring online pharmacy PillPack.

Meanwhile, within the telecom services group, Dow component Verizon (VZ 50.35, +1.04) is up 2.2%, hitting its best level since late April.
Dow: +3.42… | Nasdaq: +10.79… | S&P: +2.94…
NASDAQ Adv/Dec 1137/1587. …NYSE Adv/Dec 1272/1514.

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 87.22
Dollar index is currently -0.2% at 94.87
Looking at energy...
Aug WTI crude oil futures are now +$0.96 at $73.72/barrel
In other energy, Aug natural gas is +$0.02 at $3.00/MMBtu
Natural gas inventory showed a build of 66 bcf vs a build of 91 bcf in the prior week- nat gas drops initially
Moving on to metals...
Aug gold is currently -$2.50 at $1253.60/oz, while Jul silver is -$0.20 at $15.96/oz
Jul copper is now -$0.05 at $2.96/lb

Dow: -69.52… | Nasdaq: -19.71… | S&P: -5.53…
NASDAQ Adv/Dec 1020/1709. …NYSE Adv/Dec 1144/1621.

09:55AM ET

[BRIEFING.COM] Equity indices have lost ground since the opening bell, with the S&P 500 now down 0.2%.

The top-weighted financials and technology sectors have given back gains of around 0.5% and are now trading flat. Meanwhile, the industrials, energy, health care, and materials sectors are notably weak, showing losses between 0.6% and 0.9%. The lightly-weighted telecoms group is the top performer with a gain of 0.9%.

Elsewhere, shares of CVS Health (CVS 64.19, -5.85) and Walgreeens Boots Alliance (WBA 59.62, -6.67) are down 8.5% and 10.1%, respectively, following news that Amazon (AMZN 1664.53, +3.61) will be acquiring online pharmacy PillPack.
Dow: -101.03… | Nasdaq: -9.67… | S&P: -3.98…
NASDAQ Adv/Dec 1006/1610. …NYSE Adv/Dec 1113/1586.

09:40AM ET

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

Financials has been the top-performing sector thus far with a gain of 0.6%, trying to end a 13-session losing streak. The top-weighted technology space (+0.5%) is also outperforming. On the flip side, the health care sector is at the back of the pack with a loss of 0.6%.

In the bond market, U.S. Treasuries are mixed. The benchmark 10-yr yield is up one basis point at 2.84%, while the 2-yr yield is down one basis point at 2.51%.
Dow: -39.35… | Nasdaq: +12.25… | S&P: +2.85…
NASDAQ Adv/Dec 1247/1316. …NYSE Adv/Dec 1323/1304.

09:10AM ET
[BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -14.80.

The S&P 500 futures are trading four points, or 0.1%, below fair value, pointing to a modestly lower start for the U.S. equity market, which has struggled this week. The S&P 500 has dropped 2.0% week-to-date, cutting its yearly gain to 1.0%.

In corporate news, CVS Health (CVS 64.40, -5.65, -8.1%), Walgreens Boots Alliance (WBA 60.10, -6.16, -9.3%), and other drug distributors have sold off sharply after Amazon (AMZN 1664.00, +3.49, +0.2%) unveiled a deal to acquire online pharmacy PillPack.

On the data front, the third estimate of first quarter GDP came in below estimates, pointing to an expansion of 2.0% (Briefing.com consensus 2.2%). Separately, the latest weekly initial jobless claims count totaled 227,000 (Briefing.com consensus 220,000). As for continuing claims, they declined to 1.705 million from a revised count of 1.726 million (from 1.723 million).

Elsewhere, U.S. Treasuries are flat, with the benchmark 10-yr yield unchanged at 2.83%, West Texas Intermediate crude futures are down 0.3% at $72.57 per barrel after touching a fresh three-and-a-half year high on Wednesday, and the U.S. Dollar Index is flat, hovering near an 11-month high.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -16.50.

The S&P 500 futures are trading five points, or 0.2%, below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Chinese officials will intensify anti-speculation measures in the housing market in 30 cities. Regulators will target rent manipulation, delayed sales by developers, and non-compliant loans. Meanwhile, China's National Development & Reform Commission is reportedly considering a ban on sales of dollar-denominated debt that matures within a year. The Korean press reported that representatives from North and South Korea are meeting today to discuss connecting border roads. The Reserve Bank of New Zealand left its official cash rate at 1.75%, as expected.

In economic data:
Japan's May Retail Sales +0.6% year-over-year (expected 1.3%; last 1.5%)

---Equity Markets---

Japan's Nikkei settled just below its flat line. J Front Retailing, Kikkoman, Toho, Eisai, Chugai Pharmaceutical, Yaskawa Electric, Yamaha, Yamaha Motor, and TOTO lost between 0.7% and 3.2%.
Hong Kong's Hang Seng rose 0.5%. Energy-related names like CNOOC, PetroChina, and China Petrol & Chemical gained between 1.9% and 3.3% while AAC Technologies, Sunny Optical Tech, Bank of China, HSBC, and New World Development added between 0.4% and 2.3%.
China's Shanghai Composite fell 0.9%. Beijing Sanyuan Foods, Hunan Copote Science & Technology, Shede Spirits, and Nanjing Xinjiekou Department Store surrendered between 5.9% and 10.0%.
India's Sensex lost 0.5%. ICICI Bank, Tata Motors, Reliance Industries, SBI, Yes Bank, Tata Consultancy, AXIS Bank, and IndusInd Bank lost between 0.2% and 2.8%.

Major European indices trade on a mostly lower note with the UK's FTSE (-0.4%) trading a bit ahead of its peers. European leaders have begun a two-day summit, which will focus on limiting migration through the Mediterranean. Keep in mind that German Chancellor Angela Merkel is facing pressure from her Bavarian sister party-CSU-to reduce the number of arrivals to Germany. The European Central Bank released its Economic Bulletin, which showed expectations for a sustained pick-up in in underlying inflation measures towards the end of 2018.

In economic data:
Eurozone June Business and Consumer Survey 112.3 (expected 112.0; last 112.5)
Germany's July GfK Consumer Climate 10.7 (expected 10.6; last 10.7)
Spain's June CPI +0.3% month-over-month (last 0.9%); +2.3% year-over-year, as expected (last 2.1%). May Retail Sales -0.3% year-over-year (last 0.3%)
Italy's June CPI +0.3% month-over-month (expected 0.2%; last 0.3%); +1.4% year-over-year (expected 1.3%; last 1.0%)

---Equity Markets---

UK's FTSE is lower by 0.4%. Miners like Glencore, Antofagasta, Anglo American, BHP Billiton, and Rio Tinto are down between 0.9% and 1.8%. Select consumer names like Associated British Foods, Paddy Power, Merlin Entertainments, Barratt Developments, and Persimmon hold losses between 0.6% and 2.0%.
France's CAC has slid 0.8% amid losses in most components. STMicroelectronics is down 4.2% while TechnipFMC, Peugeot, Schneider Electric, Cap Gemini, Peugeot, Renault, and Michelin have given up between 0.8% and 4.2%.
Germany's DAX has surrendered 1.3%. Infineon and SAP hold respective losses of 3.9% and 2.4% while other heavyweights like Volkswagen, Lufthansa, BMW, Siemens, Daimler, and BASF show losses between 0.5% and 2.2%.

08:33AM ET
[BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: -25.30.

The S&P 500 futures are down 0.4%.

Just in, the latest weekly initial jobless claims count totaled 227,000, while the Briefing.com consensus expected a reading of 220,000. Today's tally was above the unrevised prior week count of 218,000. As for continuing claims, they declined to 1.705 million from a revised count of 1.726 million (from 1.723 million).

Separately, the third estimate of first quarter GDP pointed to an expansion of 2.0% (Briefing.com consensus 2.2%). The second estimate came in at 2.2%.

07:59AM ET
[BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +14.50.

Stocks are looking to rebound this morning after getting pounded on Wednesday, but overnight trading has been choppy, pointing to a lack of conviction among investors. At the moment, the S&P 500 futures are slightly higher, up 0.1%. For the week, the benchmark index is down 2.0%.

Elsewhere, U.S. Treasuries are mostly flat, with the benchmark 10-yr yield unchanged at 2.83%, West Texas Intermediate crude futures are down 0.2% at $72.60 per barrel after touching a fresh three-and-a-half year high on Wednesday, and the U.S. Dollar Index has slipped from an 11-month high, shedding 0.1%.

Investors will receive just a couple of pieces of economic data this morning, including the third estimate of first quarter GDP (Briefing.com consensus +2.2%) and the weekly Initial Claims report (Briefing.com consensus 220K). Both readings will cross the wires at 8:30 AM ET.

In addition, the Fed will release the results from the final stage of its 2018 stress test at 4:30 PM ET. Investors are hoping for no complications as banks are coming into today's session on a 13-session losing streak; the S&P 500's heavily-weighted financial sector has dropped nearly 6.0% since June 8.

On the earnings front, Dow component Nike (NKE) will report its quarterly results following today's closing bell.

In U.S. corporate news:

Apple (AAPL 184.96, +0.80): +0.4% after reaching an agreement with South Korean tech giant Samsung to end their longstanding court battle over patents.
Walgreens Boots Alliance (WBA 65.90, -0.36): -0.5% after reporting above-consensus earnings and raising the low-end of its FY18 earnings guidance.
Accenture (ACN 158.03, +2.69): +1.7% after beating both top and bottom line estimates and raising its profit guidance for FY18.
Bed Bath & Beyond (BBBY 19.58, -0.60): -3.0% despite reporting better-than-expected earnings.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mostly lower note. Japan's Nikkei unch, Hong Kong's Hang Seng +0.5%, China's Shanghai Composite -0.9%, India's Sensex -0.5%.
In economic data:
Japan's May Retail Sales +0.6% year-over-year (expected 1.3%; last 1.5%)
In news:
Chinese officials will intensify anti-speculation measures in the housing market in 30 cities. Regulators will target rent manipulation, delayed sales by developers, and non-compliant loans. Meanwhile, China's National Development & Reform Commission is reportedly considering a ban on sales of dollar-denominated debt that matures within a year.
The Korean press reported that representatives from North and South Korea are meeting today to discuss connecting border roads.
The Reserve Bank of New Zealand left its official cash rate at 1.75%, as expected.

Major European indices trade on a mostly lower note with the UK's FTSE (-0.3%) trading a bit ahead of its peers. France's CAC -0.5%, Germany's DAX -1.0%.
In economic data:
Eurozone June Business and Consumer Survey 112.3 (expected 112.0; last 112.5)
Germany's July GfK Consumer Climate 10.7 (expected 10.6; last 10.7)
Spain's June CPI +0.3% month-over-month (last 0.9%); +2.3% year-over-year, as expected (last 2.1%). May Retail Sales -0.3% year-over-year (last 0.3%)
Italy's June CPI +0.3% month-over-month (expected 0.2%; last 0.3%); +1.4% year-over-year (expected 1.3%; last 1.0%)
In news:
European leaders have begun a two-day summit, which will focus on limiting migration through the Mediterranean. Keep in mind that German Chancellor Angela Merkel is facing pressure from her Bavarian sister party-CSU-to reduce the number of arrivals to Germany.
The European Central Bank released its Economic Bulletin, which showed expectations for a sustained pick-up in in underlying inflation measures towards the end of 2018.

07:29AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +18.30.

07:07AM ET
[BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +23.30.

07:07AM ET
[BRIEFING.COM] Nikkei...22270...-1.40...0.00%. Hang Seng...28497...+141.10...+0.50%.

07:07AM ET
[BRIEFING.COM] FTSE...7624.78...+3.10...+0.00%. DAX...12279.38...-69.20...-0.60%.

04:20PM ET

[BRIEFING.COM] Stocks ended Wednesday's session on a solidly lower note, despite getting off to a good start. The S&P 500 was up as much as 0.9%, but finished lower by 0.9%, closing below its 50-day moving average for the first time in seven weeks. The Dow declined 0.7%, and the Nasdaq and the Russell 2000 lost 1.5%-1.7% apiece.

Investors were in an upbeat mood at the opening bell following news that the White House will defer regulating foreign investment in U.S. technology firms to the Committee on Foreign Investment in the United States (CFIUS). That decision was seen as a less-aggressive alternative to reports earlier this week that the Trump administration would like to directly bar foreign investment in U.S. tech firms.

However, the bullish vibe soon petered out. There wasn't a news catalyst behind the shift in sentiment; rather, underwhelming performances from the information technology and financial sectors helped to turn the tide. The two spaces eventually finished at the bottom of the sector standings, losing 1.3%-1.5% apiece.

That marks the 13th straight loss for the heavily-weighted financial space, which has been suffering amid a flattening of the yield curve. The 2s10s spread declined by another three basis points on Wednesday, dropping to 32 bps -- its lowest level in more than a decade. The benchmark 10-yr yield tumbled five basis points to 2.83%.

As for the top-weighted tech space, its weak performance was likely the result of some end-of-quarter churn as managers look to re-balance their portfolios. Even with Wednesday's drop, the tech space has had an impressive quarter, rallying 5.6% -- much better than the S&P 500's three-month gain of 2.2%.

On the flip side, the energy sector was the top-performing space for the second day in a row, adding 1.3%, thanks to another crude rally. WTI crude futures soared 3.1% to $72.69/bbl, hitting a fresh three-and-a-half year high, after the weekly government inventory data showed a larger-than-expected draw of 9.9 million barrels.

In corporate news, shares of ConAgra Brands (CAG 35.45, -2.78) tumbled 7.3% after the company announced it will be acquiring Pinnacle Foods (PF 64.95, -2.91) for approximately $8 billion in cash and stock. Shares of Pinnacle Foods lost 4.3%.

Meanwhile, shares of 21st Century Fox (FOXA 48.80, +1.12) rallied 2.4% after Walt Disney (DIS 103.96, -0.30) won DOJ approval to buy most of Fox's assets for $71.3 billion. The deal is subject to the condition that Disney sells 22 regional sports networks.

Elsewhere, the U.S. Dollar Index soared 0.7% on Wednesday to 95.02, hitting a fresh 11-month high.

It's also worth noting that Supreme Court Justice Anthony Kennedy announced his retirement on Wednesday, effective July 31. Although he identifies as a conservative, Mr. Kennedy is considered a swing vote as he often sides with his liberal colleagues. His retirement gives President Trump the chance to strengthen the court's conservative majority.

Reviewing today's economic data, which included the Durable Goods Orders report for May, the advance readings for May Wholesale Inventories and International Trade in Goods, the Pending Home Sales report for May, and the weekly MBA Mortgage Applications Index:

May durable goods orders fell 0.6%, which is less than the 1.0% decrease expected by the Briefing.com consensus. The prior month's reading was revised to -1.0% (from -1.7%). Excluding transportation, durable orders decreased 0.3% (Briefing.com consensus +0.4%) to follow the prior month's revised increase of 1.9% (from 0.9%).
The key takeaway from the report is that the downturn in May appeared to be a simple pullback from a robust month of order activity, excluding transportation, in April. To wit, orders for fabricated metal products fell 1.2% after increasing 3.3% in April.
The Advance report for International Trade in Goods for May showed a deficit of $64.8 billion, and the Advance report for Wholesale Inventories for May showed an increase of 0.5%.
Pending Home Sales decreased 0.5% in May (Briefing.com consensus +0.8%). The May reading follows an unrevised 1.3% decrease in April.
The weekly MBA Mortgage Applications Index declined 4.9% to follow last week's rise of 5.1%.

On Thursday, investors will receive the third estimate for first quarter GDP and the weekly Initial Claims report.

Nasdaq Composite +7.9% YTD
Russell 2000 +6.8% YTD
S&P 500 +1.0% YTD
Dow Jones Industrial Average -2.4% YTD

Dow: -165.52… | Nasdaq: -116.54… | S&P: -23.43…
NASDAQ Adv/Dec 585/2407. …NYSE Adv/Dec 856/2129.

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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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