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 Post subject: July 6th Friday Price Action Trade Result Profit $2625.00
PostPosted: Fri Jul 06, 2018 8:31 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Users of WRB Analysis Real-Time Trades - TheStrategyLab Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users of WRB Analysis Reviews / Accolades / Testimonials: http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini ES ($ES_F) futures @ $2625.00 dollars or +52.50 points, Emini RTY ($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 @ $2625.00 dollars

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=182&t=2867

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=358&t=3788 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 04:15PM ET
Dow: +99.74… | Nasdaq: +101.96… | S&P: +23.21…
NASDAQ Vol: 1.69 bln… Adv: 2032… Dec: 858…
NYSE Vol: 667 mln… Adv: 2184… Dec: 781…

Moving the Market

June Employment Situation Report (actual 213K; Briefing.com consensus 195K) sails past headline expectations, but average hourly earnings growth (actual 0.2%; Briefing.com consensus 0.3%) remains sluggish

Biotech names outperform after positive clinical trial data from Biogen (BIIB)

Broad-based participation; all 11 sectors end higher

Sector Watch
Strong: Health Care, Energy, Consumer Discretionary, Information Technology, Utilities
Weak: --
04:15PM ET

[BRIEFING.COM] Apparently, a trade war started on Friday -- or so it was said -- yet the stock market acted as if there was a daisy stuck in the barrel of every trade threat. For the second day in a row, the stock market ignored the trade conflict between the U.S. and China (and other countries for that matter) and rallied around a pleasing employment report for June.

It was clear to see in the futures market this morning how the employment report was the inflection point for a shift in trading sentiment. Prior to its release at 8:30 a.m. ET, the S&P futures were down as many as seven points and signalling a modestly lower start for the broader market.

Following the release, they turned positive, and although the open to today's session was a bit tentative, the bulls soon took command of today's tape, ceding some ground only in a profit-taking retreat in the last 30 minutes of trading.

The catalyst for the upside bias was the recognition that the June employment report had a familiar Goldilocks hue to it. Specifically, it featured solid nonfarm payrolls growth (+213,000) and a subdued 2.7% year-over-year gain in average hourly earnings that kept inflation worries, and aggressive rate-hike worries, at bay.

The stock market wasn't the only beneficiary of that fairy-tale theme. The Treasury market also enjoyed the not-too-hot-not-too-cold narrative.

The 2-yr note yield, which is more sensitive to changes in the fed funds rate, fell three basis points to 2.53% while the 10-yr note yield, which is more sensitive to inflation, slipped one basis point to 2.83%.

Within the stock market, every sector was a winner.

Gains ranged from 0.3% (consumer staples) to 1.4% (health care). The latter was helped by a huge gain in Biogen (BIIB 357.48, +58.67, +19.6%), which surged after announcing encouraging, and surprising, Phase II trial results for its Alzheimer's drug.

A 1.2% increase in the information technology sector, which flowed from the outperformance of Apple (AAPL 187.97, +2.57, +1.4%), Facebook (FB 203.23, +4.78, +2.4%), Alphabet (GOOG 1140.17, +15.90, +1.4%), and Microsoft (MSFT 101.16, +1.40, +1.4%), solidified the upside bias and drove the outperformance of the Nasdaq Composite (+1.3%).

Trade matters were talked about widely. The U.S. and China both pressed ahead with tariffs on $34 billion worth of imported goods from each country, which was not a surprise, and President Trump suggested it's possible tariffs on more than $500 billion of Chinese goods could be levied over time if necessary.

The latter was a surprise, but judging by the stock market's performance, it was not unnerved by the remark.

Taking a closer look at today's economic data:

June nonfarm payrolls increased by 213,000 (Briefing.com consensus 195,000). Over the past three months, job gains have averaged 211,000 per month.
June private sector payrolls increased by 202,000 (Briefing.com consensus 192,000).
June unemployment rate was 4.0% (Briefing.com consensus 3.8%) versus 3.8% in May
June average hourly earnings were up 0.2% (Briefing.com consensus +0.3%), after increasing 0.3% in May. Over the last 12 months, average hourly earnings have risen 2.7%, versus 2.7% for the 12 months ending in May.
The average workweek in June was 34.5 hours (Briefing.com consensus 34.5) versus 34.5 hours in May June manufacturing workweek increased 0.1 hours to 40.9 hours Factory overtime increased 0.1 hours to 3.5 hours
The labor force participation rate was 62.9% in June, versus 62.7% in May
The key takeaway is that the data in aggregate were strong enough to excite the masses about the economic expansion continuing, but not so strong as to ignite any mass hysteria about inflation taking off and the Federal Reserve needing to clamp down fast and hard to contain it.
The trade deficit narrowed to $43.1 billion in May (Briefing.com consensus -$43.6 billion) from $46.1 billion in April, with exports increasing $4.1 billion more than April exports and imports increasing $1.1 billion more than April imports.
The key takeaway from the report is that net exports will be accounted for a positive component in Q2 GDP forecasts, as the second quarter average real trade deficit is 7.4% less than the first quarter average.

Monday's economic calendar will feature the Consumer Credit report (Briefing.com consensus $12.4 billion) for May.

Nasdaq Composite +11.4% YTD
Russell 2000 +10.3% YTD
S&P 500 +3.2% YTD
Dow Jones Industrial Average -1.1% YTD

Dow: +99.74… | Nasdaq: +101.96… | S&P: +23.21…
NASDAQ Adv/Dec 2032/858. …NYSE Adv/Dec 2184/781.

03:30PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures increased 1.1% (-0.71%) to $73.77/barrel
August Natural Gas settled $0.02 higher (0.7%) at $2.86/MMBtu
July RBOB Gasoline settled $0.02 lower (-0.94%) at $2.11/gallon
July Heating oil futures settled $0.01 lower (-0.46%) at $2.17/gallon
Agriculture Settlement Prices:
Sept corn settled $0.07 higher at $3.60/bushel
Sept wheat settled $0.23 higher at $5.14/bushel
Aug soybeans settled $0.29 higher at $8.77/bushel
Metals Settlement Prices:
Aug gold settled today's session down $3.10 (0.25%) at $1255.70/oz
Sept silver settled today's session $0.01 lower (0.19%) at $16.07/oz
Sept copper settled $0.01 lower (0.35%) at $2.82/lb

Note: an earlier version indicated oil prices settled lower, which was incorrect. The comment has been edited.
Dow: +138.77… | Nasdaq: +107.93… | S&P: +26.87…
NASDAQ Adv/Dec 2042/901. …NYSE Adv/Dec 2209/763.

03:00PM ET

[BRIEFING.COM] Things are still looking up for the stock market, which has been resistant to selling pressure for most of today's trading.

The indices are at, or near, their highs for the day, and are all looking good, especially when factoring for Thursday's gains as well.

The Nasdaq Composite (+1.3%) has been the standout today among the major indices, just like it has been all year. That outperformance has been underpinned by the usual suspects.

Facebook (FB 203.24, +4.79, +2.4%), for one, has been on a tear. It is up 2.4% on top of a 3.0% gain on Thursday. There hasn't been a news catalyst for today's advance, which has been grounded in momentum and forged on light volume.

Nevertheless, the relative strength in the mega-cap technology names today is evident in the 1.5% gain in the Nasdaq 100.
Dow: +132.43… | Nasdaq: +100.53… | S&P: +25.49…
NASDAQ Adv/Dec 2060/806. …NYSE Adv/Dec 2199/733.

02:30PM ET

[BRIEFING.COM] The stock market has been stuck in the afternoon session, which isn't anything bad as that means it has been holding close to its highs for the day.

Sellers haven't attempted to exert any real pressure today as the bulls have been in firm command since the start of trading.

The June employment report was the inflection point for investor sentiment today as the futures market, weak before its release, recouped its losses following the release.

Today's gain has the S&P 500 up 1.6% for the week and on track to record its first weekly gain in the past three weeks.

The health care sector (+1.5%) continues to lead the way for the broader market, riding the coattails of Biogen (BIIB 357.98, +59.17, +19.7%), which is padding its gains following some very encouraging, and surprising, trial results for its Alzheimer's drug.
Dow: +147.59… | Nasdaq: +96.01… | S&P: +24.46…
NASDAQ Adv/Dec 2033/813. …NYSE Adv/Dec 2201/731.

01:55PM ET

[BRIEFING.COM] Still holding near the highs for the session in what has been a tightly-traded affair for the past hour.

The upside bias has not been reserved exclusively for the stock market, however. The Treasury market has also been trading with a positive bias and has clung to modest gains since the cash open.

Yields from the 2-yr note (2.55%) to the 30-yr bond (2.94%) are down one to two basis points. The resilience is owed in part to the June employment report, which kept inflation worries, and aggressive rate-hike worries, at bay.

Clearly, though, the strength in stocks is not coming at the expense of Treasuries.
Dow: +145.18… | Nasdaq: +95.33… | S&P: +24.71…
NASDAQ Adv/Dec 2074/758. …NYSE Adv/Dec 2256/667.

01:35PM ET

[BRIEFING.COM] The major U.S. indices are sustaining strong gains in the wake of this morning's strong payrolls data, which provided further evidence of continued economic expansion.

A look inside the Dow Jones Industrial Average shows that Walgreens Boots Alliance (WBA 63.82, +1.44), McDonald's (MCD 160.03, +2.71), & Microsoft (MSFT 101.10, +1.34) are outperforming. Walgreens is again leading the Dow higher as shares build further momentum off of last week's Amazon-driven slide.

Conversely, Caterpillar (CAT 135.68, -0.13) is the worst-performing Dow component as investors proceed with caution after China & US tariffs went into effect overnight, increasing fears of a full-blown trade war.

At current levels, the DJIA is poised to finish the week with gains of 1%.
Dow: +153.91… | Nasdaq: +94.16… | S&P: +25.46…
NASDAQ Adv/Dec 2087/737. …NYSE Adv/Dec 2273/655.

12:55PM ET

[BRIEFING.COM] The stock market has been on the run today, advancing on the back of a pleasing employment report for June and flying in the face of reports that the U.S. and China have pressed ahead with the implementation of tariffs on $34 billion worth of goods imported from each other.

Some are suggesting "the trade war is now on," especially with President Trump saying it's possible tariffs on more than $500 billion of Chinese goods could be levied over time if necessary, yet there hasn't been any undue angst in the stock market, which rallied yesterday in front of those tariffs and has extended that move today.

Today's rally has some similar features to Thursday's advance. It is broad-based, it features solid sector leadership, and it has occurred on light volume.

All 11 sectors are trading higher, with gains ranging from 0.2% (telecommunication services) to 1.2% (health care), and all but one Dow component -- Caterpillar (CAT 135.41, -0.40, -0.3%) -- trading to the upside.

The move in the health care sector has been powered by the biotech stocks and specifically Biogen (BIIB 347.80, +48.99, +16.4%), which is soaring on positive Phase II trial results for its Alzheimer's drug.

By and large, there hasn't been much corporate news of note.

Instead, the market has been driven mostly by an employment report that has garnered attribution as being another Goldilocks report, which is to say it was accented by solid nonfarm payrolls growth (+213,000) and a modest 2.7% year-over-year gain in average hourly earnings that kept wage-based inflation worries at bay.

The major indices are trading off their best levels of the day, but not by much as sellers have lacked conviction up to this point. That disposition is reflected in an advance-decline line that favors advancers at the NYSE and Nasdaq by a nearly 3-to-1 margin.

Taking a closer look at today's economic data:

June nonfarm payrolls increased by 213,000 (Briefing.com consensus 195,000). Over the past three months, job gains have averaged 211,000 per month.
June private sector payrolls increased by 202,000 (Briefing.com consensus 192,000).
June unemployment rate was 4.0% (Briefing.com consensus 3.8%) versus 3.8% in May
June average hourly earnings were up 0.2% (Briefing.com consensus +0.3%), after increasing 0.3% in May. Over the last 12 months, average hourly earnings have risen 2.7%, versus 2.7% for the 12 months ending in May.
The average workweek in June was 34.5 hours (Briefing.com consensus 34.5) versus 34.5 hours in May June manufacturing workweek increased 0.1 hours to 40.9 hours Factory overtime increased 0.1 hours to 3.5 hours
The labor force participation rate was 62.9% in June, versus 62.7% in May
The key takeaway is that the data in aggregate were strong enough to excite the masses about the economic expansion continuing, but not so strong as to ignite any mass hysteria about inflation taking off and the Federal Reserve needing to clamp down fast and hard to contain it.
The trade deficit narrowed to $43.1 billion in May (Briefing.com consensus -$43.6 billion) from $46.1 billion in April, with exports increasing $4.1 billion more than April exports and imports increasing $1.1 billion more than April imports.
The key takeaway from the report is that net exports will be accounted for a positive component in Q2 GDP forecasts, as the second quarter average real trade deficit is 7.4% less than the first quarter average.

Dow: +121.67… | Nasdaq: +91.84… | S&P: +22.62…
NASDAQ Adv/Dec 2066/733. …NYSE Adv/Dec 2233/691.

12:30PM ET

[BRIEFING.COM] There is a lot of green on stock monitors today. All 11 sectors are trading higher; 29 out of 30 Dow components are up; and the major indices are all up at least 0.6%.

The lone laggard in the Dow is Caterpillar (CAT 135.80, -0.01, -0.01), yet it's not exactly buckling to selling pressure. Rather, it seems to be a sacrificial lamb for background trade concerns today.

Another component left in the market's dust is copper ($2.80, -$0.02, -0.9%), which has had a very tough month (-5.5%) and an even tougher year (-15.1%) so far. The weakness in the red metal is noteworthy, because it has leading indicator status given the many industrial uses for copper.

That underperformance is a testament to growth concerns that are lingering, despite this week's bull run by the stock market.

It should be noted, too, that many of the best-performing sectors this week are predominately defensive-oriented (i.e. countercyclical) sectors: health care (+3.1%), utilities (+2.3%), telecom services (+2.3%), and consumer staples (+1.7%).
Dow: +154.77… | Nasdaq: +94.76… | S&P: +25.15…
NASDAQ Adv/Dec 2075/702. …NYSE Adv/Dec 2254/645.

12:00PM ET

[BRIEFING.COM] It has been mainly a one-way street of trading to this point, as the major indices have continued to extend higher on broad-based buying interest.

It's possible that thin trading conditions are helping things along, but to be fair, the market can also sell off easily amid thin trading conditions -- and that hasn't happened.

Since coming back from the Fourth of July holiday, the S&P 500 is up 1.8% and the Nasdaq Composite is up 2.3%.

Strikingly, the CBOE Volatility Index (13.65, -1.32) has declined 15.4% over the same period, reflecting a lack of interest in hedging against near-term downside risk.
Dow: +120.09… | Nasdaq: +85.27… | S&P: +22.78…
NASDAQ Adv/Dec 2042/731. …NYSE Adv/Dec 2201/677.

11:30AM ET

[BRIEFING.COM] There has been no let up in the bullish bias that took root yesterday. The major indices have advanced to a new high ground today with all sectors in tow.

The-advance-decline line at the NYSE and Nasdaq favors advancers by nearly a 3-to-1 margin.

To be sure, it's tough to rattle a market when its four largest sectors - information technology (+0.9%), health care (+1.2%), financial (+0.7%), and consumer discretionary (+0.7%) -- are all looking solid, and when the market's biggest mega-cap stocks -- Apple (AAPL 187.43, +2.03, +1.1%), Amazon.com (AMZN 1710.91, +11.18, +0.6%), Alphabet (GOOG 1138.18, +13.91, +1.2%), and Microsoft (MSFT 100.83, +1.07, +1.1%) -- are all trading higher.

Separately, the energy sector has picked up some steam, as oil prices have reversed on reports that the outage at the Syncrude oil sands facility in Canada could persist until September, versus July as previously estimated. Crude prices, which were down $0.80, are up $0.66, or 0.9%, to $73.60/bbl.
Dow: +117.60… | Nasdaq: +76.20… | S&P: +20.22…
NASDAQ Adv/Dec 2020/736. …NYSE Adv/Dec 2166/684.

11:00AM ET

[BRIEFING.COM] The major indices are all sitting at, or near, their best levels of the session, underscoring that the positive implications of the June employment report are thus far outweighing the negative attention being paid to the tariffs the U.S. and China have imposed on up to $34 billion worth of imported goods from each other.

Every sector is up at the moment, so it's all relative in terms of assigning a "weak" label to today's underperformers.

To that end, the materials (+0.05%) and industrials (+0.05%) sectors are lagging behind, which is interesting knowing that each is more closely tied up in growth concerns related to protectionist trade measures.

Otherwise, there is some solid leadership today driving the broader market. The health care (+1.0%), energy (+0.6%), and consumer discretionary (+0.6%) sectors sit atop the leaderboard at this time.
Dow: +47.01… | Nasdaq: +59.20… | S&P: +13.10…
NASDAQ Adv/Dec 2024/715. …NYSE Adv/Dec 2120/716.

10:35AM ET
[BRIEFING.COM]

Commodities are starting the day off higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.4% at 85.87
Dollar index is currently -0.5% at 93.69
Looking at energy...
Aug WTI crude oil futures are now +$0.50 at $73.44/barrel
In other energy, Aug natural gas is +$0.01 at $2.85/MMBtu
Natural gas inventory showed a build of 78 bcf vs a build of 66 bcf in the prior week
Moving on to metals...
Aug gold is currently -$1.60 at $1257.20/oz, while Jul silver is -$0.05 at $16.05/oz
Jul copper is now -$0.01 at $2.81/lb

Dow: -0.66… | Nasdaq: +41.44… | S&P: +7.79…
NASDAQ Adv/Dec 1960/743. …NYSE Adv/Dec 2005/772.

10:00AM ET

[BRIEFING.COM] The Nasdaq (+0.4%) and S&P 500 (+0.2%) continue holding modest early gains while the Dow Jones Industrial Average has yet to make it into the green.

The price-weighted Dow has been pressured by a handful of influential components like 3M (MMM 196.68, -0.66), Home Depot (HD 193.69, -0.72), Boeing (BA 331.00, -2.18), and Caterpillar (CAT 133.65, -2.16). On the upside, Apple (AAPL 186.72, +1.32) and McDonald's (MCD 159.74, +2.42) have displayed some early relative strength.

Four sectors remain in negative territory at this juncture, with industrials (-0.4%) and materials (-0.4%) trading behind the pack.
Dow: -5.27… | Nasdaq: +33.40… | S&P: +4.85…
NASDAQ Adv/Dec 1741/867. …NYSE Adv/Dec 1668/983.

09:40AM ET

[BRIEFING.COM] The major averages began the day near their flat lines with the Nasdaq Composite (+0.4%) trading a bit ahead of the other indices thanks to early strength in biotechnology.

The Nasdaq owes some of its early outperformance to shares of Biogen (BIIB 355.62, +56.81). The stock has spiked 19.0% in response to positive clinical trial data while the broader iShares Nasdaq Biotechnology ETF (IBB 114.49, +2.51) has climbed 2.2% in the early going.

Unsurprisingly, the health care sector (+0.8%) is an early leader while the remaining groups trade closer to their flat lines. Other heavily-weighted sectors like financials (-0.1%), technology (+0.1%), industrials (-0.2%), and consumer discretionary (+0.1%) trade in mixed fashion.

Treasuries continue holding gains with the 10-yr yield down two basis points at 2.82%.
Dow: -4.20… | Nasdaq: +29.44… | S&P: +4.89…
NASDAQ Adv/Dec 1512/1027. …NYSE Adv/Dec 1479/1085.

09:15AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +8.00.

The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value.

Index futures rebounded off their lows in response to the recently-released Employment Situation report for June, which sailed past headline expectations, but showed below-consensus growth in average hourly earnings (actual +0.2%; Briefing.com consensus 0.3%). The unemployment rate unexpectedly increased to 4.0% (Briefing.com consensus 3.8%) from 3.8%, as the labor force participation rate improved to 62.9% from last month's 62.7%.

U.S. Treasuries hover near their session highs with the 10-yr yield dipping two basis points to 2.82%, approaching a level not seen since late May.

08:56AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +13.80.

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

Equity indices in the Asia-Pacific region ended the week on a mostly higher note. China's Ministry of Commerce reiterated intentions to fight back against tariffs imposed by the United States. Meanwhile, People's Bank of China adviser Ma Jun reiterated that the impact of the trade war is expected to be limited, potentially lowering the domestic GDP growth rate by 20 basis points. HNA Group's co-founder Chen Feng was elected Chairman, replacing co-founder Wang Jian, who died after a fall in the south of France.

In economic data:
Japan's May Household Spending -0.2% month-over-month (expected -0.1%; last -1.6%); -3.9% year-over-year (consensus -1.5%; last -1.3%). May Average Cash Earnings +2.1% year-over-year (consensus 0.9%; last 0.6%). May Leading Index 106.9 (expected 106.5; last 106.2)
Australia's June AIG Construction Index 50.6 (last 54.0)
Hong Kong's June FX Reserves $431.90 billion (last $432.20 billion)

---Equity Markets---

Japan's Nikkei gained 1.1%, narrowing this week's loss to 2.3%. Eisai spiked 19.5% after reporting positive results from a mid-stage trial of an Alzheimer's drug being developed in conjunction with Biogen. TDK, Advantest, SUMCO, Hitachi Construction, Alps Electric, Dainippon Screen Manufacturing, Showa Denko, and Fanuc gained between 1.9% and 5.2%.
Hong Kong's Hang Seng added 0.5%, but lost 2.2% for the week. Galaxy Entertainment, Sunny Optical Tech, Link Reit, Want Want China, Hang Lung Properties, and CNOOC rose between 0.6% and 3.6%.
China's Shanghai Composite rose 0.5%, trimming this week's loss to 3.5%. Zhongyuan Union Cell & Gene Engineering, Hubei Kaile Science & Technology, Yunnan Jinggu Forestry, and Shanghai Jinjiang International Hotels Development gained between 4.5% and 10.3%.
India's Sensex added 0.2%, but shed 0.1% for the week. Hero MotoCorp, Tata Motors, Bajaj Auto, Mahindra & Mahindra, Reliance Industries, Larsen & Toubro, and Adani climbed between 1.0% and 4.3%.

Major European indices are little changed following the release of the employment report out of the U.S. and as the U.S. and China fire an initial tariff salvo on $34 billion worth of imported goods, with threats that more tariffs (and retaliatory tariffs) could follow. Germany posted better than expected industrial production data for May while the German press is reporting JPMorgan and ICBC might be interested in acquiring a stake in Deutsche Bank. Separately, Brexit planning drama continues to unfold in the UK as the press there suggests several cabinet members are opposed to PM May's Brexit plan.

In economic data:
German Industrial Production for May +2.6% month-over-month (expected +0.3%; Prior -1.3%)
French Trade Balance Report for May -6.0B (expected -5.1B; Prior -5.2B)
UK House Price Index for June +0.3% month-over-month (expected +0.3%; Prior +1.7%); +1.8% year-over-year (expected +1.8%; Prior +1.9%)
Italian Retail Sales for May +0.8% month-over-month (expected +0.3%; Prior -0.6%)

---Equity Markets---

UK's FTSE is down 0.3%.Gains in ITV (+4.7%), Intu Properties (+2.4%), Capita (+1.6%), and Relx (+1.4%) are being offset by losses in Direct Line Insurance (-3.8%), Fresnillo (-2.8%), Associated British Foods (-2.4%), and Anglo American (-2.4%).
France's CAC is little changed.TechnipFMC (-1.9%), Michelin (-1.6%) and Renault (-1.6%) are the top three losers while Veolia Environment (+1.7%), Hermes Intl. (+1.3%, and Kering (+1.0%) are the top three winners.
Germany's DAX hovers just above its flat line. Deutsche Bank (+3.6%) is helping to lend support along with RWE AG (+2.0%) and Thyssenkrupp (+1.4%).The worst-performing components today include Lufthansa (-1.7%) and Volkswagen (-0.8%).


08:31AM ET
[BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +9.00.

The S&P 500 futures trade one point below fair value.

Just in, June nonfarm payrolls increased by 213,000 while the Briefing.com consensus expected an increase of 195,000. The prior month's increase was revised to 244,000 from 223,000. Nonfarm private payrolls rose by 202,000 while the Briefing.com consensus expected an increase of 192,000. The previous month's increase was revised to 239,000 from 218,000.

Average hourly earnings increased 0.2% (Briefing.com consensus +0.3%), while the previous month's increase was left unrevised at 0.3%. The average workweek was reported at 34.5 (Briefing.com consensus 34.5). The unemployment rate rose to 4.0% from 3.8% (Briefing.com consensus 3.8%).

The May trade balance report showed a deficit of $43.1 billion (Briefing.com consensus -$43.6 billion). The April deficit was revised to $46.1 billion from $46.2 billion.

08:05AM ET
[BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -7.00.

U.S. equity futures hold modest pre-market losses with the S&P 500 futures trading five points below fair value, but some volatility is expected to coincide with the 8:30 ET release of the Employment Situation report for June.

The overnight session was fairly upbeat, as markets across Asia rebounded from losses recorded earlier in the week. Keep in mind that tariffs on $34 billion worth of imports from China went into effect overnight, while a second round of tariffs on $16 billion worth of goods is set to be implemented in two weeks.

Markets in Europe trade near their flat lines, but it is worth noting that Germany's Interior Minister Horst Seehofer warned that "things would start all over again" if the recently agreed-upon plan for handling asylum seekers does not pass the practical test.

U.S. Treasuries hold modest gains with the 10-yr yield dipping one basis point to 2.83%. The U.S. Dollar Index is down 0.2% at 94.33.

Coming up at 8:30 ET, the market will receive June Nonfarm Payrolls (Briefing.com consensus 195K; prior 223K), Nonfarm Private Payrolls (Briefing.com consensus 192K; prior 218K), Unemployment Rate (Briefing.com consensus 3.8%; prior 3.8%), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.3%), June Average Workweek (Briefing.com consensus 34.5; prior 34.5), and May Trade Balance (Briefing.com consensus -$43.60 bln; prior -$46.2 bln).

In corporate news of note:

PriceSmart (PSMT 86.50, -6.90): -7.4% after reporting mixed quarterly results.
Biogen (BIIB 333.50, +34.69): +11.6% in response to positive results from a trial of an Alzheimer's drug being developed in conjunction with Eisai.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +1.1%, Hong Kong's Hang Seng +0.5%, and China's Shanghai Composite +0.5%.
In economic data:
Japan's May Household Spending -0.2% month-over-month (expected -0.1%; last -1.6%); -3.9% year-over-year (consensus -1.5%; last -1.3%). May Average Cash Earnings +2.1% year-over-year (consensus 0.9%; last 0.6%). May Leading Index 106.9 (expected 106.5; last 106.2)
Australia's June AIG Construction Index 50.6 (last 54.0)
Hong Kong's June FX Reserves $431.90 billion (last $432.20 billion)
In news:
People's Bank of China adviser Ma Jun reiterated that the impact of the trade war is expected to be limited, potentially lowering the domestic GDP growth rate by 20 basis points.
HNA Group's co-founder Chen Feng was elected Chairman, replacing co-founder Wang Jian, who died after a fall in the south of France.

Major European indices trade near their flat lines. UK's FTSE -0.3%, France's CAC -0.1%, and Germany's DAX trades flat.
In economic data:
German Industrial Production for May +2.6% month-over-month (expected +0.3%; Prior -1.3%)
French Trade Balance Report for May -6.0B (expected -5.1B; Prior -5.2B)
UK House Price Index for June +0.3% month-over-month (expected +0.3%; Prior +1.7%); +1.8% year-over-year (expected +1.8%; Prior +1.9%)
Italian Retail Sales for May +0.8% month-over-month (expected +0.3%; Prior -0.6%)
In news:
German press reported JPMorgan and ICBC might be interested in acquiring a stake in Deutsche Bank
Brexit planning drama continues to unfold in the UK as the press there suggests several cabinet members are opposed to PM Theresa May's Brexit plan.


06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: -3.75. Nasdaq futures vs fair value: -6.25.

06:57AM ET
[BRIEFING.COM] Nikkei...21788...+241.20...+1.10%. Hang Seng...28316...+133.50...+0.50%.

06:57AM ET
[BRIEFING.COM] FTSE...7588.20...-15.00...-0.20%. DAX...12467.80...+3.50...+0.00%.

04:15PM ET

[BRIEFING.COM] The stock market took back on Thursday what it lost on Tuesday, and then some, in what has become a virtual seesaw of activity surrounding trade headlines -- real, perceived, or otherwise.

Today, the bulls won out, capitalizing on thin trading conditions, robust leadership from the S&P 500 information technology sector (+1.5%), and opportunistic reports that U.S. and EU officials may be deliberating over the possibility of eliminating all tariffs on auto imports to the EU and U.S.

It wasn't just a case of the information technology sector carrying the day, however. The gains were broad based and featured advances by 10 of 11 economic sectors. Solid gains were also registered by the consumer staples (+1.5%), health care (+1.1%), materials (+1.0%), and real estate (+1.4%) sectors.

The lone laggard was the energy sector (-0.2%), which fell in conjunction with oil prices ($73.04, -$1.28, -1.7%) after a bearish weekly inventory report. The energy sector's loss barely registered, however, as sellers lacked conviction overall in the post-Fourth of July trade.

Volume was on the light side, which was to be expected as many market participants remained on vacation -- or at least away from the stock market.

The participants who were involved today showed an affinity for the semiconductor stocks, which rallied around Micron (MU 52.84, +1.36, +2.6%) affirming its fiscal fourth quarter revenue outlook and some bargain-hunting activity following a rough patch for industry components over the last month.

The relative strength of the semiconductor stocks drove the outperformance of the information technology sector along with a cohort of familiar mega-cap names that included Apple (AAPL 185.40, +1.48, +0.8%), Facebook (FB 198.45, +5.72, +3.0%), and Alphabet (GOOG 1124.27, +21.38, +1.9%). The Philadelphia Semiconductor Index surged 2.7%.

By and large, the market seemed impervious to the understanding that the U.S. is poised to levy tariffs on $34 billion worth of Chinese goods, effective at midnight tonight, and that China is set to retaliate in kind with tariffs on a comparable amount of U.S. goods.

The insouciant trading behavior was viewed as a tacit sign that this tariff action has been priced in already and that the market still expects a full-fledged trade war to be avoided.

That perception could shift on the "next headline," but on Thursday the market traded on positive thoughts and not negative ones.

To that end, the FOMC Minutes for the June meeting were released at 2:00 p.m. ET. There weren't any notable surprises in the text, which is why there wasn't much reaction overall in the market to their release.

One passage that caught some added attention was an acknowledgement that contacts in many districts were concerned about the possible adverse effects of tariffs and other proposed trade restrictions and that contacts in some districts scaled back, or postponed, capital spending plans as a result of the uncertainty over trade policy.

Following a brief hiccup after the release of the Minutes, the major indices would all go on to reach new highs for the session, which were just a smidgen above today's closing prices.

Today's economic calendar featured four releases:

The MBA Mortgage Applications Index for the week ending June 30 (actual -0.5%; Prior -4.9%)
The ADP Employment Change Report for June (Actual 177,000; Briefing.com consensus 180,000; Prior revised to 189,000 from 178,000)
The key takeaway from the report is that it reflects difficulty for employers in finding qualified workers
The Initial Claims Report for the week ending June 30 (Actual 231,000; Briefing.com consensus 225,000; Prior revised to 228,000 from 227,000)
The key takeaway from this report is that there are no alarm bells ringing in it. The initial claims and continuing jobless claims levels continue to be low and encouraging, which is why the market keeps hitting the snooze button upon its release.
The ISM Non-Manufacturing PMI for June (Actual 59.1; Briefing.com consensus 58.3; Prior 58.6)
The key takeaway from the report is that it matched an uptick in the ISM Manufacturing Index for June, suggesting there was an acceleration in both manufacturing and non-manufacturing activity. That will help substantiate the belief that second quarter GDP growth is poised to pick up noticeably from the first quarter.

Friday's economic calendar will feature the Employment Situation Report for June and the Trade Balance Report for May.

Nasdaq Composite +9.9% YTD
Russell 2000 +9.2% YTD
S&P 500 +2.4% YTD
Dow Jones Industrial Average -1.4% YTD

Dow: +181.92… | Nasdaq: +83.75… | S&P: +23.39…
NASDAQ Adv/Dec 2007/933. …NYSE Adv/Dec 2205/789.

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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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