TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_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 @ $0.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. Also, the free chat room is not a signal calling chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) 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), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=158&t=2407

The free chat room is not a signal calling chat room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of the free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. Also, you can use the free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. The free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages and many different types of social media software can be used to log in. I'm the moderator of the free chat room. Thus, I keep the peace between members and I keep out the trouble makers so that members can peacefully post their observations about the markets, trades and WRB Analysis commentary.


Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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

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).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=294&t=3166 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 TF 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 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 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.


click on the above image to view today's price action of key markets


4:15 pm: [BRIEFING.COM] The major averages began the week on a higher note as the S&P 500 (+0.3%) settled above its previous all-time closing high at 2130.82. The broader market continued its recent rally as participants remained upbeat following a headline beat in Friday's Employment Situation Report for June. Additionally, positive developments overseas, a downturn in safe havens, and strong sector leadership from the heavyweight technology (+0.6%), financial (+0.6%), industrial (+0.6%), and consumer discretionary (+0.6%) sectors lifted the averages. The Nasdaq Composite (+0.6%) finished ahead of the Dow Jones Industrial Average (+0.4%) and the S&P 500 (+0.3%).

Today's session began on a higher note as investors eyed a continued rebound in overseas bourses. Global equity markets climbed overnight, boosted by a positive reading of the U.S. Employment Situation Report for June (287K; Briefing.com consensus 175K) and political developments out of Japan. The June employment report sparked risk appetite, indicating a rebound in labor markets without spurring concerns of a sooner-than-expected move from the Fed. In Japan, Prime Minister Shinzo Abe's LDP won a supermajority, paving the way to an easier approval process of potential future stimulus measures.

Equity indices climbed at the start of the session as the benchmark index surpassed its prior all-time intraday high within the first half-hour of trade. The S&P 500 briefly pulled back, finding support near the 2134 price level. The market climbed through the session, buoyed by leadership from heavily-weighted technology (+0.6%), financials (+0.6%), industrials (+0.6%), and consumer discretionary (+0.6%). The broader market finished off its best level of the day as eight sectors ended above their flat line. In front of the pack, technology (+0.6%), financials (+0.6%), and industrials (+0.6%) outperformed. On the flipside, countercyclical health care (-0.2%), telecom services (-0.1%), and utilities (-0.1%) ended with the only losses.

The high-beta chipmakers demonstrated relative strength, evidenced by the 1.1% gain in the PHLX Semiconductor Index. In the index, NVIDIA (NVDA 52.02, +1.17) and Skyworks (SWKS 64.64, +1.73) outperformed, gaining 2.3% and 2.8%, respectively. In the broader technology sector (+0.6%), Alphabet (GOOG 715.09, +9.46) climbed 1.3% while Twitter (TWTR 17.71, -0.37) slipped 2.1%. Twitter struggled after SunTrust downgraded the stock from "Buy" to "Neutral."

In the economically-sensitive financial sector (+0.6%), money center banks outperformed ahead of their respective earnings reports. JPMorgan Chase (JPM 62.27, +0.44) is scheduled to report Thursday morning. Elsewhere, Capital One (COF 66.26, +1.55) led credit service names. The broader sector sports the slimmest monthly gain (month-to-date: +0.8%) and remains the only sector in negative territory for the year (year-to-date: -3.4%).

The Dow Jones Transportation Average (+0.4%) finished the day ahead of the broader market as airline names outperformed. In the group, Delta Air Lines (DAL 38.12, +0.75) and United Continental (UAL 42.41, +0.93) gained 2.1% apiece. Separately, C.H. Robinson (CHRW 71.86, -2.57) rounded out the index after being downgraded to "Sell" at UBS. In the broader industrial sector (+0.6%), Dow component Boeing (BA 132.04, +1.95) led after announcing a number of aircraft sales and raising its 20-year outlook. The company estimates that airplane demand will total 39,260 in the next two decades.

The U.S. Dollar Index (96.59, +0.29) ended modestly higher as the greenback gained against commodity currencies and the yen. The dollar/Canadian dollar pair finished higher by 0.6% (1.3126) amid a downturn in crude oil, which finished its day lower by 1.3% ($44.77/bbl; -$0.59). Separately, the dollar gained 2.2% against the safe-haven yen (102.82).

The Treasury complex settled at its low as equities extended their advance. The yield on the 10-yr note finished higher by seven basis points at 1.43%.

Today's participation was below the recent average as fewer than 789 million shares changed hands on the NYSE floor.

Investors did not receive any economic data today and Tuesday's data will be limited to Wholesale Inventories (Briefing.com consensus 0.2%) for May, which will be released at 10:00 ET.

Russell 2000 +4.8% YTD
Dow Jones +4.6% YTD
S&P 500 +4.6% YTD
Nasdaq Composite -0.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar index holds onto this morning's gains, currently up +0.3% around the 96.56 level, weighing on commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are down -0.4% at the 86.08 level
Crude oil falls below $45/barrel handle support ahead of tomorrow's API data
August crude oil futures fell $0.59 (-1.3%) to $44.77/barrel
EIA petroleum data will be released Wednesday at 10:30 am ET
API data will be released tomorrow after the bell
IEA monthly data will be released July 13th
Natural gas plummets and closes at fresh lows of the session after hitting year-to-date highs last week
August natural gas closed $0.10 lower (-3.6%) at $2.70/MMBtu
EIA natural gas inventory data will be released Thursday at 10:30 am ET
In precious metals, gold drifts slightly below the previous day's close as the dollar index gains momentum
August gold ended today's session down $1.50 (-0.1%) to $1356.90/oz
Silver ends afternoon pit trading just shy of 2-year highs, the gold:silver ratio is near 2-year lows as gold trades nearly flat
September silver closed today's session $0.23 higher (+1.2%) at $20.30/oz
Base metal copper holds onto this morning's gains, finishing afternoon pit trading higher for the day
September copper closed $0.03 higher (+1.4%) at $2.15/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.8%) trades ahead of the Dow Jones Industrial Average (+0.6%) and the S&P 500 (+0.5%).

Eight sectors remain in positive territory with industrials (+0.8%) and technology (+0.8%) leading the advance. The remaining cyclical sectors sport gains between 0.4% (energy) and 0.7% (financials). On the flipside, utilities (-0.2%) and telecom services (-0.1%) sport the only losses while consumer staples (+0.1%) and health care (+0.3%) hover just above their flat lines.

Retail names demonstrate relative strength in the consumer discretionary space (+0.6%), evidenced by the 1.0% gain in the SPDR S&P Retail ETF (XRT 43.80, +0.41). In the ETF, Amazon (AMZN 754.79, +8.98) outperforms ahead of its July 12 Prime Day. Separately, auto component name Borg Warner (BWA 31.06, +0.49) has gained 1.6% after GIC Private disclosed a 5.09% passive stake in the company after Friday's close.

The Treasury complex trades at a session low as the yield on the 10-yr note rises seven basis points to 1.43%.

2:30 pm:

[BRIEFING.COM] The stock market has pulled back since our last update as the S&P 500 (+0.5%) trades three points off its session high. The benchmark index floats ten points above the all-time closing high set on May 21, 2015.

The commodity-sensitive energy space (+0.7%) trades in line with the broader market despite a downturn in crude oil. WTI crude trades lower by 1.4% ($44.76/bbl, -$0.65) ahead of its pit session close at 14:30 ET. For the month, the energy component shows a loss of 7.3%. This compares to a loss of 0.1% in the energy sector over that period.

In the group, Kinder Morgan (KMI 19.31, +0.80) has gained 4.3% after announcing a strategic venture with Southern Company (SO 53.92, -0.21). Southern will acquire a 50.0% equity stake in Southern Natural Gas pipeline system while Kinder Morgan will operate the system for the venture.

The U.S. Dollar Index (96.57, +0.27) has ticked lower in recent action as the euro and the pound extend their leads over the greenback. The euro/dollar pair trades higher by 0.1% (1.1050) while cable sports a gain of 0.3% (1.2994). Separately, the dollar/yen pair trades higher by 2.2% (102.80).

2:00 pm:

[BRIEFING.COM] The major averages have ticked lower in recent trade as the Nasdaq Composite (+0.8%) outperforms the S&P 500 (+0.5%).

The economically-sensitive financial sector (+0.7%) trades ahead of the broader market as money center banks help lead the group. JPMorgan Chase (JPM 62.50, +0.67) has gained 1.1% ahead of its earnings report Thursday morning. Separately, Wells Fargo (WFC 48.25, +0.46) and Citigroup (C 42.49, +0.51) are scheduled to release their earnings reports ahead of Friday's opening bell.

Credit service names continue to outperform in the sector as Capital One (COF 65.95, +1.24) extends its monthly gain to 3.8%. This compares to an advance of 0.9% in the broader financial sector.

On the commodities front, gold ended its day modestly lower, slipping 0.1% ($1,356.90/ozt; -$1.50). Separately, silver has extended its recent winning streak, gaining 1.2% ($20.30/ozt, +$0.23). For the month, the precious metal has gained 9.1%.

The Treasury complex floats near its worst level of the day as the yield on the 10-yr note remains higher by six basis points at 1.42%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to sport solid gains to start the week, as stocks around the globe rally as BREXIT fears continue to fade.

A look inside the Dow Jones Industrial Average shows that Boeing (BA 132.27, +2.18), DuPont (DD 64.55, +0.86), & Goldman Sachs (GS 152.27, +1.89) are outperforming. Boeing is leading the Dow after announcing a number of aircraft deals at the 2016 Farnborough International Airshow, as well as providing an updated 20-year outlook that projects demand for nearly 40k new aircrafts (estimated at ~$5.9 tln) through 2035.

Conversely, UnitedHealth Group (UNH 140.78, -0.49) is the worst-performing, and lone Dow component in negative territory.

Amid today's rally, the DJIA is now up 1.9% to start July.

Elsewhere, at the top of the hour, the Treasury's $24 bln 3-year auction drew a high yield of 0.765% on a bid-to-cover of 2.69.

1:05 pm:

[BRIEFING.COM] The stock market trades on a higher note at midday, picking up where it left off on Friday. The S&P 500 (+0.6%) has notched a new all-time intraday high (2143.19) as participants continue to respond to last week's encouraging employment reading. Additional factors impacting today's trade include a positive bias in global markets, a pullback in safe havens, and the outperformance of the heavily-weighted technology (+0.9%), industrial (+0.8%), and consumer discretionary (+0.8%) sectors. At midday, the Nasdaq Composite (+0.9%) trades ahead of the Dow Jones Industrial Average (+0.7%) and the S&P 500 (+0.6%).

Global bourses moved higher overnight as investors responded to Friday's stronger-than-expected reading of the Employment Situation Report for June (287K; Briefing.com consensus 175K). The report signaled a rebound in U.S. labor markets while maintaining tepid expectations regarding the speed and path of interest rate normalization from the Fed. Additionally, Japan's Nikkei (+4.0%) added to the positive bias after Prime Minister Shinzo Abe's coalition won a supermajority in the country's election. The additional seats will make it easier for policymakers to approve potential future stimulus measures.

The major averages gapped higher at the start of the session with the benchmark index carving out a new all-time intraday high within the first hour of trade. Equities have shown resilience this afternoon, climbing to new highs despite a downturn in crude oil and strengthening in the dollar. At midday, eight sectors trade in the green as heavily-weighted technology (+0.9%), industrials (+0.8%), and consumer discretionary (+0.8%) lead the pack. Conversely, countercyclical telecom services (-0.1%) and utilities (-0.2%) sport the only losses.

The influential technology sector (+0.9%) tops the leaderboard as the high-beta chipmakers continue to outperform. The PHLX Semiconductor Index has gained 1.4%, extending its July gain to 2.8%. This compares to a 2.1% gain in the benchmark index. Alliance Data (ADS 210.27, +9.31) displays relative strength after ValueAct Capital disclosed a 6.8% active stake in the company. On the flipside, Twitter (TWTR 17.62, -0.46) underperforms after being downgraded to "Neutral" from "Buy" at SunTrust.

In the industrial sector (+0.8%), Dow component Boeing (BA 132.31, +2.22) leads after raising its 20-year outlook. The company estimates that airplane demand will total 39,260 in the next two decades. Airline names outperform in the Dow Jones Transportation Average (+0.4%), evidenced by the 1.7% gain in the U.S. Global Jets ETF (JETS 22.05, +0.39). Conversely, C.H. Robinson (CHRW 71.62, -2.81) has fallen 3.8% after being downgraded to "Sell" at UBS and initiated with an "Underweight" designation at JPMorgan.

Travel names lead in the consumer discretionary space (+0.8%) space as Royal Caribbean (RCL 69.40, +.02) and Priceline (PCLN 1355.00, +25.54) gain 1.5% and 1.9%, respectively. However, Viacom (VIAB 44.59, -0.61) weighs after being downgraded to "Underperform" at Wells Fargo.

The U.S. Dollar Index (96.62, +0.32) trades higher at midday as the greenback gains against commodity currencies and the yen. The buck has gained 0.7% against the Canadian dollar (1.3130) while the dollar/yen pair has rallied 2.2% (102.80). On the flipside, the single currency trades flat against the dollar (1.1054).

The Treasury complex has slipped lower as equities extend their advance. The yield on the 10-yr note has risen six basis points to 1.42%.

There was no economic data of note released today.

12:30 pm:

[BRIEFING.COM] The major averages float near their best levels of the day as the Nasdaq Composite (+0.8%) trades ahead of the Dow Jones Industrial Average (+0.6%) and the S&P 500 (+0.4%).

In the consumer discretionary space (+0.7%), travel and leisure names demonstrate relative strength as Royal Caribbean (RCL 69.28, +0.90) and Carnival (CCL 45.30, +0.78) gain 1.3% and 1.8%, respectively. The names were under pressure post Brexit with the two falling a respective 9.2% and 7.5%. Elsewhere, Wynn Resorts (WYNN 94.93, +5.18) has jumped 5.8%.

On the flipside, Viacom (VIAB 44.52, -0.67) has lost 1.5% after being downgraded to "Underperform" from "Market Perform" at Wells Fargo.

The U.S. Dollar Index (96.62, +0.32) has slipped lower in recent action as the euro erases its loss against the greenback. The single currency trades flat against the dollar (1.1050) after climbing off the 1.1030 price level. Elsewhere, the dollar has gained 0.6% against the Canadian dollar (1.3121) while the buck has rallied 2.1% against the yen (102.70).

12:00 pm:

[BRIEFING.COM] The S&P 500 (+0.5%) has recently moved off a new all-time intraday high (2141.30). The benchmark index floats one point off its best level of the day while the domestically-oriented Russell 2000 (+1.1%) outperforms.

The industrial sector (+0.7%) displays relative strength as Dow component Boeing (BA 131.94, +1.85) tops the price-weighted index. The stock has gained 1.4% after raising its 20-year outlook, estimating that demand for airplanes will total 39,260 over the next two decades. Separately, Danaher (DHR 80.28, -0.58) underperforms, slipping 0.7%.

The Dow Jones Transportation Average (+0.3%) trades behind the broader industrial sector as trucking name C.H. Robinson (CHRW 71.16, -3.27) underperforms. The company has stumbled 4.4% after being downgraded to "Sell" at UBS. JPMorgan also initiated coverage on the stock, giving C.H. Robinson an "Underweight" designation. Conversely, airlines continue to rebound, evidenced by the 1.6% gain in the U.S. Global Jets ETF (JETS 21.99, +0.33).

On the commodities front, WTI crude trades lower by 0.7% ($45.09/bbl; -$0.32) while gold has ticked higher by 0.2% ($1,361.30/ozt; +$2.90).

11:30 am:

[BRIEFING.COM] The major indices have pulled back in recent action, ticking lower after notching new session highs. The Dow Jones Industrial Average (+0.6%) trades ahead of the S&P 500 (+0.5%).

In the technology space (+0.8%), Alliance Data (ADS 211.14, +10.35) outperforms after ValueAct Capital disclosed that it holds a 6.8% active stake in the company. The firm intends to talk to management regarding enhancing shareholder value. Elsewhere, large cap components Facebook (FB 118.32, +1.08) and Alphabet (GOOG 712.02, +3.69) display relative strength, gaining 0.9% apiece.

The PHLX Semiconductor Index (+1.4%) continues to outpace the gains in the broader sector as NVIDIA (NVDA 52.24, +1.39) climbs 2.8%. The stock has rallied 11.1% in July, compared to a gain of 2.6% in the price-weighted index over that time.

The Treasury complex has slipped lower in recent action as the yield on the 10-yr note rises five basis points to 1.41%. The yield on the 10-yr note has slipped eight basis points since its June settlement at 1.49%.

11:00 am:

[BRIEFING.COM] The stock market has ticked higher in recent action as the S&P 500 (+0.4%) trades within two points of its best level of the day.

The heavily-weighted health care space (+0.2%) has ticked up in recent action as health care plan names continue to weigh on the sector. In the group, proposed merger partners Cigna (CI 129.07, -0.53) and Anthem (ANTM 131.68, -0.47) trade lower by 0.3% and 0.4%, respectively. Separately, Dow component UnitedHealth (UNH 140.86, -0.41) underperforms inside the price-weighted index. Conversely, biotechnology trades ahead of the broader sector, evidenced by the 0.4% gain in iShares Nasdaq Biotechnology ETF (IBB 272.20, +1.70). The ETF gained 3.2% last week, compared to a gain of 1.3% in the benchmark index.

On the central bank front, Kansas City Fed President and FOMC voter Esther George recently commented that economic conditions appeared to have improved in the second quarter. Ms. George also noted the sluggish start to the year and the rebound in the June jobs report. The FOMC is next scheduled to meet on July 26 and 27.

10:30 am: [BRIEFING.COM]

The dollar index inches up in morning pit trading, +0.2% around the 96.49 level, not appearing to affect commodities overall
Commodities, as measured by the Bloomberg Commodity Index, are up +0.3% at 86.67
Crude oil finds support again near the $45/barrel handle, trading slightly above this level in morning pit trading
August crude oil futures are currently down $0.12 (-0.3%) at $45.29/barrel
EIA petroleum inventory data is scheduled to be released at 10:30 am ET on Wednesday
IEA monthly data will be released July 13th
Natural gas is hovering near session lows, struggling to find direction in morning pit trading
August natural gas futures are down $0.01 (-0.4%) at $2.79/MMBtu
EIA natural gas inventory data is scheduled to be released 10:30 am ET this Thursday
In precious metals, gold trades near parity with the previous session's close as the dollar index inches up
August gold futures are up $0.80 (+0.01%) at $1359.20/oz
Silver extends the previous session's gains, as the gold:silver ratio drops to 2 1/2 year lows
September silver futures are up $0.34 (+1.7%) at $20.45/oz
Base metal copper rallies to fresh session highs in morning pit trading
September copper futures are up $0.03 (+1.6%) at $2.15/lb

10:00 am:

[BRIEFING.COM] The major averages have pulled back in recent action as the Nasdaq Composite (+0.6%) continues to lead the S&P 500 (+0.3%).

Six sectors continue to trade in the green as energy (+0.8%) and technology (+0.9%) lead the pack. On the flipside, health care (-0.1%), consumer staples (-0.4%), telecom services (-0.7%), and utilities (-0.8%) underperform.

The Dow Jones Transportation Average (+0.5%) trades ahead of the broader market as airline names display relative strength. In the group, Delta Air Lines (DAL 38.04, +0.67) and American Airlines (AAL 30.68, +0.64) have gained 1.8% and 2.1%, respectively.

The U.S. Dollar Index (96.46, +0.16) has ticked higher in recent action as the greenback gains ground against commodity currencies. The dollar/Canadian dollar pair trades higher by 0.5% (1.3106) after climbing off the 1.3050 price level ahead of the session. Separately, the single currency has gained 0.2% against the buck (1.1068) while sterling has ticked higher by 0.2% against the dollar (1.2983).

9:50 am:

[BRIEFING.COM] As expected, the stock market began its day on a higher note as the Nasdaq Composite (+0.7%) leads the Dow Jones Industrial Average (+0.5%) and the S&P 500 (+0.4%). The benchmark index notched a new all-time intraday high at 2139.45.

Seven sectors trade in the green with consumer discretionary (+0.8%) and technology (+0.9%) leading the advance. The remaining cyclical sectors sport upticks between 0.5% (energy) and 0.7% (industrials). On the flipside, countercyclicals underperform with health care (+0.1%), consumer staples (-0.4%), telecom services (-0.7%), and utilities (-1.0%) rounding out the leaderboard.

In the technology space (+0.8%), the high-beta chipmakers outperform, evidenced by the 1.5% gain in the PHLX Semiconductor Index. In the group, Qorvo (QRVO 58.2, +2.00) has rallied 3.5%.

Tobacco names underperform in the consumer staples space (-0.4%) as Philip Morris International (PM 102.24, -0.85) and Altria (MO 69.24, -0.59) tick lower by 0.8% apiece.

On the commodities front, WTI crude trades higher by 0.2% ($45.52/bbl, +$0.11) while gold trades flat at $1,358.40/ozt.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +19.60.

The stock market is on track for a higher start as the S&P 500 futures trade six points above fair value.

Futures moved higher alongside global bourses overnight, responding in part to a 4.0% gain in Japan's Nikkei. Equity markets in Japan rallied after Prime Minister Shinzo Abe's ruling coalition received a supermajority in the country's recent election. The additional seats are believed to make it easier for policymakers to approve future stimulus measures. Additionally, Friday's upbeat U.S. Employment Situation Report for June is likely boosting global markets. The report showed a substantial rebound in headline figures, but failed to provoke rate hike fears amidst global uncertainty and negative revisions to the May report.

In company specific news, Cracker Barrel (CBRL 162.24, -2.46) has slipped 1.5% after receiving a downgrade to "Underperform" from "Neutral" at Bank of America Merrill Lynch. Elsewhere, Halliburton (HAL 45.74, +0.71) has jumped 1.6% after Jefferies added the stock to its Franchise Pick List, citing a recovery in demand growth.

On the commodities front, WTI crude erased an overnight loss and trades higher by 0.4% ($45.61/bbl; +$0.20). Separately, gold has ticked lower by 0.3% ($1,354.20/ozt, -$4.20).

There is no economic data of note scheduled to be released today.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +19.10.

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

Equity markets in the Asia-Pacific region ended Monday on a higher note with Japan's Nikkei (+4.0%) showing relative strength. The index rallied after a weekend election produced a supermajority for the ruling LDP, which picked up a few seats. In Australia, Prime Minister Malcolm Turnbull has claimed victory one week after the election.

In economic data:
China's June CPI -0.1% month-over-month (expected -0.3%; last -0.5%); +1.9% year-over-year (consensus 1.8%; last 2.0%). June PPI -2.6% year-over-year (consensus -2.5%; last -2.8%)
Japan's May Core Machinery Orders -1.4% month-over-month (expected 2.6%; last -11.0%); -11.7% year-over-year (consensus 0.5%; last -0.3%)
Australia's May Home Loans -1.0% month-over-month (expected -2.0%; last 1.4%)
New Zealand's June Electronic Card Retail Sales +1.2% year-over-year (consensus 0.5%; last -0.3%)

---Equity Markets---

Japan's Nikkei climbed 4.0% amid broad strength. Furukawa, Panasonic, JTEKT, Mazda Motor, and Nitto Denko gained between 6.4% and 12.2%.
Hong Kong's Hang Seng advanced 1.5% with Belle International rallying 4.4%. Financials also showed relative strength with Bank of East Asia, ICBC, China Construction Bank, and HSBC rising between 1.6% and 2.6%.
China's Shanghai Composite slipped into the close, but still added 0.2%. CSSC Offshore & Marine Engineering, Changyuan Group,Shanghai Yuyuan Tourist Mart, and Geo-Jade Petroleum advanced between 5.8% and 7.5%.

Major European indices trade higher across the board with Germany's DAX (+1.6%) showing relative strength. Over the weekend, Deutsche Bank Chief Economist David Folkerts-Landau said that regional banks need EUR150 billion in recapitalization funds. The euro has lost 0.1% against the dollar (1.1045) while the pound has slipped 0.1% (1.2940).

In economic data:
Italy's May Industrial Production -0.6% month-over-month (expected -0.1%; last 0.4%); -0.6% year-over-year (consensus 0.5%; last 1.8%)

---Equity Markets---

UK's FTSE has climbed 1.0% amid strength in homebuilders. Barratt Developments, Persimmon, and Taylor Wimpey are up between 6.4% and 6.9%. Select miners and financials also outperform with Anglo American, Fresnillo, Glencore, Barclays, and RBS up between 2.9% and 4.8%.
France's CAC trades up 1.4% with ArcelorMittal in the lead, spiking 5.6%. Growth-sensitive names like Schneider Electric, Airbus, Accor, Safran, and Legrand are up between 2.3% and 3.2%.
Germany's DAX has rallied 1.6%. Thyssenkrupp leads with a 5.3% gain while financials Commerzbank and Deutsche Bank are both up near 0.9%. Exporters BMW, Daimler, and Volkswagen show gains between 1.3% and 1.6%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +18.80.

Equity futures remain modestly higher as the S&P 500 futures trade five points above fair value.

In company specific news, Boeing (BA 131.15, +1.06) trades higher by 0.8% after re-projecting its 20-yr market outlook. The company estimates that global airplane demand will total 39,260 airplanes over the next two decades. This marks an increase of 4.1% from 2015's forecast. Additionally, Boeing announced that it will sell 30 aircraft to Donghai Airlines for approximately $4 billion. Separately, Thomson Reuters (TRI 41.00, +0.11) has ticked higher by 0.3% after announcing that it will sell its intellectual property & science business to private equity funds affiliated with Onex (ONEXF 61.08, +0.00) & Baring Private Equity Asia. The deal is believed to be valued at $3.55 billion.

The U.S. Dollar Index (96.55, +0.25) trades off a session high as the greenback gains ground against commodity currencies and the yen. The dollar/Canadian dollar pair trades higher by 0.2% (1.3065) while the dollar has rallied 1.8% against the yen (102.40). Conversely, the pound sits little changed against the buck, floating near the 1.2955 price level.

8:07 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +19.10.

U.S. equity futures trade higher as the S&P 500 futures float five points above fair value. Global equity markets extended their recent rally as Japan's Nikkei (+4.0%) displayed relative strength. The index outperformed amid renewed stimulus hopes after Prime Minister Shinzo Abe's coalition received a supermajority in this weekend's election. For its part, the dollar/yen pair trades higher by 1.8% (102.40).

On the home front, investors have shifted their attention to the start of earnings reporting season. Alcoa (AA 9.90, +0.08) will kick things off after today's close.

The Treasury complex trades lower with the yield on the 10-yr note rising four basis points to 1.40%.

There is no economic data of note scheduled for release today.

In U.S. corporate news of note:

Tesla Motors (TSLA 219.95, +3.17): +1.5% after CEO Elon Musk tweeted that a new plan for the company would be released later in the week
Twitter (TWTR 17.73, -0.35): -1.9% following the company being downgraded to "Neutral" from "Buy" at SunTrust
Sagent Pharmaceuticals (SGNT 21.64, +6.14): +39.6% after Niceahi-Iko Pharmaceutical agreed to acquire the company for $21.75 per share or approximately $736 million

Reviewing overnight developments:

Asia-Pacific indices began the week on a higher note with Japan's Nikkei +4.0%, Hong Kong's Hang Seng +1.5%, and China's Shanghai Composite +0.2%.
In economic data:
China's June CPI -0.1% month-over-month (expected -0.3%; last -0.5%); +1.9% year-over-year (consensus 1.8%; last 2.0%). June PPI -2.6% year-over-year (consensus -2.5%; last -2.8%)
Japan's May Core Machinery Orders -1.4% month-over-month (expected 2.6%; last -11.0%); -11.7% year-over-year (consensus 0.5%; last -0.3%)
Australia's May Home Loans -1.0% month-over-month (expected -2.0%; last 1.4%)
New Zealand's June Electronic Card Retail Sales +1.2% year-over-year (consensus 0.5%; last -0.3%)
In news:
The index rallied after a weekend election produced a supermajority for the ruling LDP, which picked up a few seats.
In Australia, Prime Minister Malcolm Turnbull has claimed victory one week after the election.

European averages trade higher with Germany's DAX +1.5%, France's CAC +1.3%, and the U.K.'s FTSE +0.9%.
In economic data:
Italy's May Industrial Production -0.6% month-over-month (expected -0.1%; last 0.4%); -0.6% year-over-year (consensus 0.5%; last 1.8%)
In news:
Over the weekend, Deutsche Bank Chief Economist David Folkerts-Landau stated that regional banks need EUR150 billion in recapitalization funds.
The euro is little changed against the dollar at 1.1055 while the pound has added 0.3%, climbing to 1.2990.

6:06 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +20.10.

6:06 am: [BRIEFING.COM] Nikkei...15709...+601.80...+4.00%. Hang Seng...20880.5...+316.30...+1.50%.

6:06 am: [BRIEFING.COM] FTSE...6633.81...+43.20...+0.70%. DAX...9758.37...+128.70...+1.30%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com