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 Post subject: January 18th Wednesday Trade Results - No Trades
PostPosted: Thu Jan 19, 2017 7:30 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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)
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Quote:
No trades today and most likely I will try to put in a few trades on Monday January 23rd. If not because I do have two personal appointments on Monday...I'll be able to trade on Tuesday.

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

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

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. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), 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=160&t=2452

The free chat room is not a signal calling trading 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.

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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.

Image ##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 trading room. Access instructions for 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=312&t=3290 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 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


4:30 pm: [BRIEFING.COM] Wednesday's trading session closed in the neighborhood of where it opened as investors generally elected to watch rather than act amid a batch of economic data and a slew of corporate news. The major averages finished mixed with the S&P 500 and the Nasdaq adding 0.2% and 0.3%, respectively, while the Dow fell 0.1%. A late burst of buying interest led by the financial sector, however, left each of the major average at, or near, their best levels of the day when the closing bell rang.

Frankly, there wasn't a lot of trading excitement throughout the session. The major indices all held to tight trading ranges, reined in by a lack of any meaningful sector leadership, a stark jump in long-term rates, and an awareness that Fed Chair Yellen was going to be speaking at 3:00 p.m. ET on the goals of monetary policy.

Ms. Yellen's speech, as it turned out, was mostly an academic exercise. She didn't provide any "new" information for the market per se, yet her reminder that interest rates are apt to creep higher provided some verbal reassurance that facilitated the positive finish for today's market.

Her speech followed a mixed batch of economic data this morning, which featured a stronger than expected Industrial Production report for December, a weaker than expected NAHB Housing Market Index for January, and the highest year-over-year increase in the Consumer Price Index (+2.1%) since June 2014.

In aggregate, Ms. Yellen's remarks and today's data didn't alter the view that the Fed will continue to abide by its projection for three rate hikes in 2017.

The financial sector (+0.8%) had a slow-developing rally today, but eventually got it in gear toward the end of the session and finished at its highs for the day. A lackluster response to better-than-expected earnings news from Goldman Sachs (GS 234.29, -1.45), Citigroup (C 57.39, -0.99), and U.S. Bancorp (USB 50.56, +0.25) kept a lid on things, yet there was underlying strength in other components that proved to be an effective offset and a driver of today's gains.

Thus far, the financial sector has been fairly slow to respond to better-than-expected earnings reports as it continues to digest a huge move following the election, which produced a 20.5% gain for the sector in the fourth quarter.

In other corporate news, Target (TGT 66.85, -4.09) lowered its Q4 guidance following disappointing holiday sales. The news had a ripple effect on other retailers, which led to a 0.3% decline in the SPDR S&P Retail ETF (XRT 44.25, -0.11, -0.39). Naturally, the consumer discretionary sector (-0.2%) felt the pressure and closed near the bottom of today's leaderboard.

The energy sector (-0.3%) also posted a lackluster performance, falling in tandem with crude oil. The commodity's downtick was forced by some renewed strength in the dollar and expectations that U.S. producers will boost output in response to the higher prices. The U.S. Dollar Index (101.25, +0.92) finished 0.9% higher while gold closed down 0.1% at $1,212.10/ozt.

The top-weighted technology sector outperformed the broader market with a 0.3% increase. The sector was driven primarily by a bullish performance from chipmakers, which rebounded from Tuesday's selling and drove a 1.4 gain in the PHLX Semiconductor Index.

The U.S. Treasury market came under selling pressure in the overnight trade -- pressure which never relented much during the regular session. Securities across the curve were on the defensive, with the belly and back end of the curve getting hit the hardest. The yield on the 5-yr note jumped 10 basis points to 2.23%. The yield on the 10-yr note, meanwhile, also increased 10 basis points to 2.42%

Reviewing today's economic data:

Total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI has increased 2.2%.
The key takeaway from this report is that the consumer inflation rate is steadily rising, which is supporting the Federal Reserve's tightening bias at this juncture.
December Industrial Production increased 0.8% (Briefing.com consensus +0.6%) while Capacity Utilization rose to 75.5% (Briefing.com consensus 75.4%).
The key takeaway from the report is that overall industrial production remains soft, having slipped at an annual rate of 0.6% in the fourth quarter and increasing just 0.5% year-over-year.
The NAHB Housing Market Index for January fell to 67 from a revised 69 in December (from 70).

Tomorrow's economic data will include Initial Claims (Briefing.com consensus 252,000), Housing Starts (1.193 million), and Philadelphia Fed (briefing.com consensus 15.3). All reports will be released at 8:30 a.m. ET.

3:00 pm:

[BRIEFING.COM] It's more of the same for the stock market, which remains little changed -- a position that holds true for every major index from the Dow Jones Industrial Average (-0.2%) to the Russell 2000 (+0.05%).

The S&P 500 financial sector (+0.4%) has seen an uptick in recent action, as nearly all components reside in the green. Influential names like JPMorgan Chase (JPM 83.70, +0.14), Wells Fargo (WFC 53.96, +0.18), and Bank of America (BAC 22.46, +0.41) are all up between 0.2% and 1.8%, but remain below their pre-earnings levels seen on last Thursday's close. Citigroup (C 57.33, -1.06) and Goldman Sachs (GS 234.04, -1.78), however, are down today after reporting their results and have helped keep a cap on the sector's performance.

The Treasury market has also played into the uptick, as the yield curve has steepened with the front end of the curve holding up a bit better than the back end. Yet, all securities from the 2-yr note to the 30-yr bond are down in price today. The benchmark 10-yr yield is up seven basis points to 2.39% while the 2-yr yield is up four basis points to 1.20%.

2:25 pm:

[BRIEFING.COM] The major averages continue to move sideways in uneventful, range-bound fashion.

The major European bourses finished their trading sessions mixed ahead of Thursday's European Central Bank policy meeting; the UK's FTSE and Germany's DAX added 0.4% and 0.5%, respectively, while France's CAC finished lower by 0.1%.

Thursday's ECB meeting will be followed closely as political uncertainty has ratcheted up in the European Union in the wake of the Brexit vote and Italy's rejection of the constitutional reform referendum. Market participants, therefore, will be seeking some assurance that the ECB stands ready to provide an economic and financial market backstop if needed.

Recalling the December 2016 meeting, the ECB said it will extend its asset purchase program at the current pace of EUR80 bln euro per month until the end of March 2017 when it will then proceed to make net asset purchases at a pace of EUR60 bln euro per month from April 2017 until the end of December 2017, or beyond, if necessary.

Currently, the EUR/USD pair is down 0.4% at 1.0666. Policy divergence trades have fostered a downtrend in the euro that have led some pundits to suggest the euro will eventually hit parity with the dollar. Being short the euro, therefore, has been a popular trade. The euro could find some noteworthy support on Thursday, however, if ECB President Draghi focuses on the improving inflation rate in the eurozone and creates an impression that the ECB sees scope to take its foot off the monetary stimulus gas pedal.

2:00 pm:

[BRIEFING.COM] Much of today's trading "action" is taking place outside the stock market, which has been stuck in a tightly-traded range for most of the session. To that end, the S&P 500 has traded in a three-point range since about 9:45 a.m. ET, or roughly 15 minutes after the opening bell.

Elsewhere, Treasuries have been under selling pressure in a move that began overnight and produced the bulk of today's losses. A renewed bout of selling interest, though, just carried most securities to new lows for the day, pushing the yield on the 10-yr note up to 2.39% from yesterday's settlement at 2.33%.

The dollar, meanwhile, has recovered a portion of yesterday's losses against many major currencies. Today, it is up against the euro, the yen, and the British pound in cross trades. That has fueled a 0.6% increase in the U.S. Dollar Index to 100.91, which is basically the highs for the day.

Strength in the greenback has led to some weakness in dollar-denominated commodities, with oil (-2.4% to $51.21/bbl), natural gas (-2.9% to $3.31/btu), and lumber (-2.4% to $326.80/bft) among today's weakest areas. Be that as it may, the S&P 500 Materials sector (+0.3%) is a pocket of relative strength.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to trade in negative territory in today's light trade.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH 156.34, -4.32), Exxon Mobil (XOM 86.18, -1.18), & Nike (NKE 53.04, -0.61) are underperforming. UnitedHealth is leading the Dow lower as shares extend losses following yesterday morning's earnings. Meanwhile, Exxon Mobil is pulling back alongside its energy peers as crude oil futures dip 2%.

Conversely, 3M (MMM 179.04, +1.78) is the best-performing Dow component as shares display relative strength in today's session.

With today's selloff, the DJIA is now down 0.5% this week.

1:05 pm:

[BRIEFING.COM] The major averages have remained within close reach of their flat lines since the opening bell as market participants have lacked conviction on both the buy side and the sell side, waiting on a speech later today from Fed Chair Yellen and digesting a batch of relatively mixed earnings reports and economic data.

Financials have been in focus for the second consecutive day as three major components, Goldman Sachs (GS 233.64, -2.05), Citigroup (C 57.49, -0.89), and U.S. Bancorp (USB 50.35, +0.04), reported earnings before the opening bell. Despite all three companies beating earnings estimates, the stocks, like Morgan Stanley (MS 42.48, +0.33) yesterday, are finding it difficult to log further gains after the sector's huge 20.5% gain in the fourth quarter. The financial sector's (-0.1%) seemingly lackluster response to the reports reflects a sense that the good news was priced in already.

Economic data was also a focal point this morning with the December CPI report leading the headlines. Investors were looking for anything in the report that might throw off the Federal Reserve's tightening bias. However, the metrics were in-line with expectations, showing that the consumer inflation rate is steadily rising, and providing no reason to think that the Federal Reserve will alter its proposed three rate-hikes in 2017.

Accordingly, investors will be tuned in to Fed Chair Janet Yellen's speech on the goals of monetary policy, which is scheduled for 3:00 pm ET.

Like the broader market, most sectors have traded in a narrow range and none have registered a significant gain or loss.

The consumer discretionary sector (-0.4%) sits with telecom services (-0.3%) and health care (-0.3%) at the bottom of today's leaderboard. The consumer discretionary space opened the trading day on the wrong foot when Target (TGT 66.77, -4.16) lowered its Q4 guidance following disappointing holiday sales. The news has had a ripple effect on other retailers, which is evident in the 0.9% decline seen in the SPDR S&P Retail ETF (XRT 43.97, -0.39).

Energy (-0.4%) also resides in negative territory, pulled down by crude oil's negative influence; the commodity is down by 2.2% at $51.33/bbl. The energy component's relative weakness has been attributed in part to a strengthening dollar and expectations that U.S. producers will boost output on the back of higher prices.

Treasuries have traded in a narrow range following early losses, awaiting Ms. Yellen's address. The yield curve has steepened with the front end of the curve holding up a bit better than the back end, yet all securities from the 2-yr note to the 30-yr bond are down in price today. The benchmark 10-yr yield is up five basis points to 2.38% while the 2-yr yield is up three basis points to 1.18%.

Reviewing today's economic data:

Total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI has increased 2.2%.
The key takeaway from this report is that the consumer inflation rate is steadily rising, which is supporting the Federal Reserve's tightening bias at this juncture.
December Industrial Production increased 0.8% (Briefing.com consensus +0.6%) while Capacity Utilization rose to 75.5% (Briefing.com consensus 75.4%).
The key takeaway from the report is that overall industrial production remains soft, having slipped at an annual rate of 0.6% in the fourth quarter and increasing just 0.5% year-over-year.
The NAHB Housing Market Index for January fell to 67 from a revised 69 in December (from 70).

12:30 pm: The benchmark S&P 500 index remains nearly unchanged early this afternoon, while the Dow underperforms its peers. The price-weighted average is lower by 0.3%.

[BRIEFING.COM] Investors eyed the December CPI data coming into today's session, looking for anything that may throw off the Federal Reserve's tightening bias. The report, which was released at 8:30 am ET, showed that total CPI rose 0.3% while core CPI, which excludes food and energy, increased 0.2%. On a year-over-year basis, total CPI is up 2.1% and core CPI is up 2.2%.

The metrics were in-line with expectations, showing that the consumer inflation rate is steadily rising, and providing no reason to believe that the Federal Reserve will alter its proposed three rate-hikes in 2017. Regardless, investors will be tuned in to Fed Chair Janet Yellen's speech on the goals of monetary policy, which is scheduled for 3:00 pm ET.

On a related note, the Treasury market continues to be weak today, yet has settled down after an overnight bout of selling interest. The 10-yr note, which shows more sensitivity to inflation, has dropped 14 ticks and has seen its yield increase five basis points to 2.37%. The 2-yr note yield, which is more sensitive to changes in the fed funds rate, is up two basis points to 1.17%.

12:00 pm:

[BRIEFING.COM] The major averages remain close to unchanged as the morning session comes to a close.

The industrials (+0.4%) and materials (+0.6%) sectors sit atop today's leaderboard. The technology (+0.2%), consumer staples (+0.3%), and real estate (+0.2%) sectors are also outperforming the broader market. On the flip side, telecom services (-0.5%) sits at the very bottom of today's standings while consumer discretionary (-0.3%) performs slightly better. Energy (-0.1%) and health care (-0.2%) round out the day's underperformers.

The health care space is suffering from a large 2.5% loss in UnitedHealth (UNH 156.66, -4.00). The company has retreated on continued weakness from Tuesday's session despite reporting better-than-expected earnings before yesterday's open.

11:35 am:

[BRIEFING.COM] Equity indices remain unchanged since the last update, with mid-caps and small-caps showing relative strength. The S&P Mid Cap 400 and the Russell 2000 are up 0.3% and 0.2%, respectively.

Consumer discretionary (-0.3%) sits among the laggards at the bottom of today's S&P 500 leaderboard, opening the trading day on the wrong foot after Target (TGT 67.38, -3.56) lowered its Q4 guidance following disappointing holiday sales. The news has had a rippling effect throughout the sector as other retailers like TJX (TJX 76.45, -0.30), Ross Stores (ROST 66.86, -0.26), and Kohl's (KSS 40.40, -0.98) are down between 0.4% and 2.4%.

The energy sector sits just above consumer discretionary with a 0.2% loss. The space often moves in the direction of crude oil prices, which are down 1.0% today. The commodity trades at $51.91/bbl amid a stronger U.S. dollar. The U.S. Dollar Index, which declined 0.9% on Tuesday, is up 0.3% today to 100.59.

11:00 am:

[BRIEFING.COM] The major averages are little changed this morning in what has been a mixed day of trading so far.

After posting a solid gain earlier in the session, financials (+0.1%) have receded to their flat lines, despite better-than-expected earnings from Goldman Sachs (GS 234.87, -0.87), Citigroup (C 57.72, -0.66), and U.S. Bancorp (USB 50.40, +0.07) this morning. These stocks, like Morgan Stanley (MS 42.85, +0.68) yesterday, are finding it difficult to log further gains after the sector's huge 20.5% gain in the fourth quarter. The lackluster response to their earnings reports reflects a sense that the good news was priced in already.

The technology sector (+0.1%) has also given back most of its earlier gains. Poor performances from large-cap components like Microsoft (MSFT 62.29, -0.26), Facebook (FB 127.15, -0.70), and Alphabet (GOOGL 825.92, -1.54) have tampered with the solid gains from chipmakers. The PHLX Semiconductor Index has come down from its session high, but remain up by 1.0%.

Also of note, it was reported earlier this morning that the NAHB Housing Market Index for January fell to 67 from a revised 69 in December (from 70).

10:30 am: [BRIEFING.COM]

Crude oil futures extended this morning's initial losses after the OPEC monthly oil market report showed a y/y increase in the world oil supply ahead of tomorrow's EIA
Feb 2017 crude oil futures were down about $1.01 (-1.9%) around the $51.47/barrel level
API data is due out today after the bell due to Monday's holiday.
EIA petroleum data will be released Thursday at 11:00 am ET.
Baker Hughes rig count data will be released this Friday at 1 pm ET.
OPEC monthly report highlights:
Non-OPEC oil supply in 2016 is expected to shrink by about 0.71 mln barrels/day, following last month's upward revision of 70 tbpd. This revision was driven by higher-than-expected growth in Norway, Russia, and the US.
In 2017, non-OPEC oil supply is projected to grow by 0.12 mb/d, revised downward by about 0.18 mb/d.
Demand for OPEC crude in 2016 is estimated to stand at 31.2 mln barrels/day, about 1.8 mln barrels/day higher vs FY15.
In 2017, demand for OPEC crude is forecast at 32.1 mb/d, a further increase of 0.9 mb/d over 2016.
Global oil demand growth in 2016 is expected at 1.25 mln barrels/day after an upward revision of about 10 tbpd.
The reference basket was priced higher by ~20% in Dec to $51.67/barrel, above $50.00/barrel for the first time in 18 months.
World oil supply fell by 0.30 mln barrels/day m/m in Dec to avg 96.92 mln barrels/day & rose by 0.71 mln barrels/day y/y.

Natural gas extended yesterday's losses ahead of tomorrow's regularly scheduled natural gas inventory data report
Feb 2017 natural gas futures were down about $0.06 (-1.7%) around the $3.35/MMBtu level
EIA natural gas inventory data will be released at 10:30 am ET tomorrow, its normally scheduled time.
In precious metals, gold extended yesterday's run to a second consecutive 2-month high, despite strength returning to the dollar index
Feb 2017 gold futures were up about $1.00 (+0.1%) around the $1214.00/oz level
Mar 2017 silver futures were up about $0.10 (+0.6%) around the $17.25/oz level
The dollar index was +0.3% around the 100.59 level, did not appear to weigh on precious metals in morning pit trading
Commodities, as measured by the Bloomberg Commodity Index, were -0.4% around the 88.56 level

10:00 am:

[BRIEFING.COM] The major averages are mixed as the Nasdaq (+0.2%) is modestly higher, while the Dow (-0.2%) has dipped into the red. The benchmark S&P 500 remains unchanged, hovering near its flat line.

Sector standings are mixed with six spaces posting gains and five in negative territory. At the top of the leaderboard are the real estate (+0.4%) and the technology (+0.3%) sectors, while consumer discretionary (-0.5%) and energy (-0.4%) sit at the bottom.

Chipmakers have given the technology space a bump, pushing the PHLX Semiconductor Index higher by 1.2%. Conversely, energy has been weighed down by crude oil's 2.0% decline. The commodity hovers near its overnight low at $51.47/bbl.

U.S. Treasuries are lower after a big session on Tuesday. The benchmark 10-yr yield is up three basis points at 2.36%.

9:45 am:

[BRIEFING.COM] The stock market opened Wednesday's session flat as the S&P 500 remains unchanged.

Financials (-0.2%) are showing modest losses in early action after Goldman Sachs (GS 236.77, +1.03), Citigroup (C 57.96, -0.42), and U.S. Bancorp (USB 50.33, +0.02) all reported before the opening bell. The three names beat earnings expectations, but came up mixed on the revenue front. Regardless, the three financial heavyweights are down between 0.1% and 1.0% as it appears that some of yesterday's sell-the-news mentality has carried over into today.

Consumer discretionary (-0.4%) is among those at the bottom of today's leaderboard after Target (TGT 67.37, -3.59) lowered its Q4 guidance following disappointing holiday sales. The company is down 5.0%, while other heavily-weighted consumer discretionary components like Amazon (AMZN 806.78, -2.94), Home Depot (HD 135.31, -0.62), and Nike (NKE 53.23, -0.45) are down between 0.3% and 0.7%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +10.90.

The stock market is poised for a modestly higher open as the S&P 500 futures trade four points (+0.2%) above fair value.

Just released, December Industrial Production increased 0.8% (Briefing.com consensus +0.6%) while Capacity Utilization rose to 75.5% (Briefing.com consensus 75.4%).

Earlier today, it was reported that total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI is up 2.2%.

Financials have headlined this morning's earnings reports, with Goldman Sachs (GS 236.77, +1.03), Citigroup (C 57.96, -0.42), and U.S. Bancorp (USB 50.33, +0.02) all reporting. All three names beat earnings estimates, but revenues were mixed. Goldman Sachs is up 0.4% in pre-market trade after beating on revenues, while Citigroup is down 0.7% after missing on the same metric. U.S. Bancorp is unchanged, reporting in-line revenue results.

U.S. Treasuries have reversed yesterday's trend as they sit in negative territory this morning. The benchmark 10-yr yield is up five basis points at 2.37%.

Crude oil is also down, losing 2.2%. The energy component trades at $51.29/bbl amid concerns that U.S. producers will boost output.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +11.10.

The S&P 500 futures trade five points (+0.2%) above fair value.

Equity indices across Asia-Pacific ended the week on a mixed note, with Asian averages catching a bid around the mid-way point of the session. The Hang Seng was among the best performers of the session, with relative strength coming into the property stocks after China reported its monthly update which showed a steady rise of 12.4%.

In economic data:
Australia's Jan Westpac Consumer Conf Index: 97.4 vs 97.3 in Dec
China's Dec Property Prices: +12.4% vs +12.6% in Nov
In news:
There was no notable news out of the Asia-Pacific region.

---Equity Markets---

Japan's Nikkei finished higher for the first time this week, rising 0.4% by day's end. Buyers stepped up in tandem with weakness in the yen. Exporters saw a rebound with the likes of Toshiba closing nearly 3% higher after being down 2% earlier in the day.
China's Shanghai Composite (+0.1%) saw a tight range throughout the session, with activity remaining scarce. Helping to buoy the market was a fairly large liquidity injection by the PBOC (~CNY460 bln in rev repos) and goldy-locks growth in property prices across the Mainland. The December print came in at +12.4%, just a shade slower than November's growth of 12.6%
Hong Kong's Hang Seng rose 1.1% today with only 3 stocks closing in negative territory today. As mentioned above, the property sector was strong, led by CK Property (+3.4%) and Sino Land (+1.9%). The gaming sector was also strong following the release of Macau gaming revs. As such, notable strength was seen in Sands China and Galaxy Entertainment, both up 1%.
India's Sensex traded back and forth to close out the session 0.2% higher. Sentiment was in-line with 16 advances vs 14 decliners. Tata Steel took back yesterday's losses and then some to post a gain of 3%. The auto sector was a drag on the broader market with names such as Hero Motor and Bajaj Auto down ~1% each.

Major bourses in Europe are flat to modestly lower, as conviction has been lacking in front of Wall Street's open. After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280), which is lending a measure of support to the FTSE. Otherwise, there is a wait-and-see stance developing in European markets in front of the ECB meeting on Thursday.

In economic data:
Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%)
Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%)
Eurozone final December CPI +1.1% year-over-year (expected +1.1%); final core CPI +0.9% (expected +0.9%)
UK Claimant Count Change for December -10.1K (expected 5.0K; prior 1.3K)
In news:
After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280), which is lending a measure of support to the FTSE.

---Equity Markets---

UK's FTSE is up 0.4% following Tuesday's 1.5% decline, which occurred on the back of a surging pound. Pearson is the biggest drag on the index, having dropped 27.2% after cutting its earnings outlook for the next two years due to the changes the publishing industry is experiencing. Other laggards include Sage Group (-2.4%), Experian (-1.7%), and Anglo American (-0.6%). Burberry (+3.1%), Hikma Pharmaceuticals (+1.4%) and Merlin Entertainments (+1.6%) sit atop the list of winners.
Germany's DAX has added a modest 0.2% gain. adidas (+1.6%), Merck KGaA (+1.0%), and Fresenius (+0.4%) are helping to offset losses in the likes of Deutsche Lufthansa (-1.0%), Continental AG (-0.5%), and Siemens (-0.4%), which lead the list of laggards.
France's CAC remains down 0.3%, but the index has moved up from its session low in recent action. Weakness in the financial shares has applied the most pressure to the index. AXA (-1.5%), BNP Paribas (-1.3%), Cap Gemini (-2.5%), Credit Agricole (-0.8%), and Societe Generale (-0.7%) are all down better than 0.7%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.40.

The stock market is on track for a slightly higher open as the S&P 500 futures trade six points (+0.3%) above fair value.

Just released, total CPI rose 0.3% (Briefing.com consensus +0.3%) in December while core CPI, which excludes food and energy, increased 0.2% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI has increased 2.2%.

Next on today's economic agenda is December Industrial Production (Briefing.com consensus 0.6%) and December Capacity Utilization (Briefing.com consensus 75.4%). Both reports will cross the wires at 9:15 am ET.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +9.90.

U.S. equity futures are pointing to a slightly higher open this morning, following a more positive performance in Asia overnight and amid more muted market action in Europe. The S&P 500 futures trade four points above fair value.

After opening the week modestly higher, crude oil has slid 1.6% to $51.63/bbl early this morning. In addition to a strengthening U.S. dollar, the commodity's downtick has been fueled by expectations that U.S. producers will boost output.

The Treasury market is also down this morning after closing significantly higher on Tuesday. The benchmark 10-yr yield is up three basis points at 2.36%.

Today's economic data will include a host of reports, most notably of which are December CPI (Briefing.com consensus 0.3%), which will be released at 8:30 am ET, and December Industrial Production (Briefing.com consensus 0.6%) and December Capacity Utilization (Briefing.com consensus 75.4%) at 9:15 am ET.

The NAHB Housing Market Index at 10:00 am ET, the Fed's Beige Book at 2:00 pm ET, and Net Long-Term TIC Flows at 4:00 pm ET will round out the day's remaining economic data.

In U.S. corporate news of note:

Goldman Sachs (GS 236.00, +0.26): +0.1% after beating top and bottom line estimates.
CSX (CSX 37.59, -0.50): -1.3% after reporting in-line on the top and bottom lines following yesterday's close.
U.S. Bancorp (USB 50.33, +0.02): unch after reporting better-than-expected earnings and in-line revenues.
Target (TGT 68.00, -2.94): -4.1% after lowering Q4 guidance following disappointing holiday sales. Peer Wal-Mart (WMT 67.40, -1.02) is also ticking down in pre-market trade.

Reviewing overnight developments:

Equity indices across Asia-Pacific ended the day on a mixed note, with Asian averages catching a bid around the mid-way point of the session. Japan's Nikkei +0.4%, China's Shanghai Composite +0.1%, Hong Kong's Hang Seng +1.1%, India Sensex +0.2%.
In economic data:
Australia's Jan Westpac Consumer Conf Index: 97.4 vs 97.3 in Dec
China's Dec Property Prices: +12.4% vs +12.6% in Nov
In news:
There was no notable news out of the Asia-Pacific region.

Major bourses in Europe are flat to modestly lower, as conviction has been lacking in front of Wall Street's open. UK's FTSE unch, Germany's DAX unch, France's CAC -0.6%.
In economic data:
Germany December CPI unrevised at +0.7% month-over-month (expected +0.7%) and +1.7% year-over-year (expected +1.7%)
Eurozone December CPI +0.5% month-over-month (expected 0.5%; prior -0.1%); core CPI +0.4% month-over-month (prior -0.2%)
Eurozone final December CPI +1.1% year-over-year (expected +1.1%); final core CPI +0.9% (expected +0.9%)
UK Claimant Count Change for December -10.1K (expected 5.0K; prior 1.3K)
In news:
After a huge move yesterday, the British pound is backtracking some against the dollar (-0.9% to 1.2280).

5:53 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +7.80.

5:53 am: [BRIEFING.COM] Nikkei...18894...+80.80...+0.40%. Hang Seng...23098...+257.30...+1.10%.

5:53 am: [BRIEFING.COM] FTSE...7230.41...+10.00...+0.10%. DAX...11552.04...+12.00...+0.10%.

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

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


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