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 Post subject: May 3rd Tuesday Trade Results - Profit $4812.50
PostPosted: Wed May 04, 2016 5:13 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4341
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
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
050316-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4812.50.png
050316-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4812.50.png [ 95.25 KiB | Viewed 449 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $4812.50 dollars or +96.25 points, Light Crude Oil CL ($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 @ $4812.50 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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free 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. Also, sometimes I'll post real-time trading tips in ##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=156&t=2352

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 chat 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=291&t=3143 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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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.

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


4:15 pm: [BRIEFING.COM] The major averages ended the Tuesday affair under pressure as the Nasdaq Composite (-1.1%) and the S&P 500 (-0.9%) erased yesterday's modest gains. Today's trade centered on a downtick in oil, concerns over global growth, continued swings in the currency market, and weakness in the financial (-1.3%) sector.

The major averages began the day on a wobbly note as renewed selling pressure from the oil pit and below-consensus economic data from overseas forced macroeconomic concerns back into focus. On that note, disappointing manufacturing PMI readings from China (49.4 in April from 49.7 in March) and the U.K. (49.2 in April from 50.7 in March) both showed larger than expected contractions in April.

The European Commission underscored the unsettling developments when it cut its 2016 euro area GDP (to 1.6% from 1.7%) and inflation forecasts (to 0.2%; from 0.5%). As a result, investors assumed a risk-off posture during the European session and bid safe haven Treasuries, gold, and the yen higher. On the home front, risk-off trade would bring the benchmark index to a session low by the late morning.

The stock market ticked off its low after midday, as all ten sectors trimmed their losses. The benchmark index would end off its low despite all ten sectors ending in the red. Rounding out the board, commodity-sensitive energy (-2.2%) and materials (-1.7%) trailed financials (-1.3%), telecom services (-1.0%) and consumer discretionary (-0.9%).

The energy space (-2.2%) trimmed its year-to-date gain to 9.6% as it surrendered to pressure in oil. WTI crude ended its day lower by 2.5% ($43.64/bbl) as investors ruminated over supply increases from OPEC states and looked forward to the API's latest inventory report. The API will release its latest stockpile data at 16:35 ET. In the broader sector, Halliburton (HAL 40.44, -1.61) declined by 3.8% after beating bottom-line estimates for the quarter. To be fair though, the company recorded asset impairments and severance costs of approximately $2.1 billion.

In the financial sector (-1.3%), money center banks displayed relative weakness as they traded lower in sympathy with a downturn in European banks. Furthermore, banks likely underperformed due to their exposure to oil and gas loans. On that note, JPMorgan Chase (JPM 62.56, -1.23) and Citigroup (C 45.57, -1.11) declined 1.9% and 2.4%, respectively. Elsewhere, MetLife (MET 44.79, -1.05) fell 2.3% after receiving a $25 million fine from the Financial Industry Regulatory Authority for omissions and negligent misrepresentations regarding its variable annuity replacements.

The industrial sector (-0.8%) displayed broad-based weakness. United Technologies (UTX 102.13, -2.24) fell 2.2% after receiving a downgrade to "Sector Perform" from "Outperform" at RBC Capital Markets. Meanwhile, the Dow Jones Transportation Average (-1.2%) displayed relative weakness as Expeditors International (EXPD 47.39, -2.87) slid 5.7% after missing top- and bottom-line estimates for the quarter.

In the heavyweight technology sector (-0.8%), Apple (AAPL 95.18, +1.54) outperformed as it rebounded from an eight-day losing streak. Elsewhere, Fidelity National (FIS 71.29, +4.11) gained 6.1% after reporting a bottom-line beat on light revenue for the first quarter. Conversely, the high-beta chipmakers underperformed, evidenced by the 1.2% decline in the PHLX Semiconductor Index.

The U.S. Dollar Index (92.95, +0.32) ended on its high as the greenback gained against the Canadian dollar and trimmed losses against the yen and euro. The dollar/yen pair ended flat at 106.45 after falling as low as 105.55 overnight. Meanwhile, the euro lost 0.2% against the dollar (1.1508) while the dollar/Canadian dollar pair finished higher by 1.5% (1.2717).

The Treasury complex settled near its session high as the yield on the 10-yr note fell seven basis points to 1.80%.

Today's participation was above the recent average as more than 975 million shares changed hands at the NYSE floor.

Today's economic data was limited to April Auto and Truck Sales.

Tomorrow's economic data will include the weekly MBA Mortgage Index and the April ADP Employment Change (Briefing.com consensus 196k), which will be released at 7:00 ET and 8:15 ET, respectively. Meanwhile, preliminary Q1 Productivity (Briefing.com consensus -1.4%), Unit Labor Cost (Briefing.com consensus 2.6%), and the March Trade Balance (Briefing.com consensus -$41.4 Billion) will all be released at 8:30 ET. Finally, the day's data will be capped off with March Factory Orders (Briefing.com consensus 0.5%) and April ISM Services (Briefing.com consensus 54.5) both crossing the wires at 10:00 ET.

Dow Jones +1.9% YTD
S&P 500 +1.0 YTD
Russell 2000 -1.2% YTD
Nasdaq Composite -4.9% YTD

3:30 pm: [BRIEFING.COM]

The dollar index rallies all day with little variation, weighing on commodities, currently up +0.3% around the 92.94 level
Commodities, as measured by the Bloomberg Commodity Index, are down -1.4% at 83.58
Crude oil consolidates around the morning lows, closing down on the day
June crude oil futures fell $1.11 (-2.5%) to $43.64/barrel
Natural gas stages an afternoon rally, consolidating and closing higher on the day
June natural gas closed $0.05 higher (+2.5%) at $2.09/MMBtu
In precious metals, gold trends slightly lower, closing just below its recent year-to-date highs
June gold ended today's session down $4.10 (-0.3%) to $1291.80/oz
Gold is trading near a key level of resistance below $1300/oz, just under its year-to-date highs
Silver trades sideways, directionless in afternoon trading after this morning's drop
July silver closed today's session $0.21 lower (-1.2%) at $17.49/oz
Base metal copper inches lower in afternoon pit trading
July copper closed $0.05 lower (-2.2%) at $2.22/lb
Corn and wheat futures end pit trading notably lower following the USDA weekly crop progress report released late yesterday
July corn closed $0.13 lower (-3.3%) at $3.79/bushel
July wheat closed $0.17 lower (-3.5%) at $4.71/bushel
The USDA reports that U.S. farmers have planted 45% of corn crop ,up from 30% a week ago and above 5-year avg of 30%, while wheat plantings rose to 54%, up from 42% a week ago and above 5-year avg of 39%

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (-1.0%) trades behind the S&P 500 (-0.9%) and the Dow Jones Industrial Average (-0.8%).

Two sectors trade above their flat lines with health care (+0.1%) and consumer staples (UNCH) sporting the only gains of the day. Meanwhile, utilities (-0.1%), technology (-0.7%), and consumer discretionary (-0.8%) sport the slimmest losses.

In the consumer discretionary space (-0.7%), Chipotle Mexican Grill (CMG 441.37, +8.05) outperforms as it rebounds after disappointing investors with its earnings report on April 26. The stock has gained 1.9% today, but remains down 1.0% since the earnings release. Conversely, large cap Amazon (AMZN 673.07, -10.84) has declined by 1.6%.

Among automotive names, General Motors (GM 31.13, -0.61) has declined 1.9% after reporting that April total U.S. sales were down 4.0% on a year-over-year basis. Elsewhere, Ford (F 13.44, -0.17) has ticked lower by 1.3% after reporting that its total U.S. sales for April rose 4.0% year-over-year. The company's Ford Explorer sales increased 22.0% from last year.

On the commodities front, WTI crude ended its day lower by 2.5% at $43.64/bbl while natural gas finished its pit session higher by 2.5% ($2.09/MMbtu).

2:30 pm:

[BRIEFING.COM] The S&P 500 (-0.9%) has ticked lower in recent action as the benchmark index remains nine points off its session low.

In the back of the pack, energy (-2.6%), materials (-1.9%), financials (-1.5%), and telecom services (-1.1%) underperform.

In the influential technology sector (-0.6%), large cap component Apple (AAPL 95.36, +1.72) rebounds after seeing eight consecutive losses. The stock has gained 1.7% today, but remains down 8.6% since reporting earnings after the close on April 26. Elsewhere, Fidelity National (FIS 71.59, +4.40) has gained 6.6% after beating bottom-line estimates on light revenue. The company also reaffirmed its guidance, seeing EPS of $3.70-$3.80 for full year 2016. Conversely, data storage name Seagate Technology (STX 19.59, -0.51) has extended its post-earnings decline to 27.2%. The stock has surrendered 46.6% since the beginning of the year.

On the commodities front, WTI crude trades lower by 2.9% at $43.44/bbl ahead of its pit session close at 14:30 ET. Meanwhile, safe haven gold ended its day lower by 0.3% ($1,291.80/ozt) after backing away from its session high of $1,303.85.

1:55 pm:

[BRIEFING.COM] The major averages continue to tick off their lows as the S&P 500 (-0.7%) trades behind the Nasdaq Composite (-0.6%).

Two sectors trade in the green with consumer staples (+0.2%) and health care (+0.2%) leading consumer discretionary (-0.4%) and utilities (-0.4%).

The health care space (+0.1%) has recently crossed its flat line as Dow component Pfizer (PFE 33.81, +1.01) tops the price-weighted index. The name is trading higher after reporting above-consensus results for its first quarter. Meanwhile, Mylan Labs (MYL 43.78, +1.08) has gained 2.5% after reporting in-line results and naming Kenneth Parks as CFO, effective June 6. Elsewhere, biotechnology underperforms the broader sector, evidenced by the 0.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 270.08, -0.85). In the sub-group, Alexion Pharmaceuticals (ALXN 147.09, +6.56) outperforms as it rebounds from its April 28 post-earnings downturn. The stock has gained 4.7% today, but remains down 2.5% since last Thursday.

The Treasury complex has backed away from its high following the upswing in equities. The yield on the 10-yr note remains lower by eight basis points at 1.80%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have continued to recoup more of this morning's losses, but still sport heavy declines at this time.

A look inside the Dow Jones Industrial Average shows that JPMorgan (JPM 62.31, -1.48), Caterpillar (CAT 76.47, -1.37), and United Technologies (UTX 102.55, -1.83) are underperforming amid broad market weakness. JPMorgan is trading in-line with peers as the financial sector lags, pulling back from yesterday's outperformance, while United Technologies was downgraded to Sector Perform at RBC Capital Mkts this morning.

Conversely, Pfizer (PFE 33.88, +1.08) is the best-performing Dow component after reporting its Q1 results this morning. Pfizer delivered first quarter results that exceeded both top and bottom line analyst estimates, with the health care giant also boosting its full year outlook.

At these levels, the DJIA is flat for the week, but still up more than 2% this year

1:10 pm:

[BRIEFING.COM] The stock market trades on a broadly lower note at midday as a downturn in crude oil and renewed concerns over the state of the global economy weigh on the major averages. Today's trade has also featured a rebound in the dollar and the underperformance of the heavily-weighted financial (-1.6%) and industrial (-0.9%) sectors. The Nasdaq Composite (-1.0%) trades behind both the S&P 500 (-0.9%) and the Dow Jones Industrial Average (-0.9%).

Futures slipped overnight following negative economic data out of China and Europe. China's Caixin Manufacturing PMI (49.4; consensus 49.8) reading disappointed investors and also marked the 14th consecutive contraction in the purchasing managers' index. The April figure came in below the March reading of 49.7. Elsewhere, the U.K. Manufacturing PMI also missed expectations when it dropped to 49.2 in April from the March reading of 50.7.

The EU Commission added to the negative sentiment after it lowered its GDP and inflation estimates for the eurozone in 2016. The EU Commission now sees 2016 GDP growth coming in at 1.6% (revised from 1.7%) while inflation estimates for the year were revised to 0.2% from 0.5%.

In response, the major averages opened under pressure while oil extended its loss shortly before the opening bell. The major indices sunk to session lows in the opening forty-minutes, and have traded near those lows for the bulk of today's session. The stock market has ticked up in recent action as sectors trim their losses. However, all ten sectors trade in the red with commodity-sensitive energy (-2.5%) and materials (-1.9%) trailing financials (-1.6%), and industrials (-1.0%).

The energy sector (-2.5%) underperforms as the group moves lower with crude oil. Currently, WTI crude trades lower by 2.8% ($43.55/bbl). In the sector, Anadarko Petroleum (APC 49.34, -2.61) has sunk 5.0% after reporting a mixed quarter after yesterday's close. Elsewhere, Valero Energy (VLO 58.34, -1.48) has declined 2.5% after missing top- and bottom-line estimates for the quarter. The company's top line fell 26.3% on a year-over-year basis.

In the economically-sensitive financial sector (-1.6%), money center banks display relative weakness while the broader sector moves lower in sympathy with European banks. On that note, Switzerland's UBS (UBS 16.00, -1.23) beat bottom-line estimates for its first quarter, but disappointed investors with its low transaction volume for the quarter. Meanwhile, Citigroup (C 45.53, -1.14) and Bank of America (BAC 14.37.40) trade lower by 2.5% and 2.7%, respectively.

The Dow Jones Transportation Average (-1.2%) demonstrates relative weakness as rail names and couriers underperform the index. Norfolk Southern (NSC 89.32, -1.40) and Union Pacific (UNP 86.60, -1.52) have declined between 1.5% and 1.7% while FedEx (FDX 164.82, -2.76) has declined by 1.7%.

In the consumer staples sector (-0.1%), Clorox (CLX 132.00, +5.04) outperforms after topping analysts' estimates for the quarter and raising its earnings guidance for the full year. On the flipside, Monster Beverage (MNST 146.86, -1.07) has pulled back 0.7%, trimming its post-earnings gain. The company has jumped 14.9% since reporting results on April 29.

The U.S. Dollar Index (92.75, +0.12) floats higher as the greenback gains against the Canadian dollar. The dollar/Canadian dollar trades higher by 1.2% (1.2680) after slipping from the 1.2696 level. Meanwhile, the euro trades flat against the dollar at 1.1530 while the dollar/yen pair trades lower by 0.1% at 106.30.

The Treasury complex trades broadly higher as the yield on the 10-yr note sinks eight basis points to 1.79%.

Today's economic data was limited to April Auto and Truck Sales, which are being released throughout the day.

12:30 pm:

[BRIEFING.COM] The major averages have floated sideways since our last update as the S&P 500 (-1.1%) trades behind the Dow Jones Industrial Average (-1.0%).

The commodity-sensitive materials space (-1.9%) trades in-line with the financial sector (-1.9%) and behind telecom services (-1.5%), industrials (-1.1%), and technology (-1.1%).

In the consumer staples space (-0.2%), Estee Lauder (EL 94.22, -2.91) has declined 3.0% after lowering its 2016 earning guidance below consensus. However, the company did beat bottom-line estimates for the first quarter. Conversely, Clorox (CLX 132.00, +5.04) demonstrates relative strength after beating top- and bottom-line estimates for the quarter and raising its earnings guidance for full-year 2016. Separately, Monster Beverage (MNST 146.00, -1.93) has pulled back 1.2% following Friday's post-earnings rally. The stock has gained 14.0% since reporting results on April 29.

On the commodities front, WTI crude trades lower by 2.9% ($43.49/bbl) while gold trades lower by 0.6% ($1,288.70/ozt) after briefly touching the $1,300.00 level this morning.

12:00 pm:

[BRIEFING.COM] The major averages have lifted from their lows as the Nasdaq Composite (-1.1%) continues to trail the Dow Jones Industrial Average (-1.0%) and the S&P 500 (-1.0%).

The heavyweight financial sector (-1.7%) has trimmed its loss as it trails telecom services (-1.5%), and industrials (-1.1%).

In the industrial sector (-1.1%), Caterpillar (CAT 76.52, -1.32) demonstrates relative weakness as it pulls back after a recent rally. On that note, the stock has rallied 24.4% since the February 11 low in the S&P 500. This compares to a gain of 12.6% in the benchmark index over that period. Separately, rail names demonstrate relative weakness as Norfolk Southern (NSC 88.90, -1.82) and Union Pacific (UNP 86.11, -2.01) have declined between 2.1% and 2.3%. Meanwhile, Delta Air Lines (DAL 42.87, +0.70) has gained 1.6% after reporting April revenue metrics that fell in line with estimates.

The U.S. Dollar Index (92.81, +0.19) has ticked off its high as the greenback trims its gain against the Canadian dollar. The dollar/Canadian dollar trades higher by 1.2% (1.2675) after slipping from the 1.2696 level. Meanwhile, the euro has lost 0.2% against the dollar (1.1516) while the dollar/yen pair trades lower by 0.1% at 106.25.

11:30 am:

[BRIEFING.COM] The major indices float near their worst levels of the day as the S&P 500 (-1.1%) trades two points above its session low.

In the front of the pack, utilities (-0.1%), consumer staples (-0.2%), health care (-0.5%), and consumer discretionary (-0.9%) outperform.

The energy space (-2.4%) shows broad-based weakness as the sector trades lower in response to a downturn in oil. On that note, WTI crude trades lower by 2.7% ($43.56/bbl) ahead of tonight's 16:35 ET release of the API's weekly stockpile data. To be fair though, the negative economic readings from China and Europe may be worrying investors, as they focus on the effect of slowing growth on oil prices.

In the energy sector, Halliburton (HAL 40.33, -1.72) has declined 4.1% after beating bottom-line estimates for the quarter. The company had previously announced first-quarter revenue of $4.2 billion. Separately, Anadarko Petroleum (APC 49.42, -2.53) trades lower by 4.9% after reporting above-consensus bottom-line results on light revenue. Anadarko announced that it does not plan to increase its capital budget in 2016, even if oil rises above $50/bbl.

11:00 am:

[BRIEFING.COM] The major averages trade at session lows as the Nasdaq Composite (-1.3%) trades behind the S&P 500 (-1.2%).

The leaderboard remains little changed with commodity-sensitive energy (-2.3%) trailing financials (-2.1%) and materials (-1.7%).

The economically-sensitive financial sector (-2.1%) trades lower in sympathy with European banks following quarterly reports from Germany's Commerzbank and Switzerland's UBS (UBS 15.99, -1.24). Commerzbank disappointed investors, missing analysts' estimates for the quarter and lowering its earnings estimates for the year. For its part, UBS beat bottom-line estimates, but disappointed investors with its low transaction volume for the first quarter.

On the home front, money center banks demonstrate relative weakness as Citigroup (C 45.00, -1.68) and Bank of America (BAC 14.16, -0.60) trade lower by 3.6% and 4.1%, respectively. Separately, MetLife (MET 44.33, -1.51) underperforms after the Financial Industry Regulatory Authority fined the company $25 million for omissions and negligent misrepresentations regarding its variable annuity replacements.

The Treasury complex trades at its session high with the yield on the 10-yr note lower by eight basis points at 1.79%. This compares to last Friday's settlement at 1.83%.

10:30 am: [BRIEFING.COM]

The dollar index stages a notable recovery, weighing on commodities, up +0.1% at the 92.72 level
Commodities, as measured by the Bloomberg Commodity Index, are down -1.0% at 83.90
Crude oil plummets and conslidates near its low of the day in morning pit trading
June crude oil futures are currently down $0.92 (-2.0%) at $43.86/barrel
Contributing factors effecting crude oil futures include:
Rally/declines in the dollar index
US shale production declining 4.6% y/y
Global production surplus of 1.52 mln barrels per day
Natural gas sees a notable spike, trading near its highs of the day
May natural gas futures are currently up $0.05 (+2.2%) at $2.09/MMBtu
In precious metals, gold briefly tests its year-to-date highs around the $1300/oz level before reversing and declining to fresh lows of the day
June gold futures are currently down $7.30 (-0.6%) at $1288.50/oz
Silver extends yesterday's losses in morning pit trading
May silver futures are currently down $0.22 (-1.3%) at $17.46/oz
Base metal copper sees a notable decline, adding to yesterday's losses as well
May copper futures are currently down -0.05 (-2.1%) at $2.22/lb
Corn and wheat futures are lower this morning following USDA weekly crop progress report released late yesterday
July corn futures are currently down $0.09 (-2.2%) at $3.83/bushel
July wheat futures are currently down $0.11 (-2.3%) at $4.76/bushel
USDA reports that U.S. farmers have planted 45% of corn crop ,up from 30% a week ago and above 5-year avg of 30%, while wheat plantings rose to 54%, up from 42% a week ago and above 5-year avg. of 39%

10:00 am:

[BRIEFING.COM] The stock market has ticked lower since the open as the Nasdaq Composite (-1.0%) trades behind the S&P 500 (-0.9%).

In the front of the pack, countercyclical health care (-0.5%) trades behind consumer staples (-0.2%), and utilities (-0.1%).

The Dow Jones Transportation Average (-1.7%) demonstrates relative weakness as rail names and freight and logistic companies demonstrate relative weakness. On that note, FedEx (FDX 164.24, -3.35) has declined by 2.0% while CSX (CSX 26.69, -0.69) has slipped 2.5%.

The U.S. Dollar Index (92.55, -0.08) trades narrowly beneath its flat line as the greenback gains against the commodity-sensitive Canadian dollar. The dollar/Canadian dollar pair trades higher by 0.9% (1.2640). Elsewhere, the euro has gained 0.1% against the dollar (1.1550) while the dollar/yen pair trades lower by 0.4% at 105.97.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened its day on a lower note with the Nasdaq Composite (-0.7%) trading in-line with the Dow Jones Industrial Average (-0.7%) and the S&P 500 (-0.7%).

Nine sectors trade in the red with energy (-1.4%), financials (-1.4%), and materials (-1.3%) leading to the downside. The remaining sectors sport losses between 0.1% (health care) and 0.9% (industrials). Countercyclical utilities (+0.1%) sports the only gain of the day.

In the consumer staples space (-0.2%), Molson Coors Brewing (TAP 96.88, +0.11) demonstrates relative strength after beating top- and bottom-line estimates for the first quarter.

Separately, Dow component Pfizer (PFE 33.55, +0.75) tops the price-weighted index after reporting above-consensus results for the first quarter.

On the commodities front, WTI crude trades lower by 1.3% at $44.21/bbl while natural gas has gained 1.7% to trade at $2.08/MMbtu.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -29.10.

The stock market is on track for a lower open as the S&P 500 futures trade 13 points below fair value.

Concerns over the global economy weighed on overseas trade as weak data out of China and Europe pressured equities. Overnight, China's Caixin Manufacturing PMI registered a 49.4 in April. The reading came in below estimates (49.8) and beneath the March reading of 49.7. Additionally, the EU Commission revised its 2016 GDP and inflation estimates for the eurozone. The EU commission sees 2016 GDP growth for the region coming in at 1.6% (revised from 1.7%) while inflation estimates for the year were revised to 0.2% from 0.5%.

The resulting downtick in equity markets caused a bid in safe havens. On that note, gold, Treasuries, and the yen all gained overnight. Further strengthening in the yen has been viewed negatively by the market as continued strength in the currency is likely to be detrimental to Japan's economy. Specifically, exporters will continue to see margins shrink while carry trades are likely to see more unwinding. Currently, the U.S. Dollar Index (92.46, -0.17) has moved off its overnight low as the greenback trims its losses. The euro/dollar pair trades higher by 0.2% at 1.1555 while the dollar/yen pair trades lower by 0.5% at 105.95.

In company specific news, HSBC Holdings (HSBC 32.81, -0.43) trades lower by 1.3% as investors weigh a bottom-line beat on light revenue. CVS Health (CVS 102.29, +0.84) has gained 0.8% after beating bottom-line estimates for the first quarter, but lowering second quarter earnings guidance below analysts' estimates. Separately, Mylan Labs (MYL 44.00, +1.29) has gained 3.0% after reporting largely in-line results for the first quarter. The company also appointed Kenneth Parks as CFO.

For its part, WTI crude trades lower by 0.5% at $44.55/bbl ahead of tonight's weekly stockpile report from the American Petroleum Institute. Crude, distillate, and gasoline stockpile data will cross the wires at 16:35 ET.

Today's economic data will be limited to April Auto and Truck Sales, which are being released throughout the day.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -27.90.

The S&P 500 futures trade 13 points below fair value.

Equity markets across the Asia-Pacific region ended Tuesday on a mixed note. Chinese markets returned online, but the overall trading volume was subdued once again as Japan's Nikkei was closed for Constitution Day. Elsewhere, the Reserve Bank of Australia unexpectedly lowered its key interest rate by 25 basis points to 1.75%. The central bank noted that recent softer-than-expected inflation data underpinned the decision to cut interest rates.

In economic data:
China's April Caixin Manufacturing PMI 49.4 (expected 49.9; last 49.7)
Australia's March Building Approvals +3.7% month-over-month (expected -3.0%; last 2.9%) and Private Housing Approvals +2.6% (last 0.5%)
South Korea's April CPI +0.1% month-over-month, as expected (previous -0.3%); +1.0% year-over-year, as expected (previous 1.0%)

---Equity Markets---

Japan's Nikkei was closed for Constitution Day.
Hong Kong's Hang Seng lost 1.9% amid broad weakness. Property names like Cheung Kong Property Holdings, New World Development, Henderson Land, and China Resources Land lost between 2.1% and 4.8%. Gaming and casino names were mixed with Sands China rising 0.7% while Galaxy Entertainment lost 1.2%.
China's Shanghai Composite rallied 1.9%. Tibet Summit Industry, Changjiang Publishing, and Beijing Urban-Rural Trade Centre gained between 8.6% and 10.0%.

Major European indices trade lower across the board with Italy's MIB (-1.9%) leading the region lower amid notable weakness in bank stocks. The EU Commission has cut its 2016 GDP forecast for the eurozone to 1.6% from 1.7% and lowered the inflation forecast to 0.2% from 0.5%. Elsewhere, Spain's King Felipe signed a decree calling for an election on June 26.

In economic data:
Eurozone March PPI +0.3% month-over-month (expected 0.1%; last -0.7%); -4.2% year-over-year (consensus -4.3%; last -4.2%)
UK's April Manufacturing PMI 49.2 (expected 51.2; last 50.7)
Swiss Q2 SECO Consumer Climate -15 (expected -12; previous -14)

---Equity Markets---

UK's FTSE is lower by 0.8% with miners and financials showing relative weakness. Anglo American, Glencore, BHP Billiton, Antofagasta, and Rio Tinto are down between 4.7% and 10.0% while Standard Chartered, RBS, Barclays, and Old Mutual show losses between 2.6% and 5.0%.
France's CAC has given up 1.2% with Lafarge diving 5.7%. Financials Societe Generale and Credit Agricole hold respective losses of 3.6% and 3.0% while exporters Peugeot and Renault are both down near 2.7%.
Germany's DAX has slid 1.5% with all 30 components trading lower. Commerzbank has tumbled 10.0% after reporting disappointing results while Deutsche Bank trades down 5.1%. BMW also reported earnings and its stock trades lower by 3.0% in response. Other exporters like Volkswagen and Daimler trade just ahead with losses close to 2.6% apiece.
Italy's MIB underperforms with a loss of 1.9%. BMPS, Banco Popolare, Unicredit, UBI Banca, Banca di Milano Scarl, and Banca Pop Emilia Romagna show losses between 3.5% and 6.8%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -14.50. Nasdaq futures vs fair value: -33.20.

The S&P 500 futures trade 15 points below fair value.

In company specific news, Biogen (BIIB 273.04, -0.65) announced plans to spin off its hemophilia business into an independent, publicly traded company. The spin-off is expected to continue working to develop and commercialize its existing drug lines under Biogen's existing collaboration agreement. Separately, AIG (AIG 54.90, -1.69) has slipped 3.0% after missing bottom-line estimates for the first quarter. However, the company saw return on equity increase to 8.9% for the quarter. This figure included the benefit of a lower effective tax rate.

On the commodities front, WTI crude has ticked off its session low ($44.22/bbl) as the energy component trades down 0.8% to $44.45/bbl. Separately, gold trades higher by 0.4% at $1,300.60/ozt.

Dollar-denominated commodities have been pressured in recent action as the U.S. Dollar Index (92.40, -0.22) trims its loss. The euro has gained 0.2% against the dollar (1.1559) after rallying off the 1.1615 level overnight. Meanwhile, the dollar/yen pair trades down 0.5% at 105.90.

8:05 am:

[BRIEFING.COM] S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -30.20.

U.S. equity futures trade lower with the S&P 500 futures hovering 14 points below fair value. Futures slipped overnight following renewed concerns of slowing global growth. Overnight, China's Caixin Manufacturing PMI slipped to 49.4 from 49.7 in March. The dividing line between expansion and contraction is 50.0, and yesterday's figure represents the 14th consecutive reading of diminishing manufacturing activity in China. Meanwhile, in Europe, the EU Commission cut its 2016 GDP forecast for the eurozone to 1.6% (from 1.7%). The commission also lowered its inflation forecast from 0.5% to 0.2%.

The U.S. Dollar Index (92.37, -0.26) has ticked off its session low, but the greenback continues to show losses against both the yen and the euro. The euro/dollar pair remains higher by 0.3% at 1.1568 while the dollar has slipped 0.5% against the yen (105.87). For its part, WTI crude trades lower by 0.9% at $44.37/bbl.

The Treasury complex trades broadly higher with the yield on the 10-yr note dropping five basis points to 1.82%.

On the economic front, data will be limited to April Auto and Truck Sales, which will be released throughout the day.

In U.S. corporate news of note:

Pfizer (PFE 33.70, +0.90): +2.7% after beating estimates for Q1 and raising its FY16 earnings guidance
Yelp (YELP 22.58, +1.07): +5.0% following reports that David Einhorn highlighted a new position in the company in his Q1 newsletter
Halliburton (HAL 42.20, +0.15): +0.4% after beating bottom-line estimates on in-line revenue in Q1
Estee Lauder (EL 97.90, +0.77): +0.8% following the company beating bottom-line estimates in Q3, but lowering earnings guidance for FY16 below analysts' estimates.

Reviewing overnight developments:

Asian-Pacific markets ended on a mixed note with Hong Kong's Hang -1.9% while China's Shanghai Composite +1.9%. Separately, Japan's Nikkei was closed for Constitution Day.
In economic data:
China's April Caixin Manufacturing PMI 49.4 (expected 49.9; last 49.7)
Australia's March Building Approvals +3.7% month-over-month (expected -3.0%; last 2.9%) and Private Housing Approvals +2.6% (last 0.5%)
South Korea's April CPI +0.1% month-over-month, as expected (previous -0.3%); +1.0% year-over-year, as expected (previous 1.0%)
In news:
The Reserve Bank of Australia unexpectedly lowered its key interest rate by 25 basis points to 1.75%.
The central bank noted that recent softer-than-expected inflation data underpinned the decision to cut interest rates.

European indices trade lower with Germany's DAX -1.8%, France's CAC -1.6%, and the U.K.'s FTSE -1.1%. Elsewhere, Italy's MIB (-2.2%) leads the region lower.
In economic data:
Eurozone March PPI +0.3% month-over-month (expected 0.1%; last -0.7%); -4.2% year-over-year (consensus -4.3%; last -4.2%)
UK's April Manufacturing PMI 49.2 (expected 51.2; last 50.7)
Swiss Q2 SECO Consumer Climate -15 (expected -12; previous -14)
In news:
The EU Commission has cut its 2016 GDP forecast for the eurozone to 1.6% from 1.7% and lowered the inflation forecast to 0.2% from 0.5%.
Elsewhere, Spain's King Felipe signed a decree calling for an election on June 26.

5:55 am: [BRIEFING.COM] S&P futures vs fair value: -13.80. Nasdaq futures vs fair value: -34.10.

5:55 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...20677...-390.10...-1.90%.

5:55 am: [BRIEFING.COM] FTSE...6190.62...-51.30...-0.80%. DAX...9932.42...-190.90...-1.90%.

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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