TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab 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
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
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http://twitter.com/wrbtrader (24/7)


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 @ $4,937.50 dollars or +98.75 points, Light Crude Oil CL ($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 @ $4,937.50 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 for anyone to do a real-time review. 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 review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. 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=2449

##TheStrategyLab Chat Room is free. 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 TheStrategyLab 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 TheStrategyLab 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. TheStrategyLab 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 via removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell. TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164


Also, posted below for you to review 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.

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=302&t=3259 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 for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


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


4:10 pm: [BRIEFING.COM] The stock market ended the Thursday affair on a flat note as the S&P 500 (UNCH) clawed back the bulk of today's loss. Trading conditions continued to be on the lighter side as market participants wind down recent vacation schedules and look ahead to tomorrow's Employment Situation Report for August.

Equity indices sputtered at the start of the session as a string of weaker-than-expected economic data weighed on the broader market. The ISM Manufacturing Index for August indicated a contraction, falling to 49.4 (Briefing.com consensus 52.2) from July's reading of 52.6. Additionally, negative revisions to second quarter Productivity (-0.6%; from -0.5%) and Unit Labor Costs (+4.3%; from: +2.0%) weighed on the broader market's outlook for corporate earnings.

The disappointing economic data led to a negative revision of the Atlanta Fed's GDPNow forecast for the third quarter. The model now estimates that GDP growth for the third quarter will come in at 3.2%, declining from the August 29 estimate of 3.5%.

The major averages notched session lows shortly before midday as an extended downturn in crude oil weighed on the broader market. The energy component fell from the $44.35/bbl price level as investors eyed growth concerns associated with a pullback in manufacturing activity. The energy component ended its session lower by 3.4% ($43.17/bbl; -$1.54), extending its week-to-date loss to 9.4%.

The broader market recovered losses in the second half as a rebound in the heavily-weighted consumer discretionary (+0.2%) and technology (+0.4%) sectors boosted the broader market. The S&P 500 (UNCH) jostled near the 2170 price level, settling with six sectors in the green. The health care (-0.2%), energy (-0.3%), financial (-0.4%), and utilities (-0.4%) sectors rounded out the board while consumer discretionary (+0.2%), telecom services (+0.3%), and technology (+0.4%) outperformed.

The economically-sensitive financial sector (-0.4%) displayed relative weakness, responding to negative economic data and uncertainty ahead of tomorrow's Employment Situation Report for August. The Briefing.com consensus expects the employment reading will show that 180,000 nonfarm payrolls were added in August, following July's reading of 255,000. The report has taken on added significance as participants continue to adjust rate hike expectation for the year. In the group, Dow component American Express (AXP 64.86, -0.72) finished at the bottom of the price-weighted index.

In the health care space (-0.2%), health care plan names underperformed while the iShares Nasdaq Biotechnology ETF (IBB 281.44, +0.55) narrowed its week-to-date loss to 1.3%. In the ETF, Mylan Labs (MYL 41.92, -0.44) continued to underperform, sinking 1.0%. The broader sector has declined 0.6% this week, leading only energy (-0.3%; week-to-date: -1.4%) over that time.

Retail names underperformed in the consumer discretionary space (+0.2%) as the SPDR S&P Retail ETF (XRT 44.21, -0.26) declined by 0.6%. The sub-group was under pressure as investors pored over a mixed set of same-store sales data for August. L Brands (LB 74.81, -1.40) underperformed after reporting that August same-store sales increased 2.0%. Separately, Ford (F 12.44, -0.16) fell by 1.3% after announcing that U.S. sales declined by 8.4% year-over-year.

The high-beta chipmakers demonstrated relative strength, evidenced by the 0.9% gain in the PHLX Semiconductor Index. Marvell (MRVL 12.87, +0.47) finished at the top of the price-weighted index. For the week, the index has gained 0.9%, which compares to an advance of 0.3% in the broader sector.

Treasuries ended on a mixed note with the short end of the curve demonstrating relative strength. The yield on the 2-yr note ended lower by three basis points (0.78%) while the yield on the 30-yr bond settled flat at 2.23%. For its part, the yield on the benchmark 10-yr note slipped one basis point to 1.57%

Today's participation was below the recent average as fewer than 805 million shares changed hands on the NYSE floor.

Today's economic data included August Challenger Job Cuts, weekly initial claims, revised estimates for second quarter Productivity and Unit Labor Costs, Construction Spending for July, and the ISM Index for August:

August Challenger Job Cuts reported in at 32,200, which compares to the prior month's reading of 45,300.
Initial jobless claims increased by 2,000 to 263,000 for the week ending August 27. There were no special factors driving the report, which produced the 78th straight week that initial claims have been below 300,000.
Continuing claims for the week ending August 20 increased by 14,000 to 2.159 million. That uptick drove the four-week moving average to 2.160 million from 2.155 million the week before.
Second quarter productivity was revised down to a decline of 0.6% from a preliminary decline of 0.5%. The revision was in-line with the Briefing.com consensus estimate.
Unit labor costs were revised up to 4.3% (Briefing.com consensus +2.1%) from the preliminary reading of 2.0%.
The report signals that corporate profit margins are at risk with productivity down and unit labor costs up.
Total construction spending was unchanged in July (Briefing.com consensus +0.6%) following an upwardly revised 0.9% increase (from -0.6%) for June.
On a year-over-year basis, total construction spending is up 1.5%, which is the slowest pace of growth since November 2011.
The total value of construction put in place increased 0.9% versus June, so that will remain a positive input for Q3 GDP forecasts.
The ISM Manufacturing Index for August produced a big headline disappointment, falling to 49.4 (Briefing.com consensus 52.2) from 52.6 in July. A number below 50.0 denotes a general contraction in the manufacturing sector.
The report plants a negative seed for third quarter GDP growth prospects and also supports the notion held by many market participants that the Federal Reserve should refrain from raising the fed funds rate at this month's FOMC meeting.

For further details on these economic releases, be sure to visit Briefing.com's Economic Calendar page.

Tomorrow's economic data will include the Employment Situation Report for August (Briefing.com consensus 180k) and the Trade Balance for July (Briefing.com consensus -$43.0 billion), which will each cross the wires at 8:30 ET. Separately, Factory Orders for July (Briefing.com consensus +2.0%) will be released at 10:00 ET.

3:40 pm: [BRIEFING.COM]

Energy futures take a hit in Thursday's session
Following today's weekly storage data, natural gas futures took a hit and ended the day down 3.1% at $2.80/MMBtu
WTI oil futures were weak as well, extending recent losses and is down 11% since last Friday
Today, Oct crude oil ended the session -3.4% at $43.17/barrel
Looking over at metals...
Dec gold rose 0.4% to $1317/oz, while Dec silver closed 1.3% higher at $18.95/oz
Dec copper ended unchanged at $2.08/lc
Moving over to the agriculture market, some grains, such as wheat and corn are sitting at multi-year lows
Wheat is at a 10-year low currently, while corn is at a 7-yr. low
Today, Dec corn rose 2.5% to $3.23/bushel, Dec wheat gained 0.8% to $3.94/bu and Nov soybeans climbed 0.4% to $9.45/bu

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages trade near their flat lines with the S&P 500 down 0.1%.

Five sectors trade in the red with health care (-0.4%), financials (-0.6%), and energy (-0.9%) rounding out the leaderboard. The remaining decliners sport losses between 0.1% (industrials) and 0.3% (utilities). Conversely, materials (+0.2%), technology (+0.2%), and telecom services (+0.4%) outperform.

The heavily-weighted financial sector (-0.6%) continues to act as notable laggard, pulling back from a 1.9% week-to-date gain. The space has been under pressure as investors respond to a weaker-than-expected reading of the ISM Manufacturing Index for August. Additionally, the reading contributed to a negative revision of the Atlanta Fed's GDPNow forecast for the third quarter. The model now estimates that GDP growth for the third quarter will come in at 3.2%, slipping from the August 29 estimate of 3.5%. However, the financial sector remains ahead of other groups on the weekly leaderboard, having advanced 1.3% this week.

WTI crude ended its day lower by 3.4% ($43.17/bbl; -$1.54).

2:30 pm:

[BRIEFING.COM] The S&P 500 (-0.2%) continues to hold a minor loss, showing a week-to-date decline of 0.1%. Separately, small and mid-cap indices underperform with the S&P Mid Cap 400 and the Russell 2000 declining 0.4% and 0.5%, respectively.

In the consumer staples space (-0.1%), Mondelez International (MDLZ 44.06, -0.96) underperforms, pulling back from a weekly gain. The stock jumped 4.0% on Tuesday after the company announced that it was no longer pursuing a combination with Hershey (HSY 99.56, -0.33). Currently, Mondelez International sports a week-to-date gain of 2.3%, which compares to an uptick of 0.1% in the broader sector. Conversely, food product names underperform, trading lower in sympathy with Campbell Soup (CPB 56.81, -3.91). The company disappointed investors with its quarterly results and guidance this morning.

WTI crude trades lower by 3.5% ($43.15/bbl; -$1.55) ahead of its pit session close at 14:30 ET. The energy component currently sports a week-to-date loss of 9.4% while the broader energy sector has declined 2.0% this week.

2:00 pm:

[BRIEFING.COM] The major averages have traded in sideways fashion as the S&P 500 (-0.1%) trades slightly behind the Dow Jones Industrial Average (UNCH).

The leaderboard remains little changed with health care (-0.3%), utilities (-0.4%), financials (-0.5%), and energy (-0.8%) leading to the downside.

In the health care sector (-0.3%), Gilead Sciences (GILD 77.23, -1.14) and Mylan Labs (MYL 41.73, -0.63) underperform, sinking 1.5% apiece. Mylan Labs tumbled 9.5% in the month of August as investors responded to calls on the company to change its drug pricing system for its EpiPen device. The company announced the release of a generic version of its EpiPen on August 29, but has tumbled 3.5% since that announcement. Conversely, Allergan (AGN 237.33, +2.79) has rebounded 1.2% after slipping 1.0% in the prior session. The broader health care sector has declined 0.7% week-to-date, trailing the remaining sectors except for energy (-0.8%; week-to-date: -1.9%).

On the commodities front, gold ended its pit session higher by 0.4% ($1,317.00/ozt, +$5.60).

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to trade mixed this afternoon after recovering from this morning's steep losses.

A look inside the Dow Jones Industrial Average shows that American Express (AXP 64.92, -0.66), Caterpillar (CAT 81.18, -0.77), & Goldman Sachs (GS 167.97, -1.49) are underperforming. American Express & Goldman are among the Dow's top decliners as financials lag in today's session.

Conversely, Wal-Mart (WMT 72.54, +1.10) is the best-performing Dow component following a Wall Street Journal report that the company is preparing several thousand back-office jobs cuts.

For the week, the DJIA is currently flat.

1:00 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as the major averages respond to a below-consensus reading of the ISM Manufacturing Index for August. The S&P 500 (-0.1%) trades in-line with the Dow Jones Industrial Average (-0.1%) and behind the Nasdaq Composite (+0.2%).

Equities indices began the day under pressure as investors pored over a mixed set of global manufacturing data. Positive reports from China and the United Kingdom helped bolster things overnight, but negative domestic data pushed those reports to the backburner. The ISM Manufacturing Index for August fell to 49.4 (Briefing.com consensus 52.2) from July's reading of 52.6. A number below 50.0 indicates contraction in the manufacturing sector and could act as a headwind for third-quarter GDP growth prospects.

The major averages slipped through mid-morning, trading lower lockstep with crude oil futures. The energy component fell from the $44.35/bbl price level at the start of the session, pressured by growth concerns associated with a downturn in manufacturing activity. The energy component currently trades lower by 2.9% ($43.42/bbl; -$1.28), extending its week-to-date loss to 8.9%.

The broader market recovered losses in the early afternoon as the Nasdaq Composite (+0.2%) outperformed amid strength in the heavily-weighted technology (+0.2%) sector. For its part, the S&P 500 (-0.1%) trades in the upper half of today's trading range as four sectors trade in positive territory. The technology (+0.2%) and materials (+0.3%) sectors top the leaderboard while financials (-0.6%) and energy (-0.7%) act as notable laggards.

The economically-sensitive financial sector (-0.6%) demonstrates relative weakness as money center banks, investment brokerages, and asset management companies each underperform. In the group, Citigroup (C 47.20,- 0.54) and Bank of America (BAC 15.90, - 0.24) trade lower by 1.2% apiece. Separately, Dow component American Express (AXP 64.85, -0.73) rounds out the price-weighted index. The group has narrowed its week-to-date gain to 1.2%, leading the remaining sectors.

Retail names underperform in the consumer discretionary space (+0.1%), evidenced by the 0.5% decline in the SPDR S&P Retail ETF (XRT 44.26, -0.21). The industry group has been under pressure in the wake of a mixed set of same-store sales data for August. L Brands (LB 74.83, -1.38) has declined by 1.8% after announcing that August same-store sales increased 2.0%, which compares to a reading of 6.0% last August. Conversely, casino name Wynn Resorts (WYNN 94.23, +4.91) outperforms after the Macau Gaming Inspection and Coordination Bureau reported the first positive revenue growth for Macau since 2014.

In influential technology sector (+0.2%), top-weighted Apple (AAPL 106.46, +0.36) outperforms, trimming its week-to-date loss to 0.5%. This compares to a gain of 0.2% in the broader sector. The high-beta chipmakers demonstrate relative strength as the PHLX Semiconductor Index gains 0.5%. In the group, NVIDIA (NVDA 63.00, +1.66) outperforms, gaining 2.7%. The price-weighted index has ticked higher by 0.5% this week, which compares to a loss of 0.1% in the benchmark index.

Treasuries trade on a higher note with the short end of the curve demonstrating relative strength. The yield on the 2-yr note has slipped to 0.78% (-3 bps) while the yield on the benchmark 10-yr note has slipped two basis points to 1.56%.

Today's economic data included August Challenger Job Cuts, weekly initial claims, revised estimates for second quarter Productivity and Unit Labor Costs, Construction Spending for July, and the ISM Index for August:

August Challenger Job Cuts reported in at 32,200, which compares to the prior month's reading of 45,300.
Initial jobless claims increased by 2,000 to 263,000 for the week ending August 27. There were no special factors driving the report, which produced the 78th straight week that initial claims have been below 300,000.
Continuing claims for the week ending August 20 increased by 14,000 to 2.159 million. That uptick drove the four-week moving average to 2.160 million from 2.155 million the week before.
Second quarter productivity was revised down to a decline of 0.6% from a preliminary decline of 0.5%. The revision was in-line with the Briefing.com consensus estimate.
Unit labor costs were revised up to 4.3% (Briefing.com consensus +2.1%) from the preliminary reading of 2.0%.
The report signals that corporate profit margins are at risk with productivity down and unit labor costs up.
Total construction spending was unchanged in July (Briefing.com consensus +0.6%) following an upwardly revised 0.9% increase (from -0.6%) for June.
On a year-over-year basis, total construction spending is up 1.5%, which is the slowest pace of growth since November 2011.
The total value of construction put in place increased 0.9% versus June, so that will remain a positive input for Q3 GDP forecasts.
The ISM Manufacturing Index for August produced a big headline disappointment, falling to 49.4 (Briefing.com consensus 52.2) from 52.6 in July. A number below 50.0 denotes a general contraction in the manufacturing sector.
The report plants a negative seed for third quarter GDP growth prospects and also supports the notion held by many market participants that the Federal Reserve should refrain from raising the fed funds rate at this month's FOMC meeting.

For further details on these economic releases, be sure to visit Briefing.com's Economic Calendar page.

12:25 pm:

[BRIEFING.COM] The major averages have inched higher since our last update as the S&P 500 (-0.2%) floats six points above its worst level of the day.

The heavily-weighted industrial sector (-0.2%) trades behind the broader market as Dow component Caterpillar (CAT 80.78, -1.17) weighs on the price-weighted index. The stock lost 1.0% in the month of August while the broader Industrial Sector SPDR ETF (XLI 58.38, -0.20) gained 1.0% over that time. Today, Caterpillar is down 1.1%.

The Dow Jones Transportation Average (-0.2%) demonstrates relative strength as C.H. Robinson (CHRW 71.12, +1.70) outperforms. The name has jumped 2.3% after announcing the acquisition of APC Logistics for $225 million in cash. C.H. Robinson expects the transaction to be accretive in 2016 and 2017. The broader transportation index has gained 0.5% so far this week, leading the benchmark index over that time.

On the commodities front, WTI crude trades lower by 3.0% ($43.35/bbl; -$1.34) while gold has gained 0.4% ($1,317.20/ozt, +$5.80).

12:00 pm:

[BRIEFING.COM] The S&P 500 is lower by 0.5% while the domestically-oriented Russell 2000 (-0.6%) underperforms.

The consumer discretionary space (-0.2%) trades ahead of the broader market as retail names trim early losses. The SPDR S&P Retail ETF (XRT 44.07, -0.39) fell 1.2% at the start of the session as mixed same-store sales data for August pressured the ETF. L Brands (LB 74.64, -1.57) trades lower by 2.1% after announcing that August same-store sales increased 2.0%. This compares to flat guidance and a prior year's 6.0% growth. Conversely, travel and leisure names outperform as they draft higher alongside Wynn Resorts (WYNN 94.18, +4.90). The name has jumped 5.5% after the Macau Gaming Inspection and Coordination Bureau reported the first positive revenue growth from Macau since 2014.

Treasuries have marched higher with the long end of the curve demonstrating relative weakness. The yield on the 2-yr note has slipped three basis points to 0.78% while the yield on the 30-yr bond is flat at 2.23%.

11:25 am:

[BRIEFING.COM] The broader market continues to trade in the bottom of today's trading range as the S&P 500 sheds 0.5%

The commodity-sensitive energy sector (-0.8%) continues to trade neck-and-neck with financials (-1.0%) on the bottom of the leaderboard. The energy space is responding to a downturn in crude oil futures. WTI crude trades lower by 2.4% ($43.62/bbl, -$1.08), extending its week-to-date loss to 8.4%.

In the energy sector, refining names demonstrate relative weakness as Marathon Petroleum (MPC 41.70, -0.81) and Valero Energy (VLO 54.06, -1.29) trade lower by 1.9% and 2.3%, respectively. Valero is trading lower after the company updated investors regarding its 2016 capital budget last evening. Separately, Dow component Exxon Mobil (XOM 86.26, -0.87) trades behind the price-weighted index. The broader sector has declined 2.0% this week, rounding out the weekly leaderboard.

The U.S. Dollar Index (95.67, -0.35, -0.37%) floats near its session low as the euro and the pound gain against the greenback. The euro has gained 0.3% against the buck (1.1191) while the pound/dollar pair trades higher by 1.2% (1.3296).

10:55 am:

[BRIEFING.COM] The major averages float near recently-established session lows as the S&P 500 (-0.5%) trades slightly behind the Dow Jones Industrial Average (-0.4%).

The heavily-weighted financial sector (-0.9%) demonstrates relative weakness as the group trims its week-to-date gain to 1.0%. In the space, money center banks underperform with Citigroup (C 47.04, -0.70) and Bank of America (BAC 15.84, - 0.29) declining 1.5% and 1.6%, respectively. The economically-sensitive sector is responding to a weaker-than-expected reading of the ISM Index for August. The ISM Manufacturing Index for August fell to 49.4 from July's reading of 52.6. The Briefing.com consensus expected the index to register at 52.2. The datapoint appears to be feeding some uncertainty regarding third-quarter GDP growth prospects.

The fed funds futures market is little changed in the wake of the negative data. At this juncture, the implied probability of a rate hike at the September meeting is 24.0%, unchanged from yesterday's reading.

Treasuries trade on a mixed note with the short end of the curve demonstrating relative strength. The yield on the 2-yr note has slipped to 0.79% (-2 bps) while the yield on the benchmark 10-yr note is unchanged at 1.58%.

10:45 am: [BRIEFING.COM]

Following the ISM/Construction data, the dollar index dropped quickly to a new low for the day, which gave a boost to commodities such as oil, gold and silver
In more recent news here, natural gas futures dropped swiftly following the weekly EIA natural gas, which showed a weekly build of 51 bcf, above expectations.
In current trade, Oct natural gas is -3.1% at $2.80/MMBtu
WTI oil futures are extending its recent slide lower
In recent trade today, WTI oil hit a new low on the day
Currently, Oct crude oil futures are -2.1% at $43.77/barrel
Moving over to metals
Dec gold is +0.3% at $1315.70, while Dec silver is +0.6% at $18.83/oz, both getting help from weakness in the dollar index
Copper is unchanged at $2.08/lb

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%) have each moved into negative territory. The two indices trade flat over a week-to-data basis.

Just released, the ISM Index for August indicated a decrease to 49.4 from 52.6 while the Briefing.com consensus expected a reading of 52.2.

Separately, construction spending came in flat (Briefing.com consensus +0.6%) in July, with a revision to +0.9% from -0.6% for June.

The U.S. Dollar Index (96.11, +0.09, +0.09%) trades near a session high as the euro and the yen lose ground against the greenback. The euro/dollar pair trades lower by 0.2% (1.1138) while the dollar has gained 0.5% against the safe-haven yen (103.98). Separately, buck has gained 0.3% against the commodity-sensitive Canadian dollar (1.3144).

9:45 am:

[BRIEFING.COM] The stock market began the day on a modestly higher note as the Nasdaq Composite (+0.2%) leads the S&P 500 (+0.1%) and the Dow Jones Industrial Average (+0.1%).

Six sectors trade in the green with heavily-weighted consumer discretionary (+0.3%) and financials (+0.3%) leading the upside. Conversely, countercyclical telecom services (-0.2%) and consumer staples (-0.3%) lead energy (-0.4%) on the bottom of the leaderboard.

In the financial sector (+0.3%), life insurance names outperform with Prudential (PRU 79.86, +0.48) and MetLife (MET 43.86, +0.46) trading higher by 0.6% and 1.1%, respectively. The broader sector has advanced 2.2% this week, leading the weekly leaderboard.

The consumer staples space (-0.3%) displays relative weakness as Costco (COST 157.10, -4.99) trades lower by 3.1%. The staples retailer has been under pressure after reporting that August same-store sales came in flat. Separately, Campbell Soup (CPB 57.68, -3.03) underperforms after missing quarterly estimates and issuing cautious guidance.

On the commodities front, WTI crude trades lower by 1.5% ($44.00/bbl, -$0.70) while gold has ticked lower by 0.1% to $1,309.50/ozt.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +8.90.

The stock market is on track for a flattish start as the S&P 500 futures trade one point above fair value.

Equity futures on the benchmark index notched a new session low in recent action as an uptick in the U.S. Dollar Index (96.09, +0.07, +0.07%) weighs on dollar denominated commodities. WTI crude currently trades lower by 0.9% ($44.30/bbl; -$0.40) while gold has ticked lower by 0.1% ($1,309.80/ozt; -$1.60). The move lower in futures also corresponded with a pullback in European markets. It is worth noting that the U.K. August Manufacturing PMI topped estimates, coming in at 53.3 (consensus: 49.0). The report has led to a bid in the pound, which in turn weighs on the FTSE (-0.1%). Recall that a reading above 50.0 indicates expansion.

In company specific news, Campbell Soup (CPB 57.80, -2.92) has declined by 4.8% after missing bottom-line estimates for the quarter. The consumer staples name also lowered its full-year outlook below consensus. Separately, Costco (COST 158.50, -3.59) trades lower by 2.2% after reporting that August same store sales were flat. This compares to the prior year's reading of -2.0%.

Today's economic data will be capped off with Construction Spending for July (Briefing.com consensus +0.6%) and the ISM Index for August (Briefing.com consensus 52.2), which will be released at 10:00 ET. Separately, August Auto and Truck sale data will be released throughout the session.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +6.10.

Equity futures have pulled back as the S&P 500 futures trade one point below fair value.

Equity indices across the Asia-Pacific region ended Thursday on a mostly lower note while Japan's Nikkei (+0.2%) outperformed amid yen weakness, which sent the dollar/yen pair higher by 0.4% to 103.87. Comments from the weekend G-20 summit in Shanghai have begun seeping through, with People's Bank of China Deputy Governor Yi Gang saying policies discussed at the meeting are aimed at continuous growth. He also said that countries have room to create a loose policy environment.

In economic data:
China's August Caixin Manufacturing PMI 50.0 (expected 50.1; last 50.6). August Manufacturing PMI 50.4 (expected 49.9; previous 49.9), and August Non-Manufacturing PMI 53.5 (last 53.9)
Japan's August Manufacturing PMI 49.5 (expected 49.6; last 49.6) and Q2 Capital Spending +3.1% year-over-year (consensus 5.6%; last 4.2%)
India's August Nikkei Markit Manufacturing PMI 52.6 (expected 52.0; last 51.8)
South Korea's August trade surplus narrowed to KRW5.30 billion from KRW7.60 billion. August Imports +0.1% year-over-year (expected -3.3%; last -13.6%) and Exports +2.6% year-over-year (consensus 0.6%; last -10.3%). August Nikkei Manufacturing PMI slipped to 48.6 from 50.1. August CPI +0.4% year-over-year (expected 0.8%; last 0.7%)
Australia's August AIG Manufacturing Index 46.9 (expected 56.4). July Retail Sales 0.0% month-over-month (expected 0.3%; last 0.1%), and Q2 Private New Capital Expenditure -5.4% quarter-over-quarter (expected -4.2%; last -5.2%)

---Equity Markets---

Japan's Nikkei added 0.2% with five sectors ending in the green. Health care (+1.3%) and consumer staples (+1.1%) outperformed while materials (-0.4%) and industrials (-0.4%) lagged. Pioneer, Ricoh, Takeda Pharmaceuticals, Asahi Group, and J Front Retailing gained between 2.0% and 6.2%. On the downside, Japan Steel Works, Hitachi Construction, Advantest, and Nissan Chemical Industries lost between 1.7% and 6.0%.
Hong Kong's Hang Seng gained 0.8%, nearing its best level since early 2015. Casino stocks outperformed after August gaming data from Macau showed the first year-over-year increase in revenue in 26 months. Galaxy Entertainment and Sands China posted respective gains of 8.0% and 6.4% while financials HSBC, Bank of East Asia, BoC Hong Kong, and Bank of China gained between 1.7% and 2.8%.
China's Shanghai Composite lost 0.7%. Metro Land fell 4.2%, China Vanke surrendered 6.0%, and Langfang Development plunged 9.9%.

Major European indices trade higher across the board with Spain's IBEX (+1.7%) showing relative strength. Market participants have shrugged off today's economic data, which featured a disappointing August Manufacturing PMI for the eurozone (51.7; expected 51.8). The euro (1.1139) is little changed against the dollar while the pound (1.3253) has jumped 0.9% following upbeat UK August Manufacturing PMI (53.3; expected 49.9).

In economic data:
Eurozone August Manufacturing PMI 51.7 (expected 51.8; last 51.8)
Germany's August Manufacturing PMI 53.6, as expected (last 53.6)
UK's August Manufacturing PMI 53.3 (consensus 49.0; last 48.3)
France's August Manufacturing PMI 48.3 (expected 48.5; previous 48.5)
Italy's August Manufacturing PMI 49.8 (consensus 51.1; last 51.2)
Spain's August Manufacturing PMI 51.0 (expected 50.9; previous 51.0)
Swiss August SVME PMI 51.0 (consensus 50.5; last 50.1) and July Retail Sales -2.2% year-over-year (consensus -3.1%; last -3.5%)

---Equity Markets---

UK's FTSE trades lower by 0.1%. Homebuilders and financials outperform with Taylor Wimpey, Persimmon, and Barratt Developments up between 2.6% and 3.8%. Barclays, HSBC, Prudential, Aberdeen Asset Management, and RBS show gains between 1.4% and 2.4%.
Germany's DAX has climbed 0.2% with financials pacing the move. Commerzbank is up 5.7% and Deutsche Bank trades higher by 4.2%. On the downside, Beiersdorf and Bayer are down 2.6% and 1.1%, respectively.
France's CAC has gained 0.8% amid strength in financials and automakers. Peugeot, Renault, BNP Paribas, Societe Generale, and Credit Agricole are up between 2.4% and 4.0%. Orange is the weakest performer, sliding 1.2%.
Spain's IBEX is higher by 1.7% with financials like Banco Popular, Bankia, Banco Sabadell, Santander, Caixabank, and BBVA climbing between 2.3% and 4.7%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +13.90.

Equity futures remain little changed as the S&P 500 futures trade three points above fair value.

Productivity data for the second quarter showed a decrease of 0.6%, which was below the 0.5% decrease that had been reported in the preliminary reading. The reading was also in-line with the Briefing.com consensus. Unit labor costs for the second quarter were revised higher to reflect an increase of 4.3% after they had reportedly increased 2.0% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would be revised to 2.1%.

Separately, the latest weekly initial jobless claims count totaled 263,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was above the unrevised prior week's count of 261,000. As for continuing claims, they rose to 2.159 million from 2.145 million.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +15.40.

U.S. equity futures trade modestly higher with the S&P 500 futures floating three points above fair value. Futures hover above their flat lines as the group trades higher alongside European bourses. Market participants have largely shrugged off economic data from the region, which featured a disappointing reading of eurozone Manufacturing PMI for (51.7; expected 51.8) August. Conversely, the U.K.'s Manufacturing PMI (53.3; consensus 49.0; last 48.3) for August came in ahead of estimates. The positive data has boosted sterling, as the pound/dollar pair trades higher by 0.8% (1.3245).

Separately, Asia-Pacific indices ended the day on a mixed note after China's August Manufacturing PMI (50.4; expected 49.9; previous 49.9) surprised to the upside.

Treasuries trade on a mostly lower note with yields rising through the curve. The yield on the 10-yr note has risen one basis point to 1.59%.

On the economic front, August Challenger Job Cuts reported in at 32,200, which compares to the prior month's reading of 45,300. Weekly initial claims (Briefing.com consensus 265k) and the revised estimate for second quarter Productivity (Briefing.com consensus -0.6%) and Unit Labor Costs (Briefing.com consensus 2.1%) will each cross the wires at 8:30 ET. Construction Spending for July (Briefing.com consensus +0.6%) and the ISM Index for August (Briefing.com consensus 52.2) will each be released at 10:00 ET. Meanwhile, August Auto and Truck Sales data will be made available throughout tomorrow's session.

In U.S. corporate news of note:

Salesforce.com (CRM 74.40, -5.02): -6.3% after disappointing investors with its Q3 guidance, but beating bottom-line estimates for the quarter
Five Below (FIVE 42.25, -2.26): -5.1% following the company issuing below-consensus revenue guidance for Q3
Wynn Resorts (WYNN 93.75, +4.44): +5.0% after the Macau Gaming Inspection and Coordination Bureau reported positive August gaming growth
Box (BOX 13.67, -0.07): -0.5% despite beating top- and bottom-line estimates for the quarter and raising its FY17 outlook

Reviewing overnight developments:

Asia-Pacific indices ended on a mixed note with Hong Kong's Hang Seng (+0.8%), Japan's Nikkei (+0.2%), and China's Shanghai Composite (-0.7%).
In economic data:
China's August Caixin Manufacturing PMI 50.0 (expected 50.1; last 50.6). August Manufacturing PMI 50.4 (expected 49.9; previous 49.9), and August Non-Manufacturing PMI 53.5 (last 53.9)
Japan's August Manufacturing PMI 49.5 (expected 49.6; last 49.6) and Q2 Capital Spending +3.1% year-over-year (consensus 5.6%; last 4.2%)
India's August Nikkei Markit Manufacturing PMI 52.6 (expected 52.0; last 51.8)
South Korea's August trade surplus narrowed to KRW5.30 billion from KRW7.60 billion. August Imports +0.1% year-over-year (expected -3.3%; last -13.6%) and Exports +2.6% year-over-year (consensus 0.6%; last -10.3%). August Nikkei Manufacturing PMI slipped to 48.6 from 50.1. August CPI +0.4% year-over-year (expected 0.8%; last 0.7%)
Australia's August AIG Manufacturing Index 46.9 (expected 56.4). July Retail Sales 0.0% month-over-month (expected 0.3%; last 0.1%), and Q2 Private New Capital Expenditure -5.4% quarter-over-quarter (expected -4.2%; last -5.2%)
In news:
Japan's Nikkei (+0.2%) outperformed amid yen weakness, which sent the dollar/yen pair higher by 0.3% to 103.70.
Comments from the weekend G-20 summit in Shanghai have begun seeping through.
The People's Bank of China Deputy Governor Yi Gang stated that policies discussed at the meeting are aimed at continuous growth.
He also said that countries have room to create a loose policy environment.

European indices trade higher with France's CAC (+1.1%), Germany's DAX (+0.5%), and the U.K.'s FTSE (+0.1%). Elsewhere, Spain's IBEX (+1.9%) shows relative strength.
In economic data:
Eurozone August Manufacturing PMI 51.7 (expected 51.8; last 51.8)
Germany's August Manufacturing PMI 53.6, as expected (last 53.6)
UK's August Manufacturing PMI 53.3 (consensus 49.0; last 48.3)
France's August Manufacturing PMI 48.3 (expected 48.5; previous 48.5)
Italy's August Manufacturing PMI 49.8 (consensus 51.1; last 51.2)
Spain's August Manufacturing PMI 51.0 (expected 50.9; previous 51.0)
Swiss August SVME PMI 51.0 (consensus 50.5; last 50.1) and July Retail Sales -2.2% year-over-year (consensus -3.1%; last -3.5%)
In news:
Market participants have shrugged off today's economic data, which featured a disappointing August Manufacturing PMI for the eurozone (51.7; expected 51.8).
The euro (1.1149) is little changed against the dollar.
UK August Manufacturing PMI (53.3; expected 49.9) comes in above-consensus.
The pound has jumped 0.8% against dollar (1.3245).

6:12 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +12.60.

6:12 am: [BRIEFING.COM] Nikkei...16927...+39.40...+0.20%. Hang Seng...23162...+185.50...+0.80%.

6:12 am: [BRIEFING.COM] FTSE...6772.53...-9.00...-0.10%. DAX...10631.75...+39.10...+0.40%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links will be useful for you.

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

http://www.thestrategylab.com
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