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
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
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 Reviews: http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
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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 via the user name wrbtrader 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=170&t=2621

##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. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum. 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, many different mobile apps and many different types of social media software can be used to log in. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled.

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=327&t=3486 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

The Market at 04:30PM ET
Dow: +14.31… | Nasdaq: +39.68… | S&P: +3.11…
NASDAQ Vol: 1.8 bln… Adv: 1440… Dec: 1352…
NYSE Vol: 792.2 mln… Adv: 1574… Dec: 1386…

Moving the Market

Top-weighted technology sector outperforms, but influential financial group lags

July CPI reading (+0.1% actual vs +0.2% Briefing.com consensus) tempers rate-hike concerns

North Korea-U.S. tensions keep gains in check

Sector Watch
Strong: Consumer Discretionary, Technology, Health Care
Weak: Financials, Energy, Materials, Utilities, Telecom Services, Real Estate
04:30PM ET

[BRIEFING.COM] The stock market's three-day slide came to an end on Friday, but just barely, as the S&P 500 (+0.1%) eked out a narrow victory. The Dow (+0.1%) finished in line with the benchmark index while the Nasdaq outperformed, advancing 0.6%. For the week, the S&P 500 lost 1.4%.

Geopolitical tensions continued to linger on Friday, pushing both European and Asian markets lower and keeping gains on Wall Street in check. President Trump issued another statement regarding the ongoing situation with North Korea, saying "[m]ilitary solutions are now fully in place, locked and loaded, should North Korea act unwisely."

However, the market's anxiety was obviously dialed back a bit as the CBOE Volatility Index (VIX 15.52, -0.52) declined 3.2%, retreating from the four-month high it posted on Thursday. Conversely, U.S. Treasuries moved higher once again, but the rally had more to do with another tepid inflationary reading than with geopolitical concerns.

Both the Consumer Price Index and the core Consumer Price Index, which excludes food and energy, increased 0.1% in July. Those monthly readings were below expectations--the Briefing.com consensus anticipated an increase of 0.2% for both--and left the CPI up 1.7% year-over-year, versus 1.6% in June, and the core CPI up 1.7%, unchanged from June.

The Fed will like that there wasn't any further deterioration in consumer inflation trends, yet with its preferred PCE Price Index up just 1.4% year-over-year in June, today's CPI report isn't going to change the prevailing belief that the Fed will want to take more time to determine if inflation is picking up toward its 2.0% target on a sustained basis.

Treasuries moved higher across the curve, but buying was heaviest at the front end; the 2-yr yield dropped four basis points to 1.29% while the 10-yr yield slipped two basis points to 2.19%. Meanwhile, the U.S. Dollar Index (92.95, -0.35) lost 0.4% as the greenback dropped 0.5% against the euro to 1.1825 and 0.3% against the pound to 1.3019.

As for the equity market, the S&P 500's most influential sectors--technology (+0.8%) and financials (-0.5%)--battled each other from opposite ends of the leaderboard. The tech group benefited from broad strength with mega-cap names like Apple (AAPL 157.48, +2.16) and Microsoft (MSFT 72.50, +1.09) showing particular resolve. The two names advanced 1.4% and 1.5%, respectively.

NVIDIA (NVDA 155.96, -8.78) was one of the few laggards in the tech space, dropping 5.3% despite beating both top and bottom line estimates and raising its revenue guidance for the third quarter. However, the good news was likely priced in ahead of the report as the chipmaker did come into Friday's session with an impressive year-to-date gain of 54.3%.

Elsewhere on the earnings front, Snap (SNAP 11.83, -1.94) plunged 14.1% after reporting worse than expected earnings, revenues, and daily active users. Following Friday's slide, the social media company now sits 59.8% below its all-time high of $29.44 per share, which it posted shortly after its IPO in early March.

In total, five sectors--technology (+0.8%), consumer discretionary (+0.5%), health care (+0.3%), industrials (+0.1%), and consumer staples (+0.1%)--finished in the green while six sectors--energy (-0.7%), utilities (-0.6%), real estate (-0.6%), financials (-0.5%), materials (-0.2%), and telecom services (-0.1%)--finished in the red.

Looking ahead, investors will not receive any economic data of note on Monday.

Nasdaq Composite +16.2% YTD
Dow Jones Industrial Average +10.6% YTD
S&P 500 +9.0% YTD
Russell 2000 +1.3% YTD

Week In Review: Wall Street Slips Alongside U.S.-North Korea Relations

Wall Street took it to the chin this week as a war of words between the U.S. and North Korea prompted investors to take some profits on the heels of the stock market's most recent run to new record highs. Small caps paced the retreat, sending the Russell 2000 lower by 2.7%. The benchmark S&P 500 dropped 1.4% while the Dow (-1.1%) did a little better and the Nasdaq (-1.5%) did a little worse.

After closing Monday at record highs, the S&P 500 and the Dow showed no signs of slowing down on Tuesday morning, further extending their all-time intraday highs. But then sentiment began to shift. The major averages retraced the bulk of their gains as the heavily-weighted financial sector, which led the early rally on Tuesday, began to weaken. Then a second wave of selling took Wall Street into the red.

The second round of selling followed a statement from President Trump, in which he warned that North Korea will be "met with fire and fury like the world has never seen" if it continues to threaten action against the United States. Mr. Trump's comment came just a few hours after the Washington Post reported that North Korea now has the capability to load its missiles with miniaturized nuclear warheads.

Selling extended into Wednesday's session after Pyongyang responded to President Trump's Tuesday comment by saying that it's examining a plan to send missiles towards the U.S. territory of Guam. However, it's important to note that selling on Tuesday and Wednesday was very modest, leaving the S&P 500 with a two-day loss of just 0.3%.

That changed on Thursday though as investors began selling with conviction, sending the S&P 500 lower by 1.5%. While the jawboning between the U.S. and North Korea certainly threw the bulls off balance, Thursday's slide, which marked the S&P 500's worst one-day loss since May, pointed to a market that was probably overdue for a pullback following yet another run to new record highs.

In other words, the U.S.-North Korea spat certainty didn't help investor sentiment, but, more than anything, it provided a convenient excuse for investors to take some money off the table.

Boosted by another lukewarm inflationary reading and an ever-persistent "buy the dip" mentality, the bulls won out on Friday, pushing the stock market slightly higher. The Consumer Price Index ticked up just 0.1% in July, missing the Briefing.com consensus of +0.2%. The Fed prefers the PCE Price Index, but it's clear that the latest CPI reading didn't help the case for a third rate hike in 2017.

The fed funds futures market now points to the June FOMC meeting as the most likely time for the next rate-hike announcement with an implied probability of 57.5%. Last week, the market expected the next rate hike to occur in December with an implied probability of 50.4%.

It's also worth pointing out that the CBOE Volatility Index (VIX) spiked 5.5 points, or 54.7%, this week after drifting near an all-time low from mid-July to early August. The VIX shows what kind of a move, in percentage terms, the market is pricing in for a one-month period from the spot reading. The index is derived from near-dated options on the S&P 500.

Dow: +14.31… | Nasdaq: +39.68… | S&P: +3.11…

NASDAQ Adv/Dec 1440/1352. …NYSE Adv/Dec 1574/1386.

03:00PM ET

[BRIEFING.COM] Moving into the final stretch, the major averages are on track to settle in the green for the first time since Monday. However, the S&P 500 (+0.1%) and the Dow (+0.1%) don't have much room for error as it wouldn't take much to wipe out their modest gains. The Nasdaq's (+0.6%) victory is a little more sure.

Six out of eleven sectors are currently trading in positive territory with the top-weighted technology sector (+0.9%) leading the charge. The consumer discretionary space (+0.6%) also shows notable strength, but the remaining advancers hold gains of no more than 0.4%. On the flip side, the lightly-weighted telecom services (-0.9%) and utilities (-0.9%) spaces hover at the bottom of the leaderboard. The influential financial sector (-0.6%) also holds a notable loss.

For the week, the S&P 500, the Nasdaq, and the Dow currently hold week-to-date losses of 1.4%, 1.6%, and 1.0%, respectively.

Dow: +19.12… | Nasdaq: +34.91… | S&P: +3.31…

NASDAQ Adv/Dec 1398/1443. …NYSE Adv/Dec 1481/1468.

02:45PM ET

[BRIEFING.COM] Commodities end the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.17% at 83.6844.
Dollar index is currently down 0.4% at 93.03.
Sept WTI crude is up on the day.
Futures settled $0.23 higher to $48.81/barrel.
In other energy, Sept natural gas settled flat at $2.98/MMBtu
Metals settled slightly higher:
Dec gold gained $4.00 to settle at $1294.00/oz, while September silver gained $0.02 to $17.08/oz
September copper gained $0.01 to $2.91/lb
Finally, agriculture:
September corn is $0.02 higher at $3.75/bu.
November soy is higher $0.02 at $9.46/bu.
September wheat is down $0.03 at $4.39/bu.

Dow: +26.91… | Nasdaq: +40.16… | S&P: +4.95…

NASDAQ Adv/Dec 1380/1435. …NYSE Adv/Dec 1509/1431.

02:30PM ET

[BRIEFING.COM] The Nasdaq (+0.8%) has ticked up to a new session high while the S&P 500 (+0.3%) is still struggling to move above its 50-day simple moving average (2,448).

Earlier this afternoon, Baker Hughes reported that the number of active rigs drilling for oil in the U.S. climbed by 3 this week to 768. However, the total active U.S. rig count, which includes rigs that drill for natural gas, decreased by 5 to 949. WTI crude held a slim loss going into the reading and currently trades higher by 0.5% at a price of $48.86/bbl. Today's advance trims the commodity's week-to-date loss to 1.5%.

The energy sector, which typically moves in tandem with crude oil, is currently underperforming, showing a loss of 0.4%. The group currently hovers at the bottom of the weekly sector standings with a week-to-date loss of 2.6%.

Dow: +41.89… | Nasdaq: +47.34… | S&P: +6.98…

NASDAQ Adv/Dec 1426/1409. …NYSE Adv/Dec 1525/1403.

02:00PM ET

[BRIEFING.COM] The major averages continue drifting along, hovering just a step below their session highs. The S&P 500 is up 0.3%.

Transports continue chugging along this afternoon with Avis Budget (CAR 34.36, +2.07) leading the charge. The car rental company has jumped 6.5% in today's session, hitting its highest level since mid-March. JB Hunt Transport (JBHT 94.77, +2.67) also exhibits notable strength, climbing 2.9%. Today's advance puts the company on track for its fifth win in the last six sessions.

The Dow Jones Transportation Average currently trades higher by 1.2% for the day, but lower by 0.5% for the week. Still, that's better than the S&P 500, which currently holds a week-to-date loss of 1.3%.

Dow: +43.97… | Nasdaq: +41.93… | S&P: +6.54…

NASDAQ Adv/Dec 1433/1400. …NYSE Adv/Dec 1577/1353.

01:30PM ET

[BRIEFING.COM] The major U.S. indices continue to trade sideways with modest gains at this time after stocks staged a rally earlier, recovering from morning weakness.

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 157.69, +2.37), Microsoft (MSFT 72.44, +1.03), & Cisco (CSCO 31.44, 0.44) are outperforming as the tech sector demonstrates leadership in today's session, pushing equities higher to end the week.

Conversely, Goldman Sachs (GS 223.71, -1.79) is the worst-performing Dow component after being downgraded to Hold from Buy at HSBC Securities.

At current levels, the DJIA is poised to finish the week with losses of 0.93%.

Dow: +50.20… | Nasdaq: +40.05… | S&P: +6.98…

NASDAQ Adv/Dec 1386/1426. …NYSE Adv/Dec 1534/1379.

01:05PM ET

[BRIEFING.COM] Wall Street has perked up a bit today following a three-day slide. The Nasdaq (+0.6%) is trading ahead of the S&P 500 (+0.2%), which is struggling to move above its 50-day simple moving average (2,448). Meanwhile, the Dow (+0.2%) hovers in line with the benchmark index while the small-cap Russell 2000 (-0.1%) underperforms.

Concerns surrounding this week's verbal spat between the U.S. and North Korea continue to linger around the globe, sending both European and Asian markets lower and keeping a lid on gains in the U.S. However, it's clear that the anxiety has lessened a bit, at least in the states, as the CBOE Volatility Index (VIX 14.93, -1.16) is currently down 7.2% after spiking over 40.0% yesterday.

Another tepid inflationary reading has helped fan the flame. The Consumer Price Index increased 0.1% (Briefing.com consensus 0.2%) while the CPI Index less food and energy (core CPI) also increased 0.1% (Briefing.com consensus 0.2%). Those monthly readings were below expectations and left the CPI Index up 1.7% year-over-year, versus 1.6% in June, and the core CPI Index up 1.7%, unchanged from June.

The Fed will like that there wasn't any further deterioration in consumer inflation trends, yet with its preferred PCE Price Index up just 1.4% year-over-year in June, today's CPI report isn't going to change the prevailing belief that the Fed will want to take more time to determine if inflation is picking up toward its 2.0% target on a sustained basis.

As for the sector standings, the top-weighted technology sector (+0.9%) is today's top-performer, despite chipmaker NVIDIA (NVDA 155.00, -9.72), which has dropped 5.9% following its latest earnings release. The company beat both top and bottom line estimates and raised its revenue guidance for the third quarter. However, NVDA shares are up 45.2% this year, suggesting the news was already priced in.

Meanwhile, Snap (SNAP 12.22, -1.54) has dropped 11.2% after reporting worse than expected earnings, revenues, and daily active users. The social media company has really struggled since posting its all-time high of $29.44 per share shortly after its IPO in early March with today's slide placing SNAP shares 58.5% below said record level.

In addition to the technology space, the consumer discretionary (+0.6%), industrials (+0.4%), health care (+0.4%), and consumer staples (+0.3%) groups are trading in the green. On the flip side, the influential financial sector (-0.4%) underperforms, weighing down the broader market. The energy (-0.5%), utilities (-0.8%), real estate (-0.7%), telecom services (-0.1%), and materials (unch) spaces also trade in the red.

In the bond market, shorter dated issues are rallying, sending the 2-yr yield lower by three basis points to 1.30%. Buying interest at the back end of the curve has been more modest, leaving the benchmark 10-yr yield just two basis points lower at 2.19%.

Dow: +39.29… | Nasdaq: +37.10… | S&P: +5.66…

NASDAQ Adv/Dec 1337/1465. …NYSE Adv/Dec 1416/1488.

12:25PM ET

[BRIEFING.COM] The major U.S. indices haven't budged since the last update.

Small-caps are underperforming today, evidenced by the small-cap Russell 2000, which currently shows a loss of 0.2%. The Russell 2000 has paced this week's retreat, dropping 3.0% below where it settled last Friday's session. For comparison, the S&P 500 currently holds a week-to-date loss of 1.3%.

In the currency market, the U.S. Dollar Index (93.04, -0.26, -0.3%) is in danger of closing in negative territory for the third session in a row. The greenback has dropped 0.3% against the euro to 1.1812 and 0.1% against the yen to 109.05.

Dow: +45.57… | Nasdaq: +37.29… | S&P: +6.52…

NASDAQ Adv/Dec 1327/1450. …NYSE Adv/Dec 1447/1428.

12:00PM ET

[BRIEFING.COM] The major averages have moved back towards their session highs in recent action. The Nasdaq (+0.4%) leads the benchmark S&P 500 (+0.3%) while the Dow (+0.2%) lags.

Within the Dow Jones Industrial Average, technology components like Apple (AAPL 157.78, +2.47) and Cisco (CSCO 31.38, +0.38) exhibit relative strength while financials like Goldman Sachs (GS 223.08, -2.48), JP Morgan Chase (JPM 91.56, -0.64), and American Express (AXP 84.06, -0.50) exhibit relative weakness. AAPL and CSCO shares trade higher by 1.5% and 1.2%, respectively, while GS, JPM, and AXP shares show losses ranging from 0.6% to 1.1%.

The Dow is looking for its first win since closing at a record high for the ninth-consecutive session on Monday. The two-week rally gave the industrial average some cushion above its 50-day simple moving average (21,551), which came in handy during yesterday's sell off as the Dow was the only major average to stay above the key technical level.

Dow: +36.91… | Nasdaq: +24.71… | S&P: +5.02…

NASDAQ Adv/Dec 1272/1515. …NYSE Adv/Dec 1356/1511.

11:30AM ET

[BRIEFING.COM] Equity indices have ticked down since the last update with the S&P 500 trimming its advance to 0.1%.

Snap (SNAP 12.25, -1.52) has dropped 11.0% this morning after reporting worse than expected earnings, revenues, and daily active users. The social media company has really struggled since posting its all-time high of $29.44 per share shortly after its IPO in early March with today's slide placing SNAP shares 58.4% below said record level.

In the bond market, shorter dated issues are rallying, sending the 2-yr yield lower by four basis points to 1.29%. Buying interest at the back end of the curve has been more modest, leaving the benchmark 10-yr yield just one basis point lower at 2.19%.

Dow: +26.10… | Nasdaq: +17.86… | S&P: +3.34…

NASDAQ Adv/Dec 1201/1566. …NYSE Adv/Dec 1248/1585.

10:55AM ET

[BRIEFING.COM] After a little seesawing at the open, the major averages have moved decidedly higher this morning, creating some separation from their flat lines. The Nasdaq leads with a gain of 0.6% while the S&P 500 and the Dow trade higher by 0.4% and 0.3%, respectively.

The heavily-weighted financial sector (-0.1%) is still lagging, but other influential groups like technology (+0.8%), health care (+0.8%), and consumer discretionary (+0.7%) outperform. The industrial space (+0.5%) also trades ahead of the broader market as transports outperform, evidenced by the 1.1% increase in the Dow Jones Transportation Average.

On the flip side, the utilities (-0.5%), real estate (-0.4%), and energy (-0.4%) sectors trade at the bottom of the sector standings. The energy group has suffered alongside crude oil, which is currently down 0.5% at a price of $48.33/bbl, extending its week-to-date loss to 2.5%.

Dow: +54.95… | Nasdaq: +34.59… | S&P: +8.76…

NASDAQ Adv/Dec 1466/1272. …NYSE Adv/Dec 1425/1380.

10:35AM ET

[BRIEFING.COM] Commodities begin the day slightly lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 0.12% at 83.4374.
Dollar index is currently down 0.22 % at 93.20.
Sept WTI crude is down on the day.
Baker Hughes rig count will be released at 11am ET.
Futures are $0.38 lower to $48.21/barrel.
In other energy, Sept natural gas is down $0.007 at $2.978/MMBtu
On to metals:
Dec gold gained $3.00 and trades at $1293.20/oz, while Sept silver dropped $0.005 to $17.06/oz
Sept copper gained $0.005 to $2.908/lb
Finally, agriculture:
Sept corn is up $0.01 at $3.72/bu.
Nov soy is up $0.0025 at $9.405/bu.
Sept wheat is down $0.03 at $4.375/bu.

Dow: +30.15… | Nasdaq: +27.38… | S&P: +5.35…

NASDAQ Adv/Dec 1491/1220. …NYSE Adv/Dec 1276/1518.

10:00AM ET

[BRIEFING.COM] The major averages are still trading slightly higher in early action with the S&P 500 sporting a gain of 0.1%.

Apple (AAPL 157.40, +2.13) has been strong in the opening minutes, reclaiming a good chunk of its Thursday plunge of 3.2%. The tech titan currently sports a gain of 1.6%, which has helped push the top-weighted technology sector (+0.4%) to the top of the sector standings.

Meanwhile, the financial sector, which is second only to technology in terms of influence, has struggled to keep pace with the broader market in the early going. The group currently shows a loss of 0.2%.

Dow: +26.49… | Nasdaq: +13.75… | S&P: +2.33…

NASDAQ Adv/Dec 1446/1174. …NYSE Adv/Dec 1187/1525.

09:45AM ET

[BRIEFING.COM] The major averages opened Friday's session in the green, looking to break their three-session losing streak. The S&P 500 currently trades higher by 0.1%.

Sector movement has been modest in the early going as all 11 groups trade within 0.4% of their flat lines. After taking a drubbing on Thursday, cyclical sectors are mostly higher with the top-weighted technology group (+0.3%) exhibiting relative strength. On the flip side, the utilities sector (-0.4%) hovers at the bottom of the leaderboard.

NVIDIA (NVDA 156.77, -7.85) is leading the PHLX Semiconductor Index lower, losing 4.7%, despite beating both top and bottom line estimates and raising its revenue guidance for the third quarter. The SOX is currently down 0.4%.

Dow: +25.88… | Nasdaq: +8.59… | S&P: +2.16…

NASDAQ Adv/Dec 1596/994. …NYSE Adv/Dec 1197/1392.

09:16AM ET

[BRIEFING.COM] S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +11.90.

Most equity markets around the globe are lower as U.S.-North Korea tensions continue to simmer, but Wall Street has perked up a bit following another lukewarm inflationary reading. The S&P 500 futures currently trade nine points, or 0.4%, above fair value.

The Consumer Price Index ticked up just 0.1% in July, missing the Briefing.com consensus of +0.2%. Core CPI, which excludes food and energy, also rose just 0.1% last month (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI and core CPI are both up 1.7%.

The Fed will like that there wasn't any further deterioration in consumer inflation trends, yet with its preferred PCE Price Index up just 1.4% year-over-year in June, today's CPI report isn't going to change the prevailing belief that the Fed will want to take more time to determine if inflation is picking up toward its 2.0% target on a sustained basis.

In U.S. earnings news, Snap (SNAP 12.20, -1.57), the parent company of the messaging app Snapchat, has plunged 11.4% in pre-market action after reporting worse than expected earnings, revenues, and daily active users. At its current pre-market price of $12.20 per share the social media company sits 28.2% below its IPO price of $17.00 per share and 58.6% below its all-time high of $29.44 per share, which it hit shortly after its IPO in early March.

NVIDIA (NVDA 155.91, -8.83) is also solidly lower in pre-market trade (-5.1%), despite beating both top and bottom line estimates and raising its revenue guidance for the third quarter. However, the chipmaker still holds an impressive year-to-date advance of 46.1%.

U.S. Treasuries are trading mixed this morning with shorter-dated issues up and longer-dated issues down. The benchmark 10-yr yield is one basis point higher, trading at 2.21%. Also of note, the CBOE Volatility Index (VIX 15.38, -0.66) has come down from the nine-month high it hit earlier this morning and now shows a loss of 4.1%.

08:51AM ET

[BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: -0.80.

The S&P 500 futures trade four points, or 0.2%, above fair value.

Equity indices in the Asia-Pacific region ended the week on a lower note as the focus remained on the exchange of threats between North Korea and the United States. Press reports indicate Japan is readying its missile defense system in the wake of North Korea's threat to launch missiles towards Guam. Staying in Japan, a media poll showed that 64.0% of respondents would not support Prime Minister Shinzo Abe for a third term. Reserve Bank of Australia Governor Philip Lowe said the RBA is not prepared to intervene in the foreign exchange market at the moment, but could do so in an 'extreme' situation.

In economic data:
South Korea's July Import Price Index +5.4% year-over-year (last 2.0%) and Export Price Index +8.0% year-over-year (last 4.7%)
New Zealand's July Business NZ PMI 55.4 (last 56.2) and July FPI -0.2% month-over-month (last 0.2%)
Singapore's Q2 GDP +2.2% quarter-over-quarter (expected 0.5%; last -2.1%); +2.9% year-over-year (expected 2.6%; last 2.5%). June Retail Sales -0.5% month-over-month (last -1.1%); +1.9% year-over-year (last 0.8%)
Hong Kong's Q2 GDP +1.0% quarter-over-quarter (last 0.7%); +3.8% year-over-year (last 4.3%)

---Equity Markets---

Japan's Nikkei was closed for Mountain Day. The index lost 1.1% for the week.
Hong Kong's Hang Seng lost 2.0%, surrendering 2.5% for the week. The index retraced its entire gain from the previous week with most components declining. Tencent Holdings lost 5.0% amid reports of a probe being conducted by China Cybersecurity Authority. Geely Automobile fell 4.5% while Apple supplier AAC Technologies surrendered 3.8%. Financials like ICBC, China Life Insurance, BoC Hong Kong, HSBC, and Ping An Insurance lost between 2.1% and 3.3%.
China's Shanghai Composite lost 1.6% on Friday and for the week. Baotou Huazi Industry, Huaxin Cement, Cangzhou Dahua, Xinyu Iron & Steel, and Nanjing Iron & Steel lost between 9.5% and 10.0%.
India's Sensex fell 1.0%, surrendering 3.4% for the week. The index posted its fifth consecutive decline, sliding to levels from early July. SBI lost 5.4% while other financials were mixed. ICICI Bank and HDFC Bank both lost near 0.5% while AXIS Bank advanced 0.6%. Dr Reddy's Labs bounced from its recent slump, rising 3.2%.

Major European indices trade lower across the board with Germany's DAX (-0.1%) doing its best to resist the pressure. Geopolitical concerns have kept the defensive tone in place while the news flow from Europe has been limited. Economic data released today featured a series of CPI readings that were mostly in line with expectations.

In economic data:
Germany's July CPI +0.4% month-over-month, as expected (last 0.4%); +1.7% year-over-year, as expected (last 1.7%). July WPI +2.2% year-over-year (last 2.5%)
France's July CPI -0.1% month-over-month (expected 0.3%; last 0.0%) and Q2 Nonfarm Payrolls +0.5% quarter-over-quarter (expected 0.4%; last 0.4%)
Spain's July CPI -0.7% month-over-month, as expected (last -0.7%); +1.5% year-over-year, as expected (last 1.5%)
Italy's July CPI +0.1% month-over-month, as expected (last 0.1%); +1.1% year-over-year, as expected (last 1.1%)

---Equity Markets---

Germany's DAX is down 0.1% with most components on the defensive. Infineon has slid 1.5% while Thyssenkrupp, Lufthansa, Deutsche Bank, and SAP show losses between 0.7% and 1.4%. Automakers trade mixed with BMW showing a loss of 0.3% while Daimler and Volkswagen trade higher by 0.1% and 0.3%, respectively. Merck, Fresenius SE, and Fresenius ST added 1.1% apiece.
France's CAC trades down 0.8%. ArcelorMittal has tumbled 4.0% while other growth-sensitive names like TechnipFMC, Valeo, Peugeot, Total, Michelin, and Renault are down between 1.0% and 2.2%. Consumer names Carrefour and L'Oreal outperform with gains of around 0.7% apiece.
UK's FTSE has slid 1.0%. Dixons Carphone has plunged 7.8% in reaction to a downgrade while miners like Anglo American, Antofagasta, Rio Tinto, BHP Billiton, and Glencore are down between 3.0% and 3.7%. Financials also lag with Old Mutual, Prudential, Standard Life, and HSBC losing between 1.5% and 2.6%.

08:33AM ET

[BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: -1.10.

The S&P 500 futures trade two points, or 0.1%, above fair value.

Just in, total CPI increased 0.1% (Briefing.com consensus 0.2%) in July while core CPI, which excludes food and energy, also increased 0.1% (Briefing.com consensus 0.2%). On a year-over-year basis, total CPI and core CPI are both up 1.7%.

08:00AM ET

[BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -16.60.

Equity markets are lower around the globe this morning as tensions between the U.S. and North Korea continue to simmer. The S&P 500 futures currently trade three points, or 0.1%, below fair value.

Selling has won out for three days in a row on Wall Street, but yesterday's session saw the most severe selling by far as the S&P 500 registered its largest one-day drop since May. Geopolitical concerns definitely got the bearish ball rolling, but, more than anything, the U.S.-North Korea jawboning has given investors a convenient excuse to take some money off the table following another run to record highs.

The Consumer Price Index for the month of July (Briefing.com consensus 0.2%) will be released at 8:30 ET and has the potential to shift rate-hike expectations a bit. Inflation has struggled to hit the Fed's year-over-year target of 2.0%, forcing the U.S. central bank to consider tapping the breaks on future rate hikes. Investors will not receive any additional economic data on Friday.

U.S. Treasuries are rallying once again this morning, benefiting from the continued cautious tone. The benchmark 10-yr yield is lower by two basis points, trading at 2.19%. Meanwhile, the CBOE Volatility Index (VIX 16.93, +0.89) is up 5.6% and currently hovers at a nine-month high.

Also of note, crude oil is down 0.5% at $48.36/bbl, gold is up 0.3% at $1,293.44/ozt, and the U.S. Dollar Index (93.36, +0.06) is higher by 0.1%.

In U.S. corporate news:

NVIDIA (NVDA 154.20, -10.54): -6.4% despite beating both top and bottom line estimates and raising its revenue guidance for the third quarter.
Snap (SNAP 11.75, -2.02): -14.7% after reporting worse than expected earnings, revenues, and daily active users.
Nordstrom (JWN 46.14, +1.27): +2.8% after delivering an in-line earnings report.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a lower note as the focus remained on the exchange of threats between North Korea and the United States. Hong Kong's Hang Seng -2.0%, China's Shanghai Composite -1.6%, India's Sensex -1.0%. Japan's Nikkei was closed for Mountain Day.
In economic data:
South Korea's July Import Price Index +5.4% year-over-year (last 2.0%) and Export Price Index +8.0% year-over-year (last 4.7%)
New Zealand's July Business NZ PMI 55.4 (last 56.2) and July FPI -0.2% month-over-month (last 0.2%)
Singapore's Q2 GDP +2.2% quarter-over-quarter (expected 0.5%; last -2.1%); +2.9% year-over-year (expected 2.6%; last 2.5%). June Retail Sales -0.5% month-over-month (last -1.1%); +1.9% year-over-year (last 0.8%)
Hong Kong's Q2 GDP +1.0% quarter-over-quarter (last 0.7%); +3.8% year-over-year (last 4.3%)
In news:
Press reports indicate Japan is readying its missile defense system in the wake of North Korea's threat to launch missiles towards Guam.
A media poll showed that 64.0% of respondents would not support Japan's Prime Minister Shinzo Abe for a third term.
Reserve Bank of Australia Governor Philip Lowe said the RBA is not prepared to intervene in the foreign exchange market at the moment, but could do so in an 'extreme' situation.

Major European indices trade lower across the board. Germany's DAX -0.3%, France's CAC -1.0%, UK's FTSE -1.2%.
In economic data:
Germany's July CPI +0.4% month-over-month, as expected (last 0.4%); +1.7% year-over-year, as expected (last 1.7%). July WPI +2.2% year-over-year (last 2.5%)
France's July CPI -0.1% month-over-month (expected 0.3%; last 0.0%) and Q2 Nonfarm Payrolls +0.5% quarter-over-quarter (expected 0.4%; last 0.4%)
Spain's July CPI -0.7% month-over-month, as expected (last -0.7%); +1.5% year-over-year, as expected (last 1.5%)
Italy's July CPI +0.1% month-over-month, as expected (last 0.1%); +1.1% year-over-year, as expected (last 1.1%)
In news:
Geopolitical concerns have kept the defensive tone in place while the news flow from Europe has been limited.

05:55AM ET

[BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -15.40.
05:55AM ET

[BRIEFING.COM] Nikkei

...Holiday......... Hang Seng

...19730...-9.00

...-0.10%

05:55AM ET

[BRIEFING.COM] FTSE

...7306.93...-83.00

...-1.10%

DAX

...11971.86...-42.40

...-0.40%

04:30PM ET

[BRIEFING.COM] The equity market took a sizable blow on Thursday as combative jawboning between the U.S. and North Korea weighed on investor sentiment for the third day in a row. Tech stocks led the retreat, sending the tech-heavy Nasdaq (-2.1%) and the S&P 500 (-1.5%) below their 50-day simple moving averages for the first time in a month. The Dow also finished solidly lower, dropping 0.9%.

President Trump dialed up his warning to North Korea on Thursday afternoon, saying Tuesday's 'fire and fury' comment--in which the president promised action against North Korea if it continues to threaten the United States--may not have been tough enough. Pyongyang has threatened a strike on the U.S. territory of Guam, laying out a plan in detail, in response to Mr. Trump's Tuesday statement.

The U.S.-North Korea spat got the bearish ball rolling on Tuesday and Wednesday, sending the S&P 500 lower by 0.2% and 0.1% on each day, respectively, but today's much larger decline points to a market that was most likely overdue for a pullback following yet another run to record highs.

Recent trends seem to validate this belief, including the underperformance of transports and small caps, which are seen as leading indicators, a rally in the Treasury market, and a lack of conviction among investors throughout a strong earnings season.

Today's risk-off sentiment was distinguishable in the sector standings as countercyclical groups largely outperformed their cyclical peers. In total, ten of eleven sectors settled in negative territory with the rate-sensitive utilities group (+0.3%) being the lone advancer as a rally in the Treasury market left rates lower across the curve; the benchmark 10-yr yield dropped three basis points to 2.21%.

The top-weighted technology sector (-2.2%) settled at the very bottom of the day's leaderboard. The sector's most influential component--Apple (AAPL 155.32, -5.11)--plunged 3.2% while chipmakers also showed notable weakness, sending the PHLX Semiconductor Index lower by 2.8%.

The heavily-weighted financial sector (-1.8%) also settled behind the broader market, as did the consumer discretionary group (-1.5%), which was weighed down by retailers in particular, evidenced by the 3.1% decrease in the SPDR S&P 500 Retail ETF (XRT 39.40, -1.24). Kohl's (KSS 39.50, -2.43) and Macy's (M 20.67, -2.36) led the retail retreat, dropping 5.8% and 10.3%, respectively, despite beating bottom-line estimates.

It's also worth pointing out that the CBOE Volatility Index (VIX 15.74, +4.63) surged 41.7% to a four-month high after drifting near an all-time low from mid-July to early August.

Reviewing Thursday's economic data, which included the July Producer Price Index and the weekly Initial Claims Report:

July producer prices came in at -0.1%, which is below the Briefing.com consensus of +0.2%. Core producer prices also declined 0.1% while the Briefing.com consensus expected an increase of 0.2%.
The Producer Price Index (PPI) report for July was weaker than expected. The key takeaway from the report is that the downturn in producer prices will presumably keep a lid on consumer inflation expectations.
The latest weekly initial jobless claims count totaled 244,000 while the Briefing.com consensus expected a reading of 240,000. Today's tally was above the revised prior week count of 241,000 (from 240,000). As for continuing claims, they declined to 1.951 million from the revised count of 1.967 million (from 1.968 million).
There are no new takeaways from those data series, which remain at low levels reflective of a tight labor market.

On Friday, economic data will be limited to the July Consumer Price Index (Briefing.com consensus +0.2%), which will cross the wires at 8:30 ET.

Nasdaq Composite +15.5% YTD
Dow Jones Industrial Average +10.5% YTD
S&P 500 +8.9% YTD
Russell 2000 +1.1% YTD

Dow: -204.69… | Nasdaq: -135.46… | S&P: -35.81…

NASDAQ Adv/Dec 630/2129. …NYSE Adv/Dec 398/2613.

Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

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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
Online user name wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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