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)
wrbanalysis@gmail.com (24/7)
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Twitter @ http://twitter.com/wrbtrader (24/7)


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

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $987.50 dollars or +19.75 points, Light Crude Oil CL ($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 @ $987.50 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 RTY Futures: 1 tick or 0.10 = $5.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ 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 even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=171&t=2651

##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: +56.39… | Nasdaq: +73.10… | S&P: +10.20…
NASDAQ Vol: 2.05 bln… Adv: 1705… Dec: 854…
NYSE Vol: 835.0 mln… Adv: 1650… Dec: 1286…

Moving the Market

GOP releases tax reform proposal; President Trump will go over details at 15:20 ET

Top-weighted technology and financials sectors outperform

Chipmakers rally following Micron's (MU) upbeat earnings report

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

[BRIEFING.COM] The U.S. equity market moved into positive territory for the week on Wednesday as investors cheered the GOP's latest tax reform outline. Small caps led the rally, sending the Russell 2000 (+1.9%) to a new record high for the fourth session in a row. The Nasdaq (+1.2%) easily outperformed the S&P 500 (+0.4%) while the Dow (+0.3%) finished a tick behind.

Market participants received the tax reform framework on Wednesday morning, but it contained few surprises as many of the details were leaked to the media beforehand. President Trump gave a speech on the plan in the late afternoon, but provided little to no new information.

Some of the most notable highlights of the plan include cutting the corporate tax rate to 20% from 35%, doubling the standard deduction, and reducing the number of tax brackets to three (or possibly four) from seven. The individual tax rates would be set at 12%, 25%, and 35%, with a fourth option for the highest earners.

Details on how the government will make up for the immediate loss in tax revenue were limited. This topic will likely be an area of contention for the GOP going forward as many conservatives are opposed to the idea of driving up the federal deficit, which would probably be necessary to fund the tax overhaul--at least in the short term.

U.S. Treasuries finished broadly lower in a curve-steepening trade that left the 2-yr yield three basis points higher at 1.47% and the 10-yr yield eight basis points higher at 2.31%. The S&P 500's financial sector (+1.3%) outperformed as lenders cheered the steepening of the yield curve, which bodes well for their earnings prospects.

The information technology sector, the only sector more influential than financials, also soundly outpaced the broader market, moving higher by 1.1%. These two sectors exhibited relative strength throughout the session, keeping the broader market afloat during a long stretch of morning weakness.

Equity indices opened Wednesday's session with modest gains, but quickly retreated toward their flat lines. Sentiment picked back up in the early afternoon, sending the major averages to new session highs. At its worst mark of the day, the S&P 500 held a loss of 0.03% and, at its best, held a gain of 0.6%--marking an all-time high (2,511.75).

Three of the eleven sectors finished with notable losses on Wednesday--utilities (-1.4%), real estate (-0.8%), and consumer staples (-0.7%)--while only one, in addition to technology and financials, settled with a notable gain--consumer discretionary (+0.5%).

In earnings news, Micron Technology (MU 37.09, +2.91) jumped 8.5%, hitting its best level since the dot-com bubble, after beating both top and bottom line estimates and issuing upbeat guidance. The bullish sentiment radiated throughout the semiconductor space, sending the PHLX Semiconductor Index higher by 2.4%.

Conversely, Dow component Nike (NKE 52.67, -1.03) dropped 1.9% after the athletic footwear and apparel company topped earnings expectations for its fiscal first quarter on scant revenue growth and issued a disappointing gross margin outlook for the fiscal second quarter.

Reviewing Wednesday's economic data, which included August Durable Goods Orders, August Pending Home Sales, and the weekly MBA Mortgage Applications Index:

August durable goods orders rose 1.7%, which is more than the 0.7% increase expected by the Briefing.com consensus. The prior month's reading was left unrevised at -6.8%. Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.2%) to follow the prior month's revised uptick of 0.8% (from 0.5%).
The key takeaway from the report is that it showed a continued pickup in business spending and a favorable translation of that increased activity for Q3 GDP forecasts.
Pending Home Sales for August declined 2.6% (Briefing.com consensus -0.4%). Today's reading follows an unrevised 0.8% decrease in July.
The weekly MBA Mortgage Applications Index decreased 0.5% to follow last week's 9.7% decline.

On Thursday, market participants will receive several pieces of economic data, including the third estimate of second quarter GDP (Briefing.com consensus +3.0%), weekly Initial Claims (Briefing.com consensus 275K), and Advance International Trade in Goods for August (Briefing.com consensus -$65.1 billion). All three reports will be released at 8:30 ET.

The Nasdaq and the S&P 500 will enter Thursday's session with week-to-date gains of 0.4% and 0.2%, respectively, while the Dow will enter flat.

Nasdaq Composite +19.9% YTD
Dow Jones Industrial Average +13.1% YTD
S&P 500 +12.0% YTD
Russell 2000 +9.4% YTD

Dow: +56.39… | Nasdaq: +73.10… | S&P: +10.20…

NASDAQ Adv/Dec 1705/854. …NYSE Adv/Dec 1650/1286.

03:25PM ET

[BRIEFING.COM] Commodities end the day slightly higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.06% at 84.8375
The dollar index is up 0.47% at 93.40.
Nov WTI crude settled higher on the day.
Futures settled $0.24 higher to $52.14/barrel.
In other energy, Nov natural gas rallied settling up $0.06 at $3.06/MMBtu
On to metals:
Dec gold lost $13.90 to settle at $1287.90/oz, while Sept silver dropped $0.08 to $16.82/oz
Dec copper gained $0.01 to $2.93/lb
Finally, agriculture:
Dec corn settled $0.02 at $3.54/bu.
Nov soy settled higher $0.01 at $9.65/bu.
Dec wheat is higher $0.08 at $4.61/bu.

Dow: +74.58… | Nasdaq: +89.18… | S&P: +13.91…

NASDAQ Adv/Dec 1990/1741. …NYSE Adv/Dec 1693/1232.

02:55PM ET

[BRIEFING.COM] Equity indices are hovering near their session highs moving into the final stretch. Both the S&P 500 (+0.5%) and the Nasdaq (+1.2%) trade just a tick below their record-high closes. Meanwhile, the Russell 2000 (+1.9%) is poised to settled at a new all-time high for the fourth session in a row.

The sector standings are looking much more green than they did this morning; eight sectors currently trade in the green--financials (+1.6%), technology (+1.2%), consumer discretionary (+0.6%), energy (+0.3%), industrials (+0.1%), telecom services (+0.1%), materials (unch), and health care (unch)--while just three groups trade in the red--real estate (-0.9%), consumer staples (-1.0%), and utilities (-1.3%).

On Thursday morning, investors will receive earnings reports from several notable companies, including Accenture (ACN 136.86, +0.02), ConAgra (CAG 33.12, -0.24), McCormick (MKC 96.08, -1.20), BlackBerry (BBRY 9.29, +0.16), and Rite Aid (RAD 2.27, -0.01).

Dow: +70.15… | Nasdaq: +78.25… | S&P: +11.68…

NASDAQ Adv/Dec 2001/770. …NYSE Adv/Dec 1653/1274.

02:25PM ET

[BRIEFING.COM] Equities have continued to pick up steam this afternoon, sending the major averages to fresh session highs. The Nasdaq leads (+1.2%) and currently trades just three points below its record-high close (6,461.32).

The S&P 500's consumer discretionary sector (+0.6%) has moved ahead of the broader market in recent action as Amazon (AMZN 948.78, +11.18)--the sector's largest component by market cap--trades higher for the first time in a week; AMZN shares show a gain of 1.2%.

Michael Kors (KORS 48.49, +1.46) is among the strongest consumer discretionary components, climbing 3.0% to a fresh 2017 high, after Canaccord Genuity upgraded the company's shares to 'Buy' from 'Hold' this morning and following positive commentary out of Wells Fargo on Tuesday.

Today's advance places the consumer discretionary space in positive territory for the month (+0.6%).

Dow: +69.16… | Nasdaq: +77.87… | S&P: +12.17…

NASDAQ Adv/Dec 2037/756. …NYSE Adv/Dec 1654/1248.

02:00PM ET

[BRIEFING.COM] The major averages have been ticking higher as of late and currently hover just below their best marks of the day. The S&P 500 is up 0.3%.

Transports are trading above the broader market once again today, evidenced by the Dow Jones Transportation Average (+0.6%), which is now higher by 5.5% for the month. For comparison, the S&P 500 has climbed 1.3% in September thus far. 17 of the DJTA's 20 components are dealing in positive territory with Matson (MATX 28.62, +0.64) pacing the advance (+2.3%).

Meanwhile, the industrial sector (+0.1%), which houses transport names, is struggling to keep pace with the benchmark index. General Electric (GE 24.42, -0.50) weighs heavily on the group, dropping 2.1%, following last week's 1.7% advance.

Dow: +26.31… | Nasdaq: +67.35… | S&P: +7.49…

NASDAQ Adv/Dec 2057/774. …NYSE Adv/Dec 1611/1280.

01:25PM ET

[BRIEFING.COM] The S&P 500 remains higher by 0.2%, having spent the better part of the past three hours inside a three-point range. Meanwhile, the Nasdaq (+0.8%) has been moving higher, returning to its opening high in recent action.

Today's outperformance in the Nasdaq comes as tech stocks extend their rebound from Monday's selling. The technology sector is up 0.8%, trimming this week's decline to 0.2%. Chipmakers have been at the forefront of today's move, sending the PHLX Semiconductor Index higher by 1.6%. Micron (MU 36.92, +2.74) has been among the standouts, jumping 8.0%, after reporting strong quarterly results and issuing upbeat guidance. Today's advance has lifted Micron to its best level since the start of 2002.

Treasuries hover just above their session lows with the 10-yr yield rising seven basis points to 2.30%. The U.S. Treasury auctioned $34 billion in 5-yr notes at the top of the hour. The offering invited above-average bid-cover ratio (2.52x) with indirect bidders receiving 69.6% of the issue while direct bidders received 7.1%.

Dow: +20.07… | Nasdaq: +52.38… | S&P: +4.86…

NASDAQ Adv/Dec 1997/846. …NYSE Adv/Dec 1484/1401.

01:00PM ET

[BRIEFING.COM] The equity market got off to a solid start this morning, but the bullish vibes were quickly tamed, leaving the S&P 500 (+0.1%) just slightly higher at midday. The tech-heavy Nasdaq (+0.6%) shows relative strength, as does the small-cap Russell 2000 (+0.7%), while the Dow (unch) trades just a tick above unchanged mark.

Investors received an outline of the GOP tax reform proposal this morning, but it contained few surprises as many of the details had been leaked to the press beforehand. Some of the highlights of the plan include cutting the corporate tax rate to 20% from 35%, doubling the standard deduction, and reducing the number of tax brackets to three from seven.

President Trump is expected to elaborate on the details of the plan in a speech at 15:20 ET.

The S&P 500's two most influential sectors--technology (+0.7%) and financials (+1.2%)--are outperforming today, keeping the benchmark index afloat amid broad weakness; there are 1.1 issues trading in the red for each advancer. As for the nine remaining sectors, six trade in negative territory with losses ranging between 0.3% and 1.2%.

Chipmakers have underpinned the technology group, sending the PHLX Semiconductor Index higher by 1.6%. Micron Technology (MU 36.77, +2.59) exhibits particular strength, climbing 7.6% to its best level since the dot-com bubble, after the company reported better-than-expected earnings and revenues and issued upbeat guidance.

As for financials, a steepening of the yield curve--which bodes well for the earnings prospects of lenders--has helped fuel today's rally. Treasuries have faced heavy selling pressure throughout the session, with longer-dated issues showing particular weakness; the 2-yr yield is up three basis points at 1.47% while the 10-yr yield has climbed seven basis points to 2.30%.

Meanwhile, Dow component Nike (NKE 52.00, -1.70) has tumbled 3.2% after the athletic footwear and apparel company topped earnings expectations for its fiscal first quarter on scant revenue growth and issued a disappointing gross margin outlook for the fiscal second quarter.

Also of note, recent reports indicate that President Trump plans to sign an executive order that will allow citizens to purchase health insurance across state lines. The health care sector (-0.4%) has ticked down slightly following the headline and currently hovers at its session low.

Reviewing Wednesday's economic data, which included August Durable Goods Orders, August Pending Home Sales, and the weekly MBA Mortgage Applications Index:

August durable goods orders rose 1.7%, which is more than the 0.7% increase expected by the Briefing.com consensus. The prior month's reading was left unrevised at -6.8%. Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.2%) to follow the prior month's revised uptick of 0.8% (from 0.5%).
The key takeaway from the report is that it showed a continued pickup in business spending and a favorable translation of that increased activity for Q3 GDP forecasts.
Pending Home Sales for August declined 2.6% (Briefing.com consensus -0.4%). Today's reading follows an unrevised 0.8% decrease in July.
The weekly MBA Mortgage Applications Index decreased 0.5% to follow last week's 9.7% decline.

Dow: +19.03… | Nasdaq: +47.75… | S&P: +4.37…

NASDAQ Adv/Dec 1901/908. …NYSE Adv/Dec 1394/1472.

12:25PM ET

[BRIEFING.COM] Equity indices continue to hover near their recent levels, with the Dow (unch) showing relative weakness.

Three sectors trade in the green this afternoon--financials (+1.1%), technology (+0.7%), and consumer discretionary (+0.1%)--while eight groups trade in the red--industrials (unch), energy (unch), telecom services (-0.2%), health care (-0.4%), materials (-0.6%), real estate (-0.8%), consumer staples (-0.9%), and utilities (-1.0%).

In Europe, equities ended the day on a positive note as all three major bourses--the UK's FTSE (+0.4%), Germany's DAX (+0.4%), and France's CAC (+0.3%)--settled with modest gains. Spain's IBEX (+1.8%) showed particular strength, despite continued tensions surrounding the validity of the independence referendum, which is scheduled for October 1.

The euro has surrendered 0.2% against the U.S. dollar, dropping to 1.1773.

Dow: -1.27… | Nasdaq: +36.27… | S&P: +2.07…

NASDAQ Adv/Dec 1802/988. …NYSE Adv/Dec 1240/1608.

11:55AM ET

[BRIEFING.COM] Small caps have outperformed today, sending the Russell 2000 higher by 0.6%. For comparison, the S&P 500 is up just 0.1%.

The influential financial sector (+1.0%) is trading at the top of today's sector standings amid a steepening of the yield curve, which bodes well for the earnings prospects of lenders. Treasuries have sold off today, with longer-dated issues exhibiting particular weakness; the 2-yr yield is up three basis points at 1.47% while the 10-yr yield has climbed six basis points to 2.29%.

Today's increase in interest rates leaves the 10-yr yield at a two-month high and the 2-yr yield at its best mark in nine years.

Meanwhile, other safe-haven assets--like gold and the Japanese yen--are also trading lower. The yellow metal is down 1.0% at $1,288.46/ozt while the yen is lower by 0.5% against the U.S. Dollar, hovering at 112.76--which marks its lowest level since mid-July.

Dow: +10.30… | Nasdaq: +35.62… | S&P: +2.96…

NASDAQ Adv/Dec 1731/1058. …NYSE Adv/Dec 1165/1670.

11:25AM ET

[BRIEFING.COM] Equity indices have ticked up slightly in recent action. The S&P 500 now sports a slim gain of 0.1%.

Chipmakers are outperforming this morning, evidenced by the 1.4% increase in the PHLX Semiconductor Index. Micron Technology (MU 36.95, +2.77) exhibits particular strength, jumping 8.3%, after reporting better-than-expected earnings and revenues and issuing upbeat guidance on Tuesday evening. MU shares trade at their best level since the dot-com bubble.

Elsewhere within the S&P 500's technology sector (+0.7%), mega-cap names like Facebook (FB 154.08, +0.94) and Alphabet (GOOGL 947.47, +10.04) are outperforming, sporting respective gains of 1.4% and 1.1%. Apple (AAPL 154.15, +1.00) is also trading higher (+0.6%), extending its week-to-date gain to 1.4%.

Despite today's positive performance, the technology group still hasn't fully recovered from Monday's sell off; the group holds a week-to-date loss of 0.3%.

Dow: +13.35… | Nasdaq: +38.40… | S&P: +3.32…

NASDAQ Adv/Dec 1781/995. …NYSE Adv/Dec 1179/1645.

11:00AM ET

[BRIEFING.COM] Equities have been trending downward as of late, sending the benchmark S&P 500 (unch) back to its unchanged mark.

The GOP's tax reform framework was released to the media outlets not long ago. Some of the highlights of the plan include reducing the corporate tax rate to 20% from 35%, lowering the number of personal tax brackets to 3 from 7, trimming the tax rate of the top tax bracket to 35% from 39%, and eliminating the state and local tax deductions.

Most sectors now trade in negative territory, but the top-weighted technology (+0.7%) and financials (+1.0%) sectors still show relative strength, keeping the broader market afloat. As for the laggards, the consumer staples (-0.9%), utilities (-0.9%), and real estate (-0.9%) spaces hold the widest declines.

Also of note, the EIA reported that crude oil inventories decreased by 1.8 million barrels last week, while the consensus called for a build of 3.1 million barrels. WTI crude held a gain of 0.3% going into the release, but now trades lower by 0.1% at $51.83/bbl.

Dow: -12.35… | Nasdaq: +29.67… | S&P: +0.87…

NASDAQ Adv/Dec 1724/1032. …NYSE Adv/Dec 1134/1655.

10:35AM ET

[BRIEFING.COM] Commodities begin the day lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 0.2% at 84.6108
The dollar index is up 0.53% at 93.46.
Oct WTI crude is moving slightly lower following EIA data and trades about flat on the day.
EIA inventory data showed a draw of 1.8 mln barrels
Futures are $0.08 higher to $51.96/barrel.
In other energy, Oct natural gas is up $0.064 at $3.064/MMBtu
Precious metals move lower:
Dec gold has lost $14.00 and trades at $1287.70/oz, while Sept silver has dropped $0.063 to $13.82/oz
Sept copper has gained $0.0075 to $2.9265/lb
Finally, agriculture:
Dec corn is $0.0325 lower at $3.49/bu.
Nov soy is down $0.0375 at $9.5975/bu.
Dec wheat is down $0.0175 at $4.52/bu.

Dow: +32.51… | Nasdaq: +41.06… | S&P: +6.17…

NASDAQ Adv/Dec 1889/871. …NYSE Adv/Dec 1422/1335.

10:00AM ET

[BRIEFING.COM] The major averages continue to hover near their opening levels.

Just released, Pending Home Sales for August declined 2.6% (Briefing.com consensus -0.4%). Today's reading follows an unrevised 0.8% decrease in July.

Dow: +60.60… | Nasdaq: +43.52… | S&P: +7.74…

NASDAQ Adv/Dec 1869/853. …NYSE Adv/Dec 1488/1203.

09:45AM ET

[BRIEFING.COM] The major U.S. indices are trading in positive territory this morning, with the tech-heavy Nasdaq (+0.9%) showing relative strength. Meanwhile, the S&P 500 holds a gain of 0.4%.

Most sectors have moved higher in the opening minutes. The top-weighted technology (+1.0%) and financials (+1.2%) groups are leading the rally and are currently the only two sectors trading ahead of the benchmark S&P 500. On the flip side, the consumer staples, utilities, and real estate groups are the weakest spaces, showing losses of around 0.6% apiece.

In the bond market, U.S. Treasuries are still solidly lower this morning, sending the yield on the benchmark 10-yr Treasury note seven basis points higher to 2.30%.

Dow: +81.09… | Nasdaq: +53.18… | S&P: +9.63…

NASDAQ Adv/Dec 1904/761. …NYSE Adv/Dec 1621/1050.

09:16AM ET

[BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +26.40.

Equity futures are pointing to a higher open for the U.S. equity market this morning as investors optimistically await details of the GOP's tax reform proposal. The S&P 500 futures currently trade nine points, or 0.4%, above fair value.

The framework of the tax reform plan, which President Trump will introduce in a speech at 15:00 ET, is expected to include a cut in the corporate tax rate to 20% (from 35%), a doubling of the standard deduction, and only three individual tax brackets (instead of the current seven), among other things.

In corporate news, Nike (NKE 52.00, -1.70) is down 3.2% in pre-market action after the athletic footwear and apparel company topped earnings expectations for its fiscal first quarter on scant revenue growth and issued a disappointing gross margin outlook for the fiscal second quarter.

Conversely, Micron Technology (MU 36.17, +1.99) is up 5.8% after beating both top and bottom line estimates and issuing upbeat guidance.

Crude oil is trading higher this morning, up 0.4% at $52.09/bbl, following last night's API inventory report, which showed crude stockpiles declined by 0.8 million barrels last week. The Energy Information Administration (EIA) will release the official government figures later this morning at 10:30 ET.

U.S. Treasuries are under heavy pressure this morning, with longer-dated issues showing particular weakness; the 2-yr yield is up three basis points at 1.47% while the 10-yr yield has jumped eight basis points to 2.31%. The U.S. dollar has seen a pick up in demand amid the increase in interest rates, sending the U.S. Dollar Index higher by 0.6% to 93.37.

On the data front, August durable goods orders beat estimates, climbing 1.7% (Briefing.com consensus +0.7%). Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.2%).

Separately, the weekly MBA Mortgage Applications Index decreased 0.5% to follow last week's 9.7% decline.

Today's last economic report--August Pending Home Sales (Briefing.com consensus -0.4%)--will be released at 10:00 ET.

08:50AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +21.90.

The S&P 500 futures trade six points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended Wednesday on a mixed note. Reports in the Chinese press indicate Beijing will issue new guidelines in October for new-energy vehicle components, batteries, and supporting facilities. U.S. Secretary of Commerce Wilbur Ross said the U.S. wants better physical access to China and that China needs to respect intellectual property rights. The U.S. Treasury sanctioned eight North Korean banks and 26 individuals associated with the banks.

Investors did not receive any economic data of note

---Equity Markets---

Japan's Nikkei shed 0.3% as more than 120 stocks traded ex-dividend. Isuzu Motors, Nippon Paper Industries, Nissan Motor, Rakuten, JTEKT, and Suzuki Motor lost between 1.5% and 3.3%. On the upside, Ricoh, Dainippon Screen Manufacturing, SUMCO, and Yamaha Motor gained between 1.5% and 2.7%.
Hong Kong's Hang Seng rose 0.5%. Apple supplier AAC Technologies spiked 5.5% while Lenovo Group advanced 4.6%. Gaming names like Galaxy Entertainment and Sands China both gained near 2.6% while energy names were mixed. CNOOC added 0.3% while PetroChina finished flat and Kunlun Energy lost 0.6%.
China's Shanghai Composite added 0.1%. Shanghai Jiabao Industry & Commerce, Beijing Teamsun Technology, Hubei Kaile Science & Technology, Shanghai Lingang Holdings, and Fiberhome Telecommunication Technologies rose between 5.8% and 10.0%.
India's Sensex lost 1.4%, falling to its lowest level since early July. All but three components ended lower with Adani Ports, SBI, Reliance Industries, Dr. Reddy's Labs, ICICI Bank, Larsen & Toubro, and Tata Motors losing between 1.7% and 4.9%.

Major European indices trade on a higher note with Spain's IBEX (+1.4%) showing relative strength. Spain's prosecutor's office ordered Catalan police to close and occupy all premises that might be used as polling locations for the independence referendum on October 1. The polling places must be closed and secured by Saturday. In Germany, leading economic institutes increased their joint forecast for 2017 GDP to 1.9% from 1.5%. The outlook for 2018 was increased to 2.0% from 1.8%.

In economic data:
Eurozone August M3 Money Supply +5.0% year-over-year (consensus 4.6%; last 4.5%) and Private Sector Loans +2.7% year-over-year, as expected (last 2.6%)
UK's September CBI Distributive Trades Survey 42 (expected 5; last -10)
France's September Consumer Confidence 101 (expected 103; last 103)
Italy's September Business Confidence 110.4 (expected 108.1; last 108.5) and Consumer Confidence 115.5 (consensus 110.8; last 111.2). July Industrial New Orders +10.1% year-over-year (last 13.7%) and Industrial Sales +4.0% year-over-year (last 7.6%)
Swiss September ZEW Expectations 28.0 (last 25.0)

---Equity Markets---

France's CAC is higher by 0.2% with financials among the leaders. Societe Generale, BNP Paribas, AXA, and Credit Agricole are up between 1.5% and 2.0%. Bouygues, Solvay, Kering, and Renault show gains between 0.2% and 2.4% while consumer stocks like L'Oreal, Pernod Ricard, Danone, and Louis Vuitton are down between 0.3% and 1.8%.
UK's FTSE trades up 0.4% with financials and select consumer names displaying relative strength. British American Tobacco, Merlin Entertainments, Taylor Wimpey, Barclays, HSBC, RBS, Prudential, and Standard Chartered are up between 0.8% and 3.1%.
Germany's DAX has added 0.5% amid broad strength. Growth-sensitive names like Heidelbergcement, Siemens, Lufthansa, and Infineon show gains between 1.0% and 2.4%. Financials Commerzbank and Deutsche Bank are up 2.2% and 2.0%, respectively. Vonovia is the weakest performer, falling 1.0%.
Spain's IBEX outperforms with a gain of 1.4%. Banco Sabadell, Caixabank, Santander, Bankia, Bankinter, and BBVA are up between 1.6% and 5.3%. Gamesa, Mapfre, Telefonica, and ACS have risen between 1.4% and 4.0%.


08:30AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +22.10.

The S&P 500 futures trade six points, or 0.3%, above fair value.

Just in, August durable goods orders rose 1.7%, which is more than the 0.7% increase expected by the Briefing.com consensus. The prior month's reading was left unrevised at -6.8%. Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.2%) to follow the prior month's revised uptick of 0.8% (from 0.5%).

08:00AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +20.40.

The stock market enters the midweek session lower for the week as Tuesday's bounce-back attempt, which was preceded by a technology sell off on Monday, petered out in the late-afternoon, leaving the major indices little changed. Things are looking up, however, as the S&P 500 futures currently trade six points, or 0.3%, above fair value.

Reports suggest that President Trump will call for reducing the corporate tax rate to 20% from 35% this afternoon when he provides the details of the GOP's much-anticipated tax reform proposal. The president is scheduled to speak at 15:00 ET and promises that today's unveiling will be "very comprehensive."

U.S. Treasuries are under pressure this morning, with longer-dated issues showing particular weakness; the 2-yr yield is up three basis points at 1.47% while the 10-yr yield has jumped six basis points to 2.29%. The U.S. dollar has seen a pick up in demand amid the increase in interest rates, sending the U.S. Dollar Index higher by 0.4% to 93.22.

Crude oil is trading slightly higher this morning at $51.93/bbl after the American Petroleum Institute reported a draw of 0.8 million barrels yesterday evening. The more influential weekly report from the Department of Energy will be released later this morning at 10:30 ET.

On the data front, investors will receive August Durable Goods Orders (Briefing.com consensus +0.7%) and August Pending Home Sales (Briefing.com consensus -0.4%) at 8:30 ET and 10:00 ET, respectively. Also of note, the weekly MBA Mortgage Applications Index, which was released earlier this morning, decreased 0.5% to follow last week's 9.7% decline.

In U.S. corporate news:

Nike (NKE 51.77, -1.93): -3.6% despite beating earnings estimates.
Micron Technology (MU 36.18, +2.00): +5.9% after beating both top and bottom line estimates and issuing above-consensus guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Wednesday on a mixed note. Japan's Nikkei -0.3%, Hong Kong's Hang Seng +0.5%, China's Shanghai Composite +0.1%, India's Sensex -1.4%.
In economic data:
Investors did not receive any economic data of note
In news:
Reports in the Chinese press indicate Beijing will issue new guidelines in October for new-energy vehicle components, batteries, and supporting facilities.
U.S. Secretary of Commerce Wilbur Ross said the U.S. wants better physical access to China and that China needs to respect intellectual property rights.
The U.S. Treasury sanctioned eight North Korean banks and 26 individuals associated with the banks.

Major European indices trade on a higher note. France's CAC +0.2%, UK's FTSE +0.3%, Germany's DAX +0.5%, Spain's IBEX +1.3%.
In economic data:
Eurozone August M3 Money Supply +5.0% year-over-year (consensus 4.6%; last 4.5%) and Private Sector Loans +2.7% year-over-year, as expected (last 2.6%)
UK's September CBI Distributive Trades Survey 42 (expected 5; last -10)
France's September Consumer Confidence 101 (expected 103; last 103)
Italy's September Business Confidence 110.4 (expected 108.1; last 108.5) and Consumer Confidence 115.5 (consensus 110.8; last 111.2). July Industrial New Orders +10.1% year-over-year (last 13.7%) and Industrial Sales +4.0% year-over-year (last 7.6%)
Swiss September ZEW Expectations 28.0 (last 25.0)
In news:
Spain's prosecutor's office ordered Catalan police to close and occupy all premises that might be used as polling locations for the independence referendum on October 1. The polling places must be closed and secured by Saturday.
In Germany, leading economic institutes increased their joint forecast for 2017 GDP to 1.9% from 1.5%. The outlook for 2018 was increased to 2.0% from 1.8%.

05:59AM ET

[BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +13.40.
05:59AM ET

[BRIEFING.COM] Nikkei...20267...-63.10...-0.30%

Hang Seng...27642...+129.40...+0.50%

05:59AM ET

[BRIEFING.COM] FTSE...7299.61...+13.90...+0.20%

DAX...12671.60...+66.40...+0.50%

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