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)
Stocktwits @ http://stocktwits.com/wrbtrader (24/7)
Twitter @ http://twitter.com/wrbtrader (24/7)


Price Action Trade Performance for Today: Emini RTY ($RTY_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. The risk of loss can be substantial. Therefore, you must carefully consider if trading is suitable for you within the context of your financial condition. TheStrategyLab.com is an education and research site. The resources on this site are provided for informational purposes only and should not be used to replace professional educational and professional research because we are retail traders only. TheStrategyLab.com does not accept liability for your use of the website and its resources.

We make no guarantees of success and your level of success is dependent upon other factors including your skill as a trader, knowledge, financial condition, market conditions and other factors. Trading is stressful and you should always consult a doctor in all matters relating to physical and mental health of you and your family because trading can impact beyond your financial condition regardless if you're a profitable or losing trader.

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 is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=173&t=2692

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Although the trades are posted by me and other users of WRB Analysis in real-time...this is not a signal calling chat room nor is this a live trading room that has a head trader telling you what to do. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform 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), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide 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.


##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room nor is it a live trading room with a head trader even though members of the chat room are posting their trades & market analysis in real-time. 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 about your own trading 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 quantitative statistical analysis, brokerage statements in the free chat room. Instead, its highly recommended that you only post that particular information in your private thread for security reasons. Yet, if you want to post that type of information at another website, blog or chat room...that's your choice.

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, many different types of social media software can be used to log in along with IRC being easier to moderate via script codes when trouble makers, spammers and trolls show up. 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 problematic traders so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled or harassed.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell nor do we allow the free chat room to be used for mentoring because we do not offer a mentoring service. The purpose of 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. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading.

In fact, we do not want silent (lurkers) traders to join the free chat room unless they are actively posting at the forum about their trading after the markets close. Access instructions for the free 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=333&t=3556 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 RTY 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: -39.73… | Nasdaq: +0.89… | S&P: -2.32…
NASDAQ Vol: 1.96 bln… Adv: 1426… Dec: 1304…
NYSE Vol: 853.3 mln… Adv: 1291… Dec: 1606…

Moving the Market

Investors continue to digest Senate's tax reform bill

Crude futures trim weekly gains; energy stocks underperform

Influential health care sector slides amid broad weakness

Sector Watch
Strong: Consumer Discretionary, Industrials, Consumer Staples, Telecom Services
Weak: Financials, Energy, Health Care, Utilities

04:30PM ET

[BRIEFING.COM] Doubts about the future of tax reform continued to linger on Friday, but stocks pared opening losses in the afternoon to leave the major U.S. indices little changed. The S&P 500 and the Dow finished with modest losses of 0.1% and 0.2%, respectively, while the Nasdaq closed just a tick above its unchanged mark.

The Senate's version of a tax reform bill, which was released on Thursday, has created some doubts in the market about the GOP's ability to implement a tax overhaul as it differs from the House's version of a tax reform bill in several key areas--most notably, the Senate's version calls for delaying a cut in the corporate tax rate by one year.

However, it's tough to say that the Senate's tax reform proposal did little more than give investors an excuse to take some profits following yet another string of record highs. One thing is clear, if investors are concerned about the prospect of tax reform, it didn't impact the equity market significantly this week as the S&P 500 finished with a weekly loss of just 0.2%.

On the whole, Friday's session was pretty uneventful. Many banks were closed in honor of Veterans Day, leading to slightly below-average trading volume.

The S&P 500's energy sector (-0.8%) ended the week on a down note as the price of crude oil declined 0.7% to $56.75/bbl. Health care shares also underperformed, sending the health care group lower by 0.9%, but most of the other sectors finished roughly in line with, or above, the broader market.

Pharmacy retailers like CVS Health (CVS 70.99, +1.97) and Walgreens Boot Alliance (WBA 70.99, +1.85) helped push the consumer staples group (+1.0%) to the top of the sector standings, adding 2.9% and 2.7%, respectively, while department store retailer J.C. Penney (JCP 3.17, +0.42) spiked 15.3% after reporting better-than-expected earnings and revenues for its fiscal third quarter.

In other earnings news, chipmaker NVIDIA (NVDA 216.14, +10.82) climbed 5.3%, hitting a new all-time high, after reporting better-than-expected earnings and revenues and issuing above-consensus revenue guidance for the fourth quarter. Meanwhile, Dow component Walt Disney (DIS 104.78, +2.10) added 2.1% despite missing profit and sales estimates.

U.S. Treasuries finished on a broadly lower note, erasing their gains from earlier in the week. The yield on the benchmark 10-yr Treasury note jumped seven basis points to 2.40%--settling near a two-week high--while the 2-yr yield climbed three basis points to 1.66%. Yields move inversely to prices.

Elsewhere, stocks in the Asia-Pacific region ended Friday on a mixed note, with Japan's Nikkei (-0.8%) showing relative weakness, while the Euro Stoxx 50 dropped 0.5%.

Reviewing Friday's economic data, which was limited to the University of Michigan Consumer Sentiment Index for November:

The preliminary reading of the University of Michigan Consumer Sentiment Index for November declined to 97.8 (Briefing.com consensus 100.5) from 100.7 in October.
The key takeaway from the report is that consumers' anticipated wage gains recorded the highest two-month level in a decade.

On Monday, investors will receive just one economic report--the October Treasury Budget--which will be released at 14:00 ET.

Nasdaq Composite +25.4% YTD
Dow Jones Industrial Average +18.5% YTD
S&P 500 +15.3% YTD
Russell 2000 +8.7% YTD

Week In Review: A Taxing Release

Stocks got off to a good start this week, hitting new record highs on Monday and Wednesday, but retraced their gains in the latter half--a move that was nominally attributed to the release of the Senate's tax reform bill. More likely, however, this week's loss was the result of some profit taking following a largely uninterrupted two-month rally.

The financial sector paced this week's retreat, which is fitting considering the group played a leadership role in the market's most recent bullish run; the financial sector jumped 11.4% from September 8 to November 3, while the benchmark S&P 500 added 5.1%. Dow components JPMorgan Chase (JPM) and Goldman Sachs (GS) lost 3.9% and 1.7% this week, respectively.

Industrial shares also struggled, with transports showing particular weakness; the Dow Jones Transportation Average dropped 2.6%.

Meanwhile, the energy sector outperformed, finishing with a gain of 1.1%. The group benefited from an increase in the price of crude oil, which touched its highest level in more than two years; WTI crude futures finished higher by 2.0% at $56.75/bbl. Heightened tensions in the Middle East, which could potentially disrupt crude production in the region, were largely credited for the move.

Saudi Arabia's Crown Prince Mohammad bin Salman ordered the arrests of some of the country's most prominent political and business figures on allegations of corruption. In addition, Saudi Arabia ordered its citizens to leave Lebanon after accusing the country of declaring war, citing the presence of Iranian-backed Hezbollah members within the Lebanon government.

Back in the U.S., earnings season continued this week--albeit with fewer notable companies on the docket--but headlines were focused on M&A developments. Sprint (S) and T-Mobile US (TMUS) lost 7.2% and 3.6%, respectively, after announcing over the weekend that they could not reach a merger agreement.

Meanwhile, chipmaker Broadcom (AVGO) slipped 3.2% after bidding $70 per share (in cash and stock) for Qualcomm (QCOM), which, conversely, ended the week higher by 4.5%. There were also reports that the Department of Justice would require the sale of CNN before it would approve AT&T's (T) acquisition of Time Warner (TWX), but later reports said that claim was false.

Also of note, Walt Disney (DIS) and 21st Century Fox (FOXA) were reportedly in discussions regarding a sale of assets to Disney from Fox in recent weeks.

On the political front, the Senate on Thursday released its version of a tax reform bill, which called for delaying a cut in the corporate tax rate to 20% from 35% by one year and differed from the version that the House unveiled last week in several other key areas--including deductions related to state and local property taxes.

The two chambers will have to hammer out those differences in order to put the bill on the president's desk for approval, and uncertainty surrounding Congress' ability to do just that were cited by some as the main catalyst for Wall Street's weakness in the latter half of the week.

Following this week's events, investors still strongly believe that the Fed will raise rates next month, with the CME FedWatch Tool placing the chances of a December rate hike at 100.0%.

Dow: -39.73… | Nasdaq: +0.89… | S&P: -2.32…

NASDAQ Adv/Dec 1426/1304. …NYSE Adv/Dec 1291/1606.

03:35PM ET

[BRIEFING.COM] Commodities end the day lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 0.2% at 87.2811
Dollar index is currently down 0.07% at 94.37
Oct WTI Crude is down 0.73% on the day.
Futures settle $0.42 lower to $56.75/barrel.
In other energy, Dec Natural Gas settled up $0.01 at $3.21/MMBtu
On the metals:
Dec Gold lost $13.20 to settle at $1274.30/oz, while Dec silver lost $0.12 to $16.86/oz
Dec Copper dropped $0.01 to $3.08/lb
Finally, agriculture:
Dec Corn settled unchanged at $3.44/bu.
Dec soy settled flat at $9.87/bu.
Dec Wheat settled down $0.01 at $4.31/bu.

Dow: -28.69… | Nasdaq: +3.61… | S&P: -1.32…

NASDAQ Adv/Dec 1542/1262. …NYSE Adv/Dec 1296/1629.

03:00PM ET

[BRIEFING.COM] The major U.S. indices are little changed moving into the final hour of trading.

At this point in the earnings season, over 90.0% of companies in the S&P 500 have reported their quarterly results with a blended growth rate of around 6.1%. Some notable names on next week's earnings calendar include Wal-Mart (WMT 91.14, +0.84), Home Depot (HD 164.24, +0.97), Cisco Systems (CSCO 33.97, -0.08), and TJX (TJX 69.87, +0.62).

The consumer staples sector (+1.0%) continues to trade at the top of the day's leaderboard, while the energy (-0.9%) and health care (-0.8%) groups hover at the bottom. The remaining sectors hold gains/losses of no more than 0.4%.

Dow: -28.27… | Nasdaq: +5.34… | S&P: -1.26…

NASDAQ Adv/Dec 1691/1142. …NYSE Adv/Dec 1327/1581.

02:30PM ET

[BRIEFING.COM] The S&P 500 remains lower by 0.1% while the tech-heavy Nasdaq sits just above its flat line. All in all, the Friday session has not been particularly active, which is owed in part to the observance of Veterans Day.

Technically, Veterans Day is on November 11, but with the holiday falling on Saturday this year, many banks are closed today. Unsurprisingly, the reduced participation has shown up in today's trading volume, which is running well below yesterday's. Only 414 million shares have changed hands at the NYSE floor so far today. This is roughly 100 million shy of yesterday's total at this hour.

U.S. Treasuries retreated in morning action, spending the afternoon in a narrow range near their lows. The benchmark 10-yr yield is up five basis points at 2.38% and the 2s10s spread has returned to last week's level, expanding to 73 basis points from 70 basis points at the end of yesterday's session.

Dow: -35.28… | Nasdaq: +0.67… | S&P: -2.26…

NASDAQ Adv/Dec 1553/1274. …NYSE Adv/Dec 1269/1635.

01:55PM ET

[BRIEFING.COM] Equity indices continue drifting along this afternoon, hovering just a tick below their flat lines. The S&P 500 is down 0.2%.

Despite weakness in the broader market, retailers are rallying today, putting the S&P Retail ETF (XRT 40.09, +0.38) on track for its third win in a row. J.C. Penney (JCP 3.16, +0.41) has surged 15.1% following its latest earnings report, which showed better-than-expected earnings and revenues on a 1.7% increase in same-store sales.

Retailers' positive performance has helped boost the consumer discretionary sector (+0.3%), which trades behind the consumer staples space (+0.8%) at the top of the sector standings. On the flip side, the energy and health care groups are the weakest performers, showing respective losses of 1.2% and 1.0%.

Dow: -56.39… | Nasdaq: -5.36… | S&P: -5.12…

NASDAQ Adv/Dec 1518/1302. …NYSE Adv/Dec 1222/1658.

01:25PM ET

[BRIEFING.COM] The major U.S. indices continue to drag in negative territory as stocks see an extension from yesterday's pullback.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 45.44, -0.86), Merck & Co (MRK 55.25, -0.96), & McDonald's (MCD 164.80, -2.20) are underperforming.

Conversely, Walt Disney (DIS 105.45, +2.77) is the best-performing Dow component following last night's earnings report and subsequent conference call.

At current levels, the DJIA is poised to close the week with losses of 0.54%.

Dow: -55.12… | Nasdaq: -7.02… | S&P: -5.30…

NASDAQ Adv/Dec 1489/1330. …NYSE Adv/Dec 1192/1684.

01:05PM ET

[BRIEFING.COM] Stocks are slightly lower this afternoon as investors continue to digest the Senate's version of a tax reform bill. The major stock indices show losses between 0.1% and 0.2%. Small caps are outperforming, however, sending the Russell 2000 higher by 0.2%.

Investors have expressed concerns about the Senate's tax reform bill, which was released on Thursday, as it differs from the House's version in some key areas--most notably, the Senate's version calls for delaying a cut in the corporate tax rate by one year. The two chambers will have to hammer out their differences, which could delay the passing of the bill.

More likely, however, the Senate's release has provided investors with an excuse to take profits following an impressive two-month run to new record highs.

Energy shares are leading today's retreat, moving in tandem with the price of crude oil, which has pared some of its weekly gains; WTI crude futures are down 0.7% at $56.79/bbl. The commodity has benefited from increased tensions in the Middle East this week, which could potentially disrupt crude production in the region. The S&P 500's energy sector is down 1.2%.

The health care group is also underperforming, showing a loss of 1.0%, but most other sectors are trading relatively flat.

On the upside, the consumer staples space is higher by 0.8%, with pharmacy retailers like Walgreens Boot Alliance (WBA 70.49, +1.33) and CVS Health (CVS 70.87, +1.85) pacing the advance; the two companies are higher by 1.9% and 2.7%, respectively. Wal-Mart (WMT 91.59, +1.29) also shows relative strength, climbing 1.4%.

In earnings news, Dow component Walt Disney (DIS 105.78, +3.10) is up 3.0% despite missing quarterly profit and sales estimates. Meanwhile, chipmaker NVIDIA (NVDA 217.34, +12.04) has jumped 5.9% after reporting better-than-expected earnings and revenues and issuing above-consensus revenue guidance for the fourth quarter.

Today's advance places NVIDIA shares at a new all-time high and extends their year-to-date gain to an astounding 103.5%.

U.S. Treasuries are trading solidly lower this afternoon, sending yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up five basis points at 2.38%. Meanwhile, the U.S. Dollar Index is down 0.1% at 94.33.

Elsewhere, stocks in the Asia-Pacific region ended Friday on a mixed note, with Japan's Nikkei (-0.8%) showing relative weakness, while the Euro Stoxx 50 dropped 0.5%.

Reviewing Friday's economic data, which was limited to the University of Michigan Consumer Sentiment Index for November:

The preliminary reading of the University of Michigan Consumer Sentiment Index for November declined to 97.8 (Briefing.com consensus 100.5) from 100.7 in October.
The key takeaway from the report is that consumers' anticipated wage gains recorded the highest two-month level in a decade.

Dow: -51.06… | Nasdaq: -7.29… | S&P: -4.96…

NASDAQ Adv/Dec 1524/1294. …NYSE Adv/Dec 1262/1606.

12:25PM ET

[BRIEFING.COM] The Nasdaq has reached its flat line this afternoon, overcoming an earlier loss of 0.3%

Crude futures have retraced their slim gains as of late, dropping solidly below Thursday's closing level; WTI crude futures are down 1.0% at $56.63/bbl. There's no particular catalyst to credit for the sharp downward move, but it has weighed on energy stocks nonetheless. The S&P 500's energy sector (-1.4%) trades at the bottom of today's sector standings.

Elsewhere, gold ($1276.57/ozt), silver ($16.89/ozt), and copper ($3.07/lb) futures are also trading lower, losing between 0.4% and 0.9%. Today's decline leaves the price of copper at a fresh one-month low.

Dow: -46.13… | Nasdaq: -1.99… | S&P: -4.06…

NASDAQ Adv/Dec 1619/1186. …NYSE Adv/Dec 1264/1581.

12:00PM ET

[BRIEFING.COM] Equity indices have not changed much since the last update. The S&P 500 currently holds a loss of 0.2%.

In earnings news, Walt Disney (DIS 105.29, +2.59) reported its fiscal fourth quarter results on Thursday evening, missing both profit and sales estimates. Nonetheless, Disney shares are trading higher by 2.5%.

Meanwhile, chipmaker NVIDIA (NVDA 217.69, +12.40) has jumped 6.1% after reporting better-than-expected earnings and revenues and issuing above-consensus revenue guidance for the fourth quarter. Today's advance places NVIDIA shares at a new all-time high and extends their year-to-date gain to an astounding 103.9%.

Elsewhere, European equity markets settled broadly lower today, with the Euro Stoxx 50 dropping 0.5%.

Dow: -39.75… | Nasdaq: -5.64… | S&P: -4.48…

NASDAQ Adv/Dec 1649/1159. …NYSE Adv/Dec 1296/1536.

11:30AM ET

[BRIEFING.COM] Stocks continue to drift modestly below yesterday's closing levels.

The consumer staples sector (+0.6%) is trading comfortably ahead of the broader market this morning, hovering at the top of the sector standings, with pharmacy retailers like CVS Health (CVS 70.55, +1.50) and Walgreens Boot Alliance (WBA 70.58, +1.44) leading the way. The two names are up around 2.0% apiece, helped by rumors that Amazon (AMZN 1126.33, -2.80) has decided against entering the drug distribution market.

Meanwhile, Monster Beverage (MNST 60.00, +1.32) is up 2.2%, extending its post-earnings gain to 3.5%. The company reported in-line earnings and revenues on Wednesday evening.

Dow: -51.88… | Nasdaq: -10.92… | S&P: -6.02…

NASDAQ Adv/Dec 1613/1183. …NYSE Adv/Dec 1287/1506.

11:00AM ET

[BRIEFING.COM] The major U.S. indices are hovering near their opening levels this morning, with the S&P 500 showing a loss of 0.3%.

Health care shares are pacing today's retreat as 56 of 62 components within the S&P 500's health care sector (-1.2%) trade in negative territory. The energy sector (-0.9%) is also underperforming, despite a modest increase in the price of crude oil; WTI crude futures are up 0.2% at $57.28/bbl.

In the bond market, U.S. Treasuries are still solidly lower this morning, with longer-dated issues showing relative weakness. The yield on the benchmark 10-yr Treasury note is up five basis points at 2.38%, while the 2-yr yield is up two basis points at 1.65%.

Dow: -50.27… | Nasdaq: -15.20… | S&P: -6.94…

NASDAQ Adv/Dec 1482/1267. …NYSE Adv/Dec 1266/1488.

10:30AM ET

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

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.15% at 87.5897
Dollar index is currently down 0.14% at 94.31
Dec WTI crude is up 0.03% on the day.
Futures are $0.02 higher to $57.19/barrel.
In other energy, Dec natural gas is up $0.01 at $3.21/MMBtu
Metals:
Dec gold lost $2.2 and trades at $1285.30/oz, while Dec silver gained $0.09 to $17.07/oz
Dec copper dropped 0.01 to $3.08/lb
Finally, agriculture:
Dec corn is up $0.01 at $3.43/bu.
Dec soy is up $0.05 at $9.8975/bu.
Dec wheat is up $0.04 at $4.33/bu.

Dow: -52.19… | Nasdaq: -19.63… | S&P: -7.84…

NASDAQ Adv/Dec 1392/1323. …NYSE Adv/Dec 1244/1181.

10:00AM ET

[BRIEFING.COM] The major stock indices continue to drift a step below their flat lines.

Just in, the preliminary reading of the University of Michigan Consumer Sentiment Index for November declined to 97.8 (Briefing.com consensus 100.5) from 100.7 in October.

Dow: -41.84… | Nasdaq: -7.49… | S&P: -5.58…

NASDAQ Adv/Dec 1514/1138. …NYSE Adv/Dec 1328/1308.

09:45AM ET

[BRIEFING.COM] The major U.S. indices are trading modestly lower in the opening minutes of today's session, with the S&P 500 showing a loss of 0.2%.

More than half of the S&P 500's 11 sectors are trading in the red this morning. The health care (-0.6%), energy (-0.6%), and utilities (-0.5%) groups are the weakest performers, while the consumer discretionary (+0.2%), consumer staples (+0.1%), and telecom services (+0.2%) spaces sport slim gains.

Within the Dow, media giant Walt Disney (DIS 105.20, +2.53) is by far the top performer, climbing 2.5%, despite reporting below-consensus earnings and revenues on Thursday evening. Meanwhile, McDonald's (MCD 164.41, -2.64) is down 1.6%, extending its week-to-date loss to 2.5%.

Dow: -36.40… | Nasdaq: -4.42… | S&P: -3.65…

NASDAQ Adv/Dec 1356/1245. …NYSE Adv/Dec 1280/1274.

09:09AM ET

[BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -10.10.

The U.S. equity market is on track to open Friday's session modestly lower as investors continue to digest the Senate's tax reform bill--details of which were released on Thursday. The S&P 500 futures trade four points, or 0.2%, below fair value.

Coming into Friday's session, the S&P 500 holds a week-to-date loss of 0.1%.

Dow component Walt Disney (DIS 105.38, +2.70) is higher by 2.6% in pre-market trading despite reporting worse-than-expected earnings and revenues for its fiscal fourth quarter. Meanwhile, chipmaker NVIDIA (NVDA 213.20, +7.88) and department store retailer J.C. Penney (JCP 3.24, +0.49) are up 3.6% and 17.8%, respectively, after both companies beat profit and sales estimates.

U.S. Treasuries are solidly lower this morning, sending yields higher across the curve; the benchmark 10-yr yield is up five basis points at 2.38%. However, the U.S. Dollar Index has seemingly ignored the higher yields, slipping 0.1% to 94.34.

On the data front, investors will receive two economic reports today--the preliminary reading of the University of Michigan Consumer Sentiment Index for November (Briefing.com consensus 100.5) and the October Treasury Budget. The two reports will be released at 10:00 ET and 14:00 ET, respectively.

08:53AM ET

[BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -6.40.

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

Equity indices in the Asia-Pacific region ended the week on a mixed note. The biggest headline of the night came from China, where the country's government will remove limits on foreign ownership of banks. The foreign stake ceiling in brokerages and life insurance companies will be raised to 51.0%. New Zealand's Finance Minister Grant Robertson said the government is committed to a 1%-3% inflation band and that the Reserve Bank of New Zealand's 2.0% target could be up for discussion. The Reserve Bank of Australia lowered its inflation expectations through 2019.

In economic data:
New Zealand's October Electronic Card Retail Sales +0.3% month-over-month (expected 0.6%; last 0.3%); +1.2% year-over-year (last 2.9%)
Japan's November Reuters Tankan Index 27 (last 31) and M2 Money Stock +4.1% year-over-year, as expected (last 4.1%). Tertiary Industry Activity Index -0.2% month-over-month (expected -0.1%; last -0.1%)
Hong Kong's Q3 GDP +0.5% quarter-over-quarter (last 1.1%); +3.6% year-over-year (consensus 4.0%; last 3.8%)
Singapore's September Retail Sales -4.2% month-over-month (expected 0.3%; last -0.3%); -0.5% year-over-year (consensus 3.5%; last 3.7%)

---Equity Markets---

Japan's Nikkei lost 0.8%, narrowing its weekly gain to 0.6%. Dai Nippon Printing, Bridgestone, Sumitomo Metal Mining, DeNA, Hitachi Construction, Konami, Komatsu, and Trend Micro lost between 2.6% and 8.8%.
Hong Kong's Hang Seng shed 0.1%, but gained 1.8% for the week. Financials and property names underperformed with Swire Pacific, ICBC, Hang Lung Properties, Bank of China, Bank of East Asia, China Overseas, and China Construction Bank surrendered between 0.6% and 1.2%.
China's Shanghai Composite added 0.1%, rising 1.8% for the week. TBEA, Hundsun Technologies, Shanghai Tianchen, Bright Dairy & Food, and NARI Technology advanced between 5.8% and 9.2%.
India's Sensex added 0.2%, ending the week with a gain of 0.5%. SBI jumped 6.2% after beating earnings expectations while peers ICICI Bank and AXIS Bank advanced 2.3% and 0.7%, respectively. HDFC Bank lost 0.4%. Tech consultants were mixed as Tata Consultancy fell 1.1%, Wipro shed 0.2%, and Infosys rose 0.6%.

Major European indices trade a modestly lower note, looking to cap a defensive week. British Prime Minister Theresa May is reportedly ready to increase the separation payment offer to the EU from the current GBP20 billion. European Central Bank member Ewald Nowotny agreed with Bundesbank President Jens Weidmann that a specific end date for ECB asset purchases is needed. He added that ECB's guidance does not allow for a rate hike before 2019.

In economic data:
UK's September Construction Output -1.6% month-over-month (expected -0.3%; last 0.8%); +1.1% year-over-year (consensus 2.2%; last 3.9%). September Industrial Production +0.7% month-over-month (expected 0.3%; last 0.3%); +2.5% year-over-year (consensus 1.9%; last 1.8%). September Manufacturing Production +0.7% month-over-month (expected 0.3%; last 0.4%); +2.7% year-over-year (consensus 2.4%; last 2.8%). September trade deficit GBP11.25 billion (expected deficit of GBP12.80 billion; last deficit of GBP12.35 billion)
France's September Industrial Production +0.6% month-over-month, as expected (last -0.2%). Q3 Nonfarm Payrolls +0.2% quarter-over-quarter (expected 0.3%; last 0.4%)
Italy's September Industrial Production -1.3% month-over-month (expected -0.3%; last 1.2%); +2.4% year-over-year (consensus 4.8%; last 5.8%)

---Equity Markets---

UK's FTSE is lower by 0.5%. Consumer names like Associated British Foods, Marks & Spencer, Dixons Carphone, Burberry, Kingfisher, Unilever, InterContinental Hotels, and Tesco show losses between 0.3% and 2.0%. Homebuilders Barratt Developments and Persimmon outperform, rising 1.6% and 1.2%, respectively.
France's CAC has shed 0.1% amid losses in most components. Peugeot is down 3.8% and Renault has slid 1.3% while consumer names like Carrefour, L'Oreal, Danone, and Kering show losses between 0.1% and 0.9%. On the upside, ArcelorMittal has jumped 4.2% after beating expectations.
Germany's DAX is flat. Heavyweight components like Merck, Volkswagen, Siemens, Daimler, Bayer, BMW, and BASF sport losses between 0.2% and 2.6%. Deutsche Bank outperforms, rising 2.0%.

08:27AM ET

[BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -12.60.

The S&P 500 futures trade six points, or 0.2%, below fair value.

Coming into today's session, seven of eleven sectors hold week-to-date gains. The lightly-weighted real estate space is the top-performing group, sporting a gain of 3.2%, followed by the energy and consumer staples groups, which are up 1.9% and 1.1%, respectively. On the flip side, the influential financial sector is the worst performer with a week-to-date loss of 2.4%.

In the bond market, U.S. Treasuries have moved lower this week, sending yields higher across the curve. The benchmark 10-yr yield is currently trading five points above where it settled last Friday's session, hovering at 2.38%.

07:59AM ET

[BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -9.80.

Equity futures are pointing to a lower start for the U.S. equity market, which retreated from record highs on Thursday. The S&P 500, Dow, and Nasdaq futures currently trade 0.2% to 0.4% below fair value. Elsewhere, stocks in the Asia-Pacific region ended Friday on a mixed note, with Japan's Nikkei (-0.8%) showing relative weakness, while the Euro Stoxx 50 is lower by 0.4%.

The Senate released its version of a tax reform bill on Thursday, calling for delaying a cut in the corporate tax rate by one year. Many credited Thursday's sell off to the release and may be tempted to do so again today if the equity market keeps its negative disposition. However, the bill may have just provided a convenient excuse for investors to cash in on a largely uninterrupted two-month rally.

U.S. Treasuries are solidly lower this morning, sending yields higher across the curve; the benchmark 10-yr yield is up five basis points at 2.38%.

Meanwhile, WTI crude futures are trading flat at $57.16/bbl, protecting their week-to-date gain of 2.7%. Tensions appear to be tightening in the Middle East after Saudi Arabia on Thursday ordered its citizens to leave Lebanon after accusing the country of declaring war, citing the presence of Iranian-backed Hezbollah members within the country's government.

On the data front, investors will receive two economic reports today--the preliminary reading of the University of Michigan Consumer Sentiment Index for November (Briefing.com consensus 100.5) and the October Treasury Budget. The two reports will be released at 10:00 ET and 14:00 ET, respectively.

Coming into Friday's session, the major U.S. indices hold week-to-date losses between 0.1% and 0.3%.

In U.S. corporate news:

Walt Disney (DIS 103.02, +0.28): +0.3% despite missing earnings and revenue estimates for its fiscal fourth quarter.
NVIDIA (NVDA 215.40, +10.08): +4.9% after reporting better-than-expected sales and profits and issuing above-consensus revenue guidance for the fourth quarter.
Nordstrom (JWN 39.40, -0.63): -1.6% after lowering the top end of its earnings guidance for 2018.
J.C. Penney (JCP 3.14, +0.39): +14.2% after beating earnings and revenue estimates on a 1.7% increase in same-store sales.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mixed note. Japan's Nikkei -0.8%, Hong Kong's Hang Seng -0.1%, China's Shanghai Composite +0.1%, India's Sensex +0.2%.
In economic data:
New Zealand's October Electronic Card Retail Sales +0.3% month-over-month (expected 0.6%; last 0.3%); +1.2% year-over-year (last 2.9%)
Japan's November Reuters Tankan Index 27 (last 31) and M2 Money Stock +4.1% year-over-year, as expected (last 4.1%). Tertiary Industry Activity Index -0.2% month-over-month (expected -0.1%; last -0.1%)
Hong Kong's Q3 GDP +0.5% quarter-over-quarter (last 1.1%); +3.6% year-over-year (consensus 4.0%; last 3.8%)
Singapore's September Retail Sales -4.2% month-over-month (expected 0.3%; last -0.3%); -0.5% year-over-year (consensus 3.5%; last 3.7%)
In news:
The biggest headline of the night came from China, where the country's government will remove limits on foreign ownership of banks. The foreign stake ceiling in brokerages and life insurance companies will be raised to 51.0%.
New Zealand's Finance Minister Grant Robertson said the government is committed to a 1%-3% inflation band and that the Reserve Bank of New Zealand's 2.0% target could be up for discussion.
The Reserve Bank of Australia lowered its inflation expectations through 2019.

Major European indices trade a modestly lower note, looking to cap a defensive week. UK's FTSE -0.5%, France's CAC -0.3%, Germany's DAX -0.1%.
In economic data:
UK's September Construction Output -1.6% month-over-month (expected -0.3%; last 0.8%); +1.1% year-over-year (consensus 2.2%; last 3.9%). September Industrial Production +0.7% month-over-month (expected 0.3%; last 0.3%); +2.5% year-over-year (consensus 1.9%; last 1.8%). September Manufacturing Production +0.7% month-over-month (expected 0.3%; last 0.4%); +2.7% year-over-year (consensus 2.4%; last 2.8%). September trade deficit GBP11.25 billion (expected deficit of GBP12.80 billion; last deficit of GBP12.35 billion)
France's September Industrial Production +0.6% month-over-month, as expected (last -0.2%). Q3 Nonfarm Payrolls +0.2% quarter-over-quarter (expected 0.3%; last 0.4%)
Italy's September Industrial Production -1.3% month-over-month (expected -0.3%; last 1.2%); +2.4% year-over-year (consensus 4.8%; last 5.8%)
In news:
British Prime Minister Theresa May is reportedly ready to increase the separation payment offer to the EU from the current GBP20 billion.
European Central Bank member Ewald Nowotny agreed with Bundesbank President Jens Weidmann that a specific end date for ECB asset purchases is needed. He added that ECB's guidance does not allow for a rate hike before 2019.

06:02AM ET

[BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -19.00.
06:02AM ET

[BRIEFING.COM] Nikkei...22,681.42...-187.30...-0.80%

Hang Seng...29,120.92...-15.70...-0.10%

06:02AM ET

[BRIEFING.COM] FTSE...7,465.38...-18.70...-0.30%

DAX...13,164.26...-18.30...-0.10%

04:30PM ET

[BRIEFING.COM] U.S. equities retreated from record highs on Thursday as investors took some profits following a largely uninterrupted two-month rally. The major indices finished near the top of their trading ranges, with the S&P 500 and the Dow losing 0.4% apiece. The tech-heavy Nasdaq (-0.6%) underperformed as technology shares faced particularly heavy selling.

The Senate released its version of a tax reform bill, which called for delaying a cut in the corporate tax rate by one year and differed from the version that the House unveiled last week in several other key areas--including property tax, mortgage interest, and medical expense deductions. The two chambers will have to hammer out those differences in order to put the bill on the president's desk for approval, and doubts surrounding Congress' ability to do just that were cited by some as the main catalyst for Thursday's sell off.

More likely, however, the Senate's unveiling provided a convenient excuse for investors to take some money off the table following yet another record high run for the major U.S. indices. All three major averages finished the prior session at fresh all-time highs and have added between 5.0% and 7.6% since September 8.

Technology shares within the S&P 500 were particularly weak on Thursday, losing 0.9%. Chipmakers paced the tech retreat, sending the PHLX Semiconductor Index lower by 2.0%, with names like Broadcom (AVGO 265.64, -6.76) and Advanced Micro (AMD 11.12, -0.59) losing 2.5% and 5.0%, respectively.

The industrial sector (-1.3%) did even worse, settling at the bottom of the sector standings, while a handful of groups managed to move modestly higher--including consumer discretionary (+0.2%), energy (+0.3%), utilities (+0.1%), and telecom services (+0.3%).

Shares of 21st Century Fox (FOXA 28.70, +0.61) jumped 2.2% after the media giant reported better-than-expected earnings and sales for its fiscal first quarter. Peers like Walt Disney (DIS 102.68, +1.50), CBS (CBS 58.08, +0.83), and Viacom (VIAB 24.78, +0.48) moved higher in sympathy, adding between 1.5% and 2.0%.

Retailers outperformed as well, evidenced by the 1.6% increase in the SPDR S&P Retail ETF (XRT 39.71, +0.64). Macy's (M 19.50, +1.93) led the retail advance, surging 11.0% after reporting above-consensus earnings for its fiscal third quarter and reaffirming its guidance for 2018.

In other corporate news, CNBC reported that the Department of Justice has not set a requirement for Time Warner (TWX 87.05, -1.45) to sell CNN in order to be acquired by AT&T (T 34.00, +0.56), as was reported on Wednesday. Time Warner shares slipped 1.6%, while AT&T shares climbed 1.7%.

U.S. Treasuries ended on a mixed note, with shorter-dated issues showing relative strength while longer-dated issues exhibited relative weakness. The benchmark 10-yr Treasury note finished flat, however, with its yield settling unchanged at 2.33%. Meanwhile, the U.S. Dollar Index dropped 0.4% to 94.42, and WTI crude futures climbed 0.6% to $57.14/bbl.

Elsewhere, Japan's Nikkei had an unnerving bout of volatility on Thursday before ending little changed (-0.2%), while the Euro Stoxx 50 tumbled 1.0%.

Reviewing Thursday's economic data, which was limited to the weekly Initial Claims Report and September Wholesale Inventories:

The latest weekly initial jobless claims count totaled 239,000, while the Briefing.com consensus expected a reading of 231,000. Today's tally was above the unrevised prior week count of 229,000. As for continuing claims, they rose to 1.901 million from the unrevised count of 1.884 million.
The key takeaway is that initial claims, which remained below 300,000 for the 140th straight week, are low and indicative of a tight labor market.
September Wholesale Inventories increased 0.3% (Briefing.com consensus +0.3%). The prior month's reading was revised to +0.8% from +0.9%.
The key takeaway from the report is that the sales increase outpaced the inventory increase by a sizable margin, which is a step in the right direction for wholesalers trying to regain some pricing power.

On Friday, investors will receive two economic reports--the preliminary reading of the University of Michigan Consumer Sentiment Index for November (Briefing.com consensus 100.5) and the October Treasury Budget. The two reports will be released at 10:00 ET and 14:00 ET, respectively.

Nasdaq Composite +25.4% YTD
Dow Jones Industrial Average +18.7% YTD
S&P 500 +15.5% YTD
Russell 2000 +8.7% YTD

Dow: -101.42… | Nasdaq: -39.07… | S&P: -9.78…

NASDAQ Adv/Dec 1044/1444. …NYSE Adv/Dec 1097/1817.

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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.

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M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
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