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)
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)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
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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

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=2702

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 01:30PM ET
Dow: +31.81… | Nasdaq: +21.80… | S&P: +5.34…
NASDAQ Vol: 844 mln… Adv: 1589… Dec: 1261…
NYSE Vol: 363 mln… Adv: 1717… Dec: 1095…

Moving the Market

Stock market to close at 13:00 ET: bond market open until 14:00 ET

Relative strength in Amazon.com and semiconductor stocks

Leadership from information technology sector

Sector Watch
Strong: Materials, Information Technology, Real Estate, Energy
Weak: Telecom Services, Financials

01:30PM ET

[BRIEFING.COM] The stock market meandered its way through an abbreviated session on Friday and scored modest gains to close out the week. The bulk of today's gains were registered shortly after the opening bell. After that, there was mostly sideways trading action.

Despite the modest gains, they were still good enough to propel the S&P 500 and Nasdaq Composite to new record highs.

Leadership throughout today's thinly-traded session was provided by the information technology sector (+0.5%), which was helped along by reports suggesting Broadcom (AVGO 282.38, +7.01, +2.6%) might return next week with an increased offer to acquire Qualcomm (QCOM 68.91, +0.78, +1.1%).

That news contributed to the outperformance of the semiconductor stocks, which was reflected in the 1.0% gain for the Philadelphia Semiconductor Index. Their leadership, and gains in the likes of Facebook (FB 182.78, +1.91, +1.1%) and Amazon.com (AMZN 1186.00, +29.84, +2.6%), served as the driving influences behind the Nasdaq's record run.

Amazon.com was a focal point throughout the day as it is thought by many to be in the best position to capitalize on Black Friday sales and holiday selling activity in general.

Early reports have made it sound like the online sales activity at least is off to a good start. Adobe Analytics reported that $1.52 billion was spent online by 5:00 p.m. ET on Thanksgiving Day, up 16.8% from last year, and that online sales as of 10:00 a.m. ET on Friday were up 18.4% year-over-year.

Amazon.com's stock strength, however, wasn't exclusive. Well-known retailers such as Macy's (M 21.07, +0.44, +2.1%), Best Buy (BBY 57.00, +0.51, +0.9%), Gap (GPS 29.64, +0.47, +1.6%), and Kohl's (KSS 45.09, +0.46, +1.0%) also exhibited relative strength. Their gains supported a 0.2% advance for the S&P 500 consumer discretionary sector.

Gains in the materials (+0.5%), real estate (+0.4%), and energy (+0.3%) sectors also helped prop up the broader market.

Elsewhere, oil prices jumped 1.5% to $58.87 per barrel. That move was aided by a weaker dollar, geopolitical angst, short-term supply disruptions tied to a Keystone pipeline outage, and speculation that OPEC and Russia are primed next week to agree to an extension of their oil production cut program.

The latter meeting will take place on Thursday and will be a key event in a week that will feature several key events, including Jerome Powell's Fed Chair confirmation hearing (Tuesday), current Fed Chair Janet Yellen's economic outlook testimony before the Joint Economic Committee (Wednesday), and an expected vote on the Senate's tax bill on Thursday.

In terms of this week, it was another winning week. The Russell 2000 led the way with a 1.8% gain, followed by the Nasdaq Composite, up 1.6%, the S&P Mid Cap 400, up 1.0%, the S&P 500, up 0.9%, and the Dow Jones Industrial Average, up 0.8%.

Year-to-date returns are as follow:

Nasdaq Composite +28.0%
Dow Jones Industrial Average +19.1%
S&P 500 +16.2%
S&P Mid Cap 400 +12.0%
Russell 2000 +11.9%

Dow: +31.81… | Nasdaq: +21.80… | S&P: +5.34…

NASDAQ Adv/Dec 1589/1261. …NYSE Adv/Dec 1717/1095.

12:30PM ET

[BRIEFING.COM] The trading day is nearing its abbreviated end, as the top of the hour will do it for today's stock shoppers.

Currently, the major indices are trading at, or near, their best levels of the day, supported predominately by the information technology sector (+0.6%), which is nothing unusual. That sector has been a stalwart since the start of the year. Including today's gain, it is up 39.0% year-to-date.

The latter is more than double the next closest sector, which is Healthcare, up 18.5%; in fact, seven of the 11 sectors in the S&P 500 have registered double-digit percentage gains year-to-date.

Elsewhere, the Treasury market has been on the defensive today as stocks have been doing their upside thing. The yields on the 2-yr note and the 10-yr note are both up two basis points to 1.75% and 2.34%, respectively.

Dow: +54.32… | Nasdaq: +19.88… | S&P: +6.66…

NASDAQ Adv/Dec 1444/1395. …NYSE Adv/Dec 1640/1145.

12:00PM ET

[BRIEFING.COM] There is no question that buyers and sellers are an active bunch today -- in the retail universe that is. In the stock market, it has been a different story.

Sellers haven't staked much of a claim today, which has helped push up bids for participants looking to buy stocks. Thus far, the willingness to pay higher prices has been modest, yet the lack of selling interest has created a "Green Friday" for the Dow, Nasdaq, and S&P 500.

Not surprisingly, the retail stocks have played a part in the upside price action as traders are placing bets on potential winners this Black Friday and throughout the holiday season.

Macy's (M 21.33, +0.70, +3.3%), Urban Outfitters (URBN 30.27, +0.47, +1.6%), Best Buy (BBY 56.95, +0.46, +0.8%), Gap (GPS 29.88, +0.71, +2.4%), Kohl's (KSS 45.47, +0.84, +1.9%), Nordstrom (JWN 41.24, +0.45, +1.1%), and L Brands (LB 49.14, +0.34, +0.7%) are among the retail stocks exhibiting relative strength.

Dow: +53.80… | Nasdaq: +18.69… | S&P: +6.20…

NASDAQ Adv/Dec 1424/1405. …NYSE Adv/Dec 1641/1120.

11:25AM ET

[BRIEFING.COM] There has been a steady drumbeat of support for the major indices today. The relative strength, though, has been more evident among large-cap issues as the Russell 2000 (+0.1%) and S&P Mid Cap 400 Index (+0.1%) are trailing the gains at this juncture.

The Dow, Nasdaq 100, and S&P 500 are all up 0.3%.

One of today's standouts -- from a headline and stock standpoint -- is none other than Amazon.com (AMZN 1179.15, +22.98, +2.0%), which is expected to be a favorite shopping destination for online sales this holiday season.

Amazon's strength has underpinned the Nasdaq, along with leadership from the likes of Broadcom (AVGO 279.29, +3.92, +1.4%) and Qualcomm (QCOM 68.69, +0.56, +0.8%). Those two stocks are pushing higher following reports suggesting Broadcom might raise its offer next week to acquire Qualcomm. The latter company previously shot down a $70.00 per share cash-and-stock offer.

Not surprisingly, the Philadelphia Semiconductor Index (1337.50, +8.48, +0.6%) is a pocket of relative strength in today's trade.

Dow: +62.03… | Nasdaq: +17.98… | S&P: +6.20…

NASDAQ Adv/Dec 1392/1407. …NYSE Adv/Dec 1617/1121.

11:00AM ET

[BRIEFING.COM] It's a right-angle trade so far today as the major indices moved up at the open and then quickly settled into a sideways range, preserving their modest gains.

Those modest gains nonetheless have pushed the S&P 500 and Nasdaq Composite further into record territory.

Today's sector moves have been pretty well contained. The best-performing areas -- energy, materials, and information technology -- are all up 0.4%. There are only two sectors in red figures -- financials and telecom services -- but just barely so as each is down 0.1% (rounding up).

Within the Dow Jones Industrial Average, it's a mixed bag with 16 components up and 14 down. There isn't a single component, though, that has moved more than 1.0% up or down. Goldman Sachs (GS 237.93, +1.50, +0.7%) and Visa (V 111.59, +0.77, +0.7%) are the best-performing issues while Caterpillar (CAT 137.68, -0.33, -0.2%) brings up the rear.

Dow: +53.39… | Nasdaq: +15.64… | S&P: +5.75…

NASDAQ Adv/Dec 1435/1348. …NYSE Adv/Dec 1646/1067.

10:30AM ET

[BRIEFING.COM] Commodities begin the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.11% at 87.1391
Dollar index is currently down 0.47% at 92.78
Dec WTI crude is up 0.91% on the day.
Futures are $0.53 higher to $58.55/barrel.
In other energy, Dec natural gas is down $0.07 at $2.99/MMBtu
Metals:
Dec gold lost $4.50 and trades at $1287.70/oz, while Dec silver lost $0.11 to $17.00/oz
Dec copper gained 0.02 to $3.16/lb
Finally, agriculture:
Dec corn is unchanged at $3.45/bu.
Dec soy is up $0.01 at $9.98/bu.
Dec wheat is down $0.03 at $4.38/bu.

Dow: +44.88… | Nasdaq: +13.38… | S&P: +5.06…

NASDAQ Adv/Dec 1497/1272. …NYSE Adv/Dec 1657/1037.

09:55AM ET

[BRIEFING.COM] The major averages continue holding modest morning gains with the S&P 500 up 0.2%.

Energy (+0.5%) and materials (+0.5%) remain atop the leaderboard in the early going while the top-weighted technology sector (+0.3%) has built on its early gain. The technology sector is now up 1.5% for the week, trading ahead of the other cyclical groups. On the countercyclical side, today's laggard--telecom services (-0.2%)--is still the strongest sector of the week, having climbed 1.9% since last Friday.

Treasuries continue showing modest losses with the 10-yr yield up one basis point at 2.33%.

Dow: +39.04… | Nasdaq: +9.27… | S&P: +4.62…

NASDAQ Adv/Dec 1538/1150. …NYSE Adv/Dec 1651/958.

09:45AM ET

[BRIEFING.COM] The major averages began the trading day on a modestly higher note. The S&P 500 is up 0.2% with ten of eleven sectors showing opening gains.

The lightly-weighted materials sector (+0.6%) sits atop the sector leaderboard in the early going while energy (+0.5%) follows, thanks to a 1.2% jump in crude oil, which has climbed to $58.72/bbl. Top-weighted sectors like technology (+0.3%), financials (+0.1%), and health care (+0.1%) sit a bit closer to their respective flat lines.

On the downside, the telecom services sector (-0.2%) is a lone decliner.

Dow: +34.62… | Nasdaq: +11.69… | S&P: +4.67…

NASDAQ Adv/Dec 1646/986. …NYSE Adv/Dec 1695/866.

09:10AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +8.30.

The stock market is on track for a higher open as the S&P 500 futures hover five points above fair value.

With the Thanksgiving holiday responsible for yesterday's market closure and today's early finish at 13:00 ET, it would not be a shock to see below-average participation. However, sectors like consumer discretionary and consumer staples are likely to be a bit more active than the broader market, in response to early reports about traffic trends at retail stores and malls. The early anecdotal indications will need to be confirmed by official reports, but lower than average participation could open the door to above-average volatility in individual names.

Treasuries show modest losses with the 10-yr yield up one basis point at 2.33%.

08:57AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +8.10.

The S&P 500 futures trade five points above fair value.

Equity indices in the Asia-Pacific region ended the week on a mixed, but generally quiet note. China's recently-established new IPO committee reviewed 52 applications, rejecting 16 while suspending five applications. Japan's Finance Minister Taro Aso said that a supplemental budget will be invested in infrastructure. The Bank of Korea will meet next week, and some analysts expect the central bank to raise its base rate 25 basis points to 1.50%. This would mark the first rate hike in six years.

In economic data:
Japan's November Manufacturing PMI 53.8 (expected 52.6; last 52.8). Leading Index 106.4 (expected 106.6; last 106.6)
New Zealand's October trade deficit NZD2.99 billion (expected deficit of NZD2.71 billion; last deficit of NZD2.91 billion). October Imports NZD5.43 billion (expected NZD4.95 billion; last NZD4.92 billion) and October Exports NZD4.56 billion (expected NZD4.20 billion; last NZD3.78 billion)
South Korea's November Consumer Confidence 112 (last 109)
Singapore's October Industrial Production +0.7% month-over-month (expected 1.5%; last -1.0%); +14.6% year-over-year (consensus 15.5%; last 14.4%)

---Equity Markets---

Japan's Nikkei added 0.1%, extending this week's gain to 0.7%. Konica Minolta, KDDI, Tokyo Electron, Shin-Etsu Chemical, Yaskawa Electric, Kubota, TOTO, Bridgestone, and Familymart posted gains between 1.0% and 4.2%.
Hong Kong's Hang Seng rose 0.5%, gaining 2.3% for the week. Financials ended among the leaders with Ping An Insurance, AIA Group, Link Reit, Bank of China, ICBC, and HSBC advanced between 0.2% and 3.0%.
China's Shanghai Composite added 0.1%, narrowing this week's loss to 0.9%. Shanxi Coking, Changchunjingkai Group, Shenghe Resources Holding, Fangda Carbon New Material, and Tibet Urban Development & Investment rallied between 5.7% and 7.9%.
India's Sensex gained 0.3%, advancing 1.1% for the week. Infosys, Bajaj Auto, Mahindra & Mahindra, HDFC Bank, Tata Consultancy, and Maruti Suzuki gained between 0.1% and 1.9%.

Major European indices trade on a mostly higher note while the UK's FTSE (-0.1%) underperforms. Reports from Germany indicate there is growing pressure on the Social Democrats to enter a coalition with Angela Merkel's CDU/CSU even though SPD previously turned down an alliance with CDU/CSU.

In economic data:
Germany's November Ifo Business Climate 117.5 (expected 116.6; last 116.8). November Current Assessment 124.4 (expected 125.0; last 124.8) and Business Expectations 111.0 (consensus 108.9; last 109.2)
UK's BBA Mortgage Approvals 40,500 (expected 40,900; last 41,600)
Italy's September Industrial New Orders -3.9% month-over-month (last 5.3%); +4.5% year-over-year (last 9.6%). September Industrial Sales -1.2% month-over-month (last 2.0%); +5.2% year-over-year (last 3.1%)
Swiss Q3 Industrial Orders +5.5% (last 1.8%)
Spain's PPI +2.8% year-over-year (last 3.5%)

---Equity Markets---

UK's FTSE is lower by 0.1%. Consumer names trade in mixed fashion as Paddy Power, Diageo, Unilever, InterContinental Hotels, and Burberry are up between 0.2% and 3.2%. On the flip side, Dixons Carphone, Next, Kingfisher, Barratt Developments, Persimmon, and ITV show losses between 0.8% and 1.4%.
France's CAC is higher by 0.4% with financials pacing the advance. BNP Paribas, Credit Agricole, and Societe Generale lead with gains between 1.9% and 2.1%. Pernod Ricard, Danone, L'Oreal, and Louis Vuitton are up between 0.6% and 1.0% while automakers are mixed. Peugeot has shed 0.2% while Renault trades up 1.3%.
Germany's DAX has climbed 0.7% amid broad strength. BASF, Thyssenkrupp, Lufthansa, Volkswagen, Deutsche Bank, and Continental sport gains between 1.1% and 2.3%.

08:31AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +10.40.

U.S. equity futures hover near their best levels of the morning, which will put the S&P 500 on track to extend this week's gain of 0.7%. The tech-heavy Nasdaq has shown relative strength this week, having climbed 1.3% since last Friday.

Relative strength in the Nasdaq has been a reoccurring theme so far in 2017. With four trading days remaining in November, the Nasdaq is up 2.1% for the month versus a 0.9% gain for the S&P 500. The Nasdaq's outperformance becomes even clearer when comparing its 2017 year-to-date gain of 27.6% with the S&P 500 still solid 16.0% increase since the end of 2016.

U.S. Treasuries continue hovering near their recent levels with the 10-yr yield up one basis point at 2.33%.

07:54AM ET

[BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +8.40.

The stock market is on track for a modestly higher start as futures on the S&P 500 trade five points above fair value. Today's post-holiday session at the New York Stock Exchange will end at 13:00 ET while the bond market will close at 14:00 ET.

Things were fairly quiet during overnight action, but it is worth noting that China's Shanghai Composite endured a rough Thursday session, falling 2.4% amid broad-based weakness. The Shanghai Composite eked out a slim gain on Friday.

U.S. Treasuries trade lower across the curve with the 10-yr yield rising two basis points to 2.34%.

Meanwhile, the U.S. Dollar Index is lower by 0.1% at 93.10 while WTI crude futures are up 1.5% at $58.86/bbl. Market participants will not receive any economic data today.

In U.S. corporate news of note:

Comcast (CMSCA 36.95, +0.54): +1.5% amid reports the company has not given up on pursuing key assets of 21st Century Fox (FOXA 30.61, 0.00).

Reviewing overnight developments:

Asian markets ended the week on a higher note. Nikkei +0.1%, Hang Seng +0.5%, Shanghai +0.1%.
In economic data:
Japan's November Manufacturing PMI 53.8 (expected 52.6; last 52.8). Leading Index 106.4 (expected 106.6; last 106.6)
New Zealand's October trade deficit NZD2.99 billion (expected deficit of NZD2.71 billion; last deficit of NZD2.91 billion). October Imports NZD5.43 billion (expected NZD4.95 billion; last NZD4.92 billion) and October Exports NZD4.56 billion (expected NZD4.20 billion; last NZD3.78 billion)
South Korea's November Consumer Confidence 112 (last 109)
Singapore's October Industrial Production +0.7% month-over-month (expected 1.5%; last -1.0%); +14.6% year-over-year (consensus 15.5%; last 14.4%)
In news:
China's recently-established new IPO committee reviewed 52 applications, rejecting 16 while suspending five applications.

Major European indices trade on a mostly higher note. France's CAC +0.7%, Germany's DAX +0.9%, and UK's FTSE trades flat.
In economic data:
Germany's November Ifo Business Climate 117.5 (expected 116.6; last 116.8). November Current Assessment 124.4 (expected 125.0; last 124.8) and Business Expectations 111.0 (consensus 108.9; last 109.2)
UK's BBA Mortgage Approvals 40,500 (expected 40,900; last 41,600)
Italy's September Industrial New Orders -3.9% month-over-month (last 5.3%); +4.5% year-over-year (last 9.6%). September Industrial Sales -1.2% month-over-month (last 2.0%); +5.2% year-over-year (last 3.1%)
Swiss Q3 Industrial Orders +5.5% (last 1.8%)
Spain's PPI +2.8% year-over-year (last 3.5%)
In news:
Reports from Germany point to growing pressure on the Social Democrats to enter a coalition with Angela Merkel's CDU/CSU even though SPD previously turned down an alliance with CDU/CSU

06:11AM ET

[BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +6.10.
06:11AM ET

[BRIEFING.COM] Nikkei...22551...+27.70...+0.10%

Hang Seng...29866...+158.40...+0.50%

06:11AM ET

[BRIEFING.COM] FTSE...7405.05 ...-12.20...-0.20%

DAX...13043.02 ...+34.50...+0.30%

04:15PM ET

[BRIEFING.COM] The trading day is done, and for many participants, it was over before it began. The low trading volume said as much, as did the small changes in the major indices which held to tight trading ranges throughout the session.

Price returns ranged from down 0.3% for the Dow Jones Industrial Average to up 0.1% for the Nasdaq Composite, which established another record high.

The lack of concerted movement was not surprising considering the large gains registered on Tuesday left many participants convinced that the turkey-day work was done and that the time had arrived to settle in for the Thanksgiving holiday. Markets will be closed on Thursday and the stock and bond markets will have early closes at 1:00 p.m. ET and 2:00 p.m. ET, respectively, on Friday.

While there wasn't much movement today at the index level, there were some notable moves in individual stocks. Standouts in that regard include the likes of Deere & Co. (DE 145.33, +6.10, +4.4%), Hewlett-Packard Enterprise (HPE 13.10, -1.02, -7.2%), GameStop (GME 17.38, +0.65, +3.9%), and Guess? (GES 15.62, -2.33, -13.0%), all of which reported earnings results after yesterday's close.

Separately, there was notable strength in shares of Apple (AAPL 174.96, +1.82, +1.1%) and Amazon.com (AMZN 1156.16, +16.67, +1.5%), both of which are expected to be big beneficiaries of the holiday selling season, which will ramp up excitedly on Thursday. In the same vein, a number of retail issues exhibited relative strength in front of Black Friday.

From a sector standpoint, the telecommunications sector (+1.7%) had the best showing as industry leaders Verizon (VZ 47.12, +0.94, +2.0%) and AT&T (T 34.86, +0.53, +1.5%) were pushed higher on speculation the FCC may soon roll back net neutrality rules.

The energy sector (+0.4%) was next in line, getting a boost from rising oil prices ($57.98, +$1.15, +2.0%), which benefited from a weaker dollar, reports of a drawdown in oil inventories, and some defensive posturing in front of the holiday that also showed up in the Treasury market. The yield on the 10-yr note slipped four basis points to 2.32%.

All other sector moves were limited to down 0.4% to up 0.1%.

For the most part, the major indices were non-responsive to news today, including the release of the FOMC Minutes for the October 31-November 1 meeting, which contained the admission that "several participants expressed concerns about a potential buildup of financial imbalances" given elevated asset valuations and low financial market volatility.

Some misgivings about the low inflation readings were also expressed in the minutes, but overall, there was no change in the market's perception that the Fed is inclined to raise the target range for the fed funds rate at its December meeting. That consideration was reflected in the fed funds futures market, which was unchanged from Tuesday in showing a 100% probability of a rate hike at the December meeting.

There was a good bit of economic data released today, although none of it stirred any concern -- or conviction -- among today's participants.

The Durable Goods Orders report for October revealed a 1.2% decrease in orders (Briefing.com consensus +0.4%) that was led by a 4.3% drop in new orders for transportation equipment. Excluding transportation, orders were up 0.4% (Briefing.com consensus +0.5%) on the heels of an upwardly revised 1.1% increase (from +0.7%) for September.
The key takeaway from the report is that business spending decelerated in October, yet there is little reason at this juncture to think that deceleration is more than some normal slowing following some nice-sized gains in previous months.
Initial claims for the week ending November 18 decreased by 13,000 to 239,000, as expected, leaving claims in the sweet spot they have been for some time. Continuing claims for the week ending November 11 increased by 36,000 to 1.904 million.
The key takeaway from the report is that it covers the period in which the household survey for the November employment report was conducted, so it should feed economists' expectations for another solid month of nonfarm payroll gains.
The University of Michigan's Consumer Sentiment Index for November was revised to 98.5 (Briefing.com consensus 97.9) from the preliminary reading of 97.8. The upward revision was a byproduct of an upward adjustment in the reading for the expectations index. The final reading for October was 100.7, which was a decade peak, so consumer sentiment remains at lofty levels.
The key takeaway from the report is that consumers are feeling more confident in their expectations for income, employment, and inflation, which could bode well for future spending activity.

Happy Thanksgiving!

Nasdaq Composite +27.6% YTD
Dow Jones Industrial Average +19.1% YTD
S&P 500 +16.0% YTD
S&P Mid Cap 400 +11.9%
Russell 2000 +11.9% YTD

Dow: -64.65… | Nasdaq: +4.88… | S&P: -1.95…

NASDAQ Adv/Dec 1571/1198. …NYSE Adv/Dec 1665/1252.

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 and data will be useful for you.

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M.A. Perry
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TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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