TheStrategyLab.com Price Action Trading Support Forum

Price Action 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 & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=174&t=2720

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 and price action analysis 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=335&t=3584 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: +140.46… | Nasdaq: +58.18… | S&P: +14.35…
NASDAQ Vol: 2.13 bln… Adv: 1799… Dec: 942…
NYSE Vol: 921.1 mln… Adv: 2109… Dec: 870…

Moving the Market

GOP appears to have enough support to pass its tax reform bill; Congress is expected to vote early this week

Sector Watch
Strong: Financials, Consumer Discretionary, Technology, Materials, Telecom Services
Weak: Health Care, Consumer Staples, Utilities, Real Estate

04:30PM ET

[BRIEFING.COM] Investors pushed U.S. equities to new record highs on Monday, excited by the promising outlook for the GOP's tax reform bill.

The Nasdaq Composite (+0.8%), the Dow Jones Industrial Average (+0.6%), and the S&P 500 (+0.5%) each settled at new all-time highs. However, modest selling in the afternoon left the indices a step below their best marks of the day. The Russell 2000 (+1.2%) paced Monday's rally and, like its peers, finished at a new record high.

Republicans appear set to pass their tax overhaul bill in the next few days after securing the support of Senators Marco Rubio (R-FL) and Bob Corker (R-TN) on Friday. The bill, which calls for reducing the corporate tax rate to 21% from 35% in 2018, was unveiled on Friday evening and can undergo no further changes due to procedural rules.

The bill's chances of passage looked even better late Monday afternoon when CNBC reported that Senator Mike Lee (R-UT) has decided to vote in favor of the bill. If all goes according to plan, President Trump should secure his first major legislative victory by the end of the week.

Eight of eleven sectors finished Monday in the green, and, in general, cyclical sectors outperformed their countercyclical peers. The lightly-weighted materials space (+1.5%) was the top-performing group, helped by DowDuPont's (DWDP 71.39, +1.39) advance of 2.0%, while no other sector added more than 1.0%.

Within the top-weighted technology space (+0.8%), chipmakers showed relative strength, sending the PHLX Semiconductor Index higher by 2.2%. Retailers also had a positive showing on Monday, helping to boost the consumer discretionary space (+0.8%); the SPDR S&P Retail ETF (XRT 45.46, +1.18) climbed 2.7%.

The Dow Jones Transportation Average advanced 1.2% to a new all-time high, but the industrial sector (+0.7%) finished just a tick ahead of the broader market.

On the downside, the utilities sector (-1.2%) had a rough outing, extending its month-to-date loss to 3.2%. The group has struggled in recent weeks amid concerns about wildfires in Southern California. The consumer staples space (-0.1%) and the health care group (unch) also finished Monday in the red.

In corporate news, Amplify Snack Brands (BETR 12.01, +5.01), which makes the Skinny Pop brand, surged 71.6% after agreeing to be acquired by Hershey (HSY 114.26, +0.12) for $12.00 per share in cash. HSY shares finished the session with a slim gain of 0.1%.

U.S. Treasuries ended Monday mixed, with shorter-dated issues showing relative strength. The yield on the 2-yr Treasury note slipped one basis point to 1.83%, while the benchmark 10-yr yield climbed three basis points to 2.39%. Yields move inversely to prices.

Elsewhere, equity indices in the Asia-Pacific region ended Monday in positive territory, with Japan's Nikkei (+1.6%) showing particular strength, while the Euro Stoxx 50 jumped 1.4%. The U.S. Dollar Index declined 0.2% to 93.24, with the greenback losing 0.3% against the euro (1.1781) and 0.5% against the pound (1.3382).

Reviewing Monday's economic data, which was limited to the NAHB Housing Market Index for December:

The NAHB Housing Market Index for December rose to 74 (Briefing.com consensus 70) from a revised reading of 69 in November (from 70).

On Tuesday, investors will receive three pieces of data--November Housing Starts (Briefing.com consensus 1259K), November Building Permits (Briefing.com consensus 1280K), and the Current Account Balance for the third quarter (Briefing.com consensus -$117.4 billion)--all of which will be released at 8:30 ET.

Nasdaq Composite +29.9% YTD
Dow Jones Industrial Average +25.5% YTD
S&P 500 +20.2% YTD
Russell 2000 +14.1% YTD

Dow: +140.46… | Nasdaq: +58.18… | S&P: +14.35…
NASDAQ Adv/Dec 1799/942. …NYSE Adv/Dec 2109/870.

03:35PM ET

[BRIEFING.COM] Commodities end the day lower :

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.5% at 84.4705
Dollar index is currently down 0.23% at 93.71
Jan WTI Crude is down 0.17% on the day.
Futures settle $0.10 lower to $57.20/barrel.
In other energy, Jan Natural Gas settled up $0.13 at $2.74/MMBtu
On the metals:
Feb Gold gained $7.70 to settle at $1265.20/oz, while Mar silver gained $0.13 to $16.19/oz
Mar Copper gained $0.02 to $3.15/lb
Finally, agriculture:
Mar Corn settled unchanged at $3.47/bu.
Jan Soy settled up $0.0075 at $9.6275/bu.
Mar wheat settled flat at $4.21/bu.

Dow: +149.21… | Nasdaq: +57.9… | S&P: +15.16…
NASDAQ Adv/Dec 1823/1018. …NYSE Adv/Dec 2069/883.

03:00PM ET

[BRIEFING.COM] The major averages are on track to close Monday's session at new record highs, sporting gains between 0.6% and 0.9%.

Looking ahead, investors will receive November Housing Starts (Briefing.com consensus 1259K), November Building Permits (Briefing.com consensus 1280K), and the Current Account Balance for the third quarter (Briefing.com consensus -$117.4 billion) on Tuesday morning; all three pieces of data will be released at 8:30 ET.

As for earnings, Carnival (CCL 66.56, +0.61), Darden Restaurants (DRI 90.26, +1.85), and FactSet (FDS 203.02, -1.85) will report before Tuesday's opening bell, followed by FedEx (FDX 241.83, +1.78), Red Hat (RHT 129.76, +1.01), and Micron (MU 43.53, +1.13), all of which will report in the afternoon.
Dow: +148.40… | Nasdaq: +60.92… | S&P: +16.66…
NASDAQ Adv/Dec 1893/971. …NYSE Adv/Dec 2112/844.

02:30PM ET

[BRIEFING.COM] Equity indices have not changed since the last update; the S&P 500 is higher by 0.6%.

Ten sectors are trading in positive territory this afternoon--materials (+1.4%), consumer discretionary (+0.9%), telecom services (+0.9%), technology (+0.8%), energy (+0.8%), financials (+0.7%), industrials (+0.7%), real estate (+0.5%), consumer staples (+0.1%), and health care (+0.1%)--while one trades in the red--utilities (-0.9%).

The heavily-weighted health care sector has struggled all session. Within the group, Dow component Johnson & Johnson (JNJ 141.81, -0.65) shows relative weakness, losing 0.5%, while biotechnology names also underperform, evidenced by the 0.1% decrease in the iShares Nasdaq Biotechnology ETF (IBB 106.45, -0.15).

In Washington, President Trump is currently delivering a speech on national security. His comments have not impacted the market thus far.
Dow: +137.50… | Nasdaq: +58.76… | S&P: +16.02…
NASDAQ Adv/Dec 1877/1001. …NYSE Adv/Dec 2087/858.

02:00PM ET

[BRIEFING.COM] The major U.S. indices continue to trade near their recent levels.

Transports are outperforming today, evidenced by the Dow Jones Transportation Average (+1.1%), which is on track to settle at a new all-time high. Within the DJTA, Alaska Air (ALK 73.42, +2.61) and Avis Budget (CAR 45.71, +1.79) are the top performers, adding 3.6% and 3.9%, respectively.

However, the S&P 500's industrial sector, which houses transportation names, trades roughly in line with the broader market (+0.6%). Dow components General Electric (GE 17.83, +0.01), 3M (MMM 237.33, -0.66), and United Technologies (UTX 126.55, +0.38) have all underperformed.

Elsewhere within the group, CSX (CSX 53.01, +0.08) trades just a tick above its unchanged mark after its CEO E. Hunter Harrison unexpectedly passed away on Saturday.
Dow: +130.91… | Nasdaq: +58.30… | S&P: +15.70…
NASDAQ Adv/Dec 1905/959. …NYSE Adv/Dec 2118/818.

01:25PM ET

[BRIEFING.COM] The major U.S. indices are trading near all-time highs, with the Dow sporting a gain of 0.6%.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 45.90, +1.34) and DowDuPont (DWDP 71.54, +1.54) are outperforming as chipmakers and materials trade ahead of the broader market in today's session. The two companies sport gains of 2.9% and 2.2%, respectively.

Conversely, Coca-Cola (KO 45.97, -0.22) is the worst-performing Dow component with a loss of 0.5%.

For the month, the DJIA is higher by 2.2%.
Dow: +144.77… | Nasdaq: +60.94… | S&P: +16.55…
NASDAQ Adv/Dec 1956/917. …NYSE Adv/Dec 2173/761.

01:05PM ET

[BRIEFING.COM] Tax reform optimism has boosted Wall Street once again today, sending the major stock indices to new all-time highs.

The Nasdaq Composite has climbed 0.9% and currently trades a step ahead of the S&P 500 (+0.7%) and the Dow Jones Industrial Average (+0.7%). The Russell 2000 has done even better than the Nasdaq, adding 1.2%, but, unlike the other indices, the small-cap index has yet to touch a new all-time high.

Stocks currently hover near their best marks of the day.

The GOP appears to have enough support to pass its tax reform bill, which features a cut in the corporate tax rate to 21% from 35% (effective 2018) and was released in its entirety on Friday evening. The bill is expected to be voted on in the House and the Senate early this week and has been the catalyst of today's global equity rally.

Equity indices in the Asia-Pacific region ended Monday in positive territory, with Japan's Nikkei (+1.6%) showing particular strength, while the Euro Stoxx 50 jumped 1.4%. Germany's DAX (+1.6%) led the way in Europe as Deutsche Bank climbed 3.4% to finish at a fresh seven-month high.

Financials exhibit relative strength on Wall Street as well, pushing the S&P 500's financial sector higher by 0.9%. The group has benefited from a steepening of the yield curve as longer-dated issues sell off and shorter-dated issues keep close to their unchanged marks. The benchmark 10-yr yield is up two basis points at 2.38%.

The materials (+1.5%) and telecom services (+1.3%) sectors are trading at the very top of today's sector standings. Within the materials space, Dow component DowDuPont (DWDP 71.57, +1.57) is up 2.3%, while LyondellBasell (LYB 109.89, +3.86) is higher by 3.5% after Citigroup upgraded the chemical company to 'Buy' from 'Neutral.'

Meanwhile, the top-weighted technology sector (+0.8%) also outperforms, with chipmakers showing particular strength; the PHLX Semiconductor Index is higher by 2.2%. The group's largest component by market cap--Apple (AAPL 176.45, +2.48)--is sporting a gain of 1.4%.

On the flip side, the utilities sector (-1.0%) is the only group trading in the red, extending its December loss to 3.0%.

Reviewing Monday's economic data, which was limited to the NAHB Housing Market Index for December:

The NAHB Housing Market Index for December rose to 74 (Briefing.com consensus 70) from a revised reading of 69 in November (from 70).

Dow: +167.15… | Nasdaq: +63.18… | S&P: +17.42…
NASDAQ Adv/Dec 1963/920. …NYSE Adv/Dec 2150/766.

12:25PM ET

[BRIEFING.COM] The major averages are trading at all-time highs this afternoon. The Dow Jones Industrial Average is up 0.7%.

European equities started the week on the front foot, with the Euro Soxx 50 adding 1.4%. Germany's DAX (+1.6%) showed particular strength as Deutsche Bank climbed 3.4% to a fresh seven-month high. Conversely, the UK's FTSE (+0.6%) underperformed as British American Tobacco shed 0.1%.

The U.S. Dollar Index has lost 0.4% in today's session, slipping to a one-week low. The greenback has lost 0.4% against the euro (1.1797), 0.6% against the British pound (1.3395), and 0.1% against the Japanese yen (112.45).
Dow: +183.18… | Nasdaq: +62.36… | S&P: +18.11…
NASDAQ Adv/Dec 2056/849. …NYSE Adv/Dec 2184/712.

11:55AM ET

[BRIEFING.COM] Equities have been ticking higher in recent action, pushing the tech-heavy Nasdaq 0.9% above its unchanged mark.

Twitter (TWTR 24.00, +1.77) has jumped 8.0% today, hitting a fresh two-year high, after JPMorgan Chase upgraded the company to 'Overweight' from 'Neutral' this morning. Social media peer Snap (SNAP 16.03, +0.28) is also having a good day, adding 1.8%, while Facebook (FB 180.21, +0.05) is wrestling with its flat line.

In the bond market, U.S. Treasuries are mixed late this morning. The yield on the benchmark 10-yr Treasury note is up one basis point at 2.37%, while the 2-yr yield is down one basis point at 1.83%. Yields move inversely to prices.
Dow: +189.56… | Nasdaq: +64.16… | S&P: +18.43…
NASDAQ Adv/Dec 2091/803. …NYSE Adv/Dec 2201/665.

11:30AM ET

[BRIEFING.COM] Equities continue hovering near their recent levels, with the S&P 500 sporting a gain of 0.6%.

The energy sector (+1.1%) is trading near the top of the sector standings today, helped by an increase in the price of crude oil; West Texas Intermediate crude futures are up 0.5% at $57.64 per barrel. The commodity has benefited from weakness in the U.S. dollar, which is down 0.5% against the euro (1.1803) and the continued shutdown of the Forties Pipeline System, which closed last week due to a widening crack. The pipeline carries around 445,000 barrels of crude oil a day.

Conversely, the lightly-weighted utilities sector (-0.7%) has struggled today, extending its month-to-date loss to 2.8%. 24 of the sector's 28 components are trading in negative territory, with Dominion Energy (D 83.37, -1.54) being among the weakest names; D shares are lower by 1.8%.
Dow: +172.77… | Nasdaq: +54.66… | S&P: +15.80…
NASDAQ Adv/Dec 2067/827. …NYSE Adv/Dec 2205/681.

10:55AM ET

[BRIEFING.COM] The major averages are still hovering near their opening levels, sporting gains between 0.6% and 0.8%. The small-cap Russell 2000 outperforms with a gain of 1.2%.

Ten sectors trade in the green--materials (+1.2%), financials (+0.9%), energy (+0.9%), consumer discretionary (+0.8%), telecom services (+0.7%), real estate (+0.7%), technology (+0.7%), industrials (+0.6%), consumer staples (+0.5%), and health care (+0.2%)--while just one group trades in the red--utilities (-0.8%).

Within the materials space, LyondellBasell (LYB 109.78, +3.78) is the top performer, showing a gain of 3.5%, after Citigroup upgraded the chemical company to 'Buy' from 'Neutral' this morning. Today's advance places LYB shares at their best level in more than three years.
Dow: +169.00… | Nasdaq: +56.60… | S&P: +16.34…
NASDAQ Adv/Dec 2140/733. …NYSE Adv/Dec 2233/612.

10:30AM ET

[BRIEFING.COM] Commodities begin the day flat

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.78% at 84.7118
Dollar index is currently down 0.48% at 93.48
Jan WTI crude is up 0.54% on the day.
Futures are $0.31 higher to $57.61/barrel.
In other energy, Jan natural gas is up $0.16 at $2.77/MMBtu
Metals:
Feb gold gained $7.30 and trades at $1264.80/oz, while Mar silver gained $0.12 to $16.18/oz
Mar copper gained 0.01 to $3.14/lb
Finally, agriculture:
Mar corn is unchanged at $3.48/bu.
Jan soy is down $0.03 at $9.6425/bu.
Mar wheat is up $0.03 at $4.21/bu.

Dow: +171.71… | Nasdaq: +57.11… | S&P: +16.59…
NASDAQ Adv/Dec 2127/728. …NYSE Adv/Dec 2228/608.

10:00AM ET

[BRIEFING.COM] Stocks are still hovering near their newly minted record highs.

Just in, the NAHB Housing Market Index for December rose to 74 (Briefing.com consensus 70) from a revised reading of 69 in November (from 70).
Dow: +202.02… | Nasdaq: +57.39… | S&P: +17.93…
NASDAQ Adv/Dec 2227/613. …NYSE Adv/Dec 2296/488.

09:40AM ET

[BRIEFING.COM] The major U.S. indices are trading at new all-time highs in the opening minutes of today's session, with the S&P 500 holding a gain of 0.7%.

All 11 sectors have moved higher this morning, with the telecom services (+1.3%) and financials (+1.3%) groups pacing the advance. Most other sectors hold gains between 0.4% and 0.8%, but the utilities space (+0.2%) shows relative weakness.

Within the Dow, Intel (INTC 45.27, +0.71), Goldman Sachs (GS 260.57, +3.40), JPMorgan Chase (JPM 107.51, +1.37), Cisco Systems (CSCO 38.71, +0.52), Travelers (TRV 137.03, +2.24), and American Express (AXP 100.16, +1.63) sport gains of more than 1.0% apiece.
Dow: +222.07… | Nasdaq: +47.45… | S&P: +18.81…
NASDAQ Adv/Dec 2199/543. …NYSE Adv/Dec 2335/406.

09:11AM ET
[BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +39.90.

U.S. equities are poised to open today's session at record highs as the S&P 500 futures trade 13 points, or 0.5%, above fair value.

The optimism on Wall Street has been fueled by the GOP's tax reform bill, which appears to be on course for passage early this week. The bill was released in its entirety on Friday evening and calls for cutting the corporate tax rate to 21% from 35% starting in 2018.

In corporate news, Amplify Snack Brands (BETR 11.95, +4.95), which makes the Skinny Pop brand, has surged 70.7% after agreeing to be acquired by Hershey (HSY 114.10, -0.04) for $12.00 per share in cash. Conversely, CSX (CSX 51.74, -1.19) is down 2.3% after its CEO E. Hunter Harrison unexpectedly passed away on Saturday.

Outside the equity market, U.S. Treasuries are trading lower this morning, pushing yields into the green; the benchmark 10-yr yield is up two basis points at 2.38%. The U.S. Dollar Index is down 0.3% at 93.19 and West Texas Intermediate crude futures are up 0.5% at $57.63 per barrel.

Today's lone economic report--the December NAHB Housing Market Index (Briefing.com consensus 70)--will be released at 10:00 ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +35.50.

The S&P 500 futures trade 14 points, or 0.5%, above fair value.

Equity indices in the Asia-Pacific region began the week on a mostly higher note with Japan's Nikkei (+1.6%) showing relative strength. In order to alleviate pressure on its intermediary bank, Japan's Government Pension Investment Fund will pay the interest on deposits as mandated by the BoJ's negative rate policy. The fund will hire short-term asset managers to reduce interest expense. Also of note, Japan's government is reportedly planning to spend a record JPY97.70 trillion in fiscal year 2018/19. South Korea is reportedly monitoring North Korea's cryptocurrency moves after Friday's report in Yonhap identified North Korea as the culprit behind attacks on South Korean cryptocurrency exchanges in September.

In economic data:
China's November House Prices +5.1% year-over-year (last 5.4%)
Japan's November trade surplus JPY360 billion (expected surplus of JPY270 billion; last surplus of JPY350 billion). November Imports +17.2% year-over-year (consensus 18.0%; last 18.9%) and November Exports +16.2% year-over-year (consensus 14.6%; last 14.0%)
Singapore's November trade surplus $4.35 billion (last surplus of $2.95 billion). November non-oil exports +8.7% month-over-month (expected 0.6%; last 12.3%); +9.1% year-over-year (consensus 5.5%; last 20.5%)
Australia's November New Motor Vehicle Sales +0.1% month-over-month (last -0.5%)

---Equity Markets---

Japan's Nikkei climbed 1.6% amid broad strength. Tosoh, Minebea Mitsumi, SUMCO, Isuzu Motors, NKSJ Holdings, Daikin Industries, Furukawa Electric, Okuma, Sony, Advantest, and Toyota Motor posted gains between 2.8% and 4.6%.
Hong Kong's Hang Seng advanced 0.7% with financials and property names providing support. ICBC, China Construction Bank, SHK Properties, Bank of China, AIA Group, Hang Seng Bank, China Life Insurance, Henderson Land, and HSBC posted gains between 0.4% and 2.1%.
China's Shanghai Composite ticked up 0.1%. Jinyu Bio-Technology, Kunwu Jiuding Investment Holdings, Hebei Hengshui Laobaigan Liquor, and Lushang Property rose between 4.6% and 5.8%.
India's Sensex gained 0.4%. Drugmakers Cipla and Sun Pharma gained 2.5% and 2.1%, respectively, while financials like SBI, ICICI Bank, and HDFC Bank climbed between 0.3% and 2.0%. Tech consultants were mixed as Wipro climbed 1.9%, Tata Consultancy rose 1.1%, and Infosys lost 0.8%.

Major European indices trade in the green with relative strength in Germany's DAX (+1.6%) lifting the index near its high from November. With coalition talks expected to begin soon, SPD leader Martin Schulz is lobbying for the right to name a Finance Minister from his party. British Chancellor of the Exchequer Philip Hammond said that the UK and China have agreed to hasten preparations for a London/Shanghai exchange link. The two sides are also expected to study the feasibility of a bond market connect. Fitch upgraded Portugal's rating to investment grade from junk, revising the outlook to 'Stable' from 'Positive.'

In economic data:
Eurozone November CPI +0.1% month-over-month, as expected (last 0.1%); +1.5% year-over-year, as expected (last 1.5%). November core CPI -0.1% month-over-month (last -0.1%); +0.9% year-over-year, as expected (last 0.9%)
Italy's October trade surplus EUR4.95 billion (expected surplus of EUR3.23 billion; last surplus of EUR3.99 billion)
UK's December CBI Industrial Trends Orders 17 (expected 14; last 17)

---Equity Markets---

UK's FTSE has added 0.5%. Financials and homebuilders are among the leaders with Old Mutual, Provident Financial, Prudential, Standard Life, Persimmon, Barratt Developments, and Taylor Wimpey showing gains between 1.5% and 3.8%.
France's CAC trades up 1.3% with consumer names showing relative strength. Louis Vuitton, Kering, Carrefour, Pernod Ricard, L'Oreal, and Accor have climbed between 1.0% and 3.3%.
Germany's DAX is higher by 1.6% amid gains in all 30 components. Thyssenkrupp, Siemens, Infineon, Continental, Lufthansa, and Allianz lead with gains between 1.7% and 2.7%.


08:26AM ET
[BRIEFING.COM] S&P futures vs fair value: +13.80. Nasdaq futures vs fair value: +43.40.

The S&P 500 futures are trading 14 points, or 0.5%, above fair value.

Several notable companies will be releasing quarterly earnings this week, including, but not limited to, FedEx (FDX 244.09, +4.04) and Micron (MU 43.15, +0.75) on Tuesday, General Mills (GIS 57.43, +0.54) and Bed Bath & Beyond (BBBY 22.62, 0.00) on Wednesday, and Nike (NKE 65.16, +0.37) on Thursday.

Elsewhere, Bitcoin futures began trading on the Chicago Mercantile Exchange (CME) last night, one week after their debut on the CBOE.

07:59AM ET
[BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +44.60.

Equity futures are pointing towards a higher start for the U.S. equity market, which settled Friday's session at a new record high. The S&P 500 futures are trading 13 points, or 0.5%, above fair value, while the Nasdaq futures and the Dow futures are up 0.6% apiece.

Elsewhere, stock indices in the Asia-Pacific region finished Monday in the green, with Japan's Nikkei (+1.6%) showing relative strength, while the Euro Stoxx 50 is currently trading higher by 1.1%. The U.S. dollar is down 0.4% against the euro at 1.1792 and 0.1% against the Japanese yen at 112.53.

The GOP released the final version of its compromise tax bill on Friday evening, and it appears that the measure has enough Republican support to pass. The bill calls for reducing the corporate tax rate to 21% (from 35%) on a permanent basis starting in 2018. The seven individual tax brackets will also be lowered, but those cuts are scheduled to expire in 2025.

Optimism surrounding the bill's seemingly imminent passage has underpinned this morning's global equity rally. Congress is expected to vote early this week.

In the bond market, U.S. Treasuries have sold off this morning, sending yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.38%. The 2-yr yield is also trading two basis points above its flat line, hovering at 1.86%.

On the data front, investors will receive just one economic report today--the December NAHB Housing Market Index (Briefing.com consensus 70)--which will be released at 10:00 ET.

Looking ahead, November Housing Starts and Building Permits will be released on Tuesday, November Existing Home Sales will cross the wires on Wednesday, and November Personal Income, Personal Spending, PCE Prices, and Durable Goods Orders will finish off the week on Friday.

In U.S. corporate news:

CSX (CSX 50.69, -2.24): -4.2% after the unexpected death of its CEO E. Hunter Harrison.
Amplify Snack Brands (BETR 11.96, +4.96): +70.9% after agreeing to be acquired by Hershey (HSY 114.00, -0.14) for $12.00 per share in cash.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mostly higher note. Japan's Nikkei +1.6%, Hong Kong's Hang Seng +0.7%, China's Shanghai Composite +0.1%, India's Sensex +0.4%.
In economic data:
China's November House Prices +5.1% year-over-year (last 5.4%)
Japan's November trade surplus JPY360 billion (expected surplus of JPY270 billion; last surplus of JPY350 billion). November Imports +17.2% year-over-year (consensus 18.0%; last 18.9%) and November Exports +16.2% year-over-year (consensus 14.6%; last 14.0%)
Singapore's November trade surplus $4.35 billion (last surplus of $2.95 billion). November non-oil exports +8.7% month-over-month (expected 0.6%; last 12.3%); +9.1% year-over-year (consensus 5.5%; last 20.5%)
Australia's November New Motor Vehicle Sales +0.1% month-over-month (last -0.5%)
In news:
In order to alleviate pressure on its intermediary bank, Japan's Government Pension Investment Fund will pay the interest on deposits as mandated by the BoJ's negative rate policy. The fund will hire short-term asset managers to reduce interest expense.
Japan's government is reportedly planning to spend a record JPY97.70 trillion in fiscal year 2018/19.
South Korea is reportedly monitoring North Korea's cryptocurrency moves after Friday's report in Yonhap identified North Korea as the culprit behind attacks on South Korean cryptocurrency exchanges in September.

Major European indices trade in the green. UK's FTSE +0.4%, France's CAC +1.2%, Germany's DAX +1.4%.
In economic data:
Eurozone November CPI +0.1% month-over-month, as expected (last 0.1%); +1.5% year-over-year, as expected (last 1.5%). November core CPI -0.1% month-over-month (last -0.1%); +0.9% year-over-year, as expected (last 0.9%)
Italy's October trade surplus EUR4.95 billion (expected surplus of EUR3.23 billion; last surplus of EUR3.99 billion)
UK's December CBI Industrial Trends Orders 17 (expected 14; last 17)
In news:
With coalition talks expected to begin soon, SPD leader Martin Schulz is lobbying for the right to name a Finance Minister from his party.
British Chancellor of the Exchequer Philip Hammond said that the UK and China have agreed to hasten preparations for a London/Shanghai exchange link. The two sides are also expected to study the feasibility of a bond market connect.
Fitch upgraded Portugal's rating to investment grade from junk, revising the outlook to 'Stable' from 'Positive.'


05:54AM ET
[BRIEFING.COM] S&P futures vs fair value: +12.30. Nasdaq futures vs fair value: +46.80.

05:54AM ET
[BRIEFING.COM] Nikkei...22902...+348.60...+1.60%. Hang Seng...29050...+202.30...+0.70%.

05:54AM ET
[BRIEFING.COM] FTSE...7517.60...+27.00...+0.40%. DAX...13278.58...+175.00...+1.30%.

04:30PM ET

[BRIEFING.COM] Equities advanced to new record highs on Friday, underpinned by a renewed faith in tax reform.

The Nasdaq (+1.2%), the S&P 500 (+0.9%), and the Dow Jones Industrial Average (+0.6%) each finished at a new all-time high, ending the week with gains between 0.9% and 1.4%. The Russell 2000 (+1.6%) outperformed, bouncing back from a disappointing outing on Thursday, but the small-cap index did not close at a record high.

Wall Street was bullish from the jump, but stocks went on to double their opening gains following reports that Senator Marco Rubio (R-FL) will vote in favor of the GOP's tax reform bill.

Mr. Rubio's support was in question prior to the reports after he said on Thursday that he would vote against the measure unless the final bill further expands the child tax credit for lower-income households. To ease Mr. Rubio's concerns, the proposed child tax credit was increased to $1,400 from $1,100.

In addition, Senator Bob Corker (R-TN) announced that he will also support the tax reform bill. Mr. Corker's support is seen as a sign that the GOP has secured enough votes to pass the measure since Mr. Corker was the only Republican to vote against the Senate's original version of the bill. A final vote is expected to take place early next week.

Friday's rally was broad as 10 of 11 S&P 500 sectors finished in positive territory. The top-weighted technology (+1.2%), financials (+1.0%), and health care (+1.2%) sectors, which comprise more than half of the broader market combined, were among the top-performing groups. Conversely, the energy sector struggled, closing a tick below its unchanged mark.

In corporate news, Adobe Systems (ADBE 177.49, +2.49) and Costco (COST 192.73, +6.20) jumped 1.4% and 3.3%, respectively, after both companies reported better-than-expected earnings and revenues. Adobe also issued above-consensus profit guidance for its fiscal first quarter.

Conversely, Oracle (ORCL 48.30, -1.89) tumbled 3.8% after issuing a disappointing forecast for growth in its cloud-computing business. Railroad giant CSX (CSX 52.93, -4.38) also finished solidly lower, losing 7.6%, after disclosing that CEO E. Hunter Harrison is on medical leave due to unexpected complications from a recent illness.

In the bond market, U.S. Treasuries ended the week on a mixed note; shorter-dated maturities registered modest losses, while the long bond continued its show of relative strength. The 2-yr yield jumped four basis points to 1.84%, the 10-yr yield climbed one basis point to 2.36%, and the 30-yr yield slipped two basis points to 2.69%.

Elsewhere, equity indices in the Asia-Pacific region finished Friday on a lower note, with Hong Kong's Hang Seng (-1.1%) pacing the retreat, while the Euro Stoxx 50 advanced 0.2%. The UK's FTSE (+0.6%) showed relative strength, helped by weakness in the British pound--which dropped 0.8% against the U.S. dollar to 1.3330.

Reviewing Friday's economic data, which included Industrial Production and Capacity Utilization for November and the Empire State Manufacturing Survey for December:

Industrial Production increased 0.2% in November (Briefing.com consensus +0.3%), while the October increase was revised to 1.2% (from 0.9%). Capacity Utilization ticked up to 77.1% (Briefing.com consensus 77.2%) from an unrevised reading of 77.0% in October.
The key takeaway from the report is that industrial production was flat in November, excluding the post-hurricane rebound in oil and gas extraction.
The Empire Manufacturing Survey for December declined to 18.0 (Briefing.com consensus 18.0) from the prior month's reading of 19.4.

On Monday, investors will receive just one economic report--the NAHB Housing Market Index for December--which will be released at 10:00 ET.

Nasdaq Composite +28.9% YTD
Dow Jones Industrial Average +24.7% YTD
S&P 500 +19.5% YTD
Russell 2000 +12.8% YTD

Week In Review: Central Banks Take Center Stage

U.S. stocks climbed to new record highs this week as investors digested policy directives from several of the world's most influential central banks and grew increasingly optimistic about the GOP's chances of passing its promised tax overhaul.

The S&P 500 added 0.9%, the Dow advanced 1.3%, and the Nasdaq jumped 1.4%. All three major indices settled Friday's session at fresh record highs.

The Federal Open Market Committee voted to raise the fed funds target range by 25 basis points to 1.25%-1.50% on Wednesday, as expected. Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari--the FOMC's two most dovish members--dissented, saying they preferred to keep the target range unchanged.

In addition, the Fed's so-called "dot plot" revealed that the median FOMC member still anticipates three rate hikes in 2018 and two in 2019. Both figures were unchanged from the projections released in September, even though the central bank acknowledged that overall inflation and core inflation have declined this year and are running below 2.0%.

U.S. Treasuries rallied in a curve-flattening trade on Wednesday following the decision, while the U.S. Dollar Index moved sharply lower. The 2yr-10yr spread ended the week at 52 basis points, which is six basis points below last week's closing level. The U.S. Dollar Index finished the week higher by 0.1% at 93.94.

The flattening of the yield curve weighed on lenders, sending the S&P 500's financial sector lower by 0.1%.

Elsewhere, the European Central Bank decided to leave its key policy rate unchanged, as expected, and reiterated that it will reduce its monthly asset purchases to EUR30 billion (from EUR60 billion) starting in January and continuing through September 2018--or beyond, if necessary.

The Bank of England also met this week, voting to leave its key rate at 0.50% and its asset purchase program at GBP435 billion, as expected.

In Washington, House and Senate Republicans reportedly reached an agreement on a final version of their tax reform bill on Wednesday, but Senator Marco Rubio (R-FL) pushed for some last-minute changes, saying on Thursday that he would vote against the measure unless it further expands the child tax credit for lower-income households.

GOP leadership worked to appease Mr. Rubio and earned his support, as well as the support of Senator Bob Corker (R-TN), on Friday. With the two Senators on board, it appears that the Republicans have enough support to pass their tax reform bill, but a final vote won't take place until early next week.

On Wall Street, telecom shares within the S&P 500 jumped 4.0% this week, underpinned by the prospect of tax reform and the Federal Communications Commission's decision to roll back the "net neutrality" rules put in place by the Obama administration back in 2015. The rules required broadband providers to treat all internet traffic equally.

In corporate news, Walt Disney (DIS) agreed to purchase select assets from 21st Century Fox (FOXA), including its film division and much of its TV operations, for $52.4 billion in stock. The two companies added 6.8% and 5.1%, respectively, helping the consumer discretionary sector (+1.1%) finish ahead of the broader market.
Dow: +143.08… | Nasdaq: +80.06… | S&P: +23.80…

NASDAQ Adv/Dec 1261/877. …NYSE Adv/Dec 2064/888.

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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TheStrategyLab Price Action Trading (no indicators)
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