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
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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)


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

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1,737.50 dollars or +34.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,737.50 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=2719

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: +143.08… | Nasdaq: +80.06… | S&P: +23.80…
NASDAQ Vol: ---… Adv: 1261… Dec: 877…
NYSE Vol: ---… Adv: 2064… Dec: 888…

Moving the Market

Reports indicate that Senator Marco Rubio (R-FL) is now a 'Yes' on tax reform; Mr. Rubio's support was in question on Thursday

Small caps outperform; Russell 2000 touches new intraday record high

Senator Bob Corker (R-TN) says he'll now support tax reform

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

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.

03:35PM ET

[BRIEFING.COM] Commodities end the day lower :

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 1.86% at 83.84
Dollar index is currently up 0.45% at 93.91
Jan WTI Crude is up 0.44% on the day.
Futures settle $0.25 higher to $57.29/barrel.
In other energy, Jan Natural Gas settled down $0.07 at $2.61/MMBtu
On the metals:
Feb Gold gained $0.60 to settle at $1257.70/oz, while Mar silver gained $0.14 to $16.07/oz
Mar Copper gained $0.06 to $3.13/lb
Finally, agriculture:
Mar Corn settled down $0.01 at $3.47/bu.
Jan Soy settled up $0.015 at $9.685/bu.
Mar Wheat settled up $0.01 at $4.19/bu.

Dow: 1441… | Nasdaq: 72.2… | S&P: +22.43…

NASDAQ Adv/Dec 1648/852. …NYSE Adv/Dec 2077/871.

02:55PM ET

[BRIEFING.COM] Stocks are hovering at all-time highs moving into the final hour of action. The S&P 500 is higher by 1.0%.

Looking ahead, investors will receive several potentially influential economic reports next week, including November Housing Starts and Building Permits on Tuesday, November Existing Home Sales on Wednesday, and November Personal Income, Personal Spending, PCE Prices, and Durable Goods Orders on Friday.

As for earnings, a number companies will report next week, including, but not limited to, FedEx (FDX 240.42, +1.92), Micron (MU 42.37, +0.13), General Mills (GIS 57.08, +0.95), Bed Bath & Beyond (BBBY 22.76, +0.30), and Nike (NKE 64.82, +0.30).

Dow: +167.03… | Nasdaq: +82.61… | S&P: +26.31…

NASDAQ Adv/Dec 1875/758. …NYSE Adv/Dec 2199/738.

02:30PM ET

[BRIEFING.COM] The major averages have continued ticking higher in recent action; the Nasdaq is up 1.2%, the S&P 500 is higher by 1.0%, and the Dow holds a gain of 0.7%. At those levels, all three major indices are on track to finish at new all-time highs.

The small-cap Russell 2000 has done even better in today's session, jumping 1.8%. Its outperformance has been an encouraging sign for investors as the index is often seen as a leading indicator for the U.S. economy since smaller companies have less of an international presence--and therefore are more dependent on domestic spending.

However, the small-cap index is still lower for the month of December, showing a month-to-date loss of 0.6%.

Dow: +158.74… | Nasdaq: +80.45… | S&P: +26.20…

NASDAQ Adv/Dec 11872/785. …NYSE Adv/Dec 2176/765.

02:00PM ET

[BRIEFING.COM] Stocks hover at their recent levels, with the S&P 500 sporting a gain of 0.9%.

Ten of eleven sectors are higher this afternoon--financials (+1.4%), consumer staples (+1.1%), technology (+1.0%), health care (+1.0%), telecom services (+1.0%), industrials (+0.9%), materials (+0.6%), consumer discretionary (+0.5%), utilities (+0.4%), and real estate (+0.2%)--while the energy space trades flat.

Outside the equity market, the CBOE Volatility Index (VIX 9.43, -1.07), often referred to as the "investor fear gauge," has dropped 10.2%.

Dow: +154.76… | Nasdaq: +77.37… | S&P: +25.13…

NASDAQ Adv/Dec 1889/818. …NYSE Adv/Dec 2130/781.

01:30PM ET

[BRIEFING.COM] The major U.S. indices are trading at all-time highs.

A look inside the Dow shows that technology giants Microsoft (MSFT 86.62, +1.93) and Intel (INTC 44.53, +1.28) are outperforming as technology stocks trade ahead of the broader market in today's session. The two companies sport gains of 2.3% and 3.0%, respectively.

Conversely, IBM (IBM 152.38, -1.61) is the worst-performing Dow component (-1.1%), extending its year-to-date loss to 8.2%.

For the week, the DJIA is higher by 1.3%.

Dow: +141.05… | Nasdaq: +69.19… | S&P: +22.70…

NASDAQ Adv/Dec 1879/854. …NYSE Adv/Dec 2121/786.

01:05PM ET

[BRIEFING.COM] Equities started Friday strong and have only gotten stronger since the opening bell, pushing the major stock indices to new all-time highs.

The Dow is up 0.6%, the S&P 500 is higher by 0.9%, and the Nasdaq sports a gain of 1.0%. The small-cap Russell 2000 shows particular strength, adding 1.4%, and now trades in positive territory for the week (+0.4% WTD). The S&P 500 currently holds a week-to-date gain of 0.9%.

Investors showed little hesitation in buying yesterday's dip at the opening bell, but reports that Senator Macro Rubio (R-FL) will vote in favor of the GOP's tax reform bill fueled additional buying. Mr. Rubio has yet to confirm, but House Ways and Means Committee Chairman Kevin Brady (R-TX) says he's confident the bill will pass the Senate.

Mr. Rubio's support was in question prior to the reports after he said on Thursday that he would vote against the tax reform measure unless the final bill further expands the child tax credit for lower-income households. To satisfy Mr. Rubio, the bill will now allow 70% of the $2000 per child tax credit to be refundable, up from 55%.

All 11 S&P 500 sectors are trading in positive territory this afternoon, with the two most influential groups--technology (+1.1%) and financials (+1.4%)--being among the top performers. The two spaces comprise nearly 40% of the broader market combined. Energy is the worst-performing sector, sporting a gain of just 0.1%.

In corporate news, Adobe Systems (ADBE 177.37, +2.36) and Costco (COST 193.36, +6.83) have jumped 1.4% and 3.7%, 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 48.03, -2.16) is down 4.3% after issuing a disappointing revenue growth outlook for its cloud business. Railroad giant CSX (CSX 53.07, -4.23) is also solidly lower, losing 7.4%, 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 have struggled today, sending yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.37%, while the 2-yr yield trades higher by four basis points at 1.84%.

Elsewhere, equities in Europe finished Friday mostly higher, but gains were modest; the Euro Stoxx 50 added 0.2%. The UK's FTSE (+0.6%) showed relative strength as the British pound tumbled 0.8% against the U.S. dollar to 1.3319. The major indices in the Asia-Pacific region settled Friday lower, with Hong Kong's Hang Seng (-1.1%) pacing the retreat.

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.

Dow: +150.74… | Nasdaq: +72.75… | S&P: +23.82…

NASDAQ Adv/Dec 1955/806. …NYSE Adv/Dec 2134/768.

12:30PM ET

[BRIEFING.COM] The major U.S. stock indices continue trading near their session highs.

Elsewhere, equities in Europe finished Friday mostly higher, but gains were modest; the Euro Stoxx 50 added 0.2%. The UK's FTSE (+0.6%) showed relative strength as the British pound tumbled 0.9% against the U.S. dollar to 1.3315. For the week, the FTSE added 1.3%.

Back on Wall Street, all of the S&P 500's 11 sectors are still trading in the green, with the two most influential groups--technology (+1.1%) and financials (+1.2%)--being among the top performers. The two spaces comprise nearly 40% of the broader market combined.

Dow: +152.52… | Nasdaq: +69.24… | S&P: +23.30…

NASDAQ Adv/Dec 1938/848. …NYSE Adv/Dec 2119/762.

12:00PM ET

[BRIEFING.COM] Equities have advanced to new all-time highs today, but the session has been pretty quiet overall.

There's not a lot of movement in individual stocks, rather, investors have pushed the whole market higher as the likelihood of a tax overhaul appears to be creeping higher.

The S&P 500 (+0.8%), the Nasdaq (+0.9%), and the Dow (+0.6%) have all touched new intraday record highs and currently trade near their best marks of the day. For the week, the major averages hold gains between 0.6% (Nasdaq) and 1.4% (Dow).

Within the Dow, Intel (INTC 44.28, +1.01) and Microsoft (MSFT 86.55, +1.87) are the top performers today, jumping around 2.3% apiece, helping the S&P 500's technology sector extend its week-to-date gain to 1.4%. The group trades behind only the telecom services space (+3.9% WTD) for the week.

Dow: +149.42… | Nasdaq: +59.92… | S&P: +21.57…

NASDAQ Adv/Dec 1920/845. …NYSE Adv/Dec 2126/736.

11:25AM ET

[BRIEFING.COM] The major averages continue hovering at their best marks of the day; the S&P 500 is up 0.8%.

All 11 sectors are trading in the green this morning with gains ranging between 0.3% and 1.1%. The financials (+1.1%) and consumer staples (+1.1%) sectors are the top-performing groups, while the energy (+0.3%), real estate (+0.3%), and utilities (+0.3%) spaces are the weakest.

The energy sector's underperformance has occurred despite an increase in the price of crude oil--which would normally provide an extra boost. West Texas Intermediate crude futures are up 0.5% at $57.35 per barrel, returning to their flat line for the week.

Dow components Chevron (CVX 119.98, +0.47) and Exxon Mobil (XOM 83.03, +0.13) sport respective gains of 0.4% and 0.2%.

Dow: +144.80… | Nasdaq: +51.58… | S&P: +20.12…

NASDAQ Adv/Dec 1911/873. …NYSE Adv/Dec 2109/730.

10:55AM ET

[BRIEFING.COM] Stocks have extended their opening gains following reports that Senator Marco Rubio (R-FL) is now a 'Yes' on the GOP's tax reform bill, although Mr. Rubio's office has yet to confirm.

The S&P 500, the Dow, and the Nasdaq all hold gains between 0.5% and 0.7%, while the small-cap Russell 2000 is higher by 1.0%.

Financials are leading today's rally, despite a flattening of the yield curve, as the group would benefit more than most from the proposed tax overhaul; the S&P 500's financial sector is up 1.0%. Including today's advance, the group has added around 6.5% since Thanksgiving.

Meanwhile, a sell off in the Treasury market has cut the 2yr-10yr spread by four basis points to 51 bps. The yield on the benchmark 10-yr Treasury note is currently trading two points above yesterday's closing level, hovering at 2.37%.

Dow: +110.29… | Nasdaq: +42.85… | S&P: +17.28…

NASDAQ Adv/Dec 1972/826. …NYSE Adv/Dec 2082/745.

10:30AM ET

[BRIEFING.COM] Commodities begin the day flat :

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently unchanged 0% at 83.84
Dollar index is currently up 0.34% at 93.81
Jan WTI crude is down 0.02% on the day.
Baker Hughes U.S rig count to be released at noon ET.
Futures are $0.01 lower to $57.03/barrel.
In other energy, Jan natural gas is unchanged at $2.68/MMBtu
Metals:
Feb gold gained $0.80 and trades at $1257.90/oz, while Mar silver gained $0.12 to $16.05/oz
Mar copper gained 0.05 to $3.12/lb
Finally, agriculture:
Mar corn is unchanged at $3.49/bu.
Jan soy is unchanged at $9.6825/bu.
Mar wheat is up $0.01 at $4.19/bu.

Dow: +119.42… | Nasdaq: +35.55… | S&P: +16.11…

NASDAQ Adv/Dec 1933/869. …NYSE Adv/Dec 2054/748.

09:55AM ET

[BRIEFING.COM] Equities continue to trade near their opening levels this morning, with the major averages holding gains between 0.3% and 0.5%.

The industrial sector (+0.7%) is outperforming the broader market slightly, however, railroad giant CSX (CSX 53.27, -4.03) is down 7.0% after disclosing that its CEO, E. Hunter Harrison, is on medical leave due to unexpected complications from a recent illness.

In the bond market, U.S. Treasuries are still trading lower across the curve. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.37%, while the 2-yr yield is up five basis points at 1.85%. Yields move inversely to prices.

Dow: +106.89… | Nasdaq: +22.29… | S&P: +12.71…

NASDAQ Adv/Dec 1722/999. …NYSE Adv/Dec 2054/677.

09:40AM ET

[BRIEFING.COM] The major U.S. indices are higher in the opening minutes of today's session, with the S&P 500 sporting a gain of 0.5%.

All 11 sectors are trading in the green, with the consumer staples (+1.1%) and telecom services (+1.2%) groups leading the charge. Within the consumer staples space, Costco (COST 193.00, +6.34) is the top performer, adding 3.4%, after reporting better-than-expected earnings and revenues on Thursday evening.

Conversely, the top-weighted technology sector (+0.1%) is underperforming. Oracle (ORCL 47.57, -2.67) has weighed on the sector, dropping 5.3%, after issuing a disappointing revenue growth outlook for its cloud business.

Dow: +122.62… | Nasdaq: +16.64… | S&P: +12.10…

NASDAQ Adv/Dec 1547/1075. …NYSE Adv/Dec 2032/620.

09:20AM ET

[BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +12.10.

The stock market is on track to open today's session in positive territory as the S&P 500 futures trade eight points, or 0.3%, above fair value.

In Washington, Senator Marco Rubio (R-FL) said on Thursday that he will vote against tax reform unless the final bill further expands the child tax credit for lower-income households. In addition, Senator Bob Corker (R-TN) is expected to vote against the bill, as he did before, and several other Republican Senators are on the fence.

Given that the GOP can only afford to lose two votes in the Senate, Republicans will likely be forced to make some last-minute changes to the piece of legislation. The full bill is scheduled to be released sometime this evening, and a vote is expected to take place early next week.

On the earnings front, Oracle (ORCL 47.70, -2.49) is down 5.0% in pre-market trading despite reporting better-than-expected earnings last night. Conversely, Adobe Systems (ADBE 177.72, +2.72) and Costco (COST 190.55, +4.02) have added 1.6% and 2.2%, respectively, after both companies beat top and bottom line estimates.

Meanwhile, CSX (CSX 50.90, -6.41) is down 11.2% 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 are lower this morning, with shorter-dated issues showing particular weakness. The yield on the 2-yr Treasury note is up four basis points at 1.84%, while the benchmark 10-yr yield is higher by just one basis point at 2.36%. Yields move inversely to prices.

Just in, 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 Empire Manufacturing Survey for December, which was released earlier this morning, declined to 18.0 from the prior month's reading of 19.4, as expected.

08:51AM ET

[BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +16.40.

The S&P 500 futures trade nine points, or 0.4%, above fair value.

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. The People's Bank of China announced it will accept more kinds of bonds as collateral, including local government bonds. Reports from Japan indicate that Japan's auto union will seek a JPY3,000 base pay increase. South Korea's Blockchain Association plans to improve proof of identity measures for those who trade cryptocurrencies on exchanges. Implementation is expected at the start of 2018. U.S. special envoy to North Korea, Joseph Yun, said that the U.S. is open to talks with North Korea, but he did not meet DPRK officials during his trip to Japan and Thailand.

In economic data:
Japan's Q4 Tankan Large Manufacturers Index 25 (expected 24; last 22), Tankan Q4 Large Non-Manufacturers Index 23 (expected 24; last 23), and Q4 Tankan All Big Industry CAPEX 7.4% (expected 7.5%; last 7.7%).
New Zealand's November Business NZ PMI 57.7 (last 57.2)

---Equity Markets---

Japan's Nikkei lost 0.6%, falling 1.1% for the week. KDDI, Rakuten, Kobe Steel, Softbank, Toyota Motor, and Mitsubishi Logistics posted losses between 1.7% and 6.7%. On the upside, SUMCO, Dainippon Screen Manufacturing, Tokyo Electron, and Fast Retailing gained between 1.3% and 2.1%.
Hong Kong's Hang Seng fell 1.1%, trimming this week's gain to 0.7%. Geely Automobile continued its recent underperformance, falling 2.9%, while financials like China Life Insurance, BoC Hong Kong, ICBC, Ping An Insurance, Bank of China, and HSBC posted losses between 1.3% and 1.9%.
China's Shanghai Composite surrendered 0.8%, losing 0.7% for the week. Anyang Iron & Steel, Nanjing Iron & Steel, Anhui Conch Cement, Sichuan Langsha Holdings, Lingyuan Iron & Steel, Lawton Development, and Jiangsu Changjiang Electronics Technology posted losses between 7.0% and 8.7%.
India's Sensex gained 0.7%, rising 1.9% for the week. Mahindra&Mahindra, Dr. Reddy's Labs, HDFC Bank, AXIS Bank, Infosys, and Tata Motors climbed between 0.6% and 3.6%.

Major European indices trade near their unchanged marks. European Council President Donald Tusk confirmed that Brexit negotiations will now move to the second phase. A small group of ECB officials reportedly lobbied for an acknowledgment in the policy statement that guidance may change if inflation continues accelerating. Meanwhile, ECB member Jens Weidmann said that loose monetary policy has contributed to a deceptive calm, and that it is wrong to believe the region is prepared for all possibilities. In Germany, SPD leader Martin Schulz recommended that his party enter formal coalition talks with CDU/CSU.

Economic data was limited:
Eurozone October trade surplus EUR18.90 billion (expected EUR24.60 billion; last EUR26.40 billion)

---Equity Markets---

UK's FTSE is up 0.2%. Select miners like Glencore, BHP Billiton, Fresnillo, Rio Tinto, and Antofagasta hold gains between 0.8% and 2.1% while consumer names like SKY, InterContinental Hotels, Compass, Paddy Power, British American Tobacco, Imperial Brands, and Unilever show gains between 0.5% and 1.2%. On the downside, financials like Barclays, RBS, Standard Chartered, and HSBC are down between 0.6% and 1.5%.
Germany's DAX trades a tick above its flat line. Heavyweights like Commerzbank, Deutsche Bank, Volkswagen, BMW, and SAP show losses between 0.3% and 0.7% while Adidas and E.On outperform, rising 1.8% and 2.5%, respectively.
France's CAC is down 0.2%. ArcelorMittal is the weakest performer, falling 1.8%, while financials and automakers like Societe Generale, Credit Agricole, BNP Paribas, AXA, Renault, and Peugeot hold losses between 0.7% and 2.3%.

08:30AM ET

[BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +15.40.

The S&P 500 futures trade nine points, or 0.4%, above fair value.

Just in, the Empire Manufacturing Survey for December declined to 18.0 (Briefing.com consensus 18.0) from the prior month's reading of 19.4.

08:08AM ET

[BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +15.10.
08:02AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +10.90.

Equity futures are pointing toward a higher start for the U.S. equity market this morning as investors refocus their attention on tax reform. The S&P 500 futures are trading 7 points, or 0.3%, above fair value, the Dow futures are up 80 points, or 0.3%, and the Nasdaq futures are trading higher by 17 points, or 0.3%.

For the week, the Dow and the Nasdaq hold gains of 0.7% and 0.2%, respectively, while the S&P 500 trades flat.

In Washington, Senator Marco Rubio (R-FL) said on Thursday that he will vote against tax reform unless the final bill further expands the child tax credit for lower-income households. In addition, Senator Bob Corker (R-TN) is expected to vote against the bill, as he did before, and several other Republican Senators are on the fence.

Given that the GOP can only afford to lose two votes in the Senate, Republicans will likely be forced to make some last minute changes to the piece of legislation. The full bill is scheduled to be released sometime this evening, and a vote is expected early next week.

U.S. Treasuries are trading mostly flat this morning, but shorter-dated issues exhibit relative weakness. The yield on the 2-yr Treasury note is up two basis points at 1.82%, while the benchmark 10-yr yield is unchanged at 2.35%. Yields move inversely to prices.

On the data front, investors will receive the Empire State Manufacturing Survey for December (Briefing.com consensus 18.0) at 8:30 ET and both Industrial Production (Briefing.com consensus +0.3%) and Capacity Utilization (Briefing.com consensus 77.2%) at 9:15 ET.

Elsewhere, equity indices in the Asia-Pacific region ended Friday lower, with Hong Kong's Hang Seng (-1.1%) pacing the retreat, while the Euro Stoxx 50 currently holds a loss of 0.4%. The U.S. dollar is down 0.2% against the euro at 1.1797 but has climbed 0.5% against the pound to 1.3367.

In U.S. corporate news:

Oracle (ORCL 46.98, -3.21): -6.4% despite reporting better-than-expected earnings and in-line revenues.
Adobe Systems (ADBE 177.30, +2.30): +1.3% after beating both earnings and revenue estimates and issuing above-consensus profit guidance.
Costco (COST 190.88, +4.35): +2.3% after reporting better-than-expected profits and sales.
CSX (CSX 52.10, -5.21): -9.1% after disclosing that CEO E. Hunter Harrison is on medical leave due to unexpected complications from a recent illness.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a mostly lower note. Japan's Nikkei -0.6%, Hong Kong's Hang Seng -1.1%, China's Shanghai Composite -0.8%, India's Sensex +0.7%.
In economic data:
Japan's Q4 Tankan Large Manufacturers Index 25 (expected 24; last 22), Tankan Q4 Large Non-Manufacturers Index 23 (expected 24; last 23), and Q4 Tankan All Big Industry CAPEX 7.4% (expected 7.5%; last 7.7%).
New Zealand's November Business NZ PMI 57.7 (last 57.2)
In news:
The People's Bank of China announced it will accept more kinds of bonds as collateral, including local government bonds.
Reports from Japan indicate that Japan's auto union will seek a JPY3,000 base pay increase.
South Korea's Blockchain Association plans to improve proof of identity measures for those who trade cryptocurrencies on exchanges. Implementation is expected at the start of 2018.
U.S. special envoy to North Korea, Joseph Yun, said that the U.S. is open to talks with North Korea, but he did not meet DPRK officials during his trip to Japan and Thailand.

Major European indices trade on a mostly lower note while the UK's FTSE (UNCH) outperforms. Germany's DAX -0.2%, France's CAC -0.4%.
In economic data:
Eurozone October trade surplus EUR18.90 billion (expected EUR24.60 billion; last EUR26.40 billion)
In news:
European Council President Donald Tusk confirmed that Brexit negotiations will now move to the second phase.
A small group of ECB officials reportedly lobbied for an acknowledgment in the policy statement that guidance may change if inflation continues accelerating.
ECB member Jens Weidmann said that loose monetary policy has contributed to a deceptive calm, and that it is wrong to believe the region is prepared for all possibilities.
In Germany, SPD leader Martin Schulz recommended that his party enter formal coalition talks with CDU/CSU.

08:01AM ET

[BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +15.00.
07:58AM ET

07:25AM ET

[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +10.30.
06:45AM ET

[BRIEFING.COM] S&P futures vs fair value: +5.75. Nasdaq futures vs fair value: +10.88.
04:15PM ET

[BRIEFING.COM] U.S. equities slipped on Thursday as investors continued to monitor tax reform developments in Washington.

Losses were modest for the most part, but small caps showed notable weakness, pushing the Russell 2000 lower by 1.2%. The S&P 500 declined by 0.4%, while the Nasdaq Composite and the Dow Jones Industrial Average shed 0.3% apiece. The Dow's loss ended its streak of record closes at four in a row.

Equities began the day slightly higher, but were tripped up by rumors that House Speaker Paul Ryan (R-WI) is considering resigning following the 2018 mid-term elections. Mr. Ryan later said that he does not plan on retiring anytime soon, but equities failed to bounce back to their earlier levels.

Selling persisted following news that Senator Marco Rubio (R-FL) will vote 'No' on tax reform unless the final bill further expands the child tax credit for lower-income households. The GOP can only afford to lose two votes in the Senate, and it's already assumed that Senator Bob Corker (R-TN) will vote against the piece of legislation.

The GOP aims to release the full details of the bill on Friday, and Congress is expected to vote on the measure sometime next week.

Ten of the eleven sectors finished Thursday in the red, with the health care (-1.1%), materials (-1.1%), and telecom services (-0.9%) groups being the weakest performers. Within the health care space, biotech names were especially weak, sending the iShares Nasdaq Biotechnology ETF (IBB 105.17, -1.55) lower by 1.5%.

Meanwhile, steelmaker Nucor (NUE 59.54, -2.31) paced the material sector's retreat, losing 3.7%, after lowering its profit guidance for the fourth quarter.

On the upside, the consumer discretionary sector (+0.3%) advanced on Thursday. 21st Century Fox (FOXA 34.88, +2.13) led the charge, adding 6.5%, after Walt Disney (DIS 110.57, +2.96) agreed to purchase select assets from the company, including its film division and much of its TV operations, for $52.4 billion in stock. DIS shares climbed 2.8%.

In the bond market, U.S. Treasuries had a mixed outing, despite a stronger-than-expected Retail Sales Report for November (see data section below). The yield on the benchmark 10-yr Treasury note finished flat at 2.35%, while the 2-yr yield climbed one basis point to 1.80%. The 10-yr yield has lost three basis points so far this week.

Elsewhere, European equities finished Thursday broadly lower, with the Euro Stoxx 50 losing 0.5%, while Japan's Nikkei, Hong Kong's Hang Seng, and China's Shanghai Composite shed 0.3% apiece. The U.S. dollar added 0.4% against the euro (1.1785) but lost 0.3% and 0.1%, respectively, against the yen (112.25) and the pound (1.3430).

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.

In addition, the Bank of England voted unanimously to leave its key rate at 0.50% and its asset purchase program at GBP435 billion, as expected.

Reviewing Thursday's economic data, which included November Retail Sales, weekly Initial Claims, November Export/Import Prices, and October Business Inventories:

November retail sales increased 0.8% (Briefing.com consensus +0.3%). The prior month's increase was revised to 0.5% from 0.2%. Excluding autos, retail sales increased 1.0% in November while the Briefing.com consensus expected an increase of 0.6%. The prior month's increase was revised to 4% from 0.1%.
The key takeaway from the report is that there was healthy spending activity across discretionary categories, which is consistent with a consumer feeling good about their income prospects.
The latest weekly initial jobless claims count totaled 225,000, while the Briefing.com consensus expected a reading of 239,000. Today's tally was below the unrevised prior week count of 236,000. As for continuing claims, they declined to 1.886 million from the revised count of 1.913 million (from 1.908 million).
The latest week marks the 145th straight week initial claims have been below 300,000.
Import prices excluding oil were flat in November (0.0%) after increasing a revised 0.1% in October (from +0.2%). Export prices excluding agriculture increased 0.6% in November after decreasing a revised 0.1% in October (from -0.3%).
The monthly gain left import prices up 3.1% year-over-year, versus up 0.2% for the 12 months ending November 2016, and export prices up 3.1% year-over-year, versus down 0.2% for the 12 months ending November 2016.
Business Inventories decreased 0.1% in October, as expected. The September reading was left unrevised at 0.0%.
The key takeaway from the report is that sales growth is outpacing inventory growth, which is a step toward regaining some pricing power.

On Friday, investors will receive the Empire State Manufacturing Survey for December (Briefing.com consensus 18.0) at 8:30 ET and both Industrial Production (Briefing.com consensus +0.3%) and Capacity Utilization (Briefing.com consensus 77.2%) at 9:15 ET.

Nasdaq Composite +27.4% YTD
Dow Jones Industrial Average +24.0% YTD
S&P 500 +18.5% YTD
Russell 2000 +11.1% YTD

Dow: -76.77… | Nasdaq: -19.27… | S&P: -10.84…

NASDAQ Adv/Dec 832/1767. …NYSE Adv/Dec 1088/1867.

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
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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