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 &
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850Free 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 Users Reviews, Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 &
http://www.thestrategylab.com/thestrategylab-reviews.htmPrice Action Trading: http://www.thestrategylab.com/price-action-trading.htmTheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
Stocktwits @
http://stocktwits.com/wrbtrader (24/7)
Twitter @
http://twitter.com/wrbtrader (24/7)
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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 @
$3062.50 dollars or +61.25 points, Light Crude Oil CL ($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 @ $3062.50 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 @
CMEGroupEuroFX 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=180&t=2818 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...review of TheStrategyLab is that 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.
Quote:
These real-time trades involves price action concepts from
WRB Analysis free study guide,
Advance WRB Analysis Tutorial Chapters 4 - 12 and the
Volatility Trading Report (VTR) trade signal strategies. Yet, I'm always
backtesting new concepts of WRB Analysis, new trade entry rules, new trade management rules, new position size management rules before application in real money trades (small position size trades) to adapt to changed market conditions
prior to large position size trades and
prior to sharing the new concepts with fee-base clients...living up to the name of my website.
TheStrategyLab.
##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=350&t=3706 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.
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click on the above image to view today's price action of key markets discussed by members of TheStrategyLab chat room or private thread discussions The Market at 04:25PM ETDow: +182.33… | Nasdaq: +73.00… | S&P: +25.87…
NASDAQ Vol: 2.2 bln… Adv: 1764… Dec: 1105…
NYSE Vol: 940.5 mln… Adv: 1835… Dec: 1087…
Moving the Market
S&P 500 bursts through its 50-day moving average (2676)
Crude futures return to three-and-a-half year high following President Trump's Tuesday decision to pull the U.S. out of the Iran nuclear deal; energy shares rally
Treasury yields rise; benchmark 10-yr yield returns to 3.00%
Walmart (WMT) hits seven-month low after agreeing to buy a 77% stake in India's Flipkart for $16 billion -- the largest acquisition in Walmart's history
Sector Watch
Strong: Energy, Financials, Industrials, Materials, Technology
Weak: Consumer Discretionary, Consumer Staples, Utilities, Telecom Services
04:25PM ET
[BRIEFING.COM] Equities made a strong move higher on Wednesday, with the S&P 500 and the Nasdaq climbing 1.0% apiece, and the Dow advancing 0.8%.
The day began on a mildly higher note as investors continued to digest President Trump's Tuesday decision to withdraw the U.S. from the Iran nuclear deal. However, buying picked up notably around midday as the S&P 500 started to pull away from its 50-day moving average -- which, up until that point, had been an area of resistance.
The energy sector led the charge on Wednesday, closing atop the sector standings -- by a wide margin -- with a gain of 2.0%. A rebound in the crude oil futures market, which returned to a three-and-a-half year high after tumbling on Tuesday in a "sell the news" trade, fueled the energy rally; WTI crude futures settled higher by 2.9% at $71.10 per barrel. President Trump's decision to restore the "highest level of economic sanctions" against Iran, OPEC's third-largest oil exporter, will likely decrease crude supply on the global market -- which, in turn, should force prices higher.
In total, nine of eleven S&P sectors closed in the green. In addition to energy, the financials (+1.5%), technology (+1.4%), materials (+1.4%), and industrials (+1.1%) sectors added more than 1.0% apiece. On the downside, the lightly-weighted utilities and telecom services sectors finished at the back of the pack with losses of 0.8% and 1.1%, respectively.
The consumer staples sector closed a tick higher, but a ways behind the broader market. Walmart (WMT 83.06, -2.68) weighed on the group, losing 3.1%, after the company agreed to buy a 77% stake in Indian e-commerce giant Flipkart for $16 billion -- which qualifies as Walmart's largest acquisition deal ever.
On the earnings front, Walt Disney (DIS 99.97, -1.82) beat both earnings and revenue estimates for its fiscal second quarter, but continued concerns about the ESPN business and the fate of the company's deal to acquire the entertainment assets of 21st Century Fox (FOXA 37.70, -0.29) overpowered the good earnings news; DIS shares finished lower by 1.8%.
U.S. Treasuries ended Wednesday on a broadly lower note, pushing yields higher across the curve. The yield on the benchmark 10-yr Treasury note returned to the psychologically important 3.00% mark, finishing four basis points above its Tuesday close, while the 2-yr yield ticked up one basis point to 2.53% -- a fresh cycle high.
Reviewing Wednesday's economic data, which included the April Producer Price Index, March Wholesale Inventories, and the weekly MBA Mortgage Applications Index:
The Producer Price Index for final demand increased 0.1% (Briefing.com consensus +0.2%), while the final demand index, less food and energy, rose 0.2%, as expected.
The key takeaway from the report is that there was a moderation in the producer price inflation trend in April, yet it wasn't significant enough to alter the Federal Reserve's perspective pertaining to the presumed path for inflation and monetary policy.
Wholesale inventories increased 0.3% in March (Briefing.com consensus +0.5%) on top of a downwardly revised 0.9% increase (from +1.0%) in February.
The market is known for showing a limited reaction to the release, since the full business inventories report is released a few days later.
The weekly MBA Mortgage Applications Index declined by 0.4%.
On Thursday, investors will receive the April Consumer Price Index (Briefing.com consensus +0.3%), weekly Initial Claims (Briefing.com consensus 220K), and the April Treasury Budget.
Nasdaq Composite: +6.3% YTD
Russell 2000: +3.9% YTD
S&P 500: +0.9% YTD
Dow Jones Industrial Average: -0.7% YTD
Dow: +182.33… | Nasdaq: +73.00… | S&P: +25.87…
NASDAQ Adv/Dec 1764/1105. …NYSE Adv/Dec 1835/1087.
03:40PM ET
[BRIEFING.COM] Commodities rallied on Wednesday, pushing the Bloomberg Commodity Index higher by 0.6% to 90.10 -- its best close since April 19. Energy fueled the bulk of the index's move, with WTI crude returning to a three-and-a-half year high following Tuesday's "sell the news" response to President Trump's decision to pull out of the Iran nuclear deal. Also, an unexpected draw in U.S. crude inventories (-2.2 million barrels) for the week ended May 4 provided crude traders with an additional reason to buy.
The U.S. dollar didn't really influence commodities one way or the other; the U.S. Dollar Index finished flat at 92.92.
Energy:
June Crude Oil futures rose $2.02 (2.92%) to $71.1/barrel
June Natural Gas settled $0.01 higher (0.37%) at $2.74/MMBtu
Metals:
June gold settled today's session up $0.70 (0.05%) at $1313.2/oz
July silver settled today's session $0.08 higher (0.49%) at $16.54/oz
July copper settled flat at $3.06/lb
Agriculture:
May corn settled $0.01 lower at $4.03/bushel
May wheat settled $0.05 lower at $5.11/bushel
May soybeans settled $0.04 lower at $10.16/bushel
Dow: +152.41… | Nasdaq: +65.34… | S&P: +22.30…
NASDAQ Adv/Dec 1822/1069. …NYSE Adv/Dec 1819/1085.
02:55PM ET
[BRIEFING.COM] The major averages are back at session highs, sporting gains between 0.8% and 1.0%, moving into the final hour of trade.
Nine S&P sectors are higher -- financials (+1.6%), consumer discretionary (+0.3%), industrials (+1.3%), energy (+2.5%), materials (+1.5%), technology (+1.4%), health care (+1.0%), consumer staples (+0.2%), and real estate (+0.7%) -- and two sectors are lower -- utilities (-0.8%) and telecoms (-1.3%).
Looking ahead to tonight's earnings, 21st Century Fox (FOXA 37.77, -0.22), CenturyLink (CTL 18.06, -0.07), TechnipFMC (FTI 33.62, +0.92) Booking Holdings (BKNG 2179.86, +18.26), and Dun & Bradstreet (DNB 117.48, +1.51) are set to report following the closing bell.
Dow: +185.68… | Nasdaq: +74.92… | S&P: +27.45…
NASDAQ Adv/Dec 1830/1031. …NYSE Adv/Dec 1885/1026.
02:30PM ET
[BRIEFING.COM] The broader market has taken a break since our last update and now sits modestly off today's highs, but still well within the daily range.
Rehashing last night's earnings, video game company Electronic Arts (EA 131.39, +7.50, +6.1%) made all-time highs a few hours ago. The stock broke out past mid-March highs due in part to last night's better than expected Q4 sales and earnings. The company has done well in the face of the widely popular competing Fortnite title despite not having any major launches in the past three months. Instead, EA relied on staple games like FIFA, Battlefield, and The Sims to edge out a beat.
Peer Take-Two (TTWO 116.73, +5.43, +4.9%) reports a calendar week from today. Given EA's commentary about the tepid impact Fortnite had on the company's results, investors' eyes must be getting big with the prospect of an equally solid quarter out of TTWO.
Dow: +214.41… | Nasdaq: +65.80… | S&P: +28.99…
NASDAQ Adv/Dec 1803/1056. …NYSE Adv/Dec 1844/1048.
01:55PM ET
[BRIEFING.COM] The stock market continues to take out today's highs as the major averages now boast gains better than 0.8% apiece.
Gold futures posted another modest session on Wednesday by settling down less than 0.1% at $1,313.00/oz. The yellow metal jostled with unchanged levels for the majority of the day but ultimately closed lower for a third-consecutive session. Gold failed to hold earlier gains despite a weaker dollar.
The U.S. Dollar Index has come off recent four-month highs, spending most of Wednesday in the red; the index recently trimmed opening losses and now stands down only 0.1% at 93.03.
Dow: +202.70… | Nasdaq: +72.39… | S&P: +25.99…
NASDAQ Adv/Dec 1819/1014. …NYSE Adv/Dec 1862/1018.
01:35PM ET
[BRIEFING.COM] The major U.S. indices continue to charge higher, with stocks currently near their best levels of the day.
A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 80.06, +1.97), Merck & Co (MRK 58.10, +1.34), & DowDuPont (DWDP 65.67, +1.44) are outperforming. Exxon is leading the Dow as the entire energy complex rallies on the heels of a 3% gain in crude oil futures.
Conversely, Wal-Mart (WMT 83.12, -2.62) is the worst-performing Dow component after agreeing to pay approximately $16 bln for an initial stake of approximately 77% in India's Flipkart.
With today's strong move, the DJIA is now up 1.21% this week.
Elsewhere, at the top of the hour, the Treasury's $25 bln 10-year note auction drew a high yield of 2.995% on a bid-to-cover of 2.56.
Dow: +170.69… | Nasdaq: +53.81… | S&P: +23.25…
NASDAQ Adv/Dec 1776/1034. …NYSE Adv/Dec 1817/1055.
01:05PM ET
[BRIEFING.COM] The major averages held modest gains throughout the morning, but have moved sharply higher in recent trading, notching new highs for the day. The S&P 500 is leading the way with a gain of 0.8%, while the Nasdaq Composite and the Dow Jones Industrial Average sport gains of 0.7% and 0.6%, respectively.
Energy is the top-performing S&P 500 sector by a wide margin -- up 2.4% -- thanks to a rebound rally in the crude oil futures market. President Trump's decision to pull out of the Iran nuclear deal and reinstate the "highest level of economic sanctions" against OPEC's third largest crude exporter, Iran, has helped crude return to a three-and-a-half year high -- as has an unexpected draw in weekly inventories. WTI crude futures are up 2.9% at $71.09/bbl.
A ways behind energy, the heavily-weighted financial sector (+1.2%) is in second place in today's sector standings, benefiting from a rise in Treasury yields, which have returned to, or are closing in on, multi-year highs. The benchmark 10-yr yield, for instance, is up three basis points at 3.00% -- just three basis points away from the more than four-year high it hit two weeks ago.
The materials (+1.0%), industrials (+1.0%), and technology (+0.8%) groups are also showing relative strength, while other advancing sectors are struggling to keep pace with the S&P 500. Two groups -- utilities (-1.0%) and telecom services (-0.7%) -- are trading in the red, but they're lightly-weighted, representing just 5% of the broader market.
In corporate news, Walmart (WMT 82.89, -2.85) has fallen 3.3%, hitting a fresh seven-month low, after the world's largest retailer agreed to buy a 77% stake in Indian e-commerce giant Flipkart for approximately $16 billion -- which represents Walmart's largest acquisition deal ever.
Meanwhile, on the earnings front, Disney (DIS 100.15, -1.64) is down 1.6% as concerns about the ESPN business and the fate of the company's deal to acquire the entertainment assets of 21st Century Fox (FOXA 37.93, -0.05) have overshadowed upbeat quarterly results.
Reviewing today's economic data, which included the April Producer Price Index, March Wholesale Inventories, and the weekly MBA Mortgage Applications Index:
The Producer Price Index for final demand increased 0.1% (Briefing.com consensus +0.2%), while the final demand index, less food and energy, rose 0.2%, as expected.
The key takeaway from the report is that there was a moderation in the producer price inflation trend in April, yet it wasn't significant enough to alter the Federal Reserve's perspective pertaining to the presumed path for inflation and monetary policy.
Wholesale inventories increased 0.3% in March (Briefing.com consensus +0.5%) on top of a downwardly revised 0.9% increase (from +1.0%) in February.
The market is known for showing a limited reaction to the release, since the full business inventories report is released a few days later.
The weekly MBA Mortgage Applications Index declined by 0.4%.
Dow: +151.18… | Nasdaq: +48.71… | S&P: +21.33…
NASDAQ Adv/Dec 1676/1116. …NYSE Adv/Dec 1724/1129.
12:25PM ET
[BRIEFING.COM] Equity indices have jumped to new session highs, with the S&P 500 extending its gain to 0.5%.
The top-weighted technology sector is up 0.5% today and on course for its fifth straight advance. Some of the sector's largest components by market cap -- namely, Facebook (FB 181.42, +2.50) and Alphabet (GOOG 1071.21, +17.30) -- are up more than 1.0%, while Electronic Arts (EA 130.26, +6.37) is higher by 5.3% after reporting better-than-expected earnings and revenues yesterday afternoon.
In Europe, Germany's DAX and France's CAC both finished higher by 0.2%, while the UK's FTSE soared 1.3%.
Dow: +74.90… | Nasdaq: +28.43… | S&P: +13.71…
NASDAQ Adv/Dec 1519/1233. …NYSE Adv/Dec 1556/1268.
12:00PM ET
[BRIEFING.COM] The major averages haven't moved much in recent trading, keeping a tick above their unchanged marks.
Shares of Walt Disney (DIS 99.69, -2.10) are down 2.1% in reaction to the company's quarterly earnings report, which crossed the wires on Tuesday afternoon. Disney beat both earnings and revenue estimates for its fiscal second quarter, but continued concerns about the ESPN business and the fate of the company's deal to acquire the entertainment assets of 21st Century Fox (FOXA 37.75, -0.24) have weighed.
In the bond market, U.S. Treasuries have come up from their session lows, but are still trading beneath yesterday's closing levels, leaving yields higher across the curve. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.99% after trading as high as 3.01% earlier.
Dow: +6.90… | Nasdaq: +12.41… | S&P: +7.23…
NASDAQ Adv/Dec 1409/1332. …NYSE Adv/Dec 1457/1384.
11:30AM ET
[BRIEFING.COM] The Dow (unch) and the Nasdaq (+0.1%) have ticked back up into the green, while the S&P 500 is higher by 0.2%.
Shares of Walmart (WMT 82.54, -3.19) have fallen 3.7% today, hitting a fresh seven-month low, after the world's largest retailer agreed to buy a 77% stake in Indian e-commerce giant Flipkart for approximately $16 billion -- which represents Walmart's largest acquisition deal ever.
Conversely, Sears (SHLD 3.18, +0.42) shares have spiked 15.5% after the company announced that it will offer full-service tire installation for tires -- regardless of brand -- purchased on Amazon (AMZN 1596.96, +4.57).
Dow: +10.79… | Nasdaq: +5.80… | S&P: +6.41…
NASDAQ Adv/Dec 1405/1309. …NYSE Adv/Dec 1436/1368.
11:00AM ET
[BRIEFING.COM] The Nasdaq and the Dow have slipped into negative territory in recent trading, but the S&P 500 is still a step higher.
Six S&P sectors are in the green -- energy (+2.6%), materials (+0.8%), financials (+0.6%), industrials (+0.6%), technology (+0.4%), and real estate (+0.1%) -- and five groups are in the red -- consumer staples (-0.1%), consumer discretionary (-0.2%), health care (-0.2%), telecoms (-0.7%), and utilities (-0.8%).
At the bottom of the hour, the EIA released its weekly crude oil inventory report, which showed that U.S. stockpiles declined by 2.2 million barrels last week. Crude futures have had a muted response to the report though, maintaining their big daily gains; WTI crude futures are up 2.5% at $70.81/bbl.
Dow: -10.09… | Nasdaq: -2.76… | S&P: +3.65…
NASDAQ Adv/Dec 1339/1341. …NYSE Adv/Dec 1405/1382.
10:35AM ET
[BRIEFING.COM] Oil is notably higher one day after President Trump terminated the Iran nuclear deal and imposed new sanctions against the third largest oil producer in OPEC. Yesterday's sell-the-news reaction has given way to new highs as oil prices hit a fresh four year high this morning.
WTI crude oil futures just hit new highs after the U.S. Energy Information Administration reported an unexpected draw in weekly inventories. The American Petroleum Institute also reported a draw in crude inventories last night. June WTI crude oil futures are up 3% at $71.11 (+2.05). July Brent oil futures are up 3.2% at $77.25/barrel (+2.40).
June Natural Gas futures are modestly (0.4%) higher at $2.742/MMBtu (+0.01).
The U.S. Dollar index is cooling off (-0.2%) after hitting a four-month high this week. Silver futures are up 1% at a two-week high at $16.63/oz (+0.16). June Gold futures are up 0.2% at $13.15.80 +2.10
Dow: +34.10… | Nasdaq: +13.87… | S&P: +9.37…
NASDAQ Adv/Dec 1448/1116. …NYSE Adv/Dec 1530/1237.
10:00AM ET
[BRIEFING.COM] Equity indices are still a tick higher, with the S&P 500 up 0.3%.
Just in, March Wholesale Inventories increased 0.3% (Briefing.com consensus +0.5%). The February reading was revised to +0.9% from +1.0%.
Dow: +18.28… | Nasdaq: +3.51… | S&P: +6.28…
NASDAQ Adv/Dec 1419/1191. …NYSE Adv/Dec 1560/1121.
09:40AM ET
[BRIEFING.COM] The major averages are slightly higher in the opening minutes, sporting gains between 0.1% and 0.2%.
Energy is the top-performing sector, up 1.7%, as WTI crude futures return to a three-and-a-half year high, while the materials (+0.7%) and industrials (+0.3%) sectors sit in second and third place, respectively. On the downside, utilities, telecom services, and real estate are the worst-performing groups, hovering a tick below their flat lines.
As a reminder, March Wholesale Inventories (Briefing.com consensus +0.5%) will be released at 10:00 AM ET.
Dow: +34.16… | Nasdaq: +6.44… | S&P: +5.71…
NASDAQ Adv/Dec 1450/1093. …NYSE Adv/Dec 1580/1021.
09:15AM ET
[BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +16.30.
The stock market is on track for a higher open, as the S&P 500 futures are trading seven points, or 0.3%, above fair value.
WTI crude futures are up 2.6% at $70.85 per barrel -- returning to a three-and-a-half year high after sliding on Tuesday -- and the yield on the benchmark 10-yr Treasury note is up four basis points at 3.01% -- just two basis points below the more than four-year high it hit two weeks ago. The U.S. Dollar Index, meanwhile, is down 0.2% at 92.79, ticking down from its best close of 2018.
Investors received the Producer Price Index for April earlier this morning, which came in slightly lower than expected, showing a month-over-month increase of 0.1% (Briefing.com consensus +0.2%). The core Producer Price Index, meanwhile, increased 0.2%, as expected. Year-over-year, the two indices are up 2.6% and 2.3%, respectively. Today's last economic report -- March Wholesale Inventories (Briefing.com consensus +0.5%) -- will be released at 10:00 AM ET.
In corporate news, Walmart (WMT 82.12, -3.63) is down 4.2% in pre-market trading after confirming that it will pay approximately $16 billion for a stake of around 77% in Flipkart Group, and Monster Beverage (MNST 49.30, -3.78) is down 7.1% after missing earnings estimates for the first quarter.
08:49AM ET
[BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +18.30.
The S&P 500 futures are trading 10 points, or 0.4%, above fair value.
Equity indices in the Asia-Pacific region ended Wednesday on a mixed note. An editorial in Yonhap noted that South Korea's economic growth is on track, but challenges are being posed by a competitive job market and uncertainty about the impact of new economic policies. Japan's Foreign Minister Taro Kono said his country supports the Iran nuclear deal and will cooperate with other nations to maintain the agreement.
In economic data:
Japan's March Leading Index 105.0 (expected 105.2; last 106.0) and March Coincident Indicator +0.4% month-over-month (last 1.3%). March Overtime Pay +1.8% year-over-year (last 1.0%) and Average Cash Earnings +2.1% year-over-year (expected 1.1%; last 1.0%)
New Zealand's April Electronic Card Retail Sales -2.2% month-over-month (expected 0.0%; last 1.5%); +0.8% year-over-year (last 6.0%)
---Equity Markets---
Japan's Nikkei lost 0.4%. Yokogawa Electric, TEPCO, Oki Electric, Daiichi Sankyo, Nikon, and Kirin Holdings fell between 3.3% and 12.1%. On the upside, Showa Denko, Asahi Group Holdings, and Tosoh rose between 4.1% and 7.3%.
Hong Kong's Hang Seng added 0.4%. PetroChina jumped 4.4% while Wharf Real Estate, CNOOC, China Petroleum & Chemical, and Want Want China gained between 2.2% and 3.3%.
China's Shanghai Composite shed 0.1%. Shanghai Diesel Engine, Aerospace Communications, Wuhan Hanshang, Wuhan DDMC Culture, and Hunan Copote Science & Technology lost between 3.1% and 5.9%.
India's Sensex added 0.3%. Tata Motors DV, Tata Consultancy, AXIS Bank, Yes Bank, Kotak Mahindra Bank, HDFC Bank, Infosys, and IndusInd Bank added between 0.2% and 3.8%.
Major European indices trade in mixed fashion with Italy's MIB (+1.1%) rebounding after yesterday's underperformance. There has been no significant progress on the government formation front, but there has been more speculation that Silvio Berlusconi's Forza Italia might step aside to allow a coalition composed of Lega and Movimento 5 Stelle. Mr. Berlusconi denied these reports yesterday, but they resurfaced once again today. In the UK, the House of Lords voted to keep Britain in the customs union after Brexit and removed the official Brexit date from the withdrawal bill.
In economic data:
Italy's March Retail Sales -0.2% month-over-month (expected 0.1%; last 0.7%); +2.9% year-over-year (last -0.6%)
France's March Industrial Production -0.4% month-over-month (expected 0.4%; last 1.1%)
Spain's March Industrial Production +5.1% year-over-year (consensus 3.3%; last 3.1%)
---Equity Markets---
France's CAC is lower by 0.1%. Automakers Peugeot and Renault hold respective losses of 1.4% and 0.6% while consumer names like Kering, Vivendi, Louis Vuitton, Danone, and Pernod Ricard show losses between 0.3% and 1.4%. On the upside, TechnipFMC is higher by 2.6%.
Germany's DAX is down 0.1%. Lufthansa has slid 3.9% while heavyweights like Merck, Volkswagen, Adidas, Bayer, and BASF show losses between 0.6% and 1.9%. Siemens has jumped 4.0% after beating estimates and raising its guidance.
UK's FTSE trades up 0.5%. Provident Financial has surged 7.8% in response to a positive update about the company's operations so far in 2018. Imperial Brands has spiked 5.4% after earnings while other consumer names like Sainsbury, British American Tobacco, Tesco, Unilever, and InterContinental Hotels hold gains between 0.3% and 1.5%.
Italy's MIB has climbed 0.8% with support from financials. Bper Banca, UBI Banca, Banco Bpm, UniCredit, FinecoBank, and Intesa Sanpaolo hold gains between 0.8% and 7.6%.
08:31AM ET
[BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +21.50.
The S&P 500 futures are trading nine points, or 0.4%, above fair value.
Just in, producer prices rose 0.1% in April (Briefing.com consensus +0.2%) and core producer prices increased 0.2% (Briefing.com consensus +0.2%). Year-over-year, producer prices are up 2.6% (down from 3.0% in March) and core producer prices have risen 2.3% (down from 2.7% in March).
08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +23.00.
Stocks look ready to resume their upward trend after taking a breather on Tuesday, as the S&P 500 futures are trading 11 points, or 0.4%, above fair value.
Investors are still digesting President Trump's Tuesday decision to pull the U.S. out of the Iran nuclear deal and reimpose the "highest level of economic sanctions" against Tehran. WTI crude futures soared 14.0% in the four weeks leading up to the president's decision, as the restoration of sanctions against Iran will likely decrease crude supply on the global market. WTI crude pulled back on Tuesday in a "sell the news" trade, but is now up 2.9% at $71.03/bbl, notching a fresh three-and-a-half year high.
Meanwhile, in the U.S. bond market, Treasuries have extended their Tuesday slide, pushing yields back to, or near, multi-year highs. The benchmark 10-yr yield, for instance, is up three basis points at 3.00%, hovering just three basis points below the more than four-year high it hit two weeks ago. Meanwhile, the 2-yr yield is up one basis point at 2.53%, which marks its highest level in nearly a decade.
Investors will receive several pieces of economic data later this morning, including the April Producer Price Index (Briefing.com consensus +0.3%) and core Producer Price Index (Briefing.com consensus +0.2%), both of which will be released at 8:30 AM ET, and March Wholesale Inventories (Briefing.com consensus +0.5%), which will be released at 10:00 AM ET. The weekly MBA Mortgage Applications Index was released earlier this morning, showing a decrease of 0.4%.
Also of note, the U.S. Dollar Index has slipped 0.1% to 92.85, ticking down from its newly-minted 2018 high.
In U.S. corporate news:
Disney (DIS 101.19, -0.60): -0.6% despite reporting better-than-expected quarterly earnings and revenues.
Marriott (MAR 137.50, -1.81): -1.3% after reporting above-consensus earnings, but below-consensus revenues for Q1.
Electronic Arts (EA 126.30, +2.41): +2.0% after beating top and bottom line estimates and announcing a $2.4 billion repurchase program.
Monster Beverage (MNST 48.95, -4.13): -7.8% after missing earnings estimates for Q1.
TripAdvisor (TRIP 46.12, +7.34): +18.9% after beating earnings and revenue estimates for Q1.
Reviewing overnight developments:
Equity indices in the Asia-Pacific region ended Wednesday on a higher note. Japan's Nikkei -0.4%, Hong Kong's Hang Seng +0.4%, China's Shanghai Composite -0.1%, India's Sensex +0.3%.
In economic data:
Japan's March Leading Index 105.0 (expected 105.2; last 106.0) and March Coincident Indicator +0.4% month-over-month (last 1.3%). March Overtime Pay +1.8% year-over-year (last 1.0%) and Average Cash Earnings +2.1% year-over-year (expected 1.1%; last 1.0%)
New Zealand's April Electronic Card Retail Sales -2.2% month-over-month (expected 0.0%; last 1.5%); +0.8% year-over-year (last 6.0%)
In news:
An editorial in Yonhap noted that South Korea's economic growth is on track, but challenges are being posed by a competitive job market and uncertainty about the impact of new economic policies.
Japan's Foreign Minister Taro Kono said his country supports the Iran nuclear deal and will cooperate with other nations to maintain the agreement.
Major European indices trade in mixed fashion with Italy's MIB (+1.1%) rebounding after yesterday's underperformance. France's CAC -0.1%, Germany's DAX -0.1%, UK's FTSE +0.5%.
In economic data:
Italy's March Retail Sales -0.2% month-over-month (expected 0.1%; last 0.7%); +2.9% year-over-year (last -0.6%)
France's March Industrial Production -0.4% month-over-month (expected 0.4%; last 1.1%)
Spain's March Industrial Production +5.1% year-over-year (consensus 3.3%; last 3.1%)
In news:
There has been no significant progress on the government formation front in Italy, but there has been more speculation that Silvio Berlusconi's Forza Italia might step aside to allow a coalition composed of Lega and Movimento 5 Stelle. Mr. Berlusconi denied these reports yesterday, but they resurfaced once again today.
In the UK, the House of Lords voted to keep Britain in the customs union after Brexit and removed the official Brexit date from the withdrawal bill.
07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: +12.80. Nasdaq futures vs fair value: +28.50.
05:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +27.30.
05:50AM ET
[BRIEFING.COM] Nikkei...22409...-99.80...-0.40%. Hang Seng...30536...+133.30...+0.40%.
05:50AM ET
[BRIEFING.COM] FTSE...7604.68...+38.90...+0.50%. DAX...12958.52...+46.30...+0.40%.
04:30PM ET
[BRIEFING.COM] The stock market ended Tuesday little changed as investors chewed on President Trump's decision to pull the U.S. out of the Iran nuclear agreement all the way through the closing bell. The Dow and the Nasdaq finished a tick higher, while the S&P 500 finished a tick lower. Small caps rallied though, pushing the Russell 2000 higher by 0.5%.
Stocks held steady ahead of the president's afternoon announcement, as investors weren't entirely sure as to what he would decide to do, but volatility picked up in the aftermath. Mr. Trump has frequently criticized the Iran nuclear deal, which lifted economic sanctions against Iran in exchange for limits on the country's nuclear program, and ultimately decided to reimpose the "highest level of economic sanctions" against Iran, effective immediately, because he felt the country was not honoring the agreement.
European allies -- including France, Germany, and the U.K. -- had encouraged Mr. Trump to stay in the agreement, which they signed alongside the U.S., Russia, and China back in 2015, and expressed regret following the president's decision, adding that they remain committed to the deal.
Crude oil futures and energy names were the focus on Wall Street, as U.S. sanctions on Iran -- which is OPEC's third-largest oil producer -- will undoubtedly reduce supply on the global crude oil market. WTI crude futures had a counter-intuitive reaction -- likely the result of a "buy the rumor, sell the news" trade -- and retreated from a more than three-year high, dropping 2.3% to $69.08 per barrel. The S&P's energy sector, meanwhile, was up and down following the decision, but eventually settled atop of the sector standings with a gain of 0.8%.
The financials and industrials sectors finished right behind energy, adding 0.7%, and information technology was the only other group to settle in the green, ticking up 0.3%. Within the financial space, Citigroup (C 71.00, +2.50) was the top-performer, rallying 3.7%, following news that activist investor ValueAct has built a $1.2 billion stake in the company. A rise in Treasury yields also helped the heavily-weighted financial space; the yield on the benchmark 10-yr Treasury note rose two basis points to 2.97%.
On the downside, seven groups finished in the red, with utilities (-2.5%) and telecom services (-1.3%) closing at the bottom of the sector standings; however, no other group lost more than 0.8%. The consumer discretionary space declined 0.5%, with Comcast (CMCSA 30.59, -1.80) showing particular weakness, losing 5.6%, following reports that it's planning a cash bid for the entertainment assets of 21st Century Fox (FOXA 37.99, -0.05) in an attempt to upend Disney's (DIS 101.79, -0.69) pursuit of those assets.
As for economic data, investors received just one report on Tuesday -- the March Job Openings and Labor Turnover Survey -- which showed that job openings increased to 6.550 million from a revised 6.078 million (from 6.052 million) in February. Wednesday's session will feature the release of the Producer Price Index for April (Briefing.com consensus +0.2%), Wholesale Inventories for March (Briefing.com consensus +0.5%), and the weekly MBA Mortgage Applications Index.
Dow: +2.89… | Nasdaq: +1.69… | S&P: -0.71…
NASDAQ Adv/Dec 1536/1294. …NYSE Adv/Dec 1485/1436.
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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