TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $9312.50 dollars or +186.25 points, Light Crude Oil CL ($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 @ $9312.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ 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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=155&t=2347


Also, posted below 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.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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=289&t=3100 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 TF 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 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 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


4:15 pm: [BRIEFING.COM] The stock market ended the Thursday affair under selling pressure as the influential technology sector (-1.4%) reversed early gains to end on the bottom of the leaderboard. Other contributing factors in today's trade included investor disappointment regarding the Bank of Japan's latest policy statement, an increase in M&A activity, an in-line reading of the advance estimate of Q1 GDP (+0.5%; Briefing.com consensus +0.9%), and the underperformance of the heavily-weighted technology (-1.4%), financial (-1.1%), and consumer discretionary (-1.1%) spaces. The Dow Jones Industrial Average (-1.2%) ended behind the tech-heavy Nasdaq (-1.2%) and the S&P 500 (-0.9%).

Today's session began under pressure as investors ruminated over the latest policy statement from the Bank of Japan and the advance reading of Q1 GDP. Overnight, the Bank of Japan surprised investors when it voted to leave its monetary policy unchanged. Participants had been expecting further easing measures from the central bank, given the recent rally in the yen and diminishing inflation expectations.

On the home front, the advance estimate of Q1 GDP (+0.5%; Briefing.com consensus +0.9%) missed the Briefing.com consensus, but fell roughly in-line with the Atlanta Fed's GDPNow model (+0.6%). While this number was in-line with market expectations it was still a a far cry from the Atlanta Fed's original estimate for the first quarter (+1.2%).

The major averages lifted from their opening levels as they found support from a rally in dollar-denominated commodities and early strength in the technology (-1.4%) and consumer discretionary (-1.1%) sectors. However, a final hour sell off would push the indices to new lows as the technology (-1.4%), energy (-1.4%), and financial (-1.1%) sectors rounded out the leaderboard. Conversely, countercyclical consumer staples (UNCH), utilities (-0.1%), and health care (-0.6%) finished in front of the pack.

In the energy space (-1.4%), independent oil and gas names demonstrated relative weakness as the broader sector succumbed to profit-taking pressure. The energy space is up 8.8% in the month of April, compared to a gain of 0.8% in the benchmark index over that period. Meanwhile, the energy component ended its pit session at $46.04 (+1.8%), but dropped to the $45.58/bbl level in electronic trade. Separately, Dow components Exxon Mobil (XOM 88.03, -0.43) and Chevron (CVX 102.40, -1.45) ended the day lower by a respective 0.5% and 1.4% ahead of tomorrow morning's quarterly reports.

The technology sector (-1.4%) helped lead the reversal in the broader market as heavily-weighted Apple (AAPL 94.80, -3.01) extended its post-earnings decline to 9.2%. Today's decline in the tech giant followed activist investor Carl Icahn revealed that he closed his position in the stock. Separately, fellow large caps Alphabet (GOOG 691.02, -14.82) and Microsoft (MSFT 49.93, -1.01) also fell to new lows in the final hour. Elsewhere, Facebook (FB 116.73, +7.84) trimmed early gains, but still ended the day higher by 7.2% after beating estimates for the quarter.

In the financial sector (-1.1%), asset management names demonstrated relative weakness as the sub-group traded lower in sympathy with Invesco (IVZ 31.49, -1.24). The company sank 3.8% after missing top- and bottom-line estimates for the first quarter. Separately, CME Group (CME 92.33, -2.13) fell 2.3% after reporting in-line results for the first quarter. The company also reported that the total average volume reached a record of 16.9 million contracts per day in the first-quarter of 2016.

The U.S. Dollar Index (93.75, -0.63) ended near its lows as the euro and the yen gained against the greenback. The euro/dollar pair finished higher by 0.3% (1.1355) while the dollar lost 3.0% against the yen (108.10).

The Treasury complex ended on its highs as the yield on the 10-yr note finished its day at 1.83% (-2 bps).

Today's participation was above the recent average as more than one billion shares changed hands on the NYSE floor.

Today's economic data included the advance reading of Q1 GDP and weekly initial claims:

First quarter real GDP increased at a seasonally adjusted annual rate of just 0.5% (Briefing.com consensus 0.9%). That was below expectations and the weakest quarter of growth since the first quarter of 2015, which was up just 0.6%.
The GDP Deflator was up 0.7% (Briefing.com consensus +0.6%).
This was not an uplifting GDP report, yet the market knew that was likely to be the case with the Atlanta Fed's GDPNow model tracking at 0.6%. Accordingly, the reaction to the headline print has been muted.
Personal consumption expenditures growth was a weak 1.9% in the first quarter; meanwhile, gross private domestic investment declined 3.5%, exports were down 2.6%, imports were up 0.2%, and government spending was up 1.2%.
There was a 1.27 percentage point contribution to Q1 GDP from personal consumption expenditures, which flowed almost entirely from a 1.24 percentage point contribution from spending on services.
Gross private domestic investment subtracted 0.6 percentage points as a 0.76 percentage point drag from nonresidential investment weighed heavily. Net exports subtracted 0.34 percentage points, and government spending added 0.2 percentage points.
The change in private inventories, which factors into the overall change in gross private domestic investment, subtracted 0.33 percentage points.
Real final sales of domestic product, which excludes the change in inventories, were up a scant 0.9% versus the prior 10-quarter average of 2.4%.
Initial claims for the week ending April 23 increased by 9,000 to 257,000 (Briefing.com consensus 259,000).
That was roughly in-line with expectations and marked the 60th straight week that claims have been below 300,000, which is the longest since 1973. In other words, no change really in the underlying trend.
The four-week moving average for initial claims decreased by 4,750 to 256,000, which is the lowest average since December 8, 1973.
Continuing claims for the week ending April 16 decreased by 5,000 to 2.130 million.
That dropped the four-week moving average to 2.158 million, which is the lowest average since November 11, 2000.

Tomorrow's economic data will include Core PCE Prices for March (Briefing.com consensus +0.1%), Personal Income for March (Briefing.com consensus 0.3%), Personal Spending for March (Briefing.com consensus 0.2%), and the Q1 Employment Cost Index (Briefing.com consensus 0.6%), which will each cross the wires at 8:30 ET. Meanwhile, Chicago PMI for April (Briefing.com consensus 53.3) and the final reading of the University of Michigan Consumer Sentiment Index for April (Briefing.com 90.0) will cross the wires at 9:45 ET and 10:00 ET, respectively.

Dow Jones +2.3% YTD
S&P 500 +1.6% YTD
Russell 2000 +0.4% YTD
Nasdaq Composite -4.0% YTD

3:30 pm: [BRIEFING.COM]

The dollar index trends lower, trading near its lows of the day, down -0.7% around the 93.76 level
Commodities, as measured by the Bloomberg Commodity Index, are up +0.6% at the 84.84 level
Crude oil sees a sustained rally all day, closing near today's highs in afternoon pit trading
June crude oil futures rose $0.83 (+1.8%) to $46.04/barrel
Natural gas plummets after the release of EIA nat gas storage data, closing near the lows of the day, making this the fourth consecutive day of losses
June natural gas closed $0.07 lower (-3.3%) at $2.08/MMBtu
EIA natural gas inventory released this morning showed a build of +73 bcf vs expectations for inventory to be a build of approximately +70 bcf
Working gas in storage was 2,557 Bcf as of Friday, April 22, 2016, according to EIA estimates
Stocks were 870 Bcf higher than last year at this time and 832 Bcf above the five-year average of 1,725 Bcf. At 2,557 Bcf, total working gas is above the five-year historical range
In precious metals, gold consolidates into an uptrend in the afternoon, closing near today's highs in afternoon pit trading
June gold ended today's session up $7.10 (+0.6%) to $1250.50/oz
Silver moved in tandem with gold, continuing its uptrend after an initial morning spike, closing near its highs of the day as well
May silver closed today's session $0.19 higher (+1.1%) at $17.30/oz
Base metal copper drifted lower in afternoon pit trading
May copper closed $0.02 lower (-0.9%) at $2.22/lb

3:00 pm:

[BRIEFING.COM] The stock market continues to ebb lower as the Dow Jones Industrial Average (-0.7%) trails the Nasdaq Composite (-0.4%), and the S&P 500 (-0.4%). The benchmark index trades one point off its session low.

The heavily-weighted technology (-0.7%), consumer discretionary (-0.6%), and financial (-0.5%) spaces continue to round out the board.

In the financial sector (-0.5%), CME Group (CME 92.65, -1.81) displays relative weakness after reporting in-line results for the first quarter. CME Group reported that the total average volume reached a record of 16.9 million contract per day in the first-quarter of 2016. The broader financial sector has gained 4.7% on a month to date basis, compared to a gain of 1.5% in the benchmark index.

Separately, consumer discretionary heavyweight Amazon (AMZN 605.93, -0.64) has surrendered a 3.3% gain ahead of its quarterly report, which will be released after today's close.

The Treasury complex trades on a higher note as the yield on the 10-yr note slips one basis point to 1.84%.

WTI crude ended its day higher by 1.8% at $46.04/bbl, extending its weekly gain to 5.2%.

2:30 pm:

[BRIEFING.COM] The major averages have slipped lower with the S&P 500 (-0.1%) trading neck-and-neck with the tech-heavy Nasdaq (-0.1%).

Two sectors trade in the green with countercyclical consumer staples (+0.3%) and health care (+0.3%) leading the pack. Conversely, heavily-weighted technology (-0.5%) and financials (-0.4%) round out the board.

The technology space erased a 0.6% gain to trade lower by 0.5%. Recently, heavily-weighted Apple (AAPL 96.09, -1.73) probed yesterday's low after activist investor Carl Icahn announced that he closed his position in the stock. Since reporting earnings yesterday morning, Apple has declined 7.9%. Elsewhere, Dow component IBM (IBM 147.69, -2.79) hovers above its session low as investors continue to ruminate over the company's revised credit outlook at Standard & Poor's. Meanwhile, high-beta chipmakers have extended their losses as the PHLX Semiconductor Index sports a decline of 1.2%. In the group, Xilinx (XLNX 43.51, -3.84) has slipped 8.1% after guiding first-quarter revenue below consensus. However, the company did raise its quarterly dividend 6.5% to $0.33 per share.

WTI crude trades higher by 1.5% ($46.01/bbl) ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have floated sideways since our last update as the Dow Jones Industrial Average (-0.4%) trails the S&P 500 (UNCH).

Seven sectors trade in the red with telecom services (-0.4%), financials (-0.3%), and materials (-0.2%) leading to the downside. In the consumer staples space (+0.4%), Colgate-Palmolive (CL 71.32, +2.01) outperforms after reporting in-line results for the first quarter. The company raised its earnings expectations for the year, seeing flat earnings when compared to 2015. Meanwhile, Monster Beverage (MNST 127.54, +4.11) has gained 3.3% ahead of its quarterly report tomorrow morning. The company is benefiting from a note from RBC Capital Markets, which voiced pessimism regarding the first quarter, but noted that risk-to-reward levels are balanced at the current price. The stock trades within 11.4% of its 52-week low.

Dollar-denominated commodities have extended their gains as the Dollar Index (93.77, -0.63) returns to its low. WTI crude trades higher by 1.6% at $46.04/bbl while gold ended its day higher by 1.3% (1$1,266.10/ozt).

On the currency front, the euro has gained 0.2% against the dollar (1.1345) while the dollar/yen pair trades lower by 3.1% (108.10).

1:35 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg lower since our previous update with the Nasdaq and S&P 500 slipping into negative territory.

A look inside the Dow Jones Industrial Average shows that IBM (IBM 147.82, -2.65), Cisco (CSCO 28.18, -0.45), & Microsoft (MSFT 50.20, -0.74) are underperforming. IBM is the Dow's biggest decliner after S&P revised its rating outlook to negative on revenue declines and challenges to restore operating growth.

Conversely, General Electric (GE 31.13, +0.20) is the best-performing Dow component as shares extend this weeks winning streak.

For the week, the DJIA is down 0.15%.

At the top of the hour, the Treasury's $28 bln 7-year auction was met with strong demand, drawing a high yield of 1.634% on a bid-to-cover of 2.65.

1:10 pm:

[BRIEFING.COM] The stock market trades on a mixed note at midday as investors weigh disappointing news from the Bank of Japan against the advance estimate of Q1 GDP (+0.5%; Briefing.com consensus +0.9%), which was largely in-line. Additionally, today's trade has featured an uptick in M&A activity, and the outperformance of the heavily-weighted health care (+0.3%), and consumer discretionary (+0.1%) spaces. The tech-heavy Nasdaq (+0.2%) trades in-line with the S&P 500 (+0.1%) and ahead of the Dow Jones Industrial Average (-0.2%).

Futures slid after the Bank of Japan disappointed investors with its decision to maintain its current policy stance and levels of monetary easing. The decision came despite a larger than expected decline in household spending (-5.3%; est. -4.2%) and shrinking National Core CPI (-0.3% year-over-year; est. -0.2%). As a result, overseas bourses and futures slipped with Japan's Nikkei (-3.6%) leading the downside.

Futures ticked up off their lows ahead of and following the release of the advance estimate of Q1 GDP (+0.5%; Briefing.com consensus +0.9%). The reading showed growth that missed the Briefing.com consensus, but fell roughly in-line with the Atlanta Fed's GDPNow model (+0.6%). Meanwhile, the broader market was able to shake some opening hour weakness as the heavily-weighted technology (UNCH) and consumer discretionary (+0.1%) sectors led the averages off their lows.

However, in recent action, the major indices have pulled back from their highs as five sectors trade in the red. Currently, telecom services (-0.4%), utilities (-0.1%), and financials (-0.1%) lead the downside while consumer staples (+0.6%), health care (+0.3%), and energy (+0.3%) top the board.

The technology space (UNCH) is rebounding from yesterday's 0.8% decline as heavyweight Facebook (FB 117.36, +8.47) buoys the group. Facebook beat top- and bottom-line estimates for the first quarter and announced that its advertising revenue jumped to $5.2 billion in the first quarter (+57.0% year-over-year). Meanwhile, PayPal (PYPL 40.79, +0.78) has gained 2.0% after reporting above-consensus results in its first quarter. The broader sector sports the largest loss in April, declining 3.4% over that period.

Today's session has seen a healthy dose of M&A activity within the heavyweight health care space (+0.3%). The two largest acquisitions include Sanofi's (SNY 43.13, -0.49) offer to acquire Medivation (MDVN 56.25, +4.20) for approximately $9.3 billion (or $52.50 per share) and Abbott Labs' (ABT 41.30, -2.52) acquisition of St. Jude Medical (STJ 78.83, +16.88) for $25.0 billion (or approximated $85.00 per share). Meanwhile, biotechnology shook early weakness as Celgene (CELG 108.67, +2.52) outperforms after beating bottom-line estimates for the first quarter.

The consumer discretionary space (+0.1%) has also benefited from some M&A news. Media name Comcast (CMCSA 61.53, +0.23) announced that it would acquire Dreamworks Animation (DWA 39.98, +7.78) for $41 per share. Meanwhile, fellow media name Viacom (VIAB 42.94, -0.85) has declined 1.9% after reporting a bottom-line beat on-in line revenue. The company also reported that its media network revenue declined 3.0% on a year-over-year basis. Separately, Amazon (AMZN 616.00, +9.43) has rebounded 1.6% ahead of its quarterly earnings report after today's close.

The energy sector has gained 0.3% as WTI crude shows a gain of 1.1% ($45.85/bbl). On a monthly basis, the broader sector has gained 10.6%.

The U.S. Dollar Index (93.83, -0.55) has moved lower as the euro, yen, and Canadian dollar all sport gains against the greenback. The euro/dollar pair has gained 0.2% (1.1340). Meanwhile the dollar has lost 2.9% against the yen (108.25) following the Bank of Japan's latest policy statement. Finally, the dollar has lost 0.4% against the commodity-sensitive Canadian dollar (1.2545).

The Treasury complex has slipped from its highs as the yield on the 10-yr note traverses a narrow range between 1.85% and 1.87%. Currently, the yield on the benchmark note rests at 1.86% (+1 bps).

Today's economic data included the advance reading of Q1 GDP and weekly initial claims:

First quarter real GDP increased at a seasonally adjusted annual rate of just 0.5% (Briefing.com consensus 0.9%). That was below expectations and the weakest quarter of growth since the first quarter of 2015, which was up just 0.6%.
The GDP Deflator was up 0.7% (Briefing.com consensus +0.6%).
This was not an uplifting GDP report, yet the market knew that was likely to be the case with the Atlanta Fed's GDPNow model tracking at 0.6%. Accordingly, the reaction to the headline print has been muted.
Personal consumption expenditures growth was a weak 1.9% in the first quarter; meanwhile, gross private domestic investment declined 3.5%, exports were down 2.6%, imports were up 0.2%, and government spending was up 1.2%.
There was a 1.27 percentage point contribution to Q1 GDP from personal consumption expenditures, which flowed almost entirely from a 1.24 percentage point contribution from spending on services.
Gross private domestic investment subtracted 0.6 percentage points as a 0.76 percentage point drag from nonresidential investment weighed heavily. Net exports subtracted 0.34 percentage points, and government spending added 0.2 percentage points.
The change in private inventories, which factors into the overall change in gross private domestic investment, subtracted 0.33 percentage points.
Real final sales of domestic product, which excludes the change in inventories, were up a scant 0.9% versus the prior 10-quarter average of 2.4%.
Initial claims for the week ending April 23 increased by 9,000 to 257,000 (Briefing.com consensus 259,000).
That was roughly in-line with expectations and marked the 60th straight week that claims have been below 300,000, which is the longest since 1973. In other words, no change really in the underlying trend.
The four-week moving average for initial claims decreased by 4,750 to 256,000, which is the lowest average since December 8, 1973.
Continuing claims for the week ending April 16 decreased by 5,000 to 2.130 million.
That dropped the four-week moving average to 2.158 million, which is the lowest average since November 11, 2000.

12:30 pm:

[BRIEFING.COM] The major U.S. indices have floated lower in recent action as the Nasdaq Composite (+0.2%) trades ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (-0.3%).

The leaderboard remains little changed with consumer staples (+0.4%) leading heavily-weighted technology (+0.2%), health care (+0.1%) and consumer discretionary (+0.1%).

The energy space (-0.2%) trades beneath its flat line as the sector narrows its April gain to 9.9%. This leads all the remaining sectors, with materials (-0.2%; month-to-date +6.3%) having the second-best showing.

In the energy sector, ConocoPhillips (COP 48.99, +0.88) has gained 1.8% after reporting a bottom-line beat in the first quarter. The company lowered its 2016 capital expenditure guidance from $6.4 billion to $5.7 billion. However, ConocoPhillips maintained its full-year production guidance for 1,525 thousand barrels of oil equivalents per day. Currently, WTI crude trades higher by 0.6% at $45.59/bbl. For the week, the energy component has gained 4.2%, compared to the gain of 1.7% in the broader energy sector.

12:00 pm:

[BRIEFING.COM] The major averages have ticked off their best levels with the S&P 500 (+0.1%) leading the Dow Jones Industrial Average (-0.2%).

Five sectors trade beneath their flat lines as telecom services (-0.5%), financials (-0.2%), and energy (-0.1%) sport the largest losses.

In the consumer discretionary space (+0.2%), Amazon (AMZN 620.35, +13.78) has jumped 2.3% after yesterday's 1.7% decline. The company is scheduled to release its quarterly report this evening. Elsewhere, Comcast (CMCSA 61.77, +0.47) has gained 0.8% after announcing that it will acquire Dreamworks Animation (DWA 39.95, +7.75) for $41 per share. On the earning front, Ford (F 14.07, +0.41) trades higher by 3.0% after beating bottom-line estimates on light revenue. The auto manufacturer reported that North American pre-tax profit came in at $3.1 billion, up from $1.5 billion last year. Separately, Chipotle Mexican Grill (CMG 430.85, +13.69) has ticked higher by 3.3% after yesterday's 6.4% post-earnings decline.

The U.S. Dollar Index (93.97, -0.41) has moved lower in recent action as the Canadian dollar gains against the greenback. The dollar/Canadian dollar pair trades lower by 0.4% at 1.2546. Meanwhile, the dollar remains down 2.7% against the yen (108.50) while the euro/dollar pair trades higher by 0.1% at 1.1329.

11:30 am:

[BRIEFING.COM] The stock market floats at session highs as the S&P 500 (+0.2%) trades 12 points off its session low.

Six sectors trade in the green with technology (+0.5%) and consumer discretionary (+0.3%) leading the pack. The remaining gainers show upticks between 0.1% (health care) and 0.2% (consumer staples).

In the technology space (+0.5%), heavyweight component Facebook (FB 118.95, +10.06) has gained 9.2% after reporting above-consensus results for the first quarter. The company announced that on June 20 stockholders will vote on whether or not to approve the creation of publicly listed non-voting Class-A shares. Elsewhere, Western Digital (WDC 47.16, +1.08) trades higher in sympathy with SanDisk (SNDK 76.77, +0.90). SanDisk reported above-consensus results for the first quarter and will not be holding a conference call given its pending acquisition by Western Digital. Meanwhile, Western Digital will report its first-quarter results after today's close. Separately, high-beta chipmakers underperform, evidenced by the 0.3% decline in the PHLX Semiconductor Index.

11:00 am:

[BRIEFING.COM] The major averages have ticked higher since our last update as the tech-heavy Nasdaq (+0.4%) leads the S&P 500 (UNCH).

Seven sectors trade in the red with countercyclical telecom services (-0.6%) and utilities (-0.5%) trailing financials (-0.4%) and materials (-0.3%).

In the health care group (-0.2%), merger and acquisition news dominates the space. The largest deal within the group is Abbott Labs' (ABT 41.25, -2.58) acquisition of St. Jude Medical (STJ 79.52, +17.57). The deal is valued at $25 billion or approximately $85 per share in cash and stock. Separately, Alexion Pharmaceuticals (ALXN 143.76, -7.02) underperforms after missing top- and bottom-line estimates for the first quarter. The company lowered its full-year earnings guidance below analysts' estimates. Gilead Sciences (GILD 100.44, -0.28) also underperforms ahead of this evening's quarterly report.

On the commodities front, WTI crude trades higher by 0.1% at $45.38/bbl. Meanwhile, natural gas has tumbled 3.0% ($2.09/MMbtu) after the EIA's Natural Gas Storage report showed a larger than expected build (73 bcf; est. 70 bcf).

10:45 am: [BRIEFING.COM]

The dollar index has been in the red all day, which is helping give commodities a boost
WTI crude oil is choppy today and is currently (June contract) +0.3% at $45.46/barrel
Natural gas slid lower today and was near today's low ahead of the storage data
Following the storage data, which showed a build of 70 bcf, nat gas extended losses a little
In current trade, June natural gas is now -3.2% at $2.08/MMBtu
Moving to metals, precious metals are showing some gains, while copper is modestly lower today
June gold is +0.6% at $1257.70/oz, while May silver is +0.3% at $17.34/oz
May copper -0.1% at $2.21/lb

10:00 am:

[BRIEFING.COM] The major averages have ticked off their opening levels as the Dow Jones Industrial Average (-0.4%) trails the S&P 500 (-0.1%). The benchmark index trades six points off its session low.

Eight sectors trade in the red while technology (+0.3%), consumer staples (+0.2%), and consumer discretionary (-0.1%) lead the pack.

In the consumer staples (+0.2%) space, tobacco names outperform as the sub-group trades higher in sympathy with Altria (MO 62.20, +0.65). The company reported a bottom-line beat on light revenue before today's open.

The U.S. Dollar Index (93.97, -0.42) remains broadly lower despite the yen and the euro giving back some gains. The euro/dollar pair trades higher by 0.1% (1.1334) after bouncing off the 1.1320 level. Meanwhile, the dollar has tumbled 2.6% against the yen to 108.59.

The Treasury complex has moved to its lows as the yield on the 10-yr note rises one basis point to 1.86%.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened its day on a a lower note as the Dow Jones (-0.4%) outpaced the losses in the S&P 500 (-0.3%) and the Nasdaq Composite (UNCH).

Seven sectors trade in the red with materials (-1.2%) and health care (-1.0%) leading to the downside. The remaining decliners show losses between 0.1% (consumer discretionary) and 0.6% (financials). On the flipside, technology (+0.5%), consumer staples (+0.2%), and telecom services (UNCH) sport the only gains of the day.

In the consumer discretionary space (-0.1%), media name Comcast (CMCSA 61.20, -0.10) has slipped 0.1% after announcing that it would acquire Dreamworks Animation (DWA 32.20, +0.00) for $41 per share in an all cash transaction.

The technology sector (+0.5%) outperforms as heavyweight Facebook (FB 119.90, +11.01) bolsters the space. The company announced above-consensus results for the first quarter after yesterday's close. Conversely, Apple (AAPL 96.70, -1.11) has extended its post-earnings decline.

On the commodities front, WTI crude has crossed its flat line as it trades higher by 0.3% $45.45/bbl. Separately, gold has gained 0.5% ($1,256.60/ozt).

9:19 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: +5.50.

The stock market is on track for a lower open as the S&P 500 futures trade nine points below fair value. Equity futures slid to lows following the Bank of Japan's decision to hold off on introducing more policy stimulus. The move surprised investors as they weighed weakening economic conditions and persistently low levels of inflation. As a result, Japan's Nikkei (-3.6%) led the losses as the yen strengthened. However, U.S. futures moved higher after the release of the advanced estimate of Q1 GDP (+0.5%). The estimate fell short of the Briefing.com consensus of +0.9% and the AtlantaFed's GDPNow model, which forecast GDP expansion at 0.6% for the first quarter.

In company specific news, Priceline (PCLN 1,335.00, -18.74) has slipped 1.4% following news that CEO Darren Huston will be stepping down. The CEO's departure comes amid allegations of a personal relationship with an employee. Meanwhile, M&A activity has dominated headlines in the health care sector as AbbVie (ABBV 58.63, -2.07) announced the acquisition of privately-held Stemcentrx for approximated $5.8 billion in cash and stock. Separately, Sanofi (42.86, -0.76) offered to acquire Medivation (55.86, +3.81) for $52.50 per share in an all-cash transaction. The hostile offer represents a premium of more than 50.0% to the two-month volume-weighted average.

The U.S. Dollar Index (93.92, -0.47) ticked off its overnight low shortly before the release of the advance reading of Q1 GDP. The greenback has since continued to trim its loss against the yen and the euro. The dollar/yen pair trades lower by 2.6% at 108.56 after ticking off the 108.00 level overnight. Meanwhile, the euro has gained 0.1% against the dollar (1.1333).

On the commodities front, dollar-denominated oil has struggled despite weakness in the greenback acting as a tailwind. Currently, WTI crude trades flat at $45.32/bbl. Conversely, gold has gained 0.6% ($1,257.60/ozt).

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -12.20. Nasdaq futures vs fair value: +0.40.

The S&P 500 futures trade 12 points below fair value.

Equity markets across Asia ended Thursday on a mostly lower note with Japan's Nikkei diving 3.6% after the Bank of Japan underdelivered with its latest policy statement. The central bank made no changes to its interest rate policy, but did announce a JPY300 billion, 0%, lending facility for companies affected by the Kumamoto earthquake. The yen surged on the news, dropping the dollar/yen pair into the neighborhood of this year's low near 108.00. Elsewhere, the Reserve Bank of New Zealand held pat, keeping its key rate at 2.25%, as expected.

In economic data:
Japan's March National CPI -0.1% year-over-year (expected 0.0%; previous 0.3%) and National Core CPI -0.3% year-over-year (expected -0.2%; last 0.0%). April Tokyo CPI -0.4% (expected -0.2%; last -0.1%) and Tokyo Core CPI -0.3%, as expected (previous -0.3%). March Household Spending +0.5% month-over-month (expected -0.3%; previous 1.7%); -5.3% year-over-year (consensus -4.2%; last 1.2%). March Industrial Production +3.6% month-over-month (expected 2.9%; last -5.2%), March Retail Sales -1.1% year-over-year (expected -1.5%; last 0.4%), and March Unemployment Rate 3.2% (expected 3.3%; last 3.3%). March Housing Starts +8.4% year-over-year (consensus -1.3%; last 7.8%) and BOJ Core CPI 1.1% (expected 1.2%; last 1.1%)
Australia's Q1 Import Price Index -3.0% quarter-over-quarter (expected -0.9%; last -0.3%) and Q1 Export Price Index -4.7% quarter-over-quarter (last -5.4%)
Singapore's Q1 Unemployment Rate held at 1.9%

---Equity Markets---

Japan's Nikkei lost 3.6% with all ten sectors ending in the red. The slide was paced by financials (-6.3%), industrials (-5.8%), and consumer discretionary (-4.0%). Nomura Holdings, Fanuc, Shizuoka Bank, Kobe Steel, JTEKT, Sumitomo Realty & Development, and Sumitomo Mitsui Financial posted losses between 6.0% and 10.1%. Only eight names ended in the green with Fuji Electric jumping 17.0%.
Hong Kong's Hang Seng shed 0.1%. Cathay Pacific Air was the weakest performer, falling 4.8%, while Galaxy Entertainment, China Resources Land, HSBC, and CNOOC lost between 0.6% and 2.5%. On the flip side, Petrochina gained 1.9% and Sino Land advanced 1.8%.
China's Shanghai Composite slipped 0.3%. CITIC Securities lost 0.6% while Hareon Solar, Zijin Mining, and Greattown Holdings lost between 0.4% and 3.5%.

Major European indices trade lower across the board as participants respond to the lack of action from the Bank of Japan after the market had gotten geared up for more easing. Regional investors received a full slate of economic data today, but that has not deterred the focus from global developments. The euro has inched up 0.2% against the dollar, which puts the pair near 1.1345.

In economic data:
Eurozone April Business and Consumer Survey 103.9 (expected 103.4; previous 103.0)
Germany's April Unemployment Change -16,000 (expected 4,000; previous -3,000) while the Unemployment Rate held at 6.2%, as expected
Spain's CPI +0.7% month-over-month (expected 1.1%; last 0.6%); -1.1% year-over-year (consensus -0.7%; last -0.8%). Q1 Unemployment Rate ticked up to 21.00% from 20.90% (expected 20.75%)
Italy's March Wage Inflation 0.0% month-over-month (previous 0.1%); +0.8% year-over-year (last 0.8%)

---Equity Markets---

France's CAC is lower by 1.4% with all but four names in the red. Airbus Group has plunged 6.5% in reaction to cautious guidance while Carrefour, Michelin, Renault, Schneider Electric, and Danone show losses between 1.8% and 2.3%.
Germany's DAX trades down 1.1% with Munich Re leading the decline. The asset manager has tumbled 4.8%. Utilities RWE and E.ON are both down near 3.0% while heavyweights Bayer, Siemens, BMW, and Daimler are down between 1.1% and 2.4%.
UK's FTSE has given up 1.0% with financials contributing to the retreat. Lloyds Banking, Prudential, HSBC, and Standard Chartered hold losses between 1.6% and 2.5%. On the upside, miners outperform with Anglo American, Rio Tinto, BHP Billiton, and Fresnillo up between 0.8% and 2.7%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -13.20. Nasdaq futures vs fair value: -4.20.

Equity futures slipped following the release of the advance estimate of first quarter GDP. Currently, the S&P 500 futures trade 13 points below fair value.

The advance estimate of first quarter GDP pointed to an expansion of 0.5%, while the Briefing.com consensus expected a reading of 0.9%. Meanwhile, the first quarter GDP Deflator came in at 0.7%, while the consensus expected a reading of 0.6%.

Separately, the latest weekly initial jobless claims count totaled 257,000 while the Briefing.com consensus expected a reading of 259,000. Today's tally compared to 248,000 in the prior week. As for continuing claims, they fell to 2.130 million from 2.135 million (revised from 2.137 million).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -1.50.

U.S. equity futures trade lower with the S&P 500 futures floating 13 points below fair value. Overseas bourses and futures slipped overnight as the latest policy statement from the Bank of Japan disappointed investors. The central bank held steady at its current easing levels despite lowering its inflation expectations. However, the BoJ also voiced its commitment to reaching its target of 2.0% inflation in about two years. In response, the yen surged against the dollar, dropping the dollar/yen pair 2.9% to the 108.20 level.

On the home front, investors have adopted a wait-and-see posture ahead of the 8:30 ET release of the advance reading of Q1 GDP (Briefing.com consensus +0.9%). Meanwhile, participants are also combing through the latest rounds of quarterly earnings reports. On that note, Facebook (FB 120.13, +11.24) reported above-consensus results as its advertising revenue jumped 57.0% on a year-over-year basis. This morning has also seen some news on the M&A front as Abbott Laboratories (ABT 41.12, -2.71) agreed to acquire St. Jude Medical (STJ 78.25, +16.30) for $25 billion.

The Treasury complex trades higher with the yield on the 10-yr note falling one basis points to 1.84%.

On the economic front, data will include the advance reading of Q1 GDP (Briefing.com consensus +0.9%) and weekly initial claims (Briefing.com consensus 259k), which will each cross the wires at 8:30 ET.

In U.S. corporate news of note:

Facebook (FB 120.13, +11.24): +10.3% after reporting a top- and bottom-line beat in Q1 and reporting that advertising revenue increased 57.0% year-over-year
St. Jude Medical (STJ 78.25, +16.30): +26.3% following the announcement that Abbott Laboratories (ABT 41.12, -2.71) will acquire the company for approximately $85 a share in a cash and stock transaction
Ford (F 13.31, +0.25): +1.8% after beating bottom-line estimates for the first quarter on light revenue
Dow Chemical (DOW 53.13, -0.47): -0.9% following the company reporting above-consensus bottom-line results on in-line revenue
Valeant Pharmaceuticals (VRX 35.95, +1.03): +3.0% after reports indicated that the company is set to announce substantial changes to its Board of Directors.
UPS (UPS 106.90, +0.44): +0.4% following the company beating bottom-line estimates on light revenue in Q1

Reviewing overnight developments:

Asian pacific markets ended lower with Japan's Nikkei -3.6%, China's Shanghai Composite -0.3%, and Hong Kong's Hang Seng -0.1%.
In economic data:
Japan's March National CPI -0.1% year-over-year (expected 0.0%; previous 0.3%) and National Core CPI -0.3% year-over-year (expected -0.2%; last 0.0%). April Tokyo CPI -0.4% (expected -0.2%; last -0.1%) and Tokyo Core CPI -0.3%, as expected (previous -0.3%). March Household Spending +0.5% month-over-month (expected -0.3%; previous 1.7%); -5.3% year-over-year (consensus -4.2%; last 1.2%). March Industrial Production +3.6% month-over-month (expected 2.9%; last -5.2%), March Retail Sales -1.1% year-over-year (expected -1.5%; last 0.4%), and March Unemployment Rate 3.2% (expected 3.3%; last 3.3%). March Housing Starts +8.4% year-over-year (consensus -1.3%; last 7.8%) and BOJ Core CPI 1.1% (expected 1.2%; last 1.1%)
Australia's Q1 Import Price Index -3.0% quarter-over-quarter (expected -0.9%; last -0.3%) and Q1 Export Price Index -4.7% quarter-over-quarter (last -5.4%)
Singapore's Q1 Unemployment Rate held at 1.9%
In news:
The Bank of Japan made no changes to its interest rate policy, but did announce a JPY300 billion, 0%, lending facility for companies affected by the Kumamoto earthquake.
The yen surged on the news, dropping the dollar/yen pair into the neighborhood of this year's low near 108.00.
The Reserve Bank of New Zealand held pat, keeping its key rate at 2.25%, as expected.

European indices trade broadly lower with France's CAC -1.5%, Germany's DAX -1.3%, and the U.K.'s FTSE -1.1%.
In economic data:
Eurozone April Business and Consumer Survey 103.9 (expected 103.4; previous 103.0)
Germany's April Unemployment Change -16,000 (expected 4,000; previous -3,000) while the Unemployment Rate held at 6.2%, as expected
Spain's CPI +0.7% month-over-month (expected 1.1%; last 0.6%); -1.1% year-over-year (consensus -0.7%; last -0.8%). Q1 Unemployment Rate ticked up to 21.00% from 20.90% (expected 20.75%)
Italy's March Wage Inflation 0.0% month-over-month (previous 0.1%); +0.8% year-over-year (last 0.8%)
In news:
The euro has inched up 0.2% against the dollar, which puts the pair near 1.1345

6:22 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -4.00.

6:22 am: [BRIEFING.COM] Nikkei...16666...-624.40...-3.60%. Hang Seng...21388...+26.40...+0.10%.

6:22 am: [BRIEFING.COM] FTSE...6264.68...-55.20...-0.90%. DAX...10180.84...-119.00...-1.20%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
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