TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
TheStrategyLab Reviews: http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
Stocktwits @ http://stocktwits.com/wrbtrader (24/7)
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 @ $437.50 dollars or +8.75 points, Light Crude Oil CL ($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 @ $437.50 dollars

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

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: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review. The live trade is posted 3.2 seconds on average after the trade confirmation 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), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility 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. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=171&t=2651

##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room. 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 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 brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. 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 and many different types of social media software can be used to log in. 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 trouble makers so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell. 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. Access instructions for 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=327&t=3486 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 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 04:25PM ET
Dow: +40.49… | Nasdaq: +0.19… | S&P: +3.02…
NASDAQ Vol: 1.87 bln… Adv: 1523… Dec: 1143…
NYSE Vol: 767.1 mln… Adv: 1733… Dec: 1182…

Moving the Market

Investors display caution as equities hover at record highs

Financial and technology stocks bounce back from early weakness

Sector Watch
Strong: Materials, Utilities, Telecom Services, Real Estate
Weak: Consumer Discretionary, Industrials
04:25PM ET

[BRIEFING.COM] Stocks were restricted to a pretty narrow range on Thursday as investors continued to chew on the GOP's tax reform outline--which was released in the prior session. The Dow (+0.2%), the Nasdaq (unch), and the S&P 500 (+0.1%) all settled with slim gains, but only the S&P 500 managed close at a new all-time high (2,510.06).

The benchmark index was not alone in finishing at a new record high, however, as the Dow Jones Transportation Average (+0.5%), the Russell 2000 (+0.3%), and the S&P MidCap 400 (+0.2%) also rewrote their respective record-high closing marks.

Conviction was weak at the macro level on Thursday, but there were several individual movers of note. For instance, Dow component McDonald's (MCD 157.49, +3.44) climbed 2.2% after Longbow Research upgraded the company's shares to 'Buy' from 'Neutral' on Thursday morning.

Health care giants AbbVie (ABBV 88.96, +4.21) and Abbott Labs (ABT 53.64, +1.49) touched new record highs, ending the day with gains of 5.0% and 2.9%, respectively. AbbVie rallied after reaching a settlement with Amgen (AMGN 185.46, +0.58) regarding the intellectual property rights of AbbVie's blockbuster drug Humira.

Meanwhile, ABT shares climbed after the FDA approved a new Abbott device that is able to monitor blood sugar levels without drawing blood.

On the flip side, Gilead Sciences (GILD 80.91, -2.95) dropped 3.5% after COO Kevin Young announced his plan to retire on Wednesday evening and RBC said that the consensus HCV estimate likely needs to come down. Mr. Young will remain with the company through the first quarter of 2018 and in an advisory capacity thereafter.

Roku (ROKU 23.50, +9.50) had a solid first day trading on the Nasdaq exchange, settling 67.9% above its IPO price of $14.00 per share. The company makes devices that allow its customers to stream media from the internet to their TVs--similar to Apple TV, Amazon Fire Stick, and Google Chromecast.

On the earnings front, BlackBerry (BBRY 10.47, +1.24) surged 13.4% after beating both top and bottom line estimates and issuing above-consensus guidance for fiscal year 2018. Conversely, Rite Aid (RAD 2.03, -0.25) plunged 11.0%, hitting its lowest level in more than four years, after missing revenue estimates.

Out of the S&P 500's 11 sectors, only two finished in negative territory--consumer discretionary (unch) and industrials (-0.1%). As for the rest, seven finished with gains of no more than 0.3% while the lightly-weighted materials (+0.7%) and real estate (+0.6%) groups exhibited relative strength.

In the bond market, shorter-dated issues finished Thursday in the green, overcoming early weakness; the yield on the 2-yr Treasury note slipped two basis points to 1.45%, but traded around 1.48% in the early morning. Meanwhile, the benchmark 10-yr yield settled flat at 2.31% after hovering around 2.33% at the opening bell.

Reviewing Thursday's batch of economic data, which included the third estimate of second quarter GDP, weekly Initial Claims, and Advance International Trade in Goods for August:

The third estimate of second quarter GDP pointed to an expansion of 3.1%, while the Briefing.com consensus expected a reading of 3.0%. The second estimate came in at 3.0% last month.
The key takeaway from the report is that it was driven by a pickup in both consumer and business spending, which is typically a good mix for accelerating economic growth.
The latest weekly initial jobless claims count totaled 272,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was above the revised prior week count of 260,000 (from 259,000). As for continuing claims, they declined to 1.934 million from the revised count of 1.979 million (from 1.980 million).
The key takeaway from the report is that initial claims held below 300,000 despite the impact of the hurricanes. This points to continued tightness in the labor market and should ultimately translate into lower readings in the coming weeks as the hurricane impact diminishes.
The Advance report for International Trade in Goods for August showed a deficit of $62.9 billion (Briefing.com consensus -$65.1 billion), down from a revised deficit of $63.9 billion for July (from -$65.1 billion).

On Friday, investors will receive several pieces of economic data, including August Personal Income (Briefing.com consensus +0.2), Personal Spending (Briefing.com consensus +0.1%), and core PCE Prices (Briefing.com consensus +0.2%) at 8:30 ET, September Chicago PMI (Briefing.com consensus 58.0) at 9:45 ET, and the final reading of the University of Michigan Consumer Sentiment Index for September (Briefing.com consensus 95.4) at 10:00 ET.

Nasdaq Composite +19.9% YTD
Dow Jones Industrial Average +13.3% YTD
S&P 500 +12.1% YTD
Russell 2000 +9.7% YTD

Dow: +40.49… | Nasdaq: +0.19… | S&P: +3.02…

NASDAQ Adv/Dec 1523/1143. …NYSE Adv/Dec 1733/1182.

02:55PM ET

[BRIEFING.COM] The S&P 500 (+0.1%), the Russell 2000 (+0.2%), the S&P MidCap 400 (unch), and the Dow Jones Transportation Average (+0.4%) are all eyeing record-high closes moving into the final stretch.

Looking ahead, investors will receive several pieces of economic data on Friday morning, including August Personal Income (Briefing.com consensus +0.2), Personal Spending (Briefing.com consensus +0.1%), and core PCE Prices (Briefing.com consensus +0.2%) at 8:30 ET, September Chicago PMI (Briefing.com consensus 58.0) at 9:45 ET, and the final reading of the University of Michigan Consumer Sentiment Index for September (Briefing.com consensus 95.4) at 10:00 ET.

KB Home (KBH 22.08, +0.47) is the only notable company scheduled to report earnings this evening; no notable companies are on tomorrow's docket.

Dow: +32.99… | Nasdaq: -7.12… | S&P: +1.65…

NASDAQ Adv/Dec 1549/1204. …NYSE Adv/Dec 1553/1338.

02:30PM ET

[BRIEFING.COM] Equities are trading mixed this afternoon; the Dow (+0.2%) and the S&P 500 (+0.1%) show modest gains while the Nasdaq (-0.1%) holds a slim loss.

The S&P 500 is on track to finish today's session at yet another record high--which would mark its 38th record close this year. The benchmark index's 2017 campaign has been led by the influential technology and health care sectors, which hold year-to-date gains of 25.9% and 18.2%, respectively. For comparison, the S&P 500 has added 12.1% so far this year.

Also of note, the Dow Jones Transportation Average (+0.4%) and the small-cap Russell 2000 (+0.2%), both of which are considered leading indicators, are also on track to settle today's session at fresh record highs.

Dow: +39.96… | Nasdaq: -6.36… | S&P: +2.10…

NASDAQ Adv/Dec 1600/1134. …NYSE Adv/Dec 1576/1306.

02:00PM ET

[BRIEFING.COM] The Nasdaq (unch) has popped into positive territory for the first time today in recent action and is in striking distance of its record close (6,461.32).

Chipmakers began the day on the back foot, but have since strengthened, pushing the PHLX Semiconductor Index (+0.6%) higher for the second day in a row. Micron Technology (MU 38.45, +1.36) is leading the semiconductor advance once again today, climbing another 3.7% to bring its post-earnings advance to 12.5%.

Micron impressed investors on Tuesday evening, reporting better-than-expected earnings and revenues and issuing upbeat guidance.

Unsurprisingly, the top-weighted technology sector (+0.1%) has moved in tandem with the semiconductors and currently trades at its best mark of the day. However, its top component by market cap--Apple (AAPL 153.51, -0.73)--is struggling to keep pace following two straight days of gains. AAPL shares are down 0.5%.

Dow: +48.63… | Nasdaq: +2.20… | S&P: +3.62…

NASDAQ Adv/Dec 1633/1139. …NYSE Adv/Dec 1540/1323.

01:30PM ET

[BRIEFING.COM] The major averages continue hovering near their flat lines with the Nasdaq (-0.1%) showing a slight loss while the S&P 500 is up just 0.1%, but still on track to register yet another record close.

Lightly-weighted materials (+0.6%) and telecom services (+0.5%) sit comfortably in the green while the remaining nine sectors trade within 0.3% of their respective flat lines. Top-weighted groups have not been particularly active, as technology, financials, consumer discretionary, and industrials all trade little changed.

The U.S. Treasury auctioned $28 billion in 7-yr notes at the top of the hour. The offering was met with strong demand as the high yield of 2.130% stopped through the when-issued 2.141% by more than a basis point. The bid-to-cover ratio of 2.70 exceeded the 12-auction average of 2.53. Indirect bidders received 70.6% of the issue while direct bidders took 19.0%, leaving primary dealers with 10.4%. Treasuries trade mostly lower, but off their morning highs. The 10-yr yield is up one basis point at 2.32%.

Dow: +44.76… | Nasdaq: -4.87… | S&P: +2.49…

NASDAQ Adv/Dec 1552/1202. …NYSE Adv/Dec 1454/1404.

01:05PM ET

[BRIEFING.COM] Investors have been sitting on their hands today as they continue to digest the GOP's updated tax reform outline, which was released yesterday. The S&P 500 (+0.1%) is flirting with its record-high close (2,508.24) and currently hovers near its best mark of the day. The Dow (+0.2%) exhibits relative strength while the Nasdaq (-0.1%) exhibits relative weakness.

Wall Street has been pretty quiet overall today, but there have been some notable individual movers. For instance, BlackBerry (BBRY 10.75, +1.51) has spiked 16.4% after reporting better-than-expected earnings and revenues and issuing above-consensus guidance for fiscal year 2018.

Conversely, Rite Aid (RAD 2.02, -0.25) has plunged 11.4%, hitting its lowest level in more than four years, after missing revenue estimates.

Outside of earnings, Abbott Labs (ABT 53.87, +1.72) and AbbVie (ABBV 89.74, +4.99) have climbed 3.3% and 5.9%, respectively, helping the influential health care sector (+0.4%) keep ahead of the broader market. Both companies are trading at new all-time highs.

ABT shares are up after the FDA approved a new Abbott device that is able to monitor blood sugar levels without drawing blood. Meanwhile, ABBV shares have rallied following news that the company reached a settlement with Amgen (AMGN 185.93, +1.03) to dismiss all pending litigation involving the intellectual property rights of AbbVie's blockbuster drug Humira.

Like health care, the materials sector (+0.6%) is trading at the top of today's leaderboard, with Freeport-McMoran (FCX 14.52, +0.53) pacing the advance. FCX shares have jumped 3.8% following reports that the company could get an extension for negotiating rights over the Grasberg copper mine--the third largest copper mine in the world.

McDonald's (MCD 157.89, +3.84) performance is also worth noting as the company has climbed 2.5% in today's session after Longbow Research upgraded MCD shares to 'Buy' from 'Neutral' this morning. The fast-food giant is the Dow's top performer by a relatively wide margin.

In IPO news, Roku (ROKU 21.30, +7.30) began trading on the Nasdaq at $15.78 per share this morning and has since climbed to a price of $21.30 per share--which is about 52.2% above its IPO price of $14.00 per share. The company makes devices that allow its customers to stream media to their TVs.

U.S. Treasuries have retraced their early-morning losses over the course of the day, sending the benchmark 10-yr yield back to its unchanged mark (2.32%). The 2-yr Treasury note shows particular strength, with its yield down one basis point at 1.46%.

Reviewing Thursday's batch of economic data, which included the third estimate of second quarter GDP, weekly Initial Claims, and Advance International Trade in Goods for August:

The third estimate of second quarter GDP pointed to an expansion of 3.1%, while the Briefing.com consensus expected a reading of 3.0%. The second estimate came in at 3.0% last month.
The key takeaway from the report is that it was driven by a pickup in both consumer and business spending, which is typically a good mix for accelerating economic growth.
The latest weekly initial jobless claims count totaled 272,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was above the revised prior week count of 260,000 (from 259,000). As for continuing claims, they declined to 1.934 million from the revised count of 1.979 million (from 1.980 million).
The key takeaway from the report is that initial claims held below 300,000 despite the impact of the hurricanes. This points to continued tightness in the labor market and should ultimately translate into lower readings in the coming weeks as the hurricane impact diminishes.
The Advance report for International Trade in Goods for August showed a deficit of $62.9 billion (Briefing.com consensus -$65.1 billion), down from a revised deficit of $63.9 billion for July (from -$65.1 billion).

Dow: +44.61… | Nasdaq: -5.73… | S&P: +2.26…

NASDAQ Adv/Dec 1549/1197. …NYSE Adv/Dec 1495/1354.

12:30PM ET

[BRIEFING.COM] The major averages trade mixed this afternoon; the Dow (+0.2%) and the S&P 500 (+0.1%) are up modestly while the Nasdaq (-0.1%) holds a slim loss.

Dow component McDonald's (MCD 158.10, +4.05) has climbed above its 50-day simple moving average (157.25) today, adding 2.6%, after Longbow Research upgraded MCD shares to 'Buy' from 'Neutral' this morning. The fast food giant is currently the strongest company within the Dow by a relatively wide margin.

On the flip side, United Technologies (UTX 115.83, -1.35) is the worst-performing Dow component, dropping 1.1%, following a two week rally--in which UTX shares climbed 6.3%. The company settled above its 50-day simple moving average (116.31) for the first time in two months yesterday, but now trades below the key technical level.

With the end of the quarter fast approaching, the Dow holds a quarter-to-date gain of 4.9%--which is notably better than the S&P 500's quarterly gain of 3.5%.

Dow: +43.25… | Nasdaq: -8.10… | S&P: +1.26…

NASDAQ Adv/Dec 1471/1282. …NYSE Adv/Dec 1393/1431.

12:00PM ET

[BRIEFING.COM] Equity indices continue to trade near their recent levels, with the S&P 500 hovering right at its unchanged mark. For the month, the benchmark index is up 1.4%.

The materials sector (+0.5%) is hovering at the top of today's sector standings, continuing its relatively strong September performance; the sector is currently up 3.2% month-to-date. Freeport-McMoran (FCX 14.36, +0.35)--one of the world's top copper miners--exhibits relative strength (+2.5%) amid a rally in the copper futures market. The price of copper is currently up 1.4% at $2.97/lb

In the bond market, U.S. Treasuries are mostly lower moving into the afternoon session, but are up from their worst marks of the day. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.33% while the 2-yr yield is flat at 1.47%.

However, the increase in interest rates haven't translated into greater demand for the dollar, evidenced by the 0.2% decline in the U.S. Dollar Index (93.04, -0.23).

Dow: +33.09… | Nasdaq: -13.44… | S&P: +0.09…

NASDAQ Adv/Dec 1304/1432. …NYSE Adv/Dec 1248/1553.

11:30AM ET

[BRIEFING.COM] The major averages have not changed since the last update.

Nine of the eleven sectors hover within 0.2% of their unchanged marks. The only two groups to trade outside this range are the materials and health care spaces, which hold gains of 0.5% and 0.4% respectively. The top-weighted technology (-0.1%) and financials (-0.2%) sectors show relative weakness, acting as a drag on the broader market.

Roku (ROKU 18.22, +4.22) began trading on the Nasdaq at $15.78 per share this morning and has since climbed to a price of $18.22 per share--which is about 29.9% above its IPO price of $14.00 per share. The company is a household name and makes devices that allow its customers to stream media to their TVs.

Dow: +24.44… | Nasdaq: -11.99… | S&P: -0.29…

NASDAQ Adv/Dec 1303/1442. …NYSE Adv/Dec 1136/1679.

11:00AM ET

[BRIEFING.COM] Equity indices are trading slightly above where they opened Thursday's session, with the Dow (+0.1%) showing relative strength.

The influential health care sector (+0.4%) is hovering at the top of today's leaderboard, thanks in part to Abbott Labs (ABT 54.22, +2.04) and AbbVie (ABBV 89.60, +4.85), which have climbed 4.1% and 6.0%, respectively. ABT shares are trading at a fresh all-time high after the FDA approved a new Abbott device that is able to monitor blood sugar levels without drawing blood.

Meanwhile, ABBV shares are also hovering at a new record high after AbbVie and Amgen (AMGN 187.15, +2.27) reached a settlement to dismiss all pending litigation involving the intellectual property rights of AbbVie's blockbuster drug Humira.

Today's advance trims the health care sector's week-to-date loss to 0.2%.

Dow: +11.57… | Nasdaq: -12.49… | S&P: -0.67…

NASDAQ Adv/Dec 1210/1500. …NYSE Adv/Dec 1136/1660.

10:30AM ET

[BRIEFING.COM] Commodities begin the day lower:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently down 0.14% at 84.7218
Dollar index is down 0.27% at 93.11.
Oct WTI crude is higher this morning.
Futures are $0.19 higher to $52.33/barrel.
In other energy, Oct natural gas is down $0.037 at $3.024/MMBtu
Natural gas inventory showed a build of 58 bcf vs a build of 97 bcf in the prior week.
On to metals:
Dec gold has lost $0.80 and trades at $1287.00/oz, while Sept silver has dropped $0.002 to $16.825/oz
Sept copper has gained $0.0055 to $2.935/lb
Finally, agriculture:
Dec corn is $0.025 lower at $3.515/bu.
Nov soy is down $0.0375 at $9.6175/bu.
Dec wheat is down $0.045 at $4.57/bu.

Dow: -6.33… | Nasdaq: -7.07… | S&P: -0.99…

NASDAQ Adv/Dec 1147/1537. …NYSE Adv/Dec 1030/1725.

09:55AM ET

[BRIEFING.COM] The major averages continue drifting near their opening marks, with the Dow showing a loss of 0.1%.

Within the Dow, fast-food giant McDonald's (MCD 156.60, +2.62) is the top performer, climbing 1.7%, after Longbow upgraded the company's shares to 'Buy' from 'Neutral' this morning. On the flip side, Boeing (BA 252.83, -2.46) and DowDuPont (DWDP 68.06, -0.74) are the weakest Dow components, dropping around 1.0% apiece.

For the week, the industrial average lags behind its peers, showing a loss of 0.1%. The S&P 500 and the Nasdaq currently hold week-to-date gains of 0.1% apiece.

Dow: -22.27… | Nasdaq: -18.69… | S&P: -1.89…

NASDAQ Adv/Dec 1023/1610. …NYSE Adv/Dec 1142/1564.

09:45AM ET

[BRIEFING.COM] The stock market opened Thursday's session in negative territory, but losses have been modest thus far; the S&P 500 is down 0.1% while the Nasdaq shows a loss of 0.3%.

Most sectors trade in the red with losses ranging from 0.1% to 0.4%. The lightly-weighted utilities group (-0.4%) is hovering at the bottom of the leaderboard, while the top-weighted technology sector (-0.3%) performs only slightly better. On the flip side, the energy sector (+0.7%) exhibits relative strength, extending its week-to-date gain to 2.4%.

U.S. Treasuries have ticked up in recent action, but still trade mostly lower. The yield on the benchmark 10-yr Treasury note is up two basis points at 2.33% while the 2-yr yield is flat at 1.47%.

Dow: -28.24… | Nasdaq: -20.09… | S&P: -1.87…

NASDAQ Adv/Dec 1011/1558. …NYSE Adv/Dec 1225/1448.

09:11AM ET

[BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -20.20.

The U.S. equity market looks poised to open Thursday's session in negative territory, giving back a good chunk of yesterday's modest advance. The S&P 500 futures currently trade four points, or 0.2%, below fair value while the tech-heavy Nasdaq 100 futures show relative weakness (-0.3%).

In earnings news, Accenture (ACN 134.70, -1.94) is down 1.4% in pre-market action despite reporting better-than-expected earnings and revenues. Conversely, BlackBerry (BBRY 9.95, +0.72) is up 7.8% after beating both top and bottom line estimates and issuing above-consensus guidance.

WTI crude futures are up 0.8% at $52.49/bbl this morning, extending their week-to-date gain to 3.6%. Likewise, the S&P 500's energy sector, which typically moves in tandem with the price of crude oil, is trading at the top of this week's sector standings with a gain of 1.8%. For comparison, the S&P 500 has added 0.2% this week.

U.S. Treasuries are trading lower once again today, sending yields higher for the third session in a row; the 2-yr yield is up one basis point at 1.48% while the benchmark 10-yr yield is up three basis points at 2.34%. Despite the higher yields, the U.S. Dollar Index is down 0.1% at 93.16 following three straight days of gains.

Reviewing today's batch of economic data, which included the third estimate of second quarter GDP, weekly Initial Claims, and Advance International Trade in Goods for August:

The third estimate of second quarter GDP pointed to an expansion of 3.1%, while the Briefing.com consensus expected a reading of 3.0%. The second estimate came in at 3.0% last month.
The latest weekly initial jobless claims count totaled 272,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was above the revised prior week count of 260,000 (from 259,000). As for continuing claims, they declined to 1.934 million from the revised count of 1.979 million (from 1.980 million).
The Advance report for International Trade in Goods for August showed a deficit of $62.9 billion (Briefing.com consensus -$65.1 billion), down from a revised deficit of $63.9 billion for July (from -$65.1 billion).

Investors will not receive any additional economic data on Thursday.

08:50AM ET

[BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -19.30.

The S&P 500 futures trade four points, or 0.1%, below fair value.

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. News of property curbs being implemented in another Chinese city weighed on property stocks in Hong Kong. South Korea's Finance Minister Kim Dong-yeon said that South Korean growth is firm despite the threat from the North. Japan's Prime Minister Shinzo Abe said the upcoming election will be a fight over a say in developing Japan's future. Mr. Abe will be challenged by popular Tokyo Governor Yuriko Koike, who formed Party of Hope in recent days. The Reserve Bank of New Zealand left its official cash rate unchanged at 1.75%, as expected.

In economic data:
Japan's Foreign Bonds Buying JPY233.60 billion (last JPY384.20 billion) and Foreign Investment in Japanese Stocks -JPY923.90 billion (last -JPY918.60 billion)

---Equity Markets---

Japan's Nikkei rose 0.5%. Tokai Carbon spiked 14.9% while Showa Denko, Familymart, Mazda Motor, Yamaha Corp, Toho, Komatsu, Daikin Industries, Yamato Holdings, and Isuzu Motors advanced between 2.0% and 7.5%.
Hong Kong's Hang Seng lost 0.8%. Geely Automobile lost 3.5% while financials like Ping An Insurance, China Life Insurance, Bank of China, ICBC, and China Construction Bank lost between 0.9% and 2.7%. Henderson Land, China Overseas, Link Reit, and SHK Properties shed between 0.2% and 0.9%. On the upside, Want Want China rose 2.5%.
China's Shanghai Composite shed 0.2%. Shandong Jiangquan Industry, Giti Tire, Wuhan DDMC Culture, Fangda Carbon New Material, and Yibin Paper Industry lost between 3.9% and 4.9%.
India's Sensex added 0.4%, recording its first advance in eight days. Dr. Reddy's Labs climbed 2.6% while Maruti Suzuki, AXIS Bank, HDFC Bank, SBI, and Housing Development Finance gained between 0.8% and 2.1%.

Major European indices trade near their flat lines with the UK's FTSE (-0.3%) showing relative weakness. Bank of England Governor Mark Carney spoke in London, saying that the central bank will aim to achieve the inflation goal in a smooth way and that the economy will be supported through the Brexit adjustment.

In economic data:
Eurozone September Business and Consumer Survey 113.0 (expected 112.0; last 111.9)
Germany's October GfK Consumer Climate 10.8 (expected 11.0; last 10.9)
Spain's August Retail Sales +1.6% year-over-year (expected 2.4%; last 1.2%). September CPI +0.2% month-over-month (expected 0.1%; last 0.2%); +1.8% year-over-year, as expected (last 1.6%)

---Equity Markets---

UK's FTSE is lower by 0.3% with consumer stocks on the defensive. Carnival is down 3.0% while Imperial Brands has surrendered 3.4% in reaction to a trading update. Dixons Carphone, ITV, Next, Burberry, British American Tobacco, TUI, and Tesco are down between 0.5% and 1.8%. On the flip side, Barclays, Aviva, Prudential, and Provident Financial show gains between 0.3% and 1.1%.
France's CAC trades up 0.1%. TechnipFMC leads with a gain of 3.7% while financials like Credit Agricole, Societe Generale, and AXA are up between 0.2% and 0.8%. On the downside, consumer names like Carrefour, Louis Vuitton, and L'Oreal are down between 0.2% and 0.7%.
Germany's DAX has added 0.3% with Deutsche Bank in the lead, rising 3.2%. Fresenius ST, Fresenius SE, Bayer, BASF, and Siemens have advanced between 0.5% and 1.4% while Lufthansa is the weakest performer, falling 0.8%.

08:35AM ET

[BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -21.90.

The S&P 500 futures trade five points, or 0.2%, below fair value.

Just in, the third estimate of second quarter GDP pointed to an expansion of 3.1%, while the Briefing.com consensus expected a reading of 3.0%. The second estimate came in at 3.0% last month.

Separately, the latest weekly initial jobless claims count totaled 272,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was above the revised prior week count of 260,000 (from 259,000). As for continuing claims, they declined to 1.934 million from the revised count of 1.979 million (from 1.980 million).

The Advance report for International Trade in Goods for August showed a deficit of $62.9 billion (Briefing.com consensus -$65.1 billion), down from a revised deficit of $63.9 billion for July (from -$65.1 billion).

07:56AM ET

[BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -15.40.

Equity futures are slightly lower this morning as investors continue to digest the GOP's latest tax reform outline, which sent the stock market modestly higher on Wednesday. The S&P 500 futures are currently hovering three points, or 0.1%, below fair value.

U.S. Treasuries are trading lower once again today, sending yields higher for the third session in a row; the 2-yr yield is up one basis point at 1.48% while the benchmark 10-yr yield is up three basis points at 2.34%. Despite the higher yields, the U.S. Dollar Index is down 0.2% at 93.12 following three straight days of gains.

WTI crude futures are up 1.0% at $52.67/bbl, extending their week-to-date gain to 4.0%. The commodity currently trades more than 20.0% above its June lows, meeting the definition of a bull market. Likewise, the S&P 500's energy sector is trading at the top of the weekly leaderboard with a gain of 1.8%.

Investors will receive several pieces of economic data today, including the third estimate of second quarter GDP (Briefing.com consensus +3.0%), weekly Initial Claims (Briefing.com consensus 275K), and Advance International Trade in Goods for August (Briefing.com consensus -$65.1 billion). All three reports will be released at 8:30 ET.

Looking ahead, tomorrow's economic calendar will most notably feature August Personal Income (Briefing.com consensus +0.2%), Personal Spending (Briefing.com consensus +0.1%), and core PCE Prices (Briefing.com consensus +0.3%)--which is the Fed's preferred measure of inflation and, therefore, will be watched closely.

In U.S. corporate news:

Accenture (ACN 135.00, -1.64): -1.2% despite reporting better-than-expected earnings and revenues.
Philip Morris (PM 113.00, +1.39): +1.3% after Goldman added PM shares to its 'Conviction Buy List.'
BlackBerry (BBRY 9.81, +0.58): +6.3% after beating both top and bottom line estimates and issuing above-consensus guidance.
Rite Aid (RAD 2.20, -0.08): -3.5% after reporting worse-than-expected revenues.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended Thursday on a mixed note. Japan's Nikkei +0.5%, Hong Kong's Hang Seng -0.8%, China's Shanghai Composite -0.2%, India's Sensex +0.4%.
In economic data:
Japan's Foreign Bonds Buying JPY233.60 billion (last JPY384.20 billion) and Foreign Investment in Japanese Stocks -JPY923.90 billion (last -JPY918.60 billion)
In news:
News of property curbs being implemented in another Chinese city weighed on property stocks in Hong Kong.
South Korea's Finance Minister Kim Dong-yeon said that South Korean growth is firm despite the threat from the North.
Japan's Prime Minister Shinzo Abe said the upcoming election will be a fight over a say in developing Japan's future. Mr. Abe will be challenged by popular Tokyo Governor Yuriko Koike, who formed Party of Hope in recent days.
The Reserve Bank of New Zealand left its official cash rate unchanged at 1.75%, as expected.

Major European indices trade near their flat lines. UK's FTSE -0.3%, France's CAC +0.1%, Germany's DAX +0.3%.
In economic data:
Eurozone September Business and Consumer Survey 113.0 (expected 112.0; last 111.9)
Germany's October GfK Consumer Climate 10.8 (expected 11.0; last 10.9)
Spain's August Retail Sales +1.6% year-over-year (expected 2.4%; last 1.2%). September CPI +0.2% month-over-month (expected 0.1%; last 0.2%); +1.8% year-over-year, as expected (last 1.6%)
In news:
Bank of England Governor Mark Carney spoke in London, saying that the central bank will aim to achieve the inflation goal in a smooth way and that the economy will be supported through the Brexit adjustment.

05:58AM ET

[BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -4.50.
05:58AM ET

[BRIEFING.COM] Nikkei

...20363...+96.10

...+0.50%

Hang Seng...27422...-220.80...-0.80%

05:58AM ET

[BRIEFING.COM] FTSE...7319.69...+6.20...+0.10%

DAX...12697.52...+40.10...+0.30%

04:30PM ET

[BRIEFING.COM] The U.S. equity market moved into positive territory for the week on Wednesday as investors cheered the GOP's latest tax reform outline. Small caps led the rally, sending the Russell 2000 (+1.9%) to a new record high for the fourth session in a row. The Nasdaq (+1.2%) easily outperformed the S&P 500 (+0.4%) while the Dow (+0.3%) finished a tick behind.

Market participants received the tax reform framework on Wednesday morning, but it contained few surprises as many of the details were leaked to the media beforehand. President Trump gave a speech on the plan in the late afternoon, but provided little to no new information.

Some of the most notable highlights of the plan include cutting the corporate tax rate to 20% from 35%, doubling the standard deduction, and reducing the number of tax brackets to three (or possibly four) from seven. The individual tax rates would be set at 12%, 25%, and 35%, with a fourth option for the highest earners.

Details on how the government will make up for the immediate loss in tax revenue were limited. This topic will likely be an area of contention for the GOP going forward as many conservatives are opposed to the idea of driving up the federal deficit, which would probably be necessary to fund the tax overhaul--at least in the short term.

U.S. Treasuries finished broadly lower in a curve-steepening trade that left the 2-yr yield three basis points higher at 1.47% and the 10-yr yield eight basis points higher at 2.31%. The S&P 500's financial sector (+1.3%) outperformed as lenders cheered the steepening of the yield curve, which bodes well for their earnings prospects.

The information technology sector, the only sector more influential than financials, also soundly outpaced the broader market, moving higher by 1.1%. These two sectors exhibited relative strength throughout the session, keeping the broader market afloat during a long stretch of morning weakness.

Equity indices opened Wednesday's session with modest gains, but quickly retreated toward their flat lines. Sentiment picked back up in the early afternoon, sending the major averages to new session highs. At its worst mark of the day, the S&P 500 held a loss of 0.03% and, at its best, held a gain of 0.6%--marking an all-time high (2,511.75).

Three of the eleven sectors finished with notable losses on Wednesday--utilities (-1.4%), real estate (-0.8%), and consumer staples (-0.7%)--while only one, in addition to technology and financials, settled with a notable gain--consumer discretionary (+0.5%).

In earnings news, Micron Technology (MU 37.09, +2.91) jumped 8.5%, hitting its best level since the dot-com bubble, after beating both top and bottom line estimates and issuing upbeat guidance. The bullish sentiment radiated throughout the semiconductor space, sending the PHLX Semiconductor Index higher by 2.4%.

Conversely, Dow component Nike (NKE 52.67, -1.03) dropped 1.9% after the athletic footwear and apparel company topped earnings expectations for its fiscal first quarter on scant revenue growth and issued a disappointing gross margin outlook for the fiscal second quarter.

Reviewing Wednesday's economic data, which included August Durable Goods Orders, August Pending Home Sales, and the weekly MBA Mortgage Applications Index:

August durable goods orders rose 1.7%, which is more than the 0.7% increase expected by the Briefing.com consensus. The prior month's reading was left unrevised at -6.8%. Excluding transportation, durable orders increased 0.2% (Briefing.com consensus +0.2%) to follow the prior month's revised uptick of 0.8% (from 0.5%).
The key takeaway from the report is that it showed a continued pickup in business spending and a favorable translation of that increased activity for Q3 GDP forecasts.
Pending Home Sales for August declined 2.6% (Briefing.com consensus -0.4%). Today's reading follows an unrevised 0.8% decrease in July.
The weekly MBA Mortgage Applications Index decreased 0.5% to follow last week's 9.7% decline.

On Thursday, market participants will receive several pieces of economic data, including the third estimate of second quarter GDP (Briefing.com consensus +3.0%), weekly Initial Claims (Briefing.com consensus 275K), and Advance International Trade in Goods for August (Briefing.com consensus -$65.1 billion). All three reports will be released at 8:30 ET.

The Nasdaq and the S&P 500 will enter Thursday's session with week-to-date gains of 0.4% and 0.2%, respectively, while the Dow will enter flat.

Nasdaq Composite +19.9% YTD
Dow Jones Industrial Average +13.1% YTD
S&P 500 +12.0% YTD
Russell 2000 +9.4% YTD

Dow: +56.39… | Nasdaq: +73.10… | S&P: +10.20…

NASDAQ Adv/Dec 1705/854. …NYSE Adv/Dec 1650/1286.

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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 will be useful for you.

Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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