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 Post subject: March 10th Thursday 2011 (No Trades Personal Day Off)
PostPosted: Fri Mar 11, 2011 9:54 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Quote:
Today is a planned personal day off from trading as was yesterday because I wanted to spend family time with my kids that's on a one week winter break from school. I'll return to trading on Friday March 11th. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...click here.

Trade Performance for Today: +0.00 points or $0.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
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.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=88&t=778.

Also, posted below are direct links to information about my 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).

Image WRB Analysis Tutorials @ 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=5&t=180.

Image 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 trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=135&t=965

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Image CNNMoney.com - Stocks Fall Sharply On Global, Economic Fears
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer
March 10, 2011: 4:20 PM ET

NEW YORK (CNNMoney) -- U.S. stocks plunged into a deep sea of red on Thursday, as economic fears at home and political concerns in Saudi Arabia weighed heavily on investor sentiment.

At the preliminary close, the Dow Jones industrial average (INDU) tumbled 228 points, or 1.9%, to end at 11,985. It was the worst point drop in the Dow since August 11.

All but one of the Dow's 30 components closed lower in Thursday's session. Energy and materials stocks were among the hardest hit, with Exxon Mobil (XOM, Fortune 500), Caterpillar (CAT, Fortune 500) and Chevron (CVX, Fortune 500) all retreating 3% or more.

The S&P 500 (SPX) lost 25 points, or 1.9%, to close at 1,295; and Nasdaq Composite (COMP) lost 51 points, or 1.8%, to 2,701.

Thursday's selling accelerated in the afternoon following news reports saying police in Saudi Arabia had fired shots or grenades at anti-government protestors. Protestors had reportedly scheduled a "Day of Rage" similar to the one that occurred in Egypt earlier this year.

Oil, which had been down as much as 3% earlier, erased the bulk of its losses following the reports.

Investors are worried the situation in oil-rich Saudi Arabia could deteriorate further, adding to the massive ongoing violence in Libya.

Saudi Arabia is a major oil producer, said Prudential Financial market strategist Quincy Krosby. "You don't know where this Saudi issue is going to go but you do know it's the country that could really cause supply disruptions."

Bond prices rose as investors fled to the safety of government-backed investments.

Wave after wave of disappointing or disconcerting economic data has put heavy pressure on U.S. stocks. Before the open, investors got a wider U.S. trade gap and a worse-than-expected jobless benefit claims report.

"Now we're back focusing on the economy," said Marc Pado, chief equity strategist with Cantor Fitzgerald.

Economy: The U.S. trade balance for January widened to $46.3 billion -- a five-month high. The gap was much wider than the $41.5 billion forecast, according to a consensus estimate from Briefing.com.

Initial unemployment benefit claims rose more than expected in the latest week to 397,000, the Labor Department said. The increase was due partly to a catch-up effect from the President's Day holiday the previous week.

World markets: Asian markets fell after China reported a surprise trade deficit, as imports outpaced exports in February for the first time in nearly a year.

In Europe, the debt crisis made headlines again after credit agency Moody's cut Spain's credit rating. Moody's downgraded Greece's debt another notch earlier this week.

* Pimco's Gross dumps U.S. debt

"All the data both here and abroad seems to be conspiring to attack investor attitudes today," said Jack Ablin, chief investment officer at Harris Private Bank.

The major European indexes closed sharply lower on Thursday. Britain's FTSE 100 lost 1.6%, the DAX in Germany fell 1% and France's CAC 40 declined 0.8%.

Moody's cut Spain's government bond rating to Aa2 with a negative outlook from Aa1, and said further downgrades are possible.

Asian markets ended sharply lower. The Shanghai Composite fell 1.5%, the Hang Seng in Hong Kong slid 0.8% and Japan's Nikkei tumbled 1.4%.

Companies: Starbucks (SBUX, Fortune 500) and Green Mountain Coffee (GMCR) announced a deal that will put Starbucks coffee into Green Mountain's K-Cup single-cup brewing packets.

Shares of Green Mountain jumped 41%, while Starbucks shares were up nearly 10% on the deal.

Shares of hospital chain HCA (HCA) rose 4% on the day of its initial public offering. HCA priced its initial public offering at $30 per share, raising an estimated $3.8 billion for both the company and existing shareholders. It is considered to be the largest private-equity backed IPO in U.S. history, according to Renaissance Capital.

Radio station operator Cumulus Media (CMLS) shares fell 8%, after it announced it was purchasing Citadel Broadcasting for $2.4 billion.

Currencies and commodities: The dollar rose against its main trading partners, including the euro, the Japanese yen and the British pound.

Gold futures for April delivery fell $17.60 to $1,412 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.37% from 3.47% late Wednesday.

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Image Yahoo! Finance - Market Update

4:30 pm : Following a barrage of negative headlines the S&P 500 closed below its 50-day moving average for the first time in six months, but its one-month low of 1294 remained intact.

Stocks slumped at the start of trade as the tone turned decidedly negative among participants. The force of the sell-off was the culmination of several key headlines. Among them, China reported a surprise trade deficit of about $7 billion for February. Additionally, Japan revised its fourth quarter GDP downward to reflect a 1.3% drop. Asia's major averages all moved sharply lower and the yen lost ground against the greenback.

Europe also had a hand in stirring selling interest. Analysts at Moody's downgraded Spain's debt and issued a negative outlook. That sent Spain's IBEX to a 1.2% loss. The downgrade also weighed on Europe's other major bourses. Mixed industrial production data out of the continent and a downturn in Germany's trade balance to 10.1 billion euros during January didn't help the tone of trade there.

Selling in Europe extended to the continent's chief currency, the euro, which fell 0.8% to $1.379. The British pound was imbued by the weakness, such that it fell 0.9% to $1.605. The pound was uninspired by news that the Bank of England opted to keep its target interest rate at 0.5% and leave its 200 billion pound asset purchase plan intact.

As for domestic data, initial jobless claims for the week ended March 5 totaled 397,000. They had been expected, on average, among economists polled by Briefing.com to come in at 382,000. A negative bias among participants framed the tally as being greater than expected, rather than remaining below 400,000.

Trade deficit data didn't do anything to help improve the mood among traders. The deficit for January totaled $46.3 billion, up from $40.3 billion in the prior month. A $41.5 billion deficit had been widely expected.

Despite widespread weakness at the open of trade, stocks tried to gradually trim their losses. However, sellers redoubled their efforts and dropped the broad market to a session low when it was reported that shots were fired at protestors in Saudi Arabia. The reaction was indicative of the headline risk related to the social and political volatility in the Middle East and North Africa.

Prior to the report out of Saudi Arabia, oil prices had been under sharp pressure. The energy component had actually fallen below $101 per barrel, but quickly rallied back in response to the news. It still finished with a 1.6% loss at $102.70 per barrel. Though trade in recent sessions was largely determined by the price of oil, its drop today mattered less to a market that returned its focus toward macro-related headlines.

There weren't many advancing issues this session. In fact, about 95% of the names in the S&P 500 logged losses as the benchmark index settled near session lows, which were just above the key one-month low set about two weeks ago.

Advancing Sectors: (None)
Declining Sectors: Energy (-3.6%), Materials (-2.2%), Financial (-2.1%), Tech (-2.0%), Industrials (-2.0%), Health Care (-1.6%), Utilities (-1.2%), Consumer Discretionary (-1.0%), Consumer Staples (-0.7%), Telecom (-0.6%)DJ30 -228.48 NASDAQ -50.70 NQ100 -1.7% R2K -2.6% SP400 -1.9% SP500 -24.91 NASDAQ Adv/Vol/Dec 383/2.37 bln/2257 NYSE Adv/Vol/Dec 474/1.15 bln/2511

3:30 pm : Commodities finished lower across the board, with softs leading all decliners. May sugar prices fell 5.6% to close at $0.2781 per pound in the broad based sell off. Strength in the dollar also weighed on sugar prices.

April crude oil settled lower by 1.6% to $102.70 per barrel, well above its session lows at $100.62 per barrel. Crude oil spiked sharply in afternoon trade following reports that Saudi police in the eastern city of Qatif fired shots and stun grenades at several hundred protestors. Note that the eastern portion of the country is where the largest population of the minority Shiites is located. The protestors were defying a ban put in place by the Saudi government ahead of the planned "Day of Rage" rallies, one of which is scheduled for tomorrow. April natural gas shed 2.3% to close at $3.83 per MMBtu. This morning's smaller than expected draw down in sent prices to lows, and natural gas was never able to recover from there.

Weakness in the dollar and weakness in crude oil weighed on precious metals today. April gold finished lower by 1.1% to $1412.50 per ounce, while April silver dropped 2.4% to close at $35.27 per ounce. Both metals did spike on the heels of crude oil's rally, but finished largely lower on the day. DJ30 -221.14 NASDAQ -49.94 SP500 -23.85 NASDAQ Adv/Vol/Dec 387/1.9 bln/2219 NYSE Adv/Vol/Dec 450/793.3 mln/2531

3:00 pm : The S&P 500 is having a hard time pushing past the the 1300 line, but the dollar has extended its advance so that it now trades at a fresh session high with a 0.7% gain against competing currencies, namely the euro and British pound. The euro's slide stems from news that Moody's downgraded the debt of Spain and issued a negative outlook. The pound has been imbued by the euro's retreat, but it hasn't helped that the Bank of England announced this morning that it will keep its target interest rate at 0.5% and leave its 200 billion pound asset purchase plan intact.DJ30 -191.85 NASDAQ -42.57 SP500 -20.39 NASDAQ Adv/Vol/Dec 407/1.76 bln/2186 NYSE Adv/Vol/Dec 479/741 mln/2490

2:30 pm : The Dow is still down 200 points. Of its 30 members, only McDonald's (MCD 76.96, +1.18) and Wal-Mart (WMT 52.88, +0.21) are in higher ground. IBM (IBM 162.20, -3.66) is one of the weakest Dow components today.

While widespread weakness has taken its toll on blue chips, small-cap stocks are in even worse shape. Specifically, the Russell 2000 Small-Cap Index is down 2.2%; its decliners outnumber its advancing issues by almost 16-to-1. Princeton Review (REVU 0.54, -0.28) is one of the worst performing small-cap plays. DJ30 -203.43 NASDAQ -44.59 SP500 -21.57 NASDAQ Adv/Vol/Dec 376/1.66 bln/2203 NYSE Adv/Vol/Dec 436/695 mln/2521

2:00 pm : Stocks extended their recent pullback to fresh session lows. The move took the S&P 500 down to the 1294 line, which matches the monthly low that was set two weeks ago. Support there has helped stocks make a modest rebound effort, though.

In the wake of the stock market's downturn, which followed reports of shots fired on protestors in Saudi Arabia, the Volatility Index is back up to a 7% gain. It had been up about 8% this morning, but had pulled back as stocks attempted to pare losses during trade this morning and early afternoon. DJ30 -210.89 NASDAQ -45.66 SP500 -22.38 NASDAQ Adv/Vol/Dec 359/1.53 bln/2207 NYSE Adv/Vol/Dec 405/642 mln/2542

1:30 pm : A sudden bout of selling pressure has knocked stocks off of recently reached session highs. The reversal coincides with a bounce in oil prices, which are now back at $103 per barrel with a 1.3% loss. The rebound by oil has been attributed to news that police have fired on Saudi protestors.

The stock market's pullback has helped Treasuries extend a recent rally, which began on the back of results from an auction of 30-year Bonds. The auction drew a bid-to-cover of 3.02, dollar demand of $39.3 billion, and an indirect bidder participation rate of 40.7%. For comparison, the prior auction drew a bid-to-cover of 2.51, dollar demand of $40.2 billion, and an indirect bidder participation rate of 43.1%. The reason the bid-to-cover looks so strong is that last month's results were based off an auction size of $16 billion versus this month's $13 billion.DJ30 -212.78 NASDAQ -47.77 SP500 -22.69 NASDAQ Adv/Vol/Dec 442/1.35 bln/2093 NYSE Adv/Vol/Dec 522/555 mln/2396

1:00 pm : Stiff selling at the open dropped the S&P 500 below its 50-day moving average for the first time in more than three months amid several disappointing headlines, which have overshadowed a sharp pullback in oil prices.

All major overseas markets moved lower in response to China's surprise $7 billion trade deficit, Japan's downwardly revised fourth quarter GDP figure, and Moody's decision to downgrade Spain's debt and issue a negative outlook. That brought about a negative bias even before domestic data was posted.

The latest initial weekly jobless claims count came in at 397,000, which is more than what had been widely expected. The silver lining, though, is that the count stayed below 400,000. Separately, the U.S. trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. The Treasury's monthly budget statement is due at 2:00 PM ET.

The flurry of negative news items after a dearth of data during recent days stirred widespread selling. Although stocks have gradually worked their way off of session lows, more than 90% issues in the S&P 500 are still in the red.

The dramatic drop this session has come without regard for a sharp pullback in oil prices, which are currently down 2.5% to $101.75 per barrel after they had been at a two-year high near $107 per barrel earlier this week amid escalated concerns about the implications of social and geopolitical volatility in the Middle East and North Africa.

The confluence of weak broad market action and a retreat by oil has cut the energy sector down to a 2.8% loss. Energy is currently the worst performing sector in the broader market.

However, lower oil prices have helped airline stocks ascend above the broader market's bloodshed. As such, the Amex Airline Index is up 0.4%.

Corporate news has been of little consequence to the broader market, but Starbucks (SBUX 37.78, +3.24) and Green Mountain Coffee (GMCR 60.90, +17.23) have both spiked after announcing a strategic relationship. H&R Block (HRB 15.97, +0.78) is also a top performer following its latest quarterly report. DJ30 -148.22 NASDAQ -34.22 SP500 -16.23 NASDAQ Adv/Vol/Dec 369/1.22 bln/2161 NYSE Adv/Vol/Dec 419/510 mln/2498

12:30 pm : Stocks have slipped a bit in recent trade. Buyers had been defending many of the market's dips during the past couple of hours.

Treasuries have eased back in recent trade, too. They are still up with slight gains ahead of results from an auction of 30-year Bonds at the top of the hour.

Volatility has cooled since this morning, when the Volatility Index (VIX) was up about 8%. The VIX is now up less than 3%. DJ30 -178.68 NASDAQ -44.48 SP500 -19.96 NASDAQ Adv/Vol/Dec 356/1.11 bln/2162 NYSE Adv/Vol/Dec 439/465 mln/2470

12:00 pm : Stocks are at their best levels since the stock market's gap down at the open. Weakness is still widespread in that more than 90% of the names in the S&P 500 are in the red.

NetApp (NTAP 47.94, -3.60) and Peabody Energy (BTU 61.93, -3.38) are the two worst performing stocks in the S&P 500 by percent lost. They are down about 7.2% and 5.3%, respectively. At the other end of the spectrum is Starbucks (SBUX 37.14, +2.60), which is up more than 7% after announcing it has entered into a strategic relationship with Green Mountain Coffee (GMCR 57.90, +14.26). H&R Block (HRB 16.23, +1.04) is also a top performer following its latest quarterly report. DJ30 -145.61 NASDAQ -39.02 SP500 -16.39 NASDAQ Adv/Vol/Dec 349/993 mln/2133 NYSE Adv/Vol/Dec 406/427 mln/2477

11:30 am : Stocks are trying to trim their losses, but the effort has been slow moving. In turn, stocks continue to trade with steep losses.

Of the major sectors in the S&P 500, energy is in the worst shape. The sector's 3.1% loss is largely underpinned by a concerted push against oil and gas equipment plays (-3.4%) and oil and gas drillers (-3.2%) amid oil's 2.7% drop to $101.57 per barrel. At its session low, oil contracts traded hands at $100.62 per barrel. Oil's retreat in the past few sessions comes after it had staged a torrid rally to almost $107 per barrel amid fears about the implications of social and geopolitical volatility in the Middle East and North Africa. Although the region still carries considerable headline risk, the market's concern has cooled a bit. DJ30 -178.80 NASDAQ -43.81 SP500 -19.22 NASDAQ Adv/Vol/Dec 301/853 mln/2173 NYSE Adv/Vol/Dec 335/372 mln/2530

11:00 am : Semiconductor stocks continue to get slammed. Their 1.8% drop today comes on top of a 3.0% dive yesterday. Although semiconductor issues eked out a 0.1% gain on Tuesday, that was really a lackluster follow-up to their 2.7% loss on Monday and 1.1% loss on the Friday before.

Among semiconductor-related names, Micron (MU 9.75, -0.56) is in the worst shape as it endures a 6% loss. In contrast, Cree (CREE 47.83, +0.84) is a top performer as it sports a near 2% gain after being upgraded by analysts at Credit Agricole. DJ30 -171.64 NASDAQ -45.03 SP500 -18.94 NASDAQ Adv/Vol/Dec 277/700 mln/2174 NYSE Adv/Vol/Dec 310/310 mln/2532

10:30 am : Like stocks, commodities are caught up in a broad-based sell-off. As such, every single commodity in the CRB Commodity Index is in the red. That has taken the CRB down 1.6%, which makes for its worst single-session slide since January.

A 3.0% drop in oil prices to $101.25 per barrel is putting the most pressure on the CRB Index. Oil prices are now down more than 5% from the two-year high that they set earlier this week.

Natural gas prices have extended their downturn to trade with a 3.3% at $3.80 per MMBtu in the wake of inventory data for the week ended March 4. Inventories had a draw of 71 bcf, which is less than the expected draw of 78 bcf.

Precious metals have been hit hard. Specifically, gold prices are down 1.2% to $1412 per ounce. Silver prices have slumped to a 2.5% loss at $35.14 per ounce. DJ30 -201.35 NASDAQ -48.56 SP500 -21.76 NASDAQ Adv/Vol/Dec 255/485 mln/2135 NYSE Adv/Vol/Dec 280/225 mln/2519

10:00 am : Stocks are attempting to stabilize after suffering a precipitous drop at the open. Losses remain deep and broad, though. In fact, 95% of the issues in the S&P 500 are in the red.

Amid the bloodshed, airline stocks have actually put together a 0.1% gain, as measured by the Amex Airline Index. The bid for airline shares comes as oil prices push down to $102 per barrel, which makes for a 2.3% loss.

Advancing Sectors: (None)
Declining Sectors: Energy (-3.0%), Materials (-2.2%), Industrials (-1.9%), Tech (-1.8%), Financial (-1.7%), Health Care (-1.4%), Consumer Discretionary (-1.2%), Utilities (-0.8%), Telecom (-0.7%), Consumer Staples (-0.6%)DJ30 -195.60 NASDAQ -46.99 SP500 -21.28 NASDAQ Adv/Vol/Dec 237/255 mln/2067 NYSE Adv/Vol/Dec 233/125 mln/2496

09:45 am : Early selling has taken the S&P 500 beneath its 50-day moving average so that it trades within close range of its one-month low. Weakness is widespread.

Volatility has been stoked by this morning's slide. As such, the Volatility Index, often euphemistically tagged as the "Fear Gauge," is up more than 7%.

Weakness among stocks and heightened expectations for volatility has helped drive Treasuries higher. In turn, the yield on the benchmark 10-year Note is down to 3.44%, which puts it weekly lows. DJ30 -191.13 NASDAQ -47.15 SP500 -20.97 NASDAQ Adv/Vol/Dec 269/60 mln/1870 NYSE Adv/Vol/Dec 246/45 mln/1934

09:15 am : S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -28.80. Participants had taken their cues from oil prices in recent sessions, but this morning they are ignoring oil's drop below $103 per barrel because of several disappointing headlines, including Moody's decision to downgrade Spain's debt and issue a negative outlook, China's surprise $7 billion trade deficit, and Japan's downwardly revised fourth quarter GDP figure. U.S. data hasn't been encouraging either; initial weekly jobless claims may have stayed below 400,000, but they were greater than expected at 397,000. Meanwhile, the U.S. trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. The Treasury's monthly budget statement is due at 2:00 PM ET. Weakness among stocks has given a lift to Treasuries, which are only up fractionally at the moment. Treasuries staged a strong rally in the prior session with help from a successful auction of 10-year Notes. Results from an auction of 30-year Bonds are due today at 1:00 PM ET. As for the dollar, it is currently sitting at session highs as it sports a 0.6% gain against a collection of competing currencies.

09:05 am : S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -27.30. Disappointing data out of Asia and the decision by Moody's to downgrade Spain's debt and issue a negative outlook have dragged down Spain's IBEX to a 1.3% loss. Financials, down 2.0%, are the worst performers there. As such, Banco Santander (STD) is a primary source of weakness; it has dropped to a 2.3% loss so that it trades at its lowest level in almost two months. Europe's other major market averages have been imbued by the announcement, such that Germany's DAX is down 1.1%. Infineon Tech and Commerzbank having the most damaging impact on broad market action. SAP AG has been a source of support, though. According to data, Germany's January trade balance came in at 10.1 billion euros, down from 12.2 billion euros in December. France's CAC is currently off by 0.8% amid relatively widespread weakness. Total (TOT), BNP Paribas, and Societe Generale are the heaviest drags on trade. Sanofi-Aventis (SNY) has snapped back from its prior session loss, though. France reported that industrial production during January increased by 1.0%, which isn't quite as strong as the 0.2% increase recorded for December. France's manufacturing production increased 1.8% in January after a 0.2% decline in December, though. Britain's FTSE has fallen to a 1.2% loss. Metals and mining plays Rio Tinto (RIO), BHP Billiton (BHP), and Anglo American are in some of the worst shape. GlaxoSmithKline (GSK) and Vodafone (VOD) have managed to attract buying interest, however. To little surprise, the Bank of England left its benchmark lending rate at 0.5% and kept intact its 200 billion pound asset purchase plan. Industrial production in the United Kingdom during January increased by 0.5% after a 0.6% increase in December. Manufacturing in the United Kingdom increased 1.0% in January following a 0.1% decline in December.

Asia's major averages all logged sharp losses amid widespread weakness. Japan's Nikkei tumbled 1.5% as more than 90% of its issues succumbed to selling pressure amid news that the country revised its fourth quarter GDP downward to reflect a 1.3% decline. Fanuc Corp, Softbank, KDDI Corp, and Fast Retailing led the downward push. Canon (CAJ) and Nippon Electric Glass were among the few that managed to garner support. News that China had a trade deficit of $7.3 billion in February also fueled selling interest in the region. China's Shanghai Composite responded with a 1.5% loss. China Shenhua, Industrial & Commercial Bank, Bank of China, and PetroChina (PTR) had the most hurtful impact on broad market action. Kweichow Moutai and Shanxi Xinghua were leading issues. Hong Kong's Hang Seng shed 0.8% as heavyweights HSBC (HBC), CNOOC (CEO), and China Mobile moved lower. However, Hutchison Whampoa and Esprit Holdings displayed strength in the face of broad market pressure.

08:35 am : S&P futures vs fair value: -11.10. Nasdaq futures vs fair value: -22.80. Stock futures have reacted negatively to news that initial jobless claims for the week ended March 5 totaled 397,000. Although that is still below the 400,000 mark, it is greater than the 382,000 initial claims that had been broadly expected. Moreover, initial claims for the prior week were revised upward to reflect 371,000 initial jobless claims. As for continuing claims, they fell by 20,000 to 3.77 million from the prior week. Separately, the trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. It had been expected, on average, among economists polled by Briefing.com to come in at $41.5 billion.

08:05 am : S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -19.00. A pullback in oil prices below $103 per barrel has helped stock futures fight through some selling pressure, but they continue to trail fair value as overseas markets stage broad losses following news that China's trade data showed a surprise $7.3 billion deficit for February. The U.S. reports its own trade data for January at the bottom of the hour, along with the latest weekly jobless claims tally. Selling interest has also been stirred by news analysts at Moody's downgraded Spain's debt rating from AA1 to AA2 with a negative outlook. That news has put pressure on the euro, even though data out of Europe has featured some relatively strong industrial production figures. Germany did report a decline in its January trade balance, though. The yen has also come under pressure following news that Japan's fourth quarter GDP was revised downward to a 1.3% decline. Weakness in the euro and the yen has helped drive the Dollar Index to a 0.5% gain. Still on the calendar for today are results from an auction of 30-year Bonds at 1:00 PM ET and the monthly Treasury budget statement at 2:00 PM ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: -10.90. Nasdaq futures vs fair value: -24.80.

06:29 am : Nikkei...10434.3...-155.10...-1.50%. Hang Seng...23614.89...-195.20...-0.80%.

06:29 am : FTSE...5882.34...-55.00...-0.90%. DAX...7077.54...-54.30...-0.80%.

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
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