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 Post subject: March 5th Tuesday Trade Results - No Trades
PostPosted: Wed Mar 06, 2013 8:49 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:
No trades today due to personal day off to re-energize and to do some critical updates to the Advance Tutorial Chapters, Directional Creeper Movement strategy and Volatility Trading Report (VTR) strategies.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $0.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=115&t=1453

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.

Image Price Action Analysis via 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=119&t=718

Image 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 prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=205&t=1773

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/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 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.

Dow Closes At Record High

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click on the above image to view today's price action of key markets

NEW YORK (CNNMoney)
The Dow Jones industrial average rallied to a new record high Tuesday.

The Dow climbed more than 125 points to close at a record high of 14,253.77, topping the prior record set in October 2007. Earlier, the blue chip index climbed to an intraday record of 14,286.37.

The S&P 500 added 15 points and finished at its highest level since October 2007 and is now only about 2% away from its record closing high.

"We're back to the highest levels in history, but we've got more things going for the economy and the market than we did last time," said Art Hogan, managing director at Lazard Capital.

Back in 2007, the economy was on the verge of winding down and heading into a tailspin, he said, whereas now it's continuing to improve, albeit slowly.

* Dow record? Who cares? Economy still stinks!

Stocks are also cheaper now. They were trading at 17 times earnings estimates in 2007. Currently, stocks are valued at about 14 times earnings estimates for 2013.

Plus, both consumers and businesses have more cash and less debt, said Hogan.

Still, not all stocks are at record highs. The Nasdaq, which rose more than 42 points Tuesday, is nearly 40% below its all-time highs that were set in March 2000, prior to the collapse of the dotcom bubble. The Nasdaq is trading at its highest level since November 2000 though.

* Fear & Greed index firmly in greed

While Hogan expects stocks will continue to head higher, there are likely to be some bumps along the way.

It's possible that investors will take a break from buying, he said, adding that with the Dow up 9% year-to-date, it wouldn't be abnormal to see stocks move sideways or decline.

Concerns over Europe, particularly the Italian elections, and the ongoing budget drama in Washington, could serve as catalysts for a brief slide.

But a pullback could also be healthy and short-lived. Hogan noted that recent moves downward have been met with more buyers.

"There's a lot of money on the sidelines waiting to get involved in the market, but those investors feel like after the recent move up, they need a pullback before they get in," he said.

To that end, individual investors have put just $21 billion to U.S. stock mutual funds this year, a relatively small amount given that they pulled more than $500 billion out from stock funds since the financial crisis.

* The myth of the Great Rotation

Moreover, as long as central banks around the world continue to support the global economy and financial markets, the bull run that began when the market bottomed in March 2009 is likely to keep going, said Hogan.

"Supportive monetary policy is going to be with us for a while," he said. "Central banks, including the Federal Reserve, have made it clear that they won't tighten their policies until economies are self-sustaining, with higher employment and low inflation."

Later this week, central banks in Europe, Japan and the U.K. are scheduled to meet. All of them are expected to give more promises of support the for world's major economies.

On the economic front Tuesday, the Institute for Supply Management's monthly index on service sector business activity rose to 56 in February, a slight improvement from 55.2 the prior month. Economists were forecasting a reading of 55.4.

In corporate news, JC Penney's (JCP, Fortune 500) shares tumbled more than 10% after Vornado Realty Trust, one of the retailer's biggest shareholders, reportedly dumped 40% of its stake. The struggling retailer is in the third week of a court battle with Macy's (M, Fortune 500) claims that Martha Stewart Living Omnimedia (MSO) violated a previous agreement with Macy's in entering into a new partnership with J.C. Penney.

Genworth Financial Inc. (GNW, Fortune 500) shares rose on rumors that the company is planning a sale.

Apple (AAPL, Fortune 500), which hit a new 52-week low on Monday, enjoyed a bounce with the broader market. Shares rose more than 2% Tuesday, but the stock is still down nearly 20% this year. Meanwhile, Google (GOOG, Fortune 500) closed at a new record high.

After the market close, gun maker Smith & Wesson Holding Co (SWHC) said its earnings more than tripled in the most recent quarter. The nation's second-biggest publicly traded gun company also raised its outlook for gun sales this year, sending shares higher in after-hours trading. Gun sales have surged in recent months amid speculation about new gun control laws.

European markets ended higher, while Asian markets also ended with gains after Chinese Premier Wen Jiabao announced the government will carry a larger deficit in 2013 to help the world's No. 2 economy reach its goal of 7.5% growth this year.

The dollar fell against the euro, the British pound and the Japanese yen.

Oil and gold prices edged higher.

The price on the 10-year Treasury declined, pushing the yield up to 1.90% from 1.88% late Monday.

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4:15 pm : Today began with all eyes turned to the Dow Jones Industrial Average after the blue chip index ended yesterday's session just 37 points below its all-time closing high. However, the anticipation was promptly removed after the bell when equities jumped higher and the Dow marked its fresh all-time best at 14,286.37.

Following the steady climb of the first hour, they key indices leveled off and held the bulk of their gains throughout the afternoon.

In addition to the Dow, the Dow Jones Transportation Average marked an all-time high of its own. The bellwether complex settled higher by 1.5% thanks to outperformance from freight carriers and shipping services. Con-way (CNW 36.07, +1.36) and FedEx (FDX 107.91, +2.11) finished with respective gains of 3.9% and 2.0%.

The notable strength among transportation stocks also contributed to the outperformance of the industrial sector. The SPDR Industrial Select Sector ETF (XLI 41.40, +0.58) settled higher by 1.4% after finishing among yesterday's biggest laggards.

Similarly, the technology sector underperformed yesterday, but finished as today's leader. Applied Materials (AMAT 13.74, +0.17) and Qualcomm (QCOM 67.97, +1.34) both hiked their quarterly dividends which helped support other chipmakers. The broader PHLX Semiconductor Index gained 2.0%.

Although the market finished with broad gains, some pockets of weakness could be spotted.

J.C. Penney (JCP 14.96, -1.78) has been in the news since reporting downbeat quarterly earnings on February 27. Today, shares of the retailer fell 10.6% after reports indicated recent weakness has prompted major investors from exiting the stock. In addition, the New York Post reported the company is facing delays in its court case against Macy's (M 41.72, +0.18).

Though J.C. Penney finished firmly lower, the weakness appeared to have no effect on other retailers. The SPDR S&P Retail ETF (XRT 68.68, +0.76) gained 1.1%.

Walgreen (WAG 40.72, -1.05) was another retailer which missed out on today's rally. The weakness followed disappointing second quarter revenue guidance as well as February comparable store sales which missed expectations.

The relative weakness in Walgreen contributed to the underperformance of consumer staples, which registered the slimmest gains of all 10 sectors.

The CBOE Volatility Index (VIX 13.47, -0.54) fell 3.9% and slid back to levels last seen two weeks ago.

Looking back at the final S&P 500 sector alignment, technology (+1.5%), industrial (+1.4%), and consumer discretionary (+1.0%) stocks outperformed. On the downside, consumer staple (+0.3%), utilities (+0.6%), and materials (+0.6%) trailed behind the broader market.

Trading volume was once again below average as 683 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to the February ISM Services Index, which increased from 55.2 in January to 56.0 in February. Today's reading was ahead of the Briefing.com consensus, and put the index at its highest level since February 2012.

Business activity growth was essentially flat as the respective index increased a modest 0.5 points to 56.9 in February. However, the report did not signal impending weakness in the services sector.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. At 8:15 ET, the February ADP Employment Change will cross the wires with January factory orders scheduled for a 10:00 ET release. Lastly, the Federal Reserve will release its March Beige Book at 14:00 ET.DJ30 +125.95 NASDAQ +42.10 SP500 +14.59 NASDAQ Adv/Vol/Dec 1734/1.83 bln/723 NYSE Adv/Vol/Dec 2236/683.0 mln/774

3:30 pm :

Apr crude oil dipped to a session low of $90.02 per barrel as the dollar index recovered into positive territory. However, the energy component gained steam in afternoon floor trade and pushed to a session high of $90.99 per barrel as the dollar index fell back into the red. It eventually settled 0.7% higher at $90.76 per barrel, booking its first gain in four sessions.
Apr natural gas traded higher for most of today's pit trade and advanced to a session high of $3.59 per MMBtu in afternoon floor action. However, it erased all of its earlier gains in the last 20 minutes of pit trade and settled the session flat at $3.53 per MMBtu.
Apr gold rose to a session high of $1585.80 per ounce shortly after pit trade opened but lost momentum in mid-morning action as the dollar index pushed into positive territory. The yellow metal dipped to a session low of $1571.10 per ounce moments before settling 0.2% higher at $1574.80 per ounce, booking its first gain in five sessions.
May silver also pulled-back from its session high of $29.09 per ounce and touched a session low of $28.52per ounce in late afternoon floor trade. It eventually settled 0.4% higher at $28.60 per ounce.

DJ30 +126.10 NASDAQ +35.96 SP500 +13.94 NASDAQ Adv/Vol/Dec 1686/1496.8 mln/767 NYSE Adv/Vol/Dec 2194/458 mln/792

3:00 pm : Heading into the final hour of trade, equities remain confined to their afternoon range. The S&P 500 is firmer by 0.9% with leadership from industrials and technology. The two cyclical sectors are outperforming the broader market after finishing among yesterday's laggards.

With the market making a broad advance, the consumer discretionary sector was more tentative. This was largely due to underperformance from Walgreen (WAG 40.65, -1.12) after the company's February comparable sales missed expectations.DJ30 +135.66 NASDAQ +36.12 SP500 +15.09 NASDAQ Adv/Vol/Dec 1667/1.37 bln/776 NYSE Adv/Vol/Dec 2214/411.4 mln/767

2:30 pm : The major averages remain near their highs and the S&P 500 is firmer by 1.0%. After registering the vast majority of its gains during the first sixty minutes, the benchmark index has spent the past four hours in a two point range.

With the broader market holding its levels, eight of 10 sectors are trading at their highs. Meanwhile, materials and utilities have surrendered a portion of their gains.

A quiet session is being reflected in the treasury market where the 10-yr note trades near session lows. As a result, the 10-yr yield is adding just one basis point to 1.89%.DJ30 +124.93 NASDAQ +35.30 SP500 +14.02 NASDAQ Adv/Vol/Dec 1697/1.27 bln/743 NYSE Adv/Vol/Dec 2224/382.3 mln/745

1:55 pm : Quiet afternoon trade continues with the S&P 500 higher by 1.1%. The benchmark average made the bulk of its advance during the first hour of trade, and has shown little change since.

As range bound afternoon trade continues, the financial sector has climbed back to its session highs after a brief midday slip. Similarly, consumer staples have returned to their highs, but the sector remains as the biggest laggard. The relative weakness comes after Walgreen (WAG 40.68, -1.09) reported February comparable store sales below expectations. In addition, the company lowered its second quarter revenue guidance.

While most sectors are trading at or near their session highs, the materials space has surrendered a portion of its gains since morning trade. The SPDR Materials Select Sector ETF (XLB 38.91, +0.35) remains firmer by 0.9%.DJ30 +137.14 NASDAQ +37.97 SP500 +15.36 NASDAQ Adv/Vol/Dec 1715/1.17 bln/700 NYSE Adv/Vol/Dec 2272/350.2 mln/704

1:30 pm : As the afternoon progresses, the major averages remain within reach of their best levels of the day. The Nasdaq is the top performing index, trading higher by 1.3%. The relative strength of the tech-heavy index is due in part to the outperformance from microchip manufacturers. The PHLX Semiconductor Index is rising 1.9% and major component, Qualcomm (QCOM 67.93, +1.30), is firmer by 2.0% after hiking its quarterly dividend 40% to $0.35 per share.

On the downside, consumer staples continue to trail behind the broader market. Though most sector components are registering gains, the space is being pressured by Walgreen (WAG 40.61, -1.16), which trades lower by 2.7% after its February comparable store sales missed expectations. In addition, the retailer lowered its second quarter revenue guidance.DJ30 +146.15 NASDAQ +42.03 SP500 +16.59 NASDAQ Adv/Vol/Dec 1735/1.09 bln/674 NYSE Adv/Vol/Dec 2293/327.5 mln/667

1:00 pm : Equities are trading near their highs after today's session got off to a running start. The cash session open saw a broad-based surge, which has propelled the Dow Jones Industrial Average to a fresh all-time high of 14,286.37. At midday, the blue chip index is up 1.0%.

Today's rally is led by sectors which underperformed during yesterday's trade. Financials, industrials, and technology are all seeing gains of at least 1.0%.

The financial sector continues to outperform even as the space has slipped off its highs in recent trade. American Express (AXP 64.13, +1.24) is the top advancer among the majors, and the SPDR Financial Select Sector ETF (XLF 17.99, +0.21) sports a gain of 1.1%.

The relative strength of the industrial sector is largely due to outperformance of stocks which comprise the Dow Jones Transportation Average. Similar to the Dow, the Transportation Average notched its own all-time high amid notable outperformance from truckers. Con-way (CNW 35.95, +1.24) and Ryder System (R 57.31, +1.73) are both up near 3.0%.

Elsewhere, technology stocks are being supported by chipmakers. The PHLX Semiconductor Index trades higher by 1.9% with Applied Materials (AMAT 13.73, +0.16) and Qualcomm (QCOM 67.84, +1.21) contributing to the strength after both hiked their quarterly dividends.

Today's economic data was limited to the February ISM Services Index, which increased from 55.2 in January to 56.0 in February. Today's reading was ahead of the Briefing.com consensus, and put the index at its highest level since February 2012.

Business activity growth was essentially flat as the respective index increased a modest 0.5 points to 56.9 in February. However, the report did not signal impending weakness in the services sector.DJ30 +140.50 NASDAQ +40.06 SP500 +15.89 NASDAQ Adv/Vol/Dec 1701/999.1 mln/701 NYSE Adv/Vol/Dec 2261/302.9 mln/669

12:30 pm : The S&P 500 is adding 1.0% as the index continues to hover near its best levels of the day. Although the broader market has shown little change in recent trade, consumer staples, financials, and materials have slipped off their highs suggesting some profit taking is occurring into the afternoon.

Meanwhile, the defensively-oriented utilities sector has inched higher in recent action. The SPDR Utilities Select Sector ETF (XLU 38.12, +0.24) is higher by 0.6%.

With equities trading firmly higher, the CBOE Volatility Index (VIX 13.32, -0.69) is off by 5.0%. Though spot VIX trades notably lower, VIX futures are registering much slimmer losses.DJ30 +135.16 NASDAQ +39.76 SP500 +14.91 NASDAQ Adv/Vol/Dec 1687/907.6 mln/708 NYSE Adv/Vol/Dec 2250/276.2 mln/667

12:00 pm : Equities are holding their recent levels as the S&P 500 trades higher by 1.0%. The benchmark average staged the bulk of its advance during the first 90 minutes of action, and has shown little change since.

All ten S&P 500 sectors are taking part in today's rally with cyclical industrials and technology in the lead. The two are trading notably higher after weighing on the broader market during yesterday's trade.

In the tech space, Applied Materials (AMAT 13.75, +0.18) and Qualcomm (QCOM 68.16, +1.53) are outperforming after both hiked their respective dividends. The two names are contributing to the strength of other chipmakers as the PHLX Semiconductor Index trades higher by 2.2%.DJ30 +148.10 NASDAQ +44.22 SP500 +16.76 NASDAQ Adv/Vol/Dec 1749/813.1 mln/624 NYSE Adv/Vol/Dec 2281/250.9 mln/614

11:30 am : Equities continue to trade near their recent levels with the S&P 500 up 1.1%.

The broad market advance is taking place as yesterday's biggest laggards pace today's gains. Financials, industrials, materials, and technology are all up in excess of 1.0% with the industrial sector as the top performer.

The relative strength of industrials is largely due to the outperformance of transportation related stocks. Similar to the Dow, the Dow Jones Transpiration Average has marked an all-time high of its own.

On the downside, consumer staples are underperforming as Walgreen (WAG 40.30, -1.47) weighs. Shares of the retailer are down 3.5% after the company's February comparable store sales missed expectations. In addition, Walgreen issued downside second quarter guidance.DJ30 +147.45 NASDAQ +39.26 SP500 +16.17 NASDAQ Adv/Vol/Dec 1767/710.7 mln/596 NYSE Adv/Vol/Dec 2312/224.6 mln/571

11:00 am : The major averages have spent the first 90 minutes of trade in a steady upward climb. The S&P 500 trades higher by 1.0% but it is the Dow Jones which is receiving headline mentions after the 30-stock index eclipsed its all-time intraday and closing highs from October 2007.

Meanwhile, the Dow Jones Transportation Average is also trading at an all-time high of its own. The bellwether complex is firmer by 1.5% with truckers outperforming. Ryder System (R 57.04, +1.46) and JB Hunt (JBHT 70.20, +0.59) are seeing respective gains of 2.6% and 0.9%.

In today's economic data, the February ISM Non-manufacturing Index increased from 55.2 in January to 56.0 in February. Business activity growth was essentially flat as the respective index increased a modest 0.5 points to 56.9 in February. However, the report did not signal impending weakness in the services sector.DJ30 +145.46 NASDAQ +37.28 SP500 +15.61 NASDAQ Adv/Vol/Dec 1744/592.9 mln/587 NYSE Adv/Vol/Dec 2304/191.4 mln/549

10:35 am : Commodities have been in positive territory all morning, while the dollar index was trading in the red. Minutes ago, the dollar index pushed into positive territory for the first time today and this is now weighing commodities, especially precious metals.

Both gold and silver have pulled back the most notably on this move higher in the dollar. Apr gold is now +0.2% at $1576.00/oz, while May silver is now +1.1% at $28.81/oz.

Energy remains in positive territory as well as metals, but crude oil is pulling back too and is just showing modest gains here. Apr rose as high as $90.73/barrel earlier this morning, but is now +0.3% at $90.42/barrel. Apr natural gas has pulled back modestly from its HoD and is now +0.8% at $3.56/MMBtu.DJ30 +132.65 NASDAQ +39.56 SP500 +15.20 NASDAQ Adv/Vol/Dec 1727/456.5 mln/521 NYSE Adv/Vol/Dec 2270/159 mln/535

10:00 am : The S&P 500 is adding 0.7% as the benchmark average continues to hover near its best level of the day.

The February ISM Services Index was reported at 56.0, ahead of the 55.4 forecast by the Briefing.com consensus, and up from January's reading of 55.2.DJ30 +120.42 NASDAQ +31.20 SP500 +13.49 NASDAQ Adv/Vol/Dec 1684/264.1 mln/498 NYSE Adv/Vol/Dec 2245/107.7 mln/486

09:45 am : The major averages opened the session with a spike which took the Dow Jones Industrial Average to a fresh all-time high. Currently, the blue chip average is adding 0.6% as it trades in the 14,216 area.

Growth sensitive industrials, materials, and technology are pacing the early advance as they trade with gains in excess of 1.0%. The three sectors are outperforming after finishing among session laggards in yesterday's trade.

The February ISM Services Index will be reported at 10:00 ET.DJ30 +86.69 NASDAQ +27.48 SP500 +10.26 NASDAQ Adv/Vol/Dec 1575/166.1 mln/495 NYSE Adv/Vol/Dec 2176/81.4 mln/488

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +17.50. Heading into the open, equity futures are signaling a higher start to the session. The S&P 500 futures are registering a gain of 0.4%, trading near their pre-market highs.

The upbeat overseas trade comes after most Services PMI readings across the Eurozone were reported ahead of expectations. However, it is worth noting that the Eurozone Services PMI, which was reported at 47.9, continues to indicate contraction.

Domestically, the tech-heavy Nasdaq is poised to outperform at the start. Cree (CREE 48.07, +3.35) is jumping 7.5% after the company raised its third quarter earnings and revenue guidance.

Qualcomm (QCOM 68.05, +1.42) is also contributing to the pre-market strength after hiking its quarterly dividend by 40% to $0.35 per share. The company also announced a $5 billion share buyback program.

In today's economic data, the February ISM Services Index will be reported at 10:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +15.50. U.S. equity futures are trading modestly higher with the S&P 500 futures up 0.4%. The upbeat pre-market sentiment takes place amid bullish European trade fueled in part by better-than-expected PMI readings. However, it is worth noting that while regional PMI reports beat expectations, three of five came in below 50, thus signaling contraction in activity.

Domestically, quiet pre-market trade is taking place with the market devoid of key economic data or earnings of note. However, investors will receive one piece of economic news later today. That will come in the form of the February ISM Services report, which is scheduled for a 10:00 ET release.

Notably, the Dow Jones is poised to open near a fresh all-time high after the blue chip average ended yesterday's session 70 points below its all-time best mark notched on October 11, 2007.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +14.20.

U.S. equity futures are trading at fresh pre-market highs with the S&P 500 futures up 0.4%.

It was a sea of green across Asia as all of the major averages, aside from Indonesia's Jakarta Composite (-0.2%) ended the day in positive territory. China's Shanghai Composite (+2.3%) was the top performer, erasing most of the previous day's losses, after China set a growth target of 7.5% for 2013 and a CPI target of 3.5%. Additionally, the ministry of finance plans 2013 budget deficit of about 2% of GDP and sees double digit military spending increase in 2013. Elsewhere, the Reserve Bank of Australia opined overnight, opting to hold its key rate steady at 3.00%. The accompanying statement was very much like the previous, suggesting, "The Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation outcomes consistent with the target over time." Data from the region saw China's HSBC Services PMI fall to 52.1 (54.0 previous), Japan's average cash earnings climb 0.7% year-over-year (-0.3% expected), and Australia's retail sales advance 0.9% month-over-month (0.4% expected) while its current account deficit narrowed to AUD14.7 billion (AUD15.4 billion expected, AUD15.0 billion previous). Elsewhere, Taiwan's CPI jumped to 3.00% year-over-year (2.7% expected, 1.2% previous) and the Philippines CPI slipped to 0.3% month-over-month (0.4% expected, 0.5% previous).

In Japan, the Nikkei closed higher by 0.3% to end at its best level in 54 months. Heavyweight Fast Retailing surged 5.5% after posting a 9.6% year-over-year increase in same store sales. Elsewhere, real estate names saw some profit-taking as Mitsui Fudosan and Mitsubishi Estate both gave up 2.1%.
Hong Kong's Hang Seng added 0.1% with the gains paced by energy shares. China Resources Power was the top performer on the Index, jumping 5.4% after a report suggested China will look to cut its emissions. Meanwhile, property stocks remained weak with China Resources Land giving up 1.9%.
In China, the Shanghai Composite advanced 2.3% as financials posted strong gains. Ping An surged the daily limit (10%) while China Merchants Bank jumped 8.9% after issuing an improved outlook.

European indices are broadly higher after regional economies reported their Services PMI readings. Of the five reports, three came in ahead of expectations. Meanwhile, Italy's reading of 43.6 was in-line with forecasts and Spain was the only economy which missed expectations with a reading of 44.7. In addition, the region's retail sales climbed 1.2% month-over-month, ahead of the 0.2% growth that had been generally expected.

In news, European commissioner Olli Rehn said that poor European economic growth may cause leaders to rethink deadlines currently set for deficit correction. The Eurozone finance ministers are meeting in Brussels today. It is expected the group will continue discussing Cyprus as the struggling sovereign remains in need of a bailout.

The United Kingdom's FTSE is adding 0.8% with consumer companies in the lead. Serco Group is surging 7.5% after the company hiked its dividend by 20%. Elsewhere, John Wood Group is higher by 7.9% after reporting better-than-expected quarterly results.
In France, the CAC is higher by 1.3% with financials outperforming. AXA and Societe Generale trade with respective gains of 2.4% and 3.0%.
Germany's DAX is rising 1.7% as 27 of 30 components trade higher. Steelmaker ThyssenKrupp is adding 2.2% and exporter BMW trades higher by 2.4%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +12.50.

U.S. equity futures are trading modestly higher amid upbeat overseas trade. The S&P 500 futures are adding 0.3%.

Looking at overseas developments:

Asian markets settled higher. Hong Kong's Hang Seng added 0.1%, Japan's Nikkei gained 0.3%, and China's Shanghai Composite advanced 2.3%.
In regional economic data:
Australia left its key interest rate unchanged at 3.00%. In addition, the country's current account deficit was reported at AUD14.7 billion while the market had expected a reading of AUD15.4 billion. Meanwhile, Australia's retail sales climbed 0.9% month-over-month. This figure was ahead of the 0.4% rise expected by the consensus.
China's HSBC Services PMI was reported at 52.1 to follow the prior month's 54.0.
Japan's average cash earnings rose 0.7% while the market had expected a downtick of 0.3%.
Looking at news of note:
In China, the National People's Congress convened and reiterated the nation's GDP growth target of 7.5%. Meanwhile, the CPI target was set at 3.5%, down from the 4.0% targeted last year.
Japan's Center for Economic Research estimated the country's January GDP growth at 0.2%.

European indices are broadly higher at midday. The United Kingdom's FTSE is adding 0.8%, France's CAC is higher by 1.4%, and Germany's DAX is firmer by 1.7%.
Looking at notable economic data:
Eurozone retail sales climbed 1.2% month-over-month, ahead of the 0.2% growth that had been generally expected.
Eurozone economies reported their Services PMI readings today. Of the five reports, three came in ahead of expectations. Meanwhile, Italy's reading of 43.6 was in-line with forecasts. Spain was the only economy which missed expectations with a reading of 44.7.
In news:
European commissioner Olli Rehn said that poor European economic growth may cause leaders to rethink deadlines currently set for deficit correction.
The Eurozone finance ministers are meeting in Brussels today. It is expected the group will continue discussing Cyprus as the struggling sovereign remains in need of a bailout.

In U.S. corporate news:

J.C. Penney (JCP 16.05, -0.69) is off by 4.1% after the New York Post reported the company is experiencing delays in its trial against Macy's (M 41.54, 0.00).

The February ISM Services Index will be reported at 10:00 ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.50.

06:28 am : Nikkei...11683.45...+31.20...+0.30%. Hang Seng...22560.50...+22.70...+0.10%.

06:28 am : FTSE...6395.33...+49.70...+0.80%. DAX...7816.35...+124.60...+1.60%.

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

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

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