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 Post subject: March 6th Wednesday Trade Results - Profit $2320
PostPosted: Thu Mar 07, 2013 9:45 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)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($390.00) dollars or -3.90 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $2710.00 dollars or +2.71 points. Total Profit @ $2320.00 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=1454

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 Marches To Another New High

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

NEW YORK (CNNMoney)
One day after hitting a new all-time high, the Dow gained more ground Wednesday as investors welcomed signs of strength in the U.S. job market.

The Dow Jones industrial average rose 0.3%, to end at a new record high of 14,296.39. The S&P 500 gained 0.1%. The S&P 500 is now only about 1.3% away from its record high, set in October 2007.

The Nasdaq, however, was little changed for the day. Shares of Staples (SPLS, Fortune 500) weighed on the index after the office supplies retailer cut its sales outlook.

The rally has been driven by improved economic data in the United States, said Bill Stone, chief investment strategist for PNC Wealth Management.

"There's more and more confidence that the economy is on firmer footing," he said. "It's not growing fast, but it's not about to fall off a cliff either."

Wednesday's better-than-expected report from payroll processing firm ADP raised hopes that Friday's all-important monthly jobs report from the Labor Department would be a strong one. Economists surveyed by CNNMoney expect a gain of 175,000 jobs in February.

But recent readings on investor sentiment have been mixed, suggesting the market could be headed for a pullback, said Stone.

"There is some concern that it's precarious because we've come so far so fast," he said.

The Dow has gained 9% so far this year, while the S&P 500 is up more than 8%.

* Actually, the real Dow is still 11% below its record

Meanwhile, the market has also been supported by the Federal Reserve's stimulus measures, which have pushed interest rates down and made stocks more attractive.

"The U.S. is leading the pack in the recovery due to extraordinary levels of fiscal and monetary stimulus," wrote Deutsche Bank strategist Jim Reid in a research note.

In the latest edition of its Beige Book, the Fed said Wednesday that economic activity across its 12 districts expanded at a "modest to moderate pace" since it released the last edition in January. Fed officials, including chairman Ben Bernanke, have signaled that the central bank will continue to buy assets even as the economy improves.

After bottoming in March 2009, stocks have risen steadily as investors were drawn back into the market by attractive valuations. Analysts say stocks are still relatively cheap compared with earnings expectations, but bargains could be harder to come by as prices continue to rise.

* Bad timing? Investors yanked $1.1 billion from stocks

On the corporate front, shares of Hovnanian (HOV) fell 2% after the homebuilder said it lost a worse-than-expected $11.3 million, or 8 cents per share, in the most recent quarter. Despite the latest results, Hovnanian said it expects to return to profitability this year.

Also, the European Union fined Microsoft (MSFT, Fortune 500) €561 million, or about $730 million, for failing to provide users of Windows 7 with a choice of Internet browsers.

Related: Fear & Greed index inching toward extreme greed

Shares of Smith & Wesson (SWHC) declined, despite the gunmaker's strong third quarter earnings.

JC Penney's (JCP, Fortune 500) shares extended Tuesday's after the Wall Street Journal reported that some shareholders may start pushing for a new CEO if sales continue to slide. The struggling retailer is also in the third week of a court battle with Macy's (M, Fortune 500), which claims that Martha Stewart Living Omnimedia (MSO) violated a previous agreement by entering into a new partnership with J.C. Penney.

South Korean electronics company Samsung agreed to take a 3% stake in Japanese company Sharp.

European markets advanced, with indexes closing at their highest points in more than a year. Germany's DAX led the way. Asian markets also ended higher. The Shanghai Composite added 0.9%, the Hang Seng increased 1% and Japan's Nikkei rose 2.1%.

Oil prices were down slightly as the U.S. dollar strengthened. Analysts say the death of Venezuelan leader Hugo Chavez will not impact the nation's oil production.

Gold prices edged higher. The yield on the 10-year Treasury note rose to 1.94% from 1.89% on Tuesday.

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4:20 pm : The major averages began today's session on a positive note, but the initial strength was unable to hold throughout the day. The Dow managed to settle near its highs while the S&P 500 and Nasdaq finished near their lows.

The first sign of weakness manifested itself when the Nasdaq turned negative due to selling pressure in the technology sector. The sector and the tech-heavy index underperformed as large cap names weighed. Apple (AAPL 425.66, -5.48), Google (GOOG 831.38, -7.22), and Microsoft (MSFT 28.09, -0.26) all lost between 0.9% and 1.3% with Microsoft declining after European regulators imposed a $731 million fine resulting from an antitrust case.

Though major tech components underperformed, the remainder of the sector held up relatively well. Chipmakers traded ahead of the broader market and the PHLX Semiconductor Index tacked on 0.1%.

Today's underperformance also came from the consumer discretionary sector where Staples (SPLS 12.34, -0.95) fell 7.2% after its quarterly report beat on earnings and missed on revenue. Meanwhile, the broader SPDR S&P Retail ETF (XRT 68.44, -0.24) slid 0.4%.

Although technology and consumer discretionary trailed behind the broader market, two other cyclical sectors, financials and materials, led the way. Financials built on the relative strength of major banks and the SPDR Financial Select Sector ETF (XLF 18.06, +0.12) gained 0.7%.

Elsewhere, materials climbed as steelmakers garnered buying interest throughout the day. The Market Vectors Steel ETF (SLX 45.55, +1.08) advanced 2.4%. The mixed performance from cyclical sectors appeared to be indicative of today's indecision in the market. Defensively-oriented consumer staples, telecom, and utilities all finished among the day's biggest laggards while health care settled with slim gains.

In the currency market, the British pound and the euro lagged notably against the dollar. As a result, the dollar index climbed steadily through the day, finishing higher by 0.5% near 82.50.

Trading volume was below average as 684 million shares changed hands on the floor of the New York Stock Exchange.

The market received a healthy dose of economic data today. In addition, the Federal Reserve released its March Beige Book. In the summary of economic activity from the 12 districts, most described growth as "modest to moderate". Service demand was described as generally positive while automobile sales were characterized as strong in most districts. Similarly, a number of regions saw an increase in tourism.

With regards to prices, modest pressure was reported with certain raw materials seeing a rise in prices.

Reviewing today's remaining data, factory orders declined 2.0% in January after increasing a downwardly revised 1.3% (from 1.8%) in December. The Briefing.com consensus expected the reading to indicate a decline of 2.2%. As the advance durable goods report already showed, the decline in orders was a result of weaker aircraft demand with those orders falling 45.7% in January.

According to today's ADP Employment Change report, the private sector added 198,000 jobs during February. Today's reading came in ahead of the Briefing.com consensus (150,000), and indicated the services sector was responsible for the bulk of the job gains.

In tomorrow's economic news, weekly initial claims, continuing claims, January trade balance, fourth quarter productivity and unit labor costs will all be reported at 8:30 ET. The final data point of the day will come in form of January consumer credit. This report will be released at 15:00 ET.

Also note the Bank of England, European Central Bank, and the Bank of Japan are all set to announce their interest rate decisions.DJ30 +42.47 NASDAQ -1.76 SP500 +1.67 NASDAQ Adv/Vol/Dec 1357/1.70 bln/1100 NYSE Adv/Vol/Dec 1665/683.9 mln/1328

3:30 pm :

Apr crude oil fell deeper into negative territory as weaker-than-anticipated inventory data and a stronger dollar index weighed on prices. The Department of Energy reported that crude oil inventories had a build of 3.833 mln barrels while the consensus called for a build of 0.65 mln barrels. The energy component retreated from its session high of $90.72 per barrel and dipped as low as $89.55 per barrel. However, crude oil found buying support as it headed into the close and settled 0.4% lower at $90.42 per barrel.
Apr natural gas pulled back from its session high of $3.54 per MMBtu set in morning action and trended lower into negative territory for the remainder of floor trade. It settled 1.7% lower at $3.47 per MMBtu, just above its session low of $3.46 per MMBtu.
Apr gold was volatile ahead of tomorrow's ECB meeting and interest rate announcement. The yellow metal fell to a session low of $1566.40 per ounce but rallied back into positive territory and to a session high of $1584.30 per ounce in late morning action. However, it trended lower for the remainder of floor trade and settled at $1574.60 per ounce, or 20 cents below the break-even level.
May silver also rallied to a session high of $29.14 per ounce after trading as low as $28.52 per ounce in early morning pit trade. Like gold, it pulled back in afternoon floor action and settled at $28.80 per ounce, or 0.7% higher.

DJ30 +45.22 NASDAQ -3.35 SP500 +1.51 NASDAQ Adv/Vol/Dec 1310/1440.4 mln/1145 NYSE Adv/Vol/Dec 1579/479 mln/1360

3:00 pm : Heading into the final hour of trade, the S&P 500 has climbed back to its session highs. The benchmark average is currently adding 0.3% after spending the majority of the day near its flat line.

The technology sector weighed on the broader market in early trade, but the space has seen some buying interest as of late. Chipmakers have benefitted from the recent bid with the PHLX Semiconductor Index higher by 0.3%.

On the downside, defensive consumer staples, telecoms, and utilities are all registering modest losses.DJ30 +61.73 NASDAQ +2.88 SP500 +4.32 NASDAQ Adv/Vol/Dec 1333/1.29 bln/1100 NYSE Adv/Vol/Dec 1656/424.3 mln/1282

2:30 pm : Quiet afternoon trade continues with the S&P 500 firmer by 0.1%.

The Federal Reserve has released its March Beige Book, but the report was met with muted market reaction. In the summary of economic activity from the 12 districts, most described growth as "modest to moderate". Service demand was described as generally positive while automobile sales were characterized as strong in most districts. Similarly, a number of regions saw an increase in tourism.

With regards to prices, modest pressure was reported with certain raw materials seeing a rise in prices.

Also of note, the House of Representatives has recently passed a bill to ensure funding of the government through the end of September.DJ30 +37.11 NASDAQ -1.25 SP500 +1.82 NASDAQ Adv/Vol/Dec 1289/1.17 bln/1132 NYSE Adv/Vol/Dec 1554/382.5 mln/1382

2:00 pm : Quiet afternoon continues as the major averages remain range bound. The Nasdaq is the weakest performing index, but its losses have been limited. Tech shares are underperforming amid weakness from Apple (AAPL 425.60, -5.54) and Google (GOOG 831.92, -6.68). The two stocks are both down near 1.0%.

While tech stocks are trading lower, that is not the case with other cyclical sectors. Major financials are supporting remaining bank stocks while the materials space is leading the broader market on strength in steelmakers. The Market Vectors Steel ETF (SLX 45.36, +0.89) is higher by 2.0%.DJ30 +38.24 NASDAQ -1.80 SP500 +1.57 NASDAQ Adv/Vol/Dec 1243/1.11 bln/1162 NYSE Adv/Vol/Dec 1514/356.2 mln/1403

1:30 pm : Equities continue to trade near their recent levels with the Dow outperforming the other two indices. The blue chip average trades higher by 0.3% while the Nasdaq remains in the red.

As the two indices hold their levels, the S&P 500 is chopping around its unchanged level. Notably, financials and materials have climbed back near their session highs.

On the downside, the Dow Jones Transportation Average is off by 0.3% with railroads underperforming. CSX (CSX 23.25, -0.33) is the weakest transportation component, down 1.4%.DJ30 +35.46 NASDAQ -3.95 SP500 +0.83 NASDAQ Adv/Vol/Dec 1213/1.03 bln/1181 NYSE Adv/Vol/Dec 1483/331.8 mln/1425

1:05 pm : At midday, the major averages are trading in mixed fashion. The Dow Jones is adding 0.2% while the S&P 500 and Nasdaq register slim losses.

Equities began the day on a strong note to follow yesterday's record-setting close in the Dow Jones. However, the upbeat open was met with a steady retreat off session highs, suggesting some exhaustion may be taking place.

The Nasdaq was the first of the three indices to slide back to its flat line. The tech-heavy index is underperforming amid weakness observed in major sector components. Apple (AAPL 426.35, -4.79) and Google (GOOG 831.52, -7.08) are both down near 1.0%. Meanwhile, Microsoft (MSFT 28.00, -0.35) is off by 1.2% after European regulators ordered the company to pay a $731 million fine stemming from an antitrust case.

As major tech components trade lower, the remainder of the space has held up relatively well. Chipmakers are outperforming other sector components and the PHLX Semiconductor Index is registering slim gains.

While technology stocks are underperforming, financials and materials have been able to hold the bulk of their gains. Major bank stocks are seeing broad strength with the SPDR Financial Select Sector ETF (XLF 18.04, +0.10) higher by 0.6%.

Meanwhile, the materials sector is outperforming amid strength in steelmakers. The Market Vectors Steel ETF (SLX 45.20, +0.73) is rising 1.6%.

Although two cyclical sectors are trading higher, growth-sensitive energy stocks are among the day's laggards. This comes as crude oil trades lower by 1.1% at $89.82.

In addition, the dollar index has climbed steadily and is now up 0.5% to $82.49. The greenback has picked up most of its gains at the expense of the British pound as well as the euro.

The two currencies will be in focus tomorrow morning as the Bank of England and the European Central Bank will both announce their interest rate decisions. The general consensus expects the BoE and the ECB to hold rates unchanged at their respective 0.50% and 0.75%.

Reviewing today's economic data, factory orders declined 2.0% in January after increasing a downwardly revised 1.3% (from 1.8%) in December. The Briefing.com consensus expected the reading to indicate a decline of 2.2%. As the advance durable goods report already showed, the decline in orders was a result of weaker aircraft demand with those orders falling 45.7% in January.

According to today's ADP Employment Change report, the private sector added 198,000 jobs during February. Today's reading came in ahead of the Briefing.com consensus (150,000), and indicated the services sector was responsible for the bulk of the job gains.

The market will receive one more economic data point today. This will come in the form of the March Beige Book, which will be released by the Federal Reserve at 14:00 ET.DJ30 +30.61 NASDAQ -5.56 SP500 -0.21 NASDAQ Adv/Vol/Dec 1199/951.9 mln/1182 NYSE Adv/Vol/Dec 1427/307.1 mln/1472

12:30 pm : Recent action has seen the S&P 500 slide below its flat line where the index has spent the last 30 minutes. Despite the recent weakness, financials and materials continue to outperform the broader market.

Notably, the dollar index has climbed higher and is now firmer by 0.5%.

Elsewhere, the CBOE Volatility Index (VIX 13.76, +0.28) is adding 2.1% with front month VIX future contracts garnering buying interest as well.DJ30 +23.69 NASDAQ -5.63 SP500 -0.60 NASDAQ Adv/Vol/Dec 1177/863.4 mln/1193 NYSE Adv/Vol/Dec 1408/281.3 mln/1489

12:00 pm : After slipping back to yesterday's closing level, the S&P 500 has held near its flat line.

Financials and materials continue to hold the bulk of their gains while other sectors are seeing bit more volatility. On the downside, technology, energy, and utilities are registering the widest gains.

The tech sector is being pressured by major components. Apple (AAPL 428.04, -3.10), Google (GOOG 833.11, -5.49), and Microsoft (MSFT 27.97, -0.38) are all down between 0.7% and 1.3% with the weakness in Microsoft resulting from a $731 million fine imposed on the company by European regulators.

Energy stocks are trading lower amid weakness in crude oil. The energy component is lower by 0.9% to $90.04.DJ30 +28.65 NASDAQ -1.73 SP500 +0.60 NASDAQ Adv/Vol/Dec 1260/755.2 mln/1105 NYSE Adv/Vol/Dec 1522/249.2 mln/1366

11:30 am : Recent trade has seen the major averages continue to drift away from their morning highs. The S&P 500 is registering no change while Nasdaq is off by 0.1%.

Technology stocks are underperforming amid weakness in major sector components. Apple (AAPL 429.23, -1.91) and Google (GOOG 830.70, -7.90) are seeing respective losses of 0.4% and 1.0%. Also of note, Microsoft (MSFT 27.96, -0.40) is shedding 1.4% after the company was ordered to pay a $731 million fine stemming from an antitrust case in Europe.

Elsewhere, the Dow Jones Transportation Average is trailing behind the broader market. Like the Dow, the Transportation Average notched its own all-time high during yesterday's trade. Today, railroads are contributing to the underperformance. CSX (CSX 23.16, -0.42) is down 1.7% and Norfolk Southern (NSC 74.45, -0.84) trades lower by 1.1%.DJ30 +31.46 NASDAQ -0.78 SP500 +1.20 NASDAQ Adv/Vol/Dec 1274/678.7 mln/1069 NYSE Adv/Vol/Dec 1518/226.7 mln/1325

11:00 am : After notching session highs during the opening minutes, the major averages have retreated off those early levels. The Nasdaq is showing the most weakness as the tech-heavy index now trades with a slim loss.

The technology sector is underperforming as Apple (AAPL 428.40, -2.74) and Google (GOOG 829.70, -8.90) weigh. The two tech heavyweights are both down near 1.0%.

On the upside, materials are trading well ahead of the broader market. The SPDR Materials Select Sector ETF (XLB 39.18, +0.36) is rising 0.9% with outperformance from steel producers. The Market Vectors Steel ETF (SLX 44.92, +0.45) is adding 1.0%.DJ30 +29.49 NASDAQ -3.48 SP500 +0.63 NASDAQ Adv/Vol/Dec 1244/571.9 mln/1074 NYSE Adv/Vol/Dec 1556/196.8 mln/1276

10:35 am : Crude oil futures just dropped below the $90 level, after extending losses on bearish crude oil inventory data. Crude was in the red all morning ahead of this data and in the most recent action, the Apr contract hit a new session low of $89.77/barrel. Currently, Apr crude oil is -1.3% at $89.68/barrel.

Apr natural gas isn't very volatile today and is showing a modest loss. The energy component just fell back into the red and is now -0.4% at $3.52/MMBtu.

Precious metals have certainly been a volatile group this morning and surged higher and into positive territory in recent trade. May copper is back at its LoD and is now -0.7% at $3.49/lb. Apr gold is now +0.1% at $1576.00/oz and May silver is +0.7% at $28.80/oz.DJ30 +38.24 NASDAQ +0.27 SP500 +1.94 NASDAQ Adv/Vol/Dec 1260/456.9 mln/1015 NYSE Adv/Vol/Dec 1559/167 mln/1218

10:05 am : The S&P 500 is hovering near its session high following the latest factory orders data.

January factory orders fell 2.0%, which was better than the 2.2% decrease expected by the Briefing.com consensus. Today's downtick follows last month's revised increase of 1.3%.DJ30 +58.63 NASDAQ +3.98 SP500 +4.36 NASDAQ Adv/Vol/Dec 1342/273.2 mln/838 NYSE Adv/Vol/Dec 1683/114.4 mln/1046

09:45 am : The major averages have slipped off their early highs notched at the open. The S&P 500 is adding 0.2%, but the Nasdaq has surrendered its opening gains, and now trades flat.

Looking at the early sector alignment, cyclical stocks are leading the market higher as financials, industrials, and materials outperform. On the downside, defensively oriented consumer staples, telecom, and utilities are lagging.

In the treasury market, the 10-yr note is trading near session lows with its yield higher by three basis points to 1.93%.

January Factory orders will be reported at 10:00 ET.DJ30 +29.81 NASDAQ +0.58 SP500 +2.67 NASDAQ Adv/Vol/Dec 1224/170.5 mln/883 NYSE Adv/Vol/Dec 1612/85.1 mln/1025

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +7.20. Heading into the open, equity futures are signaling a higher start to the session. The S&P 500 futures are adding 0.4% as they trade near the top of the pre-market range.

Today's session is poised for a higher open with the market receiving support from upbeat overseas trade as well as better-than-expected economic data. According to today's ADP Employment Change report, the private sector added 198,000 jobs during February. Today's reading came in ahead of the Briefing.com consensus (150,000), and indicated the services sector was responsible for the bulk of the job gains.

Among companies reacting to earnings, American Eagle Outfitters (AEO 20.50, -2.05) is down 8.9% after missing on the bottom line and guiding first quarter earnings below consensus.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +6.50.

U.S. equity futures continue to trade near their pre-market highs with the S&P 500 futures up 0.5%.

It was a sea of green across Asia as all of the major averages advanced following yesterday's record setting day for the Dow. Japan's Nikkei (+2.1%) led the way after reports suggested the Diet was expected to approve the nomination of Haruhiko Kuroda as head of the Bank of Japan. Data from the region was limited to Australia's GDP, which posted an in-line 0.6% quarter-over-quarter advance.

In Japan, the Nikkei advanced 2.1% to end at a new 54-month high with the index nearing the psychologically important 12,000 level. Real estate names continued their recent outperformance with Mitsui Fudosan and Mitsubishi Estate adding 2.7% and 2.0% respectively. Elsewhere, Sharp surged more than 14% after reports suggested Samsung Electronics was set to invest roughly $110 million in the company.
Hong Kong's Hang Seng gained 1.0%, buoyed by mainland real estate developers. China Overseas Land was the top performer in the space after a 3.3% advance while rival China Resources Land tacked on 1.7%. Meanwhile, telecom equipment makers ZTE and Comba Telecom jumped 8.9% and 9.4% respectively on reports Beijing will likely issue 4G licenses later this year.
In China, the Shanghai Composite settled higher by 0.9% as property shares led the way. China Vanke was the leader, sporting a 2.4% gain.

European indices are registering modest gains with Germany's DAX in the lead (+1.2%). The United Kingdom's Halifax House Price Index rose 0.5%, ahead of the 0.2% uptick expected by the consensus. The Eurozone preliminary fourth quarter GDP was reported at -0.6%, as expected.

In news, an International Monetary Fund official said Spain must remain on the reform track as risks to the economy and the financial sector remain elevated. Meanwhile, the country's budget minister said no additional tax raises will be taking place.

France's CAC is rising 0.4% with industrials in the lead. Alstom and Lafarge are both up near 2.3%. On the downside, France Telecom is lower by 1.9% after its subsidiary, EE, had its regulatory challenge dismissed.
In the United Kingdom, the FTSE is adding 0.4%. Vodafone is higher by 6.6% after reports indicated the company is looking to change the scope of its relationship with Verizon Communications.
Germany's DAX is higher by 1.2% with 28 of 30 components registering gains. Henkel is higher by 2.2% after the company issued an upbeat outlook. On the downside, electricity provider RWE is down 2.0%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +6.50. Equity futures have moved to fresh pre-market highs following the release of the latest ADP Employment Change. The S&P 500 futures are adding 0.5%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 198K in February. This was above the 150K increase expected by the Briefing.com consensus.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +3.50.

U.S. equity futures are trading modestly higher amid generally positive European trade. The S&P 500 futures are adding 0.4%.

Looking at overseas developments:

Asian markets climbed higher. China's Shanghai Composite added 0.9%, Hong Kong's Hang Seng gained 1.0%, and Japan's Nikkei rose 2.1%.
Regional economic data was limited:
Australia's fourth quarter GDP grew at a rate of 0.6%, in-line with expectations.
In news:
A People's Bank of China deputy governor said the central bank may engage in another round of repurchase operations in order to drain further liquidity from the markets.
Indications out of Japan are suggesting Haruhiko Kuroda will be approved as the new head of the Bank of Japan.
European indices are registering modest gains with Germany's DAX in the lead, up 1.0%. Elsewhere, France's CAC is adding 0.2% and the United Kingdom's FTSE is higher by 0.3%.
Looking at economic data:
The United Kingdom's Halifax House Price Index rose 0.5%, ahead of the 0.2% uptick expected by the consensus.
The Eurozone preliminary fourth quarter GDP was reported at -0.6%, as expected.
In regional news:
An International Monetary Fund official said Spain must remain on the reform track as risks to the economy and the financial sector remain elevated. Meanwhile, the country's budget minister said no additional tax raises will be taking place.

In U.S. corporate news:

Microsoft (MSFT 28.16, -0.19) is off by 0.7% after the company was levied with a $731 million fine stemming from a European antitrust case.
Staples (SPLS 12.60, -0.69) is down 5.2% after reporting mixed quarterly results. The office store operator beat on earnings but its revenue fell short of expectations.

The weekly MBA Mortgage Index rose 14.8% to follow the prior week's decline of 3.8%.

In today's remaining economic data, February ADP Employment Change will cross the wires at 8:15 ET 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.

06:43 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.00.

06:43 am : Nikkei...11932.27...+248.80...+2.10%. Hang Seng...22777.84...+217.30...+1.00%.

06:43 am : FTSE...6447.70...+15.80...+0.30%. DAX...73.03...+73.50...+0.90%.

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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