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 Post subject: March 15th Friday Trade Results - Profit $1740
PostPosted: Fri Mar 15, 2013 7:33 pm 
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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 @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $1740.00 dollars or +1.74 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $1740.00 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
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
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=1461

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 Snaps 10-Day Streak Of Gains

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

NEW YORK (CNNMoney)
After rising for the past 10 trading days, the Dow ended modestly lower Friday following a surprise drop in a measure of consumer confidence.

The Dow Jones industrial average fell 0.2%, ending the longest winning streak since 1996. The S&P 500 fell 0.2% after coming within two points of its October 2007 record high on Thursday. The Nasdaq lost 0.3%.

All three indexes ended higher for the week, and are up between 7% and 11% for the year.

The last time the Dow had such a string of gains, then Federal Reserve chairman Alan Greenspan warned that investors were experiencing "irrational exuberance."

"The optimism we've seen for stocks suggests that expectations are very high," said Bruce McCain, chief investment strategist at Key Private Bank. "And reality often doesn't live up to that level of perfection."

Still, he said a correction in stock prices would be healthy, creating opportunities for new investors to push the market higher in the second half of the year.

Stocks have been supported by better-than-expected economic data and signs the Federal Reserve will keep its stimulus policies in place. But there are concerns that growth in emerging markets, such as China, is beginning to "roll over," said McCain.

* Greenspan says stocks are undervalued

Meanwhile, data released Friday painted a mixed picture for the U.S. economy.

The Thomson Reuters/University of Michigan index of consumer sentiment for March unexpectedly fell, raising worries about the impact of higher income tax rates on household spending.

The index was at its lowest level in 15 months, driven by a "combination of the payroll tax hike and rising gasoline prices," said Amna Asaf, an economist at Capital Economics in Toronto.

Earlier in the day, the U.S. Bureau of Labor Statistics said the consumer price index rose 0.7% last month, driven mainly by a spike in energy prices. CPI was expected to have risen 0.5%, according to a Briefing.com consensus. But the annual inflation rate is still just 2%, within the range that the Federal Reserve finds to be comfortable.

Separately, industrial production rose more than expected in February, after being flat in the prior month, according to the Fed.

Bank stocks were in focus after the Federal Reserve on Thursday approved the capital plans submitted by 16 of the 18 banks it subjected to stress tests.

Bank of America (BAC, Fortune 500) shares rose after it announced plans to repurchase $10.5 billion of common stock and preferred shares. Wells Fargo (WFC, Fortune 500) said it would increase its quarterly dividend payment to 30 cents per share, starting in the second quarter.

J.P. Morgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) both dipped after the Fed approved their capital plans, but with conditions attached. Shares BB&T Corp (BBT, Fortune 500), one of only two banks to have its capital plans rejected, also fell.

Separately, the Senate issued a scathing report late Thursday, accusing JPMorgan of intentionally misleading investors about the so-called London Whale trades, which ultimately led to losses of $6 billion for the bank. Former chief investment officer Ina Drew and other executives testified before a Senate panel Friday.

* Former London Whale Boss: I was misled

Shares of Carnival Cruise Lines (CCL) fell after another of its ships experienced technical difficulties, the latest in a growing list of woes for the company. Carnival also reported earnings that widely missed estimates, and issued a weak outlook.

The Securities and Exchange Commission said two units of the hedge fund SAC Capital agreed to pay a record $619 million in fines to settle insider trading charges.

Friday was the last day to close out certain options, known as "quadruple witching," which is when four types of contracts expire -- those tied to market index futures, market index options, stock options and stock futures.

* Fear & Greed Index reaches extreme greed

European markets ended lower. European Union officials agreed Friday to give Portugal more time to meet targets for reducing its debt.

Asian markets ended mixed. Japan's Nikkei extended recent gains after parliament confirmed the appointment of Haruhiko Kuroda as Bank of Japan governor, raising expectations of swift monetary easing. Hong Kong's Hang Seng fell on lingering concerns about local measures to curb runaway real estate prices.

Oil and gold prices both edged higher as the U.S. dollar weakened. The yield on the 10-year U.S. Treasury note dipped to 2%.

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4:20 pm : The major averages finished the week on a lower note and the S&P 500 shed 0.2%. Elsewhere, the Dow Jones Industrial Average declined 0.2% and snapped its streak of ten consecutive gains.

Equities slipped out of the gate with today's quadruple witching providing additional volume at the start. The lower open was then followed by another slip when the University of Michigan Consumer Sentiment Survey was reported below expectations. For March, the preliminary Survey fell to 71.8 from 77.6. Meanwhile, the Briefing.com consensus expected the reading to remain at 77.6.

After receiving the final economic data point of the day, the S&P 500 reversed and headed back towards yesterday's close.

By midday, the index was able to climb within one point of its flat line. However, the average could not muster additional strength, and instead began a steady slide back towards its lows.

The S&P 500 did see its now-familiar final-hour wave of buying, but that effort was merely able to bring the index back to the middle of today's range.

A handful of items made the session notable. The first noteworthy item was the lack of defined sector leadership. During this year's market rally, most sessions ended with either cyclical or defensively-oriented sectors clustered in the lead. Today, utilities and financials ended atop sector rankings.

The defensively-oriented utilities sector saw a steady morning bid before spending the afternoon near its best level of the day. The SPDR Utilities Select Sector ETF (XLU 38.13, +0.25) ended higher by 0.7%.

Financials were in focus after the Federal Reserve released the second part of its CCAR report. The results of the stress test showed that only Ally Financial and BB&T (BBT 30.98, -0.75) failed to meet requirements. Meanwhile, Goldman Sachs (GS 154.84, +0.82) and JPMorgan Chase (JPM 50.02, -0.98) will need to resubmit capital plans by the end of the third quarter. Shares of Goldman Sachs ended with modest gains while JPMorgan Chase slid 1.9% after bank executives testified before a Senate subcommittee regarding losses stemming from last year's "London Whale" trade.

Another item of note was the mixed performance observed within the technology sector. The SPDR Technology Select Sector ETF (XLK 30.20, -0.12) lost 0.4% while its largest component, Apple (AAPL 443.66, +11.16), found buyers who helped the stock rise 2.6%.

The relative strength of Apple prevented the tech sector from logging wider losses. Major components traded lower as Google (GOOG 814.30, -7.24) and International Business Machines (IBM 214.92, -0.88) saw respective losses of 0.9% and 0.4%. In addition, chipmakers were broadly weaker and the PHLX Semiconductor fell 1.7%.

The selloff in microchip manufacturers may be perceived as a sign of exhaustion after the 30-stock group had risen more than 13.0% since the start of the year. Meanwhile, the entire tech sector has only gained 4.2% so far in 2013.

The final noteworthy item was the lack of a significant move in the CBOE Volatility Index (VIX 11.42, +0.12). With stocks spending the day in negative territory, the short-term volatility measure added just over 1.0%, suggesting downside protection was not being sought out actively. Including today's gain, VIX remains at levels last seen in early 2007.

In addition to the previously mentioned University of Michigan Survey, the market received a heavy dose of economic data today.

A surge in energy costs led to the CPI increasing 0.7% in February after reporting no growth in January. The Briefing.com consensus expected the CPI to increase 0.5%. Gasoline prices increased 9.1% in February, which was the largest monthly gain since increasing 20.5% in June 2009. Meanwhile, food prices rose 0.1% after holding flat in January.

Excluding food and energy, core prices increased 0.2% in February, down from a 0.3% gain in January and exactly in-line with consensus expectations.

Industrial production increased 0.7% in February after reporting no growth in January. The Briefing.com consensus expected an uptick of 0.4%. Capacity utilization rates rose from an upwardly revised 79.2% (from 79.1%) in January to 79.6% in February. The consensus expected utilization rates to increase to 79.4%.

The Empire Manufacturing Survey for March registered a reading of 9.2, which was down from the prior month's reading of 10.0. Economists polled by Briefing.com had expected that the survey would slip to 6.5.

January net long-term TIC flows report indicated a $25.7 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $64.2 billion inflow.

On Monday, the March NAHB Housing Market Index will be reported at 10:00 ET.

Week in Review: S&P 500 Hovers Near Record Levels

On Monday, equities finished a very quiet session near their highs and the S&P 500 gained 0.3%, bringing the index within 10 points of record closing highs. The major averages began the day with slim losses. The cautious early trade followed downbeat overseas action where investors responded to disappointing industrial production news out of France and a series of below-consensus data points from China. Dick's Sporting Goods (DKS 47.00, -0.52) fell 10.9% after its earnings and revenue fell short of the Capital IQ consensus. Additionally, guidance issued by the company was also below analyst expectations.

The major averages finished Tuesday's session on a mixed note. The Dow registered a slightly higher close while the S&P 500 and Nasdaq ended in the red. The financial sector underperformed amid weakness in major bank names. Morgan Stanley (MS 23.59, +0.79) lost 1.9% while the broader SPDR Financial Select Sector ETF (XLF 18.44, +0.07) slipped 0.5%.

Wednesday ended with slim gains and the S&P 500 settled higher by 0.1%. The industrial sector outperformed as transportation-related stocks saw broad strength. The Dow Jones Transportation Average climbed 1.6% with 19 of 20 components registering gains. Airlines and truckers were among the index leaders as Alaska Air (ALK 59.24, -0.31) and JB Hunt (JBHT 74.00, -0.51) settled with respective gains of 4.3% and 5.6%.

On Thursday, the major averages ended with modest gains. The S&P 500 advanced 0.6%, and settled within three points of a record close. Meanwhile, the Dow Jones Industrial Average registered its 10th consecutive gain. The energy sector saw broad strength and the SPDR Energy Select Sector ETF (XLE 79.60, -0.06) advanced 1.4% to end at its best level since July 2011.DJ30 -25.03 NASDAQ -9.86 SP500 -2.53 NASDAQ Adv/Vol/Dec 1093/2.13 bln/1371 NYSE Adv/Vol/Dec 1408/1.83 bln/1611

3:30 pm :

Apr crude oil pulled back from its session high of $93.84 per ounce set at pit trade open and dipped to a session low of $93.00 per ounce in morning action. However, the energy component managed to inch higher as a weaker dollar index boosted prices. It settled the session 0.5% higher at $93.48 per ounce, thus booking a gain of 1.7% for the week.
Apr natural gas rose to a session high of $3.92 per MMBtu in mid-morning floor action but was unable to hold the momentum. It dipped to a session low of $3.83 per MMBtu and eventually closed at $3.87 per MMBtu. Today's advance brought the weekly gain to a solid 6.6% as natural is now trading ~ 20% above its recent low hit on Feb 15, 2013.
Apr gold slipped into negative territory and to a session low of $1589.00 per ounce on solid industrial production data released this morning. However, buyers acted on weak Michigan Sentiment data and a weaker dollar index and took prices up to a session high of $1597.90 per ounce. Gold pulled-back as it headed into afternoon floor trade and settled at $1592.60 per ounce, booking a 1.1% gain for the week.
May silver also rallied to a session high of $29.01 per ounce on the consumer confidence data. Despite the early strength, it fell into the red in afternoon pit trade. Silver closed the session just four cents higher at $28.85 per ounce, booking a 0.4% loss for the week.

DJ30 -37.42 NASDAQ -12.84 SP500 -3.57 NASDAQ Adv/Vol/Dec 1024/1551.5 mln/1414 NYSE Adv/Vol/Dec 1293/895 mln/1683

3:00 pm : Heading into the final hour of trade, the S&P 500 is down 0.3%.

The past 30 minutes saw the benchmark index continue its slide off afternoon highs. The recent weakness has been largely due to the underperformance of technology stocks with chipmakers trading broadly lower. The PHLX Semiconductor Index is down 1.9%.

In addition, major tech components Google (GOOG 814.77, -6.77) and International Business Machines (IBM 213.77, -2.03) are declining as well. However, the largest sector component, Apple (AAPL 441.57, +9.07) is adding 2.1%, which is preventing the tech sector from registering further losses.DJ30 -48.23 NASDAQ -14.38 SP500 -5.03 NASDAQ Adv/Vol/Dec 1032/1.39 bln/1388 NYSE Adv/Vol/Dec 1233/835.1 mln/1721

2:30 pm : Afternoon trade continues to unfold in quiet fashion with the S&P 500 off by 0.3%. After spending three hours within a two point range, the benchmark index has slipped to fresh afternoon lows. However, the index remains well off its session lows notched after a disappointing Michigan Consumer Sentiment Survey was reported.

The recent downticks in the S&P 500 took place as technology stocks faced some selling pressure. The SPDR Technology Select Sector ETF (XLK 30.18, -0.14) is off by 0.5%, but its weakness is being masked by the relative strength of its largest component, Apple (AAPL 441.62, +9.12), which is higher by 2.1%. Outside of Apple, tech stocks are seeing broad selling. Chipmakers are lagging notably with the PHLX Semiconductor Index down 1.8%.DJ30 -47.27 NASDAQ -12.02 SP500 -4.61 NASDAQ Adv/Vol/Dec 1066/1.31 bln/1332 NYSE Adv/Vol/Dec 1237/800.5 mln/1721

2:00 pm : The major averages continue to trade in the red and the S&P 500 is off by 0.2%. Afternoon trade has been very quiet with the S&P 500 little changed in the past two hours.

Equities saw some early weakness which was exacerbated by the release of a disappointing University of Michigan Consumer Sentiment Survey. However, the early selling was followed by a steady climb off lows. Although the S&P 500 has erased the bulk of its losses, the index remains in the red.

The Dow Jones Transportation Average is underperforming the broader market as the bellwether complex trades lower by 0.4%. The relative weakness of the group is not surprising as transportation stocks rallied broadly earlier in the week. Between Monday's open and Thursday's close, the transportation average has added more than 2.3% against a 0.8% gain registered by the S&P 500DJ30 -38.69 NASDAQ -6.74 SP500 -2.44 NASDAQ Adv/Vol/Dec 1091/1.21 bln/1274 NYSE Adv/Vol/Dec 1354/766.6 mln/1593

1:30 pm : After climbing back near its unchanged level, the S&P 500 was unable to break into positive territory, and it remains lower by 0.1%.

With stocks spending the day in the red, the cautious sentiment is being reflected in the treasury market with the 10-yr note seeing moderate buying interest. As a result, the 10-yr yield is lower by three basis points to 2.00%.

Interestingly, even as stocks trade in the red, the CBOE Volatility Index (VIX 11.45, +0.15) is adding just over 1.0%. The short-term volatility measure is hovering near levels last seen in early 2007.DJ30 -39.13 NASDAQ -5.97 SP500 -2.22 NASDAQ Adv/Vol/Dec 1070/1.13 bln/1287 NYSE Adv/Vol/Dec 1328/740.2 mln/1593

1:00 pm : At midday, the major averages are registering slim losses. The S&P 500 is off by 0.1% after an early decline of 0.5%.

The benchmark average saw modest early losses on above-average volume with today's quadruple witching contributing to the increased activity. The early weakness was then extended by a disappointing March Michigan Sentiment Survey, sending the index to session lows.

However, that slip was enough to encourage dip buyers who helped equities climb back near positive territory.

While most sectors saw somewhat mixed performance in early trade, the defensively-oriented utilities space has spent the first half of the session in a steady climb. The SPDR Utilities Select Sector ETF (XLU 38.11, +0.23) trades higher by 0.6%.

With utilities outperforming notably, energy, financials, and materials are the three other groups seeing gains. Energy stocks are advancing with added support from the rise in the price of crude. The energy component is higher by 0.5%, to $93.49.

The financial sector is in focus after the Federal Reserve released the second part of its CCAR report. The stress test showed that only Ally Financial and BB&T (BBT 30.88, -0.85) failed to meet requirements. Meanwhile, Goldman Sachs (GS 155.04, +1.02) and JPMorgan Chase (JPM 50.24, -0.77) will need to resubmit capital plans by the end of the third quarter. Notably, JPMorgan Chase is off by 1.5% after bank officials testified before a Senate subcommittee regarding losses stemming from the "London Whale" trade.

An interesting divergence has developed in the technology sector. The SPDR Technology Select Sector ETF (XLK 30.23, -0.09) trades largely in-line with the broader market, but the overall sector performance may be distorted by the strength of Apple (AAPL 442.76, +10.26), which trades higher by 2.4%. Chipmakers are lagging notably with the 30-stock PHLX Semiconductor Index down 1.4%.

Economic data released today was plentiful. The preliminary reading of the University of Michigan Consumer Confidence Index fell from 77.6 in February to 71.8 in March. The Briefing.com consensus expected the index to remain at 77.6.

Typically, consumer confidence/sentiment reacts to changes in equity values, gasoline prices, employment trends, and events in the media. However, recent equity gains and improvements in employment levels were not enough to offset the weakness from higher gasoline prices, elevated tax rates, and the negative effects of the sequestration.

A surge in energy costs led to the CPI increasing 0.7% in February after reporting no growth in January. The Briefing.com consensus expected the CPI to increase 0.5%. Gasoline prices increased 9.1% in February, which was the largest monthly gain since increasing 20.5% in June 2009. Meanwhile, food prices rose 0.1% after holding flat in January.

Excluding food and energy, core prices increased 0.2% in February, down from a 0.3% gain in January and exactly in-line with consensus expectations.

Industrial production increased 0.7% in February after reporting no growth in January. The Briefing.com consensus expected an uptick of 0.4%. Capacity utilization rates rose from an upwardly revised 79.2% (from 79.1%) in January to 79.6% in February. The consensus expected utilization rates to increase to 79.4%.

The Empire Manufacturing Survey for March registered a reading of 9.2, which was down from the prior month's reading of 10.0. Economists polled by Briefing.com had expected that the survey would slip to 6.5.

January net long-term TIC flows report indicated a $25.7 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $64.2 billion inflow.DJ30 -38.07 NASDAQ -5.34 SP500 -1.84 NASDAQ Adv/Vol/Dec 1061/1.07 bln/1290 NYSE Adv/Vol/Dec 1305/721.5 mln/1608

12:30 pm : Equities saw little change in recent trade. The S&P 500 is off by 0.1% as the index attempts to turn positive. Today's session is seeing mixed leadership which suggests some indecision is present in the market. Defensively-oriented utilities have garnered a steady bid throughout the day, but growth-oriented financials are the second best performing group on the day.

Notably, the technology sector trades in-line with the broader market. However, this is largely due to the outperformance of its largest component. The relative strength of Apple (AAPL 442.37, +9.87) masks the notable weakness among chipmakers. The 30-stock PHLX Semiconductor Index is down 1.3%.DJ30 -32.68 NASDAQ -5.64 SP500 -1.75 NASDAQ Adv/Vol/Dec 1058/994.3 mln/1268 NYSE Adv/Vol/Dec 1318/694.1 mln/1571

12:00 pm : The major averages remain in the red with the S&P 500 off by 0.1%. Although the benchmark index continues to trade in the red, it has spent the past two hours in a steady climb off its early lows.

The morning weakness followed the release of a disappointing University of Michigan Consumer Sentiment Survey, which slipped to 71.8 from 77.6. Meanwhile, the Briefing.com consensus expected the reading to remain at 77.6.

As stocks climbed off their early lows, the utilities sector was one of the most notable advancers. Currently, the SPDR Utilities Select Sector ETF (XLU 38.14, +0.26) hovers near its session highs, up 0.7%.

On the downside, technology stocks are seeing notable weakness among microchip manufacturers. The PHLX Semiconductor Index is down 1.3%.DJ30 -33.01 NASDAQ -7.25 SP500 -3.17 NASDAQ Adv/Vol/Dec 996/913.8 mln/1296 NYSE Adv/Vol/Dec 1308/666.1 mln/1569

11:30 am : Equities continue to register slim losses and the S&P 500 is off by 0.1%. Recent trade saw the benchmark index climb back to its opening levels after a disappointing University of Michigan Consumer Sentiment Survey resulted in a brief dip. However, staying true to its form, the market was quick to erase the additional weakness.

The utilities sector remains as the top performer and the SPDR Utilities Select Sector ETF (XLU 38.09, +0.21) is adding 0.6%.

In addition, energy, financials, and materials are registering gains as well.DJ30 -25.73 NASDAQ -5.34 SP500 -2.02 NASDAQ Adv/Vol/Dec 1013/828.9 mln/1277 NYSE Adv/Vol/Dec 1339/636.5 mln/1509

11:00 am : The major averages continue to trade in the red with the S&P 500 off by 0.3%. Equities began today's session on a lower note and the disappointing Michigan Sentiment Survey provided further weakness. The preliminary March Survey saw the reading decline to 71.8 from the prior month's 77.6 while the Briefing.com consensus expected no change from February. The weakness resulted from higher gasoline prices, elevated tax rates, and the negative effects of the sequestration.

While the broader market trades with modest losses, eight of 10 S&P 500 sectors are declining. Consumer staples and telecoms are among the early underperformers while financials and utilities trade with slim gains. The SPDR Utilities Select Sector ETF (XLU 38.04, +0.16) is adding 0.4%, and is the top performing sector ETF.DJ30 -41.40 NASDAQ -11.11 SP500 -3.72 NASDAQ Adv/Vol/Dec 897/724.6 mln/1315 NYSE Adv/Vol/Dec 1154/600.6 mln/1644

10:35 am : Commodities are rather volatile this morning with copper and crude oil hitting new session lows in recent activity, gold and silver coming off of new session highs and natural gas pushing to a new session high a few moments ago.

Natural gas futures are the big winner again today. Apr nat gas has been in positive territory all session and is near its current session high. Apr nat gas is now +2.7% at $3.91/MMBtu and is up 21.4% from one month ago.

Copper futures sold off earlier, around 9am EST, and fell as low as $3.52/lb. May copper is now -0.4% at $3.52/lb. Gold and silver are consolidating somewhat with Apr gold now +0.2% at $1593.90/oz and May silver +0.3% at $28.90/oz.

Following the sell-off in crude oil of about $0.74/barrel, earlier this morning, Apr crude continues to recover and is now +0.4% at $93.36/barrel.DJ30 -38.17 NASDAQ -10.38 SP500 -3.85 NASDAQ Adv/Vol/Dec 868/653.6 mln/1288 NYSE Adv/Vol/Dec 1146/574 mln/1633

10:00 am : The major averages slid to fresh lows following the release of the preliminary Michigan Consumer Sentiment Survey. The S&P 500 is off by 0.4%.

The preliminary University of Michigan Survey for March came in at 71.8, which was lower than the 77.6 that was posted in the prior month, and worse than the reading of 77.6 that had been expected by the Briefing.com consensus.DJ30 -55.05 NASDAQ -9.61 SP500 -5.61 NASDAQ Adv/Vol/Dec 839/440.2 mln/1260 NYSE Adv/Vol/Dec 1041/509.4 mln/1667

09:45 am : The major averages are trading modestly lower and the S&P 500 is off by 0.2%. The benchmark index opened today's session with new record highs in sight, but the average has distanced itself from those levels in early trade.

Financial stocks are among the early laggards. This comes after the Federal Reserve released the second part of its CCAR report. The stress test showed that only Ally Financial and BB&T (BBT 30.84, -0.89) failed to meet requirements. Meanwhile, Goldman Sachs (GS 152.98, -1.04) and JPMorgan Chase (JPM 49.52, -1.48) will need to resubmit capital plans by the end of the third quarter. Notably, JPMorgan Chase is down 3.0% as bank representatives testify before a Senate subcommittee regarding losses stemming from the "London Whale" trade.

The preliminary March Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 -36.63 NASDAQ -6.36 SP500 -4.02 NASDAQ Adv/Vol/Dec 914/373.8 mln/1138 NYSE Adv/Vol/Dec 1110/484.1 mln/1556

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +2.20. Heading into the open, equity futures are signaling a flat open to the session. Notably, the S&P 500 will begin today's action less than two points below its record closing high.

Major financials will be in focus after the Federal Reserve released the second part of its CCAR report. The stress test showed that only Ally Financial and BB&T (BBT 30.90, -0.83) failed to meet requirements. Meanwhile, Goldman Sachs (GS 151.60, -2.42) and JPMorgan Chase (JPM 50.14, -0.86) will need to submit new capital plans by the end of the third quarter.

Today's economic data pointed to a 0.7% rise in February consumer prices. This was above the 0.5% uptick that had been expected by the Briefing.com consensus. In addition, core prices rose 0.2%, in-line with expectations.

The Empire Manufacturing Survey for March registered a reading of 9.2, which was down from the prior month's reading of 10.0. Economists polled by Briefing.com had expected that the survey would slip to 6.5.

Just reported, February industrial production rose 0.7%, which was better than the 0.4% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 79.6%, which was better than the 79.4% expected by the Briefing.com consensus.

The busy day of economic reports will be rounded out with the preliminary March Michigan Consumer Sentiment Survey. The Survey is scheduled for a 9:55 ET release.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +2.20.

The S&P 500 futures continue to trade flat.

The major Asian bourses ended mixed with Japan's Nikkei (+1.5%) leading the way after Haruhiko Kuroda was officially named Bank of Japan Governor and both Kikuo Iwata and Hiroshi Nakaso were named deputy governors. Elsewhere, Chinese President Xi Jinping nominated Li Kiqiang to the post of Chinese Premier, as expected. Data from the region was light, limited to Singapore's weaker than expected retail sales (-2.0% year-over-year actual v. 2.3% expected) and the Philippines' unemployment rate ticking up to 7.1% (6.8% previous).

In Japan, the Nikkei closed higher by 1.5% to finish at its best level in four and a half years. Exporters rallied on hopes Japan would join the Trans-Pacific Partnership with Honda Motor and Nikon adding 2.6% and 2.5% respectively. Elsewhere, Sony surged 11% after receiving an upgrade to 'buy' from 'neutral' at Daiwa Securities.
Hong Kong's Hang Seng shed 0.4% as property names remained under pressure. Sun Hung Kai was the worst performer among the developers, giving up 1.6%. Elsewhere, insurer Ping An shed 1.0% after its net profit fell short of analyst estimates.
In China, the Shanghai Composite settled higher by 0.4% as financials led the way after it was reported Beijing may allow institutional investors more options to invest overseas. China Minsheng and Haitong Securities added 1.3% and 0.3% respectively.

Key European indices are registering modest losses after only a handful of minor data points were released. Eurozone CPI rose 1.8% while core CPI climbed 1.3%. Both figures were reported in-line with expectations. Swiss PPI rose 0.1% month-over-month, cooler than the uptick of 0.2% expected by the consensus.

In news, latest polls conducted by Greek Kathimerini and Skai have shown increased support for Syriza. The joint poll shows 29.5% respondents favor Syriza while the ruling New Democracy has slipped into second place (28.5% support). Elsewhere, the Troika has agreed to give Portugal a one-year extension to reach its 3.0% budget deficit-to-GDP target. The sovereign now has until 2015 to reach the target ratio.

Germany's DAX is off by 0.1%. Volkswagen trades lower by 2.8% after saying its Porsche unit will expand its production network in order to meet growing emerging market demand for luxury vehicles.
In the United Kingdom, the FTSE is slipping 0.5% with energy names underperforming. Royal Dutch Shell and Tullow Oil are both down near 1.7%. On the upside, miners are outperforming. Anglo American and Rio Tinto are seeing respective gains of 1.6% and 1.0%.
France's CAC is down 0.7%. Telecom name Vivendi trades lower by 4.0% after the company decided against selling its Brazilian unit due to unsatisfactory prospective bids. In domestic economic news, the January net long-term TIC flows report indicated a $25.7 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $64.2 billion inflow.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +2.00. Equity futures saw little change following the latest set of economic data. The S&P 500 futures are currently flat.

February consumer prices rose 0.7%, which was above the 0.5% uptick that had been expected by the Briefing.com consensus. This followed the prior month's unchanged reading. In addition, core prices rose 0.2%, in-line with expectations.

The Empire Manufacturing Survey for March registered a reading of 9.2, which was down from the prior month's reading of 10.0. Economists polled by Briefing.com had expected that the survey would slip to 6.5.

08:05 am : S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +0.50.

U.S. equity futures are little changed amid generally cautious European trade.

Looking at overseas developments:

Asian markets settled on a mixed note. Hong Kong's Hang Seng shed 0.4% while China's Shanghai Composite added 0.4%, and Japan's Nikkei gained 1.5%.
Regional economic data was limited:
China's foreign direct investment fell 7.3% against the expectations of a decline of 4.8%.
Singaporean retail sales declined 2.0% year-over-year while growth of 2.3% was expected by the consensus. Meanwhile, the country's unemployment rate was reported at 1.8%, as expected.
Looking at news:
Japan's upper house confirmed Haruhiko Kuroda as the next governor of the Bank of Japan. In addition, Hiroshi Nakaso and Kikuo Iwata were both confirmed as deputy governors.
The cabinet of Japanese Prime Minister Shinzo Abe has raised its economic assessment for the third month in a row.

European indices are registering modest losses. Germany's DAX is off by 0.1%, the United Kingdom's FTSE is down 0.6%, and France's CAC is shedding 0.7%.
Only a handful of data points were released across the region:
Eurozone CPI rose 1.8% while core CPI climbed 1.3%. Both figures were reported in-line with expectations.
Swiss PPI rose 0.1% month-over-month, cooler than the uptick of 0.2% expected by the consensus.
In news:
Latest polls conducted by Greek Kathimerini and Skai have shown increased support for Syriza. The joint poll shows 29.5% respondents favor Syriza while the ruling New Democracy has slipped into second place (28.5% support).
The Troika has agreed to give Portugal a one-year extension to reach its 3.0% budget deficit-to-GDP target. The sovereign now has until 2015 to reach the target ratio.

In U.S. corporate news:

Carnival (CCL 35.15, -0.58) is down 1.6% after another cruise ship operated by the company suffered equipment issues.
Freeport-McMoRan (FCX 33.89, +0.73) is higher by 2.2% after Goldman Sachs upgraded the stock to 'Buy' from 'Neutral.'

In today's economic news, February CPI, core CPI, and the March Empire Manufacturing Index will all be reported at 8:30 ET. Net long-term TIC flows will be announced at 9:00 ET with February industrial production and capacity utilization set for a 9:15 ET release. Lastly, March Michigan Sentiment will be reported at 9:55 ET.

Also note today is quadruple witching. This means March stock index futures, stock index options, stock options, and single stock futures will all expire. This is expected to add some volume at the open as well as during the final hour of trade.

06:53 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -1.50.

06:53 am : Nikkei...12560.95...+179.80...+1.50%. Hang Seng...22533.11...-86.10...-0.40%.

06:53 am : FTSE...6507.69...-21.70...-0.30%. DAX...8055.06...-3.70...-0.10%.

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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