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 Post subject: March 18th Monday Trade Results - Profit $3720
PostPosted: Mon Mar 18, 2013 9:19 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 @ $2400.00 dollars or +24.00 points, Light Crude Oil CL ($CL_F) futures @ $1320.00 dollars or +1.32 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 @ $3720.00 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=1462

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.

Stocks Slide As Cyprus Revives Bad Euro Memories

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

NEW YORK (CNNMoney)
U.S. stocks tumbled Monday as a controversial bailout and bank tax in Cyprus reminded investors that Europe's debt problems are far from over.

The Dow Jones industrial average fell 0.4%, while the S&P 500 lost 0.5% and the Nasdaq declined 0.3%.

Investors were concerned by news that euro area officials would tax bank deposits in Cyprus as part of a €10 billion bailout the nation's over-leveraged banking sector. The news sent Asian stocks into a tailspin and weighed on European markets earlier Monday.

Bill Stone, chief market strategist at PNC wealth management, said investors may once again worry about the links between banks and the most troubled, heavily indebted countries that are part of the eurozone. But he added that the situation in Cyprus is fluid and the island nation of about 800,000 people is not likely to cause a shift in Europe's economic outlook.

The reaction was more muted in the United States, where a small pullback in stocks shouldn't be a big surprise given that the Dow and S&P 500 are near record highs. After rising for 10 trading days in a row, U.S. stocks edged lower Friday, ending the longest winning streak since 1996.

* Video - Cyprus is wake-up call for market

Under the provisional agreement with Cyprus, the European Union has required a one-time tax of 6.75% on bank deposits of less than €100,000, and 9.9% for those over that amount.

Cypriots rushed to ATMs as the country tried to win parliamentary support. While eurozone leaders stressed that Cyprus is a unique case, investors worry that depositors in other financially weak European nations might face similar bailout provisions in the future.

"The real problem with the Cypriot bank tax proposal is that it breaks an implicit covenant that depositors will not be subject to losses from bank failure," said Guy LeBas, chief fixed income strategist at Janney Capital Markets.

Given the Cypriot economy's size (less than 0.5% of overall output in the eurozone) and the amount of money involved, it's unlikely financial contagion will spread to other euro area nations according to analysts at Barclays Capital.

"We consider the likelihood of a bank run in other periphery countries to be limited, including in Greece," the analysts wrote in a report.

* Cyprus just a 'hiccup' for stock rally

Meanwhile, the decision to tax bank deposits may hit Russia particularly hard since half of all the bank deposits in Cyprus are believed to be held by Russians. According to Moody's, Russian corporate deposits are worth about $19 billion and any default could affect the servicing of bank debt in Russia.

The euro plunged 1% versus the U.S. dollar to $1.29. Gold prices jumped $12 to 1,604.60 an ounce. Oil prices edged higher. The yield on the 10-year Treasury note fell to 1.96% from 2% late Friday.

Wall Street's so-called fear gauge, the CBOE market volatility index, or VIX (VWA) rose nearly 20%. It remains at historically low levels though. And CNNMoney's own Fear & Greed Index is still in Greed mode.

European bank stocks were under pressure. National Bank of Greece (NBG), Banco Santander (SAN) and Barclays (BCS) all fell. In the U.S., shares of Wells Fargo (WFC, Fortune 500), Citigroup (C, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) also were lower.

* Fear & Greed Index backs away from extreme greed

JC Penney (JCP, Fortune 500)shares rallied after analysts at ISI Group suggested the troubled retailer could raise $10.8 billion by leasing space in 300 of its stores as part of a real estate investment trust.

Shares of Carnival Corp. (CCL) slid 3%, after the cruise line issued a weak sales forecast for the year on Friday. The company has had a string of mechanical issues over the last several weeks.

Constellation Brands (STZ) shares rallied after the Justice Department agreed late last week to give Anheuser-Busch InBev (BUD) and Modelo Group more time to negotiate the terms of their merger.

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4:15 pm : The major averages settled firmly lower with the S&P 500 down 0.6%.

Equities began the session amid broad losses after the conditions of a Cypriot bailout put the package in jeopardy of being voted down in the country's parliament. Per the original agreement, Eurozone rescue funds would provide Cyprus with EUR10 billion in recapitalization with a 'stability levy' imposed on all bank accounts expected to raise an additional EUR5.8 billion.

The deposit tax is the main cause for the delay as residents push back against the measure. In addition, global investors viewed this is as a possible precursor to a similar tax being levied on bank accounts elsewhere, should other troubled sovereigns ask for help.

The developments weighed on European markets where peripheral indices trailed behind their core counterparts. In addition, a modest safety bid sent the German 10-yr yield lower by five basis points to 1.41%.

After opening sharply lower, U.S. equities climbed steadily into the afternoon. However, stocks slipped off their best levels of the day when reports indicated the parliamentary vote scheduled for tomorrow has been postponed indefinitely.

The financial sector bore the brunt of today's selling as bank stocks tend to show increased sensitivity in the face of political or economic uncertainty. Morgan Stanley (MS 22.99, -0.60) was the weakest performer among the majors, and the SPDR Financial Select Sector ETF (XLF 18.27, -0.18) lost 1.0%.

Notably, European financials saw wider losses than their U.S. counterparts. Barclays (BCS 18.44, -0.79) and Deutsche Bank (DB 43.02, -1.61) settled lower by 4.1% and 3.6%, respectively.

In addition to financials, other cyclical sectors trailed behind the broader market. However, the technology space was an exception. The growth-oriented sector finished among session leaders with Apple (AAPL 455.72, +12.06) contributing to the relative strength. The largest tech stock advanced 2.7% amid continued speculation the company may hike its quarterly dividend in the near future.

Although a handful of large cap components registered gains, chipmakers ended broadly lower. The PHLX Semiconductor Index, which tracks 30 microchip manufacturers, settled lower by 1.3%.

On the upside, the defensively-oriented telecom space spent the bulk of the day in positive territory. Verizon Communications (VZ 48.75, +0.73) added 1.5% after Citigroup upgraded shares of Verizon to 'Buy' from 'Neutral.' The CBOE Volatility Index (VIX 13.60, +2.30) spiked over 20.0%. The near-term volatility measure has returned to levels last seen at the beginning of the month after sliding to multi-year lows in recent days.

Interestingly, trading volume finished below average as just over 675 million shares changed hands on the floor of the New York Stock Exchange.

In the metals market, gold futures climbed 0.7% to $1603.90 while silver ended little changed at $28.86. Also of note, copper fell 3.0% to its lowest level since November of last year. The weakness was a result of a technical breakdown combined with fears of tighter policy in China after February home sales rose at their fastest pace since December 2011.

Today's economic data was limited to the March NAHB Housing Market Index, which registered a reading of 44. This was lower from the prior month's reading of 46, and also short of the Briefing.com consensus which called for a reading of 48.

Tomorrow's economic news will focus on housing with February housing starts and building permits scheduled to be reported at 8:30 ET.DJ30 -62.05 NASDAQ -11.48 SP500 -8.60 NASDAQ Adv/Vol/Dec 865/1.48 bln/1617 NYSE Adv/Vol/Dec 1170/676.2 mln/1868

3:30 pm : Crude oil traded in negative territory until the late-morning session. Crude fell as low as $91.76/barrel, but recovered all of the overnight/morning losses and ended the day 0.3% higher.

Natural gas futures (continuous contract) came just $0.03 short of hitting its 13-month high of $4.03/MMBtu, which was hit in November 2012. The energy component ultimately sold off in the afternoon session and fell to a new session low.

Gold prices spent the whole session in positive territory, pushing above the $1600 mark and rising as high as $1610.30. By the end of today's session, Apr gold futures finished 0.7% higher. Silver was lagging gold prices today, but still managed to end the day with a small gain. The precious metal spent almost the entire overnight/early morning session in the red and then went on spend the majority of its time in positive territory, putting a session high in of $29.05/oz. At the end of today's session, silver rose three cents to $28.88/oz.DJ30 -40.92 NASDAQ -8.41 SP500 -7.60 NASDAQ Adv/Vol/Dec 894/1225.8 mln/1573 NYSE Adv/Vol/Dec 1182/431 mln/1838

3:05 pm : Heading into the final hour of trade, the S&P 500 is off by 0.3%. The benchmark index trades with modest losses after shaking off notable early weakness. The lower open came about as the parliament of Cyprus delays the vote on a bailout agreement for the island nation.

Financials have spent the day as the weakest sector with banks showing increased sensitivity to political and economic uncertainty. The SPDR Financial Select Sector ETF (XLF 18.30, -0.14) is down 0.8%.

On the upside, the defensively-oriented telecom space has spent the bulk of the day in positive territory. Verizon Communications (VZ 48.89, +0.87) is contributing to the outperformance as it trades higher by 1.8% after Citigroup upgraded the stock to 'Buy' from 'Neutral.'DJ30 -23.80 NASDAQ -5.73 SP500 -5.05 NASDAQ Adv/Vol/Dec 930/1.11 bln/1520 NYSE Adv/Vol/Dec 1215/397.4 mln/1782

2:30 pm : The major averages have climbed to their best levels of the day with the S&P 500 off by 0.2%. Meanwhile, the 30-stock Dow Jones Industrial Average registers fractional gains.

Although stocks opened on a sharply lower note after the Cypriot parliament delayed the vote on a controversial rescue package, the key indices have been able to show their resilience and rise steadily off the opening lows. Technology and telecoms have shown strength throughout the day and the consumer staples sector has crossed into positive territory as well. The SPDR Consumer Staples Select Sector ETF (XLP 38.51, +0.03) trades higher by 0.1%.DJ30 +1.51 NASDAQ -2.02 SP500 -2.97 NASDAQ Adv/Vol/Dec 971/1.01 bln/1467 NYSE Adv/Vol/Dec 1321/357.9 mln/1665

2:00 pm : The major averages remain confined to a narrow afternoon range with the S&P 500 lower by 0.4%. Today's cautious trade results from a weekend delay in the approval of the rescue package for the troubled sovereign of Cyprus.

Though the small island country represents a minor fraction of the Eurozone economy, investors have expressed concern over the implementation of a deposit tax as the measure may set a precedent for stability levies to be included in future sovereign bailout agreements.

While the broader market has been able to reclaim the bulk of its losses, financials continue to trade firmly lower. Citigroup (C 46.18, -1.08) is the weakest performer among the majors and the SPDR Financial Select Sector ETF (XLF 18.28, -0.16) trades lower by 0.8%.DJ30 -26.69 NASDAQ -7.85 SP500 -5.95 NASDAQ Adv/Vol/Dec 902/931.2 mln/1541 NYSE Adv/Vol/Dec 1181/332.9 mln/1795

1:30 pm : After dropping to their lows at the open, the major averages have spent the duration of the day in a steady climb back towards Friday's close. Recent trade has seen little change from the key indices and the S&P 500 is off by 0.4%.

The financial sector is the day's weakest performer as bank stocks tend to show most sensitivity to political and economic uncertainty. The SPDR Financial Select Sector ETF (XLF 18.30, -0.15) is down 0.8%.

With the market showing notable resilience in the face of weekend developments, the Dow Jones Transportation Average is showing little change with airlines acting in support of the group. The bellwether complex outperforms the broader market after being one of the leaders of this year's rally. Since the start of the year, the transportation average has gained more than 18.0%.DJ30 -24.96 NASDAQ -6.18 SP500 -5.39 NASDAQ Adv/Vol/Dec 885/867.7 mln/1545 NYSE Adv/Vol/Dec 1184/312.8 mln/1780

1:00 pm : At midday, the S&P 500 is off by 0.3% after being down as much as 1.0% in early trade.

The major averages began today's session on firmly lower note after the Cypriot parliament delayed its vote on a bailout package for the troubled sovereign. The delay results from the lack of support for a 'stability levy,' which calls for a tax on all bank deposits.

While Cyprus does not have a large economic impact on the Eurozone, the terms of the rescue package raise questions in regards to future bailouts for other troubled nations. Italian and Spanish markets underperformed their core counterparts while a safety bid sent the German 10-yr yield lower by five basis points to 1.41%.

The S&P 500 began today's session amid broad losses. The financial sector was the biggest laggard at the start, and the space remains the weakest performer into the afternoon. Morgan Stanley (MS 22.98, -0.61) trades with the largest loss among the majors while the broader SPDR Financial Select Sector ETF (XLF 18.30, -0.14) is down 0.8%.

In addition to financials, other cyclical sectors are among the underperformers while defensively-oriented sectors trade ahead of the broader market.

However, technology is an exception as the growth-oriented space trades with modest gains thanks in part to the strength of major components. Apple (AAPL 451.43, +7.77) and Microsoft (MSFT 28.24, +0.20) are higher by 1.8% and 0.7%, respectively, with the strength in Apple coming amid continued speculation the company may hike its quarterly dividend.

Although some large cap tech names trade well ahead of the broader market, chipmakers remain firmly in the red. The PHLX Semiconductor Index is down 0.7% after being down as much as 1.2% at the open.

With equities starting the week on a broadly lower note, the CBOE Volatility Index (VIX 12.67, +1.37) has spiked higher. The near-term volatility measure is adding 12.1% after jumping to levels last seen at the beginning of the month.

After receiving a steady overnight bid, the 10-yr note has seen some selling. However, yields remain lower on the session with the 10-yr yield down three basis points to 1.96%.

In today's economic data, the March NAHB Housing Market Index registered a reading of 44, which was lower from the prior month's reading of 46. Today's reading fell also short of the Briefing.com consensus which called for a reading of 48.DJ30 -11.87 NASDAQ -6.34 SP500 -4.30 NASDAQ Adv/Vol/Dec 884/790.3 mln/1525 NYSE Adv/Vol/Dec 1232/289.1 mln/1716

12:30 pm : Equities have continued their steady climb off lows and the S&P 500 is now down just four points. With the major averages rising towards their respective unchanged levels, the technology sector has strengthened its lead.

The SPDR Technology Select Sector ETF (XLK 30.29, +0.09) trades higher by 0.3% thanks in part to the outperformance of Apple (AAPL 451.41, +7.75). The largest tech stock is adding 2.1% as reports indicate the company may increase its quarterly dividend in the near future.

Notably, chipmakers underperformed in early trade, but have since climbed off their lows along with the broader market. The PHLX Semiconductor Index is down 0.6%.DJ30 -10.37 NASDAQ -3.71 SP500 -3.91 NASDAQ Adv/Vol/Dec 907/708.2 mln/1488 NYSE Adv/Vol/Dec 1224/265.3 mln/1716

12:00 pm : Equities have continued their climb off lows in recent trade and the S&P 500 is off by 0.4%. The financial sector is the day's weakest performer as banks carry increased sensitivity to political and economic uncertainty. Although Cyprus represents a minimal portion of the Eurozone economy, the bailout structure creates a possibility of deposit taxes being included in future rescue agreements for other troubled sovereigns.

On the upside, defensively-oriented sectors have been able to show relative strength. Consumer staples, health care, telecom, and utilities all trade ahead of the broader market.

In addition, technology stocks are outperforming as Apple (AAPL 449.43, +5.77) trades higher by 1.3%. The largest tech stock is displaying notable strength amid continued speculation suggesting Apple may hike its quarterly dividend.DJ30 -23.42 NASDAQ -8.87 SP500 -5.63 NASDAQ Adv/Vol/Dec 827/624.1 mln/1549 NYSE Adv/Vol/Dec 1143/238.4 mln/1784

11:30 am : The major averages continue to trade in the red with the S&P 500 lower by 0.5%. After reclaiming roughly half of their opening losses, the key indices have shown little change in recent trade.

The morning selloff was sparked by uncertainty surrounding Cyprus and the controversial bailout agreement which has been approved by the Eurozone, but still needs to receive parliamentary approval.

The financial sector is the weakest performer as the SPDR Financial Select Sector ETF (XLF 18.26, -0.19) trades lower by 1.0%.

Notably, European financials are registering broad losses as well. Deutsche Bank (DB 42.94, -1.69) and UBS (UBS 16.00, -0.38) are down 3.8% and 2.3%, respectively.DJ30 -36.79 NASDAQ -14.29 SP500 -7.58 NASDAQ Adv/Vol/Dec 745/552.4 mln/1631 NYSE Adv/Vol/Dec 1057/216.5 mln/1859

11:00 am : The major averages have continued their steady climb off opening lows. However, the S&P 500 remains lower by 0.5% after being down as much as 1.0% at the open. The downbeat start came about after the parliament of Cyprus delayed its vote on a bailout package, which calls for a tax on all deposits. With the vote being delayed, Cypriot banks are scheduled to stay closed until Thursday.

Domestically, as equities climb off their early lows, the defensively-oriented telecom sector is the only space currently trading in the black. In addition, technology stocks are outperforming as well. Although the tech sector trades ahead of the broader market, much of that strength is due to the outperformance of Apple (AAPL 449.40, +5.70). The largest tech stock trades higher by 1.3%. Meanwhile, chipmakers trade notably lower with the PHLX Semiconductor Index down 1.1%.

With equities starting the week on a broadly lower note, the CBOE Volatility Index (VIX 12.95, +1.65) has spiked higher. The near-term volatility measure is adding 14.6% after being up as much 19.0% at the start of today's session.DJ30 -36.83 NASDAQ -16.45 SP500 -8.00 NASDAQ Adv/Vol/Dec 675/446.1 mln/1685 NYSE Adv/Vol/Dec 962/182.4 mln/1933

10:35 am : Commodities are mixed this morning despite the dollar index trading higher all session. Copper futures have been in the red all day, trading in a tight range and just above its session low of $3.52/lb. May copper is now -2.3% at $3.44/lb.

Crude oil futures have been in the red all day so far, falling as low as $91.83/barrel. After recovering most of today's losses, Apr crude oil is now -0.3% at $93.16/barrel. Apr natural gas futures, on the other hand, have been in positive territory all day and continues to trade at its session high of $3.96/MMBtu. In current trade, nat gas is +1.9% at $3.95/MMBtu.

Apr gold futures remain in positive territory and are now +0.8% at $1604.90/oz, while May silver is +0.01% at $28.86/oz.DJ30 -31.49 NASDAQ -14.59 SP500 -7.36 NASDAQ Adv/Vol/Dec 625/374.6 mln/1690 NYSE Adv/Vol/Dec 890/156 mln/1971

10:00 am : Equities continue to trade in the red with the S&P 500 down 0.6%.

For March, the NAHB Housing Market Index registered a reading of 44, which was lower from the prior month's reading of 46. Today's reading fell also short of the Briefing.com consensus which called for a reading of 48.

The SPDR S&P Homebuilders ETF (XHB 29.58, -0.12) slipped off its highs in immediate reaction to the data.DJ30 -46.77 NASDAQ -21.00 SP500 -9.98 NASDAQ Adv/Vol/Dec 539/230.4 mln/1735 NYSE Adv/Vol/Dec 729/110.2 mln/2079

09:45 am : The major averages trade near their early lows with the S&P 500 down 0.8%. Equities began the session on a firmly lower note after the Cypriot parliament delayed its vote on a widely-unpopular bailout package, which includes a tax on all bank deposits.

The cautious trade takes place amid concerns this could set a precedent for other bailouts of troubled nations.

Showing increased sensitivity to the developments, the financial sector is the weakest early performer. Morgan Stanley (MS 22.94, -0.65) is the biggest laggard among the majors while the broader SPDR Financial Select Sector ETF (XLF 18.22, -0.23) trades down 1.2%.

March NAHB Housing Market Index will be reported at 10:00 ET.DJ30 -82.33 NASDAQ -25.51 SP500 -12.57 NASDAQ Adv/Vol/Dec 464/155.9 mln/1764 NYSE Adv/Vol/Dec 518/87.1 mln/2250

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -15.60. Nasdaq futures vs fair value: -27.30. Heading into the open, equity futures are signaling a lower start to the session. The S&P 500 futures are down 0.9% as the widely-unpopular Cypriot bailout faces a delay in the country's parliament.

Cautious overseas trade continues as investors consider the possibility of similar bailout terms being offered to other troubled sovereigns. This is being reflected in the European markets where peripheral indices trail behind their core counterparts. In addition, a safety bid has sent the German 10-yr yield lower by five basis points to 1.40%.

Domestically, major financials have seen an active pre-market session. Bank of America (BAC 12.33, -0.24) is down 1.9% while Citigroup (C 46.27, -0.99) is lower by 2.1%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -14.10. Nasdaq futures vs fair value: -24.50. Equity futures trade firmly lower with the S&P 500 futures down 0.8%. The cautious pre-market sentiment takes place as the Cypriot parliament delays the vote on a bailout package, which calls for a 'stability levy' to be imposed on all deposits. The vote has been pushed back until Tuesday, but the situation remains fluid and prone to further changes.

As a result, European markets are broadly lower with peripheral indices underperforming as investors seek a safety bid. This is being reflected in the debt market where Germany's 10-yr yield is down five basis points to 1.40%. Similarly, the U.S. 10-yr note has seen buying interest with its yield down four basis points to 1.96%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -14.50. Nasdaq futures vs fair value: -24.50.

U.S. equity futures continue to trade in the red with the S&P 500 futures lower by 0.8%.

European indices are trading broadly lower amid uncertainty surrounding the terms of the Cypriot bailout. The parliament of Cyprus was set to hold a final vote on the bailout, which includes a controversial 'stability levy,' but that vote has since been postponed to Tuesday amid growing public displeasure. Regional economic data was limited to just two notable data points. Eurozone trade surplus was reported at EUR9.0 billion, worse than the EUR10.9 billion expected by the market. Meanwhile, Italy's trade deficit came in at EUR1.62 billion, worse than the surplus of EUR2.11 billion expected by the consensus.

In news, the original 'stability levy' called for the confiscation of 6.75% of bank deposits up to EUR100,000 and 9.90% of deposits above EUR100,000. However, that structure has since been altered to reflect a three-tiered system. Cypriot government is allowed to modify the thresholds as long as the total deposit tax amounts to EUR5.8 billion. Eurozone rescue funds would then provide additional EUR10 billion. In addition, the bailout package contains a provision calling for Cypriot banks operating in Greece to be transferred to Greek owners.

In the United Kingdom, the FTSE is off by 0.7% with financials underperforming. Barclays and Royal Bank of Scotland are both down near 5.0%.
Germany's DAX is down 1.0% and financials are among the biggest laggards as well. Commerzbank is off by 1.4% and Deutsche Bank trades lower by 3.4%.
In France, the CAC is lower by 1.2%. Financials BNP Paribas, Credit Agricole, and Societe Generale are all down between 3.9% and 5.1%. On the upside, STMicroelectronics is higher by 5.0% after the company agreed to terminate its unprofitable joint venture with Ericsson.
Peripheral markets are underperforming with financials bearing the biggest losses. Italy's MIB and Spain's IBEX are both down 2.0%.
Italy's 10-yr yield is adding five basis points to 1.09% while Spain's 10-yr yield is higher by nine basis points to 1.71%.
A flight to safety is being reflected in the German Bunds where the 10-yr yield is down six basis points to 1.40%.

It was a sea of red across Asia as all of the major bourses ended lower as traders dumped shares amid the uncertainty of the Cypriot bailout. Japan's Nikkei (-2.7%) saw the heaviest selling as the yen strengthened thanks to a safety bid. Data from the region saw Australia's new motor vehicle sales print unchanged, Singapore's trade surplus widen to SGD2470 million (SGD1848 million previous), and Hong Kong's unemployment rate hold at 3.4%.

In Japan, the Nikkei closed lower by 2.7% as exporters saw heavy selling thanks to a strong yen. Sony (-6.8%) was the worst performer in the space, but Canon (-2.2%) and Toyota Motor (-3.4%) also saw large losses. Elsewhere, financials remained under pressure as Mitsubishi UFJ Financial slid 3.1%.
Hong Kong's Hang Seng slid 2.0% to post its lowest close in over three months. Names with heavy exposure to Europe were hit hard as Esprit and HSBC gave up 2.2% and 2.3% respectively.
In China, the Shanghai Composite lost 1.7% as financials lagged. Agricultural Bank of China lost 2.4% while Haitong Securities shed 2.9%.

08:00 am : S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -25.30.

U.S. equity futures are firmly lower with the S&P 500 futures down 0.8%. The cautious overnight sentiment comes amid uncertainty surrounding the terms of the Cypriot bailout. The parliament of Cyprus was set to hold a final vote on the bailout, which includes a controversial 'stability levy,' but that vote has since been postponed to Tuesday amid growing public displeasure. With questionable support for the bailout and worries about the precedent a 'stability levy' may set, global markets are showing notable caution.

Looking at overseas developments:

Asian markets ended on a lower note. China's Shanghai Composite slid 1.7%, Hong Kong's Hang Seng shed 2.0%, and Japan's Nikkei fell 2.7%.
In economic data:
Australia's new motor vehicle sales were unchanged following the prior month's decline of 2.2%.
China's house prices rose 2.1% month-over-month to follow the previous month's rise of 0.8%.
Hong Kong's unemployment rate was reported at 3.4%, in-line with expectations.
In news:
Asian markets sold off across the board as the uncertainty surrounding the Cypriot bailout sparked a flight to safety.
Reports out of Nikkei news indicate Japanese corporations plan to boost hiring by up to 10% in time for the spring of 2014.

European indices are trading broadly lower. The United Kingdom's FTSE is off by 0.8%, Germany's DAX is down 1.1%, and France's CAC is sliding 1.4%. Elsewhere, Italy's MIB and Spain's IBEX are down 2.2% each.
Regional economic data was limited:
Eurozone trade surplus was reported at EUR9.0 billion, worse than the EUR10.9 billion expected by the market.
Italy's trade deficit came in at EUR1.62 billion, worse than the surplus of EUR2.11 billion expected by the consensus.
In news:
As part of the bailout package, Cypriot banks operating in Greece will be transferred to Greek owners.
The original 'stability levy' called for the confiscation of 6.75% of bank deposits up to EUR100,000 and 9.90% of deposits above EUR100,000. However, that structure has since been altered to reflect a three-tiered system. Cypriot government is allowed to modify the thresholds as long as the total deposit tax amounts to EUR5.8 billion.

Looking at other markets affected by the weekend developments:
U.S. dollar index is lower by 0.5% to 82.63
EUR/USD is down 98 pips to 1.2952
EUR/JPY is down 152 pips to 123.11
EUR/CHF is down 37 pips to 1.2239
Crude oil is down 1.0% to $92.53
Gold is adding 0.6% to $1602.40
Silver is off by 0.2% to $28.79

In U.S corporate news:

Major financials are registering pre-market losses. Bank of America (BAC 12.36, -0.21), Citigroup (C 46.20, -1.06), and Morgan Stanley (MS 23.11, -0.48) are all down between 1.6% and 2.2%.
Advanced Micro Devices (AMD 2.64, +0.04) is higher by 1.5% after Macquarie upgraded the stock to 'Outperform' from 'Underperform.'

Today's economic data will be limited to the March NAHB Housing Market Index with the report scheduled to be released at 10:00 ET.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat.

06:51 am : Nikkei...12220.63...-340.30...-2.70%. Hang Seng...22533.11...-86.10...-0.40%.

06:51 am : FTSE...6427.38...-62.30...-1.00%. DAX...3790.85...-53.20...-1.40%.

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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