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 Post subject: March 19th Tuesday Trade Results - Profit $3630
PostPosted: Tue Mar 19, 2013 10:54 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 @ $2530.00 dollars or +2.53 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks, Gold GC ($GC_F) futures @ $1100.00 dollars or +11.00 points and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $3630.00 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=1463

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: Cyprus Keeping Investors On Edge

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

NEW YORK (CNNMoney)
U.S. stocks finished mixed Tuesday, after lawmakers in Cyprus voted against a tax on bank deposits. This throws into doubt a €10 billion euro bailout deal for Cyprus reached with the European Union just three days ago.

The Dow Jones industrial average finished up almost 4 points, while the S&P 500 and Nasdaq declined more than 0.2%. Earlier in the day, all three indexes were up more than 0.3%.

Cyprus has been in the spotlight since the weekend, as the EU tried to impose a one-time tax on bank deposits as part of a bailout package for the heavily indebted nation. The Cypriot government proposed a revised bill Tuesday that would exempt savings under €20,000, but the nation's parliament still rejected the bill. Failure to secure emergency loans from the EU would leave Cyprus facing a banking collapse and default.

"We believe the [EU] decision on Cyprus was a dangerous move, with the potential to have knock-on effects elsewhere," wrote BNP analyst Gizem Kara, in a research note. "Although the immediate impact may be contained if the decision is deemed to be unique in Cyprus, due to its special circumstances, a precedent has been set."

* Eurozone's risky strategy

The recent weakness in stocks follows a strong run-up this year. Just last week, the Dow was on a 10-day winning streak, which included eight straight days of record highs. And the S&P 500 is still only about 1% away from its all-time closing high.

All three major indexes remain up between 7% to 10% higher for the year, fueled by ongoing stimulus from the Federal Reserve and signs that the economy is well on its way to a full recovery.

On Tuesday, a report from the U.S. Census Bureau showed that housing starts rose 0.8% in February, while building permits jumped 4.6%.

* Cyprus just a 'hiccup' for stock rally

In corporate news, shares of Canadian athletic apparel maker Lululemon Athletica (LULU) slid after the company announced a recall of yoga pants that were unintentionally see-through.

Shoe retailer DSW (DSW) missed revenue forecasts and issued cautious guidance about sales, prompting the company's stock to fall.

Electronic Arts (EA) shares declined after the company announced its chief executive was resigning. EA also said its revenue and earnings would be at the low end or below its January guidance.

Shares of Walgreen (WAG, Fortune 500) rose 5% after the company and Alliance Boots, in which Walgreen bought a stake last year, agreed to a 10-year partnership with pharmaceutical distributor AmerisourceBergen (ABC, Fortune 500). Shares of rival distributor Cardinal Health (CAH, Fortune 500), whose own contract with Walgreen expires later this year, declined on the news.

Related: Fear & Greed Index: Sliding into greed

European markets closed lower Tuesday, while Asian markets ended mixed.

The ZEW Indicator, a measure of economic sentiment in Germany, notched up in March but was muted by Cyprus uncertainty and political turmoil in Italy.

The U.S. dollar gained against the euro, which was trading at $1.29.

"Capital flight is the most immediate concern," wrote Caxton FX analyst Richard Driver. "People will be loath to park their funds in euros if risks like these [Cyprus] taxes exist. Reassurances have been made that the Cypriot scenario is unique but there is no way people can be sure that this is the case."

The dollar was flat versus the British pound, and fell versus the Japanese yen.

Oil prices declined while gold prices nudged higher.

The price on the 10-year Treasury rose, with the yield falling to 1.91% from 1.96% late Monday.

Image



4:15 pm : The major averages ended today's session on a mixed note. The Dow registered a slim gain of 3.76 points while S&P 500 shed 0.2%.

Stocks began the day with slim gains, but the early strength lacked conviction as uncertainty continued to surround Cyprus and the terms of its proposed bailout. As the morning progressed, the S&P 500 slid to its lows amid multiple reports suggesting the country's parliament is likely to vote down the controversial "stability levy."

The late morning selloff was notable as it coincided with strength in the U.S. dollar, the Treasury market, and German bunds. In addition, the CBOE Volatility Index (VIX 14.36, +1.00) ended at its highest level since March 4.

Elsewhere, the Dollar Index climbed to its best level since August of last year, and ended just below the key 83.00 area. Meanwhile, a safe haven bid across the Treasury complex pushed the 10-yr yield down five basis points to 1.91%. Overseas, the German 10-yr yield declined seven basis points, and ended at 1.35%.

The expectation of a failed vote was confirmed during the afternoon when the Cypriot parliament voted down the deposit tax with 36 'No' votes and 19 abstentions. At this point, it is unknown what the next step for Cyprus will be after its unprecedented rejection of bailout conditions.

Following the vote, the European Central Bank said it will provide liquidity to Cyprus within the existing rules.

As the Cypriot uncertainty weighed on the market, cyclical sectors underperformed while defensive groups ended in the lead.

The energy sector was the biggest laggard with a decline in the price of crude contributing to the weakness. The energy component slid 1.8% to $92.46. Meanwhile, the SPDR Energy Select Sector ETF (XLE 78.09, -0.87) settled lower by 1.1%.

In addition to energy stocks, the financial space trailed behind the broader market. Major financials finished lower as banks tend to show most sensitivity when uncertainty strikes. However, Bank of America (BAC 12.71, +0.15) outperformed its peers after Meredith Whitney shared her bullish outlook on the bank.

Also of note, the consumer discretionary group ended in the red amid weakness in retail stocks. The SPDR S&P Retail ETF (XRT 69.35, -0.70) fell 1.0%.

Although the discretionary sector endured broad weakness, homebuilders resisted the pressure and finished with modest gains after February housing starts were reported ahead of expectations.

In February, housing starts increased 0.8% in February to 917,000 after falling 7.3% to 910,000 in January. The Briefing.com consensus expected housing starts to increase to 911,000.

The recent volatility in housing starts is the result of normal fluctuations in the multi-family sector. Single-family construction, which tends to grow on a very stable path, increased slightly from 615,000 in January to 618,000 in February. Over the last three months, single-family starts have averaged 617,000. Multi-family starts increased from 295,000 in January to 299,000 in February.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. In addition, the Federal Open Market Committee will conclude its two day meeting with its interest rate decision and policy statement scheduled for a 14:00 ET release. The Fed's economic projections will also be released at 14:00 ET and Chairman Ben Bernanke will hold a press conference at 14:30 ET.DJ30 +3.76 NASDAQ -8.50 SP500 -3.76 NASDAQ Adv/Vol/Dec 1036/1.64 bln/1421 NYSE Adv/Vol/Dec 1270/731.7 mln/1726

3:30 pm :

Apr crude oil trended lower into negative territory as a stronger dollar and uncertainty regarding Cyprus put pressure on prices. The energy component fell off its session high of $93.88 per barrel set in early pit trade and brushed a session low of $92.09 per barrel moments before settling with a 1.7% loss at $92.15 per barrel.
Apr natural gas, on the other hand, rose for a fifth consecutive session as abnormally cold temps in the Midwest and on the East Coast boosted prices. It trended higher after coming off its session low of $3.89 per MMBtu set in early morning action and settled 2.3% higher at its session high of $3.97 per MMBtu.
Apr gold began today's floor trade in negative territory and slumped to a session low of $1599.00 per ounce following housing starts and building permits data that topped expectations. Despite the early weakness, continued concerns surrounding Cyprus gave boost to the precious metal and took prices back above the $1600 per ounce level. Gold climbed as high as $1615.00 per ounce in afternoon pit action and eventually settled with a 0.4% gain at $1611.80 per ounce. Investors are also looking ahead to tomorrow's FOMC statement along with economic projections.
May silver also lifted off its session low of $28.62 per ounce and broke into positive territory in mid-morning action. Despite touching a session high of $29.09 per ounce, silver pulled-back in afternoon trade and settled just below the unchanged line at $28.87 per ounce.

DJ30 -23.15 NASDAQ -18.46 SP500 -7.84 NASDAQ Adv/Vol/Dec 938/1413.3 mln/1493 NYSE Adv/Vol/Dec 1058/524 mln/1923

3:00 pm : Heading into the final hour of today's action, the major averages continue to trade in the red. The initial slide into negative territory took place as market participants began pricing in the likelihood of the Cypriot parliament voting against the deposit tax. The fears proved correct when the country's parliament rejected the measure with 36 'No' votes and 19 abstentions.

It is currently unclear what will follow this unprecedented rejection of bailout conditions.

Recent trade saw the CBOE Volatility Index (VIX 14.55, +1.19) decline off its best levels of the day, but the near-term volatility measure continues to hover near levels last seen on March 4.DJ30 -22.08 NASDAQ -18.23 SP500 -7.21 NASDAQ Adv/Vol/Dec 970/1.26 bln/1464 NYSE Adv/Vol/Dec 1063/461.3 mln/1903

2:30 pm : After notching session lows in the 1538 area, the S&P 500 has been able to regain about five points. However, the benchmark average remains firmly in the red with cyclical sectors providing notable pressure. Consumer discretionary and energy sectors are both down in excess of 1.0% while financials and materials follow closely.

With all eyes turned to Cyprus, recent reports indicated the country's parliament has rejected the deposit tax with 36 'No' votes and 19 abstentions. Immediate market reaction was rather muted, and limited to just a small uptick in the euro. However, the common currency remains lower by about 70 pips against the U.S. dollar. The pair currently trades at 1.2875.DJ30 -24.96 NASDAQ -18.64 SP500 -7.28 NASDAQ Adv/Vol/Dec 924/1.16 bln/1496 NYSE Adv/Vol/Dec 1047/423.5 mln/1924

2:00 pm : The S&P 500 continues to trade in the red with selling pressure keeping the index on its lows. The cautious sentiment developed after reports out of Cyprus suggested there is a high likelihood the country's parliament would vote against the bailout conditions.

With the market trading firmly in the red, cyclical sectors are among the weakest performers. Consumer discretionary, energy, and materials all trade with losses in excess of 1.0%. Meanwhile, defensively-oriented sectors have been able to resist the brunt of the pressure. The consumer staples group is the only advancer as the relative strength of Walgreen (WAG 44.58, +2.15) contributes to the outperformance. Shares of the drugstore operator are higher by 4.6% after the company entered into a long-term distribution agreement with AmerisourceBergen (ABC 50.76, +2.46).

Elsewhere, health care, telecom, and utilities trade with slim losses.DJ30 -43.38 NASDAQ -24.91 SP500 -10.20 NASDAQ Adv/Vol/Dec 848/1.06 bln/1563 NYSE Adv/Vol/Dec 929/381.9 mln/2036

1:30 pm : The major averages remain near their lows with the S&P 500 off by 0.8%. Stocks slid off their earlier levels as the Cypriot bailout agreement appears to be in danger of being voted down in the country's parliament. With the vote expected to take place today, a cautious trade continues to unfold.

With nine of 10 S&P 500 sectors trading in the red, only the defensively-minded consumer staples group trades with a slim gain.

As the broader market trades on its lows, the CBOE Volatility Index (VIX 15.04, +1.68) hovers near its highest level of the day. In addition, a safety bid is being reflected by the Dollar Index as well as treasury yields.

The U.S. Dollar Index has climbed to 83.00, its best level since August of last year. Meanwhile, the 10-yr yield is down six basis points to 1.90%.DJ30 -58.29 NASDAQ -29.84 SP500 -12.19 NASDAQ Adv/Vol/Dec 827/981.1 mln/1566 NYSE Adv/Vol/Dec 913/353.3 mln/2023

1:00 pm : At midday, the S&P 500 is off by 0.6% after late morning selling drove the benchmark index to session lows.

The weakness developed amid continued uncertainty surrounding Cyprus, and its attempt to secure rescue funds from the eurozone.

Meanwhile, eurozone officials have spoken in favor of a swift parliamentary vote, but that appears less likely with the country's ruling party planning to abstain from the vote. In addition, the Cypriot finance minister has tendered his resignation, but the country's president has yet to accept the request.

As uncertainty takes hold in a market which has rallied steadily since the start of the year, cyclical sectors are seeing the biggest weakness.

The energy space is the biggest laggard with a decline in the price of crude oil contributing to the underperformance. The energy component trades lower by 1.0% at $93.22. Meanwhile, the SPDR Energy Select Sector ETF (XLE 77.87, -1.09) is down 1.4%.

On the upside, defensively-minded sectors have outperformed in early trade. The consumer staples group is being supported, in part, by Walgreen (WAG 44.31, +1.88). Shares of the drugstore operator trade higher by 4.4% after the company signed a 10-year distribution agreement with AmerisourceBergen (ABC 50.98, +2.68).

Notably, as stocks trade in the red, the CBOE Volatility Index (VIX 14.88, +1.52) has spiked to levels last seen on March 4, suggesting downside protection is being sought.

The treasury market also reflects a modest safety bid with the 10-yr yield down five basis points to 1.91%. Meanwhile, the U.S. Dollar Index is also seeing safe-haven flows testing the key 83.00 level.

As a result of the Cypriot uncertainty, German debt has continued to receive a steady bid for the second consecutive day with the 10-yr yield sliding seven basis points to 1.35%.

In today's economic data, housing starts increased 0.8% in February to 917,000 after falling 7.3% to 910,000 in January. The Briefing.com consensus expected housing starts to increase to 911,000.

The recent volatility in housing starts is the result of normal fluctuations in the multi-family sector. Single-family construction, which tends to grow on a very stable path, increased slightly from 615,000 in January to 618,000 in February. Over the last three months, single-family starts have averaged 617,000. Multi-family starts increased from 295,000 in January to 299,000 in February.DJ30 -44.03 NASDAQ -19.59 SP500 -8.89 NASDAQ Adv/Vol/Dec 946/859.9 mln/1441 NYSE Adv/Vol/Dec 1022/314.6 mln/1895

12:35 pm : Equities continue to trade in the red with the S&P 500 off by 0.4%. The benchmark index remains in negative territory as the uncertainty surrounding Cyprus weighs on the markets.

Energy and consumer discretionary sectors are the two weakest performers while only consumer staples and telecoms trade with slim gains. Notably, as stocks trade in the red, the CBOE Volatility Index (VIX 14.93, +1.57) has spiked to levels last seen on March 4, suggesting downside protection is being sought out.

The treasury market also reflects a modest safety bid with the 10-yr yield down five basis points to 1.91%.DJ30 -32.53 NASDAQ -16.47 SP500 -7.50 NASDAQ Adv/Vol/Dec 1024/791.4 mln/1346 NYSE Adv/Vol/Dec 1120/292.1 mln/1783

12:00 pm : Recent action saw the S&P 500 slip back to yesterday's lows after multiple reports indicated the Cypriot finance minister has resigned. The reports also contributed to further weakness in the euro, which fell to fresh lows against the dollar.

With the broader market susceptible to further stories related to Cyprus, a defensive trade is being favored as consumer staples, health care, telecom, and utilities register slimmer losses than the broader market. Meanwhile, energy, financials, materials, and technology have led the S&P 500 to the downside.DJ30 -31.99 NASDAQ -16.67 SP500 -7.80 NASDAQ Adv/Vol/Dec 1061/677.1 mln/1286 NYSE Adv/Vol/Dec 1114/255.5 mln/1774

11:30 am : After sliding into the red, the S&P 500 has spent the past 30 minutes near its unchanged level. The benchmark index slipped of its highs as uncertainty continues to surround the next step of the Cypriot bailout. Today, Eurozone officials have attempted to hasten a parliamentary vote on the bailout, but every indication suggests the vote will be met with a significant challenge.

With the broader market showing little change, defensively-oriented sectors are among the day's top performers. The consumer staples space trades with the biggest gain. Shares of Walgreen (WAG 45.03, +2.60) are contributing to the advance after the drugstore operator signed a 10 year distribution agreement with AmerisourceBergen (ABC 51.54, +3.24).DJ30 +32.59 NASDAQ +3.18 SP500 +0.77 NASDAQ Adv/Vol/Dec 1341/530.5 mln/956 NYSE Adv/Vol/Dec 1532/203.4 mln/1290

11:00 am : Recent trade saw the major averages slide to their lows with the S&P 500 off by 0.1%.

The recent weakness took place as Germany's 10-yr yield fell to its lows amid increased interest in German Bunds. Similarly, gold and silver futures spiked to fresh session highs. Further, the move coincided with euro weakness as the common currency slipped to session lows against the dollar.

Although the move was not attributed to any particular news item, it took place as uncertainty continues to surround the next stage of the Cypriot bailout. Eurogroup head Jeroen Dijsselbloem has stressed that time is of the essence, and has been quoted as saying "[Cyprus] should accept EU's outstretched hand."DJ30 +17.50 NASDAQ -3.55 SP500 -0.75 NASDAQ Adv/Vol/Dec 1176/448.9 mln/1083 NYSE Adv/Vol/Dec 1379/176.1 mln/1432

10:35 am : The dollar index just surged higher, back near its session high, but this is having a mixed effect on commodities. Precious metals are showing correlation to this move in the index, while crude oil is taking the biggest hit on the dollar's strentgh. Copper is taking a hit as well, but on a smaller scale.

Crude oil rose as high as $94.09/barrel, but now just hit a new session low of $93.33/barrel following this sharp sell. Apr crude oil is now -0.4% at $93.37/barrel. Apr natural gas is currently +0.6% at $3.91/MMBtu.

Precious metals have been rallying in recent trade and both gold and silver just hit a new session high. Apr gold is now +0.4% at $1611.10/oz and May silver is +0.4% at $28.98/oz. May copper is now -0.2% at $3.42/lb.DJ30 +18.62 NASDAQ -0.72 SP500 -0.55 NASDAQ Adv/Vol/Dec 1233/345.0 mlnj/966 NYSE Adv/Vol/Dec 1409/144 mln/1365

10:00 am : Equities continue to trade near their early highs and the S&P 500 is firmer by 0.3%. Defensively-oriented sectors are among the early leaders as consumer staples, telecoms, and utilities trade ahead of the broader market.

In addition, financials are outperforming after being the weakest group in yesterday's action. The SPDR Financial Select Sector ETF (XLF 18.36, +0.09) is higher by 0.5%.

Elsewhere, discretionary stocks have shown relative weakness. However, homebuilders are providing the sector with some support following today's better-than-expected February housing starts and building permits data. The SPDR S&P Homebuilders ETF (XHB 29.97, +0.19) is adding 0.7%.DJ30 +57.65 NASDAQ +11.89 SP500 +4.67 NASDAQ Adv/Vol/Dec 1300/165.7 mln/802 NYSE Adv/Vol/Dec 1695/82.4 mln/970

09:45 am : The major averages began the session on a positive note with the S&P 500 firmer by 0.2%.

Although the broader market trades with slim gains, most cyclical sectors are underperforming. Consumer discretionary, energy, and materials all trade with slim losses.

However, the financial sector is one of the top performers after bank stocks underperformed yesterday amid Cypriot bailout uncertainty. Although the situation in Cyprus remains unresolved, financials appear poised for a rebound session.

In today's economic data, February housing starts and building permits were reported ahead of expectations. The upbeat data is contributing to the outperformance of homebuilders. The SPDR S&P Homebuilders ETF (XHB 29.93, +0.15) trades higher by 0.5%.DJ30 +34.52 NASDAQ +8.29 SP500 +3.22 NASDAQ Adv/Vol/Dec 1276/114.8 mln/741 NYSE Adv/Vol/Dec 1678/65.9 mln/947

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.50. Heading into the open, equity futures signal a higher start to the session. The S&P 500 futures are adding 0.2% after yesterday's session saw the benchmark index slide 0.6% amid uncertainty surrounding the bailout of Cyprus.

Today, the Cypriot parliament was expected to vote on the rescue package, but that vote has since been pushed back. The bailout is expected to face difficulty in passing through the parliament with the country's president saying the "parliament is destined to reject the bill."

With the vote on hold, European markets have traded in tentative fashion with the euro showing little change against the U.S. dollar.

Meanwhile, the U.S. equity market is poised for a higher start with homebuilders registering pre-market gains after February housing starts and building permits were reported ahead of expectations.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +9.20.

U.S. equity futures continue to trade in positive territory with the S&P 500 futures up 0.2%.

The major Asian bourses saw a mixed session with Japan's Nikkei (+2.0%) leading the way as Haruhiko Kuroda gets set to take over leadership at the Bank of Japan. In his final press conference, outgoing BoJ head Shirakawa warned the central bank should not just try and move markets with words. Elsewhere, the Reserve Bank of India lowered its key rate 25 bps to 7.50%, as expected, but suggested the scope for further cuts is limited as inflation pressures persist. Also making news in India was the announcement Prime Minister Manmohan Singh's largest ally was quitting his ruling coalition (at least temporarily) due to the handling of alleged war crimes in Sri Lanka. In Australia, the latest Monetary Policy Minutes left the door open for further rate cuts, suggesting mining investment was nearing a peak if not already at one. There was no data from the region.

In Japan, the Nikkei gained 2.0% to recover all of the previous day's losses and then some. Exporters were strong ahead of the leadership transition at the Bank of Japan. Sony jumped 6.8% and Mazda Motor surged 5.6%.
Hong Kong's Hang Seng finished lower by 0.2% as trade fell to a three and a half month low. Financials lagged as Insurer Ping An slid 1.5% and Bank of China gave up 0.6%. Elsewhere, internet gaming giant Tencent Holdings gave up 1.5% ahead of tomorrow's earnings release.
In China, the Shanghai Composite settled higher by 0.8% thanks to some solid quarterly reports. Merchants Property jumped 5.3% after its strong results, and that lifted rivals China Vanke and Poly Real Estate to respective gains of 2.4% and 4.0%.

European markets are mixed with France's CAC underperforming (-0.5%) the remainder of the region. Looking at economic data, Italy's industrial production rose 0.8% month-over-month, ahead of the expected decline of 0.3%. In the United Kingdom, CPI rose 2.8% year-over-year, as expected. Meanwhile, core CPI was reported at 2.3%, slightly ahead of expectations. House price index rose 2.2% year-over-year while the consensus called for a rise of 2.6%. The UK also reported several input and output PPI readings with most coming in ahead of expectations. Input PPI climbed 2.5% year-over-year (0.9% expected) while output PPI rose 2.3% year-over-year (1.8% forecast). Germany's ZEW Economic Sentiment Survey came in at 48.5, slightly ahead of the 48.0 expected by the market. The Eurozone ZEW Economic Sentiment was reported at 33.4, well below the expected reading of 43.7.

In news, the Cypriot bailout continues to be a point of discussion with reports indicating officials are making additional changes to the levy structure in order to ensure enough parliamentary for the rescue package. However, Cypriot President Nicos Anastasiades said the "parliament is destined to reject the bill." Elsewhere, Spanish bad loans ratio rose to 10.78% in January after being reported at 10.44% in December.

In the United Kingdom, the FTSE is higher by 0.1%. Vodafone trades higher by 1.9% after Jefferies raised its price target on the stock. On the downside, steelmaker Evraz is down 4.5%.
In Germany, the DAX is down 0.3% with ThyssenKrupp as its weakest performer. The steelmaker trades lower by 4.8% amid speculation suggesting the company may look into boosting its capital.
France's CAC is lower by 0.5% with financials underperforming. Credit Agricole and Societe Generale are down 1.4% and 1.8%, respectively. On the upside, food retailer Carrefour is higher by 1.9%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.00. Equity futures trade near their pre-market highs with the S&P 500 futures firmer by 0.3%.

Housing starts hit an annualized rate of 917,000 units during February. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 911,000. Prior month figures were revised upward to reflect an annual rate of 910,000 housing starts. As for building permits, they increased from the prior month's rate of 904,000 to 946,000 for February. That is above the pace of 925,000 building permits that had been expected among economists polled by Briefing.com.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.50.

U.S. equity futures trade with slim gains despite generally downbeat European trade. The S&P 500 futures are higher by 0.1%.

Looking at overseas developments:

Asian markets ended on a mixed note. Hong Kong's Hang Seng shed 0.2% while China's Shanghai Composite rose 0.8% and Japan's Nikkei settled higher by 2.0%.
Regional economic data was limited:
China's FDI declined 1.35%, better than the slide of 4.80%, which had been expected by the general consensus.
India's central bank cut its key interest rate by 25 basis points to 7.50%.
In news:
The People's Bank of China announced plans to drain CNY39 billion through short-term repurchase agreements after foreign direct investment was reported ahead of expectations.
The Reserve Bank of Australia released the minutes from its latest meeting, which revealed a discussion of possible further cuts to the country's key interest rate.

European markets are seeing modest loses. The United Kingdom's FTSE is off by 0.2%, Germany's DAX is down 0.3%, and France's CAC is lower by 1.0%. Elsewhere, Italy's MIB is down 0.4% and Spain's IBEX trades down 0.9%.
Looking at economic data:
Italy's industrial production rose 0.8% month-over-month, ahead of the expected decline of 0.3%.
In the United Kingdom, CPI rose 2.8% year-over-year, as expected. Meanwhile, core CPI was reported at 2.3%, slightly ahead of expectations. House price index rose 2.2% year-over-year while the consensus called for a rise of 2.6%. The UK also reported several input and output PPI readings with most coming in ahead of expectations. Input PPI climbed 2.5% year-over-year (0.9% expected) while output PPI rose 2.3% year-over-year (1.8% forecast).
Germany's ZEW Economic Sentiment Survey came in at 48.5, slightly ahead of the 48.0 expected by the market.
The Eurozone ZEW Economic Sentiment was reported at 33.4, well below the expected reading of 43.7.
In news:
The Cypriot bailout continues to be a point of discussion with reports indicating officials are making additional changes to the levy structure in order to ensure enough parliamentary for the rescue package.
Spanish bad loans ratio rose to 10.78% in January after being reported at 10.44% in December.

In U.S. corporate news:

eBay (EBAY 50.86, +0.75) is adding 1.5% after the stock was upgraded to 'Buy' from 'Hold' at Cantor Fitzgerald.
Electronic Arts (EA 18.90, +0.19) is firmer by 1.0% after the company announced the resignation of its Chief Executive Officer John Riccitiello. In addition, the software company guided its fourth quarter earnings and revenue near the low end of its prior guidance.

February housing starts and building permits will both be reported at 8:30 ET.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -1.50.

06:51 am : Nikkei...12468.23...+247.60...+2.00%. Hang Seng...22041.86...-41.50...-0.20%.

06:51 am : FTSE...6434.76...-23.30...-0.40%. DAX...7964.24...-45.20...-0.60%.

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

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

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