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 Post subject: March 20th Wednesday Trade Results - Loss ($850)
PostPosted: Wed Mar 20, 2013 9:02 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 @ ($2440.00) dollars or -24.40 points, Light Crude Oil CL ($CL_F) futures @ $1590.00 dollars or +1.59 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 Loss @ ($850.00) 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=1464

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 End Higher On Fed Stimulus Pledge

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

NEW YORK (CNNMoney)
U.S. stocks rose Wednesday after the Federal Reserve reiterated that its stimulus measures will remain in effect until the job market gets back on track.

The Fed said in its policy statement that it will continue buying $85 billion worth of Treasuries and mortgage-backed securities to help "make broader financial conditions more accommodative."

Speaking to reporters, Fed chair Ben Bernanke acknowledged that payroll data improved in February, but he cautioned that the trend may not last. The Fed also trimmed the upper end of its forecast for economic growth in 2013.

"This was pretty much what I expected," said Doug Roberts, chief market strategist for Channel Capital Research. The statement and Bernanke's comments "eliminate any lingering doubts about his position," Roberts said.

The Dow Jones industrial average gained 0.4%, to close at 14,511. Shortly after the Fed's announcement, the Dow hit a new intraday record high of 14,546.82. The S&P 500 gained 0.7% and the Nasdaq advanced 0.8%.

Stocks have been rallying on a combination of improving economic data and stimulus from the Fed.

So far this year, all three major U.S. indexes have gained between 9% and 11%, and the Dow recently had its longest string of gains since 1996.

Bernanke downplayed concerns about a stock market bubble.

"We don't see, at this point, anything that's out of line with historical patterns," Bernanke said, noting that the Dow was still far below its all-time high in inflation-adjusted terms.

* Cyprus buys some time

Meanwhile, investors continue to monitor developments out of Cyprus after lawmakers voted against a tax on bank deposits, which had been part of a €10 billion bailout proposal. Banks in Cyprus will remain closed through Friday, after depositors rushed to withdraw cash from ATMs earlier in the week.

Investors have been increasingly sanguine about the prospect of financial contagion spreading from the tiny island nation to larger economies in the euro area.

"Cyprus has a bit of time to go back to the drawing board and come up with a solution to its problems," said Nick Stamenkovic, strategist at RIA Capital Markets in Edinburgh, Scotland. "The market seems to take the view that the problem is relatively contained."

* Mini flash crashes happen a dozen times a day

In corporate news, FedEx (FDX, Fortune 500) widely missed earnings estimates and cut its outlook for the year. The company is often viewed as a bellwether for the broader economy due to the global scope of its business. FedEx also said it may temporarily ground some aircraft. Shares of rival UPS (UPS, Fortune 500) also fell.

Shares of Caterpillar (CAT, Fortune 500) sank 1.5% after the heavy-equipment maker reported a sharp drop in sales to its worldwide network of dealers.

BlackBerry (BBRY)shares jumped more than 6% after analysts at Morgan Stanley (MS, Fortune 500) upgraded the stock. The company will soon start selling its new Z10 smartphone to U.S. customers.

Shares of Lennar (LEN) rose nearly 5% after the homebuilder reported better-than-expected earnings.

General Mills (GIS, Fortune 500) shares gained after the packaged food company said sales and earnings rose in the most recent quarter.

Adobe Systems (ADBE) shares jumped a day after the graphics software maker beat earnings estimates.

Shares of Model N (MODN) surged nearly 29% in the company's stock market debut. The software design company priced its IPO at $15 per share late Tuesday.

European markets ended mixed. The FTSE 100 in London fell 0.1%, while Germany's DAX gained 0.7% and the CAC 40 in Paris jumped 1.4%.

Asian markets also posted strong gains. The Shanghai Composite added 2.7% and Hong Kong's Hang Seng advanced 1%. Tokyo's stock market was closed for the first day of spring.

The yield on the 10-year Treasury note edged higher to 1.96%. The U.S. dollar fell versus the euro and the U.K. pound, but rose versus the yen. Oil prices edged higher while gold prices declined.

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4:15 pm : The S&P 500 settled higher by 0.7% after spending the entire session in positive territory.

Equities opened firmly higher amid continued speculation over the future of Cyprus as well as the impact of the parliamentary decision to reject eurozone bailout conditions.

Quiet trade continued into the afternoon as the S&P 500 spent the bulk of the day in a three point range. The benchmark index then climbed to fresh highs before sliding back into the day's range.

The afternoon spike occurred after the Federal Open Market Committee announced its decision to maintain the Fed Funds rate at 0.25% and continue its asset purchase program.

Today's statement from the Federal Reserve was largely in-line with expectations. Regarding economic conditions, the Committee observed a return to "Moderate economic growth following a pause late last year."

The Committee did not show increased concern for inflation levels, and said "Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable."

Coinciding with the move to fresh highs was a report out of Nikkei News, which suggested the incoming Bank of Japan Governor Haruhiko Kuroda will call for "bold easing." Although the central bank's dovish stance has been widely-known, this report comes as Mr. Kuroda is expected to formally assume his new role on Thursday. The reports were met with yen weakness as the USD/JPY pair jumped to session highs near 96.00.

Although stocks maintained firm gains throughout the day, sector leadership was mixed. Growth-oriented consumer discretionary shares paced the advance, but defensively-minded consumer staples and health care rounded out the top of the leaderboard.

Discretionary shares outperformed amid strength in homebuilders. Lennar (LEN 43.43, +2.01) and Toll Brothers (TOL 36.55, +2.04) both gained over 4.5% while the broader SPDR S&P Homebuilders ETF (XHB 30.52, +0.72) settled higher by 2.4%.

Elsewhere, the technology space received some support from chipmakers and software companies. The PHLX Semiconductor Index gained 1.2% while software stocks benefitted from the relative strength of Adobe Systems (ADBE 42.46, +1.71). The software publisher gained 4.2% after beating on earnings and revenue. However, the company's second quarter earnings and revenue guidance was on the low end of expectations. In addition, Adobe said its Chief Technology Officer Kevin Lynch is leaving the company to join Apple (AAPL 452.08, -2.41), which shed 0.5%.

On the downside, the industrial sector lagged amid weakness in major sector components. Industrial equipment manufacturers underperformed in the wake of a disappointing global sales report from Caterpillar (CAT 86.94, -1.33) as well as a Wells Fargo downgrade of Deere (DE 87.74, -2.83).

Industrial component FedEx (FDX 99.13, -7.33) endured a rough session and fell 6.9% after missing on the bottom line. The company also guided fourth quarter earnings below consensus due to a slowdown in global revenues. Peer United Parcel Service (UPS 84.03, -1.05) lost 1.2% in sympathy, and the Dow Jones Transportation Average shed 0.4%. Note that both FedEx and UPS are part of the bellwether complex.

Trading volume was below average and largely in-line with Monday's total as 673 million shares changed hands on the floor of the New York Stock Exchange.

Taking a look at the final sector placement, consumer discretionary (+1.2%), consumer staples (+1.0%), and health care (+0.9%) sectors led the broader market while telecom (-0.1%), industrial (+0.1%), and energy (+0.6%) stocks brought up the rear.

Today's economic data was limited to weekly MBA Mortgage Applications, which declined 7.1% to follow last week's decrease of 4.7%.

In tomorrow's economic news, weekly initial and continuing claims will be reported at 8:30 ET. January FHFA Housing Price Index will be announced at 9:00 ET while February existing home sales, leading indicators, and March Philadelphia Fed Survey will all be released at 10:00 ET.DJ30 +55.91 NASDAQ +25.09 SP500 +10.37 NASDAQ Adv/Vol/Dec 1731/1.54 bln/722 NYSE Adv/Vol/Dec 2263/673.1 mln/755

3:35 pm :

May crude oil traded higher as a weaker dollar index and better-than-anticipated inventory data boosted prices. The DoE reported an unexpected draw of 1.314 mln barrels when a build of 2.0 mln barrels was expected. Despite dipping to a session low of $92.47 per barrel in late morning floor trade, the energy component pushed higher as it headed into the close and settled 1.1% higher at $93.52 per barrel, or slightly below its session high of $93.60 per barrel.
Apr natural gas spent pit trade in the red despite its attempt to erase losses. It lifted off its session low of $3.90 per MMBtu and trended higher as the session progressed. It brushed the unchanged line, or session high of $3.97 per MMBtu, as it headed into the close, but ultimately settled with a 0.3% loss at $3.96 per MMBtu.
Apr gold spent its entire floor session in negative territory ahead of the FOMC policy statement which was released today at 14:00 ET. Uncertainty over the future of Cyprus also put pressure on the yellow metal. Gold dipped to a pit session low of $1604.50 per ounce and eventually settled with a 0.3% loss at $1607.50 per ounce.
May silver also chopped around slightly below the unchanged line. It brushed a session low of $28.69 per ounce and settled pit trade 0.2% lower at $28.81 per ounce.

DJ30 +65.66 NASDAQ +24.76 SP500 +11.10 NASDAQ Adv/Vol/Dec 1603/1304.5 mln/827 NYSE Adv/Vol/Dec 2186/442 mln/821

3:00 pm : Heading into the final hour of trade, the S&P 500 continues to hover near its best level of the day. The benchmark index traded within a three point range until climbing to fresh highs shortly after the Federal Open Market Committee announced no change to its highly-accommodative policy stance.

The move to new highs also coincided with weakness in the Japanese yen after reports out of Nikkei News suggested the incoming Bank of Japan Governor Haruhiko Kuroda will call for "bold easing." Although the central bank's dovish stance has been widely-known, this report comes as Mr. Kuroda is expected to formally assume his new role on Thursday.

With the first quarter reporting season set to begin in a few weeks, a handful of names have yet to report their results for the final quarter of 2012. Following today's close, Oracle (ORCL 35.81, +0.12) will reveal its quarterly earnings. The Capital IQ consensus expects the technology bellwether to announce earnings of $0.66 on $9.37 billion in revenue.DJ30 +62.98 NASDAQ +23.31 SP500 +10.26 NASDAQ Adv/Vol/Dec 1588/1.16 bln/826 NYSE Adv/Vol/Dec 2164/391.8 mln/825

2:30 pm : The major averages have climbed to fresh highs following the release of the latest policy statement from the Federal Reserve. The S&P 500 trades higher by 0.8%.

The Federal Open Market Committee kept the Federal Funds Rate unchanged at 0.25%. With regards to economic conditions, the Committee observed a return to "moderate economic growth following a pause late last year."

In order to support continued recovery, the Committee "will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month."

The Committee did not show increased concern for inflation levels, and said "Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable."DJ30 +84.85 NASDAQ +25.41 SP500 +12.16 NASDAQ Adv/Vol/Dec 1614/1.05 bln/798 NYSE Adv/Vol/Dec 2183/350.8 mln/797

1:55 pm : Equities continue to hover near their highs with the Federal Reserve scheduled to release its policy statement momentarily. Little change to the Fed's directive is expected but investors will look for hints of a possible exit timeframe.

Meanwhile, sector leadership remains little changed with consumer discretionary and staple stocks in the lead. In addition, the health care sector is also among the day's top performers.

On the downside, industrial stocks have been pressured by major components. FedEx (FDX 99.92, -6.54) is one of the day's biggest laggards after the company missed on earnings and issued cautious guidance.DJ30 +40.51 NASDAQ +18.14 SP500 +7.86 NASDAQ Adv/Vol/Dec 1536/938.5 mln/856 NYSE Adv/Vol/Dec 2061/311.1 mln/894

1:30 pm : Equities remain near their session highs as market participants await the 14:00 ET statement from the Federal Reserve. At that time, the Fed will also release its latest economic projections while Chairman Ben Bernanke will address the assembled media at 14:30 ET.

With stocks having spent the duration of today's session in a tight range, sector leadership remains unchanged. Consumer discretionary, consumer staples, and health care remain as the top performing sectors.

On the downside, the industrial sector has been declining steadily off its opening highs and the SPDR Industrial Select Sector ETF (XLI 41.63, -0.04) is off by 0.1%. The growth-oriented sector is being pressured by a disappointing global sales report from Caterpillar (CAT 86.56, -1.71) as well as a Wells Fargo downgrade of the shares of Deere (DE 87.29, -3.28). Lastly, FedEx (FDX 99.92, -6.54) is down 6.1% after the company missed on earnings and issued downside guidance.DJ30 +48.94 NASDAQ +19.32 SP500 +8.53 NASDAQ Adv/Vol/Dec 1534/880.1 mln/830 NYSE Adv/Vol/Dec 2094/290.1 mln/863

1:00 pm : At midday, the S&P 500 trades higher by 0.6%.

The major averages began the day firmly higher as global investors searched for hints suggesting what Cyprus might do next after the country's parliament rejected the conditions of a eurozone bailout.

Although the future of Cyprus remains uncertain, market participants are hopeful that any potential fallout can be overcome.

Equities have spent the first half of the session in the black with defensively-oriented sectors responsible for the bulk of today's gains. Consumer staples, health care, and utilities are all clustered atop sector rankings.

Interestingly, one cyclical sector has found its way into the lead. Consumer discretionary stocks trade ahead of the broader market amid strength in retailers and homebuilders. The SPDR S&P Homebuilders ETF (XHB 30.37, +0.58) is higher by 2.0%.

On the downside, the industrial space is little changed as a handful of major components weigh. Machinery producers trade lower with Caterpillar (CAT 86.80, -1.47) and Deere (DE 87.38, -3.19) down 1.7% and 3.5%, respectively. Shares of Caterpillar have been pressured after the company reported disappointing February global sales. Meanwhile, a Wells Fargo downgrade has kept Deere on its session lows.

Notable underperformance can also be spotted in the Dow Jones Transportation Average, which is down 0.7% as FedEx (FDX 100.29, -6.17) leads to the downside. Shares of the package delivery service trade lower by 5.8% after the company missed on earnings and issued cautious fourth quarter guidance. Peer United Parcel Service (UPS 84.41, -0.67) is off by 0.8%.

Today's economic data was limited to the weekly MBA Mortgage Applications which fell 7.1% to follow last week's decline of 4.7%.

One event of note remains on today's economic calendar, the Federal Open Market Committee will conclude its two-day meeting with its interest rate decision and policy statement at 14:00 ET. The Fed's economic projections will also be released at that time and Fed Chairman Ben Bernanke will hold a press conference at 14:30 ET.DJ30 +56.79 NASDAQ +19.02 SP500 +8.81 NASDAQ Adv/Vol/Dec 1524/809.4 mln/833 NYSE Adv/Vol/Dec 2064/265.1 mln/855

12:30 pm : The major averages continue to hover near their recent levels with the S&P 500 higher by 0.5%.

The market remains in a holding pattern ahead of the 14:00 ET policy statement from the Federal Reserve. In addition, the Fed will release its economic projections and Chairman Ben Bernanke will address the media during a 14:30 ET press conference.

As market participants await comments from the Fed, the industrial sector remains as the biggest laggard due to the underperformance of machinery producers as well transportation-related stocks. The Dow Jones Transportation Average is lower by 0.7%. The bellwether complex trails behind the broader market amid weakness in the shares of FedEx (FDX 100.06, -6.40) after the company missed on earnings and issued cautious guidance.DJ30 +58.86 NASDAQ +17.06 SP500 +8.56 NASDAQ Adv/Vol/Dec 1510/736.3 mln/825 NYSE Adv/Vol/Dec 2045/240.8 mln/844

12:00 pm : The major averages remain confined to a narrow range near their session highs. The S&P 500 is adding 0.5% with consumer stocks in the lead.

On the downside, the industrial sector recently turned negative due to underperformance from a handful of major components. The growth-sensitive sector is seeing relative weakness as Caterpillar (CAT 86.43, -1.84), Deere (DE 87.39, -3.18), and FedEx (FDX 100.38, -6.08) weigh.

Caterpillar trades lower by 2.1% after the company reported disappointing February global sales with most notable weakness in Asia. Meanwhile, Deere is down 3.5% after Wells Fargo downgraded the stock to 'Underperform' from 'Market Perform.' Lastly, FedEx is off by 5.8% after the company missed on earnings and guided fourth quarter and full-year bottom line below analyst expectations.DJ30 +54.91 NASDAQ +12.27 SP500 +7.54 NASDAQ Adv/Vol/Dec 1461/648.8 mln/836 NYSE Adv/Vol/Dec 1993/215.1 mln/883

11:30 am : Equities continue to register modest gains with the S&P 500 firmer by 0.6%. Quiet late morning trade continues as the benchmark index remains confined to a narrow range near its best level of the day.

Although all 10 S&P 500 sectors trade with gains, the rally is not being paced exclusively by growth-oriented sectors. The discretionary space is the only cyclical group outperforming the broader with homebuilders contributing to the relative strength.

Outside of discretionary shares, today's sector leadership is being provided by defensively-oriented consumer staples, health care, and utilities.DJ30 +63.85 NASDAQ +17.26 SP500 +8.74 NASDAQ Adv/Vol/Dec 1562/552.5 mln/720 NYSE Adv/Vol/Dec 2027/188.8 mln/820

11:00 am : The major averages continue to trade in positive territory with the S&P 500 firmer by 0.6%. The benchmark index has spent the first 90 minutes of the session in a tight three-point range.

The early gains have come as a result of mixed sector leadership. Currently, defensive consumer staples and health care are in the lead. In addition, growth-oriented consumer discretionary stocks also rank among the top three sectors.

On the downside, energy and industrials trail behind the broader market. The industrial space is being pressured by machinery producers after Caterpillar (CAT 86.89, -1.38) reported a notable slowdown in global sales. Elsewhere, Deere (DE 88.14, -2.42) trades lower by 2.7% after Wells Fargo downgraded the stock to 'Underperform' from 'Market Perform.'DJ30 +75.33 NASDAQ +18.05 SP500 +9.20 NASDAQ Adv/Vol/Dec 1557/454.2 mln/684 NYSE Adv/Vol/Dec 2071/158.4 mln/761

10:35 am : The strength in the euro this morning has added downward pressure on the dollar index, which has only given select commodities a boost. Earlier this morning, this weakness in the dollar index helped give crude oil and copper a boost, but did nothing for gold, silver and natural gas.

Heading into the weekly inventory data, crude was selling off and was just below the $93 level. Following the data, May crude initially moved back above the $93 mark and is now +0.5% at $92.98/barrel.

Apr natural gas was in the red all session and just hit a new session low of $3.89/MMBtu. In current action, Apr nat gas is -1.6% at $3.91/MMBtu.

Precious metals sold off earlier this morning, but have recovered modestly. May silver is now -0.1% at $28.81/oz and Apr gold is -0.2% at $1608.30/oz.may copper continues to hold its gains and are now +0.9% at $3.44/lb.DJ30 +79.90 NASDAQ +21.08 SP500 +9.51 NASDAQ Adv/Vol/Dec 1547/360.7 mln/624 NYSE Adv/Vol/Dec 2083/133 mln/705

10:00 am : After slipping off their early highs, the major averages continue to trade in positive territory. The S&P 500 is higher by 0.5% with consumer discretionary and health care stocks seeing early strength.

In the discretionary space, homebuilders are broadly higher. DR Horton (DHI 24.61, +0.30) and PulteGroup (PHM 21.19, +0.37) trade with respective gains of 1.4% and 1.8% while the broader SPDR S&P Homebuilders ETF (XHB 30.21, +0.41) is higher by 1.4%.

Meanwhile, health care stocks are benefitting from the relative strength of biotech names. Alexion Pharmaceuticals (ALXN 94.09, +1.35) is higher by 1.5% while Amgen (AMGN 94.19, +1.79) adds 2.1%.DJ30 +66.56 NASDAQ +17.51 SP500 +7.66 NASDAQ Adv/Vol/Dec 1488/228.3 mln/591 NYSE Adv/Vol/Dec 2024/93.8 mln/711

09:45 am : The major averages began the session on a positive note and the S&P 500 trades higher by 0.6%. Currently, all 10 S&P 500 sectors trade with gains as consumer discretionary stocks and health care pace the advance.

Notably, the Dow Jones Transportation Average is lower by 0.3% as FedEx (FDX 101.55, -4.91) weighs. Shares of FedEx trade lower by 4.6%. after the company missed on earnings and guided fourth quarter and full-year bottom line below analyst expectations.

The Federal Open Market Committee will conclude its two-day meeting with its interest rate decision and policy statement at 14:00 ET. The Fed's economic projections will also be released at that time and Chairman Ben Bernanke will hold a press conference at 14:30 ET.DJ30 +77.62 NASDAQ +21.76 SP500 +9.64 NASDAQ Adv/Vol/Dec 1504/155.2 mln/489 NYSE Adv/Vol/Dec 2151/69.6 mln/538

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +20.20. Heading into the open, equity futures continue to hover near their highs. The S&P 500 futures are adding 0.5% after registering losses in each of the past three sessions.

This morning, headlines out of Europe, and specifically Cyprus, have been active once again. A report suggesting the country may be close to an agreement with Russian investors contributed to a spike in the futures market as well as the euro, but those reports have since been refuted.

Although the broader market is poised to start the session on a higher note, economic bellwether FedEx (FDX 102.19, -4.27) trades lower by 4.0% after missing on earnings. In addition, the company issued fourth quarter and full-year earnings guidance below consensus.

Looking ahead to the day, the Federal Open Market Committee will conclude its two-day meeting with its interest rate decision and policy statement at 14:00 ET. The Fed's economic projections will also be released at that time and Fed Chairman Ben Bernanke will hold a press conference at 14:30 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +21.00. U.S. equity futures continue to trade near their pre-market highs with the S&P 500 futures firmer by 0.5%. Pre-market trade has been active today with continued reports out of Europe focusing on Cyprus and the island country's near-term future.

S&P 500 futures saw a notable spike to pre-market highs after reports out of Greek Kathimerini suggested Cyprus has reached a preliminary deal with Russia, which would give Russian investors a stake in one of the Cypriot banks and reduce Cyprus financing needs by EUR4 billion. Although those reports have since been refuted, equity futures continue to hover near their highs.

In corporate news of note, FedEx (FDX 102.40, -4.06) is down 3.8% after the company missed on earnings and issued downside fourth quarter and full-year earnings guidance. Peer United Parcel Services (UPS 84.22, -0.86) is down 1.0%.

At 14:00 ET, the Federal Open Market Committee will conclude its two-day meeting with its interest rate decision and policy statement. The Fed's economic projections will also be released at that time and Fed Chairman Ben Bernanke will hold a press conference at 14:30 ET.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +18.00.

U.S. equity futures trade near their pre-market highs with the S&P 500 futures firmer by 0.4%.

The major Asian bourses ended mixed as China's Shanghai Composite (+2.7%) led the way on reports Beijing was considering easing rules for deposits and investing. Also of note was USDCNY falling to a 19-yr low of 6.2122. Tomorrow, Haruhiko Kuroda is set to take the reins of the central bank, and implement 'Abeonomics.' Data from the region was quiet with Malaysia's inflation rate ticking up to 1.5% year-over-year (1.4% expected, 1.3% previous).

In Japan, the Nikkei was closed for Vernal Equinox Day.
Hong Kong's Hang Seng finished higher by 1.0% as shares ended a three-day slide. Developers were strong after a batch of better than expected earnings from Guangzhou R&F Properties and Country Garden Holdings saw their stocks surge 7.6% and 9.4% respectively.
In China, the Shanghai Composite settled higher by 1.0% as financials and developers led the way. Bank of Communications rallied 4.1% and Poly Real Estate Group gained 4.2% to lead their respective sectors higher.

European indices are generally higher as stocks rebound from recent weakness. In economic data, Germany's PPI slipped 0.1% month-over-month (+0.2% consensus) while the year-over-year reading reflected an increase of 1.2% (+1.5% expected). Eurozone current account surplus came in at EUR14.8 billion, ahead of the EUR7.9 billion expected by the market. The United Kingdom's average earnings index climbed 1.2% (+1.5% forecast) while the claimant count change fell by 1500 (-5000 expected). Lastly, the country's unemployment rate was reported at 7.8%, in-line with expectations.

After the terms of the Cypriot bailout were rejected by the nation's parliament, the country's finance minister was quoted as saying "We are hoping for a good outcome" in regards to the conversation with Russia about a possible rescue package. A recent report out of Greek Kathimerini suggested Cyprus has reached a preliminary deal to sell one of the country's banks to Russian investors. This news coincided with a notable spike in the euro as well as equity futures. However, Russian officials have since denied the presence of any agreement. Elsewhere, German Chancellor Angela Merkel said she expects Cyprus to make a new proposal to the Troika.

The United Kingdom's FTSE is showing little change. Miners are among the biggest laggards with Anglo American and Eurasian Natural Resources down 2.2% and 3.5%, respectively. On the upside, Royal Bank of Scotland is firmer by 2.0%.
Germany's DAX is higher by 0.6% with drug makers in the lead. Bayer is higher by 2.2% and Merck trades up 1.1%. On the downside, steelmaker ThyssenKrupp is down 2.1%.
In France, the CAC is adding 0.9% with consumer names outperforming. Cie Generale d'Optique Essilor and L'Oreal are both up near 1.5%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +12.20.

U.S. equity futures are modestly higher amid generally positive overseas trade. The S&P 500 futures are firmer by 0.2%.

Looking at overnight developments:

Asian markets ended higher as China's Shanghai Composite gained 2.7% and Hong Kong's Hang Seng advanced 1.0%. Meanwhile, Japan's Nikkei was closed for Vernal Equinox Day.
Regional economic data was limited:
Australia's MI Leading Index rose 0.3% to follow last month's increase of 0.3%.
New Zealand's current account deficit was reported at NZD3.26 billion, worse than the NZD3.00 billion expected by the market.
In news:
A Goldman Sachs economist believes inflation in China will continue to pose a challenge.

European indices are generally higher as stocks rebound from recent weakness. The United Kingdom's FTSE is showing little change while Germany's DAX is adding 0.4% and France's CAC is higher by 0.5%.
In economic data:
Germany's PPI slipped 0.1% month-over-month (+0.2% consensus) while the year-over-year reading reflected an increase of 1.2% (+1.5% expected).
Eurozone current account surplus came in at EUR14.8 billion, ahead of the EUR7.9 billion expected by the market.
The United Kingdom's average earnings index climbed 1.2% (+1.5% forecast) while the claimant count change fell by 1500 (-5000 expected). Lastly, the country's unemployment rate was reported at 7.8%, in-line with expectations.
Looking at news:
After the terms of the Cypriot bailout were rejected by the nation's parliament, the country's finance minister was quoted as saying "We are hoping for a good outcome" in regards to the conversation with Russia about a possible rescue package. Some reports have suggested Cyprus may be offering Moscow a stake in Cypriot banks as well as access to the island's natural resources in exchange for help.
In Germany, Chancellor Angela Merkel said she expects Cyprus to make a new proposal to the Troika.

In U.S. corporate news:

Adobe Systems (ADBE 43.00, +2.25) is higher by 5.5% after beating on earnings and revenue. However, the software company guided its second quarter earnings and revenue below consensus.
FedEx (FDX 103.20, -3.26) is down 3.1% after the company lowered its fourth quarter and full-year 2013 earnings guidance below consensus. Peer United Parcel Service (UPS 84.16, -0.92) is down 1.1% in sympathy.

Weekly MBA Mortgage Applications declined 7.1% to follow last week's decrease of 4.7%.

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.

06:42 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +16.00.

06:42 am : Nikkei...Holiday......... Hang Seng...22256.44...+214.60...+1.00%.

06:42 am : FTSE...6451.43...+10.10...+0.20%. DAX...7989.42...+41.60...+0.50%.

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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