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 Post subject: March 21st Thursday Trade Results - Profit $5210
PostPosted: Thu Mar 21, 2013 3:52 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 @ $3090.00 dollars or +30.90 points, Light Crude Oil CL ($CL_F) futures @ $2120.00 dollars or +2.12 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 @ $5210.00 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=1465

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.

Technology Stocks Drag Markets Lower

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

NEW YORK (CNNMoney)
U.S. stocks fell Thursday, with technology stocks weighing on the broader market following lackluster earnings from Oracle.

The Dow Jones industrial average slipped 0.6%, with Cisco (CSCO, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and IBM (IBM, Fortune 500) among the biggest laggards. The S&P 500 declined 0.8%, while the tech-heavy Nasdaq fell 1%.

Oracle (ORCL, Fortune 500) was the biggest drag on both the S&P 500 and Nasdaq 100. Shares of the software giant tumbled nearly 10% after its third-quarter sales fell short of forecasts.

Investors are using high-profile earnings disappointments like Oracle's as an "excuse" to step back following a significant advance in stocks, said Michael Sheldon, chief market strategist at RDM Financial Group.

The Dow and S&P have gained 10% since November, when stocks first began their big advance. During the past couple of weeks, the blue chip index has soared to record highs, while the S&P has remained less than 1% below its all-time high.

Given that the market has climbed so high so quickly, Sheldon said it would be "no surprise" to see a pullback of 3% to 5%. But he suspects that will be short-lived, as investors use the retreat to add to their stock positions.

* 5 reasons the bull market has room to run

The uncertainty in Cyprus has also been giving investors reason to take a breather.

While Cyprus hasn't spurred a huge sell-off in financial markets, Sheldon said investors still want to see that all the major players in Europe can work together to resolve the country's debt burden.

Early Thursday, the European Central Bank told the troubled nation it had until Monday to sort itself out or face the consequences of a potential financial collapse and/or exit from the euro.

"If this drags out and causes more infighting among countries in Europe, that could lead to further instability in a part of the world that badly needs continued coordination," said Sheldon.

* Google vs. Apple. Which is your favorite?

Meanwhile, investors mulled several reports on the health of the U.S. economy.

Jobless claims totaled 336,000 last week, according to the U.S. Department of Labor. That's up 2,000 from the prior week, but less than the 345,000 forecast by Briefing.com consensus.

The National Association of Realtors said existing home sales in February edged up 0.8% to an annual rate of 4.98 million, a 3-year high but slightly lower than expectations.

The Philly Fed's index rose to 2 in March from -12.5 the prior month. Readings lower than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware. Economists were expecting a reading of -3 for March.

Just days after recalling see-through yoga pants, lululemon athletica (LULU) reported earnings and sales that squeaked past estimates and said it was working closely with manufacturers to resolve the yoga pant issue. The company also said its current quarter and full-year earnings would come in below analysts' forecasts.

KB Home (KBH) shares edged higher after the homebuilder reported that sales surged 59% in the first quarter, as more homes were delivered and prices increased.

Shares of Scholastic (SCHL) sank after the the children's book publisher lowered its forecast for the year a second time as sales of the Hunger Games books remained below last year's levels.

* Fear & Greed Index edges into extreme greed

European markets ended sharply lower, while Asian markets ended mixed. The Shanghai Composite added 0.3% and the Nikkei increased 1.3%, while the Hang Seng declined 0.1%.

A report on Chinese manufacturing showed activity expanded at a faster clip than expected by many economists, which may quell worries about the country's economy slowing down.

The dollar rose against the euro, but fell versus the British pound and the Japanese yen.

Oil prices edged lower, and gold prices gained.

The price on the 10-year Treasury rose, pushing the yield down to 1.92% from 1.94% late Wednesday.

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4:15 pm : Equities finished today's session near their lows, and the S&P 500 lost 0.8%.

The major averages began the day in the red with tech stocks driving the early decline. The technology sector underperformed notably after disappointing earnings and cautious revenue guidance from Oracle (ORCL 32.30, -3.47) contributed to selling in several other large cap names. Cisco Systems (CSCO 20.84, -0.83), International Business Machines (IBM 212.26, -2.80), and SAP (SAP 80.72, -2.47) all lost between 1.3% and 3.8%.

In addition to major sector components, chipmakers underperformed as well. The 30-stock PHLX Semiconductor Index fell 1.6%.

Although the sector finished among the day's worst performers, the relative strength of its largest component, Apple (AAPL 452.73, +0.65), prevented the space from logging further losses.

While tech shares pressured the broader market from the opening bell, producers of basic materials declined steadily after France and Germany surprised the market with contractionary manufacturing and services PMI reports. The growth concerns regarding core eurozone economies weighed on the economically-sensitive sector and the SPDR Materials Select Sector ETF (XLB 39.02, -0.68) lost 1.7%.

Notably, today's biggest laggards are also the weakest performing sectors year-to-date. So far this year, the technology space has gained 3.2% while materials are up 3.8%. Meanwhile, the S&P 500 has added nearly 8.5% in 2013.

The Dow Jones Transportation Average was another group which kept the broader market firmly in the red. All 20 components of the bellwether complex settled in the red, and FedEx (FDX 96.50, -2.63) fell 2.7%. Including today's loss, the logistics company is down nearly 10.0% since it reported disappointing earnings ahead of Wednesday's open.

The market attempted an early afternoon rally, but that effort failed as news out of Cyprus provided further headwinds. At the end of the day, the situation remains fluid, but several reports have suggested the country's parliament has taken measures to merge two of its largest banks and impose capital controls in an attempt to stem significant outflows.

The continued uncertainty surrounding Cyprus, and its future in the eurozone, took a toll on financials. Goldman Sachs (GS 145.38, -4.75) was the weakest performer among the majors and the SPDR Financial Select Sector ETF (XLF 18.07, -0.22) dropped 1.2%.

Trading volume was the lowest of the week as just over 650 million shares were traded on the floor of the New York Stock Exchange.

Reviewing today's final sector performance, materials (-1.6%), technology (-1.3%), financials (-1.1%), and industrials (-0.9%) saw the biggest losses while telecom (UNCH), consumer staples (+0.3%), and utilities (-0.5%) withstood the bulk of the selling pressure.

The market received a healthy dose of economic data today. The initial claims level increased by a modest 2,000 from an upwardly revised 334,000 (from 332,000) for the week ending March 9 to 336,000 for the week ending March 16. The Briefing.com consensus expected the initial claims level to increase to 345,000.

Clearly, labor conditions have improved over the last month. For the past four weeks, the initial claims level has held firmly below 350,000. That comes after almost a year where claims had been tightly bounded between 350,000 and 400,000.

The Conference Board's Index of Leading Indicators increased 0.5% in February after increasing an upwardly revised 0.5% (from 0.2%) in January. The Briefing.com consensus expected the index to increase 0.5%.

After two months of negative readings, the Philadelphia Fed's Business Outlook turned positive in March. The index increased from -12.5 in February to 2.0 in March. The Briefing.com consensus expected the index to remain negative and increase to -3.0.

New orders rebounded after contracting in February. The orders index increased to 0.5 in March from -7.8. Unfilled orders, however, remained in a contraction. That index increased from -11.2 to -7.5.

Existing home sales increased 0.8% in February to 4.98 million from an upwardly revised 4.94 million (from 4.92 million) in January. The Briefing.com consensus expected the number of existing home sales to increase to 5.00 million.

There is no economic news scheduled to be released tomorrow.DJ30 -90.24 NASDAQ -31.59 SP500 -12.91 NASDAQ Adv/Vol/Dec 785/1.63 bln/1649 NYSE Adv/Vol/Dec 1053/652.2 mln/1960

3:30 pm :

May crude oil chopped around in negative territory for all of today's floor trade as continued concerns over Cyprus put pressure on prices. The energy component touched a session high of $93.38 per barrel but fell as low as $91.84 per barrel in afternoon action. It eventually settled with a 1.1% loss at $92.48 per barrel.
Apr natural gas fell into negative territory and to a session low of $3.89 per MMBtu as EIA reports showed inventories declined by 62 bcf for the week ending Mar 15 vs expectations for a 70 bcf decline. Prices rose above the $4.00 per MMBtu level in mid-morning action and brushed a session high of $4.03 per MMBtu. However, natural gas pulled-back into the red and settled 0.8% lower at $3.93 per MMbtu.
Both Apr gold and May silver rallied early this morning to their respective session highs of $1616.50 and $29.33 per ounce following initial claims data and basically consolidated near session highs for the remainder of floor trade. Gold settled 0.4% higher at $1613.40 per ounce while silver closed 1.4% higher at $29.22 per ounce.

DJ30 -56.45 NASDAQ -25.89 SP500 -9.05 NASDAQ Adv/Vol/Dec 808/1344.5 mln/1617 NYSE Adv/Vol/Dec 1121/420 mln/1861

3:00 pm : Heading into the final hour of trade, the key indices continue to hover near the bottom of today's range. The S&P 500 is down 0.6% as growth-oriented sectors suffer the biggest losses of the day.

The materials sector is the day's weakest performer with global growth concerns resurfacing in the form of disappointing manufacturing and services PMI reports from France and Germany. Elsewhere, tech shares have been pressured by Oracle's (ORCL 32.48, -3.29) disappointing earnings and cautious guidance.

Lastly, The Dow Jones Transportation Average is down 1.4% amid continued weakness in FedEx (FDX 96.75, -2.38) after the logistics company reported below-consensus earnings prior to Wednesday's open.DJ30 -65.45 NASDAQ -26.20 SP500 -9.37 NASDAQ Adv/Vol/Dec 818/1.22 bln/1596 NYSE Adv/Vol/Dec 1118/385.3 mln/1839

2:30 pm : The major averages continue to hover near their lows with market participants awaiting the results of the eurogroup conference call, which began within the past 30 minutes. With the eurogroup discussing the next step in dealing with the crisis in Cyprus, the country's parliament has begun to vote on nine bills aimed at averting bankruptcy and protecting deposits under EUR100,000.

As uncertainty continues to surround Cyprus and its future in the eurozone, the CBOE Volatility Index (VIX 14.09, +1.42) is higher by 11.2%.DJ30 -78.91 NASDAQ -28.10 SP500 -10.20 NASDAQ Adv/Vol/Dec 795/1.15 bln/1612 NYSE Adv/Vol/Dec 1088/361.1 mln/1867

2:00 pm : The S&P 500 is down 0.7% as the benchmark index continues to hover near its recently established session low.

Growth-oriented sectors have been behind today's decline with materials and technology showing weakness from the opening bell. In addition, the Dow Jones Transportation Average trades lower by 1.7% as FedEx (FDX 95.82, -3.30) remains under pressure after reporting disappointing earnings yesterday. Including today's 3.4% decline, the logistics company is down more than 10.0% since reporting its third quarter results.

Elsewhere, the financial sector held up relatively well in early trade, but the continued uncertainty surrounding Cyprus and its future has taken its toll on major financials. The SPDR Financial Select Sector ETF (XLF 18.13, -0.16) is down 0.9%.DJ30 -112.21 NASDAQ -33.61 SP500 -13.25 NASDAQ Adv/Vol/Dec 740/1.05 bln/1657 NYSE Adv/Vol/Dec 1010/328.3 mln/1937

1:30 pm : Recent trade saw the major averages slide to their respective lows. Currently, the S&P 500 trades lower by 0.6%.

The recent weakness coincided with a notable drop in the price of crude oil. The energy component is down 1.6% after notching a fresh session low.

As the S&P 500 slipped to fresh lows, financials and industrials made new lows of their own. In addition, the Dow Jones Transportation Average continues to show weakness. The bellwether complex trades lower by 1.6%.DJ30 -83.60 NASDAQ -26.64 SP500 -9.94 NASDAQ Adv/Vol/Dec 790/952.2 mln/1587 NYSE Adv/Vol/Dec 1112/295.3 mln/1827

1:00 pm : At midday, the S&P 500 trades lower by 0.4%.

Equities began the session on a firmly lower note with the Nasdaq leading to the downside. The tech-heavy index continues to underperform amid pressure exerted on Oracle (ORCL 32.80, -2.96) after the software company missed on earnings and revenue. In addition, Oracle's cautious top line growth guidance echoed the global growth concerns shared by other economic bellwethers in recent days.

The notable weakness of Oracle continues to weigh on many other tech shares. Chipmakers are firmly lower with the PHLX Semiconductor Index down 1.0%. In addition, several large cap names have faced some selling as well. Cisco Systems (CSCO 20.87, -0.80) and International Business Machines (IBM 211.43, -3.63) are down 3.7% and 1.7%, respectively.

Although most sector components trail behind the broader market, Apple (AAPL 457.10, +5.02) has been able to resist the pressure. The largest tech stock trades higher by 1.1%.

The materials sector is also showing notable weakness after contractionary manufacturing and services PMI reports out of France and Germany sparked some profit-taking in the growth-oriented sector. The SPDR Materials Select Sector ETF (XLB 39.32, -0.38) is down 1.0%.

The Dow Jones Transportation Average is another group showing significant weakness, down 1.0%. Notably, FedEx (FDX 96.70, -2.43) has been declining steadily after yesterday's disappointing earnings report caused the stock to suffer its largest one-day drop since late September 2011.

On the upside, defensively-oriented consumer staples and telecoms trade with slim gains.

This morning was busy with regards to economic data. The initial claims level increased by a modest 2,000 from an upwardly revised 334,000 (from 332,000) for the week ending March 9 to 336,000 for the week ending March 16. The Briefing.com consensus expected the initial claims level to increase to 345,000.

Clearly, labor conditions have improved over the last month. For the past four weeks, the initial claims level has held firmly below 350,000. That comes after almost a year where claims had been tightly bounded between 350,000 and 400,000.

The Conference Board's Index of Leading Indicators increased 0.5% in February after increasing an upwardly revised 0.5% (from 0.2%) in January. The Briefing.com consensus expected the index to increase 0.5%.

After two months of negative readings, the Philadelphia Fed's Business Outlook turned positive in March. The index increased from -12.5 in February to 2.0 in March. The Briefing.com consensus expected the index to remain negative and increase to -3.0.

New orders rebounded after contracting in February. The orders index increased to 0.5 in March from -7.8. Unfilled orders, however, remained in a contraction. That index increased from -11.2 to -7.5.

Existing home sales increased 0.8% in February to 4.98 million from an upwardly revised 4.94 million (from 4.92 million) in January. The Briefing.com consensus expected the number of existing home sales to increase to 5.00 million.DJ30 -56.60 NASDAQ -19.47 SP500 -6.55 NASDAQ Adv/Vol/Dec 832/871.9 mln/1513 NYSE Adv/Vol/Dec 1221/268.1 mln/1702

12:30 pm : The major averages continue to register modest losses with the S&P 500 off by 0.4%. The bulk of today's selling has been concentrated in growth-oriented materials and technology.

Contractionary manufacturing and services PMI reports out of France and Germany have some profit taking in the cyclical materials space. Chemical producers are one of the weakest groups and the SPDR Materials Select Sector ETF (XLB 39.32, -0.38) trades lower by 1.0%.

Elsewhere, disappointing quarterly results from Oracle (ORCL 32.84, -2.92) have pressured many other tech names. The SPDR Technology Select Sector ETF (XLK 30.03, -0.29) is down 1.0%.

Interestingly, today's biggest laggards (materials and technology) are the weakest performing sectors year-to-date. The technology space has gained 3.4% while materials are up 4.6% since the start of 2013. Meanwhile, the S&P 500 has added nearly 9.0% in the same timeframe.DJ30 -49.73 NASDAQ -21.98 SP500 -6.23 NASDAQ Adv/Vol/Dec 802/796.1 mln/1534 NYSE Adv/Vol/Dec 1251/245.7 mln/1649

12:00 pm : Recent trade saw the major averages climb off their lows amid continued headlines coming out of Cyprus. A recent report suggested Cyprus Popular Bank will be shut down and split into two entities consisting of a good bank and a bad bank. However, the country's central bank has since come out to deny the report by saying reorganization is not equivalent to a closure. Notably, the eurogroup will hold a conference call regarding the troubled sovereign later today with a statement expected after the 14:00 ET call.

As headlines out of Europe continue crossing the wires, materials and technology remain as the two weakest groups. Meanwhile, other sectors are little changed.

With stocks trading in the red, the CBOE Volatility Index (VIX 13.03, +0.36) is higher by 2.8%.DJ30 -34.41 NASDAQ -19.64 SP500 -4.61 NASDAQ Adv/Vol/Dec 793/698.4 mln/1511 NYSE Adv/Vol/Dec 1271/218.3 mln/1601

11:30 am : Equities continue to hover near the bottom of the day's range with the S&P 500 lower by 0.4%.

Growth-oriented materials and technology sectors remain as the weakest performers so far today. The materials space trades firmly lower after France and Germany both reported PMI readings below expectations. In addition, both countries saw their readings slide below 50, indicating contraction in activity. With global growth concerns resurfacing, the SPDR Materials Select Sector ETF (XLB 39.33, -0.37) trades lower by 0.9%.

Elsewhere, tech shares are being pressured by disappointing quarterly results from Oracle (ORCL 32.61, -3.16), which trades lower by 8.8% on heavy volume. Chipmakers are also declining with the PHLX Semiconductor Index down 1.0%. However, the largest tech component, Apple (AAPL 453.03, +0.95), has been able to resist the sector-wide pressure thus far.DJ30 -51.27 NASDAQ -21.90 SP500 -6.01 NASDAQ Adv/Vol/Dec 758/607.3 mln/1531 NYSE Adv/Vol/Dec 1175/191.1 mln/1677

11:00 am : The major averages have slipped back near their lows with the S&P 500 down 0.5%. Stocks began the day on a firmly lower note with notable weakness in the technology sector. This was a result of a disappointing earnings report as well as cautious revenue guidance from Oracle (ORCL 32.44, -3.33).

The underperformance of a tech bellwether is contributing to weakness in other large cap tech names. International Business Machines (IBM 210.48, -4.58) and Microsoft (MSFT 28.16, -0.16) are down 2.1% and 0.6%, respectively.

In addition to technology, the materials sector is one of the weakest performers after French and Germany reported disappointing PMI readings. The SPDR Materials Select Sector ETF (XLB 39.25, -0.45) is lower by 1.1%.DJ30 -74.57 NASDAQ -28.20 SP500 -8.91 NASDAQ Adv/Vol/Dec 680/508.2 mln/1585 NYSE Adv/Vol/Dec 1052/162.1 mln/1782

10:35 am : Natural gas future rallied above the $4/MMBtu level ahead of inventory data here, but lost steam as we got closer. Following the data, natural gas dropped notable, losing over 2%, on a smaller-than-expected draw. In current action, Apr nat gas is now -1.2% at $3.91/MMBtu.

Crude oil futures have been in the red all session and just fell to a new session low of $92.54/barrel and is now -0.9% at $92.67/barrel.

Precious metals rallied earlier this morning following claims data and remains near those session highs. Apr gold is now +0.5% at $1614.80/oz, May silver is +1.4% at $29.22/oz.

Copper futures just hit a new session low and remain near its 7-month low. May copper is now -0.7% at $3.42/lb.DJ30 -82.30 NASDAQ -26.56 SP500 -9.54 NASDAQ Adv/Vol/Dec 658/384.5 mln/1544 NYSE Adv/Vol/Dec 1044/128 mln/1757

10:05 am : The major averages continue to trade in the red, but they have risen off their lows. The S&P 500 is off by 0.3%.

March Philadelphia Fed Survey ticked up to +2.0. This comes after February's reading of -12.5. Economists polled by Briefing.com had expected that the Survey would improve to -3.0.

Existing home sales for February hit an annualized rate of 4.98 million units, which was weaker than the rate of 5.00 million units that had been generally expected by the Briefing.com consensus. The pace for February was up from the prior month's revised rate of 4.94 million units.

Leading indicators for February increased by 0.5%, in-line with expectations. Today's figure followed the prior month's rise of 0.2%.DJ30 -45.71 NASDAQ -18.31 SP500 -5.16 NASDAQ Adv/Vol/Dec 775/236.1 mln/1377 NYSE Adv/Vol/Dec 1196/86.4 mln/1520

09:45 am : The major averages began the session on a lower note. The S&P 500 is off by 0.4% while Nasdaq trades lower by 0.6%.

The tech-heavy index trades notably lower amid weakness in Oracle (ORCL 32.77, -2.99). The technology bellwether is down 8.4% after its earnings and revenue fell short of analyst expectations. In addition, the company expects below-consensus fourth quarter top line growth.

As a result of disappointing earnings from a major sector component, a handful of other large cap names trail behind the broader market. Intel (INTC 20.98, -0.20) and International Business Machines (IBM 211.98, -3.07) are down 0.7% and 1.4%, respectively.

February existing home sales, February leading indicators, and March Philadelphia Fed Survey will all be released at 10:00 ET.DJ30 -61.96 NASDAQ -20.13 SP500 -6.74 NASDAQ Adv/Vol/Dec 629/151.1 mln/1445 NYSE Adv/Vol/Dec 939/65.1 mln/1728

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -22.00. Heading into the open, equity futures are signaling a lower start to the cash session with the S&P 500 futures off by 0.2%. Notably, the Nasdaq futures trade about 20 points below fair value as Oracle (ORCL 33.01, -2.76) weighs. Shares of the technology bellwether are down 7.7% after the company missed on earnings and revenue. In addition, Oracle issued conservative guidance as it expects a challenging environment to continue.

In today's economic data, weekly initial claims increased by 2,000 to 336,000. This marks the fourth consecutive week where claims were reported below the 350,000-400,000 range observed for much of last year.

A few more economic reports are expected today with February existing home sales, February leading indicators, and March Philadelphia Fed Survey all scheduled to be released at 10:00 ET.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -19.50.

U.S. equity futures are slightly lower with the S&P 500 futures off by 0.1%.

The major Asian bourses ended mostly lower amid a choppy trade. Japan's Nikkei (+1.3%) led the advance despite posting a record trade deficit of JPY1.09 trillion (JPY0.74 trillion previous) as traders celebrated Haruhiko Kuroda taking control of the Bank of Japan. Elsewhere, China's Shanghai Composite (+0.3%) eked out a gain thanks to its better than expected HSBC Flash Manufacturing PMI (51.7 actual versus 51.2 expected, 50.4 previous). In Australia, Prime Minister Julia Gillard survived a leadership vote. Data from the rest of the region saw Hong Kong's inflation rate surge to 4.4% year-over-year (4.0% expected, 3.0% previous) and Malaysia's unemployment rate hold at 3.3%.

In Japan, the Nikkei advanced 1.3% to end at its best level in 4.5 years. Financials and exporters were among the top performers as Nomura gained 2.2% and Fanuc jumped 5.1%.
Hong Kong's Hang Seng shed 0.1% as action fluctuated between gains and losses. Internet gaming giant Tencent Holdings shed 4.0% following an in-line earnings report as both Deutsche Bank and CLSA downgraded the stock. Elsewhere, European retailer Esprit slipped 2.2% as the eurozone's troubles weighed.
In China, the Shanghai Composite settled higher by 0.3% following the better than expected HSBC Flash Manufacturing PMI data. FAW Car jumped 3.2% after yesterday's limit up move as traders continued to gobble up shares on reports the Chinese government wrote a large order. Meanwhile, financials were lower with Bank of Communications shedding 0.4%.

Key European indices are broadly lower with France's CAC as the biggest laggard, down 1.1%.

Market participants received a heavy dose of economic data. France and Germany reported their manufacturing and services PMI readings with all four numbers falling short of expectations. French manufacturing PMI came in at 43.9 (44.3 expected) while the services component was reported at 41.9 (44.0 forecast). Meanwhile, German manufacturing PMI slipped to 48.9 (50.5 expected) and the services reading fell to 51.6 (55.0 forecast). As a result of the disappointing PMI readings, the Eurozone manufacturing PMI declined to 46.6 (48.2 expected) from the prior month's 47.9 while services PMI fell to 46.5 (48.2 forecast) from 47.9.

Elsewhere, Swiss trade surplus of EUR2.098 billion was ahead of the EUR1.87 billion expected by the market. The United Kingdom's retail sales rose 2.1% month-over-month (+0.5% expected) while the year-over-year reading climbed 2.6% (+0.5% forecast).Also of note, Spain's trade deficit hit EUR3.50 billion while the consensus expected the country to report a deficit of EUR1.30 billion.

In news, the situation in Cyprus remains unresolved but the latest reports have quoted the Cypriot finance minister as saying "Russia won't provide loans." Meanwhile, Cypriot banks remain closed and some local merchants have begun refusing to accept credit card payments. According to the country's spokesman, the cabinet will be discussing a 'solidarity fund' proposal starting at 12:00 ET today.

The European Central Bank has commented on the matter by saying it will cut emergency funding for banks in Cyprus as early as March 25 unless a bailout agreement is reached with the Troika.

In the United Kingdom, the FTSE is down 0.7% with consumer stocks underperforming. InterContinental Hotels Group and J Sainsbury are both down near 2.0%.
In Germany, the DAX is off by 0.8%. Producers of basic materials trail behind the broader market after today's disappointing PMI reading. BASF and Lanxess are down 3.0% and 7.3%, respectively.
France's CAC trades lower by 1.1% with most components trading lower after the country's PMI contracted at its fastest pace in four years. Chemical producer Solvay is down 5.4% and carmaker Renault trades lower by 4.7%.

In U.S. economic news, January Housing Price Index from the FHFA increased by 0.6%, which follows a revised 0.5% increase observed during the prior month.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -17.30. Equity futures saw little change in reaction to the latest claims data. The S&P 500 futures are flat.

The latest weekly initial jobless claims count totaled 336,000, which was lower than the 345,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 334,000. As for continuing claims, they rose to 3.053 million from 3.048 million.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -15.80.

U.S. equity futures are little changed amid downbeat overseas trade.

Looking at overnight developments:

Asian markets settled on a mixed note. China's Shanghai Composite added 0.3%, Japan's Nikkei gained 1.3%, and Hong Kong's Hang Seng shed 0.1%.
In economic data:
Japan's trade deficit hit a record JPY1.09 while the consensus expected a deficit of JPY1.01. Meanwhile, the country's All Industries Activity Index slipped 1.4% (-1.1% expected).
China's HSBC manufacturing PMI came in at 51.7, ahead of the 51.2 expected by the market.
New Zealand's GDP rose 1.5% quarter-over-quarter (+0.9% consensus).
Looking at news:
The North Korean military has threatened to target U.S. bases in Okinawa and Guam. This comes as the United States takes place in annual military drills with South Korea.
Reports out of Nikkei News indicate a group of workers at a Honda plant in China walked off the production floor after receiving smaller wage raises than what was originally agreed upon.
In Australia, Prime Minister Julia Gillard survived a challenge vote started by members of her own party.

Key European indices are broadly lower with France's CAC as the biggest laggard, down 1.0%. Meanwhile, the United Kingdom's FTSE is off by 0.7% and Germany's DAX is lower by 0.8%.
Looking at economic news:
France and Germany reported their manufacturing and services PMI readings with all four numbers falling short of expectations.
French manufacturing PMI came in at 43.9 (44.3 expected) while the services component was reported at 41.9 (44.0 forecast).
German manufacturing PMI slipped to 48.9 (50.5 expected) and the services reading fell to 51.6 (55.0 forecast).
As a result of the disappointing PMI readings, the Eurozone manufacturing PMI declined to 46.6 (48.2 expected) from the prior month's 47.9 while services PMI fell to 46.5 (48.2 forecast) from 47.9.
Swiss trade surplus of EUR2.098 billion was ahead of the EUR1.87 billion expected by the market.
The United Kingdom's retail sales rose 2.1% month-over-month (+0.5% expected) while the year-over-year reading climbed 2.6% (+0.5% forecast).
Spain's trade deficit hit EUR3.50 billion while the consensus expected the country to report a deficit of EUR1.30 billion.
In news:
The situation in Cyprus remains unresolved but the latest reports have quoted the Cypriot finance minister as saying "Russia won't provide loans." Meanwhile, Cypriot banks remain closed and some local merchants have begun refusing to accept credit card payments. According to the country's spokesman, the cabinet will be discussing a 'solidarity fund' proposal starting at 12:00 ET today.

In U.S. corporate news:

Oracle (ORCL 33.15, -2.62) is down 7.3% after missing on earnings and revenue. In addition, the company expects below consensus fourth quarter revenue growth.
Yahoo! (YHOO 22.50, +0.41) is higher by 1.8% after Oppenheimer upgraded the stock to 'Outperform' with a $27 price target.

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.

06:46 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -19.00.

06:46 am : Nikkei...12635.69...+167.50...+1.30%. Hang Seng...22225.88...-30.60...-0.10%.

06:46 am : FTSE...6379.96...-53.70...-0.80%. DAX...7929.21...-75.30...-0.90%.

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

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

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