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 Post subject: March 22nd Friday Trade Results - Profit $440
PostPosted: Sat Mar 23, 2013 6:51 am 
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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 @ $0.00 dollars or +00.00 points, Light Crude Oil CL ($CL_F) futures @ $160.00 dollars or +0.16 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks, Gold GC ($GC_F) futures @ $280.00 dollars or +2.80 points and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $440.00 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=1466

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 Rise On Cyprus Hopes

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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 Friday on optimism that officials in Cyprus will reach a deal this weekend to rescue the nation's troubled banks.

The Dow Jones industrial average gained 90 points, or 0.6%. The S&P 500 and the Nasdaq both gained 0.7%. The Dow is back above 14,500 and the S&P 500 is once again less than 1% away from the record high it set in October 2007.

Despite Friday's advance, the major gauges all ended the week down a little less than 0.5%. All three indexes are up between 7% and 11% so far in 2013.

Officials in Cyprus could make decisions on "the hard dilemmas" facing the country later Friday, according to a government spokesman.

"This is being interpreted as a step towards a solution," said Frank Davis, director of sales and trading at LEK Securities. "We don't know what that solution will be, but there seems to be something in the works."

Cyprus is facing a Monday deadline to come up with €5.8 billion in order to secure a €10 billion bailout from the European Union and International Monetary Fund.

Talks between Russian officials and the Cypriot government broke up early Friday, with no agreement on a cash infusion that could help the island nation skirt a default. Nearly a third of the money in Cyprus' outsized banking sector is from Russian depositors.

* Russia bails on Cyprus

While a default is potentially disastrous for Cyprus, it wouldn't necessarily destabilize the European economy on its own. But investors are watching to see how the situation is resolved and if it could set a precedent for larger economies that may face similarly dire straits in the future.

"One must be impressed with how well the markets have absorbed the still unresolved Cyprus situation," wrote Brown Brothers Harriman strategist Marc Chandler in a client note.

* Exxon nudges out Google! Pick your favorite stock

In corporate news, shares of Micron Technology (MU, Fortune 500) spiked higher after the company's earnings blew past estimates, sparking a slew of analyst upgrades.

Shares of BP (BP) rose after the oil giant said it was moving ahead with plans to buy back up to $8 billion of stock after completing the sale of its 50% stake in TNK-BP to Rosneft.

Nike (NKE, Fortune 500) shares surged after the apparel giant reported quarterly earnings on Thursday that beat expectations.

Tiffany's (TIF) stock jumped after the jewelry retailer reported a jump in quarterly profit.

Shares of BlackBerry (BBRY) fell nearly 8%, revering gains from earlier in the week. The company's new Z10 smartphone, which has received mixed reviews, went on sale at AT&T (T, Fortune 500) stores in the United States Friday.

* Fear & Greed Index slips back to greed

In the commodities market, oil prices edged higher while gold prices were little changed.

The U.S. dollar fell versus the euro, British pound and Japanese yen. The yield on the 10-year Treasury note edged up to 1.93%.

European markets ended mixed. London's FTSE 100 edged higher, while the DAX in Germany and France's CAC 40 both edged lower.

The Ifo Business Climate Index for German manufacturing and trade slipped in March, as companies lost enthusiasm about their business outlook. But the index also showed that Europe's strongest economy continues to prevail, buoyed by domestic spending. Construction is at its strongest point since reunification of East and West Germany, more than 20 years ago.

Asian markets ended mixed. The Shanghai Composite added 0.2%, while the Hang Seng lost 0.5% and the Nikkei declined 2.4%.

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4:25 pm : Equity indices finished today's session firmly higher and the S&P 500 settled with a gain of 0.7%.

Stocks began the final session of the week on a positive note with notable strength in consumer stocks. The consumer discretionary sector paced today's advance from the opening bell after Nike (NKE 59.53, +5.93) and Tiffany (TIF 69.23, +1.32) reported bottom line beats and contributed to the relative strength of retailers. In addition, quick service restaurant operators outperformed after Darden Restaurants (DRI 49.62, +0.66) beat on earnings.

The growth-oriented discretionary sector was followed by its defensively-minded cousin, consumer staples. Food and beverage producers saw relative strength after reports indicated investor Nelson Peltz has built stakes in both Mondelez International (MDLZ 29.73, +1.17) and Pepsico (PEP 78.64, +2.49). The two stocks settled with respective gains of 4.1% and 3.3%.

The mixed sector leadership reflected a certain degree of uncertainty, which remains in the market. Going into the weekend, the situation in Cyprus remains unresolved with the latest reports indicating the Cypriot parliament has made some headway, but considerable funding needs remain unaddressed.

Although equities finished higher and appeared unconcerned by potential negative fallout from the inability to reach agreement, financials did not share that optimism. Bank of America (BAC 12.56, -0.01) and Citigroup (C 45.23, 0.00) ended little changed while the SPDR Financial Select Sector ETF (XLF 18.18, +0.11) underperformed the broader market with a gain of 0.6%. Notably, the financial sector proxy ETF ended the week lower by 1.5% as the possibility of a Cypriot exit from the eurozone weighed.

While major financials were tentative in their advance, the growth-oriented materials sector did not participate in the rally at all. After starting the session in line with the broader market, the SPDR Materials Select Sector ETF (XLB 39.07, +0.05) slid back to its unchanged level, and remained there until the close. The lack of a bounce in basic materials was notable as the sector bore the brunt of yesterday's selling.

Elsewhere, tech shares also underperformed notably in yesterday's action, but finished today in the middle of sector rankings. Although most tech stocks rebounded, Oracle (ORCL 31.98, -0.32) remained under pressure after reporting below-consensus earnings following Wednesday's close.

Trading volume was the lowest of the week as just over 620 million shares changed hands on the floor of the New York Stock Exchange.

Reviewing the final sector performance, consumer discretionary (+1.2%), consumer staples (+0.9%), energy (+0.8%), and telecom (+0.7%) finished in the lead. On the downside, materials (+0.1%), utilities (+0.2%), and financials (+0.5%) trailed behind the broader market.

There was no economic news released today with Monday's economic calendar also free of scheduled reports.

Week in Review: Stocks Waver as European Union Targets the Cypriot Saver

On Monday, equities began the session amid broad losses after the conditions of a Cypriot bailout put the package in jeopardy of being voted down in the country's parliament. Per the original agreement, Eurozone rescue funds would provide Cyprus with EUR10 billion in recapitalization with a 'stability levy' imposed on all bank accounts expected to raise an additional EUR5.8 billion. The financial sector bore the brunt of Monday's selling as bank stocks tend to show increased sensitivity in the face of political or economic uncertainty. Morgan Stanley (MS 22.18, +0.12) was the weakest performer among the majors, and the SPDR Financial Select Sector ETF lost 1.0%. Notably, European financials saw wider losses than their U.S. counterparts. Barclays (BCS 17.92, +0.13) and Deutsche Bank (DB 42.11, +0.11) settled lower by 4.1% and 3.6%, respectively.

Tuesday's session began with slim gains, but the early strength lacked conviction as uncertainty continued to surround Cyprus and the terms of its proposed bailout. The expectation of a failed parliamentary vote was confirmed during the afternoon when the Cypriot MPs voted down the deposit tax with 36 'No' votes and 19 abstentions. 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 78.75, +0.62) settled lower by 1.1%.

On Wednesday, the S&P 500 settled higher by 0.7% after spending the entire session in positive territory. The otherwise quiet session was highlighted by a policy statement from the Federal Reserve, which was largely in-line with expectations. With regards to economic conditions, the Committee observed a return to "Moderate economic growth following a pause late last year." Regarding price levels, "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." Industrial component FedEx (FDX 98.48, +1.98) 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.

Thursday began in the red with tech stocks driving the early decline. The technology sector underperformed notably after disappointing earnings and cautious revenue guidance from Oracle contributed to selling in several other large cap names. 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 lost 1.7%.DJ30 +90.54 NASDAQ +22.40 SP500 +11.09 NASDAQ Adv/Vol/Dec 1447/1.61 bln/955 NYSE Adv/Vol/Dec 1877/622.4 mln/1083

3:25 pm : A weaker dollar index gave boost to crude oil during today's pit trade. The energy component briefly dipped to a session low of $92.52 per barrel but recovered earlier gains in afternoon action. It rallied to a session high of $93.79 per barrel moments before settling at $93.67 per barrel. Despite today's solid gain, May crude oil booked a 0.2% loss for the week.

May natural gas touched a session high of $4.03 per MMBtu in early morning action but was unable to hold on to the gain. It trended lower for the remainder of floor trade and settled one penny lower at $3.95 per MMBtu. Although natural gas saw three consecutive sessions of losses, it gained 1.0% for the week.

Apr gold spent all of today's floor trade in the red. The yellow metal fell as low as $1602.60 per ounce in early morning action despite weakness in the dollar index. It settled at $1606.10 per ounce, booking a weekly gain of 0.8%. Action throughout the week came on uncertainly over Cyprus, the FOMC statement, and initial claims data.

May silver also traded in negative territory. It slid to a session low of $28.50 per ounce before consolidating slightly above that level for the remainder of floor trade. Today's decline brought the weekly loss to 0.6% as the metal settled at $28.69 per ounce.DJ30 +67.15 NASDAQ +16.44 SP500 +7.72 NASDAQ Adv/Vol/Dec 1367/1.30 bln/1029 NYSE Adv/Vol/Dec 1716/380.2 mln/1242

3:00 pm : Heading into the final hour of trade, equities continue to trade higher with the S&P 500 up 0.7%. As investors prepare to enter the weekend, the Cypriot crisis remains unresolved. The latest reports have suggested government officials have been able to find means to raise about half of the total amount needed, but some issues remain unresolved. This suggests the debate is likely to continue into the weekend.

Domestically, the consumer discretionary sector remains as the top performer (+1.1%) while producers of basic materials are unchanged on the session.DJ30 +82.37 NASDAQ +20.07 SP500 +9.71 NASDAQ Adv/Vol/Dec 1386/1.21 bln/1008 NYSE Adv/Vol/Dec 1765/325.8 mln/1174

2:30 pm : Recent trade saw little change from the major averages, and the S&P 500 remains near the top of its trading range. Firmer by 0.6%, the benchmark index has received notable support from discretionary shares after Nike (NKE 59.68, +6.08) and Tiffany (TIF 69.32, +1.41) reported better-than-expected earnings.

The discretionary sector is being closely followed by consumer staples. Major components Pepsico (PEP 78.90, +2.75) and Mondelez International (MDLZ 29.97, +1.41) have garnered notable buying interest after reports indicated investor Nelson Peltz has built stakes in both companies.

On the downside, the materials sector remains as the weakest performer with the SPDR Materials Select Sector ETF (XLB 38.99, -0.03) off by 0.1%.DJ30 +81.42 NASDAQ +21.41 SP500 +9.63 NASDAQ Adv/Vol/Dec 1413/1.11 bln/974 NYSE Adv/Vol/Dec 1743/329.2 mln/1176

2:05 pm : The S&P 500 is higher by 0.6% as the benchmark index continues to hover near its best level of the day. All ten S&P 500 sectors trade with gains and consumer stocks are pacing the advance. The discretionary sector is the day's top performer with upbeat earnings from a handful of components supporting the growth-oriented group.

Meanwhile, consumer staples have benefitted from the strength in Pepsico (PEP 78.99, +2.84) and Mondelez International (MDLZ 29.91, +1.35) after reports indicated investor Nelson Peltz has built stakes in both companies.

Although uncertainty continues to surround Cyprus, investors have shown reluctance to take profits into the weekend. With equities trading broadly higher, there is an expectation that the worst case scenario can be avoided.DJ30 +77.26 NASDAQ +21.44 SP500 +9.45 NASDAQ Adv/Vol/Dec 1394/1.03 bln/988 NYSE Adv/Vol/Dec 1751/306.1 mln/1176

1:35 pm : The S&P 500 is higher by 0.7% as quiet afternoon trade continues to unfold. The consumer discretionary space remains as the top performer of the day with retailers contributing to the sector-wide strength.

Notably, as the broader market trades firmly higher, that upbeat sentiment is not being reflected by stocks listed in the Russell 2000. The small cap index trades with a slim gain of 0.2%.

On the downside, materials and utilities are the two weakest performing groups. Both sectors trade higher by 0.2%.DJ30 +86.98 NASDAQ +24.06 SP500 +10.86 NASDAQ Adv/Vol/Dec 1415/944.8 mln/956 NYSE Adv/Vol/Dec 1810/284.1 mln/1078

1:00 pm : At midday, the key indices trade near the top of today's range and the S&P 500 is higher by 0.6%.

Stocks began the day amid ongoing reports out of Europe suggesting a resolution to the Cypriot crisis may be coming to a head. However, with the situation remaining highly fluid, headlines have been frequent, and sometimes conflicting.

Notably, a recent report indicated the Troika has raised the required Cypriot contribution to EUR6.7 billion due to "worsened conditions." This would pose a challenge as the struggling sovereign was unable to agree on a way to raise the original EUR5.8 billion, with its funding needs now higher by 15.5%.

The upbeat open was due in part to better-than-expected earnings from Nike (NKE 59.62, +6.02) and Tiffany (TIF 69.49, +1.58). The two stocks trade with respective gains of 11.2% and 2.3%, with their strength contributing to the outperformance of the consumer discretionary sector.

Today's sector leadership is mixed, suggesting a degree of indecision is present in the market. Although growth-oriented discretionary stocks are in the lead, the defensively-minded consumer staples and telecoms also sit atop the sector rankings.

On the downside, technology stocks trade with slimmer gains than the broader market, and Oracle (ORCL 31.86, -0.44) remains under pressure after reporting below-consensus earnings following Wednesday's close. Meanwhile, the largest tech component, Apple (AAPL 459.33, +6.60), trades higher by 1.4%.

Elsewhere, producers of basic materials are not participating in today's rally and the SPDR Materials Select Sector ETF (XLB 39.03, +0.01) is flat.

With the uncertainty surrounding Cyprus, and its future in the eurozone, major bank stocks have reflected that indecision. Bank of America (BAC 12.54, -0.04) and Citigroup (C 45.26, +0.03) are little changed.

There was no notable economic data released today.DJ30 +76.77 NASDAQ +18.27 SP500 +9.09 NASDAQ Adv/Vol/Dec 1353/837.8 mln/990 NYSE Adv/Vol/Dec 1737/255.5 mln/1139

12:30 pm : The major averages have slipped off their recent highs amid reports suggesting the Troika has raised the required Cypriot contribution to EUR6.7 billion due to "worsened conditions." This announcement is notable as the struggling sovereign was unable to agree on a way to raise the original EUR5.8 billion, with its funding needs now higher by 15.5%.

With stocks retreating off their highs, the materials sector has surrendered its gains. The SPDR Materials Select Sector ETF (XLB 39.03, +0.01) now trades flat.DJ30 +71.74 NASDAQ +15.05 SP500 +8.33 NASDAQ Adv/Vol/Dec 1340/766.5 mln/976 NYSE Adv/Vol/Dec 1737/236.2 mln/1127

12:00 pm : The S&P 500 is higher by 0.6% as the index remains at the top of the day's range. Stocks began today's session on a positive note with strength in discretionary shares after a handful of sector components beat on earnings. As such, the discretionary sector remains as the best performer of the day.

Although a growth-sensitive sector paces today's gains, other cyclical groups have been more tentative in their advance. The tech sector trails behind the broader market with Oracle (ORCL 31.80, -0.50) continuing to weigh on tech shares after the company reported disappointing earnings yesterday. Elsewhere, the materials sector is the weakest performer with the SPDR Materials Select Sector ETF (XLB 39.08, +0.06) firmer by 0.2%.DJ30 +79.42 NASDAQ +14.71 SP500 +9.22 NASDAQ Adv/Vol/Dec 1355/682.4 mln/939 NYSE Adv/Vol/Dec 1806/213.4 mln/1067

11:30 am : The key indices continue to hover near their best levels of the day with the S&P 500 higher by 0.7%. As the major averages build on their early gains, the consumer discretionary sector remains as the top performer thanks to better-than-expected earnings from Nike (NKE 59.96, +6.36) and Tiffany (TIF 69.85, +1.94).

The remainder of today's sector leadership is mixed. While the growth-oriented discretionary sector is the day's best performer, other leaders fall in the counter-cyclical category. Consumer staples and telecoms are not far behind discretionary shares while health care and utilities underperform slightly.

On the downside, the economically-sensitive materials space is the weakest performer. The SPDR Materials Select Sector ETF (XLB 39.12, +0.09) trades higher by 0.2%.DJ30 +92.92 NASDAQ +16.80 SP500 +10.47 NASDAQ Adv/Vol/Dec 1423/585.1 mln/854 NYSE Adv/Vol/Dec 1887/186.5 mln/951

11:00 am : The major averages have climbed to fresh highs in recent trade and the S&P 500 is now firmer by 0.5%. The recent uptick occurred amid headlines out of Europe suggesting the Cypriot ruling party may be finalizing the framework for an agreement. However, those headlines have since been met with conflicting reports indicating the European Central Bank has rejected the changes proposed by the parliamentary committee.

Headlines from the old continent are expected to continue pouring in for the remainder of today's action. Meanwhile, the consumer discretionary sector remains as the top performer with the SPDR Consumer Discretionary Select Sector ETF (XLY 52.50, +0.52) higher by 1.0%.DJ30 +70.16 NASDAQ +13.31 SP500 +8.04 NASDAQ Adv/Vol/Dec 1350/462.2 mln/888 NYSE Adv/Vol/Dec 1832/154.6 mln/950

10:30 am : May crude oil is trading in positive territory as weakness in the dollar index is boosting prices. The energy component lifted off its session low of $92.72 per barrel and recently brushed a session high of $93.27 per barrel. It is currently up 0.8% at $93.19 per barrel.

Natural gas rose to a floor session high of $4.03 moments after pit trade opened but has been pulling-back in recent activity. However, it is holding to a solid 1.4% gain and is currently at $4.02 per MMBtu per barrel.

Precious metals have been in negative territory since floor trade opened. Both April gold and May silver dipped to their respective session lows of $1602.60 and $28.50 shortly after pit trade opened but have been working on erasing the early loss. Both metals have been trending higher in recent action. Gold is currently down 0.3% at $1609.40 per ounce, while silver is down 1.5% at $28.78 per ounce.DJ30 +82.82 NASDAQ +14.89 SP500 +9.42 NASDAQ Adv/Vol/Dec 1402/344.2 mln/759 NYSE Adv/Vol/Dec 1916/122.2 mln/834

10:00 am : Equities continue to trade with gains and the S&P 500 is higher by 0.4%. Notably, the financial sector has shown some weakness after starting the day in-line with the broader market.

Of the majors, Bank of America (BAC 12.53, -0.04) and Morgan Stanley (MS 22.00, -0.04) have slipped into the red while the broader SPDR Financial Select Sector ETF (XLF 18.10, +0.03) continues to trade with a slim gain.

With continued uncertainty surrounding Cyprus and its effects on the remainder of the common currency bloc, bank shares continue to show caution. Since Monday, the financial sector proxy ETF has shed over 1.7%.DJ30 +59.53 NASDAQ +13.96 SP500 +7.18 NASDAQ Adv/Vol/Dec 1387/218.8 mln/703 NYSE Adv/Vol/Dec 1844/88.7 mln/824

09:45 am : The major averages began the session on a slightly higher note and the S&P 500 trades firmer by 0.3%. All ten S&P 500 sectors opened the cash session in positive territory with consumer discretionary shares pacing the early gains.

Retailers are contributing to the early strength of the discretionary sector thanks to bottom line beats from Tiffany (TIF 70.39, +2.48) and Nike (NKE 58.77, +5.17). As a result, the SPDR S&P Retail ETF (XRT 70.19, +0.45) is firmer by 0.7%.

Overseas, market participants continue to await word from Cyprus regarding the near-term future of the Mediterranean nation. Recent reports have quoted Spanish Economy Minsiter Luis de Guindos as saying the European Union expects a proposal from Cyprus in "the next few hours."DJ30 +50.92 NASDAQ +10.94 SP500 +5.46 NASDAQ Adv/Vol/Dec 1301/131.1 mln/674 NYSE Adv/Vol/Dec 1788/64.5 mln/806

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.70. Heading into the open, equity futures signal a modestly higher start to the session. The S&P 500 futures are firmer by 0.3% with consumer shares garnering some pre-market buying interest after Tiffany (TIF 70.70, +2.79) and Nike (NKE 57.80, +4.20) delivered better-than-expected earnings.

Overseas, investors remain uneasy over the immediate future of Cyprus and its prospects for remaining within the eurozone. Another busy day of headlines is expected as officials attempt to put together 11th hour measures in order to avoid the collapse of the country's two largest banks. Notably, the European Central Bank has threatened to stop providing Cyprus with liquidity assistance as early as Monday.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +9.00. Equity futures continue to trade modestly higher with the S&P 500 futures up 0.2%. Globally, investors remain in a wait-and-see mode as they anticipate a resolution to the ongoing crisis in Cyprus.

Though Cyprus accounts for a miniscule share of the eurozone's economic output, its rejection of bailout conditions has created uncertainty regarding its future within the common currency bloc. The doubts regarding the future of the island nation are manifesting themselves in European trade where indices continue to hover near their respective unchanged levels.

Notably, Italy's MIB is outperforming as Italian President Giorgio Napolitano is expected to issue a mandate calling for the formation of a new government. Technically speaking, this is considered as "progress" because it advances the process, but it remains unclear if the political parties involved will be able to come to an agreement.

Domestically, better-than-expected earnings from Tiffany (TIF 71.20, +3.29) and Nike (NKE 58.00, +4.50) ought to provide some support for the consumer discretionary sector at the start.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +8.00.

U.S. equity futures continue to trade modestly higher with the S&P 500 futures up 0.2%.

European indices trade in tentative fashion with the Cypriot situation remaining front-and-center as European officials discuss their preferred course of action with regards to the troubled sovereign. Several reports have quoted Bank of Cyprus officials as saying the government should adopt the deposit tax on accounts over EUR100,000 in order to avoid a collapse of the bank. In addition, eurozone officials are discussing plans for imposing capital controls in order to prevent fund outflows once banks reopen.

Looking at economic data, French Business Survey remained unchanged at 90, while the general consensus expected an uptick to 91. Elsewhere, Germany's Ifo Business Climate Index slipped to 106.7, while the market expected a rise to 107.4. Both survey components fell short of expectations as the Current Assessment was reported at 109.9 (110.4 expected) while Business Expectations came in at 103.6 (104.9 forecast). Also of note, Spanish industrial new orders rose 0.4% year-over-year against the expectations of a decline of 0.5%.

The United Kingdom's FTSE is higher by 0.3% with consumer shares outperforming. J Sainsbury and Marks & Spencer are up 2.1% and 1.5%, respectively.
France's CAC is adding 0.1% as utilities lead the index. GDF Suez and Veolia Environnement are both up in excess of 1.0%. On the downside, industrial names are showing relative weakness. Cie de St-Gobain and Lafarge trade with respective losses of 1.7% and 1.4%.
In Germany, the DAX is off by 0.1% as growth-sensitive names weigh. HeidelbergCement is down 2.2% and Lanxess trades lower by 3.7%.

Markets across Asia were mostly lower as worries over Cyprus provided a cautious backdrop. Japan's Nikkei (-2.4%) underperformed after Haruhiko Kuroda's first press conference disappointed yen bears. At the press conference, Mr. Kuroda reiterated the need to carry out 'bold monetary easing,' and to target 2% inflation within two years. Some had hoped for calls of an emergency Bank of Japan meeting, and were left disappointed. Notable was today's 3.3% plunge in Thailand's SET as worries of a change to margin requirements weighed. Data from the region was light as Taiwan's unemployment rate ticked down to 4.16% (4.20% previous).

In Japan, the Nikkei closed lower by 2.4% as exporters with exposure to Europe were sold on the Cypriot worries. Nikon slid 3.2% while Mazda Motor fell 2.7%. Heavyweights Fast Retailing and Fanuc were also hit, falling 1.6% and 3.1% respectively.
Hong Kong's Hang Seng finished lower by 0.5% as some disappointing earnings reports weighed. Exporter Li & Fung shed 2.1% after announcing it would miss its three-year profit target while PetroChina gave up 0.8% after announcing its 2012 profit fell 13.3%.
In China, the Shanghai Composite added 0.2% amid a choppy trade. Sinopec was a leader as shares jumped 2.7% after the company posted better than expected results.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +9.00.

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

Looking at overseas developments:

Asian markets entered the weekend on a lower note. China's Shanghai Composite tacked on 0.2% while Hong Kong's Hang Seng shed 0.5%, and Japan's Nikkei lost 2.4%.
There was no notable economic data released in the region.
In news:
In Japan, Prime Minister Shinzo Abe indicated willingness to make changes to the cap on annual new bond issuance.
Haruhiko Kuroda officially accepted his new assignment as the Governor of the Bank of Japan. Mr. Kuroda addressed the media earlier, but his press conference produced little in terms of headlines. The Bank of Japan will hold its next scheduled policy meeting on April 4th.

European indices are little changed with the United Kingdom's FTSE outperforming, up 0.3%. Meanwhile, France's CAC and Germany's DAX are both unchanged.
Looking at economic data:
French Business Survey remained unchanged at 90, while the general consensus expected an uptick to 91.
Germany's Ifo Business Climate Index slipped to 106.7, while the market expected a rise to 107.4. Both survey components fell short of expectations as the Current Assessment was reported at 109.9 (110.4 expected) while Business Expectations came in at 103.6 (104.9 forecast).
Spanish industrial new orders rose 0.4% year-over-year against the expectations of a decline of 0.5%.
In news:
The Cypriot situation remains front-and-center this morning with European officials discussing their preferred course of action. Several reports have quoted Bank of Cyprus officials as saying the government should adopt the deposit tax on accounts over EUR100,000 in order to avoid a collapse of the bank. In addition, eurozone officials are discussing plans for imposing capital controls in order to prevent fund outflows once banks reopen.

In U.S. corporate news:

Nike (NKE 58.02, +4.42) is higher by 8.3% after beating on earnings and reporting revenue in-line with the Capital IQ consensus.
TIBCO Sotfware (TIBX 19.45, -3.72) is down 16.1%. The tech company missed on revenue and guided second quarter top and bottom lines below analyst expectations.

There is no notable economic news scheduled to be released today.

06:37 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +3.50.

06:37 am : Nikkei...12338.53...-297.20...-2.40%. Hang Seng...22155.30...-110.60...-0.50%.

06:37 am : FTSE...6384.36...-4.40...-0.10%. DAX...7908.36...+24.10...-0.30%.

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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