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 Post subject: March 25th Monday Trade Results - Profit $4680
PostPosted: Mon Mar 25, 2013 7:26 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 @ $400.00 dollars or +4.00 points, Light Crude Oil CL ($CL_F) futures @ $4280.00 dollars or +4.28 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 @ $4680.00 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=1467

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 Drop On Renewed Europe Worries

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

NEW YORK (CNNMoney)
U.S. stocks closed lower Monday, as investors worried whether Cyprus could set a precedent for other debt strapped eurozone nations.

The S&P 500, Dow Jones industrial average and Nasdaq ended down between 0.3% and 0.4%, clawing back from steeper losses. Traders said volume was particularly light.

Cyprus struck a deal with European negotiators early Monday that will mean big losses for account holders with more than €100,000 at the two biggest banks -- the Bank of Cyprus and Popular Bank of Cyprus.

Investors had largely dismissed Cyprus' bailout as confined to the tiny island nation. But investors got spooked after the head of the Eurogroup of eurozone finance ministers, Jeroen Dijsselbloem, told Reuters that what happened in Cyprus could be a model for bailouts throughout the EU.

Dijsselbloem later issued a statement rebutting those comments, saying Cyprus was "a specific case with exceptional challenges." He also noted that economic plans are "tailor made" for the country involved, and "no models or templates are used."

Still, investors had trouble forgetting the idea that Cyprus could set a precedent once it was circulated.

Related: Tough times for Cyprus after EU bailout

Fitch Ratings said it was "alert to the precedent this may set for further forms of capital controls within the eurozone."

The Dow had hit a new intraday record high shortly after the open, and the S&P 500 nearly topped its all-time closing high before Dijsselbloem's comments.

"Once you deal with the banking system in Cyprus, you need to address the rest of the periphery in Europe," said Paul Powers, a managing director at Raymond James. "It reminds people how fragile the rest of the system can be."

Related: Try CNNMoney's new Portfolio tool

The dollar rose more than 1% against the euro, which was trading around $1.29.

European markets finished the day lower, after earlier rallying more than 1%, while Asian markets ended mixed. The iShares MSCI Italy Capped Index Fund (EWI) also dropped 4%.

European bank stocks also came under pressure with shares of Societe Generale (SCGLF) falling nearly 7% and Deutsche Bank (DB) shedding 5%. BBVA (BBVA) and Banco Santander (SAN) were also markedly lower.

Shares of major U.S. banks followed suit. Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Morgan Stanley (MS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) all dropped between 1% and 2%.

Related: Google narrowly defeats Exxon in March Stock Mania

Aside from Cyprus, Dell (DELL, Fortune 500) shares jumped nearly 3%, after the PC maker said early Monday that it had received two competing bids to founder Michael Dell's buyout offer. Both Carl Icahn's Icahn Enterprises (IEP, Fortune 500), and Blackstone Grou (BX)p submitted separate buyout offers, which Dell said may turn out to be superior.

Tesla's (TSLA) stock surged in late trading, after CEO Elon Musk tweeted that a "really exciting @TeslaMotors announcement" would be "coming on Thursday."

Shares of Apollo Group (APOL) rallied 7%, after the education company reported earnings that blew past estimates, even as enrollment at University of Phoenix declined nearly 16%.

BlackBerry (BBRY) continued to come under pressure, after its new Z10 phone received a lukewarm reception by U.S. consumers. Goldman Sachs also downgraded the smartphone maker to neutral, calling the U.S. launch "disappointing."

Shares of Dollar General (DG, Fortune 500) rose after the retailer's profit topped expectations.

Best Buy (BBY, Fortune 500) stock rose after the retailer's founder, who recently dropped a plan to take the company private, announced that he would return to become chairman emeritus.

Shares of Facebook (FB) dropped more than 2% after the SEC approved Nasdaq's plan to pay $62 million to trading firms that incurred losses on the day of Facebook's IPO.

Related: CNNMoney's Fear and Greed Index in Greed Territory

In the commodities market, oil prices rose nearly 1%, while gold prices edged slightly lower.

The U.S. dollar rose against the British pound but fell against the Japanese yen.

The yield on the 10-year Treasury note edged down to 1.92% from 1.95 in early trading Monday.

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4:15 pm : The major averages ended today's headline-filled session with modest losses, and the S&P 500 settled lower by 0.3%.

Equities began the day amid broad strength, which brought the benchmark average within a point of a record high close. The morning gains came about after Cyprus and the Eurogroup agreed on the terms of a rescue package for the island nation.

The early strength did not hold past the opening hour as the S&P 500 began slipping towards fresh session lows. That slide accelerated when Dutch Finance Minister and Eurogroup head Jeroen Dijsselbloem gave an interview to Reuters in which he explained how the Cypriot bank restructuring may be used as a template for future bailout talks.

The comments had an immediate impact on equities with Italian bank stocks feeling the brunt of the headline-driven selling.

Notably, a safety bid ran German Bunds to session highs into the close, pushing the 10-yr yield down six basis points to 1.33%.

As U.S. equities hovered near session lows, an afternoon statement from Mr. Dijsselbloem lifted markets off their worst levels. The Eurogroup head said, "Cyprus is a unique case...no models or templates are used." Although the comments gave equities a brief bounce, the S&P 500 settled near its lows.

Growth-oriented sectors were responsible for the bulk of today's losses. The industrial space ended as the biggest laggard amid broad weakness. Machinery producers lagged throughout the day, and Caterpillar (CAT 86.69, -0.79) lost 0.9%.

In addition, underperformance from transportation-related stocks caused the Dow Jones Transportation Average to settle lower by 0.7%. FedEx (FDX 97.02, -1.46), which reported disappointing earnings and issued cautious guidance last Wednesday, fell 1.5%. Shares of FedEx are down over 8.5% since last week's quarterly report.

Elsewhere, the materials sector saw an extension of its recent weakness. The SPDR Materials Select Sector ETF (XLB 38.77, -0.30) slid 0.8% after the last two sessions saw the cyclical group end as the weakest performer.

In addition to underperformance from economically-sensitive sectors, copper futures slipped 0.5% to $3.45 per pound.

At the end of the day, all ten S&P 500 sectors ended in the red. The countercyclical consumer staples group settled with the slimmest loss and the SPDR Consumer Staples Select Sector ETF (XLP 39.27, -0.03) shed 0.1%.

Trading volume was below average as 660 million shares changed hands on the floor of the New York Stock Exchange.

There was no economic data of note released today.

Tomorrow, February durable goods orders and durable orders ex-transportation will be released at 8:30 ET. The January Case-Shiller 20-city Index is set to follow at 9:00 ET while February new home sales and March consumer confidence will both be reported at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 2-yr notes.DJ30 -64.28 NASDAQ -9.70 SP500 -5.20 NASDAQ Adv/Vol/Dec 1160/1.61 bln/1265 NYSE Adv/Vol/Dec 1222/659.5 mln/1789

3:30 pm :

May crude oil rose as high as $95.65 per barrel during today's pit session following news of a bailout agreement for Cyprus. The energy component pulled back in late morning action but regained momentum in afternoon floor trade. It eventually settled with a 1.2% gain at $94.79 per barrel.
May natural gas gave up its morning gains and fell into negative territory as it headed into the close. It slid to a session low of $3.88 per MMBtu despite trading as high as $4.02 per MMBtu earlier, and ultimately settled 1.5% lower at $3.89 per MMBtu.
Apr gold fell to a session low of $1588.40 per ounce in early pit action following the Cypriot bailout news. However, the yellow metal managed to erase most of the earlier loss as the euro retreated and investors digested further headlines. Gold trended higher for the remainder of the session and settled just 0.1% lower at $1604.30 per ounce.
May silver also dipped to a session low of $28.46 per ounce moments after floor trade opened. It recovered back into positive territory by late morning action and settled at $28.82 per ounce, or 0.5% higher.

DJ30 -87.97 NASDAQ -14.19 SP500 -7.71 NASDAQ Adv/Vol/Dec 1046/1340.8 mln/1387 NYSE Adv/Vol/Dec 1110/432 mln/1869

3:00 pm : Heading into the final hour of trade, the S&P 500 continues to trade in the red. With the index down 0.2%, only three sectors trade with wider losses than the broader market.

The energy space is off by 0.4% despite the relative strength of crude oil. The energy component is higher by 1.0% to $94.63 per barrel.

Elsewhere, the materials sector continues to show weakness after finishing the last two sessions as the biggest laggard. The SPDR Materials Select Sector ETF (XLB 38.76, -0.31) is down 0.8%.

Lastly, industrials trade lower amid broad weakness. Transportation-related stocks have been pressured throughout the day and FedEx (FDX 97.12, -1.36) is off by 1.4%. Meanwhile, the broader Dow Jones Transportation Average is down 0.6%.DJ30 -54.94 NASDAQ -7.38 SP500 -4.24 NASDAQ Adv/Vol/Dec 1129/1.22 bln/1304 NYSE Adv/Vol/Dec 1195/390.1 mln/1772

2:30 pm : The S&P 500 continues to trade with a modest loss after climbing off session lows. The benchmark index is off by 0.3% with industrials and materials trailing well behind the broader market.

In the industrial space, weakness among transportation-related stocks has pushed the Dow Jones Transportation Average lower by 0.7%. FedEx (FDX 96.95, -1.53) is the weakest performer within the 20-stock index as it trades lower by 1.6%.

Elsewhere, the materials sector is extending its recent weakness with the SPDR Materials Select Sector ETF (XLB 38.73, -0.34) down 0.9%.DJ30 -52.78 NASDAQ -7.35 SP500 -4.21 NASDAQ Adv/Vol/Dec 1132/1.16 bln/1278 NYSE Adv/Vol/Dec 1218/368.8 mln/1706

2:00 pm : Recent trade saw the major averages spike off their lows as a statement from Eurogroup head Jeroen Dijsselbloem said "Cyprus is a unique case...no models or templates are used." These remarks came after Mr. Dijsselbloem's earlier comments indicated the Cypriot bailout will indeed be used as a model in future discussions.

Although the S&P 500 has returned to the middle of its session range, the euro continues to hover near its lows. The common currency now trades near 1.2870 against the dollar.DJ30 -47.30 NASDAQ -3.19 SP500 -3.04 NASDAQ Adv/Vol/Dec 1201/1.08 bln/1213 NYSE Adv/Vol/Dec 1318/343.8 mln/1615

1:30 pm : Equities continue to hover near their lows with the S&P 500 off by 0.5%. Although stocks began the day on a positive note, the early strength did not last into the afternoon.

Comments from Jeroen Dijsselbloem contributed to the weakness after the Eurogroup head said the Cypriot bank restructuring may serve as a template for the rest of the region. The remarks resulted in a safety bid which saw German Bunds climb to a session-high close with the 10-yr yield dropping six basis points to 1.33%.

Domestically, all ten S&P 500 sectors trade in the red with industrials and materials showing the biggest weakness. Meanwhile, defensively-oriented consumer staples and telecoms trade with slimmer losses than the broader market.DJ30 -83.51 NASDAQ -14.27 SP500 -7.40 NASDAQ Adv/Vol/Dec 966/990.5 mln/1402 NYSE Adv/Vol/Dec 1039/310.9 mln/1892

1:00 pm : At midday, the S&P 500 trades lower by 0.5% despite starting the day on a firmly higher note.

The upbeat open took place after the early morning hours produced a bailout agreement for the troubled nation of Cyprus.

According to the terms of the deal, the country's two largest banks will be reorganized, and accounts under EUR100,000 will be transferred to Bank of Cyprus. Meanwhile, deposit accounts over EUR100,000 will remain at Laiki Bank, which will be wound down, meaning large depositors stand to face significant losses.

Equity markets saw a positive immediate reaction to the news, but that was not reflected in currencies. The euro surrendered all of its overnight gains before the U.S. open, and has continued to show weakness since.

As equities accelerated their slide off session highs, headlines from Europe quoted Eurogroup head Jeroen Dijsselbloem as saying the Cypriot bank restructuring plan should serve as a template for the rest of the eurozone. This caused fears regarding other troubled European nations and Italian bank stocks felt the brunt of the subsequent selling pressure. Meanwhile, the iShares MSCI Italy Capped Index (EWI 12.04, -0.52), is down 4.1%.

Domestically, nine of ten S&P 500 sectors trade in the red. The consumer staples group is an exception as the defensively-oriented space shows little change.

On the downside, the industrial sector is the biggest laggard amid weakness in machinery producers and transportation stocks. Caterpillar (CAT 86.20, -1.28) trades lower by 1.5% while the Dow Jones Transportation Average is down 1.1%.

The materials sector is also seeing notable weakness after ending the last two sessions as the biggest laggard. The SPDR Materials Select Sector ETF (XLB 38.71, -0.36) is off by 0.9%.

Lastly, the CBOE Volatility Index (VIX 13.93, +0.36) is higher by 2.7% after slipping to 12.39 in early action. A rise in the near-term volatility index suggests downside protection is receiving some buying interest during today's session.DJ30 -89.53 NASDAQ -15.64 SP500 -7.11 NASDAQ Adv/Vol/Dec 942/887.1 mln/1424 NYSE Adv/Vol/Dec 1038/276.9 mln/1879

12:30 pm : After sliding into negative territory, the S&P 500 continues to hover near its session lows. Stocks received an opening boost after Cyprus and the eurogroup agreed on a rescue package for the troubled sovereign.

However, the early strength faded quickly after eurogroup head Jeroen Dijsselbloem said the Cypriot rescue package may serve as a template for future bail-ins. In reaction, the euro tumbled to its lows against the dollar. The common currency now trades at 1.2875 versus the U.S. dollar.

In U.S. equities, industrials and materials are the two worst performing sectors. Notably, the materials space lags behind the broader market after being the weakest sector over the past two sessions. The SPDR Materials Select Sector ETF (XLB 38.80, -0.27) is down 0.7%.DJ30 -73.80 NASDAQ -13.50 SP500 -5.82 NASDAQ Adv/Vol/Dec 988/816.9 mln/1358 NYSE Adv/Vol/Dec 1097/255.2 mln/1792

12:00 pm : After notching its lows in the 1550 area, the S&P 500 has climbed about four points off those lows. Industrials and materials remain as the two weakest sectors while the defensive consumer staples trade with slim gains.

Also of note, the CBOE Volatility Index (VIX 13.85, +0.28) is now higher by 2.0% after falling to 12.39 in early action. A rise in the near-term volatility index suggests downside protection is receiving some buying interest during today's session.DJ30 -44.54 NASDAQ -7.35 SP500 -2.19 NASDAQ Adv/Vol/Dec 1066/728.9 mln/1266 NYSE Adv/Vol/Dec 1293/228.1 mln/1576

11:30 am : The S&P 500 is off by 0.4% as the benchmark index continues to hover near its lowest level of the day. Equities began the session on a positive note after eurozone officials and Cypriot leaders reached agreement on a rescue package, but that strength did not last.

Recent reports out of the Eurozone have quoted eurogroup head Jeroen Dijsselbloem as saying the Cypriot bank restructuring plan should serve as a template for the rest of the eurozone.

Notably, the comments caused a selloff in Italian equities with the MIB now down around 2.5%. Meanwhile, the U.S.-listed proxy for Italian stocks, iShares MSCI Italy Capped Index (EWI 12.03, -0.53), is down 4.2%.

Italian bank stocks have been responsible for the bulk of the decline with several listings being halted after falling in excess of 5.0%. Elsewhere, a safety bid has pushed the German 10-yr yield lower by four basis points to 1.34%.DJ30 -71.15 NASDAQ -11.80 SP500 -4.51 NASDAQ Adv/Vol/Dec 985/638.2 mln/1322 NYSE Adv/Vol/Dec 1137/199.8 mln/1719

11:05 am : After starting the session firmly higher, the major averages have surrendered all of their early gains. The S&P 500 is now lower by 0.2% with industrials and materials leading to the downside.

The growth-oriented industrials trade lower amid weakness in machinery producers. Caterpillar (CAT 86.46, -1.02) and Joy Global (JOY 57.83, -0.58) are both down near 1.0%.

Elsewhere, producers of basic materials are seeing notable weakness among chemical producers and miners. Monsanto (MON 100.44, -0.88) is lower by 0.9% and Randgold Resources (GOLD 84.68, -1.04) is down 1.2%. Meanwhile, the broader SPDR Materials Select Sector ETF (XLB 38.93, -0.14) is off by 0.4%.

The recent weakness also took place amid headlines from Europe where eurogroup head Jeroen Dijsselbloem has been quoted as saying the Cypriot bank restructuring plan should serve as a template for the rest of the eurozone. As a result, the euro has extended its weakness and it now trades at 1.2875 versus the dollar. Elsewhere, German 10-yr debt has received a safety bid with its yield down five basis points to 1.34%.DJ30 -49.18 NASDAQ -8.15 SP500 -2.32 NASDAQ Adv/Vol/Dec 1057/527.1 mln/1197 NYSE Adv/Vol/Dec 1324/163.3 mln/1522

10:35 am : The dollar index has been climbing higher all morning, but this hasn't weighed on the commodity complex. Crude oil futures have been the best performer in the energy and metals space this morning and crude remains near its session high.

May crude has been in positive territory all morning and really gained some steam shortly after floor trading began. May crude is now +1.8% at $95.42/barrel.

May natural gas rallied earlier this morning to its current HoD of $4.02/MMBtu, placing it back at its 15-month high that it recent moved to for the first time. Nat gas has been hanging around its current HoD this morning and is now +1.1% at $4.00/MMBtu.

Precious metals sold off earlier this morning, but in more recent action, Apr gold and May silver found some buyers. Silver led the move higher and ultimately moved back into positive territory. Gold didn't see as much buying interest. Apr gold is now -0.7% at $1595/oz, while May silver is -0.3% at $28.66/oz.DJ30 +10.33 NASDAQ +8.46 SP500 +4.38 NASDAQ Adv/Vol/Dec 1344/390.5 mln/874 NYSE Adv/Vol/Dec 1756/124 mln/1043

10:00 am : The major averages continue to trade near their early highs with the S&P 500 firmer by 0.5%. Including today's opening gains, the benchmark average is now less than two points away from its highest close of all-time.

Growth oriented sectors are among the top early performers with consumer discretionary, energy, and financials pacing the early advance. Interestingly, the defensively-oriented utilities sector is also among the top early gainers. The SPDR Utilities Select Sector ETF (XLU 38.41, +0.24) trades higher by 0.6%.DJ30 +43.09 NASDAQ +12.99 SP500 +7.04 NASDAQ Adv/Vol/Dec 1445/216.2 mln/670 NYSE Adv/Vol/Dec 1982/81.6 mln/752

09:50 am : The S&P 500 trades higher by 0.5% after starting the session on a positive note. The upbeat open followed the overnight agreement to provide rescue funds for the troubled island nation of Cyprus. Although equity markets are showing a positive reaction to the agreemen, that is not being reflected in the foreign exchange market. The euro is down about 30 pips versus the dollar, trading at 1.2930.

Looking at the early sector leadership, consumer discretionary, financials, and utilities all trade ahead of the broader market.DJ30 +40.93 NASDAQ +13.01 SP500 +7.13 NASDAQ Adv/Vol/Dec 1382/154.2 mln/665 NYSE Adv/Vol/Dec 1980/67.2 mln/688

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.70. Heading into the open, equity futures signal a higher start to the session. The S&P 500 futures trade higher by 0.2% after being up as much as 0.4% in overnight action. The early gains came about after Cypriot officials and the eurogroup agreed to a bank recapitalization package.

Notably, the euro has surrendered all of its gains since the deal was announced. The common currency now trades at 1.2935 versus the U.S. dollar.

Overseas, European markets have retreated off their highs amid headlines from Russia where President Vladimir Putin has asked the country's government to restructure its EUR2.5 billion loan to Cyprus. Furthermore, Prime Minister Dmitry Medvedev has been quoted as saying the restructuring agreement is "tantamount to theft."

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +10.00.

U.S. equity futures have slipped off their highs, but the S&P 500 futures remain firmer by 0.2%.

European indices trade firmly higher following the overnight agreement on a bank restructuring plan in Cyprus. Regional economic data was limited to just two notable releases. Italy's consumer confidence slipped to 85.2 from the prior reading of 86.0 (85.5 consensus). Elsewhere, Spain's PPI rose 2.1% year-over-year, cooler than the 2.5% rise that was expected by the market.

As part of the Cypriot bailout, the country's two largest banks will be reorganized. Laiki bank will be split into a good and a bad side. Deposits below EUR100,000 will be transferred to the 'good bank,' which will merge with Bank of Cyprus. Meanwhile, deposits over EUR100,000 will remain in the bad bank, and be wound down, meaning large depositors stand to accept significant losses. The head of the Cypriot finance committee said banks may remain closed through tomorrow, and capital controls are expected to continue. Meanwhile, Luxembourg Finance Minister Luc Frieden said the risk of a continued stream of bank withdrawals remains a possibility. This fear is being reflected in the euro, which has surrendered all of its overnight gains. The common currency currently trades near 1.2940 versus the U.S. dollar.

The United Kingdom's FTSE is higher by 0.9% with technology names in the lead. ARM Holdings trades higher by 3.8% and Vodafone is firmer by 3.2%.
In Germany, the DAX trades with a gain of 1.2% with major components leading the index. Adidas, Bayer, and SAP area all up between 1.7% and 2.1%.
France's CAC is adding 1.2% as 38 of 40 components trade in positive territory. Power equipment manufacturer Schneider Electric is among top index performers, up 3.6%.
In Italy, the MIB is down 0.7% with banks underperforming. The relative weakness comes after reports indicated Pier Luigi Bersani's center left party may be having difficulties in forming a government.

It was a sea of green across Asia as most markets ended higher on news of a lifeline for Cyprus. China's Shanghai Composite (-0.1%) and India's Sensex (-0.3%) lagged the rest of the region with a cautious trade limiting the former and political uncertain weighing on the latter. Chinese shares saw a choppy trade as traders await key earnings reports due out later in the week. Meanwhile, political uncertainty weighed in India as concerns mount other key parties may leave the ruling coalition after the DMK party withdrew the previous week. Data out overnight saw Singapore's inflation jump to 4.9% year-over-year (4.0% expected, 3.6% previous) and Taiwan's industrial production slump 11.5% year-over-year.

In Japan, the Nikkei closed up 1.7% with exporters and financials fueling the rally. Sony rallied 3.1% and Mitsubishi UFJ Financial advanced 1.6% to lead their spaces higher.
Hong Kong's Hang Seng gained 0.6% as energy shares paced the advance. Cnooc and Sinopec gained 3.9% and 3.3% respectively after both companies saw their net profits match expectations. Earnings results also impacted shares of Anhui Conch Cement, which rose 0.4% despite a 45% drop in 2012 net profit.
In China, the Shanghai Composite shed 0.1%, slipping for the first time in five days. Telecom names were under pressure as ZTE gave up 4.7% as traders booked profits on worries the name is overbought. Elsewhere, Construction Bank tallied a 1.7% gain after its earnings topped analyst forecasts.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +13.20. U.S. equity futures trade near their pre-market highs and the S&P 500 futures are firmer by 0.4%. The modest early gains followed in the wake of an announcement out of Europe indicating Cypriot officials have agreed on a bank restructuring package with eurogroup officials.

Per the agreement, the country's two largest banks will be reorganized. Laiki bank will be split into a good and a bad side with deposits below EUR100,000 being transferred to the 'good bank,' which will merge with Bank of Cyprus. Meanwhile, deposits over EUR100,000 will remain in the bad bank, which will be wound down, meaning large depositors stand to accept significant losses.

Although equity futures continue to hover near their early highs, the euro has retraced all of its overnight gains as the fear of a capital flight remains present. The common currency currently trades at 1.2955 against the dollar.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +13.70.

U.S. equity futures trade modestly higher with the S&P 500 futures firmer by 0.4%. The positive overnight sentiment comes after Cypriot officials agreed with eurogroup representatives on a bank rescue package early this morning. The S&P 500 futures continue to trade near their pre-market highs while the euro has surrendered more than half of its early gains against the dollar. Currently, the common currency trades at 1.2980 against the greenback.

Looking at overseas developments:

Asian markets ended on a mixed note. Hong Kong's Hang Seng added 0.6%, Japan's Nikkei gained 1.7% while China's Shanghai Composite slipped 0.1%.
There was no notable economic data released in the region.
In news:
Japan's Prime Minister Shinzo Abe described recent yen trends in the foreign exchange market as positive. The prime minister also stressed the goal of reaching target inflation of 2.0% as quickly as possible.

European indices trade firmly higher following the overnight agreement on a bank restructuring plan in Cyprus. The United Kingdom's FTSE is higher by 1.0% while Germany's DAX is adding 1.2%, and France's CAC is rising 1.5%.
Regional economic data was limited:
Italy's consumer confidence slipped to 85.2 from the prior reading of 86.0 (85.5 consensus).
Spain's PPI rose 2.1% year-over-year, cooler than the 2.5% rise that was expected by the market.
In news:
As part of the Cypriot bailout, the country's two largest banks will be reorganized. Laiki bank will be split into a good and a bad side. Deposits below EUR100,000 will be transferred to the 'good bank,' which will merge with Bank of Cyprus. Meanwhile, deposits over EUR100,000 will remain in the bad bank, and be wound down, meaning large depositors stand to accept significant losses.
The Head of the Cypriot finance committee said banks may remain closed through tomorrow, and capital controls are expected to continue.
Luxembourg's Finance Minister Luc Frieden said the risk of a continued stream of bank withdrawals remains a possibility.

In U.S. corporate news:

Dell (DELL 14.50, +0.35) trades higher by 2.2% after the company confirmed the receipt of two acquisition proposals.
J.C. Penney (JCP 15.14, -0.29) is down 1.9% after BMO Capital Markets downgraded the stock to 'Underperform' from 'Market Perform.'

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

06:27 am : [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +17.00.

06:27 am : Nikkei...12546.46...+207.90...+1.70%. Hang Seng...22251.15...+135.90...+0.60%.

06:27 am : FTSE...6439.80...+47.00...+0.70%. DAX...8016.58...+105.10...+1.30%.

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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