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 Post subject: March 27th Wednesday Trade Results - No Trades
PostPosted: Thu Mar 28, 2013 7:09 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)

Quote:
No trades today due to personal reasons involving the kids school holiday.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 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 @ $0.00 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=1469

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.

S&P 500 Tests All-Time High Again

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

NEW YORK (CNNMoney)
U.S. stocks recovered from earlier weakness Wednesday to end mixed as investors continue to monitor the situation in Cyprus.

The S&P 500 fell 1 point to end just below its all-time high of 1,565.15 from October 2007. The Dow Jones industrial average fell 0.2%. The Nasdaq rose 0.1%.

C is still for Cyprus. Stocks sank earlier Wednesday on concerns about Cyprus, where banks are set to reopen Thursday after being closed since March 16. The ministry of finance announced plans to limit the amount of money that depositors can withdraw in an attempt to prevent a bank run, according to the Cyprus News Agency.

The island nation agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector in return for a €10 billion European Union bailout.

Investors were encouraged by reports that the capital controls in Cyprus will only be in effect for seven days, said Dan Greenhaus, market strategist at BTIG. But he was skeptical that this would be the case, adding that investors are still gravitating towards more defensive sectors of the stock market.

"The sectors that are leading the way higher are utilities and health care, and energy," said Greenhaus. "These don't really have anything to do with Cyprus."

Overall, stocks have followed a similar pattern over the past few days, falling in the morning and rebounding in the afternoon, he added. "Whatever dip we have gets bought," said Greenhaus.

Traders said volumes were anemic, with many market participants out for Passover and preparing for Good Friday, when U.S. and European markets will be closed.

Banks in focus. European markets ended the day lower, with shares of banks leading the decline. Deutsche Bank (DB) shares fell 3% on a rumor that the German bank could have its credit rating downgraded, said Dave Rovelli, managing director of U.S. equity trading at brokerage Canaccord Genuity.

Meanwhile, two reports from the European Union highlighted the gloomy economic and business outlook in Europe. The EU business climate indicator fell 0.14 points in March, extending a downturn that goes back to Sept. 2011. A separate survey showed that economic sentiment in Europe fell in March, while consumer confidence was little changed.

Also in Europe, British banks need to raise £25 billion, or about $38 billion, this year to buffer against the potential for future financial turmoil.

"Europe's getting demolished. The banks are getting crushed," said Rovelli. "That's weighing on our banks and taking down our markets, but we were due for a sell-off."

Shares of JPMorgan (JPM, Fortune 500), Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500) all fell.

A rare bit of weak news about home sales. On the economic front, the National Association of Realtors said pending home sales, a measure of purchases that have not yet closed, fell 0.4% in February. Economists had expected the index to have risen 2%, according to a Briefing.com consensus of economist forecasts.

NAR said the limited number of homes for sale in certain parts of the country was holding the market back. Despite the drop in February from March, the index is up 8.4% versus February 2012.

* Video - Thumbs Down: Facebook Misses Rally

Asian markets ended higher. The Shanghai Composite and Nikkei added 0.2%, while the Hang Seng advanced 0.7%.

However, worries over attempts to rein in runaway real estate prices and rapid growth in China have capped Chinese indexes so far this year, while Japanese stocks have soared.

Cliffs has fiscal problems. And AOL's got an upgrade! In corporate news, shares of Cliffs Natural Resources (CLF, Fortune 500) fell 14%. The stock, which has been the worst performer in the S&P 500 this year, was hit with two analyst downgrades Wednesday.

AOL (AOL) rose more than 8% after an analyst at Barclays upgraded the stock. Shares of the online content firm are up more than 30% so far this year.

Shares of SAIC (SAI, Fortune 500) rose after the defense technology firm reported a quarterly profit late Tuesday and announced a special $1 per share cash dividend payment.

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4:15 pm : The major averages ended the day on a mixed note. The S&P 500 ended lower by 0.1% while Nasdaq added 0.1%.

Although the broader market ended little changed, that did not serve as an accurate portrayal of the day's developments.

The S&P 500 began the session lower by 0.8% as European worries remained at the forefront. The future of the eurozone hangs in the balance with market participants speculating whether or not the European Union will copy the Cypriot playbook next time a troubled nation is in need of emergency assistance.

Further, Italy appears to be headed for another round of elections after Pier Luigi Bersani was unable to form a coalition government. In addition, the Bank of England warned that British banks face a GBP25 billion capital shortfall. Lastly, both France and the United Kingdom reported a 0.3% GDP contraction in their final fourth quarter readings.

The mounting worries resulted in cautious European trade, which saw a safety bid push the German 10-yr yield lower by eight basis points to 1.27%.

In the U.S., bank stocks reflected the uncertainty surrounding the eurozone. While most sectors ended the session well off their lows, banks settled near the bottom of today's range. The SPDR Financial Select Sector ETF (XLF 18.16, -0.09) ended lower by 0.5% and JPMorgan Chase (JPM 47.77, -0.87) was the weakest performer among the majors. Shares of JPMorgan fell 1.8% to close below their 50-day moving average.

Elsewhere, the technology sector trailed behind the broader market, largely due to the underperformance of Apple (AAPL 452.08, -9.06). The largest tech stock sold off throughout the day, and settled lower by 2.0%.

Although Apple weighed on technology, the remainder of the sector displayed some relative strength. Microprocessor manufacturers outperformed and the PHLX Semiconductor Index, which tracks 30 chipmakers, ended with a slim gain of 0.1%.

On the upside, defensively-oriented health care and utilities ended with modest gains. In addition, the energy sector climbed steadily off its opening lows and the SPDR Energy Select Sector ETF (XLE 79.54, +0.26) ended higher by 0.3%.

Even though the broader market ended little changed, a different story was told by currencies and Treasuries.

In the foreign exchange market, the U.S. dollar index climbed in early trade, and held near its highs for the duration of the day. The index ended higher by 0.4% at 83.23. Today's strength was due in large part to weakness in the euro which fell to 1.2770 against the greenback, its lowest level since November.

Meanwhile, the Treasury complex saw an overnight bid which continued into the morning, pushing the 10-yr yield lower by six basis points to 1.85%.

Volume outpaced yesterday's second-lowest total of the year, but today's tally of 596 million remained well below average.

Pending home sales for February fell 0.4%, which was worse than the 2.0% increase forecast by the Briefing.com consensus. Today's reading followed last month's revised drop of 3.8%.

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. In addition, the third estimate of fourth quarter GDP and GDP deflator will also be announced at 8:30. Lastly, March Chicago PMI will be released at 9:45 ET.

The U.S. Treasury will auction off $29 billion in 7-yr notes.DJ30 -33.49 NASDAQ +4.04 SP500 -0.92 NASDAQ Adv/Vol/Dec 1158/1.37 bln/1261 NYSE Adv/Vol/Dec 1588/596.3 mln/1407

3:30 pm :

May crude oil erased overnight losses and rose for a fourth consecutive session despite a higher-than-anticipated build in inventories and a stronger dollar index. The energy component dipped to a session low of $95.59 per barrel in early morning floor trade but pushed into positive territory in afternoon action. It settled 0.4% higher at $96.62 per barrel, slightly below its session high of $96.84 per barrel.
May natural gas extended yesterday's gains as it traded above the $4.00 per MBMtu level for its entire pit session. It brushed a session high of $4.10 per MMBtu in afternoon action and settled at $4.07 per MBMtu, or 2.0% higher.
Apr gold trended higher during today's pit trade on weak European business and consumer survey data. The yellow metal lifted off its session low of $1595.20 per ounce and touched a session high of $1607.20 per ounce in mid-morning action. It settled 0.7% higher at $1606.60 per ounce.
May silver spent its entire floor session in the red but managed to erase most of its earlier losses. Despite falling to a session low of $28.08 per ounce as equity markets opened, it climbed higher and settled with a slight 0.1% loss at $28.62 per ounce.

DJ30 -22.41 NASDAQ +4.92 SP500 -0.10 NASDAQ Adv/Vol/Dec 1132/1146.7 mln/1272 NYSE Adv/Vol/Dec 1562/404 mln/1405

3:00 pm : Heading into the final hour of trade, the major averages are little changed. Although the S&P 500 began the day down 0.8%, the index spent the remainder of the session in a steady upward climb. Energy, health care, and utilities are the only sectors which trade higher with the three groups up 0.3% each.

On the downside, financials remain notably weaker than the broader market. The SPDR Financial Select Sector ETF (XLF 18.16, -0.08) is off by 0.4%.DJ30 -27.37 NASDAQ +2.39 SP500 -0.99 NASDAQ Adv/Vol/Dec 1074/1.01 bln/1321 NYSE Adv/Vol/Dec 1439/361.2 mln/1494

2:30 pm : Equities continue to trade in negative territory and the S&P 500 is off by 0.1%. With 90 minutes left in today's action, the major averages have been able to recoup the bulk of their early losses.

The tech-heavy Nasdaq has seen the strongest rebound off lows, and the index has crept into positive territory. The Nasdaq outperforms other major indices even as its largest component, Apple (AAPL 452.73, -8.41), trades firmly lower. The largest tech stock is down 1.8%.

Although stocks have climbed off their lows, Treasury yields remain near their lows. The 10-yr yield is lower by seven basis points to 1.85%.DJ30 -28.43 NASDAQ +1.33 SP500 -1.42 NASDAQ Adv/Vol/Dec 1013/930.1 mln/1372 NYSE Adv/Vol/Dec 1366/322.9 mln/1568

2:00 pm : Recent trade saw the S&P 500 continue to claw back towards its unchanged level. The benchmark index is off by 0.2% and financial stocks remain as the biggest laggards. Although the broader market has climbed off its lows, financials continue to hover near the bottom of today's range.

The SPDR Financial Select Sector (XLF 18.14, -0.11) remains lower by 0.6% after being down as much as 1.0% in morning trade.

On the upside, health care and utilities continue to trade with slim gains. In addition, the energy sector has been able to overcome early weakness. The SPDR Energy Select Sector ETF (XLE 79.40, +0.12) is higher by 0.2%. Meanwhile, crude oil also traded lower this morning, but is now positive on the session. The energy component trades higher by 0.3% at $96.65.DJ30 -36.21 NASDAQ -2.18 SP500 -2.63 NASDAQ Adv/Vol/Dec 958/859.4 mln/1425 NYSE Adv/Vol/Dec 1278/310.3 mln/1670

1:30 pm : The major averages continue to trade in the red with the S&P 500 lower by 0.3%. The benchmark index remains in negative territory after starting the session with a loss of 0.8%.

The cautious open resulted from continued worries surrounding the Eurozone. This weighed on financials, which continue to trade near the bottom of today's range. The SPDR Financial Select Sector ETF (XLF 18.11, -0.14) is down 0.7%.

With the broader market trading modestly lower, the CBOE Volatility Index (VIX 13.35, +0.58) is higher by nearly 5.0%.DJ30 -53.38 NASDAQ -6.71 SP500 -4.70 NASDAQ Adv/Vol/Dec 876/787.5 mln/1494 NYSE Adv/Vol/Dec 1170/284.9 mln/1745

1:05 pm : Equities began the day on a firmly lower note, but that may be difficult to see from the midsession performance of the broader market. The S&P 500 is off by 0.2% after being down as much as 0.8% during the opening minutes.

The downbeat open took place amid continued worries surrounding not only the European periphery but also its core. In Italy, Pier Luigi Bersani was unable to form a coalition government, making another round of elections increasingly more likely. Meanwhile, the Bank of England said British banks face a GBP25 billion shortfall. Also of note, the eurozone business and consumer survey was reported below expectations.

In addition to this morning's worries surrounding the eurozone, investors remained uncertain regarding the playbook the European Union may be using next time a troubled sovereign needs emergency assistance.

The growing concerns have weighed on bank stocks. The financial sector is the weakest performer, and the SPDR Financial Select Sector ETF (XLF 18.12, -0.12) is down 0.7%. Notably, JPMorgan Chase (JPM 47.65, -0.99) is the biggest laggard among the majors after falling below its 50-day moving average.

Although U.S. financials trade broadly lower, their European counterparts have seen even wider losses. Deutsche Bank (DB 39.02, -1.24) is down 3.1% after Standard & Poor's said it may lower the bank's long-term credit rating.

The financial sector is not the only cyclical group trading lower. Economically-sensitive industrials and materials are also among today's underperformers. The materials sector lags amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 43.35, -0.39) is down 0.9%.

The continued underperformance in producers of basic materials is notable as the sector trailed behind the broader market in each of the past four sessions, ending as the weakest group on three of four occasions.

On the upside, defensively-oriented health care and utilities trade with slim gains. In addition, energy stocks have climbed steadily off the opening lows and the SPDR Energy Select Sector ETF (XLE 79.39, +0.11) is higher by 0.1%.DJ30 -45.90 NASDAQ -7.10 SP500 -4.33 NASDAQ Adv/Vol/Dec 850/728.1 mln/1489 NYSE Adv/Vol/Dec 1175/263.4 mln/1744

12:30 pm : After climbing steadily off the morning lows, the broader market saw little change in recent action. The S&P 500 is off by 0.2% and the financial space remains as the weakest performing sector.

Although the broader market enjoyed a robust bounce off session lows, the financial sector did not share that optimism. The SPDR Financial Select Sector ETF (XLF 18.11, -0.13) is down 0.7% and JPMorgan Chase (JPM 47.66, -0.97) is the weakest performer among the majors after falling below its 50-day moving average.

On the upside, energy and utilities are the top performing sectors.DJ30 -37.56 NASDAQ -5.60 SP500 -3.42 NASDAQ Adv/Vol/Dec 861/654.4 mln/1473 NYSE Adv/Vol/Dec 1170/236.1 mln/1739

12:00 pm : The steady climb off opening lows has continued in recent action. The S&P 500 is now lower by three points after being down nearly 12 at the start of today's action.

The financial sector remains as the weakest performer amid continued worries surrounding the Eurozone. The SPDR Financial Select Sector ETF (XLF 18.13, -0.12) is down 0.6%.

On the upside, health care and utilities have shown relative strength. In addition, the energy sector has seen a steady bid since the open. The SPDR Energy Select Sector (XLE 79.32, +0.04) is now higher by 0.1%. The advance of energy stocks comes despite the weakness in the price of crude. The energy component is down 0.2% to $96.20 per barrel.DJ30 -39.55 NASDAQ -5.25 SP500 -3.62 NASDAQ Adv/Vol/Dec 864/594.3 mln/1448 NYSE Adv/Vol/Dec 1146/213.8 mln/1735

11:30 am : Recent trade saw the S&P 500 continue its climb off the opening lows. The benchmark index is now lower by 0.3%, but growth-oriented stocks continue to weigh. Financials, industrials, and materials are down between 0.5% and 0.7%.

Also of note, the technology sector trails behind the broader market with its largest component, Apple (AAPL 453.14, -8.00), down 1.7%. Outside of Apple, tech stocks trade largely in-line with the broader market. High-beta chipmakers are holding up relatively well with the PHLX Semiconductor Index off by 0.3%.

On the upside, defensively-minded health care and utilities trade with slim gains. The SPDR Utilities Select Sector ETF (XLU 38.58, +0.13) is the top performing sector ETF, up 0.3%.DJ30 -50.80 NASDAQ -7.88 SP500 -4.88 NASDAQ Adv/Vol/Dec 761/508.9 mln/1536 NYSE Adv/Vol/Dec 1009/188.1 mln/1863

11:00 am : Equities have climbed off their early lows but the major averages remain in the red. The S&P 500 is down 0.4% with cyclical sectors underperforming notably.

The financial sector is the weakest performer as the continued worries surrounding the eurozone weigh on bank shares. JPMorgan Chase (JPM 47.84, -0.80) is the weakest performer among the majors while the broader SPDR Financial Select Sector ETF (XLF 18.12, -0.12) is lower by 0.7%.

In addition to financials, growth-oriented industrials and materials are also among the day's biggest laggards. The weakness in materials is notable after the sector trailed behind the broader market in each of the past four sessions, ending as the weakest sector on three of four occasions.DJ30 -53.99 NASDAQ -9.89 SP500 -5.66 NASDAQ Adv/Vol/Dec 676/419.5 mln/1593 NYSE Adv/Vol/Dec 906/159.2 mln/1950

10:35 am : Commodities are showing some volatility this morning, while the dollar index has continued to trend higher and is now at its session high.

Crude oil futures have been in the red all morning and fell as low as $95.58/barrel. Just ahead of the weekly inventory data, crude was just above that low and following the data, it showed a muted reaction. May crude is now -0.6% at $95.73/barrel.

Gold and silver futures have gained buying interest this morning and recently hit new session highs (May gold $1607.00, May silver $28.64). May gold is now +0.6% at $1604.60/oz and May silver is -0.5% at $28.55/oz.

Natural gas found buying interest just before 8am EST as buyers rallied May nat gas as high as $4.08/MMBtu. The energy component has since pulled back and been choppy. It's currently +1.4% at $4.05/MMBtu.DJ30 -65.60 NASDAQ -15.76 SP500 -7.11 NASDAQ Adv/Vol/Dec 513/319.5 mln/1732 NYSE Adv/Vol/Dec 777/130 mln/2029

10:00 am : Equities saw little change in reaction to February pending home sales data. The S&P 500 is down 0.6%.

Pending home sales for February fell 0.4%, which was worse than the 2.0% increase forecast by the Briefing.com consensus. Today's reading follows last month's revised drop of 3.8%.DJ30 -84.10 NASDAQ -18.80 SP500 -9.14 NASDAQ Adv/Vol/Dec 435/188.2 mln/1726 NYSE Adv/Vol/Dec 598/89.7 mln/2155

09:45 am : The major averages began the session on a cautious note with the S&P 500 down 0.6%. The lower open came as investors continue to show worries regarding the Eurozone.

A series of disappointing economic data points out of Italy along with the increased likelihood of a second round of elections have pressured the peripheral market. Elsewhere, the Bank of England said British banks face a GBP25 billion capital shortfall. As a result of cautious European trade, Germany's 10-yr yield is down eight basis points to 1.27% as investors seek safety.

Domestically, all ten S&P 500 sectors trade in the red with growth-oriented industrials and materials leading to the downside. Notably, the materials sector underperforms after trailing behind the broader market in each of the past four sessions.DJ30 -90.41 NASDAQ -20.54 SP500 -9.13 NASDAQ Adv/Vol/Dec 399/113.3 mln/1698 NYSE Adv/Vol/Dec 523/67.5 mln/2164

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -13.30. Heading into the open, equity futures signal a lower start to the session with the S&P 500 futures down 0.5%.

The major averages are poised for a downbeat start to the session as European markets trade firmly lower. Notably, Greek equities are enduring their second rough day in a row with the ASE down near 7.0%. Elsewhere, Italy's MIB is down 1.3% as the investigation into Monte Paschi expands. In addition, Pier Luigi Bersani's inability to form a coalition government is likely setting the stage for another round of elections.

Domestically, pre-market trade in major financials reflects the continued worries about the future of the eurozone. Bank of America (BAC 12.15, -0.13) and JPMorgan Chase (JPM 48.20, -0.45) are both down near 1.0%.

February pending home sales will be announced at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -13.00. U.S. equity futures continue to trade near their pre-market lows with the S&P 500 futures off by 0.5%. The early weakness comes as European indices trade firmly lower with familiar concerns returning to the forefront.

In Greece, equities are enduring their second day of considerable weakness as investors fear future Greek bailouts could see their structure based off of the Cypriot rescue package. The ASE is down in excess of 7.0%.

In Italy, several disappointing economic reports as well as Pier Luigi Bersani's inability to form a coalition government are contributing to the continent-wide weakness. Italy's MIB is down 1.2% while the country's 10-yr yield is higher by 11 basis points to 4.66%.

With funds flowing out of peripheral economies, German debt has received a safety bid which sent its yield lower by seven basis points to 1.28%.

As a result of continued worries about the Eurozone, major financials trade lower in pre-market action. Citigroup (C 44.33, -0.50) and Morgan Stanley (MS 21.99, -0.23) are both down near 1.1%.

February pending home sales will be announced at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -12.30.

U.S. equity futures continue to trade near their pre-market lows with the S&P 500 futures down 0.4%.

European indices trade firmly lower across the board with Italy as the focal point. Italian industrial new orders fell 1.4% month-over-month against the expectations of an uptick to 0.4%. Meanwhile, industrial sales declined 1.3% to follow last month's rise of 0.4%. Lastly, the country's retail sales slipped 0.5% while the consensus expected sales to increase 0.4%. Elsewhere, Germany's import price index rose 0.3% (0.2% expected) while GfK consumer climate remained unchanged at 5.9. The United Kingdom reported a current account deficit of GBP14 billion while the market had expected a deficit of GBP12.7 billion. Also of note, the Eurozone business and consumer survey fell to 90.0 from the 91.1 reported last month (90.4 consensuses).

After being unable to form a coalition government, Pier Luigi Bersani is scheduled to meet with Italian President Napolitano to discuss the next step on Friday. Although the outcome of the meeting is yet to be known, another round of elections appears increasingly more likely. Cypriot Finance Minister Michalis Saris said uninsured depositors with accounts at Laiki Bank could face losses of up to 80%. In addition, those depositors may be required to wait years before seeing their money.

With continued concerns surrounding the eurozone, peripheral yields have climbed today. Italy's 10-yr yield is higher by 13 basis points to 4.67%. Meanwhile, Spain's 10-yr yield is adding 12 basis points to 5.05%. Resulting from peripheral outflows, a safety bid has sent German 10-yr yield lower by seven basis points to 1.28%.

In the United Kingdom, the FTSE is down 0.8% with most components trading lower. Financial names Aviva and Prudential are down 2.9% and 4.3%, respectively.
Germany's DAX is lower by 1.4% with exporters and financials underperforming considerably. Deutsche Bank is down 4.1% after Standard & Poor's said it may cut the bank's debt rating. Elsewhere, Volkswagen is down 2.0%.
In France, the CAC is down 2.1% as 39 of 40 components trade in the red. BNP Paribas and France Telecom are among the weakest index performers, down 4.2% and 3.9%, respectively.
Italy's MIB is sliding 1.8% as financials weigh. Monte Paschi is the worst index performer, down 6.3%, after Italian police searched the Milan offices of Nomura Holdings. Although Nomura is not under investigation, the search warrant was executed in relation to alleged false bookkeeping at Monte Paschi after the two banks engaged in derivative transactions.

It was a sea of green across Asia as all of the major bourses gained following yesterday's advance on Wall Street. Hong Kong's Hang Seng (+0.7%) finished among the top performers, boosted by solid earnings reports. In Japan, the Nikkei (+0.2%) advanced after reports surfaced suggesting the Bank of Japan may launch its new bond buying scheme at next week's meeting. Elsewhere, the Reserve Bank of Australia's Financial Stability Review was released overnight, with Governor Glenn Stevens indicating the push for reform must avoid a regulatory "overload." Data from the region was limited to South Korean consumer confidence, which rose to 104 (102 expected, 102 previous).

In Japan, the Nikkei added 0.2% amid a rather choppy session. Real estate names saw solid gains on hopes the new bond buying scheme will aid the sector. Mitsui Fudosan and Mitsubishi Estate both added close to 3.5%. Elsewhere, exporters ended mixed with Panasonic surging 5.2% and Sharp giving up 4.1%.
Hong Kong's Hang Seng gained 0.7% following some solid earnings reports. Bank of China added 2.0% and Hutchinson Whampoa gained 1.5% after both companies posted better than expected results. Casino names were also strong as Sands China rallied 2.2% to lead the way.
In China, the Shanghai Composite added 0.2% amid a lackluster session. Automakers led the way after reports suggested Beijing's fuel price cut will go into effect today. FAW Car and Chongqing Changan Automobile gained 2.5% and 5.5% respectively.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -13.50.

U.S. equity futures trade modestly lower with the S&P 500 futures down 0.5%. The overnight weakness can be sourced to Italy where the market received a handful of disappointing economic reports. In addition, Pier Luigi Bersani of the center-left party was unable to fulfill his mandate and form a government. Italy's MIB is down 1.3% while the 10-yr yield is higher by 13 basis points to 4.67%. Also of note, the euro is down 90 pips against the dollar, trading at 1.2770.

Looking at overseas developments:

Asian markets ended on a positive note. China's Shanghai Composite and Japan's Nikkei each gained 0.2% while Hong Kong's Hang Seng climbed 0.7%.
In regional economic data:
New Zealand's business confidence was reported at 34.60 to follow the prior month's 39.40.
South Korea's consumer confidence climbed to 104 from the prior month's reading of 102.
In news:
Reports in Nikkei News suggested the Bank of Japan will set new bond purchase targets with hopes of increasing transparency. The Bank of Japan will hold its next policy meeting on April 3-4.

European indices trade firmly lower across the board. The United Kingdom's FTSE is down 0.5%, Germany's DAX is lower by 0.9%, and France's CAC is sliding 1.5%. On the periphery, Italy's MIB is down 1.3% and Spain's IBEX is slumping 1.6%. Also of note, Greek ASE is enduring its second day of considerable weakness, down 2.9%.
Looking at economic data:
Italy's industrial new orders fell 1.4% month-over-month against the expectations of an uptick to 0.4%. Meanwhile, industrial sales declined 1.3% to follow last month's rise of 0.4%. Lastly, the country's retail sales slipped 0.5% while the consensus expected sales to increase 0.4%.
Germany's import price index rose 0.3% (0.2% expected) while GfK consumer climate remained unchanged at 5.9.
The United Kingdom reported a current account deficit of GBP14 billion while the market had expected a deficit of GBP12.7 billion.
The Eurozone business and consumer survey fell to 90.0 from the 91.1 reported last month (90.4 consensuses).
In news:
After being unable to form a coalition government, Pier Luigi Bersani is scheduled to meet with Italian President Napolitano to discuss the next step on Friday. Although the outcome of the meeting is yet to be known, another round of elections appears increasingly more likely.
Cypriot Finance Minister Michalis Saris said uninsured depositors with accounts at Laiki Bank could face losses of up to 80%. In addition, those depositors may be required to wait years before seeing their money.
With the continued concerns surrounding the eurozone, a safety bid has sent German 10-yr yield lower by seven basis points to 1.28%.

In U.S. corporate news:

Cliffs Natural Resources (CLF 18.90, -2.46) is down 11.5% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight' with a $14 price target. In addition, Credit Suisse lowered its price target for shares of Cliffs Natural Resources to $10.
Major financials are among the early underperformers. Citigroup (C 44.30, -0.53), Goldman Sachs (GS 145.27, -1.27), and Morgan Stanley (MS 21.93, -0.29) are all down between 0.8% and 1.2%.

The weekly MBA Mortgage Index rose 7.7% to follow last week's decline of 7.1%.

February pending home sales will be announced at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -8.00.

06:36 am : Nikkei...12493.79...+22.20...+0.20%. Hang Seng...22464.82...+153.70...+0.70%.

06:36 am : FTSE...6387.27...-12.10...-0.20%. DAX...7820.35...-60.10...-0.70%.

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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