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 Post subject: April 10th Wednesday Trade Results - Profit $2100
PostPosted: Wed Apr 10, 2013 10:30 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)
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $370.00 dollars or +3.70 points, Light Crude Oil CL ($CL_F) futures @ $1730.00 dollars or +1.73 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $2100.00 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 about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) 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=116&t=1480

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=207&t=1794

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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 for price action trading 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.

Dow and S&P 500 Close At New Record Highs

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

NEW YORK (CNNMoney)
Stocks enjoyed steep gains Wednesday, pushing the Dow and S&P to close at new record highs.

Investors started buying early in the day, after the Federal Reserve's minutes (early release) showed that most members think asset purchases should continue through at least mid-2013.

"People still think that we will have QE in perpetuity," said Douglas DiPietro, head of trading at Evercore.

Don't fight the Fed: The minutes, which were released five hours early, showed that central bankers remain divided over whether quantitative easing should be continued longer-term. But that didn't appear to worry investors.

The Dow hit a new trading high of 14,826.66, moving up 0.9%. The S&P 500 finally topped its 2007 intraday record high, gaining 1.2% to a new record of 1,589.07.

The Nasdaq jumped 1.8%.

Several analysts and traders said that Wednesday's surge came mostly from investors not wanting to miss any more legs of the rally. Outside of the Fed minutes, there was no clear catalyst for the surge.

"The path of least resistance is to push the market higher," said DiPietro.

* Wanna invest like Buffett? There's an app for that

Investors also liked trade figures out of China for March that showed a 10% year-over-year increase, buoyed primarily by exports to the United States.

Also Wednesday, President Obama unveiled his 2014 budget proposal, which serves as an important marker in continuing debt negotiations in Washington.

What's moving: In company news, shares of Family Dollar (FDO, Fortune 500) erased earlier losses to close up 1%, despite an earnings miss and weak outlook.

Better-than-expected results from computer networking company Adtran (ADTN) helped push up other networking companies, including Cisco (CSCO, Fortune 500) and Alcatel-Lucent (ALU).

Shares of JC Penney (JCP, Fortune 500) closed up 1%, despite continued uncertainty about the troubled retailer's future after former CEO Ron Johnson was ousted Monday.

Facebook's (FB) stock rose more than 4% after General Motors (GM, Fortune 500) announced that it would return to advertising on the social media site, ending its year-long hiatus.

Shares of First Solar (FSLR) pulled back after a big surge Tuesday following better-than-expected guidance from the solar panel maker.

Home builder Taylor Morrison (TMHC) jumped 5% in its public debut, after the initial public offering priced at the high end of its range.

Bitcoin bubble bursting? The price of a Bitcoin, the virtual currency craze that many speculated was a bubble, dropped as much 60% Wednesday. After hitting a high of $266 earlier in the day, Bitcoin fell as low as $105.

In the world of real paper currencies, the dollar and euro were up against the Japanese yen but fell against the British pound.

European markets closed higher, with London's FTSE 100 rising 1.2% and the CAC 40 in Paris and the DAX in Frankfurt gaining more than 2%.

Asian markets ended higher, as China trade data offset continued tensions and potential war on the Korean peninsula and Fitch Ratings' warning over excessive debt in China.

Related: Fear & Greed Index turns greedy

The Hang Seng increased 0.8%, the Nikkei gained 0.7% and the Shanghai Composite added less than 0.1%.

Oil prices rose, while gold prices slumped nearly 2%.

The yield on the 10-year Treasury rose to 1.81% from 1.75% Tuesday.

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4:25 pm : After alternating between gains and losses for 14 straight sessions, the S&P 500 has pulled a hat trick this week. It has now scored gains in every session this week and, boy, the third time was a charm.

The market rallied sharply, bolstered by its confidence in the support of the Federal Reserve and healthy gains in influential leadership groups that helped both the Dow and S&P 500 register all-time intraday highs and closing highs today.

The minutes from the March FOMC meeting were the focal point throughout the session. To begin, they caused a stir after being released early (9:00 a.m. ET) since the Fed discovered they were inadvertently released to 100 Congressional staffers and employees of trade organizations around 2:00 p.m. ET on Tuesday. The matter of their premature release is under investigation, yet the minutes themselves underpinned today's gains.

Several views were expressed in the minutes, but the compilation of those views pointed to a majority view that the Fed should at least start tapering its purchases by the end of the year on the assumption labor market conditions are improved by then. It is important not to forget that what the FOMC decides to do will ultimately be dictated by incoming data. The Fed has been clear on that reminder for a long time. To that end, the minutes also pointed out that a couple of members noted the pace of purchases might appropriately be increased (emphasis our own) if progress toward the committee's economic goals was not maintained.

Our view is that the minutes were supportive for the equity market for the following reasons:

Not many participants want the Fed to stop or to taper purchases without proof that improving economic conditions are sustainable. Therefore, when the time comes it will be against a backdrop of sustained economic improvement that bodes well for consumer and business spending, and earning prospects.
The minutes are working toward reducing the element of surprise for market participants as it relates to future policy decisions.
The March nonfarm payrolls report, out after the FOMC meeting, does not fit with the tapering parameters maintained by Fed Chairman Bernanke, Vice Chairman Dudley, and Fed Governor Yellen who will continue to steer the policy directive.

The debate about the inferences of the FOMC Minutes will persist, yet the equity market certainly did not act as if it feared an earlier-than-expected tapering. The major averages moved steadily higher from the sound of the opening bell before leveling off around 1:00 p.m. ET. From that point on, they held in tight trading ranges that left them in close proximity to their best levels of the day by the time the closing bell rang.

Every sector participated in the advance, although the strongst gains were registered by the technology (+1.8%), health care (+1.7%), and industrial (+1.3%) sectors. Separately, the Dow Jones Transportation Average soared 1.8%. The worst-performing group was the energy sector, which was up "only" 0.5%.

There were some pockets of weakness, like the homebuilders, which failed to ride the coattails of the Taylor Morrison Home IPO (TMHC 23.05, +1.05). Gold ($1558.80, -$27.90) was another laggard after Goldman Sachs cuts its price targets for the yellow metal through 2014. Treasuries, meanwhile, were weak with the 10-year Note dropping 15 ticks, bringing its yield up to 1.81%.

By and large, stock monitors were filled with green figures. Advancers outpaced decliners by a 3-to-1 margin at the NYSE and by a nearly 4-to-1 ratio on the Nasdaq. Per usual, there was a volume spike in the final hour that made lackluster volume totals throughout the day look more respectable at the closing bell. In total, 701 mln shares traded hands at the NYSE. That was slightly ahead of yesterday's total, yet it wasn't heavy at all in the context of the breakout move that was made today.

The moderate volume could be interpreted as a sign of reservations ahead of the first quarter earnings reports, which will start flooding in next week. JPMorgan Chase (JPM) and Wells Fargo (WFC), however, report before the open this Friday.

Results from Bed Bath & Beyond (BBBY) will be in focus on Thursday along with the initial claims report for the week ending April 6, which will be released at 8:30 a.m. ET. The Briefing.com consensus estimate for initial claims is pegged at 365,000.

DJ30 128.78 NASDAQ 59.39 SP500 19.12 NASDAQ Adv/Vol/Dec 1984/1.71 bln/531 NYSE Adv/Vol/Dec 2293/701 mln/731

3:30 pm :

May crude oil extended gains for a third consecutive session despite spending morning pit trade in negative territory. The energy component dipped to a session low of $93.49 per barrel following inventory data. Although crude oil inventories had a smaller than expected build, gasoline inventories showed a build of 1.699 mln gallons while consensus called for a draw of 1.3 mln. Momentum picked up in afternoon floor as crude oil pushed to a session high of $94.80 per barrel. It eventually settled with a 0.4% gain at $94.59 per barrel.
May natural gas trended higher for most of its pit session. It touched a session high of $4.16 per MMBtu in late morning action but pulled-back as it headed into the close. It dipped to a session low of $4.07 per MMBtu moments before settling with a 1.7% gain at $4.09 per MMBtu.
June gold fell deeper into negative territory following a surprise early release of the FOMC Minutes and Goldman Sachs' cut of gold forecasts through 2014. A stronger dollar index also weighed on the yellow metal. Gold pulled back from its session high of $1579.90 per ounce and brushed a session low of $1556.40 per ounce in afternoon action. It settled 1.8% lower at $1558.80 per ounce.
May silver also spent its entire floor session in the red. It touched a session high of $27.87 per ounce in morning action but dipped to a session low of $27.44 per ounce in afternoon pit trade. Silver eventually settled 0.9% lower at $27.64 per ounce.

DJ30 138.03 NASDAQ +57.10 SP500 +18.52 NASDAQ Adv/Vol/Dec 1980/1408.3 mln/506 NYSE Adv/Vol/Dec 2293/467 mln/714

3:00 pm : There is nothing groundbreaking to report since the last update, unless one considers a seven-point move in the Dow groundbreaking.

We don't, so we are forced to sing the same tune of saying the major averages are in tight trading ranges, holding near their best levels of the day.

Every sector has gone along for the ride today, yet the homebuilding group has trailed the action as evidenced by the 0.1% gain the SPDR S&P Homebuilders ETF (XHB). On a related note, lumber futures are also down slightly in today's action. DJ30 142.16 NASDAQ 56.70 SP500 18.60 NASDAQ Adv/Vol/Dec 1974/1.27 bln/490 NYSE Adv/Vol/Dec 2302/423 mln/691

2:30 pm : Treasuries are back at their lows of the session as stocks are holding stubbornly near their highs for the day.

As robust as today's gains are, though, it is a stretch to say there is strong conviction in the breakout to new highs for the market. Our gauge in that respect is the volume at the NYSE, which totals just 389 mln shares with 90 minutes left in the trading day. That is about on pace with yesterday's action, which saw 670 mln shares traded overall.

The breakout on relatively lackluster volume will leave some market watchers leery that today's rally may not necessarily be the start of something big. Then again, most of those same market watchers have been feeling the same for the better part of the last 230 points in the S&P 500 (i.e. dating back to the start of this latest rally leg in mid November). DJ30 135.18 NASDAQ 56.41 SP500 18.55 NASDAQ Adv/Vol/Dec 1979/1.17 bln/485 NYSE Adv/Vol/Dec 2301/389 mln/677

2:00 pm : Things have slowed to a crawl or so it seems with the averages holding to very tight trading ranges in the early afternoon. If the market can maintain this winning posture into the close, it should presumably bode well for the early performance of foreign markets overnight.

Come Thursday market participants will be turning their attention to the initial claims report for the week ending April 6. The Briefing.com consensus forecast for initial claims is pegged at 365,000.

Notwithstanding the arrival of some unforeseen headline scares in the interim, Friday will be the day to watch with the March Retail Sales report and the earnings reports from JPMorgan Chase (JPM) and Wells Fargo (WFC) before the open.

Financials are doing well today as evidenced by the 1.4% increase in the Financial Select Sector SPDR (XLF).DJ30 134.43 NASDAQ 57.47 SP500 18.70 NASDAQ Adv/Vol/Dec 1966/1.08 bln/489 NYSE Adv/Vol/Dec 2289/360 mln/673

1:25 pm : Today's dips have barely registered as sellers have been unable to establish any foothold so far today. That has been the case, though, since the week began.

Including today's gain, the S&P 500 is up 2.2% for the week and has erased the entirety of last week's 1.0% decline and then some. That leaves the S&P 500 on track to turn in yet another winning performance for the month of April.

There is a lot of time and a lot of earnings reports ahead until April is complete, yet the Stock Trader's Almanac informs us that April has been the second best month for the S&P 500 since 1950 with an average gain of 1.5%. The Almanac also indicates that May is the start of a six-month period that oftentimes underwhelms in terms of performance. The market will cross that bridge when it gets to it. For the time being, it continues to wear its rally cap. DJ30 148.17 NASDAQ 58.15 SP500 19.36 NASDAQ Adv/Vol/Dec 1952/989 mln/489 NYSE Adv/Vol/Dec 2286/331 mln/663

1:00 pm : It has been a one-way market since the opening bell, with buyers controlling the action. The buttons they have pushed, the levers they have pulled, and the stocks they have bought have pushed the Dow and S&P 500 to new all-time intraday highs.

Today's rally has some familiar roots, namely the ongoing support of the Federal Reserve that was indicated in the FOMC Minutes from the March meeting. In a surprise move, those minutes were released before the open today due to the Fed's revelation that they were inadvertently released to about 100 Congressional staffers and employees of trade organizations around 2:00 p.m. ET yesterday. The matter of their premature release is under investigation.

Naturally, much has been written and talked about as it relates to the Fed's view of when it may taper, or end, its asset purchases. Our view is that the minutes were supportive for the equity market for the following reasons:

Not many participants want the Fed to stop or to taper purchases without proof that improving economic conditions are sustainable. Therefore, when the time comes it will be against a backdrop of sustained economic improvement that bodes well for consumer spending and business spending, and earnings prospects.
The minutes are working toward reducing the element of surprise for market participants as it relates to future policy decisions.
The March nonfarm payrolls report does not fit with the tapering parameters maintained by Fed Chairman Bernanke, Vice Chairman Dudley, and Fed Governor Yellen who will continue to steer the policy directive.

The stock market has rallied as if comforted by the idea that it knows the Fed is still very much in the mix. Every sector is trading higher and there has been strong leadership from some of the market's most heavily-weighted and influential groups. To that end, the technology (1.9%), financial (+1.2%), health care (+1.6%), consumer discretionary (+1.1%), and industrials (+1.3%) sectors are all up better than 1.0%. The Dow Jones Transportation Average is up 1.7%.

There aren't any truly weak sectors today. The laggards are measured in terms of being up the least. The basic materials sector (+0.5%), which was yesterday's strongest performer, is the "weakest" performer today.

Gold ($1568.50, -$18.20) is the one true area of weakness today as it has been knocked back by cautious remarks out of Goldman Sachs. Separately, Treasuries are on the defensive with stocks rallying, although losses have been held to modest proportions. The 10-year Note is off eight ticks with its yield at 1.79%.

Volume isn't particularly heavy with just 305 mln shares traded at the NYSE thus far.

DJ30 146.56 NASDAQ 58.53 SP500 19.22 NASDAQ Adv/Vol/Dec 1917/906 mln/499 NYSE Adv/Vol/Dec 2270/305 mln/661

12:30 pm : The steady jaunt higher has turned into a sideways affair as the major indices have held in tight trading ranges for the last 90 minutes.

Interestingly, the CBOE Volatility Index ("VIX") is trading 0.2% higher at the moment while the major averages sit near their best levels of the day. That would suggest that there is a protection bid coming into play with participants cognizant that the market is extended leading up to the rush of first quarter earnings reports that will begin in earnest next week.

It is a prudent trade considering volatility is inexpensive right now and the payoff could be handsome if a volatility event comes to the forefront in surprising fashion.DJ30 127.36 NASDAQ 53.71 SP500 17.05 NASDAQ Adv/Vol/Dec 1911/824 mln/506 NYSE Adv/Vol/Dec 2253/279 mln/663

12:00 pm : The same story persists as the major indices hold near their best levels of the day. While buying interest has tapered off in the last hour, there hasn't been any concerted effort by sellers to shift the tale of the tape.

A colloquialism in play today is the "pain trade." That is, it has become painful for investors to remain on the sidelines as the market breaks out to new all-time highs. Accordingly, the fear of missing out on another leg higher in equity prices is fueling efforts to put money to work.

The rally today has most likely been helped along by some short covering as some participants throw in the towel on the idea of a correction that many pundits have been calling for.

As the stock market has continued to advance, the Treasury market has continued to fade. The former is at its highs for the session while the latter is at its lows. The 10-year Note is down 11 ticks, bringing its yield up to 1.79%. DJ30 126.32 NASDAQ 53.49 SP500 16.95 NASDAQ Adv/Vol/Dec 1923/742 mln/472 NYSE Adv/Vol/Dec 2264/256 mln/637

11:30 am : It's a blast from the past today with the S&P 500 taking out its prior, all-time intraday high. Fittingly, we have seen a number of former tech darlings help lead the advance.

Microsoft (MSFT), Cisco (CSCO) and Intel (INTC) are all up better than 2.0%. Meanwhile, 1.0% plus gains for the likes of Google (GOOG), Apple (AAPL) and Qualcomm (QCOM) have also helped drive the Nasdaq's outperformance today.

The Nasdaq 100 is up 1.7% while the Philadelphia Semiconductor Index is up 1.9%.

Still, unlike the Dow and S&P 500, the Nasdaq Composite remains a long way away from its prior all-time high of 5132.52 reached on March 10, 2000.DJ30 119.61 NASDAQ 47.66 SP500 15.45 NASDAQ Adv/Vol/Dec 1852/629 mln/490 NYSE Adv/Vol/Dec 2205/224 mln/667

11:00 am : Buyers remain in control of the action as the major averages have extended their early gains and trade at their best levels of the day. The breakout to new highs, which has been underpinned by leadership from the influential financial, technology, transport, and health care sectors, has kept sellers sidelined for the time being.

The Dow Jones Transportation Average, which was a notable laggard yesterday, is back in a frontrunner position today with a gain of 1.2%.

Every S&P sector is up at the moment, so today's weakness is really couched in terms of which sectors are up the least. That distinction goes to the basic materials (+0.2%) and energy (+0.4%) sectors. On a related note, crude futures are trading 0.1% lower at this juncture and stand at $94.05/bbl.DJ30 +118.25 NASDAQ +46.67 SP500 +15.05 NASDAQ Adv/Vol/Dec 1810/513 mln/492 NYSE Adv/Vol/Dec 2168/191 mln/665

10:35 am : Commodities sold-off earlier this morning after Fed minutes came out early.

Since then, most commodities have been trading in the red, while the dollar index remains near its session high.

May crude oil sold off this morning, falling from its overnight high of $94.15/barrel to as low as $93.40/barrel. Just ahead of weekly inventory data, crude oil is about 0.4% lower. Crude popped back above $94/barrel following the weekly inventory, but is now -0.3% at $93.94/barrel

Natural gas has gained some real buying interest this morning. The energy component remained consolidated with a modest gain overnight, but began to rally in early morning trade. May natural gas just hit a new session high of $4.16/MMBtu and is currently +3.3% at $4.15/MMBtu.

Precious metals are in the red. Gold has just trended lower since the overnight session and just hit a new low session along with silver. June gold is now -0.9% at $1572.00/oz, while May silver is -1.1% at $27.59/oz. May copper is now -0.9% at $3.41/lb.DJ30 +84.28 NASDAQ +35.91 SP500 +10.97 NASDAQ Adv/Vol/Dec 1721/374.8 mln/515 NYSE Adv/Vol/Dec 2055/151 mln/734

10:00 am : The major averages continue to trade near their highs with the S&P 500 up 0.5%. The three early leaders, financials, health care, and technology, continue to outperform the broader market.

On the downside, the materials sector has declined steadily since opening in-line with the broader market. Despite yesterday's 1.1% advance, the growth-oriented sector is the weakest performer so far in April.

In addition, the second weakest performing sector of the month, energy, can also be found among today's laggards. The space trades higher by 0.1% as the decline in the price of crude oil keeps the group from registering wider gains. The energy component is off by 0.3% at $93.95.DJ30 +70.40 NASDAQ +23.80 SP500 +8.52 NASDAQ Adv/Vol/Dec 1611/209.3 mln/507 NYSE Adv/Vol/Dec 1910/103.6 mln/769

09:50 am : The major averages began the session on an upbeat note. The S&P 500 wasted no time in setting a fresh all-time best at 1576.16.

The health care sector is the top performer in early action. In addition, financials and technology trade ahead of the broader market as well.

On the downside, consumer staples, energy, materials, and industrials trade with slim gains.

With the market entering the first quarter reporting period, earnings reports will be coming in with increased frequency. Titan Machinery (TITN 22.20, -3.92) is down 14.9% after missing on earnings and issuing guidance below consensus.DJ30 +56.33 NASDAQ +15.94 SP500 +6.43 NASDAQ Adv/Vol/Dec 1448/136.8 mln/581 NYSE Adv/Vol/Dec 1831/81.9 mln/810

09:20 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +9.20. Heading into the open, equity futures trade higher with the S&P 500 futures up 0.3%.

Market participants were surprised with an early release of the minutes from the Federal Reserve's March 20 meeting after the central bank disseminated the document to some congressional staffers ahead of the scheduled release time.

In the minutes, members maintained their stance regarding the current asset purchase program. Members were in general agreement that benefits of the current purchase program outweigh the likely costs and risks.

In addition, some participants shared their belief that purchases of mortgage-backed securities were more supportive to the economy than purchases of Treasury securities. Meanwhile, others showed concern over the building costs and risks associated with loose monetary policy.

The U.S. Treasury will release its March budget at 14:00 ET.

09:00 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +7.20.

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

The major Asian bourses ended mostly higher, fueled by stronger than expected Chinese imports. China posted a trade deficit of $0.9 billion ($15.2 billion surplus expected, $15.3 billion surplus previous) as imports surged 14.1% year-over-year (6.1% expected) and exports jumped 10% year-over-year (12% expected). Elsewhere, Japanese Government Bonds have seen a volatile couple of sessions after the latest Bank of Japan action. The benchmark 10-yr yield has surged approximately 20 basis points since Thursday to 0.62% with futures being halted in three of the past four sessions. Data from the region saw Australia's Westpac Consumer Sentiment plunge 5.1% (+2.0% previous), South Korea's unemployment rate slide to 3.2% (3.5% previous), and the Philippines' industrial production fall 1.3% year-over-year.

In Japan, the Nikkei advanced 0.7% as exports remained in favor with the yen at its lowest in nearly four years. Canon gained 2.0% and Honda Motor tacked on 0.9%. Meanwhile, profit-taking continued in real estate names as Sumitomo Realty & Development sank 2.2% and Mitsui Fudosan lost 0.5%.
Hong Kong's Hang Seng finished higher by 0.8% as materials outperformed. Aluminum maker Chalco rallied 3.1% and Jiangxi Copper added 1.1%.
In China, the Shanghai Composite settled unchanged amid a mixed trade. Financials were generally lower as Agricultural Bank of China and Bank of Communications both lost 0.4%. Meanwhile, automakers were firm as SAIC Motor added 1.7%.

European markets are broadly higher with Spain's IBEX leading the way, up 2.4%. Regional economic data was limited to a handful of industrial production reports. French industrial production increased 0.7% after last month's decline of 0.8% (+0.4% consensus). Spain's industrial production fell 6.5% month-over-month to follow the prior month's decline of 4.9% (-4.7% consensus). In Italy, industrial production slipped 0.8% month-over-month after the prior month's increase of 1.0% (-0.5% forecast).

In news, Spanish Prime Minister Mariano Rajoy said he believes the presence of a European banking union would have avoided the problems observed in Cyprus. Elsewhere, the troika has proposed granting Ireland and Portugal 7-year extensions on their bailout loans.

The United Kingdom's FTSE is higher by 0.8% with miners outperforming notably. Eurasian Natural Resources and Vedanta Resources are both up near 6.0%.
In Germany, the DAX trades with a gain of 1.2%. Chemical producer Lanxess is the top index performer, trading higher by 4.2%. On the downside, SAP is lower by 1.1%.
France's CAC is higher by 1.2% with financials pacing the advance. Credit Agricole and Societe Generale are both firmer by 5.3%.
Spain's IBEX is up 2.4% as bank stocks trade firmly higher. Bankinter is surging 6.6% and Banco Santander is rising 3.7%. Also of note, the Federal Reserve has rescheduled the release of its minutes from the March 20 policy meeting to 9:00 ET.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +7.20. Equity futures have slipped off their pre-market highs, but the S&P 500 futures remain firmer by 0.2%. With the first quarter reporting period heating up, market participants will start receiving more quarterly reports in the upcoming days.

This morning, Family Dollar (FDO 57.10, -2.70) reported a bottom-line beat while its revenue met analyst expectations. However, the company also lowered its full-year 2013 earnings and comparable store guidance below consensus. Peers Dollar General (DG 49.30, -0.55) and Dollar Tree (DLTR 45.42, -0.57) are both down near 1.0% in sympathy.

In today's economic data, weekly MBA Mortgage Applications rose 4.5% after declining 4.0% last week. In addition, the March Treasury budget as well as the minutes from the March 20 meeting of the Federal Open Market Committee will be released at 14:00 ET.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +8.00.

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

Looking at overnight developments:

Asian markets settled with gains. Japan's Nikkei rose 0.7%, Hong Kong's Hang Seng advanced 0.8%, and China's Shanghai Composite ended flat.
In economic data:
China reported a surprise trade deficit of $880 million while the market expected a surplus of $15.40 billion. The deficit resulted from a 14.1% increase in imports against the expectations of an increase of 6.0%. Meanwhile, exports climbed 10.0% (10.5% consensus).
Looking at regional news:
Governments of the United States and the Republic of Korea both raised their alert levels on North Korea amid multiple indications suggested Pyongyang is set to carry out another missile test.
The spokesperson of the Chinese customs office said clear signs of recovery in external demand are not manifesting themselves at this time.

European markets are broadly higher with peripheral indices leading the way. The United Kingdom's FTSE is higher by 0.7%, Germany's DAX is adding 1.1%, and France's CAC is firmer by 1.2%. Elsewhere, Italy's MIB trades with a gain of 1.7% and Spain's IBEX is rising 2.3%.
Regional economic data was limited:
French industrial production increased 0.7% after last month's decline of 0.8% (+0.4% consensus).
Spain's industrial production fell 6.5% month-over-month to follow the prior month's decline of 4.9% (-4.7% consensus).
In Italy, industrial production slipped 0.8% month-over-month after the prior month's increase of 1.0% (-0.5% forecast).
Looking at news:
Spanish Prime Minister Mariano Rajoy said he believes the presence of a European banking union would have avoided the problems observed in Cyprus.
The troika has proposed granting Ireland and Portugal 7-year extensions on their bailout loans.

In U.S. corporate news:

Aeropostale (ARO 12.50, -0.76) is lower by 5.7% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.'
Health Management Association (HMA 10.90, -1.69) is sliding 13.4% after the company issued downside first quarter earnings and revenue guidance.
Family Dollar (FDO 57.01, -2.79) is off by 4.2% after missing on the bottom line. In addition, the discount retailer lowered its full-year 2013 earnings and comparable store guidance.

Weekly MBA Mortgage Applications rose 4.5% to follow last week's decline of 4.0%.

March Treasury budget as well as the minutes from the March 20th meeting of the Federal Open Market Committee will be released at 14:00 ET.

The U.S. Treasury will hold a $21 billion reopening of 10-yr notes.

06:45 am : [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +9.50.

06:45 am : Nikkei...13288.13...+95.80...+0.70%. Hang Seng...22034.56...+164.20...+0.80%.

06:45 am : FTSE...6357.39...+44.20...+0.70%. DAX...7730.71...+93.20...+1.20%.

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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