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 Post subject: April 22nd Monday Trade Results - Profit $2330
PostPosted: Mon Apr 22, 2013 11:11 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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 @ $1450.00 dollars or +14.50 points, Light Crude Oil CL ($CL_F) futures @ $880.00 dollars or +0.88 points, Gold GC ($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 @ $2330.00 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=1488

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.

Stocks Up Despite Disappointing Housing Report

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

NEW YORK (CNNMoney)
Stocks finished with slim gains Monday, recovering from the worst week of the year, as technology and energy stocks lifted the broader market.

The Dow Jones industrial average rose 0.1%, the S&P 500 edged up 0.5% and the tech-heavy Nasdaq gained 0.9%.

Among tech shares, Microsoft (MSFT, Fortune 500) was a big gainer. Shares rose almost 4% to a seven-month high after ValueAct CEO Jeffrey Ubben confirmed to CNNMoney that the hedge fund planned to take a nearly $2 billion stake in the company, making it one of Microsoft's biggest shareholders. CNBC had earlier reported ValueAct's plans.

Netflix (NFLX) shares rallied almost 7%, making it the biggest winner in the S&P 500 and Nasdaq 100. Shares continued to rally in after-hours trading after the company trounced earnings expectations on more than $1 billion in revenue, a sign that its original "House of Cards" video series is paying off.

Energy giant Halliburton (HAL, Fortune 500) shares jumped almost 6% after it handily beat earnings and revenue estimates.

* I lost $2,000 on Apple, but still betting on recovery

Caterpillar (CAT, Fortune 500) shares climbed almost 3% after the company announced that it plans to buy back shares for the first time since 2008. That plan overshadowed Caterpillar's worse-than-expected profit and revenue, as well as its weak outlook for the year.

Analysts expect earnings for S&P 500 companies to rise by 2% for the first quarter, according to S&P Capital IQ. But earnings season is far from over. So far, 107 S&P 500 companies have reported, with 72 beating forecasts, 24 missing and 11 coming in in line.

Aside from earnings, shares of Power One Inc. (PWER) surged more than 50% after Swiss company ABB (ABB)greed to buy the solar power company in a $1 billion deal.

On the downside, General Electric (GE, Fortune 500) shares dropped nearly 2% after JPMorgan Chase downgraded the stock to neutral.

Earlier in the day, stocks were mixed as investors reacted to a lackluster report on the housing market. An industry report showed that existing home sales slipped 0.6% in March from the prior month. Analysts expected the sales rate to rise.

* Fear & Greed Index firmly in fear

Gold was also back in the spotlight. After last week's rout, the precious metal was up almost 2%, to $1,421.20 an ounce. That helped push the SPDR Gold Shares Trust ETF (GLD) up almost 2%, and shares of gold miner Randgold (GOLD) spiked nearly 5%.

European markets finished little changed, amid hopes that Italy may soon have a new government after President Giorgio Napolitano was elected for a second term. Asian markets ended mixed, with the Shanghai Composite declining 0.1% and the Hang Seng adding 0.1%.

Japan's Nikkei rose 1.9% and the yen fell to almost 100 against the U.S. dollar after the G-20 gave its blessing to Japan's new monetary policy experiment.

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

Oil prices edged slightly higher.

The price on the 10-year Treasury edged up, pushing the yield down to 1.69% from 1.70% late Friday.

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Market Update

4:10 pm : The S&P 500 ended higher by 0.5% despite enduring some intraday weakness while the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.9%.

Technology stocks led from the start with Microsoft (MSFT 30.83, +1.06) providing considerable support after ValueAct announced a $2 billion stake in the software company. Other tech shares also displayed strength as Apple (AAPL 398.67, +8.14) climbed 2.1%.

Although most large tech names ended with gains, IBM (IBM 187.83, -2.17) shed 1.1% to follow Friday's earnings-driven 8.3% drop. Interestingly, General Electric (GE 21.35, -0.40) and McDonald's (MCD 99.32, -0.60) remained under pressure after the two also provided disappointing earnings on Friday.

The underperformance of those names weighed on the Dow, which spent the bulk of today's session in negative territory.

Two of the weakest sectors of the month, energy and materials, ended atop today's leaderboard. The energy space gained 1.0% as better-than-expected earnings from Halliburton (HAL 39.29, +2.08) and a 1.1% rise in crude oil provided support the sector.

Elsewhere, the materials space settled higher as gold miners shook off their recent weakness. The Market Vectors Gold Miners ETF (GDX 28.97, +0.38) gained 1.3% as gold futures rose 2.1% to $1425.20.

While precious metals were able to rebound from last week's selloff, copper remained under pressure. The red metal shed 0.6% as global growth concerns stayed on the minds of investors.

The ongoing growth concerns were echoed by Caterpillar's (CAT 82.71, +2.28) quarterly report, which missed on the earnings and revenue. In addition, the machinery producer lowered its full-year earnings and revenue guidance below consensus. Although Caterpillar ended higher, the industrial sector settled with a loss of 0.1%.

The utilities sector was the only other group which settled with a loss as the SPDR Utilities Select Sector ETF (XLU 40.68, -0.05) ended lower by 0.1%.

Today's volume was below average as just over 620 million shares changed hands on the floor of the New York Stock Exchange.

Reviewing the day's economic data, existing home sales fell 0.6% from a downwardly revised 4.95 million (from 4.98 million) in February to 4.92 million in March. The Briefing.com consensus expected existing home sales to increase to 5.01 million.

Inventories managed to eke out a small gain, rising 1.6% to 1.93 million. That represents a 4.7-month supply at the current sales rate, which is down from a 6.2-month supply a year ago. According to the National Association of Realtors, an ideal inventory level is around a 6-month supply.

Tomorrow, February FHFA Housing Price Index and March new home sales will be reported at 9:00 ET and 10:00 ET, respectively. Among earnings of note, Delta Air Lines (DAL 15.14, -0.12) and Johnson Controls (JCI 33.15, +0.51) will report their quarterly results ahead of the opening bell.

The U.S. Treasury will auction off $35 billion in 2-yr notes.DJ30 +19.66 NASDAQ +27.50 SP500 +7.25 NASDAQ Adv/Vol/Dec 1275/1.62 bln/1175 NYSE Adv/Vol/Dec 1739/620.5 mln/1260

3:30 pm :

June crude oil fell into negative territory and to a session low of $87.69 per barrel in morning floor trade. However, the energy component reversed sharply and popped back into the black. It trended upwards for the remainder of pit trade and settled at $89.22 per barrel, or 1.1% higher.
May natural gas, on the other hand, pulled back from its session high of $4.33 per MMBtu and trended lower for its entire floor session. It settled at its session low of $4.26 per MMBtu, booking a loss of 3.2%.
June gold rose above the $1400 per ounce level, extending gains for a third consecutive session. The yellow metal touched a session high of $1433.90 per ounce in early morning floor trade and then slightly retreated towards the $1420 per ounce level. It eventually settled with a 1.9% gain at $1421.40 per ounce.
May silver also traded higher during today's floor trade. It pulled-back from its session high of $23.56 per ounce set moments after pit trade opened and settled with a 1.5% gain at $23.33 per ounce.

DJ30 +15.90 NASDAQ +31.06 SP500 +7.92 NASDAQ Adv/Vol/Dec 1246/1313.8 mln/1170 NYSE Adv/Vol/Dec 1803/418 mln/1170

3:00 pm : The S&P 500 is higher by 0.5% as today's session enters the final hour.

The remainder of this week will bring a heavy dose of quarterly earnings with almost 700 companies covered by Briefing.com scheduled to report their results. Of those 700, approximately 170 are members of the S&P 500.

Today, Netflix (NFLX 174.43, +11.03) and Texas Instruments (TXN 34.75, +0.50) are set to report their earnings after the bell. The Capital IQ consensus expects Netflix to report earnings of $0.20 on $1.02 billion in revenue. Meanwhile, estimates call for Texas Instruments to report a bottom line of $0.32 on revenue of $2.8 billion.DJ30 +24.20 NASDAQ +31.12 SP500 +8.08 NASDAQ Adv/Vol/Dec 1223/1.23 bln/1177 NYSE Adv/Vol/Dec 1820/377.4 mln/1143

2:35 pm : Recent action saw the S&P 500 climb to fresh session highs. Meanwhile, the Dow was able to break into positive territory, but the blue chip index continues to trail behind the broader market.

All ten sectors can now be found in positive territory with energy, materials, and technology all seeing gains of at least 1.0%.

With 90 minutes left to go in today's session, less than 350 million shares have changed hands on the floor of the New York Stock Exchange. This comes after the prior five sessions all produced above-average volume totals.DJ30 +25.35 NASDAQ +29.69 SP500 +8.32 NASDAQ Adv/Vol/Dec 1226/1.15 bln/1173 NYSE Adv/Vol/Dec 1810/349.7 mln/1144

2:05 pm : The S&P 500 is higher by 0.3% after returning to its best level of the day. Meanwhile, the Nasdaq has notched a fresh session high while the Dow continues to hover in the red. Although the Nasdaq is higher by 0.6%, the broader market remains mixed.

Energy, technology, and materials are the only sectors trading with gains in excess of 0.5%. Meanwhile, financials, industrials, and utilities are all down between 0.1% and 0.4%.

With the S&P 500 trading in the black, the CBOE Volatility Index (VIX 14.71, -0.26) is off by 1.7% after last week's selling caused the near-term volatility measure to jump to levels not seen since late February.DJ30 -9.53 NASDAQ +20.99 SP500 +4.41 NASDAQ Adv/Vol/Dec 1112/1.06 bln/1266 NYSE Adv/Vol/Dec 1614/319.9 mln/1334

1:30 pm : The S&P 500 has shown little change in recent trade. The benchmark average is higher by 0.2% while the Dow remains in the red. Elsewhere, the Nasdaq is firmer by 0.5% as technology shares continue to outperform.

The largest sector component, Apple (AAPL 395.60, +5.07), is rising 1.3% after notching a fresh 52-week low on Friday. Meanwhile, Microsoft (MSFT 30.96, +1.20) trades with a gain of 4.0% after ValueAct took a $2 billion stake in the software company.

Also of note, IBM (IBM 188.53, -1.47) is down 0.8% to follow Friday's 8.3% earnings-driven decline.DJ30 -23.32 NASDAQ +15.48 SP500 +2.28 NASDAQ Adv/Vol/Dec 996/976.1 mln/1365 NYSE Adv/Vol/Dec 1469/289.7 mln/1453

1:00 pm : At midday, the major averages trade in mixed fashion. The Dow is off by 0.1% while S&P 500 is higher by 0.3%.

Equities began the day on an upbeat note with technology stocks providing early support. The outperformance followed reports indicating ValueAct has taken a $2 billion stake in Microsoft (MSFT 30.97, +1.20).

While the relative strength of the tech sector has kept the Nasdaq in positive territory, that has not been the case with other growth-sensitive groups, which trade in mixed fashion.

Energy and materials are among the leaders after the two felt the brunt of last week's selling. The energy space is higher by 0.8% with crude oil contributing to the advance. The energy component trades with a gain of 0.9% at $89.02 per barrel. An upbeat quarterly report from Halliburton (HAL 38.87, +1.66) has also added a measure of support.

Elsewhere, the materials sector is firmer by 0.5% as gold miners rebound. The Market Vectors Gold Miners ETF (GDX 28.78, +0.19) is adding 0.6%.

On the downside, the industrial sector is the weakest performer with the SPDR Industrial Select Sector ETF (XLI 40.30, -0.08) off by 0.2%. Transportation-related stocks are among the laggards as the Dow Jones Transportation Average trades lower by 0.3%.

Notably, Dow component Caterpillar (CAT 82.76, +2.33) trades higher despite missing on earnings and revenue. In addition, the machinery producer echoed the ongoing global growth concerns by cutting its full-year earnings and revenue guidance.

Most sectors were able to benefit from the intraday rebound off lows. However, major bank shares continue to trade in the red with the SPDR Financials Select Sector ETF (XLF 18.04, -0.04) off by 0.2%

Today's economic data was limited to just one item of note. Existing home sales fell 0.6% from a downwardly revised 4.95 million (from 4.98 million) in February to 4.92 million in March. The Briefing.com consensus expected existing home sales to increase to 5.01 million.

Inventories managed to eke out a small gain, rising 1.6% to 1.93 million. That represents a 4.7-month supply at the current sales rate, which is down from a 6.2-month supply a year ago. According to the National Association of Realtors, an ideal inventory level is around a 6-month supply.DJ30 -8.05 NASDAQ +18.97 SP500 +3.94 NASDAQ Adv/Vol/Dec 1012/909.9 mln/1331 NYSE Adv/Vol/Dec 1517/269.5 mln/1407

12:30 pm : The S&P 500 trades higher by 0.2% after climbing off its lows. Although the benchmark average has been able to return into positive territory, the price-weighted Dow Jones continues to hover in the red as major components weigh.

Notably, the financial sector has not participated in the rebound off session lows. Major bank stocks are lower across the board with the SPDR Financials Select Sector ETF (XLF 18.02, -0.05) off by 0.3%.DJ30 -22.52 NASDAQ +17.77 SP500 +2.76 NASDAQ Adv/Vol/Dec 1004/850.7 mln/1344 NYSE Adv/Vol/Dec 1421/249.8 mln/1498

12:00 pm : Recent action saw the S&P 500 climb back into positive territory while the 30-stock Dow continues to hover near its lows.

The underperformance of the price-weighted Dow comes as 23 of 30 components trade in the red. Interestingly, General Electric (GE 21.26, -0.48), IBM (IBM 188.34, -1.66), and McDonald's (MCD 98.71, -1.21) all trade lower after the three saw notable earnings-driven losses on Friday.

Meanwhile, Caterpillar (CAT 80.88, +0.45) is higher by 0.6% despite missing on earnings and revenue.DJ30 -40.12 NASDAQ +10.52 SP500 +0.85 NASDAQ Adv/Vol/Dec 853/762.3 mln/1482 NYSE Adv/Vol/Dec 1295/223.3 mln/1606

11:30 am : Equities continue to trade near their recent levels with the S&P 500 off by 0.2%. Meanwhile, the Nasdaq trades with a gain of 0.1%. Although the technology sector is the top performer of the day, other economically-sensitive groups remain mixed.

The discretionary sector trades in the red with homebuilders broadly lower after March existing home sales fell short of expectations. In addition, NVR (NVR 916.00, -90.13) is down 9.0% after missing on earnings and revenue. Meanwhile, the broader SPDR S&P Homebuilders ETF (XHB 28.40, -0.30) is off by 1.1%.DJ30 -67.39 NASDAQ +3.78 SP500 -2.94 NASDAQ Adv/Vol/Dec 732/679.5 mln/1589 NYSE Adv/Vol/Dec 1089/199.5 mln/1818

11:00 am : Key indices remain mixed with the S&P 500 off by 0.2%. Growth-oriented sectors have led the market to the downside with the industrial space showing significant weakness. The SPDR Industrial Select Sector ETF (XLI 40.10, -0.28) is off by 0.7% after Caterpillar (CAT 79.83, -0.60) reported disappointing earnings. In addition, the Dow component was the latest company to voice global growth concerns with its below-consensus full-year guidance.

The industrial sector has shown weakness across the board. Transportation-related shares trail behind the broader market with the Dow Jones Transportation Average lower by 0.9%. Airlines are among the underperformers with United Continental (UAL 30.06, -0.55) down 1.8%.DJ30 -66.11 NASDAQ +2.87 SP500 -2.78 NASDAQ Adv/Vol/Dec 691/566.2 mln/1589 NYSE Adv/Vol/Dec 1021/165.3 mln/1839

10:35 am : Commodities are mostly lower this morning, but precious metals are showing nice gains.

May crude oil was in positive territory all morning, but after rising as high as $89.44/barrel, the energy component sold off and fell about $1.43/barrel to $88.01/barrel. June crude oil is now -0.6% at $87.76/barrel.

Natural gas has also been in the red, and just above its LoD, all session. In current action, May nat gas is -2.3% at $4.31/MMBtu.

Gold and silver have both been strong all session. In more recent activity, however, both precious metals have been trending lower. June gold is now +1.7% at $1419/z and May silver is +1.5% at $23.30/oz.DJ30 -77.14 NASDAQ -5.91 SP500 -6.22 NASDAQ Adv/Vol/Dec 598/437.4 mln/1646 NYSE Adv/Vol/Dec 887/141 mln/1941

10:00 am : The major averages continue to trade in mixed fashion. The Dow is off by 0.3% while Nasdaq trades higher by 0.2%.

March existing home sales hit an annualized rate of 4.92 million units, which was weaker than the rate of 5.01 million units that had been generally expected by the Briefing.com consensus. The pace for March was up from the prior month's revised rate of 4.95 million units.DJ30 -45.15 NASDAQ +2.67 SP500 -2.50 NASDAQ Adv/Vol/Dec 658/297.2 mln/1487 NYSE Adv/Vol/Dec 976/94.2 mln/1809

09:45 am : The major averages have slipped off their opening highs. The S&P 500 is now flat while the tech-heavy Nasdaq is rising 0.2%.

The outperformance of technology stocks comes after CNBC reported that ValueAct has taken a $2 billion stake in Microsoft (MSFT 30.89, +1.12). In addition, the largest tech stock, Apple (AAPL 392.72, +2.19) trades higher by 0.5%.

On the downside, the industrial sector is the weakest performer after Caterpillar (CAT 80.30, -0.13) missed on earnings and revenue. In addition, the company lowered its full-year earnings and revenue guidance.

March existing home sales will be reported in 15 minutes.DJ30 -12.62 NASDAQ +8.83 SP500 +0.53 NASDAQ Adv/Vol/Dec 868/189.8 mln/1187 NYSE Adv/Vol/Dec 1199/67.1 mln/1529

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +9.50. The S&P 500 futures trade with a gain of 0.3%, suggesting a higher start to the cash session.

The upbeat pre-market sentiment comes after the weekend re-election of 87 year-old Italian president Giorgio Napolitano. In addition, Pier Luigi Bersani of the center-left has resigned from his post of party leader. European indices are climbing in response to the developments with Italy's MIB higher by 1.8%.

In the U.S., several companies have reported their earnings this morning. Most notably, Caterpillar (CAT 81.40, +0.97) is higher by 1.2% despite missing on earnings and revenue. In addition, the machinery producer cut its full-year earnings and revenue guidance.

March existing home sales will be reported at 10:00 ET.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +5.00.

U.S. equity futures have slipped off their highs, but they continue to trade in the black. The S&P 500 futures are higher by 0.3%.

It was a sea of green across Asia as almost all of the major bourses ended with gains. Japan's Nikkei (+1.9%) provided the leadership as the yen weakened after the G20 meetings failed to accuse the country of devaluing its currency to gain a competitive advantage. Meanwhile, China's Shanghai Composite (-0.1%) was the lone market to end in the red, finishing with a small loss following the Sichuan earthquake. A quiet night of data saw Taiwan's unemployment rate hold at 4.2%, and Malaysia's unemployment rate slide to 3.0% (3.3% previous).

In Japan, the Nikkei closed higher by 1.9% as the weak yen fueled an almost five-year high. Cannon rallied 1.8% and Nissan jumped 2.6%. Meanwhile, real estate developers lagged as Sumitomo Realty & Development and Mitsui Fudosan both gave up 0.7%.
Hong Kong's Hang Seng added 0.1% amid a choppy trade. Real estate stocks were mixed as Henderson Land rose 1.3% and Hang Lung Properties shed 1.5%. Financials were mostly lower as China Construction Bank and Bank of China fell 0.3% and 0.6% respectively.
In China, the Shanghai Composite settled lower by 0.1% despite construction names ending limit up following the Sichuan earthquake. Sichuan Road & Bridge and Chengdu Road & Bridge both added 10%. Elsewhere, insurers and real estate names were weak as China Life lost 2.6% and Poly Real Estate fell 2.5%.

European indices are higher across the board with Italy's MIB outperforming after 87 year-old Giorgio Napolitano was re-elected to an unprecedented second term as president. In addition, Pier Luigi Bersani of the center-left has resigned from his post as party leader. Elsewhere, several European Central Bank members have commented on low interest rates, suggesting an increased likelihood of an ECB rate cut should the regional economy continue to deteriorate.

In the United Kingdom, the FTSE is higher by 0.5% with financials showing relative strength. Barclays and Royal Bank of Scotland are both up near 3.0%.
France's CAC trades with a gain of 0.3% as banks lead the way. Credit Agricole and Societe Generale are higher by 1.6% and 2.2%, respectively. On the downside, L'Oreal is off by 0.9%.
In Germany, the DAX is adding 0.7%. Deutsche Lufthansa is rising 1.8% despite the ongoing ground-crew strike. On the flip side, Commerzbank is down 2.8%.
Italy's MIB is higher by 1.9% with 37 components advancing. UniCredit is higher by 4.4% and Mediaset trades with a gain of 5.2%.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +10.50. U.S. equity futures trade firmly higher as European markets begin the week on a positive note. The upbeat overseas sentiment comes after the weekend re-election of 87 year-old Italian president Giorgio Napolitano. In addition, Pier Luigi Bersani of the center-left has resigned from his post of party leader.

Italy's 10-yr yield is down 15 basis points to 4.03% while the country's MIB is the top performing European index, up 2.0%.

Domestically, investors have received a handful of quarterly reports with more than 30 names scheduled to reveal their first quarter results after the closing bell. Of the notable pre-market announcements, Caterpillar (CAT 81.35, +0.92) is higher by 1.1% despite missing on earnings and revenue. In addition, the machinery producer lowered its full-year earnings and revenue guidance below consensus.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.00.

U. S. equity futures trade firmly higher amid upbeat overseas action. The S&P 500 futures are higher by 0.4%.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite shed 0.1% while Hong Kong's Hang Seng added 0.1% and Japan's Nikkei rose 1.9%.
Regional economic data was limited:
Hong Kong's CPI rose 3.6% while the consensus expected an increase of 3.7%.
In news:
The Chinese press indicated non-performing loans at country's banks rose 20.7% year-over-year in March.
At the G20 meeting, Bank of Japan Governor Haruhiko Kuroda said the central bank's easing measures are not aimed at weakening the yen.

European indices are higher across the board. France's CAC and the United Kingdom's FTSE are both higher by 0.7% while Germany's DAX trades with a gain of 0.9%. On the periphery, Italy's MIB and Spain's IBEX are firmer by 2.1% and 1.4%, respectively.
There was no economic data of note released across the region.
Looking at news:
After four failed attempts at electing a new Italian president, 87 year-old Giorgio Napolitano has been re-elected to an unprecedented second term. In addition, Pier Luigi Bersani of the center-left has resigned from his post as party leader.
Several European Central Bank members have commented on low interest rates, suggesting the increased likelihood of an ECB rate cut should the regional economy continue to deteriorate.

In U.S. corporate news:

Caterpillar (CAT 80.60, +0.17) is higher by 0.2% despite missing on earnings and revenue. In addition, the company lowered its full-year earnings and revenue guidance below consensus.
Halliburton (HAL 39.01, +1.80) is rising 4.8% after its quarterly results beat the Capital IQ earnings and revenue consensus estimates.

March existing home sales will be reported at 10:00 ET.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +14.00.

06:30 am : Nikkei...13568.37...+251.90...+1.90%. Hang Seng...22044.37...+30.80...+0.10%.

06:30 am : FTSE...6330.26...+43.70...+0.70%. DAX...7509.50...+49.50...+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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
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questions@thestrategylab.com
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