TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 10:39 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: February 27th Thursday Trade Results - Profit $1,460.00
PostPosted: Thu Feb 27, 2014 11:55 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
022714-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1460.00.png
022714-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1460.00.png [ 175.34 KiB | Viewed 344 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,210.00 dollars or +12.10 points, Emini ES ($ES_F) futures @ $250.00 dollars or +5.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,460.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
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

In addition, all of my trades were posted real-time in the chat room. You can read today's 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 to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=127&t=1731

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. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) my thought process from trade to trade so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell. If you join the chat room and then you do not ask any questions about WRB Analysis in your own trading or you do not document (journal) your own thoughts from trade to trade...the chat room will not be useful to you. Chat room access instructions @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=232&t=2209

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/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.

S&P 500 Finishes At Record Closing High

Attachment:
022714-Key-Price-Action-Markets.png
022714-Key-Price-Action-Markets.png [ 902.38 KiB | Viewed 321 times ]

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

NEW YORK (CNNMoney)
Stocks got a boost Thursday as investors listened to testimony from Federal Reserve Chair Janet Yellen and dug into the earnings of some troubled retailers.

The S&P 500 ended at a record closing high, though it is sitting slightly below its all-time intra-day peak from a week ago. The Dow and Nasdaq finished higher as well.

Investors around the world once again turned to the Fed for clues about monetary policy.

Yellen testified before the Senate Banking Committee this morning. She blamed recent lackluster economic data on unusually bad weather, but said it is difficult to pinpoint exactly what effect the weather had on the economy overall.

* Yellen blames it on the weather

The Fed has asserted that the economy is steadily improving. As such, it began dialing back, or tapering, the size of its monthly bond purchases in December. It currently is buying $65 billion in bonds per month, down from $85 billion a month last year.

Market strategists expect the Fed to keep scaling back its bond-buying program, but listened in to Yellen for hints about when the central bank may raise interest rates. To that end, Yellen maintained the Fed's stance that interest rates will stay low for some time. Still, minutes from the Fed's January meeting showed some internal debate about whether rates should be raised sooner rather than later.

Yellen was originally scheduled to speak two weeks ago when she also testified before the House, but her appearance was delayed due to bad weather. Stocks rallied following her comments two weeks ago.

Investors were also keeping a close eye on the tension in Ukraine. European markets finished the day mixed as traders fretted about the formation of a new Ukrainian government and its increasingly dire economic situation. Asian markets also ended with mixed results.

What's moving: In corporate news, investors seemed to like what they're hearing from some struggling retailers.

Shares of J.C. Penney (JCP, Fortune 500)surged more than 25% after the retailer reported a narrower-than-expected quarterly loss and said it expects same-store sales to rise by 3% to 5% during the current quarter. After a rough few years, some investors are hopeful that the company can finally deliver on its much-hyped turnaround strategy.

"$JCP America loves a comeback success story, especially when it's an American company," said MadeofGold on StockTwits.

Still, one StockTwits trader pointed out the irony of such a big spike when the company hasn't yet returned to sustained profitability.

"$JCP What's funny is that people are buying a company's stock because it is losing money less fast than previously thought," said zer0sum.

Best Buy (BBY, Fortune 500) shares ended in the red after initially jumping by more than 5%. The electronics retailer reported quarterly earnings that had returned to profit from earlier losses. The company has experienced its fair share of problems in recent years as consumers have turned more to Amazon (AMZN, Fortune 500) and other online stores for deals.

StockTwits trader MarinaStrauss noted that Best Buy's profit wasn't driven by impressive sales.

"#retail recipe to riches: slashing cost, boost profit...$BBY," she said.

Tesla (TSLA)shares initially got a boost Thursday after the automaker announced it was raising $1.6 billion to fund its expansion plans. But shares pulled back and finished the day slightly lower. Still. the electric car company's stock has soared almost 50% in the past month and hit a high of $265 per share Wednesday.

Shares of eBay (EBAY, Fortune 500)rose after Carl Icahn issued a letter criticizing the two members of the internet commerce giant's board of directors for alleged conflicts of interest. It was the activist investor's second letter on the subject this week.

eBay has defended its board members against the claims. Icahn revealed a stake in the firm earlier this year and is pushing for eBay to spin off its PayPal business. He also wants to place two of his employees on eBay's board.

A few StockTwits users praised Icahn's campaign Thursday.

"$EBAY God bless Carl. Fight for shareholders and profiting at the same time," said Morpheus.

WhaleTrader remarked that regardless of the outcome of Icahn's clash eBay, the stock has benefited. Shares rallied again Thursday and are at an all-time high.

"Icahn is a smart man. He knew that even if $EBAY didn't go through with anything that a public battle would make the stock rise," he said.

Shares of Chinese search engine Baidu (BIDU) popped after the company posted solid earnings and sales. The stock was the second-best performer in CNNMoney's Tech 30 index.

Image



4:15 pm: [BRIEFING.COM] Equity indices finished the Thursday session on an upbeat note with the S&P 500 settling above its 2013 closing high of 1848.36 after three unsuccessful attempts.

Stocks climbed throughout the session despite starting the day on a cautious note. The early weakness could be traced to European markets, which were pressured by news of renewed tensions in the pro-Russian region of Crimea in Southern Ukraine.

The developments weighed on European equities and contributed to a risk-off sentiment in the foreign exchange market where the yen strengthened notably against all major currencies. The dollar/yen pair fell as low as 101.70, which fueled worries about forced unwinds of yen-based carry trades.

Those worries were calmed by a rebound that sent the currency pair to a session high of 102.20. Meanwhile, the stock market began the trading day on a flat note and continued climbing throughout the day.

Participants heard from Fed Chair Janet Yellen today, but Ms. Yellen struck a familiar tone during her appearance before the Senate Banking Committee.

The Fed Chair did not provide any startling insights, which seemed to sit well with the market. To that end, the market didn't need her to sound outright dovish, just not clearly hawkish. She reiterated that further assessment time is necessary to determine what type of impact the severe winter weather has had on the economy and reminded her listeners that asset purchases are not on a preset course.

Eight of ten sectors ended in the green while energy (-0.01%) and utilities (-0.3%) posted modest losses.

On the upside, telecom services (+1.7%) outperformed notably thanks to a 2.5% gain in Verizon (VZ 47.50, +1.15), which rallied after being added to JPMorgan's Focus List.

The telecom sector was followed by materials (+0.7%) and technology (+0.7%). The materials sector drew strength from steelmakers as the Market Vectors Steel ETF (SLX 45.73, +0.65) gained 1.4%.

Meanwhile, the tech sector received significant support from its top component, Apple (AAPL 527.67, +10.32), which gained 2.0%. Despite Apple's strength, other large tech names did not fare as well. Cisco Systems (CSCO 21.92, -0.01), Google (GOOG 1219.21, -0.96), Qualcomm (QCOM 75.19, +0.14), and Intel (INTC 24.76, -0.04) were all little changed.

Elsewhere among influential groups, health care (+0.5%) and financials (+0.6%) ended in-line or just ahead of the broader market.

Strikingly, Treasuries finished the session on their highs with the benchmark 10-yr yield down two basis points at 2.65%.

Participation was a bit below average as 683 million shares changed hands at the NYSE.

Economic data was limited to weekly initial claims and durable orders for January:

Initial claims increased to 348,000 from a downwardly revised 334,000 (from 336,000) while the Briefing.com consensus pegged the initial claims level at 335,000. We had anticipated that the initial claims level would hold between 330,000 and 340,000 for the next several weeks. The increase in claims obviously exceeded this range, but we are not concerned. While the Department of Labor stated that there was nothing unusual in the claims data, the DoL has had extreme difficulties accounting for holiday-shortened weeks with their seasonal adjustment factors. It was likely that the Presidents' Day holiday negatively impacted the seasonal adjustments last week.
Regarding durable goods, orders fell 1.0% in January after declining a downwardly revised 5.3% (from -4.2%) in December. The Briefing.com consensus expected durable goods orders to fall 1.0%. A big drop in aircraft orders (-7.2%) pulled overall transportation demand down 5.6%. Excluding transportation, orders increased 1.1% after falling a downwardly revised 1.9% (from -1.3%) in December. The consensus expected these orders to decline 0.2%.

Tomorrow, the second estimate of Q4 GDP will be released at 8:30 ET while the Chicago PMI for February will cross the wires at 9:45 ET. The final reading of the Michigan Sentiment survey for February will be reported at 9:55 ET while the Pending Home Sales report for January will be released at 10:00 ET.

Nasdaq Composite +3.4% YTD
Russell 2000 +2.3% YTD
S&P 500 +0.3% YTD
Dow Jones Industrial Average -1.8% YTD

3:30 pm: [BRIEFING.COM]

Precious metals traded slightly higher today as the dollar index dipped into negative territory while Fed Chair Janet Yellen testified in front of Congress. She reaffirmed that if there is a significant change to outlook, the Fed would be open to reconsidering the pace of tapering. She said that she needs to get a firmer handle on how much of the recent soft economic data can be explained by weather.
Apr gold advanced to a session high of $1336.40 per ounce in morning action and eventually settled with a 0.3% gain at $1331.80 per ounce.
May silver dipped to a session low of $20.20 per ounce shortly after equity markets opened but recovered back into positive territory. It brushed a session high of $21.47 per ounce and settled at $21.35 per ounce, or 0.3% higher.
Apr crude oil retreated into negative territory after pulling back from its session high of $102.94 per barrel set at pit trade open. It dipped to a session low of $101.75 per barrel but managed to inch back up above the $102 per barrel level and settled with a 0.2% loss at $102.38 per barrel.
Apr natural gas spent most of the session chopping around below the break-even line as inventory data showed a draw of 95 bcf when a larger draw of 101-107 bcf was anticipated. It slipped to a session low of $4.44 per MMBtu and then rose as high as $4.57 per MMBtu. It eventually settled with a 0.7% loss at $4.51 per MMBtu.

3:05 pm: [BRIEFING.COM] Recent action saw the major averages slip from their best levels of the session. Notably, the retreat coincided with yen crosses sliding from their best levels of the day. Currently, the dollar/yen pair trades just below the 102.10 level after notching a high around 102.25.

Overnight, the pair fell below the 102.00 level, which stoked up fears of potential forced unwinds on yen-based carry trades. That level deserves close attention as a sustained move below 102.00 is likely to serve as a signal of impending weakness in equities.

2:30 pm: [BRIEFING.COM] Equity indices remain near their best levels of the session. An interesting dynamic has developed among the major averages today as the Russell 2000 (+0.2%) trails the broader market after leading the February charge. The small-cap index trades with a February gain of 4.9% versus a 3.8% increase for the S&P 500. Meanwhile, the Nasdaq (+0.5%) trades ahead of both indices today and is up 5.1% in February.

The tech-heavy Nasdaq outperforms today thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 272.41, +2.21) is higher by 0.8%, also giving a boost to the health care sector (+0.4%).

2:00 pm: [BRIEFING.COM] The S&P 500 (+0.5%) has climbed to a fresh session high after spending roughly two hours near the 1848 level. The move higher was accompanied by the influential technology (+0.8%), health care (+0.5%), and financial (+0.5%) sectors.

Like previous sessions, the behavior of the financial sector will be an influencing factor. It is performing in-line with the broader market right now and where it heads in the next few hours could be the determining factor for whether the S&P 500 is able to cross the technical/psychological line in the sand (1848.36) or is fated to sink below it again.

With stocks on highs, participants have not been showing strong demand for volatility protection. As a result, the CBOE Volatility Index (VIX 13.97, -0.38) is lower by 2.7%.

1:25 pm: [BRIEFING.COM] Cautiously optimistic is an overused phrase by market pundits explaining their view of the stock market. Be that as it may, the stock market itself is trading with a cautiously optimistic vibe today, overcoming some early geopolitical jitters to concentrate on the better-than-expected durable orders report, excluding transportation, for January and Fed Chair Janet Yellen's steady handling of the Q&A portion of her testimony before the Senate Banking Committee.

There haven't been any startling insights from the Fed Chair and that is sitting well it seems with the market. To that end, the market didn't need her to sound outright dovish, just not clearly hawkish. She reiterated that further assessment time is necessary to determine what type of impact the severe winter weather has had on the economy and reminded her listeners that asset purchases are not on a preset course.

The understanding that the major indices advanced during her testimony was a reflection of a cautiously optimistic view that the Fed isn't in an unnerving hurry to drain its punch bowl.

Separately, the Treasury market has maintained a positive disposition today, helped in part by some safe-haven buying interest, a similar view of Ms. Yellen's testimony, and a strong 7-yr note auction at the top of the hour. The 10-yr Treasury note is up five ticks and its yield sits at 2.648% following yesterday's cash settlement of 2.668%.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover just above their flat lines. The S&P 500 trades higher by 0.2% with eight of ten sectors showing gains.

The stock market began the day on the defensive after index futures retreated at the start of the European session. The early morning weakness was brought on by renewed geopolitical concerns after armed men seized the parliament building in Simferopol, which is located in the pro-Russian region of Crimea.

In addition to pressuring European markets, the developments boosted the Japanese yen, sending the dollar/yen pair below 102.00. The yen strength once again stoked up fears of potential forced unwinds of the yen-based carry trade, which weighed on index futures. Strikingly, the early morning low of 101.73 came about at the same time as the low in the S&P 500 futures.

There was no specific catalyst responsible for the turn, but the rebound may have been partially predicated on hopes for encouraging words from Fed Chair Janet Yellen who is on Capitol Hill to conclude her semiannual testimony on monetary policy.

During her appearance before the Senate Banking Committee, Ms. Yellen addressed the recent string of disappointing data, saying it is difficult to determine how much of the weakness could be attributed to the weather. When pressed on the subject of the Fed's willingness to pause its taper, Ms. Yellen said that asset purchases are not on a preset course and that no decision has been made yet.

With Ms. Yellen striking a familiar tone, the S&P 500 ran into a familiar wall in the 1850 area. This level has presented significant technical resistance to the index, which is making its fourth consecutive attempt at eclipsing its 2013 closing high of 1848.36.

Notably, the financial sector, which has been lagging during recent days, caught up to the S&P 500 during morning action, but has since relinquished its position of strength. Elsewhere, the technology sector (+0.5%) sits at its best level of the session. Despite the relative strength, top components are somewhat mixed. Apple (AAPL 526.38, +9.03) is higher by 1.8% while Google (GOOG 1220.00, -0.18) and Intel (INTC 24.62, -0.18) hover in the red.

Treasuries sit near their overnight lows with the 10-yr yield down three basis points at 2.64%.

Today's data was limited to weekly initial claims and durable orders for January:

Initial claims increased to 348,000 from a downwardly revised 334,000 (from 336,000) while the Briefing.com consensus pegged the initial claims level at 335,000. We had anticipated that the initial claims level would hold between 330,000 and 340,000 for the next several weeks. The increase in claims obviously exceeded this range, but we are not concerned. While the Department of Labor stated that there was nothing unusual in the claims data, the DoL has had extreme difficulties accounting for holiday-shortened weeks with their seasonal adjustment factors. It was likely that the Presidents' Day holiday negatively impacted the seasonal adjustments last week.
Regarding durable goods, orders fell 1.0% in January after declining a downwardly revised 5.3% (from -4.2%) in December. The Briefing.com consensus expected durable goods orders to fall 1.0%. A big drop in aircraft orders (-7.2%) pulled overall transportation demand down 5.6%. Excluding transportation, orders increased 1.1% after falling a downwardly revised 1.9% (from -1.3%) in December. The consensus expected these orders to decline 0.2%.

12:30 pm: [BRIEFING.COM] Not much has changed since our most recent update as the three key indices continue to trade with modest gains between 0.2% and 0.3%.

Eight of ten sectors trade in the green while energy (-0.4%) and utilities (-0.3%) hover near their lows. The energy sector outperformed notably on Monday, but has been appearing among the laggards since then. Furthermore, the sector holds a year-to-date loss of 2.9%, which puts it ahead of only two groups so far in 2014. Only consumer staples (-3.0%) and telecom services (-5.1%) have had a worse showing since the start of the year.

Staying on the commodity theme, crude oil trades lower by 0.4% at $102.15/bbl while precious metals are on the rise following yesterday's decline. Gold futures trade up 0.4% at $1333.50/ozt while silver futures display an advance of 0.3% at $21.31/ozt.

12:00 pm: [BRIEFING.COM] Equity indices have inched away from their recent highs, but the S&P 500 continues to hold an advance of 0.2%. At its current level (1849.05), the benchmark index hovers just north of its 2013 closing high of 1848.36.

In all likelihood, investors will be keeping a close eye on the 1848 level during afternoon action to see if the benchmark index is able to eclipse the 2013 closing high after coming up short in each of the past three sessions.

Elsewhere, the Nasdaq Composite trades just ahead of the S&P 500, extending its 2014 advance to 3.0%. For its part, the Dow Jones Industrial Average remains down 2.1% in 2014.

11:30 am: [BRIEFING.COM] Recent action saw the major averages extend to new session highs. The S&P 500 now trades up 0.3% with nine of ten sectors showing gains.

Most notably, the financial sector, which has been lagging over the past couple days, has caught up to the S&P 500. Elsewhere among cyclical groups, technology (+0.5%) and materials (+0.6%) outperform while the discretionary sector (+0.2%) continues to lag.

A handful of large apparel retailers have factored into the underperformance of the discretionary sector after V.F. Corp (VFC 58.90, -0.93) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs. Elsewhere, Chico's FAS (CHS 16.54, -1.46) has tumbled 8.1% after missing on earnings and revenue.

11:00 am: [BRIEFING.COM] The major averages continue to oscillate near their respective flat lines as six of ten sectors trade in the green.

The tech sector displayed early strength, and has extended its gain to 0.3%. However, health care, which also began the day among the leaders, has surrendered its gain and now trades just above its flat line.

On the downside, three cyclical groups-consumer discretionary (-0.1%), energy (-0.4%), and financials (-0.1%)-remain in the red.

Over in Washington, Fed Chair Janet Yellen has begun taking questions from the Senate Banking Committee. During her testimony, Ms. Yellen addressed the recent string of disappointing data, saying it is difficult to determine how much of the weakness could be attributed to the weather. When pressed on the subject of the Fed's willingness to pause its taper, Ms. Yellen said that asset purchases are not on a preset course.

10:35 am: [BRIEFING.COM]

Natural gas futures have been in the red all day so far and were just under the $4.50/MMBtu (down 1.2%) level ahead of the weekly EIA inventory data.
Following the data, Apr nat gas -0.5% at $4.51/MMBtu
Crude oil saw some buying interest this morning and rose as high as $103.08/barrel. Crude oil lost steam and sold off, falling as low as $101.75/barrel. It's now back above the $102/barrel mark and currently down 0.2% at $102.33/barrel
Gold and silver put in a small rally in recent action, which pushed gold futures to a new session high. The move pushed silver out of negative territory.
Apr gold is now +0.6% at $1336.20/oz and May silver is +0.8% at $21.456/oz.

10:05 am: [BRIEFING.COM] Equity indices continue trading near their flat lines. The energy sector (-0.3%) is seeing the biggest loss at this juncture while the financial sector, which lagged from the open, continues showing relative weakness.

Even though financials lag, the other two top-weighted sectors-health care (+0.1%) and technology (+0.1%)-continue showing relative strength. The performance of the two (as well as financials) deserves close attention as it serve as an early indicator of the direction of the broader market.

Also of note, Fed Chair Janet Yellen is expected to begin her testimony before the Senate Banking Committee momentarily.

9:45 am: [BRIEFING.COM] The major averages began the session just below their flat lines, but climbed into the green during the opening minutes.

Seven of then sectors display early gains with health care (+0.2%) and technology (+0.2%) in the lead. However, the financial sector (-0.1%) is seeing early weakness once again. The influential sector is unchanged on the week versus a 0.6% increase for the S&P 500.

Treasuries have inched higher, but they remain below their overnight highs. The 10-yr yield is lower by two basis points at 2.65%.

Volatility protection is seeing some early interest as indicated by the 0.4% gain in the CBOE Volatility Index (VIX 14.41, +0.06).

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +1.50. Equity indices are not expected to display much change at the open as futures on the S&P 500 trade two points below fair value.

Index futures displayed overnight gains, but fell to lows shortly after the start of the European session. The weakness was attributed to Ukraine's return to the headlines after armed protesters seized the parliament building in the pro-Russian region of Crimea.

Despite the early weakness, futures have been able to erase their losses over the past three hours.

Today's pre-market data was limited to weekly initial claims and durable orders for January. Initial claims increased to 348,000 from a downwardly revised 334,000 (from 336,000) while the Briefing.com consensus pegged the initial claims level at 335,000. We had anticipated that the initial claims level would hold between 330,000 and 340,000 for the next several weeks. The increase in claims obviously exceeded this range, but we are not concerned. While the Department of Labor stated that there was nothing unusual in the claims data, the DoL has had extreme difficulties accounting for holiday-shortened weeks with their seasonal adjustment factors. It was likely that the Presidents' Day holiday negatively impacted the seasonal adjustments last week.

Regarding durable goods, orders fell 1.0% in January after declining a downwardly revised 5.3% (from -4.2%) in December. The Briefing.com consensus expected durable goods orders to fall 1.0%. A big drop in aircraft orders (-7.2%) pulled overall transportation demand down 5.6%. Excluding transportation, orders increased 1.1% after falling a downwardly revised 1.9% (from -1.3%) in December. The consensus expected these orders to decline 0.2%.

Also of note, Fed Chair Janet Yellen will appear before the Senate Banking Committee at 10:00 ET to conclude her semiannual testimony on monetary policy.

Treasuries display modest gains with the 10-yr yield off one basis point at 2.66%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +2.50. The S&P 500 futures have climbed off their lows and now trade less than two points below fair value.

Asian markets ended mostly higher while Japan's Nikkei (-0.3%) underperformed. Economic data was plentiful. Japan's foreign bonds buying report indicated net purchases in the amount of JPY598.80 billion (JPY503.50 billion prior). South Korea's current account surplus narrowed to $3.61 billion from $6.43 billion. Australia's Building Capital Expenditure fell 3.5% month-over-month (0.6% expected, 5.4% prior) while Plant/Machinery Expenditures fell 8.6% quarter-over-quarter (0.5% consensus, -2.8% previous). Separately, Private New Capital Expenditure fell 5.2% quarter-over-quarter (-1.0% forecast, 2.6% prior). New Zealand's trade surplus narrowed to $306 million from $493 million ($216 million expected).

Among news of note, People's Bank of China director of research said the country's economy is likely to be more volatile in 2014. Elsewhere, North Korea launched four short-range missiles into the sea ahead of the annual joint U.S.-South Korean Foal Eagle military exercises.

Japan's Nikkei slipped 0.3%, posting its second consecutive loss. Financials lagged with Mitsubishi Estate, Mitsui Fudosan, and Sumitomo Realty & Development down between 3.0% and 3.3%. Suzuki Motor outperformed, climbing 3.1%.
Hong Kong's Hang Seng led the region with a 1.7% gain amid strength in large cap names. China Petroleum & Chemical, Tencent Holdings, and Lenovo Group gained between 4.2% and 5.3%.
China's Shanghai Composite posted a modest gain of 0.3% as automakers outperformed. China XD Electric and Songliao Automobile both jumped the limit, 10.0%.

Major European indices hover in the red with Germany's DAX (-1.0%) leading the retreat. Regional markets are seeing pressure after unrest in the Ukraine was rekindled when protesters seized the Crimean parliament in Simferopol.

Participants received a full slate of economic data. Eurozone Business and Consumer Survey ticked up to 101.2 from 101.0 (100.9 expected). Business Climate improved to 0.4 from 0.3 (0.2 consensus) and Consumer Confidence fell to -13.0 from -11.7, as expected. Separately, M3 money supply rose 1.2% year-over-year (1.1% consensus, 1.0% prior) but private loans fell 2.2% year-over-year (-2.1% forecast, -2.3% last). Germany's unemployment fell 14,000 (-10,000 expected, -28,000 prior) but the unemployment rate held steady at 6.8%, as expected. French Consumer Confidence slipped to 85 from 86 (86 consensus). Swiss GDP increased 0.2% quarter-over-quarter (0.4% consensus, 0.5% prior) while the year-over-year reading climbed 1.7% (2.0% expected, 2.1% prior). Elsewhere, Spain's GDP rose 0.2% quarter-over-quarter (0.3% consensus, 0.3% prior) while the year-over-year reading ticked down 0.2% (-0.1% expected, -0.1% last). Separately, House Price Index fell 4.0% year-over-year (-0.1% consensus, -4.5% previous).

Great Britain's FTSE holds a loss of 0.3% as financials weigh. Standard Life is lower by 3.1% and Royal Bank of Scotland trades down 7.7% after reporting disappointing results. On the upside, defense contractor Rolls-Royce Holdings trades higher by 1.7%.
In France, the CAC trades lower by 0.4%. Financials AXA and Societe Generale underperform with respective losses of 1.6% and 1.3%. Utility provider Veolia Environnement leads with a gain of 7.1% after issuing an upbeat outlook.
Germany's DAX is lower by 1.0%. Allianz is the weakest performer, down 2.6%, after missing earnings expectations. Chemical producer Lanxess leads, up 2.6%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -2.50. The S&P 500 futures trade four points below fair value.

The latest weekly initial jobless claims count totaled 348,000, which was higher than the 335,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 334,000 (from 336,000). As for continuing claims, they rose to 2.964 million from 2.956 million.

January durable goods orders fell 1.0%, which was better than the 1.1% decrease expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected a decrease of 5.3% (from -4.2%). Excluding transportation, durable orders fell 1.1% (consensus -0.3%) to follow the prior month's revised decline of 1.9% (from -1.3%).

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -5.40. Nasdaq futures vs fair value: -4.50. U.S. equity futures hover near their pre-market lows amid cautious overseas action. The S&P 500 futures trade more than five points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.3%, China's Shanghai Composite +0.3%, and Hong Kong's Hang Seng +1.7%.
In economic data:
Japan's foreign bonds buying report indicated net purchases in the amount of JPY598.80 billion (JPY503.50 billion prior).
South Korea's current account surplus narrowed to $3.61 billion from $6.43 billion.
Australia's Building Capital Expenditure fell 3.5% month-over-month (0.6% expected, 5.4% prior) while Plant/Machinery Expenditures fell 8.6% quarter-over-quarter (0.5% consensus, -2.8% previous). Separately, Private New Capital Expenditure fell 5.2% quarter-over-quarter (-1.0% forecast, 2.6% prior).
New Zealand's trade surplus narrowed to $306 million from $493 million ($216 million expected).
Among news of note:
People's Bank of China director of research said the country's economy is likely to be more volatile in 2014.
North Korea launched four short-range missiles into the sea ahead of the annual joint U.S.-South Korean Foal Eagle military exercises.

Major European indices hover near their session lows. France's CAC -0.6%, Great Britain's FTSE -0.5%, and Germany's DAX -1.4%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -1.2%.
Participants received several economic data points:
Eurozone Business and Consumer Survey ticked up to 101.2 from 101.0 (100.9 expected). Business Climate improved to 0.4 from 0.3 (0.2 consensus) and Consumer Confidence fell to -13.0 from -11.7, as expected. Separately, M3 money supply rose 1.2% year-over-year (1.1% consensus, 1.0% prior) but private loans fell 2.2% year-over-year (-2.1% forecast, -2.3% last).
Germany's unemployment fell 14,000 (-10,000 expected, -28,000 prior) but the unemployment rate held steady at 6.8%, as expected.
French Consumer Confidence slipped to 85 from 86 (86 consensus).
Swiss GDP increased 0.2% quarter-over-quarter (0.4% consensus, 0.5% prior) while the year-over-year reading climbed 1.7% (2.0% expected, 2.1% prior).
Spain's GDP rose 0.2% quarter-over-quarter (0.3% consensus, 0.3% prior) while the year-over-year reading ticked down 0.2% (-0.1% expected, -0.1% last). Separately, House Price Index fell 4.0% year-over-year (-0.1% consensus, -4.5% previous).
In news:
The situation in the Ukraine returned to the forefront after armed men seized the Crimean parliament in Simferopol.

In U.S. corporate news:

Baidu (BIDU 181.00, +8.10): +4.7% after beating earnings and revenue estimates.
Best Buy (BBY 27.25, +1.43): +5.5% following its better-than-expected earnings on disappointing revenue.
Hilton Worldwide Holdings (HLT 22.52, -0.02): -0.1% after missing on earnings and issuing cautious guidance.
J.C. Penney (JCP 7.22, +1.27): +21.1% after the retailer reported a bottom-line beat on below-consensus revenue.
Transocean (RIG 44.08, +1.07): +2.5% following its bottom-line miss on better-than-expected revenue.

Weekly initial claims and the Durable Goods report for January will be released at 8:30 ET. Also of note, Fed Chair Janet Yellen will appear before the Senate Banking Committee for the second part of her semiannual testimony on monetary policy.

7:12 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -6.50.

7:12 am: [BRIEFING.COM] Nikkei...14923.11...-47.90...-0.30%. Hang Seng...22828.18...+390.70...+1.70%.

7:12 am: [BRIEFING.COM] FTSE...6741.37...-57.80...-0.90%. DAX...9508.77...-153.00...-1.60%.

WTI Crude Trims Monthly Gain and Moves Closer to Brent

By Ben Sharples Feb 27, 2014 10:13 PM ET

West Texas Intermediate crude fell for a second day, trimming a monthly gain. Brent swung between gains and losses in London.

Futures decreased as much as 0.5 percent in New York. Brent declined to the lowest in two weeks yesterday as gunmen occupied government buildings in Ukraine’s Crimea region and Russia put fighter planes on alert. WTI’s discount to the European benchmark crude has narrowed this month to the smallest since October as winter storms bolstered U.S. heating-fuel use and stockpiles at Cushing, Oklahoma, fell with the opening of a new pipeline.

“The draws that we have been seeing have been seasonal,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney. “Oil has been up at these levels because of weather events. The demand situation is weak.”

WTI for April delivery fell as much as 53 cents to $101.87 a barrel in electronic trading on the New York Mercantile Exchange, and was at $102.06 at 11 a.m. Sydney time. The contract fell 19 cents to $102.40 yesterday. The volume of all futures traded was about 46 percent below the 100-day average. Prices are up 4.7 percent this month.

Brent for April settlement was at $108.89, down 7 cents, on the London-based ICE Futures Europe exchange. The European benchmark crude was at a $6.83 premium to WTI. It settled yesterday at $6.56, the narrowest since October 4, and ended January at $8.91.

Cushing Stockpiles

Inventories at Cushing, the delivery point for WTI contracts, decreased by 1.08 million barrels to 34.8 million last week, the lowest since October, the Energy Information Administration reported this week. TransCanada Corp. began moving crude in January to the Texas Gulf Coast from the hub via the southern portion of its Keystone XL pipeline.

Distillate inventories, which include heating oil and diesel, expanded by 338,000 barrels last week to 113.1 million barrels, according to the EIA, the Energy Department’s statistical arm. That’s about 25 percent below the five-year average of 141 million.

Output from the Organization of Petroleum Exporting Countries dropped to a two-year low. Production this month by the 12-members of OPEC fell 11,000 barrels a day to an average 29.877 million from 29.888 million in January, the survey of oil companies, producers and analysts showed. It was the least since June 2011. Last month’s total was unrevised.

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)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr