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 7:08 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: March 4th Tuesday Trade Results - Profit $2,660.00
PostPosted: Tue Mar 04, 2014 10:23 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:
030414-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2660.00.png
030414-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2660.00.png [ 175.81 KiB | Viewed 293 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2,660.00 dollars or +26.60 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $2,660.00 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=128&t=1737

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=234&t=2257

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

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.

Stocks Surge As Ukraine Fears Ebb

Attachment:
030414-Key-Price-Action-Markets.png
030414-Key-Price-Action-Markets.png [ 904.92 KiB | Viewed 286 times ]

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

NEW YORK (CNNMoney)
Investors jumped back into stocks Tuesday as worries about a military conflict between Russia and Ukraine abated.

The Dow Jones industrial average gained 228 points, or 1.4%. It was the biggest gain of the year for the Dow. The S&P 500 rose to a new all-time high while the Nasdaq gained nearly 1.8%. And all but three of the 30 companies in the CNNMoney Tech 30 Index were higher.

Stocks plunged Monday as Russian troops moved into the strategically important Crimea Peninsula in Ukraine, raising the threat of an outright military conflict between the two countries.

But tensions eased Tuesday after President Vladimir Putin said Russia has no plans to take over the region, though he stressed that Moscow reserves the right to use military force to protect Russian speakers in Ukraine.

While investors welcomed Putin's comments, the situation in Ukraine remains highly volatile. Both President Obama and Secretary of State Kerry criticized Russia's actions Tuesday. The White House is considering sanctions, while U.S. and European leaders have pledged to support the fledgling government in Kiev.

* Why Europe will balk at Russian sanctions

Meanwhile, investors bailed out of the safe haven assets they rushed into Monday. Gold prices fell more than 1%, while the yield on 10-year U.S. Treasury bonds rose to 2.69% from 2.60% late Monday. Bond rates increase as prices fall.

The CNNMoney Fear & Greed index surged Tuesday and was back in 'Greed' territory after falling to the 'Neutral' level on Monday. One trader on StockTwits was surprised the index was not signaling even more greed in the market.

"$IWM $SPY $QQQ $DIA Fear&Greed index is 72 now. Would have thought it would be higher given this move today," said Andrew_C.

Traders were particularly impressed by the demand for companies with smaller market values and technology firms, which are generally considered more risky investments.

"$QQQ 57 new s&p highs!!! Not even WWIII can stop this rally!!!!" said PGA4. The PowerShares QQQ Trust (QQQ), an ETF that mimics the Nasdaq 100, gained more than 1%, but remains well below the tech-bubble peak of 2000.

The iShares Russell 2000 index (IWM) ETF, which tracks small company stocks, rose to an all-time high.

"It's bullish that the small caps have broken out to new highs. Russell 2000 up 4% YTD. $IWM," said TraceyRyniec.

But not all traders were so quick to disregard the possibility of more tension in Ukraine.

"$IWM if it was all teddy bears, ponies and butterflies, the vix would be lower than this. Putin's not done yet..." said WhatTheChuck.

The market's so-called fear gauge, the CBOE Market Volatility Index (VIX) or VIX, fell 11%, but is still up more than 3% for the year. (The VIX is one of seven indicators tracked in the CNNMoney Fear & Greed Index.)

Russia's main stock market index soared more than 4% after suffering an 11% fall Monday.

Europe's leading markets also bounced back. Asian stock markets ended sharply higher as well.

* Putin says Russia won't annex Ukraine

On the economic front, President Obama released his fiscal year 2015 budget proposal Tuesday. The $4 trillion proposal, which is not expected to pass Congress, includes more generous tax breaks for working families while scaling back breaks for the rich.

In corporate news, RadioShack (RSH) shares tumbled more than 20% after the electronics retailer said that it is closing about 1,100 stores, or about 20% of its total, amid plunging same-store sales.

Shares of tobacco company Lorillard (LO)extended Monday's gains amid ongoing speculation that it could be bought by larger rival Reynolds American (RAI, Fortune 500).

Apple (AAPL, Fortune 500) shares edged higher after the iPhone maker said Chief Financial Officer Peter Oppenheimer would retire.

Gun maker Smith & Wesson (SWHC) reported earnings after the close that topped forecasts. Shares rose more than 7% in extended trading. The stock fell last week after rival Sturm Ruger (RGR) reported results that disappointed investors.

Image



4:15 pm: [BRIEFING.COM] Equity indices enjoyed a broad-based rally on Tuesday that sent the S&P 500 (+1.5%) and the Russell 2000 (+2.7%) to new closing record highs.

Stocks surged out the gate after index futures received a considerable bid around 1:00AM ET. The overnight strength came about after it was reported that Russian President Vladimir Putin called back the troops that were conducting exercises on the country's border with Ukraine. Mr. Putin commented on the tense situation, saying Russia is not aiming to annex the Crimean peninsula and that military force is a choice of last resort.

Mr. Putin's comments were followed by a response from Secretary of State John Kerry who visited Kiev today. Secretary Kerry called on Russia to refrain from using force and said the United States is not seeking a confrontation, but if Russia does not deescalate, then the U.S. will be forced to increase pressure on Russia. Less than 30 minutes after the comments from Secretary Kerry, Russia's Foreign Ministry said the introduction of any potential sanctions will be met with a response that is "not necessarily symmetrical."

The overnight developments were viewed positively by market participants who rushed into risk while shedding some of the safe-haven assets that were in strong demand yesterday:
Related Stories

US STOCKS-S&P 500 ends at a record; Ukraine-Russia tensions ease Reuters
Stocks Ease From Session Highs; Akorn Breaks Out Investor's Business Daily
US STOCKS-Wall St rallies as Ukraine-Russia tensions ease Reuters
Leaders Extend Gains As Spirit Air Hits New High Investor's Business Daily
US STOCKS-Futures rally as Ukraine-Russia tension eases Reuters

Treasuries spent the entire session in a steady retreat with the 10-yr yield ending at its session high (+9 bps at 2.69%);
Gold futures fell 0.9% to $1337.80/ozt; and
Crude oil lost 1.6%, ending at $103.34/bbl.

In turn, the risk rally translated into solid gains for all ten sectors. The three largest S&P 500 groups-financials (+2.0%), technology (+1.5%), and health care (+1.9%)-paced the advance while most of the remaining groups added at least 1.0% with utilities (+0.8%) as the lone exception.

Elsewhere, industrials (+1.7%) also factored into the advance thanks to big gains among transports. All 20 members of The Dow Jones Transportation Average (+2.2%) finished in the green with airlines and railroads blazing the trail. Union Pacific (UNP 183.85, +4.34) and Delta Air Lines (DAL 34.45, +1.86) settled higher by 2.4% and 5.7%, respectively.

Although stocks spent the entire session in a steady push to new highs, a brief dip took place in the afternoon amid reports indicating Russia tested an intercontinental ballistic missile in the Astrakhan region. While the initial headline lacked detail, subsequent reports indicated the test was planned in accordance with international laws and that U.S. officials received an early notice.

The afternoon reports did not derail the rally, allowing the S&P 500 to settle just below its best level of the day.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the February ADP Employment Change will be announced at 8:15 ET. The ISM Services report for February will cross the wires at 10:00 ET while the Federal Reserve will release its March Beige Book at 14:00 ET.

Nasdaq Composite +4.2% YTD
Russell 2000 +3.9% YTD
S&P 500 +1.4% YTD
Dow Jones Industrial Average -1.1% YTD

3:35 pm: [BRIEFING.COM]

WTI crude oil, gold and silver futures all remained weak during today's trade
Meanwhile, copper and natural gas futures held onto strength and closed with a nice gain
Apr gold finished today's session 0.9% lower at $1337.80/oz, while May silver lost 1.3% to $21.21/oz
Apr natural gas futures traded in positive territory all session today and ended 3.5% higher at $4.48/MMBtu
Apr crude oil fell 1.6% to $103.34/barrel

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.5% with one hour remaining in today's session.

Equities began the day with sharp gains and continued building on the early strength throughout the day. The opening rally took place after Russian forces were recalled from their exercises near the Ukrainian border. The developments were viewed as a sing of de-escalation, fueling the daylong rally.

Equity indices retreated from their highs in reaction to afternoon headlines indicating Russia has tested an ICBM, but that report was followed by comments from U.S. officials who said the missile test was planned and carried out in accordance with international laws.

The stock market enters the final hour of action on the highs, but it will be interesting to see whether the major averages can hold their levels into the close or if participants elect to take some money off the table given the uncertainty that continues to surround the situation in Ukraine.

2:30 pm: [BRIEFING.COM] The S&P 500 (+1.4%) remains three points below its session high, which is a level the index slipped to after it was reported that Russia has conducted a missile test in the Astrakhan region. Since the original report crossed the wires about 40 minutes ago, a Kremlin spokesman has come out, saying that Russia plans its missile tests 'well in advance.'

Outside of the minor blip in the major averages, participants have not shown much concern over the news. The 10-yr note has returned to its lows (10-yr yield +8 bps at 2.68%) while gold futures (-0.9% at $1338.80/ozt) and crude oil (-1.5% at $103.32/bbl) remain in the red.

2:05 pm: [BRIEFING.COM] Recent action saw the major averages slip from their highs following a headline indicating Russia has conducted a missile test in the Astrakhan region. This comes after earlier comments from Russia's President Vladimir Putin were viewed as a step in the direction of de-escalation.

It is currently unknown whether the test was a scheduled event, but it has reminded participants that the situation in Ukraine remains far from over.

1:30 pm: [BRIEFING.COM] It has been some day so far -- both on Bourbon Street and Wall Street. Today is Mardi Gras and clearly the good times are rolling at both venues with liquidity of one kind helping things along in New Orleans and liquidity of another kind driving the stock market.

The impression that things have calmed down in Ukraine, such that military force will be averted, was the lead catalyst for stocks. It would be remiss not to add that there has been some back-and-forth today between Russia and the US regarding the potential use of sanctions, but market participants have been inclined to dismiss the remarks at this point as political bluster.

We can say as much based on the behavior of the stock market, which has been lifted by broad-based buying interest and concerns about missing out on the next leg higher. Conversely, there is selling activity in some of yesterday's safe-haven areas such as Treasuries (10-yr note -20/32, 2.675%) and gold ($1337.30/oz., -$13.00).

No area has fared better today, however, than the small-cap stocks. They are on a tear, evidenced by a 3.0% gain in the Russell 2000 that has produced a new record high. Including today's gain, the Russell 2000 is up a stunning 12.0% from its intraday low on February 5.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade at their best levels of the session. Small caps are in the lead with the Russell 2000 trading higher by 3.0% while the S&P 500 trades up 1.4%. Given their current levels, both indices sit at fresh intraday record highs.

Equities surged at the open, but the strength was visible overnight in the futures market, which rallied after it was reported that Russian President Vladimir Putin has called back the troops that were conducting exercises on the country's border with Ukraine. Mr. Putin commented on the tense situation, saying Russia is not aiming to annex the Crimean peninsula and that military force is a choice of last resort.

Mr. Putin's comments have since been met with a response from Secretary of State John Kerry who is visiting Kiev today. Secretary Kerry called on Russia to refrain from using force and said the United States is not seeking a confrontation, but if Russia does not deescalate, then the United States will be forced to increase pressure on Russia.

Mr. Kerry's remarks have elicited a response from Russia's Foreign Ministry, saying the introduction of any potential sanctions will be met with a response that is "not necessarily symmetrical"

Although the situation appears far from over, the overnight developments have given a boost to risk assets while weighing on safe-haven areas that were in demand yesterday. Treasuries are on their lows with the 10-yr yield up seven basis points at 2.67% while gold futures trade lower by 1.0% at $1337.00/ozt. Crude oil has also retreated, and now trades lower by 1.8% at $103.05/bbl.

Volatility protection was in strong demand yesterday, but the CBOE Volatility Index (VIX 14.06, -1.94) has returned to last week's levels after yesterday's spike.

All ten sectors display solid gains with only energy (-0.9%) and utilities (+0.8%) up less than 1.0%. The underperformance of the two has not mattered much considering the three largest sectors-financials (+1.7%), technology (+1.5%), and health care (+1.8%)-trade well ahead of the broader market.

12:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.5% while the Russell 2000 has extended its advance to 3.1%. Thanks to today's rally, both indices have marked new intraday record highs. Although today's session is still far from over, the current standing suggests the two indices will be able to notch fresh record closing highs as well. Currently, the S&P 500 hovers in the 1873 area, which puts the index more than 10 points above its record closing high of 1859.45.

Meanwhile, the Russell 2000 trades near the 1212 level, which is well above its record close of 1187.94.

With stocks on highs, Treasuries have slid to new lows. The benchmark 10-yr yield is now higher by seven basis points with its yield at 2.68%.

12:00 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the Dow (+1.3%) and S&P 500 (+1.4%) showing comparable gains.

Notably, the price-weighted Dow has benefited from gains in most of its components. Of the 30 index members, only seven trade with gains smaller than 1.0%. On the upside, Disney (DIS 81.62, +2.16) is higher by 2.7% after signing a distribution agreement with DISH Network (DISH 59.82, +0.94).

Also of note, U.S. Secretary of State John Kerry recently concluded his comments on the situation in Ukraine. During his remarks, Secretary Kerry called on Russia to refrain from using force in Ukraine. Secretary Kerry said the United States is not seeking a confrontation, but if Russia does not deescalate, then the United States will be forced to increase pressure on Russia.

11:30 am: [BRIEFING.COM] Stocks remain near their best levels of the session with the S&P 500 trading higher by 1.4%.

All ten sectors display solid gains with industrials (+1.7%) and health care (+1.7%) in the lead. Meanwhile, energy (+0.8%) and utilities (+0.9%) are the only two sectors that display gains smaller than 1.0%.

Today's leading sector, industrials, remains supported by transports. Airlines trade higher across the board with Delta Air Lines (DAL 34.09, +1.50) up 4.6%. The broader Dow Jones Transportation Average trades up 2.1% with all 20 index components sitting in the green.

On a separate note, U.S. Secretary of State John Kerry is currently conducting a press conference, addressing the situation in Ukraine.

11:05 am: [BRIEFING.COM] The major averages have built on their early gains with small caps maintaining their outperformance. The Russell 2000 has extended its advance to an impressive 2.8% while the S&P 500 trades higher by 1.3%. The tech-heavy Nasdaq trades in between the two indices with a gain of 1.7%.

The Nasdaq trades ahead of the broader market thanks to solid gains among most top-weighted components. Qualcomm (QCOM 76.57, +2.94) is higher by 4.0% after the company boosted its quarterly dividend 20% to $0.42. In addition, the company's Board of Directors approved a $5.0 billion increase to its repurchase program.

Elsewhere among major tech components, Microsoft (MSFT 38.22, +0.44), Oracle (ORCL 39.25, +0.74), and SAP (SAP 79.03, +1.29) display gains between 1.2% and 1.7%.

Biotechnology has also factored into the relative strength of the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 270.19, +6.28) trades up 2.4%.

10:30 am: [BRIEFING.COM]

The dollar index has been climbing higher this morning and just hit a new session high, which continues to weigh on some commodities.
Precious metals are trading lower this morning as Russia backs off a little.
Multiple reports indicate that Putin has ordered Russian troops in Western Russia to return to base.
Both gold and silver are currently trading just above session lows. Apr gold is now -1% at $1337.30/oz, May silver is -12% at $21.23/oz
In energy, natural gas rallied this morning to $4.65/MMBtu and is now +2.5% at $4.62/MMBtu
Apr crude oil is now -1.3 at $103.52/barrel
May copper rallied to a new session high in recent trade and is now +1.2% at $3.21/lb
Dollar index is +0.01% at 80.09

10:00 am: [BRIEFING.COM] The S&P 500 (+1.3%) has climbed to a fresh session high with help from top-weighted sectors. On that note, the three largest sectors-financials, health care, and technology-all trade ahead of the broader market.

At this juncture, only four groups-energy, materials, utilities, and telecom services-trail the broader market and their underperformance should not be much of an issue for the S&P 500 considering materials, utilities, and telecom services account for less than 10.0% of the entire market. For its part, the energy sector represents nearly 11.0% of the entire S&P 500.

9:45 am: [BRIEFING.COM] As expected, the major averages began the trading day firmly higher with small caps in the lead. The Russell 2000 is higher by 1.6% while the S&P 500 trades up 1.1% with all ten sectors showing early gains.

The industrial sector (+1.3%) has claimed the lead thanks to the early strength of transports. The Dow Jones Transportation Average is higher by 1.8% after ending yesterday's session just below its 50-day moving average (7304). Elsewhere among major cyclical groups, financials (+1.2%) and technology (+1.2%) trade just ahead of the broader market.

Given the sharply higher start, participants have steered away from volatility protection as indicated by the 9.5% decline in the CBOE Volatility Index (VIX 14.49, -1.51).

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +17.10. Nasdaq futures vs fair value: +38.70. The stock market is on track to begin the session on a sharply higher note as futures on the S&P 500 display solid gains (+1.0%). The big jump took place overnight amid reports indicating Russian President Vladimir Putin recalled the troops that were conducting exercises on the country's border with Ukraine. Although the situation has not been fully resolved yet, this is being seen as a significant de-escalation.

Similar to equity futures, European indices display solid gains with Italy's MIB (+2.5%) leading the regional advance.

Elsewhere, Treasuries have erased a portion of yesterday's gains. The 10-yr note is lower by 10 ticks with its yield up three basis points at 2.64%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +16.90. Nasdaq futures vs fair value: +38.20. The S&P 500 futures trade 17 points above fair value.

Asian markets ended mostly higher with India's Sensex (+1.3%) in the lead. Investors received several economic data points. Japan's Monetary Base expanded 55.7% year-over-year (54.2% expected, 51.9% prior) while average cash earnings slipped 0.2% year-over-year (0.3% consensus, 0.5% previous). South Korea's CPI ticked up 0.3% month-over-month (0.4% expected, 0.5% prior) while the year-over-year reading increased 1.0% (1.1% consensus, 1.1% previous). The Reserve Bank of Australia kept its key interest rate at 2.50%, as expected. Separately, Building Approvals rose 6.8% year-over-year (2.0% expected, -1.3% prior), and the current account deficit narrowed to $10.10 billion from $12.50 billion ($10.00 billion expected).

Although the Reserve Bank of Australia made no policy changes, the statement included comments suggesting the exchange rate remains relatively high when compared to historical standards.

Japan's Nikkei gained 0.5% after starting the session on the lows. Growth-sensitive names outperformed with Sumitomo Realty & Development and Tokyo Tatemono up 3.6% and 4.2%, respectively.
Hong Kong's Hang Seng advanced 0.7% thanks to a boost from heavyweight components. PetroChina and Tencent Holdings gained 1.9% and 1.7%, respectively. Belle International lagged, falling 3.5%.
China's Shanghai Composite shed 0.2% after spending the entire session in the red. Harbin Hatou Investments fell 5.2%.

Major European indices trade higher across the board with Italy's MIB (+2.5%) seeing the largest gain. Economic data was limited to just three data points. Eurozone PPI slipped 0.3% month-over-month (-0.1% expected, 0.2% prior) while the year-over-year reading fell 1.4% (-1.3% consensus, -0.8% last); Great Britain's Construction PMI fell to 62.6 from 64.6 (63.0 expected); and Spain's unemployment fell 1,900 (+74,200 expected, +113,100 prior).

Among news of note, European Central Bank President Mario Draghi testified before the European Parliament, saying inflation remains well below the ECB's target. However, Mr. Draghi refused to comment in detail on monetary policy ahead of Thursday's policy meeting.

Great Britain's FTSE is higher by 1.4%. Ashtead Group leads with a gain of 11.1% after reporting strong results. On the downside, Fresnillo holds a loss of 9.6% after reporting disappointing quarterly results.
Germany's DAX trades up 2.1% with all 30 names trading in the green. Financials lead with Commerzbank and Deutsche Boerse holding respective gains of 4.6% and 2.9%.
In France, the CAC holds an advance of 2.1%. Technip leads with a gain of 2.7% with bank shares not far behind. BNP Paribas and Credit Agricole are both up near 2.6%.
Italy's MIB is higher by 2.5%. Banco Popolare, UniCredit and Telecom Italia display gains between 3.8% and 8.1%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +16.90. Nasdaq futures vs fair value: +38.20. U.S. equity futures continue to hold solid pre-market gains after spiking overnight in reaction to news that Russian President Vladimir Putin called back his troops that were conducting exercises on the country's border with Ukraine.

The news gave a boost to risk assets while weighing on safe haven assets that were in demand yesterday. On that note, the S&P 500 futures trade higher by 1.0%, core European indices display gains between 1.0% and 3.0%, and Treasuries sit near their lows (10-yr yield +4 bps at 2.65%). Similar to Treasuries, commodities are under pressure with gold futures lower by 1.2% ($1334.00/ozt) and crude oil also down 1.2% ($103.63/bbl).

Outside of the update on the situation in the Ukraine, pre-market action has been very quiet with no notable economic news or earnings being reported.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +19.40. Nasdaq futures vs fair value: +42.50. U.S. equity futures trade sharply higher with the S&P 500 futures hovering 19 points above fair value. Index futures surged at 1:00 ET after it was reported that Russia has called back the troops that were conducting exercises on the country's southwestern border. Among commodities, crude oil is lower by 1.4% at $103.52/bbl while gold trades down 1.3% at 1333.30/ozt.

Reviewing overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite -0.2%, Japan's Nikkei +0.5%, and Hong Kong's Hang Seng +0.7%.
Investors received several data points:
Japan's Monetary Base expanded 55.7% year-over-year (54.2% expected, 51.9% prior) while average cash earnings slipped 0.2% year-over-year (0.3% consensus, 0.5% previous).
South Korea's CPI ticked up 0.3% month-over-month (0.4% expected, 0.5% prior) while the year-over-year reading increased 1.0% (1.1% consensus, 1.1% previous).
The Reserve Bank of Australia kept its key interest rate at 2.50%, as expected. Separately, Building Approvals rose 6.8% year-over-year (2.0% expected, -1.3% prior), and the current account deficit narrowed to $10.10 billion from $12.50 billion ($10.00 billion expected).
In news:
Although the Reserve Bank of Australia made no policy changes, the statement included comments suggesting the exchange rate remains relatively high when compared to historical standards.

Major European indices trade higher across the board. Great Britain's FTSE +1.6%, Germany's DAX +2.3%, and France's CAC +2.5%. Elsewhere, Spain's IBEX +1.8% and Italy's MIB +2.6%.
Economic data was limited:
Eurozone PPI slipped 0.3% month-over-month (-0.1% expected, 0.2% prior) while the year-over-year reading fell 1.4% (-1.3% consensus, -0.8% last).
Great Britain's Construction PMI fell to 62.6 from 64.6 (63.0 expected).
Spain's unemployment fell 1,900 (+74,200 expected, +113,100 prior).
Among news of note:
European Central Bank President Mario Draghi testified before the European Parliament, saying inflation remains well below the ECB's target. However, Mr. Draghi refused commenting in detail on monetary policy ahead of Thursday's policy meeting.

In U.S. corporate news:

J.C. Penney (JCP 8.44, +0.48): +6.0% after S&P changed its outlook on the company to 'Stable' from 'Negative.'
RadioShack (RSH 2.20, -0.52): -19.1% after reporting disappointing results and announcing plans to close up to 1,100 stores.
Trina Solar (TSL 15.09, +0.34): +2.3% following its earnings beat on below-consensus revenue.

6:50 am: [BRIEFING.COM] S&P futures vs fair value: +18.00. Nasdaq futures vs fair value: +42.50.

6:50 am: [BRIEFING.COM] Nikkei...14721.48...+69.30...+0.50%. Hang Seng...22657.63...+156.00...+0.70%.

6:50 am: [BRIEFING.COM] FTSE...6811.34...+103.00...+1.50%. DAX...9548.61...+189.70...+2.00%.

Gold Trades Below Four-Month High as Tension in Ukraine Declines

By Glenys Sim Mar 4, 2014 7:41 PM ET

Gold traded below the highest level in more than four months as tension between Ukraine and Russia eased, curbing demand for a protection of wealth.

Bullion for immediate delivery traded at $1,334.81 an ounce at 8:39 a.m. in Singapore from $1,334.34 yesterday, when prices dropped 1.2 percent, the most since Jan. 30, as Russian President Vladimir Putin said he saw no immediate need to invade Ukraine. The metal rose to $1,354.87 on March 3, the highest since Oct. 30, as tension between the nations escalated.

Putin said he while he reserved the right to use force to defend ethnic Russians, there’s no such necessity at present, in his first public remarks since Ukraine said the region of Crimea had been taken over by Russian forces. The U.S. and its European allies are racing to help the new government in Kiev avoid bankruptcy while threatening sanctions against Russia.

“Short term, the uncertainty’s still here and gold fulfills its purpose as an insurance asset, and as a diversifier,” Dominic Schnider, head of commodities research at UBS AG’s wealth-management unit, said from Singapore. “The medium to long term is still negative for gold as we get more clarity on growth and move toward U.S. monetary policy normalization.”

Gold rallied 11 percent this year, rebounding from the biggest annual loss since 1981, even as the Federal Reserve reduced stimulus. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged yesterday for a fifth day, the longest stretch assets have held steady in almost a year. In China, volumes for the benchmark spot contract in Shanghai fell to a three-week low yesterday.

U.S. Employment

Data on March 7 is forecast to show U.S. payrolls rose 150,000 last month, after increasing 113,000 in January. Fed Chair Janet Yellen said last week the central bank is “open to reconsidering” the pace of cutbacks in asset purchases should the economy weaken. The Fed, which next meets March 18-19, announced a $10 billion reduction to bond buying at each of its past two meetings, leaving purchases at $65 billion.

Gold for April delivery declined 0.2 percent to $1,335.40 an ounce on the Comex in New York, extending yesterday’s 0.9 percent drop.

Silver added 0.2 percent to $21.2119 an ounce after losing 1.2 percent yesterday. Platinum fell 0.4 percent to $1,458.38 an ounce, snapping a two-day gain, while palladium was little changed at $763.75 an ounce.

The union leading a strike that has paralyzed the South African operations of the world’s three largest platinum producers eased pay demands as the walkout neared the end of its sixth week.

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 3 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