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 Fri Mar 29, 2024 10:01 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: March 5th Wednesday Trade Results - Profit $210.00
PostPosted: Thu Mar 06, 2014 1:13 am 
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:
030514-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+210.00.png
030514-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+210.00.png [ 176 KiB | Viewed 358 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $210.00 dollars or +2.10 points, Emini ES ($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 @ $210.00 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=1738

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.

A Sense Of Calm Returns To The Markets

Attachment:
030514-Key-Price-Action-Markets.png
030514-Key-Price-Action-Markets.png [ 857.66 KiB | Viewed 360 times ]

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

NEW YORK (CNNMoney)
Time to exhale! After two extremely volatile days for the market, stocks barely budged Wednesday.

Uncertainty about Ukraine remains. There was also a disappointing report on private sector hiring for investors to digest. But the Dow and Nasdaq ended little changed. So did the S&P 500. But it did hit another new all-time high before its flat finish.

Wednesday's pause comes as the high-stakes standoff between Ukraine and Russia continues, with both sides insisting they don't want war.

The EU announced that it was offering an aid package to Ukraine worth € 11 billion. Meanwhile, Secretary of State John Kerry is scheduled to meet Russian leaders as the U.S. considers implementing economic sanctions against Russia after the country's forces took control of Crimea. EU officials have also said they are considering sanctions.

The recent focus on Ukraine and volatility in stocks show "there's a lot of fragility to the markets," said Goldman Sachs (GS, Fortune 500) CEO Lloyd Blankfein during an interview with CNN's Wolf Blitzer Wednesday afternoon. Blankfein also addressed the recent spate of weak economic data.

"Don't forget even though we're in a recovery, the recovery is slow, it's a little bit ambiguous," he added.

That includes the job market. Payroll processing firm ADP reported that private sector employers added just 139,000 jobs in February. That missed economists' forecasts. Like many of the other weak economic reports lately, economists were quick to blame the disappointing number on snow and ice.

The mediocre report is worrisome two days before the government will release the official numbers for job growth and unemployment for February. Economists surveyed by CNNMoney expect that 150,000 jobs were added last month, up from only 113,000 jobs added in January. They expect the unemployment rate to remain at 6.6%

Still, it looks like investors are once again growing more bullish. There's been a sharp shift in the mood of the market over the past few weeks. CNNMoney's Fear & Greed index is now in Extreme Greed mode, compared to Extreme Fear just a month ago. The index tracks the VIX (VIX) and six other gauges of investor sentiment.

* Ukraine won't kill the bull market

On the corporate front, eBay (EBAY, Fortune 500) remained in focus as a spat between the company and activist investor Carl Icahn continued. In The Wall Street Journal Tuesday, eBay CEO John Donahoe said breaking up the company from PayPal is a bad idea. On CNBC Wednesday morning, Icahn continued to push for the spin-off, and said he's "never seen worse corporate governance than eBay."

Shares of eBay didn't do much Wednesday. But they are near an all-time high of just below $60.

StockTwits user jimmac said "the Icahn effect may be fully priced here at 59" and that the stock "could very well stay within the 12 month range. Don't see new catalysts."

Facebook (FB, Fortune 500) shares were up sharply and touched a fresh all-time high. The stock was the biggest gainer in CNNMoney's Tech 30 index.

Traders are optimistic that the stock will continue to surge. A TechCrunch report from Tuesday suggesting that Facebook is in talk to buy drone maker Titan Aerospace put Facebook investors in a particularly good mood. Facebook is interested in using the drones to bring Internet access to parts of the world still without it, beginning with Africa, the report said.

One trader compared Facebook to Google (GOOG, Fortune 500) and another said the stock could climb another 40% from its current levels of around $71.

"$FB Zuck is going to buy the drones and connect the world on FB," said tecrider. "This is the company's mission. This is going to be huge like Google."

"$FB Internet to the world is gonna drive this over $100... quickly," said Stumptowners. "Lookin' good."

Shares of Hovnanian (HOV) finished sharply lower after the homebuilder's revenue came in below expectations. That may be another sign that that the housing market recovery could be losing steam.

Target shares were lower after the company said it is replacing tech chief Beth Jacob in the wake of the retailer's massive data breach.

Smith & Wesson (SWHC) surged 16% after the gunmaker reported sales jumped 7%, with handgun sales up 30%. Shares of rival Sturm Ruger (RGR), which reported disappointed sales last week, rose as well. But some StockTwits traders seemed skeptical.

RCaptain recalled that shares of both gun makers fell sharply last week, even before Strum Ruger's earnings release.

"$SWHC People forget how fast this ran down the last week for no reason, he said "And B4 $RGR earn to boot."

PetSmart's (PETM, Fortune 500) revenue fell short of forecasts, sending shares of the pet supplies retailer down 1.5%.

European markets ended slightly lower. In Asia, Chinese markets moved lower as the country launched its annual parliamentary meetings in Beijing. The Shanghai Composite index fell nearly 1% and the Hang Seng in Hong Kong dropped 0.3%.

Image



4:20 pm: [BRIEFING.COM] The major averages posted modest Wednesday losses after spending the entire session inside narrow ranges. The Dow Jones Industrial Average slipped 0.2% while the S&P 500 shed less than a point. For its part, the Nasdaq Composite (+0.1%) ended just above its flat line.

Although today's session did not generate much (or any) excitement, it should be noted that equity indices essentially held their levels after yesterday's broad-based spike that sent the S&P 500 to a fresh record closing high.

Individual sectors were split right down the middle for the entire trading day with five groups posting gains while the other five registered losses.

The financial sector (+0.7%) took the lead shortly after the open and never relinquished its standing as top components rallied notably. Bank of America (BAC 17.25, +0.53) soared 3.2% while other large names like Citigroup (C 49.42, +0.59), JPMorgan Chase (JPM 58.16, +0.90), and Morgan Stanley (MS 31.97, +0.87) gained between 1.2% and 2.8%.

Today's outperformance of financials marked the second consecutive day of relative strength for a vital sector that has been struggling to keep pace with the broader market so far in 2014. Including today's gain, the sector extended its year-to-date advance to 0.9% versus a 1.4% gain for the S&P 500.

Financials notwithstanding, the remaining four advancers-consumer discretionary, industrials, materials, and technology-posted slim gains of no more than 0.3%. Of the four, the discretionary sector (+0.3%) had the best showing thanks to strength among media names.

On the downside, the four countercyclical sectors-consumer staples, health care, utilities, and telecom services-lost between 0.2% and 0.7% while the energy sector (-1.1%) spent the day in a steady retreat while crude oil fell 1.8% to $101.48/bbl.

The energy space slumped amid the weight of ExxonMobil (XOM 93.80, -2.72), which tumbled 2.8%, marking its largest daily decline since November 2012. Meanwhile, the broader sector widened its year-to-date loss to 2.7%. Only the telecom services sector has had a worse showing as it holds a 5.0% loss so far in 2014.

Treasuries ended modestly higher with the benchmark 10-yr yield down one basis point at 2.69%.

Also of note, today featured the release of the March Beige Book from the Federal Reserve. Similar to other reports received during past weeks, the Beige Book highlighted severe weather as a major headwind. To that end, 'weather' was mentioned 119 times in the entire release versus an average of 14 mentions in each previous Beige Book report dating back to 1997.

Eight out of twelve Fed Districts reported continued expansion from January to February with the growth characterized as 'modest' to 'moderate.' Retail sales saw relative weakness across the board, but that was written off as a result of the weather.

With regards to employment, a gradual improvement was reported in most districts while pressure from wages was characterized as 'stable.'

Investors received two other economic reports:
Related Stories

InPlay from Briefing.com Briefing.com
US STOCKS SNAPSHOT-Wall St ends session lower, S&P 500 down for the week Reuters
Stocks Add To Gains; Earnings Loom For Priceline.com Investor's Business Daily
Stocks Finish With Mild Losses; Tesla Soars On Upgrade Investor's Business Daily
Dow industrials fall; S&P 500 nearly flat MarketWatch

The ADP Employment Change report for February indicated an increase of 139K while the Briefing.com consensus called for an increase of 150K. Also of note, the January reading was revised down to 127,000 from 175,000.
The ISM Non-Manufacturing Index fell to 51.6 in February from 54.0 in January. That was the weakest print since February 2010 while the Briefing.com consensus expected the index to fall to 53.5. Not surprisingly, many sectors reported that extreme winter weather conditions wreaked havoc on business activity in February. The evidence in the hard data, however, suggests a cyclical slowdown is more likely taking place. The Employment Index fell a whopping 8.9 points to 47.5 in February from 56.4 in January. That ended a 25-month expansion cycle.

Tomorrow, the February Challenger Job Cuts report will be released at 7:30 ET while weekly initial claims, fourth quarter productivity, and unit labor costs will be announced at 8:30 ET. The day's data will be topped off with the factory orders report for January.

Nasdaq Composite +4.3% YTD
Russell 2000 +3.8% YTD
S&P 500 +1.4% YTD
Dow Jones Industrial Average -1.3% YTD

3:30 pm: [BRIEFING.COM]

Precious metals rose as the dollar index slipped into negative territory following weak U.S. economic data. The ADP Employment Change report for February showed an increase of 139K while the Briefing.com consensus called for an increase of 150K. The January reading was revised down to 127K from 175K. In addition, the ISM Non-Manufacturing Index fell to 51.6 in February from 54.0 in January, the weakest print since February 2010, while theBriefing.com consensus expected the index to fall to 53.5.
Apr gold erased earlier losses as it lifted from its session low of $1334.20 per ounce and broke into positive territory in morning action. It brushed a session high of $1342.00 per ounce and settled with a 0.2% gain at $1340.20 per ounce. May silver dipped to a session low of $21.19 per ounce but quickly recovered back above the unchanged line. It touched a session high of $21.33 per ounce and eventually settled at $21.27 per ounce, or 0.3% higher.
Apr crude oil extended yesterday's losses despite the weaker dollar index. The move came on EIA inventory data that showed a build of 1.4 mln barrels when consensus called for a build of 1.3-1.5 mln barrels.
The energy component pulled back from its session high of $103.22 per barrel set moments after equity markets opened and trended lower to a session low of $101.22 per barrel. Unable to gain momentum, it settled 1.8% lower at $101.48 per barrel.
Apr natural gas also traded in the red, retreating from its session high of $4.66 per MMBtu. It brushed a session low of $4.51 per MMBtu and settled with a 2.8% loss at $4.53 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 sits one point below its flat line with one hour remaining in the session. We would like to commend our regular readers for sticking around for the duration of the session that looks likely to end where it began.

While the S&P 500 remains right below its flat line, the Dow Jones Industrial Average (-0.2%) continues to troll near its lows. The price-weighted index lags as 18 of its 30 components register losses with ExxonMobil (XOM 93.56, -2.96) seeing the largest decline. The stock holds a loss of 3.1% while the broader energy sector trades lower by 1.2% after spending the session in a steady decline.

Including today's slide, the energy sector is down 2.8% for the year, which puts the growth-sensitive group near the bottom of this year's leaderboard. Only the telecom services sector (-4.9%) has had a worse showing so far in 2014.

2:30 pm: [BRIEFING.COM] As expected, the recently-released March Beige Book was met with a muted reaction in the market. Similar to other reports received during past weeks, the Beige Book highlighted severe weather as a major headwind. To that end, 'weather' was mentioned 119 times in the entire release.

Eight out of twelve Fed Districts reported continued expansion from January to February with the growth characterized as 'modest' to 'moderate.' Retail sales saw relative weakness across the board, but that was written off as a result of weather.

With regards to employment, a gradual improvement was reported in most districts while pressure from wages was characterized as 'stable.'

1:55 pm: [BRIEFING.COM] The S&P 500 continues alternating between gains and losses while the Nasdaq (+0.1%) remains just north of its flat line.

The tech-heavy index owes its modest outperformance to relative strength among top components like Apple (AAPL 532.82, +1.58), Google (GOOG 1217.80, +2.89) and Qualcomm (QCOM 76.68, +0.56). However, the index is being held back by biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 268.67, -0.56) trades lower by 0.2%.

The Federal Reserve is expected to release its Beige Book for March at the top of the hour and we will highlight noteworthy items from the release in our update at 13:30 ET. Traditionally, the Beige Book has not elicited a strong market reaction as most of the information tends to be known ahead of the release.

1:30 pm: [BRIEFING.COM] The major indices are little changed today, but that actually qualifies as being pretty good given the scope of yesterday's gains and the arrival of yet more disappointing economic data in the form of the ADP Employment Change and ISM Services reports for February.

Naturally, the weak data was excused as a weather-based phenomenon, yet the reports have nonetheless lowered the expectations bar ahead of Friday's nonfarm payrolls report.

One of the more notable developments in today's trade is the outperformance of the financial sector (+0.7%), which is leading all sectors and the S&P 500 so far this month (+1.8%).

The participation of the financial sector -- and more importantly its leadership -- is a welcome sign as it relates to expectations that the bull market will continue and that the economy will pick up in the months ahead. Accordingly, its performance will continue to be closely watched.

1:00 pm: [BRIEFING.COM] At midday, the major averages find themselves essentially where they began the trading day. The Nasdaq Composite (+0.1%) and S&P 500 (unch) hover near their flat lines while the Dow Jones Industrial Average (-0.3%) sits on its session low.

The S&P 500 has spent the first half of today's action inside a six point range, but we use the term 'action' loosely given the index has been anchored to its flat line for the better part of the past two hours.

Appropriately, the apparent equilibrium of the benchmark index comes as five sectors display gains while the other five hover in the red.

The financial sector (+0.4%) seized the lead at the open, and it continues to outperform at this juncture. Major components are responsible for the bulk of the gain as Bank of America (BAC 17.17, +0.45), Citigroup (C 49.50, +0.66), and JPMorgan Chase (JPM 57.93, +0.67) hold gains between 1.2% and 2.7%.

Outside of financials, the other advancing groups-consumer discretionary, industrials, materials, and technology-display gains of no more than 0.2%.

On the downside, the energy sector (-1.0%) is a notable laggard as Dow component ExxonMobil (XOM 93.59, -2.93) weighs. The top sector component is lower by 3.0% after announcing plans to suspend its exploration in Ukraine. The company also provided an update on its planned capital spending, saying it will decline to $39.80 billion from $42.50 billion in 2013.

Treasuries hold modest gains with the benchmark 10-yr yield down one basis point at 2.69%.

Today's economic data included two reports:

The ADP Employment Change report for February indicated an increase of 139K while the Briefing.com consensus called for an increase of 150K. Also of note, the January reading was revised down to 127,000 from 175,000.
The ISM Non-Manufacturing Index fell to 51.6 in February from 54.0 in January. That was the weakest print since February 2010 while the Briefing.com consensus expected the index to fall to 53.5. Not surprisingly, many sectors reported that extreme winter weather conditions wreaked havoc on business activity in February. The evidence in the hard data, however, suggests a cyclical slowdown is more likely taking place. The Employment Index fell a whopping 8.9 points to 47.5 in February from 56.4 in January. That ended a 25-month expansion cycle.

The Federal Reserve will release its March Beige Book at 14:00 ET.

12:30 pm: [BRIEFING.COM] At the risk of sounding redundant, we regret to inform our readers that equity indices remain little changed.

With the major averages holding their recent levels and individual sectors maintaining their standing, we would like provide an update on the situation in Ukraine, where recent reports indicated that a UN peace envoy Robert Serry was threatened by an angry crowd.

Although original reports cited Ukrainian officials and said Mr. Serry was kidnapped, subsequent headlines (and photos of Mr. Serry) disputed the original headlines. According to ITV, Mr. Serry's car was stopped by protesters who would not allow him to pass. At that time, Mr. Serry left his vehicle and went to a nearby coffee shop along with some reporters. Since the original headlines hit, Mr. Serry has reportedly agreed to end his mission and go straight to the airport.

12:00 pm: [BRIEFING.COM] The Nasdaq and S&P 500 continue to hover within an earshot of their respective flat lines while the Dow (-0.2%) and Russell 2000 (-0.1%) remain near their lows.

Although the key indices have held inside narrow ranges today, it is worth mentioning that this consolidation follows yesterday's broad-based surge that sent the S&P 500 higher by 1.5% to a new record closing high of 1874.05.

Also of note, today's outperformance of the financial sector (+0.6%) comes after the growth-sensitive group finished yesterday's session in the lead. The newfound strength has helped the sector swing from a year-to-date loss to a gain of 0.7% versus a 1.4% increase for the S&P 500 so far in 2014.

11:30 am: [BRIEFING.COM] There hasn't been much change since our recent update as the major averages continue to trade in mixed fashion. Similar to the major average, individual sectors are split with four groups trading higher while six display losses.

The financial sector (+0.5%) is a clear outperformer while the other advancing groups-consumer discretionary, industrials, and materials-hold gains of no more than 0.2%.

With stocks trading in mixed fashion, participants are showing some demand for volatility protection as indicated by a modest 0.4% increase in the CBOE Volatility Index (VIX 14.16, +0.06).

11:00 am: [BRIEFING.COM] The Nasdaq Composite (+0.1%) and S&P 500 (+0.1%) hover near their highs while the Dow Jones Industrial Average (-0.1%) remains near its session low.

The S&P 500 has been supported by the financial sector (+0.6%), which trades well ahead of the remaining groups. Large cap components have factored into the advance with Bank of America (BAC 17.18, +0.46) seeing the largest gain. The stock trades higher by 2.7% while other major sector components like Citigroup (C 49.69, +0.87), Goldman Sachs (GS 171.39, +2.66), and JPMorgan Chase (JPM 58.10, +0.83) hold gains between 1.5% and 1.8%.

Outside of financials, only consumer discretionary (+0.2%) and industrials (+0.2%) trade in the green at this juncture.

On the downside, the energy sector (-0.7%) trails the remaining groups as top components weigh. Chevron (CVX 114.47, -0.85) and ExxonMobil (XOM 94.05, -2.47) hold respective losses of 0.7% and 2.6%, which also weighs on the Dow.

10:35 am: [BRIEFING.COM]

The dollar index is in the red this morning, which is giving a little support to some commodities this morning.
Ahead of the weekly EIA inventory data, Apr crude oil futures were about 0.6% lower at $102.25/barrel.
Following the data, which showed an in-line build, Apr crude oil showed a muted reaction and is now -0.7% at $102.59/barrel
Natural gas futures sold off modestly this morning along with crude oil. Apr nat gas is now -0.8% at $4.63/MMBtu
Gold and silver prices are flat following a small rally this morning.
Apr gold is now flat at $1337.90/oz, May silver is +0.1% at $21.25/oz, May copper is -0.25% at $3.01/lb.
Dollar index is currently -0.1% at 80.11

10:00 am: [BRIEFING.COM] The S&P 500 continues to trade less than two points below its flat line.

Just released, the ISM Services Index for February fell to 51.6 from 54.0 while the Briefing.com consensus expected a downtick to 53.5.

9:45 am: [BRIEFING.COM] The major averages began the trading day just below their flat lines. The S&P 500 is lower by less than a point with seven of ten sectors showing early losses.

Energy (-0.5%) and materials (-0.3%) opened the session behind the remaining groups while consumer discretionary (+0.3%) and financials (+0.1%) have shown early strength.

With stocks beginning on a lower note, participants are showing interest in volatility protection as the CBOE Volatility Index (VIX 14.25, +0.15) trades higher by 1.1%.

Treasuries hover near their lows with the 10-yr yield up one basis point at 2.71%.

The February ISM Services report will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +0.50. The stock market is on track to begin the session on a subdued note as futures on the S&P 500 trade right below fair value. Overnight, most Asian markets posted modest gains while indices in China retreated after the National People's Congress announced its 2014 GDP target of 7.5%, matching last year's forecast. Elsewhere, European markets trade in mixed fashion with peripheral markets in the lead while core markets underperform.

With regards to the situation in Ukraine, there was no significant news of note overnight; however, European leaders will meet tomorrow in Brussels in order to discuss the situation and the appropriate response.

Switching the focus back to the U.S., participants received one economic data point in the form of the February ADP Employment survey, which disappointed.

According to the report, employment in the nonfarm private business sector rose by 139K in February while the Briefing.com consensus expected an increase of 150K.

The February ISM Services report will cross the wires at 10:00 ET while the Federal Reserve will release its March Beige Book at 14:00 ET.

Treasuries are little changed with the 10-yr yield sitting at 2.70%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +0.70. The S&P 500 futures trade in-line with fair value.

Asian markets ended mostly higher with Japan's Nikkei (+1.2%) finishing ahead of other major indices. Elsewhere, China's National People's Congress announced its 2014 GDP target of 7.5%, matching the forecast from 2013. Economic data was limited. China's HSBC Services PMI improved to 51.0 from 50.7. Australia's GDP rose 0.8% quarter-over-quarter (0.7% expected, 0.6% prior) while the year-over-year reading increased 2.8% (2.5% forecast, 2.3% last). Separately, AIG Services Index rose to 55.2 from 49.3. India's HSBC Services PMI ticked up to 48.8 from 48.3.

Japan's Nikkei rallied 1.2% with help from exporters. Fujitsu and NEC gained 3.6% and 4.2%, respectively.
Hong Kong's Hang Seng slipped 0.3%, pressured by large cap names. Belle International, Lenovo, and Want Want China lost between 1.8% and 2.5%.
China's Shanghai Composite retreated 0.9% as financials weighed. China Vanke lost 2.3%.

Core European indices hover in the red while peripheral markets outperform. Participants received several economic data points that were mostly better-than-expected. Eurozone GDP rose 0.3% quarter-over-quarter while the year-over-year reading increased 0.5%. Both figures matched estimates. Separately, Services PMI improved to 52.6 from 51.7 (51.7 expected) and retail sales increased 1.6% month-over-month (0.8% expected, -1.3% prior). Germany's Services PMI rose to 55.9 from 55.4 (55.4 consensus). Great Britain's Services PMI ticked down to 58.2 from 58.3 (58.0 expected). French Services PMI increased to 47.2 from 46.9 (46.9 forecast). Italy's Services PMI improved to 52.9 from 49.4 (49.8 consensus). Spain's Services PMI slipped to 53.7 from 54.9 (55.0 expected).

Among news of note, European leaders are scheduled to meet tomorrow in Brussels in order to discuss the latest developments in the standoff between Russia and Ukraine.

In France, the CAC is lower by 0.1%. Technip is the weakest index member, down 2.3%. On the upside, food retailer Carrefour is higher by 4.3% after reporting strong results.
Germany's DAX holds a loss of 0.2% as Adidas weighs. The apparel retailer is lower by 1.8% after reporting disappointing results.
Great Britain's FTSE trades down 0.5% with industrials leading the retreat. Melrose Industries and Meggitt hold respective losses of 8.0% and 3.4%. Admiral Group is the top performer, up 6.9% after reporting strong results.
Elsewhere, Italy's MIB and Spain's IBEX display respective gains of 0.7% and 0.6%. Financials have boosted both markets as Italy's Mediobanca trades higher by 2.3% and Spain's Bankia trades up 2.0%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +3.00. The S&P 500 futures trade one point above fair value.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 139K in February. This was below the increase of 150K expected by the Briefing.com consensus. Also of note, the January reading was revised down to 127,000 from 175,000.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +3.70. U.S. equity futures trade little changed amid cautious overseas action. The S&P 500 futures hover two points above fair value.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.3%, China's Shanghai Composite -0.9%, and Japan's Nikkei +1.2%.
Economic data was limited:
China's HSBC Services PMI improved to 51.0 from 50.7.
Australia's GDP rose 0.8% quarter-over-quarter (0.7% expected, 0.6% prior) while the year-over-year reading increased 2.8% (2.5% forecast, 2.3% last). Separately, AIG Services Index rose to 55.2 from 49.3.
India's HSBC Services PMI ticked up to 48.8 from 48.3.
In news:
In China, the National People's Congress announced its 2014 GDP target of 7.5%, which matches the forecast from 2013.
Core European indices hover in the red while peripheral markets outperform. France's CAC -0.3%, Germany's DAX -0.3%, and Great Britain's FTSE -0.6%. Elsewhere, Italy's MIB +0.3% and Spain's IBEX +0.3%.
Participants received several economic data points:
Eurozone GDP rose 0.3% quarter-over-quarter while the year-over-year reading increased 0.5%. Both figures matched estimates. Separately, Services PMI improved to 52.6 from 51.7 (51.7 expected) and retail sales increased 1.6% month-over-month (0.8% expected, -1.3% prior).
Germany's Services PMI rose to 55.9 from 55.4 (55.4 consensus).
Great Britain's Services PMI ticked down to 58.2 from 58.3 (58.0 expected).
French Services PMI increased to 47.2 from 46.9 (46.9 forecast).
Italy's Services PMI improved to 52.9 from 49.4 (49.8 consensus).
Spain's Services PMI slipped to 53.7 from 54.9 (55.0 expected).
Among news of note:
European leaders are scheduled to meet tomorrow in Brussels in order to discuss the latest developments in the standoff between Russia and Ukraine.

In U.S. corporate news:

Canadian Solar (CSIQ 41.50, -2.17): -5.0% following its bottom-line miss on below-consensus revenue.
Smith & Wesson (SWHC 12.99, +1.19): +10.1% after beating on earnings and revenue.
YY (YY 90.50, +3.32): +3.8% after reporting better-than-expected results.

The weekly MBA Mortgage Index rose 9.4% to follow last week's 8.5% decline.

The ADP Employment Change report for February will be released at 8:15 ET while the February ISM Services report will cross the wires at 10:00 ET. Also of note, the Federal Reserve will release its March Beige Book at 14:00 ET.

6:50 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -0.50.

6:50 am: [BRIEFING.COM] Nikkei...14897.63...+176.20...+1.20%. Hang Seng...22579.78...-77.90...-0.30%.

6:50 am: [BRIEFING.COM] FTSE...6788.35...-35.40...-0.50%. DAX...9552.73...-36.40...-0.40%.

Canadian Dollar Touches 2-Week High as Poloz Keeps Neutral View

By Ari Altstedter Mar 5, 2014 5:07 PM ET

The Canadian dollar reached the highest level in two weeks after the Bank of Canada kept its main interest rate unchanged and reiterated that the next move depends on the progress of economic data.

The currency strengthened against the majority of its most traded peers after central bank Governor Stephen Poloz left the benchmark interest rate at 1 percent for the 28th straight meeting. The currency fell to a 4 1/2 year low in January as investors bet on lower interest rates after the central bank said inflation would stay near the bottom of its 1 percent-to-3 percent target band this year and flagged the strong currency as a headwind to exports.

“It’s really a pause in how incrementally dovish the bank has been in recent meetings,” David Tulk, chief macro strategist at Toronto-Dominion Bank’s TD Securities unit, said by phone from Toronto. “Even though GDP was a bit stronger than they envisioned, they still see exports as underperforming. Inflation was a bit stronger than they forecast, but they still don’t see any change to the dynamics of intense retail competition and considerable excess slack.”

The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, rose 0.6 percent to C$1.1029 at 5 p.m. in Toronto. One loonie buys 90.67 U.S. cents.

Canada’s inflation rate accelerated the most in 20 months in January, rising 1.5 percent from a year earlier, the most since June 2012 following December’s 1.2 percent pace.
‘Well Balanced’

Canada’s economic growth unexpectedly accelerated in the fourth quarter, with a 2.9 percent pace of annualized growth compared with 2.7 percent in the prior three months. The median economist forecast in a Bloomberg survey called for 2.6 percent growth.

“The overall statement was very well balanced,” Blake Jespersen, managing director of foreign exchange in Toronto at the Bank of Montreal, said by telephone. There is “a slightly less dovish tinge to it with inflation being a little higher than expected, but in our view, this really doesn’t change much in the near term.”

To contact the reporter on this story: Ari Altstedter in Toronto at aaltstedter@bloomberg.net

To contact the editor responsible for this story: Dave Liedtka at dliedtka@bloomberg.net

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