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 Post subject: March 12th Wednesday Trade Results - Profit $1240.00
PostPosted: Thu Mar 13, 2014 12:51 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
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)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($10.00) dollars or -0.10 points, Emini ES ($ES_F) futures @ $1,250.00 dollars or +25.00 points, Light Crude Oil CL ($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 @ $1,240.00 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=1743

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

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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.

Wall Street Shrugs As Global Markets Sink

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

NEW YORK (CNNMoney)
The world sneezed Wednesday, but Wall Street doesn't seem to be catching cold.

The Dow Jones industrial average and the S&P 500 both ended little changed. The Nasdaq posted a modest gain. The recovery comes despite significant losses in Europe and Asia, where many indexes fell more than 1%.

Stocks have drifted lower this week, with little economic or corporate news to set the tone. In the absence of any clear catalyst, investors are taking a more cautious approach. CNNMoney's Fear & Greed index has shifted from 'Extreme Greed' to a level indicating that plain, old 'Greed' is driving the market.

Meanwhile, concerns about China's economy and a sharp drop in copper prices weighed on global markets, according to analysts at Deutsche Bank.

China has been edging to the forefront of investors' minds since February data showed exports tumbled 18% compared to last year. That followed news that the country had experienced its first-ever corporate debt default.

In recent weeks, the Chinese central bank has also loosened its grip on its currency, allowing the yuan to fluctuate more than usual, shaking confidence in what had been seen as a safe bet.

Investors have also been keeping an eye on the crisis in Ukraine, where pro-Russian militants have been cementing control of Crimea. Ukraine's interim Prime Minister arrived in Washington to meet with President Barack Obama Wednesday, before traveling to New York Thursday to address the United Nations Security Council.

In corporate news, Herbalife (HLF) shares plunged 7% after the nutritional supplements company said it is being investigated by the Federal Trade Commission.

The news comes one day after hedge fund manager Bill Ackman, who has repeatedly called Herbalife a pyramid scheme, launched an attack on the company's business practices in China. Ackman, who has a $1 billion bet that Herbalife stock will fall, has been calling for regulators to investigate the company for more than a year.

Herbalife said it welcomed the investigation and plans to cooperate. The company is confident that it is in compliance with all regulations and hopes the investigation will clear up "the tremendous amount of misinformation in the marketplace," according to a statement.

The FTC investigation sparked speculation on StockTwits that Herbalife could be taken private by Carl Icahn, the company's largest shareholder and Ackman antagonist.

"It sounds counter intuitive, but odds of $HLF going private just went up- particularly if its biggest holders want to KO its biggest critic," read a tweet from mohannadaama.

Meanwhile, shares of another "multi-level" marketing company, NU Skin (NUS), moved higher after an initial pullback on the Herbalife news.

"$NUS What a reversal and this a genuine one, NUS no slouch people, there product are in crazy demand globally!," said Championinvestor in a tweet.

Federal prosecutors are reportedly investigating General Motors (GM, Fortune 500) over its handling of ignition switch problems that have been linked to 13 deaths. The stock was little changed Wednesday morning after plunging 5% Tuesday.

Despite the safety concerns, many traders on StockTwits are still bullish about GM stock.

"Legal worries overblown, strong fundamentals and a cheap stock. Buying more on the dip, long $GM," posted Mully99.

But others said the market is underestimating the potential risk for GM.

"$GM Almost green on the news of criminal investigation ... Makes perfect sense. Sheesh," wrote BullHorns.

Tesla (TSLA) shares bounced back after tumbling Tuesday on news that New Jersey will force the electric car maker to sell through franchise dealerships, rather than direct to consumers.

Plug Power (PLUG) rebounded after plummeting Tuesday. Rival fuel cell stocks Ballard Power Systems (BLDP) and FuelCell Energy (FCEL) were also higher in a volatile day of trading. The companies are considered highly speculative and have enjoyed a massive run as of late.

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4:20 pm: [BRIEFING.COM] The major averages ended the Wednesday session on a mixed note. The Nasdaq (+0.4%) and Russell 2000 (+0.3%) posted modest gains while the Dow Jones Industrial Average (-0.1%) finished in the red. For its part, the S&P 500 (+0.03%) settled just above its flat line.

Stocks began the day in the red, but spent the first two hours of action in a steady climb off their lows. The cautious start took place amid broad-based weakness across major European markets where Germany's DAX, Great Britain's FTSE, and France's CAC all posted losses close to 1.0% apiece.

In addition to the weakness in Europe, losses among major Asian indices also weighed on the early sentiment. On that note, markets in Japan, South Korea, and Hong Kong fell 2.6%, 1.7%, and 1.7%, respectively, while China's Shanghai Composite (-0.2%) outperformed.

Even though China was an area of relative strength, jitters regarding the health of the country's financial system remained palpable. Copper futures continued yesterday's tumble overnight, but were able to regain those losses in the morning. The red metal added one cent, ending at $2.961/lb.

Although copper did not send the same warning signal as yesterday, gold futures and Treasuries reflected a measure of caution. Gold jumped 1.8% to $1370.60/ozt while Treasuries climbed steadily, ending on their highs. Bolstered by a solid 10-yr reopening, the benchmark note added 14 ticks, sending its yield lower by five basis points to 2.72%. The retreat in Treasury yields, gave a boost to the rate-sensitive utilities sector (+1.3%), which was the top performer among the 10 sectors.

Six of ten groups ended in the red while technology (+0.2%), energy (+0.04%), and consumer staples (+0.1%) fared a bit better than the broader market.

Technology drew strength from chipmakers (PHLX Semiconductor Index +0.9%) while the energy sector was underpinned by Chevron (CVX 115.65, +1.14). The stock rallied 1.0% after being added to the US Focus List at Credit Suisse. The staples sector benefitted from gains among food producers.

While the broader market did not move much during afternoon action, the same could not be said for shares of Herbalife (HLF 60.57, -4.82), which fell 7.4% after the company received a Civil Investigative Demand from the Federal Trade Commission. Herbalife responded to the notice, saying they welcome the inquiry due to 'tremendous amount of misinformation in the marketplace.'

Also of note, the daylong underperformance of three influential sectors-consumer discretionary (-0.1%), financials (-0.1%), and industrials (-0.2%)-kept the S&P 500 from pulling away from its flat line. Notably, the discretionary sector was pressured by apparel retailers after Express (EXPR 16.05, -2.19) missed on earnings and lowered its guidance well below analyst estimates. The stock plunged 12.0%.

Participation was on the light side with 646 million shares changing hands at the NYSE floor.

Another item of note that remained on the backburner, but has the potential to make a quick return to the forefront is the situation in Crimea.

This morning, Polish Prime Minister Donald Tusk and German Chancellor Angela Merkel held a joint press conference, announcing the European Union will sign parts of an association deal with Ukraine next week. In addition, Chancellor Merkel said the EU is set to impose additional sanctions on Moscow after Russian officials chose not to take part in a diplomatic contact group. This comes ahead of Sunday's referendum on Crimea joining the Russian Federation. With the referendum nearing, U.S. Secretary of State John Kerry will be in London tomorrow in hopes of meeting with Russian Foreign Minister Sergei Lavrov.

As the session drew to its close, President Obama, who met with Ukraine's acting Prime Minister Arseniy Yatseniuk in Washington, said 'We will stand with Ukraine and consider Russian incursion into Crimea against the law'

Economic data was limited to the weekly MBA Mortgage Index, which fell 2.1% to follow last week's increase of 9.4%.

Tomorrow, weekly initial claims, February retail sales, and February import/export prices will be released at 8:30 ET while January business inventories will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the February Treasury budget, which was originally scheduled for today.
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Nasdaq Composite +3.5% YTD
Russell 2000 +2.7% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average -1.4% YTD

3:30 pm: [BRIEFING.COM]

Precious metals traded higher today as a weaker dollar index boosted prices.
Apr gold rose for a third consecutive session and climbed as high as $1371.30 per ounce in late afternoon pit trade. It settled at $1370.60 per ounce, booking a gain of 1.8%.
May silver came off its session low of $20.95 per ounce set moments after floor trade opened. It touched a session high of $21.43 per ounce and settled with a 2.6% gain at $21.36 per ounce.
Apr crude oil fell for a third consecutive session following weaker-than-anticipated inventory data. The EIA reported that for the week ending Mar 7, crude oil inventories had a build of 6.18 mln barrels when a smaller build of 2.0-2.2 mln barrels was expected. In addition, the government announced plans to sell 5 mln barrels of sour crude from the SPR to test system capabilities. The energy component dipped to a session low of $97.55 per barrel and settled at $97.99 per barrel, or 2.0% lower.
Apr natural gas extended yesterday's losses as it pulled back from its session high of $4.59 per MMBtu set at pit trade open. It fell as low as $4.45 per MMBtu and settled with a 2.4% loss at $4.49 per MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the session.

Sector standing hasn't changed much as technology (+0.1%) and utilities (+1.0%) continue holding gains while the remaining eight groups display losses between 0.1% (materials) and 0.4% (industrials).

Although the broader market hasn't moved much during the afternoon, shares of Herbalife (HLF 61.31, -4.08) slumped after the company received a Civil Investigative Demand from the Federal Trade Commission. Herbalife responded to the notice, saying they welcome the inquiry due to 'tremendous amount of misinformation in the marketplace.' Currently, the stock trades lower by 6.2%.

2:25 pm: [BRIEFING.COM] The S&P 500 (-0.1%) continues trading just below its flat line.

So far this week, participants have not received any market-moving data points, but tomorrow's retail sales report for February could potentially elicit a reaction from the market. The Briefing.com consensus expects the reading to indicate growth of 0.2% after last month's 0.4% decline.

Outside of retail sales, participants will also receive weekly initial claims (consensus 329K), export and import prices for February, and the Business Inventories report for January (consensus +0.3%).

The day's data will be topped off with the Treasury Budget for February (expected deficit of $195 billion), which was originally on today's schedule.

2:00 pm: [BRIEFING.COM] Equity indices continue holding their recent levels with the S&P 500 (-0.1%) trading within three points of its flat line, which has been the case for the past three hours. The benchmark index holds a week-to-date loss of 0.7%, but remains higher by 0.3% so far in March.

This puts the index behind the Russell 2000, which is up 0.5% this week, but ahead of the Dow (unch) and the Nasdaq (+0.1%).

With regard to individual sectors, the industrial space has had the worst showing so far this week, down 1.6% while the utilities sector is higher by 0.3%.

Also of note, the U.S. Treasury Budget for February, which was originally due at this time, has been moved to tomorrow.

1:30 pm: [BRIEFING.COM] Compared to the performance of most European and Asian markets on Wednesday, the US stock market certainly qualifies as a pocket of relative strength.

Following some knee-jerk selling at the open in response to the weakness abroad, the major averages bounced back on some familiar buy-the-dip action. At this juncture, the S&P 500 is down just 0.2%. Ideally, one would like to see gains, not losses, but when pitted against the likes of Japan (-2.6%), South Korea (-1.7%), Hong Kong (-1.7%), Germany (-1.3%), France (-1.0%), and England (-1.0%), the US isn't looking all that bad.

Still, it is fair to say that the buy-the-dip crowd has been more guarded than usual (hence, the choppy trading activity) as market participants have a clear risk factor on the near-term horizon with the Crimea referendum on Sunday.

The Treasury market looks to be saddling up somewhat for that risk. The 10-yr note is riding high, up 13 ticks today and lowering its yield to 2.72% from yesterday's cash settlement of 2.76%. Gold ($1369.60, +$22.70/oz.), often viewed as a safe-haven option in times of distress, is up 1.7% today and trading at a six-month high.

1:00 pm: [BRIEFING.COM] At midday, the major averages trade in mixed fashion. The Nasdaq (+0.1%) hovers just above its flat line while the Dow Jones Industrial Average (-0.2%) and S&P 500 (-0.1%) display modest losses after making a brief appearance in positive territory.

Equity indices began the day on the defensive, but were quick to notch their lows before turning around and heading back to their flat lines. The early weakness took place amid cautious action in Europe where the major markets posted losses in the neighborhood of 1.0%. Overall, the defensive posture was attributed to continued concerns regarding the health of the Chinese financial system and potential spillover effects.

Copper futures, which were in focus yesterday when the red metal dropped to levels last seen in 2010, saw overnight weakness, but reclaimed their losses this morning. Currently, the base metal trades higher by 0.3% at $2.962/lb.

Elsewhere among commodities, crude oil holds a loss of 2.3% at $97.77/bbl while gold futures trade higher by 1.7% at $1369.00/ozt. The safe-haven demand is being reflected in the Treasury market where the 10-yr note trades near its high with its yield down three basis points at 2.74%.

At this juncture, eight sectors remain in negative territory while technology (+0.1%) and utilities (+0.7%) outperform. The relative strength of tech shares has factored into the outperformance of the Nasdaq while the strength of utilities is consistent with the overall defensive posture. Similarly, consumer staples (-0.1%) and health care (-0.1%) trade just ahead of the broader market while telecom services (-0.3%) lag.

On the cyclical side, consumer discretionary (-0.4%), financials (-0.3%), and industrials (-0.4%) are among the laggards while energy (-0.1%) and materials (-0.1%) display relative strength.

Notably, the discretionary sector is being pressured by apparel retailers after Express (EXPR 16.37, -1.87) reported disappointing earnings and issued dismal guidance. The stock trades lower by 10.6% while the broader SPDR S&P Retail ETF (XRT 86.39, -0.23) holds a loss of 0.3%.

Another item of note that is currently on the backburner but has the potential to make a quick return to the forefront is the situation in Crimea.

Earlier, Polish Prime Minister Donald Tusk and German Chancellor Angela Merkel held a joint press conference, announcing the European Union will sign parts of an association deal with Ukraine next week. In addition, Chancellor Merkel said the EU is set to impose additional sanctions on Moscow after Russian officials chose not to take part in a diplomatic contact group. This comes ahead of Sunday's referendum on Crimea joining the Russian Federation. With the referendum nearing, U.S. Secretary of State John Kerry will be in London tomorrow in hopes of meeting with Russian Foreign Minister Sergei Lavrov.

This morning's economic data was limited to the weekly MBA Mortgage Index, which fell 2.1% to follow last week's increase of 9.4%.

12:30 pm: [BRIEFING.COM] Not much change has taken place since our recent update as the major averages remain near their flat lines. The Nasdaq (+0.1%) sits above its unchanged level while the Dow Jones Industrial Average (-0.2%) and S&P 500 (-0.2%) remain in the red.

Within the price-weighted Dow, 17 index members trade in the red while 13 display gains. Of the 17 decliners, three-Boeing (BA 124.40, -1.27), Home Depot (HD 80.50, -0.79), and Verizon (VZ 226.83, -0.35)-hold losses close to 1.0% apiece. On the upside, Chevron (CVX 115.75, +1.24) is the lone component trading higher by 1.0%. The energy sector (-0.2%), meanwhile, has returned into the red after showing a modest gain in earlier action.

12:00 pm: [BRIEFING.COM] Equity indices continue trading near their flat lines with the Nasdaq (+0.1%) maintaining its lead. The S&P 500, meanwhile, sits three points below its unchanged level after making a brief appearance in positive territory.

Although the S&P 500 has reclaimed the bulk of its losses, eight sectors continue trading in the red while technology (+0.1%)and utilities (+0.6%) sport gains.

On the downside, the consumer discretionary sector (-0.5%) displays the largest loss amid broad weakness among retailers after Express (EXPR 16.29, -1.95) missed on earnings and issued disappointing guidance. Express has plunged 10.9% while the broader SPDR S&P Retail ETF (XRT 86.35, -0.27) trades lower by 0.3%.

11:25 am: [BRIEFING.COM] The major averages have continued their rebound with the Nasdaq (+0.2%) climbing into the green thanks to the relative strength of the technology sector (+0.2%).

Chipmakers have fueled a good portion of the rebound while top-weighted tech components remain somewhat mixed. Intel (INTC 24.83, +0.10) is higher by 0.4% while the broader PHLX Semiconductor Index trades up 0.5%.

Technology notwithstanding, the energy sector (+0.2%) has also contributed to the rebound. Top sector components Chevron (CVX 116.11, +1.60) and ExxonMobil (XOM 94.25, +0.24) hold respective gains of 1.4% and 0.3% with Chevron's strength coming after the stock was added to the US Focus List at Credit Suisse. Crude oil, meanwhile, has widened its loss to 1.7% and now trades at $98.37 per barrel.

11:00 am: [BRIEFING.COM] Equity indices have trimmed their opening losses, but they remain in negative territory. The Nasdaq has narrowed its decline to 0.1% while the S&P 500 holds a loss of 0.2% with nine sectors remaining in the red.

The three largest groups-technology (-0.1%), financials (-0.3%), and health care (-0.1%)-deserve close attention considering they account for more than 45.0% of the entire market. So far, technology and health care have contributed to the rebound while the financial sector has been a bit more reluctant in its recovery off lows.

Also of note, the energy sector has returned to its flat line even as crude oil remains in the red (-1.2% at $98.81/bbl). The other commodity-linked sector, materials (-0.1%), follows not far behind.

10:35 am: [BRIEFING.COM]

Energy markets are weak this morning and crude oil was in the red ahead of the inventory data
Following the weekly EIA inventory data, crude oil fell slightly and is now -1.4% at $98.62/barrel
Precious metals are showing nice gains this morning with Apr gold +1.4% at $1364.90/oz, May silver is +1.3% at $21.09/oz
Natural gas prices sold off this morning to a new session low of $4.48/MMBtu and is now -2.1% at $4.51/MMBtu
May copper futures are -0.1% at $2.95/lb

10:00 am: [BRIEFING.COM] The major averages remain near their early lows with the Nasdaq (-0.6%) seeing the largest decline.

The index lags amid weakness in technology (-0.6%) and biotech. The iShares Nasdaq Biotechnology ETF (IBB 257.50, -1.43) trades lower by 0.5%. Similar to the biotech ETF, the health care sector holds a loss of 0.5%.

With stocks on the defensive, traditional safe-haven assets remain in demand. Gold futures trade up 1.5% at $1366.60/ozt while Treasuries sit just under their best levels of the session. The 10-yr yield is lower by four basis points at 2.73%.

9:45 am: [BRIEFING.COM] As expected, the major averages began the trading day on the defensive with the S&P 500 trading lower by 0.6%.

Nine of ten sectors hover in the red while the utilities (+0.1%) space holds a modest gain. Elsewhere among countercyclical sectors, health care (-0.6%) lags while consumer staples (-0.2%) and telecom services (-0.1%) outperform.

Over on the cyclical side, the materials sector (-0.4%) trades ahead of the broader market while the remaining five groups lag. Most notably, the two largest S&P 500 sectors-financials (-0.7%) and technology (-0.6%) trail the broader market.

The early weakness has contributed to a search for volatility protection as indicated by a 4.7% increase in the CBOE Volatility Index (VIX 15.49, +0.69).

Treasuries hover at their best levels of the session with the 10-yr yield down four basis points at 2.73%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -15.50. The stock market is on track for a lower open as the S&P 500 futures trade 7.5 points below fair value with 15 minutes to go before the opening bell. Futures spent the bulk of the overnight session in the red with the exception of a short-lived appearance in positive territory, which took place as the European session was getting started. Speaking of Europe, major indices there sit near their lows with losses in excess of 1.0% while Italy's MIB (-0.2%) continues showing relative strength. Strikingly, the index remains just below its highest level of the year while Germany's DAX is down roughly 5.6% from its January high.

Copper futures were in focus yesterday as the red metal continued its recent weakness, tumbling to levels not seen since mid-2010. Overnight, the widely-used industrial input saw additional weakness, but has recovered off its lows. Copper futures currently hold a slim gain of 0.1% at $2.954/lb. Given copper's status as a bellwether of global economic health, participants are likely to keep one eye on the metal over the coming days.

Elsewhere among commodities, crude oil is lower by 1.8% at $98.29/bbl while gold futures (+1.4% at $1365.20/ozt) hover near their high.

Treasuries display modest gains with the benchmark 10-yr yield down two basis points at 2.75%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -18.30. The S&P 500 futures have recently notched fresh lows, and now trade nine points below fair value.

Markets across Asia ended mostly lower amid ongoing concerns over the health of the Chinese economy. Elsewhere, the Bank of Thailand cut its key rate 25 basis points to 2.00%, as expected. In economic data, Japan's BSI Manufacturing Index (12.5 versus 11.3 expected) and Tertiary Industry Activity (0.9% month-over-month versus 0.7% expected) outpaced estimates while Household Confidence (38.3 versus 40.3 expected) missed. Also of note, Australia's Westpac Consumer Sentiment (-0.7%) and home loans (0.0% month-over-month versus 0.8% expected) fell short of estimates while South Korea's unemployment rate jumped to 3.9% (3.2% previous).

Japan's Nikkei lost 2.6%, closing at a one-week low as the strong yen weighed. Exporters saw notable losses as Toyota fell 2.0% and Panasonic lost 2.2%.
Hong Kong's Hang Seng fell 1.7% to a one-month low. Belle International led the decline, tumbling 9.4%, after announcing its first-ever decline in same store sales as a publicly traded entity.
China's Shanghai Composite shed 0.2% as trade dipped back below the 2000 mark. Energy shares were a drag as Sinopec and PetroChina gave up 4.8% and 2.2%, respectively.

Major European indices hover near their lows while Italy's MIB (-0.2%) outperforms. Economic data was relatively scarce. Eurozone Industrial Production slipped 0.2% month-over-month (0.5% expected, -0.4% prior) while the year-over-year reading increased 2.1% (1.9% consensus, 1.2% last). Spain's CPI was unchanged on a monthly and annualized basis. Both readings were expected to come in at -0.1%. Also of note, French Non-Farm Payrolls ticked up 0.1%, as expected (0.1% last).

In France, the CAC is lower by 1.5% with exporter Renault leading the retreat. The stock trades lower by 3.0%. Financials also lag with BNP Paribas, Credit Agricole, and Societe Generale down between 1.5% and 1.9%. Industrial equipment manufacture Alstom is the lone advancer, trading higher by 2.3%.
Germany's DAX holds a loss of 1.4%. Similar to France, carmakers and financials lag. BMW, Daimler, Commerzbank, and Deutsche Bank are all down between 1.7% and 2.3%. Defensive names outperform with E.On and Deutsche Telekon both up 0.5%.
Great Britain's FTSE trades down 1.1%. Consumer names G4S and British American Tobacco hold respective losses of 6.9% and 3.3% while insurer Prudential outperforms with a gain of 2.6% after beating on earnings and hiking its dividend.
Italy's MIB outperforms with a loss of 0.2% as it hovers just below its 2014 high. Financials lead with Banca di Milano Scarl, BMPS, and Unicredit up 6.6%, 5.0%, and 0.9%, respectively.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -12.80. The S&P 500 futures trade nearly seven points below fair value, putting the benchmark index on track for a lower start to the session after losing 0.5% yesterday. The cautious sentiment carried over into the Asian session where the Nikkei lost 2.6% while the dollar/yen pair slid below the 102.80 area. Also of note, copper extended its recent decline, but despite the early weakness, the red metal has climbed off its lows and now trades down 0.1% at $2.949 after notching a low just under $2.91 about three hours ago.

Given its importance to global industry and the extent of the recent decline, copper is likely to remain in focus. However, it should be noted that copper financing deals are popular in China and rumors of expected defaults in the sector have also put pressure on the metal.

Treasuries hold modest gains with the 10-yr yield down two basis points just below 2.75%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -10.80. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade five points below fair value. Also of note, copper futures have extended their recent weakness and now trade lower by 0.6% at $2.933/lb.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.2%, Hong Kong's Hang Seng -1.8%, and Japan's Nikkei -2.6%.
Participants received several economic data points:
Japan's CGPI rose 1.8% year-over-year (2.1% expected, 2.4% prior). Separately, BSI Large Manufacturing Conditions rose to 12.5 from 9.7 (11.3 expected) while the Tertiary Industry Activity Index increased 0.9% (0.7% consensus, -0.5% prior). Also of note, Household Confidence fell to 38.3 from 40.5 (40.3 expected).
South Korea's unemployment rate jumped to 3.9% from 3.2% (3.2% expected).
Australia's Westpac Consumer Sentiment came in at -0.7% (-3.0% prior) and Home Loans were unchanged month-over-month (-0.5% expected, -3.3% last).
In news:
The Japanese yen strengthened amid comments from Bank of Japan Governor Haruhiko Kuroda, who indicated the central bank may refrain from expanding its monetary stimulus for longer than expected by many participants. Currently, the dollar/yen pair trades in the 102.70 area after hovering around 103.00 during the Tokyo session.
Major European indices hover near their lows. Great Britain's FTSE -0.9%, Germany's DAX -1.2%, and France's CAC -1.4%. Elsewhere, Italy's MIB -0.3% and Spain's IBEX -1.1%.
Economic data was limited:
Eurozone Industrial Production slipped 0.2% month-over-month (0.5% expected, -0.4% prior) while the year-over-year reading increased 2.1% (1.9% consensus, 1.2% last).
Spain's CPI was unchanged on a monthly and annualized basis. Both readings were expected to come in at -0.1%.
French Non-Farm Payrolls ticked up 0.1%, as expected (0.1% last).
Among news of note:
Despite the broad weakness exhibited by most global equity indices, Italy's MIB is holding up relatively well as it hovers just below its 2014 high. Financials are showing strength with Unicredit and BMPS up 1.0% and 3.9%, respectively.

In U.S. corporate news:

Express (EXPR 14.76, -3.48): -19.1% after the company missed its Capital IQ earnings estimate by two cents and issued dismal guidance.
VeriFone (PAY 32.21, +2.96): +10.1% after beating on earnings and revenue.

The weekly MBA Mortgage Index fell 2.1% to follow last week's increase of 9.4%. The Treasury Budget for February will be reported at 14:00 ET.

6:45 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +15.00.

6:45 am: [BRIEFING.COM] Nikkei...14830.39...-393.70...-2.60%. Hang Seng...21901.95...-367.70...-1.70%.

6:45 am: [BRIEFING.COM] FTSE...6624.86...-61.30...-0.90%. DAX...9196.33...-119.60...-1.20%.

Yen Holds Gain on China; Aussie Up on Biggest Job Jump Since ’91

By Candice Zachariahs and Kristine Aquino Mar 12, 2014 11:57 PM ET

The yen held a three-day gain versus the dollar before reports in the U.S. and China that come amid concern the world’s largest economies are slowing.

The kiwi dollar climbed to a record against the currencies of its trading partners as New Zealand became the first developed economy to raise interest rates since 2011. Australia’s dollar surged and bonds dropped as employers added the most full-time jobs since 1991. The worst week for commodities since the start of the year boosted demand for Japan’s and Switzerland’s haven assets.

“It seems that the yen is one beneficiary of a more nervous world,” said Sean Callow, a Sydney-based currency strategist at Westpac Banking Corp. “We have retail sales in the U.S. and it’s hard to be optimistic there, given that consensus has consistently underestimated the impact of severe weather. Closer to home for dollar-yen there’s still a sense of unease over the China story.”

The yen was little changed at 102.79 per dollar at 12:53 p.m. Tokyo time after appreciating 0.5 percent over the past three days. Japan’s currency traded unchanged at 142.86 per euro, up 0.3 percent this week. Europe’s shared currency was also unchanged at $1.3903, after climbing to $1.3915 on March 7, the highest since October 2011.

The franc, like the yen a traditional haven currency, was at 87.46 centimes to the greenback after advancing 0.5 percent to 87.40 yesterday and touching 87.35, the strongest since October 2011.
Low Volatility

Deutsche Bank AG’s Currency Volatility Index, based on three-month implied volatility on nine major currency pairs, was at 7.14 percent, set for its lowest close since December 2012. Standard & Poor’s GSCI spot index of raw materials has dropped 1.8 percent this week, poised for its biggest five-day loss since Jan. 3.

Reports today are forecast to show Chinese retail sales grew at a 13.5 percent annual pace, while gains in industrial production slowed to a 9.5 percent rate, according to the median estimates in Bloomberg News surveys.

Retail spending in the U.S. probably rose 0.2 percent in February from the previous month, when it declined, data due today is predicted to show, according to a separate poll. The Labor Department is forecast to report that initial jobless claims climbed 7,000 to 330,000 in the week to March 8.
Rebound Worry

A rebound in retail sales may give foreign-exchange investors “another risk to worry about, the risk that the U.S. economic pick-up raises fears of a backing up of U.S. rates,” Steven Englander, the New York-based global head of Group-of-10 currency strategy at Citigroup Inc., wrote in an e-mailed note to clients today.

Treasuries due in a decade are set for a weekly gain as investor demand for the relative safety of U.S. government debt pushed down yields. Treasury 10-year notes yielded 2.74 percent after touching a six-week high of 2.82 percent on March 7.

The U.S. dollar has weakened 0.9 percent this year, according to Bloomberg Correlation Weighted Indexes, which track 10 developed-nation currencies. The yen has risen 1.8 percent while the euro is up 0.4 percent.

The kiwi held gains against all 16 major peers this year as Reserve Bank Governor Graeme Wheeler indicated he will tighten policy further in coming months to damp inflation pressures after today raising the cash rate to 2.75 percent, from 2.50 percent.
Continued Hikes

“Strength in the currency will not impede the hiking process, which does allow the New Zealand dollar to remain strong over the coming month,” said Sam Tuck, a senior foreign-exchange manager at ANZ Bank New Zealand Ltd. in Auckland. “They are linking the exchange rate to the terms-of-trade boost. This implies that, from the RBNZ perspective, the currency is strengthening for valid reasons.”

The RBNZ’s trade-weighted index for the kiwi rose as high as 80.10, the strongest for data going back to 1985 when the currency was floated. The kiwi jumped 0.4 percent to 85.57 U.S. cents after reaching 85.66, the most since May 1, and climbed as much as 0.5 percent to a six-year high of 88.04 yen.

Australia’s dollar surged 0.8 percent to 90.63 U.S. cents after the statistics bureau said employers added 47,300 positions last month, surpassing the 15,000 gain forecast in a Bloomberg survey. Full-time employment increased by the most in more than 22 years. The jobless rate held at a decade-high 6 percent.

To contact the reporters on this story: Candice Zachariahs in Sydney at czachariahs2@bloomberg.net; Kristine Aquino in Singapore at kaquino1@bloomberg.net

To contact the editors responsible for this story: Garfield Reynolds at greynolds1@bloomberg.net Jonathan Annells, Naoto Hosoda

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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