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 Post subject: March 14th Friday Trade Results - Profit $2520.00
PostPosted: Fri Mar 14, 2014 5:44 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ $1,770.00 dollars or +17.70 points, Emini ES ($ES_F) futures @ $750.00 dollars or +15.00 points, Light Crude Oil CL ($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 @ $2,520.00 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=1745

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.

It's 'Nap Season' For Wall Street

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

NEW YORK (CNNMoney)
Stocks closed lower on Friday due to more worries about the political climate in the Ukraine.

The Dow, the S&P 500 and the Nasdaq were all down about 2% this week. Most of the losses came on Thursday.

It seems that a sense of unease is returning to Wall Street lately. The VIX (VIX), a key gauge of volatility, was up 9% Friday and has surged 25% this week. And CNNMoney's Fear and Greed Index, which looks at the VIX and six other indicators of market sentiment, has plunged into Fear mode. It was showing signs of Extreme Greed just a week ago.

Investors are bracing for Sunday's referendum in Crimea, where voters will decide whether to break away from Ukraine and join Russia.

Ukraine and the West have described the vote as illegal. They have accused Russia of violating Ukraine's sovereignty and are threatening sanctions.

Russia's benchmark index had its biggest weekly drop in two years, down more than 7%. For the year the index is down more than 17%.

The ruble weakened further against the dollar. Russian markets have been hit hard by fears that the crisis will deter foreign investment and wipe out growth this year.

* Video - Down. Up. Down. Market induces nausea

The Nikkei in Japan dropped more than 6% this week. Recent poor export figures from China have sparked worries about the pace of growth in the world's second biggest economy and has sent some investors to seek safety in Japan's yen.

Keith Springer of Springer Financial Advisors said that while developments in Ukraine are certainly important there was little else for traders to focus on today. With little in the way of major earnings or economic reports, he said it is "nap season" for investors.

Springer added that investors are, "hanging on headlines, and headlines are never good."

In corporate news, shares of Aeropostale (ARO) plunged after the retailer reported a bigger-than-expected loss and drop in revenue for the most recent quarter. It plans to close 52 stores this year.

General Mills (GIS, Fortune 500) shares were also lower. The maker of Cheerios and Yoplait yogurt warned that third quarter profits would be below Wall Street forecasts.

Keurig Green Mountain (GMCR) surged after the company amended a deal with Starbucks (SBUX, Fortune 500) to expand the variety of Starbucks single-serve offerings. The K-cup originator also announced a deal with Peet's Coffee & Tea. The stock has been red hot this year, surging 50% thanks largely to optimism about a new partnership with Coca-Cola (KO, Fortune 500). Coke also is taking a stake in Keurig.

On StockTwits, trader sogenerous told investors shorting the stock to get out of the way: "$GMCR deals with Starbucks, Peets Coffee, Coke now, 2 monster earnings beats. $1B investment from $KO. What is short thesis?"

Shares of Liberty Media (LMCA) climbed after the company said that it was no longer making an offer for all of Sirius XM (SIRI). Liberty currently own 53% of the satellite radio provider.

And shares of Castlight Health (CSLT) soared in their market debut. The healthcare software company priced its initial public offering at $16 and surged nearly 150%.

One trader was cautious on the stock. "$CSLT I bet there will be some serious flipping from people that got allocated shares. Too much unknown over the next 30 days to hold." wrote creativeflood.

But FoxW didn't sound worried and took a longer term view. "$CSLT You guys would have to know more about their future to know why this isn't insane, this will be huge. Their revenue growth will be huge."

Shares of Activision Blizzard (ATVI)are trading near an all-time high. The video game stock is among the top performers in CNNMoney's Tech 30 index this year. Video game retailer GameStop (GME, Fortune 500) was also sharply higher.

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4:25 pm: [BRIEFING.COM] The major averages ended the week on a lower note as participants continued reducing their risk exposure ahead of the weekend, which will feature a Sunday referendum in Crimea on potential annexation to Russia.

The stock market opened with modest losses, but made a quick recovery with help from most sectors; however, the S&P 500 (-0.3%) was unable to make a sustained move above the 1852 level, which marked the session high for the benchmark index.

After making an early jump to highs, the S&P 500 spent the next hour in a steady retreat towards its session lows as the three top weighted sectors-financials (-0.6%), technology (-0.7%), and health care (-0.5%)-refused to take part in the rally. The three groups remained among the laggards throughout the day, keeping the broader market from maintaining its gain after the major averages jumped back into the green in the late morning.

The return into positive territory occurred after comments from the press conference held by Russia's Foreign Minister Sergei Lavrov made the rounds. Specifically, Mr. Lavrov said Russia has no intentions of invading Eastern Ukraine. That remark gained the most traction, but Mr. Lavrov continued, saying U.S. and Russia remain at odds regarding Ukraine and that Russia does not need any international structure to mediate in Russia-Ukraine relations.

After the Russian Foreign Minister delivered his statement, U.S. Secretary of State John Kerry conducted a press conference of his own. Secretary Kerry said that despite prolonged discussions with his Russian counterpart, not much has changed and that the Sunday referendum remains on schedule.

Although stocks made their way back into the green after Mr. Lavrov's press conference, they spent the afternoon in a slow retreat as the largest sectors weighed. Interestingly, small caps outperformed with the Russell 2000 holding a modest gain throughout the session. The index ended higher by 0.4% while large caps were not as fortunate.

The technology sector (-0.7%) ended at the bottom of the leaderboard. The space was pressured by its largest members. Apple (AAPL 524.69, -5.96), Google (GOOG 1172.80, -16.26), and Qualcomm (QCOM 74.74, -0.89) lost between 1.1% and 1.3%.

Elsewhere, the financial sector (-0.6%) trimmed its month-to-date gain to 0.4%. Even though the sector maintained its gain for the month, it surrendered its year-to-date advance (-0.5%). Top sector components registered losses across the board with Bank of America (BAC 16.80, -0.36) leading the weakness with a 2.1% decline.

Even though stocks finished on their lows, Treasuries did not move much during afternoon action. The benchmark 10-yr yield ended little changed at 2.65% versus 2.72% registered last Friday.

While Treasuries did not signal additional safe-haven flows today, the foreign exchange market did. The Japanese yen continued its recent strength, sending the dollar/yen pair to the 101.30 area after starting the week around 103.30.

Volatility protection was in demand throughout the session, pushing the CBOE Volatility Index (VIX 17.77, +1.55) to levels last seen on February 6.

Similar to yesterday, trading volume was on the light side with only 628 million shares changing hands at the NYSE.

Producer prices declined 0.1% in February after increasing 0.2% in January while the Briefing.com consensus expected producer prices to increase 0.2%. The drop in producer prices was the result of a sharp drop in producer services costs. Final demand for goods rose 0.4% for a third consecutive month whereas final demand for services declined 0.3% in February. Excluding food and energy, overall core prices declined 0.2% in February after increasing 0.2% in January. The consensus expected these prices to increase 0.1%.

The University of Michigan Consumer Sentiment Index slipped to 79.9 in the March preliminary reading from 81.6 in February. The Briefing.com consensus expected the index to increase to 82.0. The Current Conditions Index increased to 96.1 from 95.4 in February. The Expectations Index fell to 69.4 in March from 72.7.

On Monday, the Empire Manufacturing Survey for March will be announced at 8:30 ET while the January Net Long-Term TIC Flows report will cross the wires at 9:00 ET. The Industrial Production and Capacity Utilization report for February will be released at 9:15 ET while the day's data will be topped off with the 10:00 ET release of the NAHB Housing Market Index for March.

Russell 2000 +1.9% YTD
Nasdaq Composite +1.7% YTD
S&P 500 -0.4% YTD
Dow Jones Industrial Average -3.1% YTD

Week in Review: Stocks Slump as Focus Turns Back to Ukraine

The major averages began the new trading week on a slightly lower note with small caps leading the weakness. The Russell 2000 shed 0.3% while the S&P 500 slipped less than a point with six sectors ending in the red. Equity indices started the day in negative territory with only the Nasdaq (-0.04%) making a very brief appearance in the green. After sliding through the first hour of action, the major averages reversed and spent the remainder of the session climbing off their lows with help from the three top-weighted sectors. Health care and financials gained 0.4% and 0.04%, respectively, while technology (-0.1%) ended just below its flat line. Also contributing to the rebound was the energy sector, which added 0.2% even as crude oil fell 1.4% to $101.07/bbl. The S&P 500 tried to regain its flat line, but came up just short as the weakness among consumer discretionary (-0.4%), industrials (-0.5%), and materials (-0.1%) sectors kept a lid on the attempted rally.

Stocks finished the Tuesday session near their lows with the Russell 2000 (-1.0%) leading the slide. The S&P 500 lost 0.5% with nine sectors ending in the red. The key indices started the day with modest gains and spent the first two hours of action in the neighborhood of their flat lines. Although the early trade lacked clear sector leadership, that was overlooked due to the opening strength among heavily-weighted sectors like health care (-0.3%), technology (-0.2%), and consumer staples (unch). The relative strength of the three groups kept the market afloat in the early going considering they account for nearly 42.0% of the entire S&P 500. However, another influential sector-financials (-0.7%)-was a bit more reluctant and never pulled away from its flat line. Fittingly, the group was among the first to show weakness when the broader market slipped into the red while the other sectors followed suit.

On Wednesday, the market finished the 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.

The stock market ended the Thursday session near the lows after renewed concerns surrounding the situation in Ukraine, combined with more warnings signs from China, contributed to participants reducing their risk exposure. The jitters related to China are tied up in economic and financial risk, whereas, the concerns over Ukraine are tied up in geopolitical risk that has the potential to become a global economic problem. The tech-heavy Nasdaq (-1.5%) led the retreat while the S&P 500 lost 1.2% with eight sectors ending in the red. As a result, the benchmark index settled below its 2013 closing high of 1848.36. Equity indices began the session with modest gains, but the early strength was short-lived as the S&P 500 notched its high within the first ten minutes of action, spending the remainder of the trading day in a steady slide. Although stocks opened higher, the dollar/yen pair flashed an early warning signal when it began dropping at the start of the New York Session. The currency pair hovered near 102.80, but slumped all the way to 101.60 by the time the closing bell rang.

3:35 pm: [BRIEFING.COM]

Energy, metals and ag commodities ended the day mostly higher today
Apr crude oil rallied above $99/barrel in today's session, but finished up $0.65 at $98.91/barrel
Apr natural gas rose 3 cents to $4.42/MMBtu
Apr gold and May silver sold off a little midday, but held some gains
Gold ended $7.10 at $1379.20/oz, May silver gained $0.24 to $21.41/oz
May copper rose 3 cents to $2.95/lb

3:00 pm: [BRIEFING.COM] The S&P 500 (-0.3%) has returned to its low with one hour remaining in the final session of the week. Given its current standing, the benchmark index is on track to end the week with a 2.0% loss. As a result of the decline, the index has also retuned into negative territory for the year (-0.4%).

Meanwhile, the Nasdaq (-0.3%) is on track to post a weekly decline of 2.1%, but remains up 1.7% so far in 2014.

The recent slip in the major averages has been reflected in the foreign exchange market where the dollar/yen pair has approached its session low. Currently, the pair hovers just under 101.30 with the session low at 101.22.

Elsewhere, the CBOE Volatility Index (VIX 17.71, +1.49) has marked a new high as we enter the final hour, suggesting participants continue showing demand for volatility protection ahead of the weekend.

2:30 pm: [BRIEFING.COM] The major averages remain near their flat lines as afternoon action has slowed down considerably. The S&P 500 has maintained a two-point range, and currently sits right below its flat line.

At this juncture, only 336 million shares have changed hands at the floor of the New York Stock Exchange, suggesting the final tally is likely to come in below the 200-day average of 715 million.

Even though the S&P 500 has maintained a narrow range during afternoon action, participants have shown increased demand for volatility protection. The CBOE Volatility Index (VIX 17.15, +0.93) is higher by 5.7% as it hovers just below its best level of the day.

2:00 pm: [BRIEFING.COM] The major averages have spent the better part of the past two hours near their flat lines. Currently, the S&P 500 finds itself right below its unchanged level with the top-weighted sector-technology (-0.4%)-showing the largest loss.

Fittingly, with the tech sector on the defensive, the tech-heavy Nasdaq trails the broader market by a small margin. Earlier this morning, biotechnology also weighed on the Nasdaq, but the biotech ETF has since reclaimed its losses and now trades flat. For its part, the health care sector (-0.3%), which includes a fair share of biotech companies, remains in the red.

Elsewhere, Treasuries remain near their flat lines with the 10-yr yield sitting at 2.65%.

1:25 pm: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 are little changed in what has been a choppy day of trading so far. The Russell 2000 and S&P Midcap 400 Index, however, are both up 0.5%. The relative strength could be a function of home bias given that the three major indices contain large companies with more significant multinational exposure.

Whatever the case may be, it is interesting that the stock market overall so far has not buckled under the weight of follow-through selling efforts following yesterday's big losses. On the contrary, the buy-the-dip inclination is still evident, viewed in an A/D line that favors advancing issues over declining issues at both the NYSE and the Nasdaq.

The underperformance of the financial (-0.3%) and technology (-0.3%) sectors is a key drag on the broader market, but clearly, the Russia-Ukraine situation has not generated any true fear-based selling. That was true, too, on Thursday considering that NYSE volume of 678 mln shares was below recent averages.

1:00 pm: [BRIEFING.COM] At midday, the major averages hold slim gains after enduring a choppy first half of the session. The S&P 500 (+0.1%) hovers just north of its flat line.

Stocks began the day in the red, but jumped out of negative territory as most sectors displayed strength out of the gate. One group that sat out the early advance was the health care sector (-0.1%) as biotechnology weighed.

Meanwhile, the other two top-weighed groups-financials (-0.3%) and technology (-0.3%)-took part in the early rally, but were quick to surrender those gains, which led the broader market back into the red.

Given the upcoming Sunday referendum on Crimea's annexation to Russia, the market was expected to remain sensitive to any headlines related to the situation. That sensitivity was on full display when equity indices jumped back into positive territory after Russia's Foreign Minister Sergei Lavrov said Russia has no intentions of invading Eastern Ukraine. Mr. Lavrov's comments, however, did not end there. He also said U.S. and Russia remain at odds regarding Ukraine and that Russia does not need any international structure to mediate in Russia-Ukraine relations. Judging by the market's reaction to the press conference, one could speculate that maybe the more negative-sounding portions got lost in translation.

Despite returning into the green, the major averages were pressured back near their flat lines as top-weighted sectors continued showing relative weakness.

Not long ago, U.S. Secretary of State John Kerry conducted a press conference of his own, saying that despite prolonged discussions with his Russian counterpart, not much has changed and that the Sunday referendum remains on schedule.

In all likelihood, market participants will remain on a lookout for headlines for the remainder of the session, which could lead to more choppy action.

Choppy has been the theme across most markets as the dollar yen pair slid to 101.20 ahead of the New York open before jumping to the 101.55 area. Currently the pair hovers near 101.40. The dollar/yen pair deserves close attention as the return of yen strength would signal an increase in risk-off sentiment.

Elsewhere, Treasuries display modest losses with the 10-yr yield up one basis point at 2.65%.

Volatility protection has been in demand as indicated by the CBOE Volatility Index (VIX 16.83, +0.61), which is higher by 3.9% after marking its session best (17.29%) around levels last seen on February 6.

Looking back at today's data:

Producer prices declined 0.1% in February after increasing 0.2% in January while the Briefing.com consensus expected producer prices to increase 0.2%. The drop in producer prices was the result of a sharp drop in producer services costs. Final demand for goods rose 0.4% for a third consecutive month whereas final demand for services declined 0.3% in February. Excluding food and energy, overall core prices declined 0.2% in February after increasing 0.2% in January. The consensus expected these prices to increase 0.1%.
The University of Michigan Consumer Sentiment Index slipped to 79.9 in the March preliminary reading from 81.6 in February. The Briefing.com consensus expected the index to increase to 82.0. The Current Conditions Index increased to 96.1 from 95.4 in February. The Expectations Index fell to 69.4 in March from 72.7.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.04%) continues hanging on to a slim gain as six sectors hover in the green. The discretionary (+0.3%) group is the top performer among cyclical sectors while financials (-0.3%) and technology (-0.2%) remain in the red.

With equity indices remaining sensitive to headlines, participants are showing demand for volatility protection. The CBOE Volatility Index (VIX 16.83, +0.61) is higher by 3.9% after marking its session best (17.29%) around levels last seen on February 6.

Elsewhere, the dollar/yen pair hovers around 101.40 after slipping from 101.50.

11:55 am: [BRIEFING.COM] The major averages have returned into the green amid comments from Russia's Foreign Minister, who recently concluded his meeting with U.S. Secretary of State John Kerry. However, it appears as though the market keyed in on just one part of the statement while ignoring the rest.

Specifically, Mr. Lavrov said that Russia has no intentions of invading Eastern Ukraine. The Foreign Minister continued, saying U.S. and Russia remain at odds regarding Ukraine and that Russia does not need any international structure to mediate in Russia-Ukraine relations.

In addition to equity indices, the dollar/yen currency pair jumped off lows near 101.20 before running into resistance in the 101.50 area, where it currently sits. Treasuries, meanwhile, slid back to their flat lines.

11:30 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) slip to a session low amid additional weakness among the three top-weighted sectors. Like the broader market, financials (-0.6%) and technology (-0.5%) are currently on their lows while the health care sector (-0.4%) has neared its worst level of the session.

Also of note, the dollar/yen pair has returned to its session low (101.22) after making a run at the 101.50 level. Given its standing as a safe haven, the yen should be watched for the remainder of the session for hints of potential changes in sentiment.

Elsewhere, Treasuries have returned into the green, pushing the benchmark yield down two basis points to 2.63%.

11:00 am: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 hover near their flat lines while the Russell 2000 (+0.3%) in the green.

After starting in the red, the three major indices jumped to highs, but have since returned below their flat lines. The early strength was assisted by the majority of sectors, but most groups have retreated from their highs. Most notably, technology (-0.4%), financials (-0.1%), and health care (-0.1%) are among the laggards. The trio deserves close attention considering it accounts for nearly half of the entire S&P 500.

Outside of health care, other countercyclical sectors continue showing relative strength with utilities (+0.7%) extending their recent outperformance. Including today's gain, the sector is higher by 2.4% this week.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, but technically lower as the S&P GSCI is in the red (down 0.3% at 639.20).
The energy sector is trading higher today. Crude oil spiked twice this morning, moving above $99/barrel, and no identifiable news
Apr crude is now +0.8% at $98.95/barrel, May nat gas is +0.6% at $4.41/MMBtu
Gold, silver and copper are trading higher, while palladium and platinum futures are lower
Apr gold is now +0.9% at $1385.10/oz, May silver is +2% at $21.63/oz, May copper is +0.9% at $2.95/lb
Iron ore futures have recovered modestly to almost $112/ton after collapsing to $106/ton over the weekend

10:00 am: [BRIEFING.COM] The S&P 500 has returned to its flat line while the Nasdaq (-0.2%) has surrendered its gain as biotechnology continues to weigh. In addition to biotech, the traditional technology sector (-0.2%) is also trading in the red at this time.

On the upside, consumer discretionary (+0.2%), materials (+0.4%), and utilities (+0.6%) continue showing relative strength.

Also of note, the preliminary reading of the Michigan Consumer Sentiment survey for March fell to 79.9 from the 81.6 that was reported in February. The Briefing.com consensus expected the index to improve to 82.0

9:45 am: [BRIEFING.COM] The major averages began the day with modest losses before climbing out of the red thanks to early strength among most sectors. Utilities (+0.4%), materials (+0.5%), and consumer discretionary (+0.4%) paced the early climb while the health care sector (-0.2%) lags amid weakness in biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 253.11, -1.69) is lower by 0.7%, which is also contributing to the early underperformance of the Nasdaq (+0.1%).

Treasuries have slipped from their highs, but remain in positive territory. The benchmark 10-yr yield is lower by one basis point at 2.64%.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +1.20. The stock market is on track to begin today's session on a flat note as futures on the S&P 500 less than a point below fair value. All things considered, U.S. equity futures have held up relatively well so far this morning despite broad losses overseas.

In Asia, the Nikkei led the regional decline with a 3.3% slide, exacerbated by the yen strength, which manifested itself during the New York session. The yen has continued its climb against all major currencies, pushing the dollar/yen pair below 101.50. Currently, the pair hovers near 101.30 after notching a low of 101.22. Considering the impact of the yen-based carry trade on risk assets, the currency pair deserves close attention during today's session.

Elsewhere, European indices trade broadly lower with Spain's IBEX (-1.8%) displaying the largest decline after being down as much as 2.3%. Interestingly, Germany's DAX was down near 1.0%, but has trimmed its loss to 0.5%. It is worth mentioning the index is lower by 6.2% so far this year.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.63%.

With the Crimean referendum on joining the Russian Federation scheduled for Sunday, participants are likely to remain sensitive to any and all headlines related to the situation. Earlier, the Estonian defense minister was quoted as saying Russia is preparing to invade eastern Ukraine. This followed yesterday's remarks from Ukraine's acting President Oleksandr Turchynov who voiced the same concern.

The preliminary reading of the Michigan Sentiment Survey for March will cross the wires at 9:55 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +5.00. The S&P 500 futures trade less than a point above fair value after climbing off their lows.

The major Asian bourses ended mostly lower. The latest Bank of Japan minutes showed the central bank believes growth and inflation remain on track with its targets and that the planned consumption tax due in April will not impede the progress that has been made. India's Wholesale Price Index eased to 4.68% year-over-year from 5.05%.

Japan's Nikkei tumbled 3.3% to a one-month low as the strong yen weighed. Exporters were hit hard as Sharp fell 3.8% and Sony gave up 4.2%.
Hong Kong's Hang Seng lost 1.0%, falling for the fifth time in six sessions. The index closed at its lowest level since early February. Tencent Holdings sank 4.1% after mobile payments were halted by the PBoC due to security concerns.
China's Shanghai Composite slipped 0.7%, ending near its lowest levels since late-July as trade managed to hold the 2000 level. Shares of Citic Bank tumbled 8.3% following the suspension of virtual card payments.

Major European indices trade lower across the board with Spain's IBEX (-1.9%) displaying the largest decline. Participants received several data points. Eurozone employment ticked up 0.1% quarter-over-quarter (0.0% expected, 0.0% prior) while the year-over-year reading decreased 0.5% (-0.8% last). Germany's CPI increased 0.5% month-over-month while the annualized reading pointed to 1.2% rise. Both figures met expectations. Great Britain's trade deficit widened to GBP9.79 billion from GBP7.66 billion (expected deficit of GBP8.60 billion). Separately, CB Leading Index rose 0.7% month-over-month (-0.1% last). Spain's trade deficit widened to EUR2.80 billion from EUR1.83 billion (EUR2.00 billion expected). Swiss PPI slipped 0.4% month-over-month (-0.1% expected, 0.0% last) while the year-over-year reading fell 0.8% (-0.5% consensus, -0.3% prior).

Among news of note, according to Germany's Bild, the European Union and United States plan to implement visa bans targeting Russian individuals with close ties to Vladimir Putin in the event the Crimean referendum on joining the Russian Federation proceeds as planned.

Great Britain's FTSE trades lower by 0.6% as financials weigh. Aberdeen Asset Management and Royal Bank of Scotland are both down near 2.2%. Consumer names outperform with J Sainsbury and IMI up 2.4% and 1.8%, respectively.
Germany's DAX holds a loss of 0.6% with exporters on the defensive. BMW is lower by 1.9% and Daimler trades down 1.5%. Countercyclical names display strength with Bayer and Fresenius SE up 1.1% and 2.0%, respectively.
In France, the CAC trades down 1.2%. Industrials Bouygues and Lafarge lead the retreat with losses close to 3.2% apiece. Steelmaker ArcelorMittal and beverage producer Pernod Ricard outperform with respective gains of 1.0% and 0.3%.
Italy's MIB is lower by 1.8%. Financials Mediobanca and UnipoSai hold respective losses of 3.3 and 4.3%.
Spain's IBEX holds a loss of 1.9%. Banco de Sabadell, Banco Popular, Bankia, and Bankinter are down between 3.8% and 4.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -2.80. The S&P 500 futures trade three points below fair value. Index futures fell to pre-market lows during the past 30 minutes following comments from Estonia's defense minister who said Russian President Vladimir Putin is readying to invade eastern Ukraine.

Just released, February producer prices slipped 0.1% while the Briefing.com consensus expected an uptick of 0.2%. Core producer prices fell 0.2% while the consensus expected an uptick of 0.1%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +4.00. U.S. equity futures display slim gains despite cautious action overseas. The S&P 500 futures trade one point above fair value.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.7%, Hong Kong's Hang Seng -1.0%, and Japan's Nikkei -3.3% with the stronger yen weighing on the index. The dollar/yen pair spent the Tokyo session near Thursday lows before slipping into the 101.50 area.
Economic data was limited:
Japan's Industrial Production increased 3.8% month-over-month (4.0% expected, 4.0% prior) while Capacity Utilization increased 5.9% month-over-month (2.2% last).
India's Wholesale Price Index came in at 4.68% (4.99% expected, 5.05% previous).
Singapore's unemployment rate held steady at 1.8% (2.0% expected) while retail sales increased 1.0% year-over-year (1.0% expected, -5.5% prior).
New Zealand's Business NZ PMI ticked down to 56.2 from 56.3.
In news:
The minutes from Bank of Japan's latest policy meeting were fairly neutral with most members agreeing the country's economic recovery remains on the appropriate path.

Major European indices have spent the first half of action in the red. Great Britain's FTSE -0.3%, Germany's DAX -0.6%, and France's CAC -0.9%. Elsewhere, Italy's MIB -1.3% and Spain's IBEX -1.6%.
Participants received several data points:
Eurozone employment ticked up 0.1% quarter-over-quarter (0.0% expected, 0.0% prior) while the year-over-year reading decreased 0.5% (-0.8% last).
Germany's CPI increased 0.5% month-over-month while the annualized reading pointed to 1.2% rise. Both figures met expectations.

Great Britain's trade deficit widened to GBP9.79 billion from GBP7.66 billion (expected deficit of GBP8.60 billion). Separately, CB Leading Index rose 0.7% month-over-month (-0.1% last).
Spain's trade deficit widened to EUR2.80 billion from EUR1.83 billion (EUR2.00 billion expected).
Swiss PPI slipped 0.4% month-over-month (-0.1% expected, 0.0% last) while the year-over-year reading fell 0.8% (-0.5% consensus, -0.3% prior).
Among news of note:
According to Germany's Bild, the European Union and United States plan to implement visa bans targeting Russian individuals with close ties to Vladimir Putin in the event the Crimean referendum on joining the Russian Federation proceeds as planned.

In U.S. corporate news:

Aeropostale (ARO 6.25, -1.05): -14.4% after missing on earnings and revenue. The company issued below-consensus guidance.
Ebix (EBIX 17.30, +1.02): +6.3% after beating earnings estimates on in-line revenue.
General Mills (GS 49.60, -1.41): -2.8% in reaction to lowered third-quarter earnings guidance.

February PPI will be released at 8:30 ET while the preliminary reading of the Michigan Sentiment Survey for March will cross the wires at 9:55 ET.

6:06 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.00.

6:06 am: [BRIEFING.COM] Nikkei...14327.66...-488.30...-3.30%. Hang Seng...21539.49...-216.60...-1.00%.

6:06 am: [BRIEFING.COM] FTSE...20470.63...-121.20...-0.60%. DAX...8985.62...-32.20...-0.40%.

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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