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 Post subject: March 20th Thursday Trade Results - Profit $350.00
PostPosted: Thu Mar 20, 2014 10:47 pm 
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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 @ $350.00 dollars or +3.50 points, Emini ES ($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 @ $350.00 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=1749

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.

Stocks Recover From Fed Freak Out

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

NEW YORK (CNNMoney)
On second thought, maybe she didn't mean six months? Investors jumped back into the stock market Thursday as they reconsidered what Federal Reserve chair Janet Yellen said Wednesday in her first official press conference.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended up for the day. The Dow had gained more than 100 points earlier, but closed below its highs.

Investors are digesting the outcome of the Federal Reserve's policy meeting Wednesday -- the first under the direction of chair Janet Yellen.

While the Fed's official statement was as expected, investors were caught off guard when Yellen suggested in a press conference that the central bank could begin hiking interest rates just six months after its bond buying program ends.

The comment, along with new projections from Fed officials on when a rate hike could occur, raised concerns that the Fed could begin raising rates in the middle of 2015.

But worries about interest rates eased Thursday as investors reconsidered Yellen's comments and bet that she will refine her message with time.

Yellen may have "communicated a policy outlook that appears more binding than we believe she intended," analysts at Credit Suisse wrote in a note to clients. "We wouldn't be surprised if she tries to convey a more flexible policy stance in her next public appearance."

Meanwhile, the U.S. dollar rallied against its main trading partners as investors focused on the more hawkish tone of the Fed's latest policy statement. The Chinese yuan hit a one-year low against the dollar.

European markets fell Thursday, while Asian markets closed with losses.

On the economic front, the U.S. government said initial claims for unemployment benefits rose last week. An index of manufacturing activity by the Federal Reserve Bank of Philadelphia bounced back in March. The National Association of Realtors said rising prices and cold weather weighed on sales of existing homes in February.

In corporate news, homebuilder Lennar (LEN) issued a strong report and said new orders in its latest quarter rose 10%. But the stock fell despite the strong results.

Shares of other residential construction companies were also lower, including KB Home (KBH), D.R. Horton (DHI) and Hovnanian (HOV). The group rallied on Wednesday though, following strong earnings from KB Home.

Bank stocks gained ahead of the release of the Fed's latest round of stress tests following the closing bell.

Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Wells Fargo (WFC, Fortune 500) and Morgan Stanley (MS, Fortune 500) all ended sharply higher. JPMorgan and Wells even hit all-time highs Thursday.

The stress test results showed that all but one of the 30 banks that the Fed reviewed have sufficient capital to withstand a crisis. The one "failure" was regional bank Zions. Shares of ZIons fell slightly in after-hours trading.

3D printer stocks fell after ExOne (XONE) reported a larger-than-expected loss and issued an outlook that disappointed investors. 3D Systems (DDD)and Voxeljet (VJET)were caught in the downdraft.

This sector has been extremely volatile lately and one StockTwits trader was not surprised to see ExOne taking a hit.

"$XONE Another 3D Printing stock being shot down 'I am shocked' said no one to nobody... I can't wait for $VJET earnings," said JFinDallas.

But others say the selling was overdone and presents a buying opportunity.

"$XONE seems to be the most hated stock right now. I like going against the grain. Think the worst has passed," said Tutti.

Shares of Chipotle Mexican Grill (CMG) rose to an all time high above $600 after analysts at Sterne Agee said the stock could hit $742 in the near future.

"Crazy to think $CMG could be $750+, but its possible - folks searching for the next $CMG... maybe $CMG is the next $CMG (forgot who said that)," wrote OMillionaires in a tweet.

Chipotle shares have surged 900% over the past five years as the burrito chain has enjoyed strong growth. But the stock has been heavily shorted by investors, such as hedge fund manager David Einhorn, who say it is overvalued.

"$CMG: brother can you spare a dime? went broke with my CMG short. Followed Einhorn to the poorhouse," said contrarianspeculator.

Shares of Guess (GES) fell after the apparel maker's revenue forecasts fell below analyst expectations.

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4:15 pm: [BRIEFING.COM] The major averages finished the Thursday session on an upbeat note with the Dow Jones Industrial Average (+0.7%) in the lead. Small caps underperformed with the Russell 2000 adding 0.1% while the S&P 500 settled higher by 0.6% with nine sectors posting gains.

Stocks began the day on the defensive amid cautious action overseas, but were quick to erase their early losses. The S&P 500 climbed out of the red during the first hour of action with most European indices following suit.

The early advance was powered by the heavily-weighted financial (+1.7%) and technology (+0.7%) sectors, both of which continued their outperformance into the close. Outside of the two, the telecom services sector (+2.5%) was the only other area of relative strength, but it bears noting the group accounts for just 3.0% of the entire S&P 500.

Financials began the trading day ahead of the remaining cyclical groups and never relinquished their standing. Major sector components posted solid gains with JPMorgan Chase (JPM 60.11, +1.81) and Morgan Stanley (MS 32.79, +0.98) ending in the lead. The significant strength of the sector reflected the expected benefit from higher rates and a presumption that stress test results would show that most banks meet the Fed's capital ratio standards. Accordingly, the results, which were released after the close indicated that 29 of 30 banks passed while Zions Bancorp (ZION 32.99, +1.02) failed.

For its part, the technology sector was powered by chipmakers. Intel (INTC 25.42, +0.41) jumped 1.6% while the broader PHLX Semiconductor Index surged 1.9%. Even though most large components outperformed, that was not the case with the largest sector member-Apple (AAPL 528.70, -2.56)-which lost 0.5%.

The underperformance of Apple weighed on the Nasdaq (+0.3%) as the index could not keep up with the broader market. Biotechnology also pressured the Nasdaq Composite as indicated by a 0.5% decline in the iShares Nasdaq Biotechnology ETF (IBB 258.25, -1.22).

Elsewhere, biotechnology also factored into the underperformance of the health care sector (-0.02%), which spent the day in negative territory. Outside of health care, industrials (+0.2%) and utilities (+0.1%) spent the bulk of the session in the red, but erased their losses ahead of the close.

The industrial sector underperformed amid weakness in transports. The Dow Jones Transportation Average shed 0.1% with FedEx (FDX 136.50, -1.88) trailing the remaining index components. The stock ended lower by 1.4% despite being upgraded to 'Market Outperform' at Avondale this morning. Interestingly, the logistics company reported disappointing earnings ahead of Wednesday's open, but the stock ended yesterday's session little changed.

Meanwhile, the utilities sector lagged as higher rates weighed. Elevated rates also took a bite out of homebuilders, sending the iShares Dow Jones US Home Construction ETF (ITB 24.57, -0.41) lower by 1.6%.

Treasuries spent the entire session in a narrow range with the benchmark 10-yr yield ending unchanged at 2.77%.

Also of note, President Obama announced additional sanctions on 16 Russian officials as well as individuals with close ties to Vladimir Putin while also targeting Bank Rossiya, which is believed to have close ties to the Kremlin. The president also signed an executive order that permits the use of sanctions against specific sectors of the Russian economy. In a swift response, Russia announced sanctions of their own against ten U.S. officials.

Economic data included weekly initial claims, February existing home sales, February Leading Indicators, and the March Philadelphia Fed Survey:
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The weekly initial claims level increased to 320,000 from an unrevised 315,000 while the Briefing.com consensus expected the claims level to increase to 330,000. Prior to the last couple weeks, the initial claims level-absent unexpected seasonal biases-was bounded between 330,000 and 340,000. The latest data show a slight downward move from that range, which could be the start of another stage in the improvement in labor market conditions.
Existing home sales fell to a seasonally adjusted annualized rate of 4.60 million in February from an unrevised 4.62 million in January. That was exactly what the Briefing.com consensus expected. For the second consecutive month, the National Association of Realtors blamed extreme winter weather conditions as a primary catalyst for the weakness in sales demand. While sales did drop in winter weather-related areas like the Northeast and Midwest, sales in the South and West still remain well below their December levels. Even if sales recover in the weather-affected areas, overall demand remains below the 5.1 million - 5.3 million that was seen last spring and summer.
The Leading Indicators report for February increased 0.5%. That followed a 0.1% increase in January, and was better than the 0.3% uptick expected by the Briefing.com consensus.
Manufacturing activity in the Philadelphia region ended a temporary contraction in March as the Philadelphia Fed's Business Outlook Survey increased to 9.0 from -6.3 in February. The Briefing.com consensus expected the index to increase to 2.0.

There is no economic data of note on tomorrow's schedule but it is worth mentioning that quadruple witching will be taking place.

Nasdaq Composite +3.4% YTD
Russell 2000 +3.3% YTD
S&P 500 +1.3% YTD
Dow Jones Industrial Average -1.5% YTD

3:30 pm: [BRIEFING.COM]

Precious metals were under pressure today as the dollar index traded higher in response to yesterday's mentions of sooner-than-expected rate increases from the new FOMC Chair, Janet Yellen. She said interested rates could rise in "probably six months" following completion of the stimulus program.
Apr gold fell for a fourth consecutive session, brushing a session low of $1320.80 per ounce in early morning pit trade. It eventually settled with a 0.8% loss at $1330.20 per ounce.
May silver slipped to a session low of $20.14 per ounce moments after floor trade opened. It inched slightly higher for the remainder of the session and settled at $20.43 per ounce, cutting losses to 1.9%.
May crude oil fell for the first time in three sessions as the dollar index traded higher. The energy component dipped to a session low of $98.09 per barrel after trading as high as $99.45 per barrel in morning action. It settled at $98.87 per barrel, or 0.3% lower.
Apr natural gas traded lower as inventory data showed a draw of 48 bcf when a draw of 53-59 bcf was anticipated. It pulled back from its session high of $4.44 per MMBtu and brushed a session low of $4.35 per MMBtu. Unable to gain momentum, it settled with a 2.7% loss at $4.37 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with one hour remaining in the session.

After today's closing bell, participants will receive the results of the bank stress test as well as a handful of quarterly reports. Nine companies appear on the earnings calendar with Nike (NKE 78.82, -0.33) headlining the list. The Capital IQ consensus expects the apparel manufacturer to report earnings of $0.72 (versus $0.73 last year) on $6.81 billion in revenue.

Only two companies appear on tomorrow's schedule with both falling under the consumer discretionary category. Darden Restaurants (DRI 49.46, +0.38) is expected to report earnings of $0.82 ($1.02 last year) on $2.25 billion in revenue while Tiffany & Co (TIF 90.86, -1.93) is expected to announce $1.52 in earnings ($1.40 last year) on revenue of $1.30 billion.

2:30 pm: [BRIEFING.COM] The S&P 500 hovers less than a point below its session high as the quiet afternoon continues.

So far this week, every session has produced below-average volume with Tuesday's affair seeing the second-lowest volume of the year (574 million). Today is not expected to be much different considering just over 350 million shares have changed hands at the NYSE with 90 minutes left in the trading day. Tomorrow's session, however, will see above-average volume due to quadruple witching, which means index futures, index options, stock options, and stock futures will expire.

Even though the major averages hover near their highs, market breadth is nearly balanced with just 1.03 advancing issues for every decliner at the NYSE.

2:00 pm: [BRIEFING.COM] Equity indices continue drifting near their best levels of the session with the Dow Jones Industrial Average (+0.7%) maintaining its lead. Interestingly, small caps are not sharing the same enthusiasm as the Russell 2000 sports a more modest gain of 0.2%.

Not much change has taken place among individual sectors as financials (+1.8%) continue trading well ahead of the remaining cyclical groups. On the downside, the industrial space hovers right below its flat line amid weakness in transports. The Dow Jones Transportation Average holds a loss of 0.3% with FedEx (FDX 136.54, -1.84) trailing the remaining index components. The stock trades down 1.4% despite being upgraded to 'Market Outperform' at Avondale this morning. Interestingly, the logistics company reported disappointing quarterly results yesterday morning, but the stock ended the Wednesday session little changed.

1:25 pm: [BRIEFING.COM] The major indices continue to trade near their best levels of the day with buying interest broadening out to include every sector but the health care sector (-0.1%). It would be remiss not to add that the health care sector has been the best-performing sector year to date (+6.8%).

In any event, the stock market is shaking off some of yesterday's angst about an interest rate hike from the Fed possibly occurring sooner than expected.

The outperformance of the financial sector (+1.7%) has been an important underpinning factor today. The extent to which financials continue to outperform could go a long way toward changing the current market narrative from a fear of higher interest rates to higher rates being a reflection of stronger growth ahead.

The relative strength for that heavily-weighted sector has stoked buy-the-dip efforts that have been seen regularly in the wake of stock market weakness.

12:55 pm: [BRIEFING.COM] The major averages have spent the first half of today's session in a steady climb after erasing their slim opening losses during the initial hour of action. The Dow Jones Industrial Average (+0.8%) leads while the S&P 500 trades higher by 0.6% with eight sectors showing gains.

Even though the benchmark index hovers near its best level of the session, sector leadership has been a bit spotty with the two top-weighted groups-financials (+1.6%) and technology (+0.9%)-doing the bulk of the heavy lifting. The third-largest sector-health care (-0.1%)-has yet to join the rally.

The financial sector seized the lead at the open and has not looked back. JPMorgan Chase (JPM 60.28, +1.98) leads all major components with a 3.4% gain while other influential sector members follow not far behind. In all likelihood, the relative strength of the sector reflects the expected benefit from higher rates and a presumption that stress test results, which are expected after the close, will show that most, if not all, banks meet the Fed's capital ratio standards.

Elsewhere, the technology space has drawn strength from the likes of Intel (INTC 25.56, +0.54), IBM (IBM 187.75, +3.04), and Microsoft (MSFT 40.28, +1.01) while the top component, Apple (AAPL 529.75, -1.51) lags.

The underperformance of Apple has contributed to the relative weakness of the Nasdaq Composite (+0.4%), which also has had to contend with losses in the biotechnology space. The iShares Nasdaq Biotechnology ETF (IBB 258.13, -1.34) trades down 0.5%, pressuring the health care sector.

Outside of health care, the rate-sensitive utilities space (-0.1%) is the only other sector trading lower due to higher yields.

Treasuries are little changed with the 10-yr yield at 2.77% after spiking nine basis points yesterday.

Also of note, President Obama announced additional sanctions on 16 Russian officials as well as individuals with close ties to Vladimir Putin while also targeting Bank Rossiya, which is believed to have close ties to the Kremlin. The president also signed an executive order that permits the use of sanctions against specific sectors of the Russian economy. In a swift response, Russia announced sanctions of their own against ten U.S. officials.

Today's economic data included weekly initial claims, February existing home sales, February Leading Indicators, and the March Philadelphia Fed Survey:

The weekly initial claims level increased to 320,000 from an unrevised 315,000 while the Briefing.com consensus expected the claims level to increase to 330,000. Prior to the last couple weeks, the initial claims level-absent unexpected seasonal biases-was bounded between 330,000 and 340,000. The latest data show a slight downward move from that range, which could be the start of another stage in the improvement in labor market conditions.
Existing home sales fell to a seasonally adjusted annualized rate of 4.60 million in February from an unrevised 4.62 million in January. That was exactly what the Briefing.com consensus expected. For the second consecutive month, the National Association of Realtors blamed extreme winter weather conditions as a primary catalyst for the weakness in sales demand. While sales did drop in winter weather-related areas like the Northeast and Midwest, sales in the South and West still remain well below their December levels. Even if sales recover in the weather-affected areas, overall demand remains below the 5.1 million - 5.3 million that was seen last spring and summer.
The Leading Indicators report for February increased 0.5%. That followed a 0.1% increase in January, and was better than the 0.3% uptick expected by the Briefing.com consensus.
The Philadelphia Fed Survey for March rose to 9.0 from -6.3. Economists polled by Briefing.com had expected that the Survey would improve to 2.0.

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.5%) extend to a fresh session high after the index spent the better part of the past two hours inside of a three-point range.

Financials (+1.4%) and technology (+0.8%) contributed to the push to new highs while the other sectors continued showing reluctance in joining the climb. At this juncture, the energy sector (+0.4%) follows not far behind the broader market while consumer discretionary (+0.3%), industrials (+0.1%), and materials (+0.3%) lag.

Interestingly, the energy sector has been able to make new session highs while crude oil has headed in the opposite direction. The energy component is currently lower by 0.9% at $98.32 per barrel.

12:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with seven of ten sectors showing gains. Two top-weighted groups-financials (+1.0%) and technology (+0.6%)-remain in the lead while the third largest sector-health care (-0.4%)-continues trading below its flat line. Outside of health care, only one other countercyclical group-utilities (-0.6%)-sits in the red as yesterday's spike in Treasury yields weighs.

The recent weakness among utilities has pushed the sector into the red for the week (-1.6%) while the remaining nine groups continue to hold week-to-date gains between 0.1% (consumer staples) and 3.2% (telecom services). The S&P 500, meanwhile, is higher by 1.4% so far this week.

11:30 am: [BRIEFING.COM] The major averages have continued their retreat from the session highs established during the first hour with the Russell 2000 dipping into the red. Elsewhere, the Dow (+0.3%) continues outperforming while the tech-heavy Nasdaq (+0.1%) trails.

The Nasdaq is being pressured by its top component, Apple (AAPL 528.58, -2.68), which trades down 0.5% while the remainder of the technology sector (+0.5%) is holding up well. Biotechnology, however, remains in a position of relative weakness with the iShares Nasdaq Biotechnology ETF (IBB 257.49, -1.98) hovering near its morning low after making a failed run at its flat line. The biotech ETF trades down 0.8%.

On a separate note, President Obama recently made a brief statement, announcing additional sanctions on certain Russian individuals while also targeting a Russian bank with close ties to the Kremlin.

11:00 am: [BRIEFING.COM] Equity indices hover near their best levels of the session after erasing their opening losses. The Dow Jones Industrial Average (+0.3%) leads while the S&P 500 (+0.2%) follows not far behind.

Today's session began with eight sectors trading in the red, but some of the groups have since erased their losses leaving consumer discretionary (-0.1%), energy (-0.1%), health care (-0.2%), and utilities (-0.5%) as the decliners.

On the upside, the financial sector, which displayed strength out of the gate, has extended its advance to 0.9%. All major financials display solid gains with JPMorgan Chase (JPM 59.69, +1.39) leading the pack with its 2.4% gain.

10:35 am: [BRIEFING.COM]

Natural gas futures have been in the red all day so far and following the weekly EIA inventory data, losses just extended
Following the data, natural gas dropped to a new LoD and are now -2.1% at $4.39/MMBtu
Gold and silver have been in the red all day so far as well, but have been climbing off current lows
Apr gold is now -0.9% at $1329.70/oz, while May silver is -1.9% at $20.43/oz
Crude oil futures fell as low as $98.38/barrel, but has since recovered all losses.
Apr crude is now -0.1% at $99.10

10:05 am: [BRIEFING.COM] The S&P 500 trades lower by 0.1% while the Nasdaq (-0.2%) and Russell 2000 (-0.4%) underperform.

Biotechnology is contributing to the relative weakness of the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 257.84, -1.63) trades down 0.7%.

Just reported, February existing home sales hit an annualized rate of 4.60 million units, which matched the Briefing.com consensus. The pace for February was slightly down from the prior month's unrevised rate of 4.62 million units.

The Leading Indicators report for February increased 0.5%. That followed a 0.1% increase in January, and was better than the 0.3% uptick expected by the Briefing.com consensus.

Separately, the Philadelphia Fed Survey for March rose to 9.0 from -6.3. Economists polled by Briefing.com had expected that the Survey would improve to 2.0.

9:45 am: [BRIEFING.COM] The three major averages began the session within 0.2% of their flat lines with eight sectors showing early losses.

Energy (-0.5%), health care (-0.2%), and utilities (-0.7%) are among the early laggards of note while financials (+0.2%) and telecom services (+0.7%) started the day in the green.

Notably, the financial sector is likely to be in focus this afternoon when the Federal Reserve releases the bank stress test results.

On the commodity side, crude oil (98.89, -0.28) sports a modest loss of 0.3% while gold and copper futures display larger losses. Gold is lower by 1.2% at $1324.90/ozt while copper trades down 1.5% at $2.942/lb.

Treasuries remain little changed with the 10-yr yield at 2.78%.

February Existing Home Sales, February Leading Indicators, and the March Philadelphia Fed survey will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -13.00. The stock market is on track to begin today's session on a lower note after the S&P 500 lost 0.6% yesterday. The S&P 500 futures trade seven points below fair value after trading little changed at the start of the European session.

Overnight, nearly all global equity markets retreated while the Dollar Index (80.28, +0.29) strengthened in reaction to the latest policy statement from the Federal Reserve, which moved up the expectations in the fed funds futures market for the first rate hike from mid-2015 to April of next year.

Today's pre-market data has not had much impact on the early trading activity and was limited to the weekly initial claims count, which increased to 320,000 from an unrevised prior rate of 315,000 while the Briefing.com consensus expected an increase to 330,000. The report suggested that labor market trends remain stable at this time.

Some more data remains on the schedule with February Existing Home Sales, February Leading Indicators, and the March Philadelphia Fed survey all set to cross the wires at 10:00 ET.

Treasuries are little changed to start the day with the benchmark 10-yr yield hovering at 2.78%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -10.50. The S&P 500 futures trade six points below fair value.

It was a sea of red across Asia as all of the major bourses ended with losses as sellers took control following the Fed's taper and change to its forward guidance. Overnight, Bank of Japan Governor Haruhiko Kuroda reiterated the central bank will maintain its policy stance until the 2.0% inflation target is reached. Economic data was limited to an in-line New Zealand GDP (0.9% quarter-over-quarter, prior 1.2%) and Hong Kong's inflation rate (3.9% year-over-year, previous 4.6%).

Japan's Nikkei lost 1.7%, slumping to six-week lows. Shares of Toyota Motor sank 1.5% after the company announced it would pay $1.2 billion to settle charges in the U.S.
Hong Kong's Hang Seng fell 1.8% and is now in a correction with shares down ~12% from their December highs. Internet gaming company Tencent Holdings slid 1.7% as profit growth slowed.
China's Shanghai Composite slumped 1.4% to its lowest level in two months. Automaker BYD tumbled 7.3% after its earnings disappointed.

In Europe, the major indices trade broadly lower with Great Britain's FTSE (-1.0%) displaying the largest decline while Italy's MIB (-0.2%) outperforms. Participants received just a few data points. Germany's PPI was unchanged month-over-month (expected 0.1%, prior -0.1%) while the year-over-year reading fell 0.9%, as expected (previous -1.1%). Great Britain's CBI Industrial Trends Orders improved to 6 from 3 (expected 5). The Swiss National Bank held its key interest rate at 0.00%, as expected. Separately, the trade surplus expanded to CHF2.62 billion from CHF2.55 billion (consensus CHF2.24 billion).

Among news of note, German Chancellor Angela Merkel spoke in front of parliament, saying Ukraine will be the main focus of today's European leader summit.

Great Britain's FTSE is lower by 1.0% with financials trading in mixed fashion. Admiral Group, Resolution, and Hargreaves Lansdown are down between 2.2% and 4.8%. On the upside, HSBC Holdings and Royal Bank of Scotland display respective gains of 0.1% and 0.5%.
In France, the CAC trades down 0.8% with Credit Agricole leading the slide. The stock trades lower by 2.9%. Energy company Technip and steelmaker ArcelorMittal are among the outperformers. The two names hold respective gains of 1.0% and 0.9%.
Germany's DAX holds a loss 0.8%. Deutsche Lufthansa and Volkswagen underperform with losses close to 1.0% apiece. Chemical producer Lanxess outperforms with a gain of 4.1% after selling one of its units.
Italy's MIB is lower by 0.2%. Mediaset trades lower by 1.1 while financials UniCredit, Banca Popolare dell'Emilia Romagna, and Mediobanca lead with gains between 0.2% and 1.4%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -11.50. The S&P 500 futures trade six points below fair value.

The latest weekly initial jobless claims count totaled 320,000, which was lower than the 330,000 that had been expected by the Briefing.com consensus. Today's tally was above the unrevised prior week count of 315,000. As for continuing claims, they rose to 2.889 million from 2.848 million.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -6.30. U.S. equity futures hold modest losses amid cautious action overseas. The S&P 500 futures trade five point below fair value.

Reviewing overnight developments:

Asian markets ended lower across the board. China's Shanghai Composite -1.4%, Japan's Nikkei -1.7%, and Hong Kong's Hang Seng -1.8%.
Economic data was limited:
New Zealand's GDP rose 0.9% quarter-over-quarter, as expected (prior 1.2%)
Japan's Foreign Bonds Buying report pointed to net purchases in the amount of JPY143.10 billion (prior sales of JPY617.90 billion).
Hong Kong's CPI rose 3.9% year-over-year (last 4.6%).
In news:
China's State Council announced plans to speed up construction projects in order to stabilize economic growth in the immediate term. Also of note, the yuan continued weakening against the dollar with the dollar/yuan exchange rate climbing above 6.2275.
Major European indices trade broadly lower. France's CAC -0.8%, Germany's DAX -0.8%, and Great Britain's FTSE -1.0%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.5%.
Participants received just a few data points:
Germany's PPI was unchanged month-over-month (expected 0.1%, prior -0.1%) while the year-over-year reading fell 0.9%, as expected (previous -1.1%).
Great Britain's CBI Industrial Trends Orders improved to 6 from 3 (expected 5).
The Swiss National Bank held its key interest rate at 0.00%, as expected. Separately, the trade surplus expanded to CHF2.62 billion from CHF2.55 billion (consensus CHF2.24 billion).
Among news of note:
German Chancellor Angela Merkel spoke in front of parliament, saying Ukraine will be the main focus of today's European leader summit.

In U.S. corporate news:

ConAgra Foods (CAG 30.00, +0.41): +1.4% after beating the Capital IQ consensus earnings estimate by two cents on in-line revenue. In addition, the company reaffirmed its longer-term targets.
Jabil Circuit (JBL 18.44, +0.18): +1.0% despite missing on earnings and issuing mixed guidance. The company said it expects below-consensus third quarter earnings while the midpoint for fiscal-year 2015 earnings was set above estimates.
Lennar (LEN 42.20, +0.86): +2.1% after beating revenue estimates.

Weekly initial claims will be released at 8:30 ET while February Existing Home Sales, February Leading Indicators, and the March Philadelphia Fed survey will cross the wires at 10:00 ET.

6:33 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -9.50.

6:33 am: [BRIEFING.COM] Nikkei...14224.23...-238.30...-1.70%. Hang Seng...21182.16...-365.50...-1.80%.

6:33 am: [BRIEFING.COM] FTSE...6512.02...-61.10...-0.90%. DAX...9204.10...-73.00...-0.80%.

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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