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 Post subject: March 26th Wednesday Trade Results - Profit $3552.50
PostPosted: Wed Mar 26, 2014 10:42 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 @ $1,740.00 dollars or +17.40 points, Emini ES ($ES_F) futures @ $1,812.50 dollars or +36.25 points, Light Crude Oil CL ($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 @ $3,552.50 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=1753

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.

Facebook, Candy Crush Lead Markets Down

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

NEW YORK (CNNMoney)
The markets played their own version of Candy Crush today with an emphasis on the crush part. All the major US indices ended lower Wednesday, with shares of big technology companies and other momentum stocks bearing the brunt.

Is it good to be the king? The king of the day was supposed to be the maker of online video game Candy Crush, which rang the opening bell at the New York Stock Exchange in honor of its debut, but the stock immediately traded down over 10%.

King Digital Entertainment (KING) priced its shares late Tuesday at $22.50 a share in a deal that raised $500 million for the Irish company. But the stock was ended its first day of trading below $20 a share amid concerns about the company's ability to build on the success of its one blockbuster game.

The reaction on social media was harsh. "$KING is garbage. One-hit wonder, way overvalued," read a post by StockTwits user TappyTibbs.

Some traders were already looking for ways to bet against King's shares, which they say are being spared further losses by the deal's underwriters, including JPMorgan (JPM, Fortune 500).

"$KING You can't short an IPO right?," said damnmaxims.

King's lackluster debut weighed on shares of other video game makers, such as Zynga (ZNGA) and Electronic Arts. (EA)

Virtual reality check. Facebook (FB, Fortune 500) shares came under pressure after the company announced a $2 billion acquisition of virtual reality firm Oculus VR late Tuesday. Oculus makes a headset for "immersive gaming" that Facebook plans to develop in to a communications and education platform. But an early rally in Facebook shares faded later in the day and the stock closed down nearly 7%.

The acquisition comes about a month after Facebook bought messaging app WhatsApp for $19 billion, and one trader suggested some big investors are worried that CEO Mark Zuckerberg is spending too much money.

"$FB Zuck latest shopping spree given a vote of no confidence by institutions this time it looks like... #Dump," said JFinDallas.

Ocular illusion. In what appears to be a case of mistaken identity, investors drove up shares of companies that have similar names to Oculus VR, but are in no way related to the privately-held company that Facebook bought.

Shares of drug maker Oculus Innovative Sciences (OCLS) was up more than 2% after giving back some of the morning's strong gains. The even more aptly named Oculus VisionTech (OVTZ), which specializes in digital watermarking, also appears to be benefiting from its name. It's normally a thinly-traded over the counter stock, but it surged more than 80% before trading was halted (it has since resumed).

Some traders said automated trading programs were to blame for the mix-up.

"The bump in $OCLS is proof that machine trading algorithms seek indiscriminately. Not the least bit related to $FB Oculus," said dataguy808.

Another losing game. In other tech news, International Game Technology (IGT) didn't have the luckiest day. Shares fell after the company, which makes casino games such as slot machines, said it is planning to cut 7% of its staff and lowered its earnings guidance for the year. The stock has lost 18% so far this year.

Overall markets move lower. Meanwhile, the Dow Jones industrial average, the S&P 500 and the Nasdaq all moved lower in afternoon trading, reversing earlier gains. It looks like a return of the tepid sentiment that caused markets to cool on Friday and Monday. CNNMoney's Fear & Greed Index tipped slightly toward greed. It had been a neutral recently.

Shares of biotechnology companies and other high-flying momentum stocks were among the hardest hit. The iShares Nasdaq Biotechnology ETF (IBB), which tracks a basket of companies in the sector, was down 1.4%.

If there was a bright spot today, it was in the entertainment sector. Shares of Dish Network (DISH, Fortune 500) and DirecTV (DTV, Fortune 500) soared following a report the satellite television companies are considering a merger.

Bank stress tests. After the market closed, the Federal Reserve approved the capital plans of 25 of the nation's 30 largest banks as part of the final leg of its annual required stress tests. Citigroup (C, Fortune 500) was among the five banks that had their capital plans rejected, meaning the bank will not be allowed to boost its dividend payment. Shares of Citigroup were down in extended trading.

European markets gained ground, likely tied to comments from European Central Bank officials that the bank is prepared to take more aggressive action if the Eurozone economy weakens. Most Asian markets also were up on Wednesday.

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4:15 pm: [BRIEFING.COM] The major averages finished the Wednesday session on a cautious note with the S&P 500 falling 0.7%. The Dow Jones Industrial Average (-0.6%) outperformed while small caps bore the brunt of the pressure. The Russell 2000 declined 1.9% while the Nasdaq Composite fell 1.4%.

Equity indices began the day on an upbeat note, but the financial sector (-0.9%) served up an early warning by not taking part in the opening rally. One industry group that briefly participated in the early advance was the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 235.09, -4.35) was up as much as 1.1% during the first hour of action, but faded from the early high, taking the market lower. Interestingly, the broader health care sector (+0.1%) finished the day ahead of the remaining nine groups.

Outside of the relative weakness in biotechnology, the lack of upward momentum in the likes of Amazon.com (AMZN 343.41, -11.30), Facebook (FB 60.38, -4.51), Priceline.com (PCLN 1188.77, -34.93), and Tesla (TSLA 212.96, -7.48) kept the tech-heavy Nasdaq behind the other indices. Facebook was the weakest performer out of the bunch, falling 6.9% after announcing the acquisition of Oculus VR for roughly $2 billion in cash and stock.

Staying on the technology theme, the maker of the "Candy Crush" game, King Digital Entertainment (KING 19.00, -3.50), had a forgettable market debut, falling 15.6% in its first session. Although the stock itself holds no sway over the broader market, the disappointing debut likely contributed to the defensive sentiment.

Elsewhere, another influential sector-industrials (-0.9%)-ended among the laggards as transports displayed broad weakness. The Dow Jones Transportation Average lost 1.6% after being unable to take out its 2014 closing high of 7592.36. All 20 index components posted losses with shipper Kirby (KEX 98.78, -3.71) leading the slide with a 3.6% loss.

Equities notwithstanding, the foreign exchange market also reflected a defensive posture as the Japanese yen strengthened, sending the dollar/yen pair below the 102.00 level.

Similarly, Treasuries rallied throughout the session while receiving a boost from a strong $35 billion 5-year note auction. The benchmark 10-yr yield fell five basis points to 2.69%.

With stocks ending on their lows, participants displayed demand for volatility protection, sending the CBOE Volatility Index (VIX 15.20, +1.18) higher by 8.4%.

Trading volume was a bit above average with nearly 738 million shares changing hands at the NYSE.

Today's economic data was limited to just two reports:
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Durable goods orders increased 2.2% in February after falling a downwardly revised 1.3% (from -1.0%) in January. The Briefing.com consensus expected durable goods orders to increase 1.0%. The upward headline surprise does not represent a strengthening in demand from the manufacturing sector. A 6.9% increase in transportation goods provided most of the increase in February demand. Much of that was already known, as Boeing (BA 123.53, -0.49) reported 74 aircraft orders in February, up from 38 in January. Altogether, defense and nondefense aircraft orders increased 15.2%. Excluding transportation, durable goods orders increased a minor 0.2% in January. That was down from a downwardly revised 0.9% (from 1.1%) increase in January. The consensus expected these orders to increase 0.3%.
The weekly MBA Mortgage Applications Index fell 3.5% to follow last week's uptick of 0.2%.

Tomorrow, weekly initial claims (Briefing.com consensus 330K) and the third estimate of Q4 GDP (consensus 2.6%) will be released at 8:30 ET while the Pending Home Sales report for February (expected -0.2%) will cross the wires at 10:00 ET.

S&P 500 +0.2% YTD
Nasdaq Composite -0.1% YTD
Russell 2000 -0.6% YTD
Dow Jones Industrial Average -1.9% YTD

3:30 pm: [BRIEFING.COM] Commodities ended mostly lower today.

Metals all posted losses, excluding iron ore futures, which rose six cents to $111.61/ton

Copper futures pulled back from a 2-week high as concerns in China remain. May copper closed 4 cents lower at $2.97/lb today

Gold and silver sold off today. Apr gold managed to not break below $1300/oz and closed $7.80 lower at $1303.40/oz. May silver fell 21 cents to $19.77/oz.

Crude oil climbed higher today to post another session of gains. In the last 12 minutes of pit trading, crude found more buyers, which pushed it back above $100/barrel and floor trading came to a close. May crude ended 67 cents higher at $100.24/barrel.

Meanwhile, May natural gas lost 2 cents to finish at $4.39/MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in today's session.

Participants received just two economic data points today with neither the durable orders report (+2.2% versus Briefing.com consensus 1.0%) nor the weekly MBA Mortgage Index (-3.5%) causing a market-wide reaction.

Tomorrow's data, however, has the potential to influence the sentiment with the last revision of Q4 GDP (Briefing.com consensus 2.6%) scheduled to be released at 8:30 ET alongside the latest weekly initial claims report (consensus 330K). In addition, February Pending Home Sales (consensus -0.2%) will be reported at 10:00 ET.

2:30 pm: [BRIEFING.COM] The S&P 500 remains near its session low that was established during the past 45 minutes of action. Even though equities opened on an upbeat note, the session has seen a steady retreat due to fading momentum from different areas of the market.

The iShares Nasdaq Biotechnology ETF (IBB 235.53, -3.91) failed to capitalize on early strength and now trades lower by 1.4%. Elsewhere, momentum names like Amazon.com (AMZN 346.73, -7.98), Facebook (FB 60.85, -4.04), Netflix (NFLX 369.19, -1.65), and Tesla (TSLA 212.37, -8.07) have also retreated throughout the session.

Also of note, the cautious sentiment has been also been reflected in currencies and Treasuries. The Japanese yen trades at its best level of the day against the dollar (102.00) while the 10-yr note hovers at its session high with its yield down five basis points at 2.70%.

2:00 pm: [BRIEFING.COM] Recent action saw the major averages slide to new session lows with the S&P 500 widening its decline to 0.3%. At this juncture, only three countercyclical sectors-consumer staples (+0.2%), health care (+0.4%), and telecom services (+0.3%)-remain in the green while the other seven groups display losses across the board.

Most notably, the technology sector was little changed at midday, but now trades lower by 0.8%. A handful of top-weighted sector components-Cisco Systems (CSCO 22.41, +0.07), Oracle (ORCL 39.11, +0.71), and Qualcomm (QCOM 79.00, +0.44)-continue holding modest gains while most other large listings are now among the laggards.

Also of note, the selling observed during the past hour has been accompanied by the dollar/yen pair sliding from a session high to a new low. Currently, the pair hovers just north of the 102.00 level after trading near 102.40 an hour ago. Given the popularity of the yen-based carry trade, it wouldn't be too surprising if continued yen strength (dollar/yen weakness) turned into a headwind for equities.

1:30 pm: [BRIEFING.COM] The major indices have lurched lower and are now all in negative territory, unable to hold onto opening gains. The inability of the biotech sector to hold a bid, the continued underperformance of the S&P financial sector (-0.5%), and the surprisingly disappointing IPO of King Digital Entertainment (KING 19.57, -2.93), the maker of the wildly popular "Candy Crush" game, have conspired to keep bullish enthusiasm in check.

King's poor debut has served as another signpost that suggests the momentum trade has lost some of its zest. That may help explain why the small-cap Russell 2000 (-0.6%) is also underperforming today as participants look to take some money off the table from that momentum-filled space.

Another notable laggard is the Dow Jones Transportation Average (-1.1%), which is seeing some broad-based selling action after also being a pretty hot group during the February recovery rally.

Conversely, the Treasury market is running strong today. The benchmark 10-yr note has pushed to its best levels of the day (+12/32, 2.706%) following the strong $35 bln 5-year note auction. The latter drew a high yield of 1.715% and a solid 2.99 bid-to-cover ratio that was above the prior 12-auction average of 2.63.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade in mixed fashion. The Dow (+0.3%) and S&P 500 (+0.2%) hold modest gains while the Nasdaq Composite (-0.2%) and Russell 2000 (-0.5%) lag.

In some ways, the first half of today's session has resembled yesterday's affair when equities jumped at the open before spending the rest of the morning in a slow retreat. Once again, biotechnology was in a position of relative strength at the open, but the early gains have faded, sending the iShares Nasdaq Biotechnology ETF (IBB 239.53, +0.09) back to its flat line. The broader health care sector, meanwhile, leads with a gain of 1.0%.

Outside of health care, most other top-weighted sectors are among the laggards. Technology (-0.1%) and financials (-0.1%) hover in the red while the discretionary space (+0.2%) trades in-line with the broader market.

Taking a deeper look into the tech space reveals gains among large-cap names like Cisco Systems (CSCO 22.68, +0.34), Oracle (ORCL 39.26, +0.86), and Qualcomm (QCOM 79.56, +1.00) while smaller components lag. Chipmakers are also showing relative weakness with the PHLX Semiconductor Index trading flat.

Also of note, Facebook (FB 62.45, -2.44) trades lower by 3.8% after announcing the acquisition of Oculus VR for roughly $2 billion in cash and stock.

Even though most influential sectors trail the broader market, the S&P 500's modest gain remains supported by three sectors that account for just over 20.0% of the entire market. Consumer staples (+0.5%), energy (+0.3%), and telecom services (+0.7%) all trade ahead of the benchmark index.

The first-half retreat from highs in the equity market has been accompanied by Treasuries climbing to their best levels of the day. At this juncture, the benchmark 10-yr yield is lower by two basis points at 2.73% after notching a low at 2.72% over the past two hours.

Today's economic data was limited to just two reports:

Durable goods orders increased 2.2% in February after falling a downwardly revised 1.3% (from -1.0%) in January. The Briefing.com consensus expected durable goods orders to increase 1.0%. The upward headline surprise does not represent a strengthening in demand from the manufacturing sector. A 6.9% increase in transportation goods provided most of the increase in February demand. Much of that was already known, as Boeing (BA 124.45, +0.43) reported 74 aircraft orders in February, up from 38 in January. Altogether, defense and nondefense aircraft orders increased 15.2%. Excluding transportation, durable goods orders increased a minor 0.2% in January. That was down from a downwardly revised 0.9% (from 1.1%) increase in January. The consensus expected these orders to increase 0.3%.
The weekly MBA Mortgage Applications Index fell 3.5% to follow last week's uptick of 0.2%.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.1%) remains near its session low while the Russell 2000 has widened its loss to 0.6%.

Small caps have been pressured throughout the week with today's loss extending the Russell's week-to-date decline to 2.0%. Of the remaining three indices, the Nasdaq is the only index that also sports a week-to-date loss (-1.3%) while the S&P 500 and Dow hold respective gains of 0.1% and 0.5% so far this week.

The blue chip Dow has shown relative strength this week, but trades in-line with the S&P 500 today. Currently, 19 of 30 index components display gains with Cisco Systems (CSCO 22.62, +0.28), Pfizer (PFE 32.32, +0.51), and Merck (MRK 56.23, +1.04) up at least 1.0%.

On the downside, the second-largest index component-IBM (IBM 192.74, -2.30)-trades lower by 1.2% after surging 3.6% yesterday.

11:55 am: [BRIEFING.COM] The S&P 500 remains higher by 0.2% as top-weighted sectors continue trading in mixed fashion. Health care (+0.8%) is holding the lead even as biotechnology has slumped to a new low (IBB -0.2%) while technology (-0.2%) and financials (-0.1%) hover in the red.

Outside of the three largest sectors, there are still some pockets of relative strength among groups like consumer staples (+0.4%), energy (+0.2%), and telecom services (+0.7%); however, the three outperformers account for just 22.0% of the entire market.

Also of note, the steady retreat from the opening highs has been accompanied by a slow climb in the Treasury market where the 10-yr note hovers near its best level of the session with its yield down three basis points at 2.72%.

11:25 am: [BRIEFING.COM] The S&P 500 continues holding a modest gain of 0.3% while the Nasdaq remains anchored to its flat line.

In our last update, we highlighted the relative strength of biotechnology, but the industry group has slumped to its lowest levels of the session. The iShares Nasdaq Biotechnology ETF (IBB 239.46, +0.02) has returned to its flat line while the health care sector (+0.9%) remains in the lead.

Elsewhere, other influential groups remain mixed. Financials (unch) and technology (+0.1%) lag while the discretionary sector (+0.3%) trades just behind the broader market.

11:00 am: [BRIEFING.COM] Equity indices have spent the past hour in a slow retreat from their opening highs. The S&P 500 has trimmed its advance to 0.2% while the Nasdaq now trades lower by 0.1%.

The benchmark average has been pressured from its best level of the session by the underperformance of financials (-0.1%) and technology (-0.1%). Notably, the tech sector lags amid relative weakness in some top-weighted sector components. Facebook (FB 63.45, -1.43), Microsoft (MSFT 39.87, -0.47), and IBM (IBM 193.62, -1.42) hold losses between 0.7% and 2.3% while Google (GOOG 1158.01, -0.71) and Visa (V 217.95, -0.38) trade little changed.

The underperformance of the traditional tech sector has weighed on the Nasdaq while another large area of the index, biotechnology, continues showing relative strength. The iShares Nasdaq Biotechnology ETF (IBB 241.14, +1.70) is higher by 0.7% while the broader health care sector trades up 1.0%.

10:35 am: [BRIEFING.COM]

Commodities are mostly lower this morning on strength in the dollar index
Gold, silver and natural gas futures sold off this morning. Copper sold overnight
Currently, all four are sitting at session lows
Crude oil was about 0.9% higher and just above $100/barrel just ahead of the weekly EIA inventory data
Following the data, May crude oil sold off and fell back below $100/barrel. It's now +0.6% at $99.79/barrel
Apr gold is currently -0.1% at $1310.30/oz, May silver is -0.2% at $19.94/oz, May copper is -1.1% at $2.97/lb and Apr nat gas is -1.1% at $4.37/MMBtu

10:00 am: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 all trade with gains close to 0.4% apiece while the small-cap Russell 2000 (unch) has returned to its flat line.

Since our opening update, the health care sector (+0.9%) has seized the lead from energy (+0.5%) thanks to early strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 242.07, +2.63) is higher by 1.1%, which has also helped the Nasdaq stay just a bit ahead of its peers.

Elsewhere among heavily-weighted sectors, technology (+0.4%) outperforms while consumer discretionary (+0.2%) and financials (+0.1%) lag.

Also of note, Treasuries have climbed to new highs, pressuring the benchmark 10-yr yield two basis points to 2.73%.

9:45 am: [BRIEFING.COM] As expected, the major averages began the session on an upbeat note with the Dow Jones Industrial Average (+0.5%) trading ahead of its peers. The blue chip average has been a consistent outperformer over the past couple sessions and including its opening gain, the index sports a week-to-date increase of 0.8%.

Elsewhere, the S&P 500 trades higher by 0.4% with all ten sectors showing gains. Energy (+0.5%) leads while crude oil (+0.6% at $99.75/bbl) sports a comparable gain. Also of note, health care (+0.5%) trades just ahead of the broader market with the sector expected to receive added attention given the recent volatility in biotechnology.

Treasuries have inched to their best levels of the session, pushing the 10-yr yield lower by one basis point to 2.74%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +23.50. The stock market is on track to begin today's session on a higher note with the S&P 500 looking to erase its slim week-to-date loss of 0.1%. The Nasdaq, meanwhile, will be digging itself out of a deeper hole as it will enter the session down 1.0% so far this week.

Overnight, most Asian markets posted gains even as continued expectations for additional stimulus from Beijing were met with some skepticism. However, stimulus talk was alive and well in Japan where an advisor of Prime Minister Shinzo Abe confirmed the government is ready to announce additional policy easing measures in mid-May if the consumption tax hike, scheduled for April, begins to weigh on the economy.

Domestically, the February durable goods report pointed to an increase of 2.2%, which was better than the 1.0% gain expected by the Briefing.com consensus. The bulk of the gain, however, came from aircraft orders, leaving the ex-transportation reading at 0.2% (Briefing.com consensus 0.3%).

Treasuries enter the session little changed with the 10-yr yield at 2.74%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +21.50. The S&P 500 futures trade eight points above fair value.

It was a sea of green across Asia as all of the major bourses, aside from China's Shanghai Composite (-0.2%), saw gains. The latest Reserve Bank of Australia Financial Stability Review warned that low rates cannot last forever, and coincided with a speech from RBA Governor Stevens that warned of the dangers of a continued increase in home prices.

Elsewhere, Japan Prime Minister Shinzo Abe's economic advisor reiterated that the government is ready to announce additional policy easing measures in mid-May if the consumption tax hike, scheduled for April, begins to weigh on the economy.

In regional data, South Korea's final GDP improved to 3.7% year-over-year (expected 3.9%, prior 3.4%) and Singapore's industrial production jumped 12.8% year-over-year (consensus 12.9%).

Japan's Nikkei ticked up 0.4% amid a quiet trade. Exporters outperformed as Toyota added 1.1% and Sony tacked on 1.9%.
Hong Kong's Hang Seng rose 0.7%, but surrendered the bulk of its early gains. Financials led as Bank of Communications and Bank of China climbed 3.3% and 2.5%, respectively.
China's Shanghai Composite slipped 0.2%, holding near three-week highs. Property developers were among the laggards with China Vanke and Gree Real Estate both losing close to 1.5%.

Major European indices hold gains across the board with Spain's IBEX (+1.7%) setting the pace. Among news of note, Bank of England Monetary Policy Committee Member Martin Weale said that the British economy is getting better with visible improvement in wages. Mr. Weale also said that interest rates will not remain at current record-low levels forever.

Economic data was limited. Germany's GfK Consumer Climate held steady at 8.5, as expected. Italian Retail Sales were unchanged month-over-month (consensus 0.4%, prior -0.3%) while the year-over-year reading fell 0.9% (expected -1.6%, previous -2.6%). Separately, Consumer Confidence improved to 101.7 from 97.7 (consensus 98.4). Elsewhere, Swiss Consumption Indicator increased to 1.57 from 1.49.

Great Britain's FTSE is higher by 0.5% with financials trading in mixed fashion. Standard Life and Hargreaves Lansdown hold respective gains of 5.3% and 3.6% while Lloyds Banking Group holds a loss of 4.4% after the British government sold a 7.9% stake in the bank.
In France, the CAC trades up 1.1%. Industrials outperform with Alstom, Lafarge, and Schneider Electric up between 1.8% and 2.0%. On the downside, GDF Suez is the lone decliner, trading lower by 0.7%.
Germany's DAX holds an advance of 1.5% with all 30 components trading higher. Producers of basic materials lead with BASF, K+S, and ThyssenKrupp showing gains between 1.7% and 3.0%.
Spain's IBEX leads the region with a gain of 1.7%. Bankia and CaixaBank trade higher by 3.2% and 4.1%, respectively.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +18.70. The S&P 500 futures trade eight points above fair value.

February durable goods orders rose 2.2%, which was better than the 1.0% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected a decrease of 1.3% (from -1.0%). Excluding transportation, durable orders rose 0.2% (consensus +0.3%) to follow the prior month's revised increase of 0.9% (from +1.1%).

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +18.50. U.S. equity futures hold gains amid upbeat action overseas. The S&P 500 futures trade almost eight points above fair value.

Reviewing overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +0.7%, Japan's Nikkei +0.4%, and China's Shanghai Composite -0.2%.
In regional economic data:
Japan's Corporate Services Price Index ticked up 0.7% year-over-year (consensus 0.8%, prior 0.7%).
South Korea's GDP expanded 0.9% quarter-over-quarter (expected 0.9%, prior 0.9%) while the year-over-year reading increased 3.7% (consensus 3.9%, last 3.9%).
Singapore's Industrial Production rose 6.2% month-over-month (consensus 4.0%, last -7.8%) while the year-over-year reading increased 12.8% (forecast 12.9%, prior 4.4%).
In news:
In Japan, Prime Minister Abe's economic advisor reiterated that the government is ready to announce additional policy easing measures in mid-May if the consumption tax hike, scheduled for April, begins to weigh on the economy.

Major European indices hold gains across the board. Great Britain's FTSE +0.5%, France's CAC +1.1%, and Germany's DAX +1.4%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +1.6%.
Economic data was limited:
Germany's GfK Consumer Climate held steady at 8.5, as expected.
Italian Retail Sales were unchanged month-over-month (consensus 0.4%, prior -0.3%) while the year-over-year reading fell 0.9% (expected -1.6%, previous -2.6%). Separately, Consumer Confidence improved to 101.7 from 97.7 (consensus 98.4).
Swiss Consumption Indicator increased to 1.57 from 1.49.
Among news of note:
Bank of England Monetary Policy Committee Member Martin Weale said that the British economy is getting better with visible improvement in wages. Mr. Weale also said that interest rates will not remain at current record-low levels forever.

In U.S. corporate news:

Facebook (FB 65.60, +0.71): +1.1% after announcing an agreement to acquire Oculus for $2 billion.
Five Below (FIVE 44.00, +6.00): +15.8% after beating on earnings and revenue.
PVH (PVH 118.75, +1.50): +1.3% after reporting mixed earnings. The company beat bottom-line estimates by one cent on below-consensus revenue. Guidance was also mixed with fiscal-year 2015 earnings expected to come in below estimates on in-line revenue.

The weekly MBA Mortgage Applications Index fell 3.5% to follow last week's uptick of 0.2%.

The Durable Orders report for February will be released at 8:30 ET.

6:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +16.00.

6:32 am: [BRIEFING.COM] Nikkei...14477.16...+54.00...+0.40%. Hang Seng...21887.75...+155.40...+0.70%.

6:32 am: [BRIEFING.COM] FTSE...6637.96...+33.10...+0.50%. DAX...9441.78...+103.40...+1.10%.

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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