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 Post subject: April 1st Tuesday Trade Results - Profit $1730.00
PostPosted: Tue Apr 01, 2014 11:35 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 @ $1,730.00 dollars or +17.30 points, Emini ES ($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 @ $1,730.00 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=129&t=1759

Quote:
The reasons (strategies) behind the trades are only discussed with fee-base clients in real-time within a different private chat room if/when the fee-base client ask questions about any of my trades posted by me in ##TheStrategyLab chat room. Simply, there are different chat rooms @ TheStrategyLab. Trades and price action analysis are posted in ##TheStrategyLab free chat room for public documentation whereas the reasons (strategies) behind my trades are only discussed in the private strategy discussion chat room or with fee-base clients via Skype...the strategy discussion chat room is very active in comparison to ##TheStrategyLab free chat room.

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) general volatility analysis involving WRB Analysis 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 and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ 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=236&t=2302

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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: S&P 500 Closes At All-Time High

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

NEW YORK (CNNMoney)
The S&P 500 closed at an all-time high Tuesday as investors kicked off the second quarter with a spring in their step.

The broad US market index ended at a new record just over 1,885. The Dow Jones industrial average and the Nasdaq also closed with gains. Today's advance comes after stocks closed out a choppy first quarter with a strong finish on Monday.

If history is any guide, stocks could continue pushing higher this month. Stocks have returned 1.7% on average in the month of April over the past 40 years, making it the top performing month of the year, according to Schaeffer's Investment Research.

In economic news, a report on U.S. manufacturing this morning was flat, in line with expectations. Investors have been looking for clues on the health of the economy after Federal Reserve chief Janet Yellen said Monday that the central bank's repair job was not yet finished.

The auto industry is also in focus as monthly sales reports came out from all the top car makers today.

General Motors (GM, Fortune 500), which reported strong March sales figures, announced another recall Monday and set aside more money to cover the costs. Shares of GM ended the day down, but only slightly.

GM has been criticized for how it handled a different recall due to faulty ignition switches, linked to the deaths of 13 people. CEO Mary Barra apologized Tuesday for the deaths and pledged to "do the right thing" in testimony on Capitol Hill. She will return Wednesday for another round of questioning from lawmakers.

GM stock is in the gutter. Time to buy?

* Video - Families Wait For Answers From GM

Meanwhile, shares of rival car company Ford (F, Fortune 500) were higher after it reported better than expected March sales growth.

Ford and GM were among the top trending stocks on StockTwits, where traders couldn't resist comparing the two Detroit heavyweights.

"$F Nice run up...sales up 1.6% still better than $GM," said girlytrader.

Another trader quipped that GM may be recalling more than just cars.

"$GM issued a new recall.. Everyone is to return stocks back to the company due to having mistakenly printed with disappearing ink!," said Krill123.

Caterpillar (CAT, Fortune 500) executives were on Capitol Hill to defend the company against allegations it avoided $2.4 billion in taxes. The company's stock price was up slightly as some traders discounted the report from a Senate panel.

"$CAT lol at the tax 'issue' - this info is 6yo, and is a practice shared by many other large US corps," said FsCtrades.

Shares of Intuitive Surgical Group (ISRG) soared after the Food and Drug Administration approved the biotech's "da Vinci Xi" technology for minimally invasive surgery.

Casino companies were on the move following reports that gambling revenue in Macau surged 13% in March. Shares of Las Vegas Sands (LVS, Fortune 500), MGM Resorts (MGM, Fortune 500) and Wynn Resorts (WYNN, Fortune 500) all gained ground.

"China may be slowing but Macau gaming still strong...Sands capacity = main winner $LVS $WYNN," said retail_guru.

European markets closed higher, while Asian markets ended mixed.

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4:10 pm: [BRIEFING.COM] The stock market kicked off April on an upbeat note with the Nasdaq Composite (+1.6%) leading the charge. The S&P 500 (+0.7%) settled at a fresh record high of 1885.52 with eight sectors registering gains while the Dow Jones Industrial Average (+0.5%) lagged.

In the absence of notable pre-market data or earnings, the major averages began the day with a steady climb that was assisted by upbeat action in Europe, where markets in France, Germany, and Great Britain posted solid gains between 0.5% and 0.8%.

For the second day in a row, the Nasdaq began the day in the lead, maintaining its outperformance throughout the session. The early strength of biotechnology (IBB +2.2%) propelled the initial advance while the index was kept near its session high into the afternoon by the daylong outperformance of the technology sector (+1.3%).

The tech sector received considerable support from several of its top components. The largest sector member, Apple (AAPL 541.65, +4.91), rose 0.9% while other large names like Cisco Systems (CSCO 23.10, +0.88), Google (GOOG 1134.89, +20.38), Oracle (ORCL 41.49, +0.58), and Qualcomm (QCOM 80.10, +1.24) gained between 1.4% and 3.9%.

Although the largest sector finished ahead of the broader market, that was not the case with all top-weighed groups. Financials (+0.4%) and energy (+0.5%) lagged while the discretionary space (+1.4%) finished in the lead.

The growth-sensitive discretionary sector was underpinned by momentum names like Amazon.com (AMZN 342.99, +6.62), Netflix (NFLX 364.69, +12.66), and Priceline.com (PCLN 1251.37, +59.48), all of which struggled in March, but started April on an upbeat note. Shares of Ford (F 16.32, +0.72) also contributed, gaining 4.6% after the company reported a 3.0% year-over-year increase in monthly sales.

On the countercyclical side, consumer staples (-0.1%), telecom services (+0.3%), and utilities (-0.7%) ended behind the broader market while health care settled in-line with the S&P 500.

With stocks holding gains throughout the session, participants did not show strong interest in volatility protection, sending the CBOE Volatility Index (VIX 13.10, -0.78) lower by 5.6%.

Treasuries registered modest losses with the benchmark 10-yr yield climbing four basis points to 2.76%.

Participation was on the light side as less than 700 million shares changed hands on the NYSE floor.

Today's economic data was limited to February Construction Spending and the March ISM Index:

Construction spending increased 0.1% in February after falling a downwardly revised 0.2% (from +0.1%) in January while the Briefing.com consensus expected an increase of 0.1%. Extreme winter weather conditions in January and February were blamed for a general downturn in economic data; however, construction, which should feel the brunt of the negative winter effects, was largely in-line with recent trends. Thus, there is no reason to expect construction spending to surge due to pent up demand in the near future.

The ISM Manufacturing Index increased to 53.7 in March from 53.2 in February. The Briefing.com consensus expected the index to increase to 54.0. Extreme winter weather conditions were blamed for a deterioration in the ISM Manufacturing Index in January. Yet, as temperatures returned to normal, the ISM Manufacturing Index remained well below its Q4 2013 averages. This tells us that weakness in manufacturing activities was likely not tied to the adverse weather, but rather caused by cyclical trends.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the March ADP Employment Change will be announced at 8:15 ET (Briefing.com consensus 215K). The day's data will be topped off with the February Factory Orders report (Briefing.com consensus 1.1%), which is set for a 10:00 ET release.

Nasdaq Composite +2.2% YTD
Russell 2000 +2.2% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average -0.3% YTD

3:30 pm: [BRIEFING.COM]

June gold slipped into negative territory despite a slightly weaker dollar index. The yellow metal pulled back from its session high of $1287.00 per ounce set in morning action and settled 0.3% lower at $1279.90 per ounce, just above its session low of $1279.10 per ounce.
May silver chopped around just above the unchanged line for most of today's floor trade, touching a session high of $19.84 per ounce. However, it retreated into the red in late afternoon action and brushed a session low of $19.68 per ounce moments before closing with a 0.3% loss at $19.69 per ounce.
May crude oil fell below the $100 level ahead of tomorrow's release of inventory data by the EIA. The energy component slipped further into negative territory after pulling back from its session high of $101.42 per barrel. It brushed a session low of $99.55 per barrel and settled at $99.69 per barrel, booking a loss of 1.9%.
May natural gas also traded in the red. It touched a session high of $4.34 per MMBtu and settled 2.3% lower at its session low of $4.27 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% with one hour remaining in the trading day. The benchmark index has spent the past 90 minutes of action in a slow climb towards its early high at 1884.64, but the continued underperformance of consumer staples (-0.1%), energy (+0.2%), and financials (+0.3%) is keeping the index below its best level of the day.

Meanwhile, the Nasdaq (+1.3%) has returned to its early high, with the move supported by the biotech ETF (IBB +1.8%) climbing off its session low. Technology (+1.1%) has also factored into the move as the sector climbed to a new session high.

2:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% while the Dow Jones Industrial Average (+0.4%) continues trailing the benchmark index.

Earlier today, participants received two economic data points, but neither report was met with a broad-market reaction. Tomorrow's data will include a total of three reports, but they are also not expected to influence the sentiment.

The weekly MBA Mortgage Index will be tomorrow's first report, scheduled for a 7:00 ET release, while the March ADP Employment Change (Briefing.com consensus 215K) will be announced at 8:15 ET. The data will be topped off with the February Factory Orders report (Briefing.com consensus 1.1%), which is set for a 10:00 ET release.

2:00 pm: [BRIEFING.COM] Quiet afternoon continues with the S&P 500 trading inside of a three-point range that has been in effect for the better part of the past three hours. Meanwhile, the Nasdaq (+1.1%) hovers near its high thanks to the relative strength of the largest S&P 500 sector-technology (+1.0%).

The tech sector has been supported by some of its largest components as Cisco Systems (CSCO 23.04, +0.81), Google (GOOG 1132.22, +17.71), Oracle (ORCL 41.83, +0.92), and Qualcomm (QCOM 79.77, +0.91) hold gains between 1.1% and 3.7%.

Similarly, chipmakers can also be found among the leaders with the PHLX Semiconductor Index trading higher by 1.0%.

1:30 pm: [BRIEFING.COM] Recent action saw the Dow Jones Industrial Average (+0.2%) slip behind the S&P 500 (+0.3%) amid additional selling in heavily-weighted groups like health care (unch), financials (+0.1%), and industrials (+0.2%). The materials sector has also returned to its flat line, but the third-smallest sector has little influence over the broader market since it only accounts for 3.5% of the entire S&P 500.

Also of note, even though the Nasdaq remains near its high, the biotech industry group has continued retreating from its best level of the day with the iShares Nasdaq Biotechnology ETF (IBB 238.75, +2.35) trimming its gain to 1.0%.

12:55 pm: [BRIEFING.COM] The major averages hold midday gains, but only the Nasdaq (+1.1%) continues trading near its early high while the Dow (+0.4%) and S&P 500 (+0.4%) hover near their lows.

Equity indices began the first April session with a steady climb that was assisted by upbeat action in Europe, where markets in France, Germany, and Great Britain posted gains between 0.5% and 0.8%.

The Nasdaq paced the opening advance with biotechnology fueling the early climb. At this juncture, the iShares Nasdaq Biotechnology ETF (IBB 239.70, +3.30) trades higher by 1.4% after being up as much as 3.5% during the opening hour. The early strength in biotech gave a boost to the health care sector (+0.3%), which has since retreated from its high and now trails the S&P 500.

Also of note, the Nasdaq has been kept near its early high by the relative strength of the technology sector (+1.0%) while the broader market has been pressured from its best levels of the day by the likes of energy (+0.2%), financials (+0.2%), and industrials (+0.3%).

Meanwhile, another heavily-weighted group-consumer discretionary (+1.2%)-trades ahead of the remaining nine sectors. Momentum names like Amazon.com (AMZN 343.15, +6.78), Netflix (NFLX 359.60, +7.57), and Priceline.com (PCLN 1238.34, +46.45) struggled in March, but have started April on an upbeat note. Also of note, Ford (F 16.30, +0.70) has made a contribution to the strength, trading higher by 4.5% after reporting a 3.0% year-over-year increase in monthly sales.

Homebuilders also sport gains across the board despite today's increase in Treasury yields (10-yr +3 bps at 2.75%). The iShares Dow Jones US Home Construction ETF (ITB 24.53, +0.31) is higher by 1.2%.

Today's economic data was limited to February Construction Spending and the March ISM Index:

Construction spending increased 0.1% in February after falling a downwardly revised 0.2% (from +0.1%) in January while the Briefing.com consensus expected an increase of 0.1%. Extreme winter weather conditions in January and February were blamed for a general downturn in economic data; however, construction, which should feel the brunt of the negative winter effects, was largely in-line with recent trends. Thus, there is no reason to expect construction spending to surge due to pent up demand in the near future.
The ISM Manufacturing Index increased to 53.7 in March from 53.2 in February. The Briefing.com consensus expected the index to increase to 54.0. Extreme winter weather conditions were blamed for a deterioration in the ISM Manufacturing Index in January. Yet, as temperatures returned to normal, the ISM Manufacturing Index remained well below its Q4 2013 averages. This tells us that weakness in manufacturing activities was likely not tied to the adverse weather, but rather caused by cyclical trends.

12:30 pm: [BRIEFING.COM] Recent action saw another slip in the S&P 500 (+0.4%) and the Dow Jones Industrial Average (+0.4%) while the Nasdaq (+1.1%) continues trading well ahead of the other indices.

The Nasdaq owes its outperformance to continued strength in biotechnology (IBB +1.3%) and technology (+1.0%). Meanwhile, the broader market has had to contend with the relative weakness of influential groups like energy (+0.2%), financials (+0.1%), and industrials (+0.3%).

Elsewhere, all four countercyclical sectors lag with consumer staples (-0.2%), telecom services (-0.4%), and utilities (-0.8%) trading in the red while health care (+0.2%) continues holding a slim advance.

12:00 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading higher by 0.4%.

The consumer discretionary sector (+1.2%) continues holding the lead amid broad-based strength. Momentum names like Amazon.com (AMZN 342.91, +6.55), Netflix (NFLX 359.83, +7.80), and Priceline.com (PCLN 1239.25, +47.36) struggled in March, but have begun April on an upbeat note.

Also of note, Ford (F 16.20, +0.60) has made a contribution to the strength as it trades higher by 3.8% after reporting a 3.0% year-over-year increase in monthly sales.

Homebuilders also sport gains across the board despite today's increase in Treasury yields (10-yr +4 bps at 2.76%). The iShares Dow Jones US Home Construction ETF (ITB 24.67, +0.45) is higher by 1.9%.

11:35 am: [BRIEFING.COM] Recent action saw the S&P 500 (+0.4%) continue its slow drift away from its session high while the Nasdaq (+1.2%) remains not far from its best level of the day.

Most individual sectors continue trading near their recent levels, but health care has slumped from its high and now trades in-line with the S&P 500. The health care sector bears watching into the afternoon as additional weakness would put the sector among other influential underperformers like energy (+0.2%), financials (+0.2%), and industrials (+0.3%).

With stocks holding gains, participants are not showing much demand for volatility protection. The CBOE Volatility Index (VIX 13.33, -0.55) is lower by 4.0%, hovering near levels last seen in late January.

10:55 am: [BRIEFING.COM] Equity indices remain near their best levels of the session with the Nasdaq (+1.2%) outperforming for the second day in a row thanks to the relative strength of biotechnology. Elsewhere, the S&P 500 trades higher by 0.4% with seven sectors showing gains.

The consumer discretionary space (+1.3%) leads today's advance after finishing March behind the remaining nine sectors. Meanwhile, other heavily-weighted groups are somewhat mixed. Technology (+1.0%) displays a solid gain while energy (+0.1%), financials (+0.1%), and industrials (+0.3%) lag.

Notably, the technology sector outperforms amid solid gains in top components. Cisco Systems (CSCO 22.79, +0.57), Google (GOOG 1135.39, +20.88), Oracle (ORCL 41.72, +0.81), and Microsoft (MSFT 41.49, +0.50) all hold gains between 1.1% and 2.7%.

10:35 am: [BRIEFING.COM]

Commodities are mostly lower this morning, while the dollar index is near the unchanged mark
Energy is down including WTI and brent crude oil, natural gas, RBOB and heating oil
Gold, silver, WTI crude oil and natural gas sold off this morning with gold, nat gas and crude hitting new session lows
Copper has remained above the $3/level all morning and is now +0.2% at $3.03/lb (May contract)
June gold is -0.2% at $1281.80/oz and May silver is +0.2% at $19.79/oz
May crude oil is now -0.9% at $100.68/barrel. May nat gas is -1.4% at $4.31/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with eight sectors showing gains.

February construction spending increased 0.1% month-over-month, which matched the Briefing.com consensus. The January reading was revised down to -0.2% (from +0.1%).

Separately, the ISM Index for March rose to 53.7 from 53.2 while the Briefing.com consensus expected the reading to improve to 54.0.

9:45 am: [BRIEFING.COM] The major averages began the session on an upbeat note with the Nasdaq (+0.7%) setting the early pace amid strength in biotechnology and traditional technology. The iShares Nasdaq Biotechnology ETF (IBB 240.55, +4.15) is higher by 1.7% while the technology sector trades higher by 0.5%.

Like technology, health care (+0.6%) and consumer discretionary (+0.9%) sectors trade ahead of the broader market while financials (+0.2%) lag.

Outside of financials, consumer staples (unch), energy (+0.1%), telecom services (-0.2%), and utilities (-0.3%) also trail the broader market.

Treasuries remain near their lows with the benchmark 10-yr yield up three basis points at 2.75%.

The ISM Index for March (Briefing.com consensus 54.0) and February Construction Spending (Briefing.com consensus 0.1%) will both be reported at 10:00 ET.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +11.50. The stock market is on track to begin the first session of April on a modestly higher note as futures on the S&P 500 trade five points above fair value.

Index futures spent the entire night in a slow climb, notching their pre-market highs within the last 30 minutes of action. The overnight advance was assisted by gains among most global equity markets while Japan's Nikkei (-0.2%) lagged. It is worth mentioning that Japan implemented its first sales tax hike since 1997, increasing the rate to 8.0% from 5.0%. The yen meanwhile, weakened modestly, sending the dollar/yen pair into the 103.40 area, where it currently trades.

Domestically, pre-market action has been contained to stock-specific moves with no earnings of note on the calendar.

There was no data released ahead of the bell, but the ISM Index for March (Briefing.com consensus 54.0) and February Construction Spending (Briefing.com consensus 0.1%) will both be reported at 10:00 ET.

Treasuries enter the session on their lows with the benchmark 10-yr yield up nearly four basis points at 2.76%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +9.70. The S&P 500 futures trade five points above fair value.

The major Asian bourses finished mostly higher. Japan's consumption tax hike went into effect with the increase to 8.0% (5.0% previous) representing the first sales tax increase since 1997. Among economic news of note, Large Manufacturers Index improved to 17 from 16 (consensus 18) while the Large Non-Manufacturers Index increased to 24 from 20, as expected. Elsewhere, China's Manufacturing PMI ticked up to 50.3 from 50.2 (expected 50.1) while the HSBC Manufacturing PMI fell to 48.0 from 48.5 (expected 48.5).

Today's Reserve Bank of Australia rate decision saw the central bank hold its key rate at 2.50%, as expected. Notable were comments from Governor Glenn Stevens, suggesting there would likely be a "period of stability in interest rates." Meanwhile, the Reserve Bank of India kept its benchmark interest rate unchanged at 8.00%, as expected, while noting it hopes to see CPI slide to 6.0% (currently 8.1%) by early 2016. Also of note, South Korea's trade surplus widened to $4.19 billion from $0.93 billion.

Japan's Nikkei slipped 0.2% back below the 50-day moving average. Utility shares weighed with Kansai Electric Power off 3.1% after reports indicated peer Hokkaido Electric needs a capital infusion.
Hong Kong's Hang Seng rallied 1.3% to a three-week high. Casino-related names paced the advance as traders gobbled up shares ahead of the monthly gaming data. MGM China was the top performer in the space, up 6.6%.
China's Shanghai Composite snapped its four-day skid, gaining 0.7%. Property shares saw in-line gains with Poly Real Estate higher by 0.5%.

Major European indices trade higher across the board after a quiet first half of the session. Spain's IBEX (+1.0%) leads the region higher amid continued strength in financials. Participants received several data points. Eurozone Manufacturing PMI held steady at 53.0, as expected, while the unemployment rate held steady at a downwardly revised 11.9% (expected 12.0%). Germany's claimant count decreased 12,000 (expected -10,000, prior -15,000) while the unemployment rate was unchanged at 6.7% (expected 6.8%). Separately, Manufacturing PMI slipped to 53.7 from 53.8 (consensus 53.8). French Manufacturing PMI ticked up to 52.1 from 51.9 (expected 51.9). Great Britain's Manufacturing PMI fell to 55.3 from 56.2 (consensus 56.7). Italian Manufacturing PMI ticked up to 52.4 from 52.3 (consensus 52.1) while the monthly unemployment rate increased to 13.0% from 12.9% (expected 12.9%). Spain's Manufacturing PMI improved to 52.8 from 52.5 (consensus 52.4).

Great Britain's FTSE is higher by 0.6% with financials showing strength. Aberdeen Asset Management trades up 7.1% after announcing plans to cut costs. Royal Bank of Scotland and Prudential also outperform with respective gains of 2.4% and 2.8%.
Germany's DAX trades up 0.6% with banks and exporters in the lead. Commerzbank, Deutsche Bank, and Volkswagen show gains between 1.6% and 2.7%. On the downside, health care names lag. Henkel and Merck trade lower by 1.9% and 0.8%, respectively.
In France, the CAC holds an advance of 0.9%. Alstom leads with a gain of 8.0% after agreeing to sell one of its units. On the downside, consumer names Danone, L'Oreal, and Pernod Ricard lag with losses between 0.5% and 1.1%.
Spain's IBEX is higher by 1.2%. Banco de Sabadell, Banco Santander, and Bankinter display gains between 0.8% and 3.5%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.00. U.S. equity futures remain near their pre-market highs with the S&P 500 futures trading five points above fair value.

The overnight session was relatively quiet with most global markets on the rise while Japan's Nikkei (-0.2%) underperformed, slipping below its 50-day moving average on the day when the first sales tax hike since 1997 went into effect (to 8.0% from 5.0%). The yen meanwhile, weakened modestly, sending the dollar/yen pair into the 103.40 area, where it currently trades.

Despite the modest strength against the yen, the Dollar Index (80.06, -0.04) sits just below its flat line as the greenback trades lower against the euro with the pair at 1.3795.

Treasuries display modest losses with the benchmark 10-yr yield up two basis points at 2.74%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.00. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover four points above fair value.

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +0.7%, Hong Kong's Hang Seng +1.3%, and Japan's Nikkei -0.2%.
In regional economic data:
China's HSBC Manufacturing PMI slipped to 48.0 from 48.1 (expected 48.1) while the National Manufacturing PMI ticked up to 50.3 from 50.2, as expected.
Japan's Tankan Large Manufacturers Index improved to 17 from 16 (consensus 18) while the Large Non-Manufacturers Index increased to 24 from 20, as expected. Separately, Average Cash Earnings were unchanged year-over-year (expected -0.1%, prior -0.2%).
South Korea's CPI rose 1.3% year-over-year (consensus 1.4%, expected 1.0%) while the HSBC Manufacturing PMI increased to 50.40 from 49.80. Separately, the trade surplus expanded to $4.19 billion from $930 million (expected surplus of $3.79 billion).
The Reserve Bank of Australia kept its key interest rate at 2.50%, as expected. Separately, AIG Manufacturers Index ticked down to 47.9 from 48.6.
The Reserve Bank of India also held its interest rate steady at 8.0%, as expected.
Indonesia's Core Inflation came in at 4.61% (forecast 4.58%, prior 4.57%).
In news:
According to Bloomberg, Xuzhou Zhongsen Tonghao New Board failed to make its coupon payment on March 28, representing the first default in the private-placement market for high-yield bonds.

Major European indices trade higher across the board. Great Britain's FTSE +0.6%, Germany's DAX +0.7%, and France's CAC +0.9%. Elsewhere, Italy's MIB +0.8% and Spain's IBEX +0.9%.
Participants received several data points:
Eurozone Manufacturing PMI held steady at 53.0, as expected, while the unemployment rate held steady at a downwardly revised 11.9% (expected 12.0%).
Germany's claimant count decreased 12,000 (expected -10,000, prior -15,000) while the unemployment rate was unchanged at 6.7% (expected 6.8%). Separately, Manufacturing PMI slipped to 53.7 from 53.8 (consensus 53.8).
French Manufacturing PMI ticked up to 52.1 from 51.9 (expected 51.9).
Great Britain's Manufacturing PMI fell to 55.3 from 56.2 (consensus 56.7).
Italian Manufacturing PMI ticked up to 52.4 from 52.3 (consensus 52.1) while the monthly unemployment rate increased to 13.0% from 12.9% (expected 12.9%).
Spain's Manufacturing PMI improved to 52.8 from 52.5 (consensus 52.4).
In news:
The first half of the session has been very quiet with Spain's IBEX leading the region higher amid continued strength in financials. Banco de Sabadell and Banco Santander trade higher by 3.5% and 1.6%, respectively.

In U.S. corporate news:

NVIDIA (NVDA 18.50, +0.59): +3.3% after the stock was upgraded to 'Market Outperform' from 'Market Perform' at JMP Securities.
MetLife (MET 54.01, +1.21): +2.3% after being added to the US 1 List at Bank of America/Merrill Lynch.

The ISM Index for March (Briefing.com consensus 54.0) and February Construction Spending (Briefing.com consensus 0.1%) will both be reported at 10:00 ET.

6:43 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +7.00.

6:43 am: [BRIEFING.COM] Nikkei...14791.99...-35.80...-0.20%. Hang Seng...22448.54...+297.50...+1.30%.

6:43 am: [BRIEFING.COM] FTSE...6624.42...+26.10...+0.40%. DAX...9600.51...+44.60...+0.50%.

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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