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 Post subject: April 3rd Thursday Trade Results - Profit $600.00
PostPosted: Thu Apr 03, 2014 11:22 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 @ $600.00 dollars or +6.00 points, Emini ES ($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 @ $600.00 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=1761

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.

Dow, S&P 500 Flat After Record Highs

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

NEW YORK (CNNMoney)
Investors must have eaten their Wheaties this morning, but forgotten their afternoon protein shake. Stocks hit new milestones Thursday shortly after the markets opened before pulling back.

The Dow ended flat while the S&P 500 closed slightly in the red. Both indexes hit record highs earlier in the day. The Nasdaq also fell almost 1%.

US markets had been on a roll this week. On Wednesday, the S&P 500 closed at a new high, it's eighth of the year. But the question remains as to whether this momentum will continue.

Investors are keeping an eye on U.S. jobs and Europe's economy. The big March unemployment report is due tomorrow. Today the Labor Department released jobless claims data for late March, and it was worse than expected, raising concerns about what could be coming on Friday.

Across the pond, the European Central Bank said it will keep its key interest rate unchanged at 0.25%, as widely expected. But the central bank is facing growing pressure to do more to stimulate the Eurozone economy as risks of deflation rise and the euro remains stronger than some would prefer.

ECB President Mario Draghi tried to use words to calm the markets. He affirmed in a press conference the bank's commitment to keep inflation at a healthy level, but he didn't announce any new measures to prop up the economy.

Still, he said said the ECB's governing body is considering a quantitative easing strategy similar to that deployed by the Federal Reserve.

European markets finished mixed following the announcement.

In corporate news, newly issued Google shares started trading Thursday as a result of the tech giant's long-anticipated 2-for-1 stock split. The new class C shares, which trade under the original "GOOG," symbol and have no voting rights, rose in morning trading before going negative in the afternoon.

Old Google class A shares, which retained their voting rights and trade under the new symbol, "GOOGL," went up in the morning and then fell back.

Shares of both classes of Google began trading at around $570, but the A shares have maintained a higher share price all day, as expected.

Some traders on StockTwits were caught off guard by the split.

"$GOOG woah, just saw this and freaked out, never mind, nothing to see here," said barna.

"Pretty fun watching the $GOOG craziness here today!," said DontTalkStocks.

Barnes and Noble (BKS, Fortune 500) plunged 13.5% after one of its largest shareholders, John Malone's Liberty Media Corporation (LMCA), announced that is reducing its stake in the struggling bookseller. Barnes and Noble has bounced back over 25% this year after being one of the worst performers in the S&P 500 in 2013.

In a press release, the Liberty Media said the move would give Barnes and Noble "greater flexibility to accomplish their strategic objectives."

But one StockTwits trader didn't agree.

"I don't buy the flexibility argument. I would rather have Malone on my side. $BKS," said MicroFundy.

Shares of Pandora (P) ticked down after initially jumping after the internet radio service released figures showing notable jumps in its number of active listeners in March. The number of hours listened for the month also rose.

Netflix (NFLX)continued its slide Thursday. After a huge run, shares of the entertainment site have pulled back about 20% in the past month as the company faces growing concerns about its high valuation and increasing competition.

Yelp (YELP) shares lost nearly 7% after falling more than 5% Wednesday after the Wall Street Journal reported that the review site receives around six subpoenas each month, often relating to business owners suing the company.

But StockTwits trader lossaverse didn't think Yelp was going away anytime soon.

"$YELP What is the alternative? The Yellow pages? They can fix this problem," he said.

FireEye (FEYE), a cybersecurity firm that many analysts thought would benefit from selling software to root out hackers after the Target credit and debit card data breach, plunged 11% Thursday after receiving an unfavorable rating from advisory firm NSS Labs. But the stock is still up over big from its December IPO.

Twitter (TWTR)continued its downward slope today. The stock has been falling back ever since it forecast slowing sales and user growth in its fourth quarter earnings report.

Asian markets ended mixed, shrugging off news of a mini-stimulus package in China. After an initial boost, the Shanghai Composite closed 0.7% lower. Hong Kong's Hang Seng finished narrowly firmer.

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4:15 pm: [BRIEFING.COM] The stock market finished the Thursday session on a lower note with small caps leading the weakness. The Russell 2000 (-1.0%) and Nasdaq (-0.9%) posted comparable losses while the Dow Jones Industrial Average (unch) and S&P 500 (-0.1%) finished little changed after climbing off their lows during the last hour of action.

Equity indices began the day with modest gains, but were quick to slip into the red, where they remained for the rest of the session. Of the major averages, the Nasdaq faced the most aggressive selling due to the daylong weakness in biotechnology and an afternoon slump in the technology sector (-0.6%).

Biotechnology spent the entire session in a steady retreat that pressured the iShares Nasdaq Biotechnology ETF (IBB 234.71, -6.89) back below its 100-day moving average (238.12). The biotech ETF lost 2.9% while the broader health care sector lost 0.3%.

For its part, the technology sector was among the early relative strength leaders before turning into a laggard during the early afternoon. It is worth mentioning the early strength was bolstered by a big gain in Google (GOOG 569.74, +2.74), which underwent a 2:1 split. The stock was up more than 3.0% in the morning before surrendering most of its gain over the course of the session. Most other large tech names finished in the red while Intel (INTC 26.41, +0.52) held a solid gain throughout the day.

Elsewhere, the discretionary sector (-0.5%) was another notable laggard after finishing among the leaders on Monday and Tuesday. Large components like Amazon.com (AMZN 333.62, -8.34), Priceline.com (PCLN 1237.45, -29.21), and Netflix (NFLX 354.69, -8.19) fell between 2.3% and 2.4% while homebuilders held up relatively well. The iShares Dow Jones US Home Construction ETF (ITB 24.71, 0.00) ended flat.

On the upside, the energy sector (+0.6%) held a solid gain throughout the session while crude oil advanced 0.7% to $100.29/bbl.

Meanwhile, the other commodity-linked sector, materials (+0.1%) posted a modest gain, thanks to a boost from Monsanto (MON 117.04, +2.62), which gained 2.3% after being upgraded to 'Overweight' from 'Neutral' at JP Morgan.

Treasuries ended near the middle of their range with the benchmark 10-yr yield falling two basis points to 2.79%.

Participation was below average with 647 million shares changing hands at the NYSE.

Today's economic data included three reports:
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The weekly initial claims level increased to 326,000 from a revised 310,000 (from 311,000). The Briefing.com consensus expected the initial claims level to increase to 320,000. After several months between 330,000 and 340,000, initial claims have broken those bounds and are now trending between 315,000 and 330,000. This range is more typical of a 200,000 monthly increase in nonfarm payrolls. We would not be surprised, given the strength of the claims data in March, if payrolls top 200,000 for the first time since November 2013.
The U.S. trade deficit increased to $42.30 billion in February from a slightly upwardly revised $39.30 billion (from $39.10 billion) in January. That was the largest deficit since reaching $43.40 billion in September 2013. The Briefing.com consensus pegged the trade deficit at $39.30 billion. The goods deficit rose to $61.70 billion in February from $59.50 in January, an increase of $2.20 billion. The services surplus fell $800 million to $19.40 billion in February from $20.20 billion.
The ISM Non-Manufacturing Index increased to 53.1 in March from 51.6 in February while the Briefing.com consensus expected an increase to 53.5. The increase in the headline index was mostly the result of a recovery in employment. The Employment Index, which contracted in February, increased to 53.6 in March from 47.5.

Tomorrow's data will focus on jobs with March Nonfarm Payrolls (Briefing.com consensus 195K), Private Payrolls (consensus 205K), Unemployment Rate (consensus 6.6%), Hourly Earnings (consensus +0.2%), and Average Workweek (consensus 34.4) all set to cross the wires at 8:30 ET.

S&P 500 +2.2% YTD
Russell 2000 +1.6% YTD
Nasdaq Composite +1.5% YTD
Dow Jones Industrial Average -0.02% YTD

3:30 pm: [BRIEFING.COM]

Precious metals traded lower today as a stronger dollar index weighed on prices.
June gold brushed a session low of $1281.90 per ounce in early morning action and settled with a 0.5% loss at $1284.60 per ounce.
May silver dipped to a session low of $19.66 per ounce shortly after floor trade opened. It then consolidated near the $19.85 per ounce level and eventually settled 1.3% lower at $19.79 per ounce.
May crude oil lifted from its session low of $99.22 per barrel and broke into positive territory by late morning pit action. It brushed a session high of $100.34 per barrel and settled at $100.29 per barrel, booking a gain of 0.7%.
May natural gas fell to a session low of $4.36 per MMBtu following inventory data that showed a draw of 74 bcf when a draw of 74-75 bcf was anticipated. However, it quickly regained momentum and climbed to a session high of $4.48 per MMBtu before settling with a 2.5% gain at $4.47 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session. Most notably, the recent drop to fresh lows saw technology and discretionary sectors widen their losses to 0.8% and 0.9%, respectively.

In the tech space, Google (GOOG 566.05, -0.95) now trades in the red after being up more than 3.0% just after the open. Most other major tech components are not faring much better with the exception of Intel (INTC 26.32, +0.43), which remains near its best level of the session.

Elsewhere, the discretionary space is being pressured heavyweight components like Amazon.com (AMZN 330.69, -11.27), Priceline.com (PCLN 1232.66, -34.00), and Netflix (NFLX 351.80, -11.80). The three names display losses between 2.6% and 3.3%.

2:30 pm: [BRIEFING.COM] Afternoon action continues with the major averages holding their recent levels.

Not much change has taken place among individual sectors as health care (-0.7%), technology (-0.6%), and consumer discretionary (-0.8%) remain weak, while energy (+0.8%), industrials (unch), and utilities (+0.4%) outperform. Also of note, the financial sector (-0.3%) was able to make a brief appearance among the outperformers before slipping behind the S&P 500 once again.

On the fixed income side, Treasuries have slipped from their highs, but continue holding solid gains. The benchmark 10-yr yield is lower by two basis points at 2.79%.

2:00 pm: [BRIEFING.COM] The Dow (-0.1%) and S&P 500 (-0.1%) have returned near their flat lines while the Nasdaq Composite (-0.8%) continues showing relative weakness.

The rebound in the blue chip indices has taken place with the participation of the financial sector (-0.1%), which has been inching off its lows throughout the afternoon. Other top-weighted sectors, however, remain weak. Consumer discretionary, health care, and technology all display losses close to 0.5% apiece.

Even though the largest sectors lag, the broader market has held in relatively well with help from energy (+0.7%) and industrials (+0.1%).

1:25 pm: [BRIEFING.COM] Equity indices continue trolling near their lows with the Nasdaq (-0.9%) and Russell 2000 (-0.9%) continuing their underperformance.

The biotech space was the first to show weakness this morning with the iShares Nasdaq Biotechnology ETF (IBB 234.47, -7.13) notching a session low around 11:30 ET. Since then, the ETF has been trying to stage a rebound, but remains below its 100-day moving average at this juncture. Meanwhile, the broader health care sector (-0.5%) has mimicked the price action of the biotech ETF.

On the upside, the industrial sector (+0.1%) has clawed its way back into the green. Transports, however, remain among the laggards with the Dow Jones Transportation Average lower by 0.3%.

12:55 pm: [BRIEFING.COM] At midday, the major averages hover on their lows with the Nasdaq Composite trading lower by 1.0% while the Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) display more modest losses.

The first half of today's session has featured unidirectional price action with equity indices retreating steadily from their opening levels. The Dow and S&P 500 have held up relatively well while the Nasdaq has been hit with the brunt of the selling interest due to a one-two punch resulting from losses in biotechnology and the technology sector.

Biotechnology has been a drag on the market since the open with the iShares Nasdaq Biotechnology ETF (IBB 234.03, -7.57) trading lower by 3.1% after sliding below its 100-day moving average. The weakness is impacting the health care sector (-0.7%) as well, while other heavily-weighted groups are not far ahead. Consumer discretionary (-0.6%) and technology (-0.6%) lag while financials (-0.2%) trade in-line with the S&P 500 after climbing off lows.

Most notably, the technology sector was among earlier outperformers, but now trades behind the broader market. The earlier strength was largely due to a big gain in Google (GOOG 570.77, +3.77), which has since taken a few steps back. The stock trades higher by 0.6% after being up more than 3.0% after undergoing a 2:1 share split. Meanwhile, other large tech names trade mostly lower with Apple (AAPL 537.98, -4.57) and Microsoft (MSFT 40.80, -0.55) down 0.8% and 1.3%, respectively.

On the upside, only three sectors-energy (+0.5%), telecom services (+0.1%), and utilities (+0.4%)-sport midday gains.

With stocks near their lows, participants have shown some interest in volatility protection, but the CBOE Volatility Index (VIX 13.49, +0.40) remains near late January levels.

Treasuries are near their highs with the benchmark 10-yr yield down two basis points at 2.78%.

Today's economic data included three reports:

The weekly initial claims level increased to 326,000 from a revised 310,000 (from 311,000). The Briefing.com consensus expected the initial claims level to increase to 320,000. After several months between 330,000 and 340,000, initial claims have broken those bounds and are now trending between 315,000 and 330,000. This range is more typical of a 200,000 monthly increase in nonfarm payrolls. We would not be surprised, given the strength of the claims data in March, if payrolls top 200,000 for the first time since November 2013.
The U.S. trade deficit increased to $42.30 billion in February from a slightly upwardly revised $39.30 billion (from $39.10 billion) in January. That was the largest deficit since reaching $43.40 billion in September 2013. The Briefing.com consensus pegged the trade deficit at $39.30 billion. The goods deficit rose to $61.70 billion in February from $59.50 in January, an increase of $2.20 billion. The services surplus fell $800 million to $19.40 billion in February from $20.20 billion.
The ISM Non-Manufacturing Index increased to 53.1 in March from 51.6 in February while the Briefing.com consensus expected an increase to 53.5. The increase in the headline index was mostly the result of a recovery in employment. The Employment Index, which contracted in February, increased to 53.6 in March from 47.5.

12:30 pm: [BRIEFING.COM] Another round of fresh lows for the major averages, but the retreat continues to unfold in an orderly fashion. Even though the major averages have been pressured throughout the first half of the session, the Dow (-0.1%) and S&P 500 (-0.2%) trade not far below their flat lines.

Meanwhile, the Nasdaq has widened its loss to 0.8% amid recent weakness in the technology sector (-0.5%), which now trails the broader market after showing relative strength earlier. Google (GOOG 574.00, +7.00), which was up more than 3.0% just an hour ago, has narrowed its gain to 1.3%. Chipmakers, however, continue trading ahead of the sector with the PHLX Semiconductor Index up 0.3%.

Elsewhere, the retreat in equities has been accompanied by a steady push higher in the Treasury market, sending the benchmark 10-yr yield lower by three basis points to 2.78%.

12:00 pm: [BRIEFING.COM] Not much change in the major averages, all of which continue hovering near their session lows. Even though equity indices trade lower across the board, today's decline comes after four consecutive gains. Including today's loss, the Nasdaq remains higher by 2.2% so far this week while the Dow and S&P 500 display week-to-date gains of 1.4% and 1.6%, respectively.

Moving on to individual sectors, materials and industrials lead with respective week-to-date gains of 2.4% and 2.3% while utilities and consumer staples round out the bottom of this week's leaderboard with both sectors up 0.6% apiece.

With stocks near lows, participants are showing some interest in volatility protection, but the CBOE Volatility Index (VIX 13.27, +0.18) remains at late-January levels.

11:30 am: [BRIEFING.COM] The major indices remain near their lows with Nasdaq trading down 0.4%.

Even though biotechnology continues weighing on the Nasdaq (IBB -3.0%), the traditional technology sector (+0.1%) remains in a position of relative strength. Google (GOOG 585.00, +18.00) has made a significant contribution, trading higher by 3.2% after its shares underwent a 2:1 split. Meanwhile, other top-weighted tech names are somewhat mixed with Apple (AAPL 539.86, -2.69) and Microsoft (MSFT 41.09, -0.26) both down near 0.5% while Intel (INTC 26.36, +0.47) trades up 1.8%.

Elsewhere, the energy sector (+0.5%) is today's leading group while crude oil trades little changed at $99.66/bbl.

11:00 am: [BRIEFING.COM] Equity indices have slipped into the red after being unable to hold their early gains. Small caps have lagged since the open and the Russell 2000 has widened its loss to 0.6%.

Elsewhere, the Nasdaq (-0.4%) is the weakest performer among the three major averages due to significant weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 235.26, -6.34) trades lower by 2.6% while the broader health care sector (-0.5%) trails the remaining nine groups.

Outside of health care, the second-weakest group, financials, holds a loss of 0.5% amid broad weakness in top-weighted components. Citigroup (C 47.43, -0.81), Goldman Sachs (GS 165.13, -2.14), and Morgan Stanley (MS 30.86, -0.55) display losses between 1.3% and 1.7% while the broader SPDR S&P Capital Markets ETF (KCE 49.24, -0.64) trades lower by 1.3%.

10:35 am: [BRIEFING.COM]

Commodities are slightly higher (mostly flat) this morning following China's stimulus package
Thomson Reuters/Jefferies CRB Commodity Index is 0.1% higher currently
Natural gas futures were in the red overnight, but found some buying interest in early morning trade, which caused nat gas to rally to a new high for the day
Ahead of weekly EIA natural gas inventory data, nat gas futures were near its session high, but lost some gains as it dropped to a new low in pit trading
May nat gas is now +0.4% at $4.38/MMBtu
Metals are mostly weak this morning.
June gold is -0.4% at $1285.80/oz, May silver is -1% at $19.85/oz. May copper is -0.6% at $3.03/lb.
Crude oil has been in the red almost all day so far. In current trade, May crude is -0.1% at $99.50/barrel.

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.1% with seven sectors showing gains. The largest S&P 500 group, technology (+0.3%) is among the leaders while the second- and third-largest sectors-financials (-0.2%) and health care (-0.1%)-lag.

Just released, the ISM Services Index for March rose to 53.1 from 51.6 while the Briefing.com consensus expected an uptick to 53.5.

9:40 am: [BRIEFING.COM] The major averages began the session near their flat lines with small caps on the defensive. The Russell 2000 trades lower by 0.2% while the S&P 500 sports a slim gain of 0.1% with eight sectors showing early gains.

Materials (+0.5%), utilities (+0.3%), and energy (+0.3%) began the trading day ahead of the remaining sectors while consumer discretionary (-0.1%) and financials (-0.1%) displayed relative weakness out of the gate.

Treasuries climbed to new highs as the session began, sending the benchmark 10-yr yield down one basis point to 2.79%.

The ISM Services Index for March will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -2.50. Staying true to this week's form, the stock market is on track to begin today's session on a quiet note as futures on the S&P 500 trade less than a point below fair value.

Overnight, the global equity markets traded in mixed fashion after Chinese officials announced a stimulus program that aims to boost infrastructure spending while also providing support to low-income housing and small businesses. Asian markets received the news with caution as Hong Kong's Hang Seng (+0.2%) posted a slim gain while China's Shanghai Composite (-0.7%) stumbled amid weakness in property shares.

Over in Europe, the European Central Bank also stayed true to form, announcing no changes to its policy stance. The announcement was met with some short-covering in the euro that sent the currency into the 1.3800 area; however, euro strength reversed after ECB President Mario Draghi said during his press conference that an "ample, rich discussion" took place regarding a potential deployment of a quantitative easing program. Currently, the euro hovers near 1.3725 against the dollar.

Domestically, the latest weekly initial jobless claims count totaled 326,000, which was higher than the 320,000 that had been expected by the Briefing.com consensus.

Separately, the U.S. trade deficit increased to $42.30 billion in February from an upwardly revised $39.30 billion (from $39.10 billion) in January. That was the largest deficit since reaching $43.40 billion in September 2013 while the Briefing.com consensus pegged the deficit at $39.30 billion.

Treasuries enter the session little changed with the 10-yr yield at 2.80%.

9:01 am: [BRIEFING.COM] S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -4.50. The S&P 500 futures trade one point below fair value.

Asian markets ended on mixed note after Chinese officials announced a stimulus program that aims to boost infrastructure spending while also providing support to low-income housing and small businesses.

Participants received several data points. China's Non-Manufacturing PMI slipped to 54.5 from 55.0 while HSBC Services PMI improved to 51.9 from 51.0. Japan's foreign bonds buying report pointed to net sales in the amount of JPY763.60 billion (previous sales of JPY398.70 billion). Hong Kong's Manufacturing PMI fell to 49.90 from 53.30. India's HSBC Services PMI fell to 47.5 from 48.8. Australia's trade surplus narrowed to $1.20 billion from $1.39 billion (expected surplus of $850 million) as imports increased 1.0% month-over-month (prior 1.0%) while exports were unchanged (prior 4.0%). Separately, AIG Services Index fell to 48.9 from 55.2.

Japan's Nikkei gained 0.8%, receiving support from growth-sensitive names. COMSYS Holdings jumped 3.7% and Mitsui Engineering & Shipbuilding rose 2.3%.
Hong Kong's Hang Seng added 0.2%, settling near its session lows as property names weighed. China Resources Land, China Overseas Land, and Sino Land fell between 1.0% and 2.6%. On the upside, Lenovo Group gained 1.8% and Want Want China Holdings jumped 2.4%.
China's Shanghai Composite fell 0.7% after being pressured by real estate names. Tianjin Reality Development, Beijing Huaye Realestate, and Beijing Vantone Real Estate lost between 5.6% and 9.2%.

Core European indices trade little changed while peripheral markets outperform with Spain's IBEX (+0.8%) in the lead. In economic data, the European Central Bank left its key interest rate unchanged at 0.25%, as expected. Separately, Retail Sales rose 0.4% month-over-month (consensus -0.6%, prior 1.0%) and Services PMI slipped to 52.2 from 52.4 (expected 52.4). Germany's Services PMI fell to 53.0 from 54.0 (forecast 54.0). Great Britain's Services PMI fell to 57.6 from 58.2 (consensus 58.1) while Housing Equity Withdrawals reached GBP10.60 billion quarter-over-quarter (expected GBP9.40 billion, prior GBP10.60 billion). France's Services PMI ticked up to 51.5 from 51.4 (consensus 51.4). Italy's Services PMI fell to 49.5 from 52.9 (expected 52.0). Spain's Services PMI improved to 54.0 from 53.7 (forecast 53.5).

Germany's DAX is flat. Industrial names lag with Deutsche Lufthansa and Deutsche Post both down near 0.9%. Health care names outperform as Fresenius Medical Care and Henkel display respective gains of 0.8% and 0.3%.
Great Britain's FTSE is flat. British Sky Broadcasting is the weakest performer, down 2.5% after receiving a downgrade at HSBC. Miners also lag with Anglo American, Antofagasta, and Rio Tinto down between 1.5% and 2.2%.
France's CAC is higher by 0.1% as steelmaker ArcelorMittal leads with a gain of 0.8%. On the downside, utilities Electricite de France, GDF Suez, and Veolia Environnement hold losses between 0.9% and 2.2%.
Spain's IBEX trades higher by 0.8%. Financials BBVA, Bankia, and Banco Popular Espanol lead with gains between 1.0% and 1.2%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -2.50. The S&P 500 futures trade less than one point below fair value.

The latest weekly initial jobless claims count totaled 326,000, which was higher than the 320,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 310,000 (from 311,000). As for continuing claims, they rose to 2.836 million from 2.814 million.

Separately, the February trade deficit widened to $42.30 billion from $39.30 billion. The Briefing.com consensus expected the deficit to come in at $39.30 billion.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: -0.30. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover less than a point above fair value.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.7%, Hong Kong's Hang Seng +0.2%, and Japan's Nikkei +0.8%.
In economic data:
China's Non-Manufacturing PMI slipped to 54.5 from 55.0 while HSBC Services PMI improved to 51.9 from 51.0.
Japan's foreign bonds buying report pointed to net sales in the amount of JPY763.60 billion (previous sales of JPY398.70 billion).
Hong Kong's Manufacturing PMI fell to 49.90 from 53.30.
India's HSBC Services PMI fell to 47.5 from 48.8.

Australia's trade surplus narrowed to $1.20 billion from $1.39 billion (expected surplus of $850 million) as imports increased 1.0% month-over-month (prior 1.0%) while exports were unchanged (prior 4.0%). Separately, AIG Services Index fell to 48.9 from 55.2.
In news:
Chinese officials announced a stimulus program that aims to boost infrastructure spending while also providing support to low-income housing and small businesses.

Core European indices trade little changed while peripheral markets outperform. France's CAC -0.2%, Germany's DAX -0.2%, and Great Britain's FTSE is flat. Elsewhere, Italy's MIB +0.2% and Spain's IBEX +0.5%.
Looking at data:
The European Central Bank left its key interest rate unchanged at 0.25%, as expected. Separately, Retail Sales rose 0.4% month-over-month (consensus -0.6%, prior 1.0%) and Services PMI slipped to 52.2 from 52.4 (expected 52.4).
Germany's Services PMI fell to 53.0 from 54.0 (forecast 54.0).
Great Britain's Services PMI fell to 57.6 from 58.2 (consensus 58.1) while Housing Equity Withdrawals reached GBP10.60 billion quarter-over-quarter (expected GBP9.40 billion, prior GBP10.60 billion).
France's Services PMI ticked up to 51.5 from 51.4 (consensus 51.4).
Italy's Services PMI fell to 49.5 from 52.9 (expected 52.0).
Spain's Services PMI improved to 54.0 from 53.7 (forecast 53.5).
Among news of note:
The euro saw a modest bid against the dollar after the ECB announced no changes to its policy stance. Currently, the single currency trades near 1.3775 against the greenback after hovering closer to 1.3755 ahead of the announcement.

In U.S. corporate news:

Citigroup (C 47.97, -0.27): -0.5% amid reports a federal investigation will look into fraud that took place at the bank's Mexican unit. Separately, the stock was downgraded to 'Neutral' from 'Buy' at Sterne Agee.
Monsanto (MON 116.85, +2.43): +2.1% after the company was upgraded to 'Overweight' from 'Neutral' at JP Morgan.

The March Challenger Job Cuts report indicated a 30.2% year-over-year decline in planned layoffs to follow the previous decline of 24.4%.

Weekly initial claims (Briefing.com consensus 320K) and the February Trade Balance (consensus -$39.30 billion) will cross the wires at 8:30 ET while the ISM Services Index (consensus 53.5) will be released at 10:00 ET.

6:31 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.00.

6:31 am: [BRIEFING.COM] Nikkei...15071.88...+125.60...+0.80%. Hang Seng...22565.08...+41.10...+0.20%.

6:31 am: [BRIEFING.COM] FTSE...6655.19...-3.90...-0.10%. DAX...9619.25...-4.10...0.00.

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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