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 Post subject: April 9th Wednesday Trade Results - Profit $7370.00
PostPosted: Wed Apr 09, 2014 11:03 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $3,620.00 dollars or +36.20 points, Emini ES ($ES_F) futures @ $3,750.00 dollars or +75.00 points, Light Crude Oil CL ($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 @ $7,370.00 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=1765

Quote:
Any of my real-time posted trades that are via the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis or the Volatility Trading Report (VTR)...I only discuss the reasons (trade strategy) behind those trades with fee-base clients only in a different private chat room that's designated for fee-base clients only or discuss the strategies with fee-base clients on my Skype contact list.

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 Soar On Fed, Earnings Optimism

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

NEW YORK (CNNMoney)
Markets were in comeback mode Wednesday as first quarter earnings season kicked into gear and the Fed sounded a dovish tone.

The Dow jumped over 180 points, while the Nasdaq gained 1.7% and the S&P 500 moved higher by more than 1%.

It was the second straight win for stocks after a three day losing streak.

Today's bounce put the Nasdaq into positive territory for the year. The S&P 500 is also in the green for the year, but the Dow is still in the red.

While stocks started off with some spring in their step, investors really rallied after the release of the Federal Reserve's March meeting minutes at 2p.m ET.

The minutes indicated that Fed members were almost all united in getting rid of the 6.5% unemployment target as a gauge for timing interest rate increases. Investors took that as a sign that rates would remain low for some time.

At the press conference following that meeting last month, Fed Chief Janet Yellen briefly spooked investors when she stated that the U.S. central bank's stimulus program would most likely be finished by the fall and that a rate hike could come as soon as early 2015.

Auto stocks were under pressure today after Toyota announced a massive global recall. General Motors, grappling with the continuing fallout of its boched ignition switch recall, also fell.

In other corporate news, Comcast and Time Warner Cable representatives appeared before the Senate Judiciary Committee to plead their case for merging the companies. Shares of both companies rose Wednesday.

Earnings will most likely be the main catalyst for the markets in the weeks ahead. The first quarter was hampered by severe winter weather, which may have had an impact on companies' bottom lines.

The earnings season unofficially commenced yesterday afternoon when Alcoa (AA, Fortune 500) reported earnings that topped expectations. Shares of the aluminum producer advanced Wednesday. The next big reports will be from J.P. Morgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) on Friday.

Related: Brace yourself for ugly corporate earnings

Corporate executives at Constellation Brands (STZ) should have been toasting after the alcoholic beverages company posted quarterly profits that beat estimates, thanks to a bump in its beer shipments business. Instead, shares fell Wednesday after an initial jump.

StockTwits trader SR5Group seemed to think the price drop was unwarranted.

"nonsense sell-off created opportunity $STZ," he said.

Facebook (FB, Fortune 500)surged more than 7% after an analyst report claimed that Instagram is now is the top social network amongst teens. Facebook bought Instagram in 2012 for $1 billion.

"$FB buy of Instagram for 1B looking like the deal of the century," said NaviAvatar on StockTwits.

The analyst report was significant because Facebook had previously noted concerns about teenage usage.

"$FB is the rolodex of this generation. It aint going anywhere!," said StockTwits trader tihmstaysgreen.

But Facebook is what many would call a momentum stock, and such shares have pulled back recently on valuation concerns.

"$FB That which goes up must come down, just be prepared," said Scarredtradernocry on StockTwits.

Shares of medical robotics company Intuitive Surgical (ISRG) plunged after the company said it expects first quarter revenue to come in 24% lower than the same quarter last year. The dreary forecast comes just weeks after the stock soared following F.D.A. approval for a new surgical robot device.

In IPO news, La Quinta (LQ) hotel chain began trading today under the symbol LQ. Shares ended up after swinging between gains and losses earlier in the day.

Chinese healthcare firm, iKang (KANG), another stock making its debut, spiked in its debut and ended the day about 9% higher. Investors are watching Chinese IPOs as marquee brands Weibo (aka "Chinese Twitter") and Alibaba are expected to list soon.

European markets closed higher Wednesday.

Most Asian markets also managed gains, led by Hong Kong's Hang Seng with a 1.1% rise. Japan's Nikkei continued its decline, falling 2.1%, as hopes fade of more central bank stimulus.

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4:10 pm: [BRIEFING.COM] The stock market finished the Wednesday session on a sharply higher note, with the Nasdaq Composite (+1.7%) in the lead.

Equity indices held solid gains into the afternoon, with a second push coming after the release of the FOMC Minutes from the March policy meeting. For the most part, the minutes reiterated several points that were already known, but market participants zeroed in on a specific portion that commented on the expected trajectory of the fed funds rate.

Specifically, the minutes revealed that policymakers are not necessarily committed to hiking the fed funds rate in the first half of 2015. While that timetable could still come to fruition, it is becoming increasingly clear that the FOMC is unwilling to back itself into a corner by providing calendar-based guidance. That proved to be a relief for the stock and bond markets, while pressuring the dollar.

Treasuries cut the bulk of their losses after the release of the minutes, with the benchmark 10-yr yield ending at 2.69% after hovering near 2.72% in the early afternoon. Elsewhere, the Dollar Index (-0.3%) slumped to lows, while gold futures recovered their losses, clawing back to the 1309.00/ozt level.

Eight of ten sectors posted gains, with health care (+2.1%) ending in the lead after showing strength throughout the session. Since the advance was powered by many of the recent laggards, it is not a stretch to suspect that short covering fueled a significant part of the rally.

Biotechnology was a big contributor to the gains in health care as the iShares Nasdaq Biotechnology ETF (IBB 235.08, +9.25) surged 4.1%. It is worth mentioning that the strength of biotech also gave a boost to the Nasdaq.

The tech-heavy Nasdaq also received support from many recently-battered momentum names. Facebook (FB 62.41, +4.22) and LinkedIn (LNKD 176.18, +7.08) surged 7.3% and 4.2%, respectively, while discretionary components Amazon.com (AMZN 331.80, +4.74) and Netflix (NFLX 353.03, +4.14) posted gains close to 1.3% apiece. The broader discretionary sector (+1.1%), meanwhile, ended in line with the S&P 500.

Although three of four top-weighted sectors fared as well, or better than, the benchmark index, financials (+0.9%) were a reluctant participant in the advance.

On the downside, telecom services (-0.7%) and utilities (-0.3%) were the only two sectors ending in the red.

Participation was a bit below average as less than 690 million shares changed hands at the NYSE.

Today's economic data was limited to the Wholesale Inventories report, which pointed to an increase of 0.5% in February after increasing an upwardly revised 0.8% (from 0.6%) in January. The Briefing.com consensus expected wholesale inventories to increase 0.5%. There were concerns that strong inventory growth in February would be the result of severe winter weather conditions. In theory, the extreme cold would keep shoppers away, which would result in more goods being left on the shelves. That notion has been debunked in just about all of the economic data over the last several weeks, including the February wholesale inventory data. Sales, which should have weakened from weather effects, increased 0.7% in February after falling 1.8% in January.

Tomorrow, weekly initial claims (Briefing.com consensus 325K) and March Import/Export Prices will be released at 8:30 ET, while the Treasury Budget for March (Briefing.com consensus -$36.0 billion) will cross the wires at 14:00 ET.
Related Stories

FOMC Minutes Help Clarify Fed Funds Forecasts Minyanville
InPlay from Briefing.com Briefing.com
S&P 500 at record close MarketWatch
U.S. stocks end week with losses MarketWatch
Bond Market Update from Briefing.com Briefing.com

S&P 500 +1.3% YTD
Nasdaq Composite +0.2% YTD
Russell 2000 -0.1% YTD
Dow Jones Industrial Average -0.8% YTD

3:30 pm: [BRIEFING.COM]

Precious metals traded lower today as investors awaited the release of FOMC Minutes.
June gold dipped to a session low of $1301.10 per ounce in morning action and settled with a 0.3% loss at $1305.70 per ounce.
May silver fell as low as $19.60 per ounce in early morning action and then consolidated near the $19.75 per ounce level. It eventually settled 1.5% lower at $19.77 per ounce.
May crude oil extended yesterday's gains following bullish gasoline data. The EIA reported a build of 4.030 mln barrels in crude oil inventories for the week ending Apr 4 when consensus called for a smaller build of 0.8-1.3 mln barrels. However, gasoline inventories had a draw of 5.188 mln barrels vs expectations for a draw of 0.7-1.0 mln. The energy component lifted from its session low of $102.37 per barrel and brushed a session high of $103.77 per barrel before settling with a 1.0% gain at $103.58 per barrel.
May natural gas slipped to a session low of $4.50 per MMBtu in morning floor trade but quickly recovered back into positive territory. It advanced to a session high of $4.59 per MMbtu and settled with a 1.1% gain at $4.58 per MMbtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the session, while the Nasdaq (+1.3%) continues outperforming. Even though the tech-heavy index sports a large gain, it has yet to return into positive territory for the year (-0.2% YTD).

Biotechnology gave a boost to the Nasdaq in the early going, and the industry group remains strong at this time. The iShares Nasdaq Biotechnology ETF (IBB 233.97, +8.14) is higher by 3.6% as it looks to register its biggest one-day gain since early February. The health care sector (+1.7%), meanwhile, is on track to finish the session well ahead of the remaining nine groups.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.9%) has continued its climb after receiving a boost from the FOMC Minutes, which suggested there is no strong consensus among policymakers with regards to the timing of the first rate increase.

In addition to boosting equities and Treasuries, the revelations in the minutes have weighed on the US Dollar Index (-0.3%), which currently hovers at its lowest level of the day. With Fed members backing away from a specific target for the first hike in the fed funds rate, the prospect of continued easing has pressured the greenback.

2:10 pm: [BRIEFING.COM] The just-released FOMC Minutes were met with a jump to fresh highs among equities. The S&P 500 now trades higher by 0.7%.

Most notably, the minutes revealed that several FOMC members believed that forecasts presented by the FOMC have overstated the expected pace for an increase in the fed funds rate. This suggested that the expectation for an increase in rates during the first half of 2015 may not be on solid footing.

Accordingly, Treasuries regained all of their losses, sending the benchmark 10-yr yield to 2.69% after hovering just below 2.72% ahead of the release. Also of note, gold futures spiked from their afternoon lows back to their flat line ($1309.50/ozt).

1:25 pm: [BRIEFING.COM] The major indices are trading near their best levels of the session leading up to the release of the FOMC Minutes for the March 18-19 meeting at the top of the hour. Market participants of course recall that Fed Chair Yellen created quite a stir at her first FOMC press conference when she said something probably on the order of six months could be defined as what the Fed means by "considerable period" before raising the fed funds rate after the end of the QE program.

That communication upset the capital markets since it was then presumed that the first rate hike would most likely occur in the first half of 2015 versus the second half of 2015, which was the consensus view at the time. The minutes, therefore, will be parsed to see if other Fed officials are thinking along the same lines.

One of the risks presented by the minutes isn't that they'll say too little about the views of Fed participants, but that they'll say too much, creating a sense that the Fed doesn't have a strong party line on how to go about managing monetary policy at this point. A semblance of confusion at the Fed would fan flames of uncertainty for the stock market and potentially reverse today's rebound effort.

Separately, the $21 bln 10-yr note reopening drew a high yield of 2.72% with a bid-to-cover ratio of 2.76x. The latter compared favorably to a 12-auction average of 2.66x. The 10-yr note nonetheless slipped to its lows for the day (-10/32, 2.719%) following the auction results.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade near their best levels of the session, with the Nasdaq (+0.9%) leading the advance.

Equity indices spent the first two hours of action inside narrow ranges before breaking out to fresh highs. The early range-bound action was the result of a battle among the top-weighted S&P 500 (+0.4%) sectors.

Health care (+1.2%) and technology (+0.7%) have been in a position of strength since the opening bell, while consumer discretionary (+0.4%) and financials (+0.3%) struggled to stay in the green, before joining the advance. At this juncture, financials remain among the laggards, while the discretionary sector has caught up to the benchmark index, thanks to a rebound in momentum names. Specifically, Amazon.com (AMZN 327.60, +0.53) and Netflix (NFLX 349.17, +0.33) slumped at the open, but are now back near their flat lines.

Momentum names have also provided a measure of support to the Nasdaq Composite, which has drawn significant strength from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 232.40, +6.56) has erased this week's loss as it nears the 100-day average, which rests just under $239. With biotech among today's leaders, the health care sector (+1.2%) trades well ahead of the remaining groups.

Outside of health care, only the materials sector (+1.0%) sports an advance of at least 1.0%, but the group accounts for just 3.5% of the entire S&P 500, which makes its influence over the broader market rather negligible. It is worth mentioning that shares of Alcoa (AA 12.98, +0.45) trade higher by 3.6% after the company beat its earnings estimates on below-consensus revenue.

Treasuries are currently near their lows (10-yr yield +3 bps at 2.71%), but that could change as the day wears on considering the FOMC Minutes will be released at 14:00 ET. The minutes are likely to be parsed in an effort to determine if committee members have a strong sense about a rate hike taking place as early as the first half of 2015.

Today's economic data was limited to the Wholesale Inventories report, which pointed to an increase of 0.5% in February after increasing an upwardly revised 0.8% (from 0.6%) in January. The Briefing.com consensus expected wholesale inventories to increase 0.5%. There were concerns that strong inventory growth in February would be the result of severe winter weather conditions. In theory, the extreme cold would keep shoppers away, which would result in more goods being left on the shelves. That notion has been debunked in just about all of the economic data over the last several weeks, including the February wholesale inventory data. Sales, which should have weakened from weather effects, increased 0.7% in February after falling 1.8% in January.

12:30 pm: [BRIEFING.COM] The major averages have climbed to fresh session highs, with the Nasdaq (+0.9%) maintaining its relative strength.

Even though most sectors trade in the green, there is no strong sense of leadership. Health care (+1.3%) is the top performing sector, while the second-best performing group, materials (+0.9%) follows behind. Outside of the two, gains in other sectors are more subdued.

Also of note, consumer discretionary (+0.4%) and financials (+0.3%) have narrowed the gap to the S&P 500, but they continue trailing the benchmark index.

12:00 pm: [BRIEFING.COM] The S&P 500 has inched back to its session high, which is a level the index has visited twice before. Meanwhile, the Nasdaq (+0.7%) has charged to a fresh session high amid continued strength in biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 231.30, +5.47) trades higher by 2.4% after climbing to its best level of the week. From a technical standpoint, if the ETF continues building on today's gain, the next level of resistance could come into play in the $239 area, where the 100- and 20-day moving averages rest. With biotech continuing its strength, the health care sector (+1.0%) trades well ahead of the remaining groups.

11:25 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (+0.2%) trading inside of a six-point range. Furthermore, the benchmark index has spent the past hour within a four-point band.

Since our last update, the discretionary sector (+0.2%) has pulled away from its flat line, and now hovers in the middle of today's range. Some relative strength can be found among retailers, media names, and casino stocks, while homebuilders trade broadly lower. The iShares Dow Jones US Home Construction ETF (ITB 23.82, -0.23) holds a loss of 1.0%.

Also of note, momentum names trade in mixed fashion with Amazon.com (AMZN 325.11, -1.96) and Netflix (NFLX 344.59, -4.30) holding losses, while Priceline.com (PCLN 1200.34, +12.80) trades higher by 1.1%.

10:55 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with six sectors showing gains.

Even though influential groups like consumer discretionary (unch), energy (-0.2%), and financials (-0.1%) remain among the laggards, their underperformance has not prevented the benchmark index from sporting a slim advance thanks to solid gains in health care (+0.7%) and technology (+0.5%), as well as the relative strength of industrials (+0.3%).

Despite the mixed performance among large sectors, participants are not showing strong demand for volatility protection. The CBOE Volatility Index (VIX 14.70, -0.19) is lower by 1.3% as it hovers near levels that have held for the better part of the past six weeks.

10:35 am: [BRIEFING.COM]

After the close yesterday, the American Petroleum Institute reported its weekly U.S. crude oil inventory data, which showed that supply rose 7 mln barrels for the week ending Apr 4.
Just ahead of the inventory data here, crude oil was flat at $102.59/barrel.
Following the data, which showed a build of 4 mln barrels, May WTI crude oil initially ticked higher and is -0.1% at $102.49/barrel
Natural gas futures have been recovering after a morning sell off and are now +0.6% at $4.56/MMBtu.
Gold, silver and copper have been sliding lower since the overnight session.
June gold is now -0.4% $1303.90/oz, May silver is -1.5% at $19.76/oz
May copper fell as low as $3.01/lb and is now -1.2% at $3.01/lb
Grains mixed ahead of USDA report (released at noon EST)
Corn is +1 cent at $5.08/bu, wheat is -1% at $6.80/bu, soybeans are +14 cents at $14.96/bu

10:00 am: [BRIEFING.COM] Equity indices remain near their recent levels with the Nasdaq (+0.5%) maintaining its lead. Biotechnology is contributing to the relative strength of the index as the iShares Nasdaq Biotechnology ETF (IBB 230.00, +4.17) trades higher by 1.9%. Fittingly, the health care sector (+0.5%) trades ahead of the remaining nine groups.

Just reported, February wholesale inventories rose 0.5%, which matched the Briefing.com consensus. Today's report follows last month's revised increase of 0.8% (from 0.6%).

9:45 am: [BRIEFING.COM] Equity indices began the session on a modestly higher note, with the Nasdaq (+0.4%) and Russell 2000 (+0.3%) in the lead. The S&P 500, meanwhile, trades higher by 0.2% with eight sectors showing gains.

Technology (+0.5%) and materials (+0.5%) are among the early leaders, while consumer discretionary (unch), energy (-0.1%), and financials (+0.1%) lag. Although the three sectors trade not far behind the broader market at this time, they could become a drag on the broader market should they display additional weakness.

Treasuries remain near their lows with the 10-yr yield at 2.71%.

The Wholesale Inventories report for February will be released at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +14.20. The stock market is on track for a higher start as futures on the S&P 500 trade four points above fair value. Trading sentiment has been supported by action in Europe, where the major averages trade higher across the board with Great Britain's FTSE +1.0% in the lead.

Last evening, Alcoa (AA 13.05, +0.52) reported its first quarter results, which beat on the bottom line, while revenue was a bit below estimates. In addition, the company reaffirmed its global aluminum demand growth forecast at 7.0%, which matches last year's growth. Shares of Alcoa are indicated to open with a 4.1% gain.

In other earnings of note, Constellation Brands (STZ 84.75, +3.27) holds a pre-market gain of 4.0% after beating on earnings and revenue.

Over on the fixed income side, Treasuries retreated steadily overnight, pushing the benchmark 10-yr yield higher by almost three basis points to 2.71%.

The Wholesale Inventories report for February (Briefing.com consensus 0.5%) will cross the wires at 10:00 ET and the Federal Reserve will release the minutes from its latest policy meeting at 14:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +15.00. The S&P 500 futures trade almost five points above fair value.

Asian markets finished broadly higher with the exception of Japan's Nikkei (-2.1%), which lagged as the strong yen weighed.

Australia's Home Loans climbed 2.3% month-over-month (expected 1.7%), while the Westpac Consumer Sentiment improved to 0.3% from -0.7%. Also of note, South Korea's Unemployment Rate sank to 3.5% from 3.9%.

Japan's Nikkei lost 2.1%, closing at a two-week low. Automaker Toyota fell 3.1% after announcing a worldwide recall of 6.39 million vehicles.
Hong Kong's Hang Seng gained 1.1%, posting its best close in two and a half months. Internet gaming giant Tencent Holdings saw a second day of gains, adding 2.5%.
China's Shanghai Composite added 0.3%, reclaiming its 200-day moving average. Media names were in the spotlight as bargain hunters emerged. Beijing Gehua CATV Network led the space higher with a 7.5% surge.

In Europe, the major indices trade higher across the board after the release of just three data points. Germany's trade surplus narrowed to EUR15.70 billion from EUR17.30 billion (expected surplus of EUR17.80 billion); Great Britain's trade deficit shrunk to GBP9.09 billion from GBP9.46 billion (expected deficit of GBP9.20 billion); and the BRC Shop Price Index fell 1.7% year-over-year (consensus -1.5%, prior -1.4%).

Germany's DAX is higher by 0.3% with Volkswagen in the lead. The stock trades higher by 3.3% after receiving an upgrade. Meanwhile, Daimler trades higher by 0.4% after issuing upbeat guidance.
In France, the CAC trades up 0.6%. Apparel designer Kering leads with a gain of 3.8%, while financials lag. AXA, BNP Paribas, and Societe Generale hold losses between 0.5% and 1.0%.
Great Britain's FTSE trades higher by 0.8% with discretionary names providing support. Barratt Developments, Burberry Group, and Kingfisher are up between 2.7% and 3.1%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +8.50. U.S. equity futures continue hovering near their best levels amid relatively quiet action overseas. Overnight, most Asian markets rallied, but Japan's Nikkei (-2.1%) underperformed after yesterday's surge in the yen that drove the dollar/yen pair from above 103.00 to the 101.60 area.

The dollar/yen pair followed the Tuesday plunge with a modest rebound, but has since retreated from its best level of the session. Currently, the pair trades right near 102.00 after setting a session high at 102.15. Meanwhile, the Dollar Index trades little changed at 79.79, but the greenback could show some movement in the afternoon when the FOMC Minutes from the latest meeting cross the wires at 14:00 ET.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +7.70. U.S. equity futures trade little changed amid upbeat action overseas. The S&P 500 futures hover less than two points above fair value.

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +0.3%, Hong Kong's Hang Seng +1.1%, and Japan's Nikkei -2.1% after the yen strengthened, sending the dollar/yen pair to the 102.00 area.
Participants received several data points:
South Korea's Unemployment Rate declined to 3.5% from 3.9% (expected 3.7%).
Australia's Westpac Consumer Sentiment improved to 0.3% from -0.7%, while Home Loans jumped 2.3% month-over-month (consensus 2.0%, prior 0.0%).
New Zealand's Electronic Card Retail Sales were unchanged month-over-month (consensus 0.4%, previous 0.8%).
In news:
Nomura commented on Japan's monetary policy, saying the likelihood of an expansion of the qualitative and quantitative easing program is highly unlikely, but expectations for more easing in the summer remain alive.

Major European indices trade higher across the board. Germany's DAX +0.3%, France's CAC +0.5%, and Great Britain's FTSE +0.8%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +0.8%.
Economic data was very limited:
Germany's trade surplus narrowed to EUR15.70 billion from EUR17.30 billion (expected surplus of EUR17.80 billion).
Great Britain's trade deficit shrunk to GBP9.09 billion from GBP9.46 billion (expected deficit of GBP9.20 billion), while the BRC Shop Price Index fell 1.7% year-over-year (consensus -1.5%, prior -1.4%).
Among news of note:
Great Britain's FTSE is leading the region higher amid broad strength as more than 80 listings trade in the green. Discretionary names are showing strength with Barratt Developments, Kingfisher, and Travis Perkins up between 2.5% and 3.5%.

In U.S. corporate news:

Alcoa (AA 12.87, +0.34): +2.7% after beating bottom-line estimates on below-consensus revenue. The company reaffirmed its global aluminum demand growth forecast at 7.0%.
Constellation Brands (STZ 84.25, +2.77): +3.4% following its earnings beat and above-consensus earnings guidance for fiscal-year 2015.
General Motors (GM 33.79, -0.74): -2.1% in reaction to a Morgan Stanley downgrade to 'Underweight' from 'Equal-Weight.'
Intuitive Surgical (ISRG 434.00, -55.84): -11.4% after the company lowered its guidance ahead of first-quarter results.

The weekly MBA Mortgage Index fell 1.6% to follow last week's decline of 1.2%.

The Wholesale Inventories report for February (Briefing.com consensus 0.5%) will cross the wires at 10:00 ET and the Federal Reserve will release the minutes from its latest policy meeting at 14:00 ET.

6:27 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +4.00.

6:27 am: [BRIEFING.COM] Nikkei...14299.69...-307.20...-2.10%. Hang Seng...22843.17...+246.20...+1.10%.

6:27 am: [BRIEFING.COM] FTSE...6640.88...+50.20...+0.80%. DAX...9533.46...+42.70...+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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