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 Post subject: April 10th Thursday Trade Results - Profit $2760.00
PostPosted: Thu Apr 10, 2014 11:34 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 @ $2,760.00 dollars or +27.60 points, Emini ES ($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 @ $2,760.00 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=1766

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 Tutorial Chapters or the Volatility Trading Report (VTR)...I only discuss the reasons (trade strategy) behind those trades with fee-base clients 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.

Code Red: Stocks Tank On Wall Street

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

NEW YORK (CNNMoney)
Investors might have used Wednesday's rally as a chance to rest up so they could get back to what they've been doing best lately: selling.

The Nasdaq lead the carnage today with a 3.1% loss. It's fairly uncommon for the Nasdaq to have a triple-digit fall, but today it was down nearly 130 points.

Trading screens were awash in red as investors once again dumped technology and biotechnology stocks.

The Dow finished down 1.6% and had its third biggest point loss of the year. The S&P 500 was off 2%. Only a handful of stocks in the S&P 500 list ended in positive territory today, and most of those barely nudged up.

Craig Johnson, senior technical research strategist at Piper Jaffray said today's plunge will set-up for an "interesting Friday".

"No one wants to get caught long going into the weekend so I think people will be sitting on their hands tomorrow. There will be a lack of buyers and we'll drift lower," he predicted.

Marquee Nasdaq names like Google (GOOG, Fortune 500), Amazon.com (AMZN, Fortune 500), Yahoo (YHOO, Fortune 500) all finished down more than 4%. Facebook (FB, Fortune 500) fell over 5% after gaining Wednesday. Part of this is likely due to a correction in momentum stocks, but concerns about the Heartbleed bug are also playing a role.

The biotech sector was part of the Nasdaq bleed as well. Biogen Idec (BIIB, Fortune 500), Celgene (CELG, Fortune 500), and Vertex (VRTX) fell between 4% and 6%. Gilead Sciences (GILD, Fortune 500) plunged more than 7%.

On StockTwits, the $QQQ PowerShares Nasdaq ETF board was busy. buyusbeer said,"I love the term 'dead cat bounce' and the visual I get. But I hate it when it actually happens!"

kamwjm seemed to throw up his hands,"I'm just going to ignore all this and bury my head in some yardwork... it's a beautiful day here!"

Jim Paulsen, Chief Investment Strategist at Wells Capital Management, thinks the body slam in stocks today is mainly emotional.

"It's human nature really. When the momentum stocks ran up and then started to selloff, people wanted to unload but they didn't want to do it in a downturn. Instead, they waited until they saw strength so they could feel better about themselves and they sold today. Yesterday we were up, so people wanted to unload today," he said.

But Paulsen thinks this is a buying opportunity and that stocks will continue to go up. His reasoning? He sees underlying economic growth "north of 3%" because of what he calls "an ongoing story of economic strength."

Better economic news this morning wasn't enough to lift the mood. Jobless claims fell to a 7-year low last week, however economists note that there's often a lot of variation this time of year that might not accurately reflect the true health of the jobs market.

Related: Jobless claims at lowest since 2007, but don't cheer yet

In corporate news, eBay (EBAY, Fortune 500) and activist investor Carl Icahn have buried that hatchet, but the stock is tradid lower. The two sides reached a deal to end a contentious proxy battle. Icahn will withdraw his proposal to spinoff eBay's PayPal unit and relent on his request for two board seats.

For its part, eBay has agreed to appoint David Dorman as an independent director. Dorman is currently chairman of CVS Caremark (CVS, Fortune 500). None of this has helped eBay's stock, which was down over 3%.

Even among the losers, some got him more than others. Imperva (IMPV) had a particularly rough day, plunging more than 40% today. The data security company warning about weaker than expected first quarter numbers.

On StockTwits, mdcooper said, "$IMPV news is spreading to other IT security players in the market. It reported falling demand."

He's right. Other cybersecurity stocks like FireEye (FEYE), Palo Alto Networks (PANW), Qualys (QLYS), and Fortinet (FTNT) also slid.

Retailers are in the midst of reporting their earnings. Rite Aid (RAD, Fortune 500)shares surged after the drugstore chain reported better than expected fourth quarter results. It was one of the few positive stories today, ending up over 8%.

In contrast, shares in retailer Bed Bath & Beyond (BBBY, Fortune 500) tumbled after the company warned that it expects first quarter earnings to miss expectations. It was off more than 6%.

On StockTwits, Rdurga had a theory about the mechanics in Bed Bath & Beyond's (BBBY, Fortune 500) marketplace,"$JCP may be getting back market share from $BBBY. $JCP has to get customers back from $M, $SHLD, $WMT, $ROST."

Related: Biggest week for IPOs in 8 years

The biggest IPO to hit Wall Street so far this year started trading today when Ally Financial (ALLY) went public. It traded below its $25 offering price for most of the day before ending flat. The old GM finance arm that was bailed out by the government doesn't seem to be exciting investors much.

Major European markets closed mostly lower with the FTSE finishing slightly higher.

Related: Greek bonds fly off shelves

Investors across Europe are watching as Greece returns to the bond market for the first time in more than four years. The country is looking to raise money by issuing five-year bonds, and demand is reported to be strong.

Greece was shut out of international markets in 2010 when its economy collapsed, leading to two rescues by the European Union and International Monetary Fund.

Meanwhile, in Asia, nearly all the major stock markets ended with gains. The Hang Seng in Hong Kong shot up by 1.5% and the Shanghai Composite added 1.4%.

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4:20 pm: [BRIEFING.COM] The major averages spent the Thursday session in a daylong retreat that placed the Nasdaq (-3.1%) below its 100-day moving average, while the S&P 500 (-2.1%) finished below its 50-day average. The Dow Jones Industrial Average held up a bit better, but the price-weighted index posted a sharp loss (-1.6%) nonetheless.

Even though the major averages finished yesterday's session on an upbeat note, the sentiment began deteriorating during the overnight session when China reported a surprise trade surplus of $7.71 billion, which was due to disappointing import (-11.3% versus expected 2.4%) and export (-6.6% versus expected 4.0%) figures. This renewed some of the concerns about the strength of the Chinese economy, which have been present since the start of the year. Strikingly, markets in Hong Kong (+1.5%) and China (+1.4%) outperformed, but that was likely due to the announcement that Beijing would allow as much as CNY23.50 billion of cross-border equity trading.

Another major equity index, Japan's Nikkei, ended flat after starting with a solid 1.3% gain. The retreat from highs took place as the Japanese yen strengthened, sending the dollar/yen pair into the 101.50 area.

The caution that was exhibited in the foreign exchange market appeared to have faded by this morning, but the yen began strengthening ahead of the New York open, and returned to the overnight lows not long after.

Meanwhile, equities began their retreat shortly after the opening bell, with the Nasdaq Composite leading the slide.

By and large, there was some indiscriminate selling taking place as the lack of follow through from yesterday's rally piqued concerns about a larger scale correction being under way. In turn, the sharp price pullbacks started to raise worries about collateral damage among highly leveraged accounts that could be facing some margin calls. As those worries percolated, participants reduced their risk exposure with a sell-first-ask-questions-later disposition.

All ten sectors ended in the red with the largest four groups-technology (-2.5%), financials (-2.4%), health care (-3.2%), and consumer discretionary (-2.5%)-posting the largest losses.

Health care spent the duration of the trading day at the bottom of the leaderboard, with continued weakness in biotechnology exacerbating the decline. The iShares Nasdaq Biotechnology ETF (IBB 221.89, -13.19) tumbled to its 200-day moving average before inching up from that level into the close for a loss of 5.6%.

Elsewhere, technology and discretionary shares suffered from noteworthy weakness among momentum names. Amazon.com (AMZN 317.11, -14.69), Google (GOOG 540.95, -23.19), Facebook (FB 59.16, -3.25), and Netflix (NFLX 334.73, -18.30) surrendered between 4.1% and 5.2%, while smaller momentum-favorites fared even worse. FireEye (FEYE 49.75, -6.64), Tableau Software (DATA 65.52, -7.35), and Yelp (YELP 63.47, -7.78) all plunged more than 10.0% apiece.

The financial sector also ended among the laggards, with JPMorgan Chase (JPM 57.40, -1.87) and Wells Fargo (WFC 47.71, -1.39) falling 3.2% and 2.8%, respectively ahead of tomorrow morning's quarterly reports.

While seven sectors posted losses of 1.0% or more, defensively-oriented consumer staples (-0.9%), telecom services (-0.1%), and utilities (-0.4%) outperformed.

With stocks ending on their lows, demand for volatility protection sent the CBOE Volatility Index (VIX 15.77, +1.95) higher by 14.1%, but the near-term volatility measure ended below highs established earlier in the week.

Treasuries posted gains, but finished below their midday highs. The benchmark 10-yr yield fell five basis points to 2.65%.

Participation was a bit above average as 786 million shares changed hands at the NYSE.

Looking back at today's data:
Related Stories

InPlay from Briefing.com Briefing.com
US STOCKS SNAPSHOT-Dow, S&P 500 dip; momentum shares hit Nasdaq Reuters
Stocks Push Off Lows; Nu Skin Rallies Investor's Business Daily
How the Dow Jones industrial average did Thursday Associated Press
US STOCKS-Wall St ends lower; S&P 500 in biggest 3-day drop since Jan Reuters

The weekly initial claims level fell to 300,000-its lowest point since May 2007-from an upwardly revised 332,000 (from 326,000), while the Briefing.com consensus expected the claims level to fall to 325,000. The size of the drop in claims was unusual, and while the Department of Labor did not issue any statements explaining the decline, there tends to be normal seasonal volatility over the first few weeks of April due to yearly calendar shifts in the Easter holiday.
Export prices, excluding agriculture, increased 0.5% in March after increasing 0.6% in the prior reading. Excluding oil, import prices rose 0.3%, which follows last month's downtick of 0.1%.
The Treasury Budget for March showed a deficit of $36.90 billion, which followed the prior month's deficit of $106.50 billion. The Briefing.com consensus expected the deficit to hit $36.00 billion.

Tomorrow, March PPI (Briefing.com consensus 0.1%) and Core PPI (consensus 0.1%) will be released at 8:30 ET, while the preliminary reading of the Michigan Sentiment survey for April (consensus 81.0) will cross the wires at 9:55 ET.

S&P 500 -0.8% YTD
Dow Jones Industrial Average -2.5% YTD
Nasdaq Composite -2.9% YTD
Russell 2000 -3.0% YTD

3:35 pm: [BRIEFING.COM]

Precious metals traded higher today as the dollar index retreated into negative territory.
June gold brushed a session high of $1324.90 per ounce in early morning action and spent most of the session chopping around near the $1320.00 per ounce level. It eventually settled with a 1.2% gain.
May silver touched a session high of $20.40 per ounce moments after pit trade opened and settled with a 1.7% gain at $20.10 per ounce.
May crude oil chopped around in negative territory as OPEC lowered its demand forecast for crude oil in 2014. The energy component dipped to a session low of $103.10 per barrel and settled with a 0.2^ loss at $103.38 per barrel.
May natural gas dipped to a session low of $4.52 per MMBtu in early morning floor trade but rallied sharply into positive territory following bullish inventory data that showed a build of 4 bcf when a larger build of 13-15 bcf was anticipated. It rose as high as $4.70 per MMBtu and closed with a 1.5% gain at $4.65 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 (-1.8%) has dropped to a fresh session low after failing to retake its 50-day moving average (1843).

All ten sectors have retreated from their recent levels, with health care now knocking on the door of a 3.0% loss. Similarly, biotechnology remains under heavy pressure, with the iShares Nasdaq Biotechnology ETF (IBB 221.68, -13.40) now down 5.8%.

Elsewhere, momentum names like Facebook (FB 59.16, -3.25), Google (GOOG 543.40, -20.74), and Tesla (TSLA 205.94, -10.99) hold losses between 3.6% and 5.3%, while smaller names like FireEye (FEYE 49.48, -6.91), Tableau Software (DATA 64.77, -8.10), and Yelp (YELP 65.06, -6.19) are down between 8.8% and 12.4%.

Given the continued selling pressure, the CBOE Volatility Index (VIX 15.78, +1.96) points to strong demand for downside protection, but the near-term volatility gauge remains below highs established earlier in the week.

2:35 pm: [BRIEFING.COM] Recent action saw the major averages inch away from their lows, but they continue holding the bulk of their losses. The S&P 500 has recovered just three points, and remains down 29.

Since today's selloff has pressured all large sectors, it may be easy to forget that two major components of the financial space (-1.8%) will be reporting their quarterly results ahead of tomorrow's opening bell. The Capital IQ consensus expects JPMorgan Chase (JPM 57.68, -1.59) to report earnings 12.6% below last year's Q1 results on $24.07 billion in revenue.

For its part, Wells Fargo (WFC 48.20, -0.90) is expected to reveal year-over-year earnings growth of 5.4% on revenue of $20.70.

2:00 pm: [BRIEFING.COM] Equity indices continue languishing near their session lows with the four top-weighted sectors-technology (-1.8%), financials (-1.8%), health care (-2.5%), and consumer discretionary (-1.7%)-leading the retreat.

On the upside, the telecom services space (+0.4%) is the lone advancer, while consumer staples (-0.3%) and utilities (-0.2%) outperform with modest losses.

Just released, the Treasury Budget for March showed a deficit of $36.90 billion, which followed the prior month's deficit of $106.50 billion. The Briefing.com consensus expected the deficit to hit $36.00 billion.

1:25 pm: [BRIEFING.COM] The stock market continues to struggle amid a wave of broad-based selling interest that has fed on itself given the lack of follow through from yesterday's rally. The risk-off angle has been sharpened by the beating the high-beta momentum names are taking despite a lack of any news to account for the hefty selling interest. That weakness is giving rise to concerns that some more corrective price action may be in the offing.

Separately, continued strength in the yen is perhaps rattling some carry-trade cages and is most likely driving some big accounts to lower their risk exposure. The dollar-yen cross is currently at 101.41 after pushing the 102.00 level ahead of the open for the US stock market.

All in all, there just isn't a lot of appetite today for owning stocks outside of some specific defensive-oriented issues like IBM (IBM 198.52, +1.88) and AT&T (T 35.33, +0.41).

Conversely, there is a good bit of interest in the Treasury market where the benchmark 10-yr note (+20/32, 2.621%) has just extended to new session highs following a solid $13 bln 30-yr bond reopening. The latter drew a high yield of 3.525% and a 2.52 bid-to-cover ratio that exceeded the prior 12-auction average of 2.38x.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade near their lowest levels of the day. The Nasdaq Composite (-2.3%) leads the retreat, while the Dow Jones Industrial Average (-0.9%) has put up a bit more of a fight.

Equity indices ended yesterday's session on an upbeat note, but the optimism began fading overnight amid disappointing trade data from China. Specifically, the Middle Kingdom reported a surprise surplus of $7.71 billion, but that was due to disappointing import (-11.3% versus expected 2.4%) and export (-6.6% versus expected 4.0%) figures. Strikingly, Hong Kong's Hang Seng (+1.5%) and China's Shanghai Composite (+1.4%) outperformed after Beijing announced it would allow as much as CNY23.50 billion of cross-border equity trading.

Japan's Nikkei, meanwhile, was not as fortunate as the index ended flat after starting the session with a 1.3% gain. The retreat from the opening high was accompanied by yen strength that pressured the dollar/yen currency pair into the 101.50 area, signaling the presence of caution in the foreign exchange market.

The closely-watched currency pair recovered the bulk of its losses in the early morning hours, but fell to fresh lows after the U.S. session began. Currently, the pair hovers near the overnight lows in the 101.50 area.

The major averages began the day in the red with the Nasdaq showing weakness from the get go. Once again, biotechnology and other momentum names exerted early pressure, and those areas remain weak at this juncture. The iShares Nasdaq Biotechnology ETF (IBB 223.72, -11.36) trades lower by 4.9% after erasing yesterday's entire gain. The ETF now sits just above its 200-day moving average (219), while the broader health care sector (-2.2%) is the weakest group of the day.

Elsewhere, the largest S&P 500 sector, technology (-1.8%), is another noteworthy laggard, with the likes of Facebook (FB 59.83, -2.58), Google (GOOG 544.00, -20.14), and LinkedIn (LNKD 169.39, -6.79) down between 3.5% and 4.2%.

Other cyclical groups have not fared much better as consumer discretionary (-1.5%) and financials (-1.7%) lag, while energy (-0.7%) and industrials (-1.2%) trade just ahead of the broader market.

Treasuries hover near their best levels of the day, with the benchmark 10-yr yield down six basis points at 2.63%.

Looking back at today's data:

The weekly initial claims level fell to 300,000-its lowest point since May 2007-from an upwardly revised 332,000 (from 326,000), while the Briefing.com consensus expected the claims level to fall to 325,000. The size of the drop in claims was unusual, and while the Department of Labor did not issue any statements explaining the decline, there tends to be normal seasonal volatility over the first few weeks of April due to yearly calendar shifts in the Easter holiday.
Export prices, excluding agriculture, increased 0.5% in March after increasing 0.6% in the prior reading. Excluding oil, import prices rose 0.3%, which follows last month's downtick of 0.1%.

One more data point remains on the schedule as the Treasury Budget for March (Briefing.com consensus -$36.0 billion) will cross the wires at 14:00 ET.

12:30 pm: [BRIEFING.COM] There hasn't been much letup to the selling pressure that has driven the Nasdaq Composite lower by 2.2%. The Dow Jones Industrial Average (-0.8%), meanwhile, continues outperforming, but has not been able to escape the downtrend that has persisted since the morning.

Of the 30 Dow components, 24 hold losses, while six sport gains. McDonald's (MCD 99.58, +1.23) and Verizon (VZ 48.15, +0.17) are both up near 1.3%, while the second-largest index member, IBM (IBM 198.51, +1.87), trades higher by 0.9%.

12:00 pm: [BRIEFING.COM] The S&P 500 (-0.9%) remains just above its session low that was established roughly 30 minutes ago. All six cyclical sectors trade in the red with four groups trailing the broader market, while energy (-0.5%) and industrials (-0.7%) outperform slightly.

In large part, the industrial sector owes its outperformance to Caterpillar (CAT 102.95, -0.04) and General Electric (GE 25.95, 0.00), both of which trade little changed. Meanwhile, transports and defense contractors lag. The Dow Jones Transportation Average is lower by 0.9%, while the PHLX Defense Index also holds a loss of 0.9%.

Even though cyclical sectors trade broadly lower, three of four countercyclical groups-consumer staples (+0.3%), telecom services (+0.7%), and utilities (+0.3%)-sport gains.

11:30 am: [BRIEFING.COM] The major averages have continued their retreat paced by biotechnology (IBB -3.6%) and other momentum names. Furthermore, Treasuries have accelerated their climb, pressuring the benchmark 10-yr yield to 2.63%.

It is worth mentioning that the cautious sentiment has also been exhibited in the foreign exchange market, where the Japanese yen trades at its highest level of the day against the dollar. Yen futures are higher by 0.4%, while the dollar/yen pair sits in the 101.40 area after dipping below its session low that was established early in the morning.

With equity indices on lows, participants are showing demand for volatility protection. The CBOE Volatility Index (VIX 14.52, +0.70) is higher by 5.1%.

10:55 am: [BRIEFING.COM] The Nasdaq Composite (-1.2%) and S&P 500 (-0.4%) remain near their lowest levels of the day, while the Dow Jones Industrial Average (-0.2%) sits not far below its flat line.

The underperformance of the Nasdaq results from weakness in areas that have been a bit shaky as of late. Biotechnology weighs, and the iShares Nasdaq Biotechnology ETF (IBB 227.00, -8.08) has erased yesterday's entire gain.

Elsewhere, large momentum names like Amazon.com (AMZN 323.41, -8.39), Facebook (FB 60.87, -1.52), and Google (GOOG 549.03, -15.11) display losses close to 2.5% apiece, while smaller names like FireEye (FEYE 51.27, -5.12), Yelp (YELP 66.63, -4.64), and Workday (WDAY 78.65, -4.37) are down between 5.2% and 9.3%.

The continued weakness in equities has been accompanied by gains in Treasuries. The 10-yr note is higher by 10 ticks with its yield down four basis points at 2.66%.

10:35 am: [BRIEFING.COM]

Natural gas futures were trading 1.2% lower at $4.53/MMBtu (right above its LoD) just a couple of minutes ahead of the weekly EIA inventory data
Following the EIA data, which showed the first inventory build for the season, May nat gas rallied into positive territory and to a new session high
Today's build follows 20 consecutive weeks of inventory draws
May natural gas is now +1.8% at $4.67/MMBtu
May crude oil futures have been in the red after selling off from its overnight high. May crude is now -0.06% at $103.54/barrel
Gold and silver futures have been nicely higher today so far.
June gold is now +1.1% at $1320/oz, May silver is +2% at $20.17/oz, May copper is -0.03% at $3.04/lb

10:00 am: [BRIEFING.COM] Recent action saw the major averages notch fresh session lows, with the Nasdaq widening its decline to 0.8% amid weakness in biotechnology and other momentum names. The iShares Nasdaq Biotechnology ETF (IBB 229.89, -5.19) trades down 2.3%, while the broader health care sector trails the remaining groups with a loss of 0.7%.

Also of note, momentum names like Facebook (FB 61.97, -0.44), LinkedIn (LNKD 173.56, -2.62), and Tesla (TSLA 214.00, -2.93) hold losses between 0.7% and 1.5%. Meanwhile, the technology sector, which displayed relative strength at the open, now trades lower by 0.5%.

9:40 am: [BRIEFING.COM] The major averages opened the session below their flat lines with small caps showing the largest opening decline. The Russell 2000 is lower by 0.4%, while the S&P 500 holds a loss of 0.1% with six sectors trading in the red.

Energy (-0.4%), consumer discretionary (-0.2%), and financials (-0.2%) are the weak spots through the initial minutes of action, while defensively-oriented consumer staples (+0.5%), telecom services (+0.3%), and utilities (+0.3%) outperform. Also of note, the technology sector is little changed at this time.

Treasuries continue holding their gains, with the benchmark 10-yr yield down two basis points at 2.68%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -3.30. The stock market is on track to begin today's session on a cautious note as futures on the S&P 500 hover roughly two points below fair value. Futures held larger losses overnight, but have been climbing steadily off their lows for the past three hours.

The futures market received a modest boost from weekly initial claims, which fell to 300,000 (Briefing.com consensus 325,000), representing the lowest reading since May 2007. The size of the drop was unusual, and while the Department of Labor did not issue any statements explaining the decline, there tends to be normal seasonal volatility over the first few weeks of April due to yearly calendar shifts in the Easter holiday. It would not be surprising if poor seasonal adjustments cause the initial claims level to spike up and down for the next couple of weeks before stabilizing back in the 320,000 - 330,000 range by the beginning of May.

Treasuries retreated slightly in reaction to the data, but they remain in the green. The benchmark 10-yr yield is lower by almost two basis points at 2.68%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -4.30. The S&P 500 futures trade less than three points below fair value.

Most Asian markets posted gains as trade piggybacked yesterday's action on Wall Street. Hong Kong's Hang Seng (+1.5%) and China's Shanghai Composite (+1.4%) outperformed after Beijing announced it would allow for as much as CNY23.50 billion of cross-border equity trading. Also of note, China's trade balance swung from a deficit of $23.00 billion to a $7.70 billion surplus (expected -$900 million). Exports fell 6.6% year-over-year while imports tumbled 11.3% year-over-year.

In other regional data, Australia's employment change rose 18,100 (+7,300 expected), while the unemployment rate tumbled to 5.8% from 6.1% (expected 6.0%). The Bank of Korea held its key rate unchanged at 2.50%, as expected.

Japan's Nikkei ended flat, paring its early gains. Toyota Motor lost another 2.4% after yesterday's 3.1% slide as the fallout from its global recall continues.
Hong Kong's Hang Seng gained 1.5%, posting its best close since the first trading day of 2014. Internet gaming giant Tencent Holdings surged 7.6%, leading for a second day. Casino names were also strong as Sands China jumped 6.8% and Galaxy Entertainment climbed 5.3%.
China's Shanghai Composite rose 1.4%, ending near a two-month high. Citic Securities rallied 9.7% and Sinolink Securities added 5.2% as the brokerage space benefitted from the new cross-border trading agreement.

Major European indices trade in mixed fashion. Among news, Greece carried out its first bond sale in four years, raising EUR3 billion, with the Finance Ministry confirming that foreign investors took the majority of the issue.

Participants received several data points. The Bank of England made no changes to its policy stance, keeping its interest rate and the purchasing program at their respective 0.50% and GBP375 billion. French CPI rose 0.5% month-over-month (consensus 0.6%, prior 0.5%), while Industrial Production ticked up 0.1% month-over-month (expected 0.3%, previous -0.3%). Italy's Industrial Production slipped 0.5% month-over-month (consensus -0.2%, prior 1.1%), while the year-over-year reading rose 0.4% (expected 0.7%, previous 1.2%).

Great Britain's FTSE is higher by 0.3% with financials showing strength. HSBC and Land Securities Group trade higher by 1.5% and 2.4%, respectively. On the downside, retailers Marks & Spencer Group and Travis Perkins hold respective losses of 2.2% and 0.5%.
Germany's DAX trades up 0.2%. Producers of basic materials BASF and Lanxess lead with respective gains of 0.5% and 2.0%. On the downside, Daimler is lower by 4.1% after going ex-dividend.
In France, the CAC is little changed. LVMH leads with a gain of 4.1% after reporting strong results. Financials lag with BNP Paribas, Credit Agricole, and Societe Generale down between 0.5% and 1.0%.
Spain's IBEX holds a loss of 0.9%. Utilities are leading the slide with Gas Natural, Iberdola, and Red Electrica down between 1.6% and 3.2%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -3.50. The S&P 500 futures trade two points below fair value.

The latest weekly initial jobless claims count totaled 300,000, which was lower than the 325,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 332,000 (from 326,000). As for continuing claims, they fell to 2.776 million from 2.838 million.

Export prices, excluding agriculture, increased 0.5% in March after increasing 0.6% in the prior reading. Excluding oil, import prices rose 0.3%, which follows last month's downtick of 0.1%.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -7.30. U.S. equity futures trade modestly lower, with cautious action in Europe contributing to the defensive sentiment. The S&P 500 futures hover three points below fair value.

Reviewing overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +1.5%, China's Shanghai Composite +1.4%, and Japan's Nikkei ended flat, while the dollar/yen pair slid below 101.70.
In economic data:
China reported a trade surplus of $7.71 billion (expected $900 million, prior -$22.98 billion), but imports (-11.3% versus expected 2.4%) and exports (-6.6% versus expected 4.0%) came in below estimates.
Japan's Core Machinery Orders fell 8.8% month-over-month (consensus -3.0%, prior 13.4%), while the year-over-year reading rose 10.8% (expected 17.6%, previous 23.6%). Separately, Machine Tool Orders surged 41.8% year-over-year (last 26.1%).
Australia's Employment increased 18,100 (expected 5,000, prior 48,200), while the unemployment rate fell to 5.8% from 6.1% (consensus 6.0%).
New Zealand's Business NZ PMI jumped to 58.4 from 56.5.
The Bank of Korea held its key interest rate unchanged at 2.5%, as expected.
In news:
China's Customs Office downplayed the disappointing import/export figures, saying Q2 exports are expected to recover, while the GDP target of 7.5% remains achievable. Separately, People's Bank of China Governor Zhou Xiaochuan said the country plans to gradually stop intervening in the yuan exchange rate.

Core European indices hold gains, while peripheral markets underperform. France's CAC +0.1%, Germany's DAX +0.2%, and Great Britain's FTSE +0.4%. Elsewhere, Spain's IBEX -0.6% and Italy's MIB -0.3%.
Participants received several data points:
The Bank of England made no changes to its policy stance, keeping its interest rate and the purchasing program at their respective 0.50% and GBP375 billion.
French CPI rose 0.5% month-over-month (consensus 0.6%, prior 0.5%), while Industrial Production ticked up 0.1% month-over-month (expected 0.3%, previous -0.3%).
Italy's Industrial Production slipped 0.5% month-over-month (consensus -0.2%, prior 1.1%), while the year-over-year reading rose 0.4% (expected 0.7%, previous 1.2%).
Among news of note:
Greece raised EUR3 billion in its first bond offering in four years, with the auction dubbed "more than a triumph" by government officials.

In U.S. corporate news:

Bed Bath & Beyond (BBBY 63.50, -4.41): -6.5% after reporting results at the high end of previously-lowered guidance range and guiding Q1 results below-consensus.
Family Dollar (FDO 57.25, -1.82): -3.1% following its bottom-line miss on below-consensus revenue. In addition, the retailer guided its Q3 and fiscal-year 2014 earnings below consensus.
Ruby Tuesday (RT 6.60, +0.64): +10.7% after beating on earnings and revenue.
Rite Aid (RAD 7.05, +0.65): +10.2% following its earnings beat and above-consensus revenue guidance for fiscal year 2015.

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.

6:45 am: [BRIEFING.COM] FTSE...6634.78...-0.83...0.00. DAX...9468.09...-38.30...-0.40%.

6:44 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -15.00.

6:43 am: [BRIEFING.COM] Nikkei...14300.12...+0.40...0.00. Hang Seng...23186.96...+343.80...+1.50%.

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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