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 Post subject: June 9th Monday Trade Results - Profit $1340.00
PostPosted: Tue Jun 10, 2014 12:19 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,340.00 dollars or +13.40 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,340.00 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 timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=131&t=1812

Quote:
If any of my real-time posted trades are via key concepts discussed in 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 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients 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=240&t=2365

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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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Big Deals Drive Stock Market Higher

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

NEW YORK (CNNMoney)
The good news for investors: Stocks finished Monday higher -- meaning new record closes for the Dow Jones Industrial Average and S&P 500.

But it was a glass half-empty kind of day: The gains were very modest with the Dow up just under 19 points (0.11%) and the S&P 500 a mere 0.09%. The Nasdaq finished the session 0.3% higher.

While stocks are climbing to new highs, volatility -- or "fear" -- in the market is back at the lowest levels since 2007. The Chicago Board Options Exchange's VIX index fell below 11 Friday for the first time since before the financial crisis. It crept back above 11 today.

Related: Calm before the storm? Volatility at a seven-year low.

Here are the top stories from the stock market today:

1. Deals, deals, deals in pharma and meats: Merck announced earlier this morning that it was going to acquire Idenix Pharmaceuticals (IDIX), a hepatitis C drug producer for $24.50 a share (a deal worth nearly $4 billion). Merck (MRK) shares closed essentially flat while Idenix stock jumped an eye-popping 229%.

Achillion Pharmaceuticals (ACHN), another hepatitis C drug manufacturer, ended the day up 47.6% higher, suggesting it might soon become another M&A target. Gilead Sciences, which makes almost half its revenue from hepatitis C drug Sovaldi, closed about 4% lower. One in 100 Americans have chronic hep C infections, according to the Centers for Disease Control.

"$IDIX Looks like $MRK is trying to cash in on Hep C," wrote StockTwits user joecooltrader.

In other merger news, Tyson Foods (TSN) announced its plans to acquire Hillshire Brands (HSH) for $63 a share, ending its bidding war with Pilgrim's Pride (PPC) for the maker of brands like Jimmy Dean and Hillshire Farm.

Tyson and Pilgrim's Pride stock both finished down more than 6.5%, and Hillshire stock ended the session up 5.3%.

2. Hot money around Family Dollar, Dollar General: Famous hedge fund manager Carl Icahn, of Icahn Enterprises, announced a 9.3% stake in Family Dollar (FDO) on Friday after the bell. Now the whole discount retail sector is drawing excitement.

Related: Not cheap: Family Dollar stock spikes

In response to Icahn's purchases, Family Dollar's board announced this morning a "shareholder rights plan" aimed at preventing a hostile takeover and contingent on someone buying a 10% or greater stake in the company.

Family Dollar shares closed 13.4% higher. Rival retailer Dollar General (DG) was up over 7.3% as investors consider whether Icahn may push for the two companies to merge. Shares of Dollar Tree (DLTR) were flat after trading as high as 3% higher earlier in the day.

3. Stocks to watch: Apple, Time Inc., Keurig Green Mountain: Apple's 7-for-1 stock split is in effect today. The tech giant is issuing more shares to existing investors in order to bring down the price of the stock and bring in more retail investors. Apple (AAPL, Tech30) stock closed at about $646 Friday, but started trading today at $92.70 this morning. Shares bounced around and finished just under 1.6%.

As a 74-year-old investor who bought more Apple shares today told CNNMoney, "Everyone in my family owns at least one Apple thing."

Related: Apple fans tell us they're loving the cheaper share price

Time Inc. (TIME), the magazine publisher of Time, Fortune, Sports Illustrated and other titles, began its first day of trading after being spun-off of CNNMoney parent TimeWarner (TIME WA). Shares closed down less than 1% after falling as much as 5%.

After a surge in late trading on Friday, K-Cup coffee company Keurig Green Mountain (GMCR) finished 6.5% lower, giving almost all of those gains on lower volume.

"$GMCR Today is the bad hangover after the party," wrote StockTwits user ajohnke.

4. International stocks: European markets finished slightly higher, with the FTSE 100 closing up around a quarter of a percent.

Asian markets all ended with gains. The Nikkei in Japan rose by 0.3% after official GDP figures for the first quarter were revised to show the economy grew at a stronger than expected rate of 1.6% compared to the last quarter of 2013. The previous estimate for GDP growth was 1.5%.

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4:10 pm: [BRIEFING.COM] The stock market finished the Monday session on a modestly higher note, but the S&P 500 (+0.1%) could not keep pace with the Russell 2000 (+0.9%). Similar to the Russell 2000, the Nasdaq (+0.3%) displayed relative strength, while the Dow Jones Industrial Average (+0.1%) settled just ahead of the S&P 500.

Equity indices climbed out of the gate with the early sentiment boosted by a set of acquisitions in three influential sectors; however, the intraday strength did not last as participants opted to take some money off the table after the Dow Jones Transportation Average surrendered its morning gain after outpacing the broader market over the past few weeks.

The largest S&P 500 sector received early support from chipmakers after Hittite Microwave (HITT 77.87, +17.31) agreed to be acquired by Analog Devices (ADI 55.31, +2.62) for $78/share. Shares of HITT surged 28.6%, but the PHLX Semiconductor Index narrowed its gain to 0.2% by the close.

Meanwhile, the broader tech sector (+0.3%) also slipped into the close, but was able to eke out a modest gain with help from its largest component. Apple (AAPL 93.70, +1.48) rose 1.6% on its first day of trading after the recent 7:1 share split.

Outside of technology, the remaining cyclical sectors saw a mixed finish. Consumer discretionary and energy settled in line with the S&P 500, materials (-0.3%) lagged, while financials (+0.4%), and industrials (+0.5%) outperformed.

The industrial sector finished ahead of the broader market, but the strength among defense contractors (PHLX Defense Index +0.8%) masked the underperformance of transport stocks. The Dow Jones Transportation Average was up as much as 0.6% in the late morning, but could not hold its gain into the close, ending flat. It is worth mentioning that today's underperformance took place after the bellwether complex surged nearly 8.5% since the start of the quarter versus a 4.2% gain for the S&P 500 over the same period.

While most cyclical sectors finished in line with or ahead of the broader market, the same could not be said for the four defensive groups. The telecom services sector tacked on 0.1%, while consumer staples (-0.1%), health care (-0.5%), and utilities (-0.7%) settled in the red.

Consumer staples spent the bulk of the session in negative territory, but shares of Hillshire Brands (HSH 62.06, +3.14) jumped 5.3% after Tyson Foods (TSN 37.50, -2.62) confirmed its offer to acquire the company for $63/share.

Also of note, the health care sector diverged from biotechnology, with the latter receiving a boost from Merck's (MRK 57.94, +0.09) offer to acquire Idenix Pharmaceuticals (IDIX 23.79, +16.56) for $24.50/share, which represents a gargantuan premium of 239% to Friday's closing price. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 248.03, +1.94) advanced 0.8%.

On the fixed income side, Treasuries slumped overnight, but reclaimed a portion of their losses during the session. Ultimately, the 10-yr note shed five ticks, pushing its yield higher by two basis points to 2.61%.

Light participation continued to plague the market at the start of the week with only 595 million shares changing hands at the NYSE.

Tomorrow, the Wholesale Inventories report for April (Briefing.com consensus 0.3%) and the April Job Openings and Labor Turnover Survey will both be released at 10:00 ET.
Related Stories

InPlay from Briefing.com Briefing.com
Stocks Gain In Mixed Trade; Chips Soar, Keurig Caves Investor's Business Daily
Major Indexes Holding Gains As More Stocks Break Out Investor's Business Daily
Dow, S&P 500, Nasdaq all show 2014 gains for first time MarketWatch
Stocks Slip In Firm Trade; AmTrust Financial Takes A Hit Investor's Business Daily

S&P 500 +5.6% YTD
Nasdaq Composite +3.8% YTD
Dow Jones Industrial Average +2.2% YTD
Russell 2000 +1.0% YTD

3:35 pm: [BRIEFING.COM]

Precious metals pulled back from their session highs set in early morning action as the dollar index gained strength.
Aug gold retreated from a session high of $1257.30 per ounce and brushed a session low of $1252.30 per ounce. It eventually settled with a 0.1% gain at $1253.80 per ounce.
July silver slipped from its session high of $19.17 per ounce and traded as low as $19.05 per ounce. Unable to regain momentum, it settled at $19.07 per ounce, or 0.4% higher.
July crude oil steadily trended higher after coming off its session low of $103.47 per barrel set in early morning pit trade. It settled 1.7% higher at $104.44 per barrel, just below its session high of $104.55 per barrel.
July natural gas chopped around in negative territory for most of today's floor trade. It brushed a session high of $4.72 per MMBtu in early afternoon action but gave up the momentum. It eventually settled 1.3% lower at $4.65 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades flat with one hour remaining in the session. The benchmark index spent the bulk of the trading day in the green, but an intraday reversal in the Dow Jones Transportation Average has sparked some profit taking among participants.

At this time, five sectors remain in the green, but only the industrials space (+0.7%) trades higher by 0.2% or more. On the downside, the weakest sector of the day-health care-sector has widened its loss to 0.7%.

Even though the benchmark index has retreated from its session high, Treasuries have not moved much. The 10-yr yield remains higher by two basis at 2.61%.

2:25 pm: [BRIEFING.COM] Recent action saw the S&P 500 return into the red, while the Russell 2000 has narrowed its gain to 0.7%.

Notably, the reversal in the benchmark index took place after the Dow Jones Transportation Average followed the same pattern. The bellwether complex is now lower by 0.2% after being up as much as 0.6% earlier.

The transportation average served as a leader during the recent rally, but has run into a bit of resistance after notching a fresh record high. Railroad stocks are holding up relatively well, but airlines trade lower across the board with United Continental (UAL 46.65, -1.40) leading the retreat. The stock is lower by 3.0%.

Even with today's slim decline, the transportation average is up 8.3% for the quarter and higher by nearly 11.0% year-to-date.

1:55 pm: [BRIEFING.COM] The S&P 500 has narrowed its gain to 0.1%, while the Russell 2000 (+0.9%) continues trading just a shade below its session high.

Including today's gain, the small-cap index is now up 3.6% in June versus a 1.4% gain for the S&P 500. Similar to the S&P 500, the Dow holds a month-to-date gain of 1.3%, while the Nasdaq has added 3.8% so far in June.

With regard to individual sectors, the financial space holds a month-to-date gain of 2.7%, while the weakest sector of the month-telecom services-is lower by 1.1%.

1:25 pm: [BRIEFING.COM] The indices are off their best levels, but have traded with a bullish bias for most of the day, drawing support from the relative strength being exhibited by key leadership groups that include the financial (+0.4%), technology (+0.3%), industrials (+0.5%), and consumer discretionary (+0.3%) sectors.

That point notwithstanding, the indices have been retracing some larger gains for the better part of the last two hours.

That fade from the highs has coincided with a fade in the Dow Jones Transportation Average (+0.1%). Being one of the stronger groups over the last month, any sign that the transports might be finding it difficult to extend their reach into record territory could contribute to a broader sense that the market is ripe for some profit-taking activity.

Separately, the Treasury market is trying to work its way back from larger losses. The 10-yr note, which saw its yield cross above 2.62% earlier in the day, has garnered some recent buying interest that has driven its yield back to 2.61%.

1:00 pm: [BRIEFING.COM] The major averages hover near their highs at midday, but the relative strength of small-caps has placed the Russell 2000 (+1.0%) well ahead of the S&P 500 (+0.2%). Like the Russell 2000, the tech-heavy Nasdaq (+0.5%) also trades ahead of the broader market.

In large part, the Nasdaq and Russell 2000 owe their strength to big gains in the biotech space. Specifically, Idenix Pharmaceuticals (IDIX 24.00, +16.78) has surged 232.0% after agreeing to be acquired by Merck (MRK 57.81, -0.04) for $24.50 per share, representing a 239% premium to Friday's closing price. Accordingly, the iShares Nasdaq Biotechnology ETF (IBB 249.52, +3.43) is higher by 1.4%, but the health care sector (-0.4%) has been unable to rally on the news.

Similar to health care, other countercyclical sectors like consumer staples (-0.1%), telecom services (+0.1%), and utilities (-0.8%) all trail the broader market. Meanwhile, the cyclical side looks a bit stronger as five of six sectors trade ahead of the S&P 500 with financials (+0.4%), industrials (+0.6%), and technology (+0.5%) in the lead.

Like the biotech space, the top-performing sector-technology-has received a boost from some acquisition news. Specifically, Hittite Microwave (HITT 77.89, +17.33) has jumped 28.6% after agreeing to be acquired by Analog Devices (ADI 55.48, +2.78) for $78/share. Shares of HITT have underpinned the PHLX Semiconductor Index, which trades higher by 0.7%.

Elsewhere, industrials have powered ahead with defense contractors setting the pace, while transports have retreated from their earlier highs. The PHLX Defense Index trades up 0.8% and the Dow Jones Transportation Average remains up 0.2% after being up as much as 0.6% earlier.

On the downside, the materials sector (-0.2%) is the lone laggard among cyclical groups, but it is worth mentioning the group represents less than 4.0% of the entire market.

Treasuries retreated overnight, but have been climbing slowly since the late morning. The benchmark 10-yr yield is higher by two basis points at 2.61%.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.2%) has taken a step back from its session high, but remains well supported by cyclical sectors as five of six groups hold gains of 0.4% or more. The lone underperformer among cyclical groups is the materials space (-0.1%), but since the sector represents just 3.5% of the S&P 500, its relative weakness has had little impact on the broader market.

Meanwhile, the four defensive sectors continue showing relative weakness. The telecom services sector (+0.1%) hovers just above its flat line, while consumer staples (-0.2%), health care (-0.3%), and utilities (-0.8%) all sit in the red.

Elsewhere, the Treasury market has seen some buying interest that has lifted the 10-yr note off its low. The benchmark note has narrowed its loss to six ticks and its yield is currently higher by two basis points at 2.61%.

12:00 pm: [BRIEFING.COM] Recent action saw the major averages join the charge that has sent the Russell 2000 higher by 1.3%. The S&P 500 has extended its gain to 0.3%, while the Nasdaq Composite is now up 0.5%.

The tech-heavy Nasdaq has drawn strength from M&A activity in the biotech space after Merck (MRK 57.80, -0.04) agreed to acquire Idenix Pharmaceuticals (IDIX 24.11, +16.88) for a rich premium of 239%. The broader iShares Nasdaq Biotechnology ETF (IBB 249.58, +3.49) has continued inching higher to its current gain of 1.4%.

In addition, large tech names have also provided significant support to the index. For instance, the top-weighted tech stock, Apple (AAPL 93.02, +0.80), trades higher by 1.0% after undergoing a 7:1 split.

11:25 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2%, while small-caps continue showing relative strength as evidenced by a 1.0% gain in the Russell 2000.

Last week, small-caps and cyclical sectors had a much better showing than their countercyclical counterparts. In large part, that outperformance resulted from increased risk tolerance among investors after the European Central Bank announced additional easing measures. So far, the new week has continued the trend as four of six cyclical groups trade ahead of the broader market, while the four countercyclical groups all trail the S&P 500.

Most notably, the health care sector trades lower by 0.5% even though biotechnology is moving in the opposite direction. The iShares Nasdaq Biotechnology ETF (IBB 249.07, +2.98) is higher by 1.2%.

10:55 am: [BRIEFING.COM] Equity indices have inched to new highs with the S&P 500 extending its gain to 0.2%.

The consumer discretionary (+0.2%) sector was an early leader, but the group has since been overtaken by financials (+0.3%), energy (+0.3%), and industrials (+0.5%). The financial sector has drawn strength from some of its largest components as Bank of America (BAC 15.82, +0.22) and JPMorgan Chase (JPM 57.40, +0.43) trade higher by 1.5% and 0.8%, respectively.

Elsewhere, the energy sector outperforms as crude oil trades up 1.4% at $104.10/bbl. Top-weighted sector components, however, are struggling to keep pace with the sector. Chevron (CVX 124.49, +0.30) and ExxonMobil (XOM 101.75, +0.15) are both up near 0.2%.

Also of note, industrials have received support defense contractors. General Electric (GE 27.36, +0.18) is higher by 0.7%, while the broader PHLX Defense Index trades up 0.6%.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index is trading higher at +0.3 at 80.67
Crude oil futures have been climbing higher all day so far and rose as high as $103.99/barrel. July crude oil is now +1.2% at $103.93/barrel
Natural gas futures dropped into negative territory earlier this morning, but now just extended those losses and hit a new LoD of $4.66/MMBtu
July natural gas futures are now -1% at $4.67/MMBtu
Copper has been in the red all day and is currently -0.5% at $3.04/lb
Gold and silver pulled back this morning from current highs for the day.
Aug gold is now +0.1 at $1254.20/oz, while July silver is +0.6% at $19.11/oz

9:55 am: [BRIEFING.COM] The S&P 500 remains higher by 0.1%, while the Russell 2000 has extended its gain to 0.6%. Seven of ten sectors now find themselves in the green, but consumer discretionary (+0.4%) and financials (+0.3%) have not relinquished the lead.

Retailers are largely responsible for the strength inside the discretionary space with the SPDR S&P Retail ETF (XRT 86.27, +0.77) trading higher by 0.9%. Similarly, homebuilders are also playing a part in the outperformance as the iShares Dow Jones US Hone Construction ETF (ITB 24.82, +0.24) trades up 1.0%.

Homebuilders have been able to rally despite an increase in yields. The 10-yr yield is higher by three basis points at 2.62%.

9:40 am: [BRIEFING.COM] The major averages began the session in the red, but erased their losses during the opening minutes of action. The Russell 2000 trades higher by 0.2%, while the S&P 500 trades up 0.1% with four sectors showing gains.

Cyclical consumer discretionary (+0.4%) and financials (+0.2%) have claimed the early lead, while the remaining sectors trade closer to their flat lines. On the downside, the health care sector (-0.4%) is the weakest performer so far. Interestingly, the underperformance has not weighed on biotechnology so far as the iShares Nasdaq Biotechnology ETF (IBB 247.04, +0.95) trades higher by 0.4%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +0.70. The stock market is on track for a cautious start to the Monday session as futures on the S&P 500 trade one point below fair value. Index futures spent the entire overnight session in the red even as markets in Asia posted modest gains.

Meanwhile in Europe, the key indices there trade little changed with participation on the light side due to Whit Monday. Peripheral yields have continued their retreat following last week's ECB action with Spain's 10-yr yield falling six basis points to 2.59%.

Turning the focus back to the U.S., participants are responding to a slew of acquisitions in the absence of noteworthy economic data. Hillshire Brands (HSH 61.70, +2.78) has agreed to be acquired by Tyson Foods (TSN 39.20, -0.92) for $63/share; Hittite Microwave (HITT 77.94, +17.38) has jumped 28.7% after Analog Devices (ADI 52.69, 0.00) agreed to acquire the company for $78/share; and Idenix Pharmaceuticals (IDIX 24.27, +17.04) has soared 235.7% in reaction to an acquisition offer from Merck (MRK 57.50, -0.35).

Treasuries will begin the session modestly lower with the 10-yr yield down two basis points at 2.61%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +0.20. The S&P 500 futures trade two points below fair value.

Asian markets ended higher with Hong Kong's Hang Seng (+0.7%) in the lead. Elsewhere, Bank of Japan Governor Haruhiko Kuroda said the stimulus that was launched last year has achieved its goal of boosting the real economy and ending deflation, but reaching the 2.0% inflation target may take more than two years.

In economic data:
China's trade surplus expanded to $35.92 billion from $18.45 billion (expected surplus of $22.60 billion) as exports rose 7.0% year-over-year (consensus 6.6%, previous 0.9%), while imports fell 1.6% year-over-year (expected 6.1%, prior 0.8%).
Japan's Q1 GDP was revised to 1.6% quarter-over-quarter (consensus 1.4%, previous 1.5%), while the year-over-year reading jumped 6.7% (expected 5.6%, prior 5.9%). Separately, GDP Pride Index slipped 0.1% year-over-year (consensus 0.0%, prior 0.0%) and the current account swung from a deficit of JPY780 billion to a surplus of JPY130 billion (expected surplus of JPY230 billion). Also of note, Household Confidence increased to 39.3 from 37.0 (consensus 37.7) and Economy Watchers Current Index rose to 45.1 from 41.6 (expected 45.2).

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Japan's Nikkei added 0.3%, but ended on its session low. Exporters Casio, Isuzu, and Panasonic gained between 2.3% and 2.7%. On the downside, Sumco fell 4.6%.
Hong Kong's Hang Seng gained 0.7% after spending the session in a narrow range. Heavyweights Hutchinson Whampoa, Tencent Holdings, and Want Want China Holdings gained between 1.9% and 2.2%.
China's Shanghai Composite (+0.03%) ended flat. Datong Coal Industry lost 4.1% and Guangzhou Baiyunshan Pharmaceutical gained 5.5%.

Major European indices trade little changed amid light volume due to Whit Monday. In news, Bank of England's Systemic Risk survey pointed to a declining probability of a high-impact event.

Economic data was limited:
Eurozone Sentix Investor Confidence fell to 8.5 from 12.8 (expected 13.2).

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In France, the CAC is lower by 0.2%. Exporter Renault and defense contractors Airbus and Safran lead the retreat with losses between 0.8% and 1.0%. Steelmaker ArcelorMittal outperforms, up 1.4%.
Germany's DAX trades flat. ThyssenKrupp leads with a gain of 1.9%, while exporters BMW and Daimler underperform with losses of 0.5% apiece.
Great Britain's FTSE is higher by 0.2% with homebuilder Barratt Developments leading the way. The stock trades up 2.1%. On the downside, financials Aberdeen Asset Management and Lloyds Banking Group are down 0.9% and 1.4%, respectively.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: flat. U.S. equity futures continue hovering just below their flat lines, suggesting the session will begin on a cautious note. Market participants did not receive any economic data today, but a handful of companies are on the move following M&A activity.

As speculated before, Hillshire Brands (HSH 61.70, +2.78) agreed to be acquired by Tyson Foods (TSN 39.20, -0.92) for $63/share. Meanwhile in the tech sector, Hittite Microwave (HITT 77.75, +17.19) has jumped 28.3% after Analog Devices (ADI 52.69, 0.00) agreed to acquire the company for $78/share.

Finally, in the health care sector, Idenix Pharmaceuticals (IDIX 24.27, +17.04) has soared 235.7% in reaction to an acquisition offer from Merck (MRK 57.50, -0.35).

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +1.70. U.S. equity futures hold slim losses amid cautious action overseas. The S&P 500 futures hover less than a point below fair value.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.7%, Japan's Nikkei +0.3%, and China's Shanghai Composite +0.03%.
In economic data:
China's trade surplus expanded to $35.92 billion from $18.45 billion (expected surplus of $22.60 billion) as exports rose 7.0% year-over-year (consensus 6.6%, previous 0.9%), while imports fell 1.6% year-over-year (expected 6.1%, prior 0.8%).
Japan's Q1 GDP was revised to 1.6% quarter-over-quarter (consensus 1.4%, previous 1.5%), while the year-over-year reading jumped 6.7% (expected 5.6%, prior 5.9%). Separately, GDP Pride Index slipped 0.1% year-over-year (consensus 0.0%, prior 0.0%) and the current account swung from a deficit of JPY780 billion to a surplus of JPY130 billion (expected surplus of JPY230 billion). Also of note, Household Confidence increased to 39.3 from 37.0 (consensus 37.7) and Economy Watchers Current Index rose to 45.1 from 41.6 (expected 45.2).
In news:
Bank of Japan Governor Haruhiko Kuroda said the stimulus that was launched last year has achieved its goal of boosting the real economy and ending deflation, but reaching the 2.0% inflation target may take more than two years.

Major European indices trade little changed. France's CAC -0.1%, Germany's DAX +0.1%, and Great Britain's FTSE +0.2%. Elsewhere, Italy's MIB +0.2% and Spain's IBEX +0.1%.
Economic data was limited:
Eurozone Sentix Investor Confidence fell to 8.5 from 12.8 (expected 13.2).
Among news of note:
Bank of England's Systemic Risk survey pointed to a declining probability of a high-impact event.

In U.S. corporate news:

Family Dollar (FDO 67.50, +6.97): +11.5% after Carl Icahn disclosed a 9.4% active stake in the company. Peer Dollar General (DG 61.75, +3.76) trades up 6.5%.
Hillshire Brands (HSH 61.94, +3.02): +5.1% after Tyson Foods (TSN 39.00, -1.12) confirmed its offer to acquire HSH for $63/share.
Hittite Microwave (HITT 78.00, +17.44): +28.8% after agreeing to be acquired by Analog Devices (ADI 52.69, 0.00) for $78/share.
Idenix Pharmaceuticals (IDIX 24.36, +17.14): +237.1% after agreeing to be acquired by Merck (MRK 57.50, -0.35) for $24.50/share.

There is no economic data of note on today's calendar.

6:27 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +2.00.

6:27 am: [BRIEFING.COM] Nikkei...15124.00...+46.80...+0.30%. Hang Seng...23096.96...+146.00...+0.60%.

6:27 am: [BRIEFING.COM] FTSE...6873.72...+15.50...+0.20%. DAX...9997.86...+10.70...+0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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