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 Post subject: February 3rd Tuesday Trade Results - No Trades
PostPosted: Wed Feb 04, 2015 4:25 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)

Quote:
No trades due to a personal day off to do an upgrade on computer software and website work.


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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

Trade Log: 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 in ##TheStrategyLab chat room 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=140&t=1997

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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 Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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).

All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=257&t=2664

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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.

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


4:10 pm: [BRIEFING.COM] The stock market registered its second consecutive advance with the S&P 500 climbing 1.4% to retake its 50-day moving average (2,044). The price-weighted Dow (+1.8%) fared a bit better while the Nasdaq Composite (+1.1%) underperformed.

Equities displayed strength from the get-go after markets in Europe responded positively to a Financial Times report suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no 'U-turn' in Greece's position while German Chancellor Angela Merkel has set expectations for a drawn out process, saying the ongoing talks will 'drag on for months.' In addition, a handful of German lawmakers have voiced their displeasure with the position being assumed by Greece. With no resolution in sight, another chapter in the European saga will be written tomorrow when Mr. Varoufakis meets with European Central Bank President Mario Draghi in Frankfurt.

For the time being, the market happily continued retracing its losses from January. The S&P 500 narrowed its quarter-to-date decline to 0.4% with all ten sectors ending in the green.

Once again, the energy sector (+2.8%) held the lead throughout the session with help from crude oil, which soared 7.0% to $53.04/bbl. In all likelihood, a short squeeze contributed to the surge, but so did better than expected earnings from BP (BP 41.10, +1.24). However, it is worth mentioning that the industry giant plans to cut its 2015 capital expenditure budget by 13.0% to $20 billion.

Similar to energy, materials (+2.2%) and consumer discretionary (+2.2%) jumped more than 2.0% while two of the remaining three cyclical groups also finished ahead of the broader market.

The discretionary sector received broad support with Office Depot (ODP 9.27, +1.64) charging higher by 21.5% after The Wall Street Journal reported the company has been in talks with Staples (SPLS 19.01, +1.87) about a potential merger.

Elsewhere, the technology sector (+1.0%) lagged throughout the session, but was able to settle not far behind the broader market. Chipmakers displayed relative strength (PHLX Semiconductor Index +1.8%), but several top-weighted components like Apple (AAPL 118.57, -0.06), Facebook (FB 75.40, +0.41), and Google (GOOGL 533.30, +1.10) struggled to pull away from their flat lines.

Similar to the tech sector, the Nasdaq spent the day behind the broader market. Biotechnology factored into the underperformance with the iShares Nasdaq Biotechnology ETF (IBB 317.79, -1.79) falling 0.6% while the health care sector (+0.7%) settled near the bottom of the leaderboard.

Treasuries spent the day in a steady retreat, sending the 10-yr yield higher by 11 basis points to 1.78%.

Today's participation was well above average with more than 958 million shares changing hands at the NYSE floor.

Economic data was limited to Factory Orders:

Factory orders declined 3.4% in December after declining a downwardly revised 1.7% (from -0.7%) in November while the Briefing.com consensus expected a drop of 2.0%
While the headline decline in factory orders was clear miss in terms of expectations, the underlying data should provide a boost to the second estimate to Q4 2014 GDP
Shipments of nondefense capital goods, excluding aircraft, were much stronger than reported in the advance release. Instead of declining 0.2% in December, shipments increased 0.2%. Since shipments factor into GDP calculations, the upward revision will positively contribute to economic growth

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the ADP Employment Change for January will cross the wires at 8:15 ET (Briefing.com consensus 230K). The day's data will be topped off with the 10:00 ET release of the ISM Services Index for January (consensus 56.5).

Nasdaq Composite -0.2% YTD
S&P 500 -0.4% YTD
Russell 2000 -0.6% YTD
Dow Jones Industrial Average -0.9% YTD

3:35 pm: [BRIEFING.COM]

Oil prices were at it again today, extending a rally that began late last week.
In the past three session, WTI crude oil futures are up 19%
Crude is actually up for four consecutive sessions. We just excluded the session on Thursday Jan 29 because crude was up that day, but only posted a six cent gain.
Today, Mar crude oil ended pit trading $3.48 higher at $53.04/barrel.
Mar natural gas futures rose $0.08 to end the session at $2.76/MMBtu
Despite the dollar index selling off today, Apr gold prices lost $17.80.
Meanwhile, Mar silver rose $0.07 to $17.32/oz. Mar copper rose $0.09 to $2.58/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.2% with one hour remaining in the session. Although the benchmark index lost 3.1% in January, February has started with a rally that has narrowed the year-to-date loss to 0.7%.

Eight sectors posted January losses, but yesterday's rebound, combined with today's spike, has lifted several groups, leaving just four sectors in the red for the first quarter. Technology and financials hold respective quarter-to-date losses of 2.3% and 4.2%, while the other two decliners-consumer discretionary and industrials-are down 0.4% and 0.8% since the end of 2014.

2:30 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 trading higher by 1.1% while the Dow (+1.5%) and Russell 2000 (+1.3%) outperform.

The health care sector (+0.1%) has inched back into the green, which means all ten sectors are now higher on the day. Meanwhile, energy has extended its advance to 2.5% with crude oil continuing its surge. The energy component has spiked 7.6% to $53.23/bbl and it's likely that some short-covering has contributed to the rally. At its current level, WTI crude hovers within a dollar of its 2014 closing price.

Elsewhere, Treasuries have extended their losses with the 10-yr yield now up 10 basis points at 1.77%.

2:00 pm: [BRIEFING.COM] The S&P 500 trades at a fresh session high.

In terms of headline alone, the factory orders data was undoubtedly weak. However, that analysis bypasses the meat of the report. In actuality, the factory orders data showed sizable improvements versus what was known following the advance durable goods orders report that was released last week.

Factory orders declined 3.4% in December after declining a downwardly revised 1.7% (from -0.7%) in November. The Briefing.com Consensus expected factory orders to decline 2.0%.

Shipments of nondefense capital goods excluding aircraft were much stronger than reported in the advance release. Instead of declining 0.2% in December, these shipments increased 0.2%. Since shipments factor into GDP calculations, the upward revision will positively contribute to economic growth.

Furthermore, overall demand for business capital was also stronger in the latest manufacturer report. Orders of nondefense capital goods eluding aircraft declined only 0.1% in December after falling 0.5% in November. That was a slight upward revision from the advance release which showed business capital demand declining by 0.6% in both December and November.

1:30 pm: [BRIEFING.COM] The major U.S. indices have pushed to new session highs following a slight uptick since our last update. Comments a short time ago from Minneapolis Fed President Kocherlakota, who reiterated his stance that the Fed should not raise rates in 2015 because of the potential to retard the pace of economic recovery, are helping to propel stocks higher.

At this time, Health Care (-0.3%) is the only S&P sector in the red, heavily underperforming the broad market as we see a sector-wide rotation out of numerous names in the space. Some notable movers there include Alkermes (ALKS 67.25, -5.35), Incyte Corp (INCY 73.63, -4.75), Pharmacyclics (PCYC 157.70, -9.25), and many others. Alternatively, strong gains are being observed in the Energy sector (+2.9%) as oil continues its multi-day gains, with WTI crude trading up 6.6% to $52.87. WTI crude has now gained 20% over the past 4 sessions.

12:55 pm: [BRIEFING.COM] The Dow (+1.0%) and S&P 500 (+0.7%) sport midday gains while the Nasdaq (+0.2%) is trying to stay out of the red after surrendering the bulk of its opening advance.

Equity indices rallied out of the gate amid upbeat action in Europe brought on by a Financial Times report suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no 'U-turn' in Greece's position while German Chancellor Angela Merkel has set expectations for a drawn out process, saying the ongoing talks will 'drag on for months.' In addition, a handful of German lawmakers have voiced their displeasure with the position being assumed by Greece.

Eight of ten sectors hold midday gains with energy (+2.1%) in the lead for the second consecutive day. The sector is now flat for the year while crude oil trades up 4.2% at $51.66/bbl today and sits almost $9.00/bbl above its January low. Earnings have factored into the sector's advance with BP (BP 40.97, +1.11) trading higher by 2.8% after beating estimates.

Elsewhere, four of the remaining five cyclical sectors trade with gains of 1.0% or more. In the consumer discretionary space (+1.3%), Office Depot (ODP 9.08, +1.45) has spiked 19.0% after the Wall Street Journal reported the company has been in talks with Staples (SPLS 18.73, +1.59) about a potential merger.

Meanwhile, the top-weighted technology sector (+0.2%) has not been able to keep pace with the broader market. A handful of large cap names have kept the sector among the laggards with Apple (AAPL 118.07, -0.56), Microsoft (MSFT 41.23, -0.05), Intel (INTC 33.30, -0.35), and Facebook (FB 74.55, -0.44) on the defensive.

Furthermore, the four names have exerted some pressure on the tech-heavy Nasdaq, which has also faced selling in the biotech industry. The iShares Nasdaq Biotechnology ETF (IBB 311.15, -8.43) trades down 2.6% while the health care sector is lower by 0.8%.

Treasuries have spent the first half of the session in a steady retreat, sending the 10-yr yield higher by eight basis points to 1.75%.

Economic data was limited to Factory Orders:

Factory orders declined 3.4% in December after declining a downwardly revised 1.7% (from -0.7%) in November while the Briefing.com consensus expected a drop of 2.0%
While the headline decline in factory orders was clear miss in terms of expectations, the underlying data should provide a boost to the second estimate to Q4 2014 GDP
Shipments of nondefense capital goods, excluding aircraft, were much stronger than reported in the advance release. Instead of declining 0.2% in December, shipments increased 0.2%. Since shipments factor into GDP calculations, the upward revision will positively contribute to economic growth

12:30 pm: [BRIEFING.COM] Equity indices are a bit scattered with the Dow (+0.9%) hovering near its session high while the Nasdaq Composite (+0.2%) sits just above its low. For its part, the S&P 500 (+0.6%) finds itself in the middle of today's trading range.

Sector standing remains little changed with energy (+1.9%) trading well ahead of other groups. That advance has been underpinned by crude oil, which is higher by 3.0% at $51.06/bbl. Elsewhere among commodities, copper has jumped 3.6% to $2.581/lb in an attempt to distance itself from January lows in the $2.40/lb area.

12:00 pm: [BRIEFING.COM] The S&P 500 (+0.5%) has slipped to the bottom of a five-point range that has held for the past hour or so.

The benchmark index rallied out of the gate, but the advance has been halted in the 2,040 area due to the underperformance of biotechnology. As a result, the health care sector trades lower by 0.6%, which has prevented the S&P 500 from revisiting its early high.

Furthermore, a handful of cyclical groups have backed away from their highs in recent going. To that point, the technology sector has returned to its flat line while financials and industrials have narrowed their gains to 0.8% apiece.

11:30 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (+0.7%) doing its best to resists the aggressive selling in the biotech space that has the iShares Nasdaq Biotechnology ETF (IBB 312.20, -7.38) trading lower by 2.4%.

The underperformance of the high-beta industry group has caused the Nasdaq (+0.2%) to surrender the bulk of its gain while the S&P 500 remains supported by influential sectors like consumer discretionary (+1.3%), financials (+1.0%), industrials (+1.0%), and energy (+2.0%).

Meanwhile, the top-weighted technology sector (+0.1%) has struggled to keep pace with the market as several heavily-weighted components like Apple (AAPL 118.20, -0.43), Microsoft (MSFT 41.24, -0.04), and Google (GOOGL 531.31, -0.89) hover in the red.

Elsewhere, Treasuries hover near their lows with the 10-yr yield up nine basis points at 1.76%.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.6%) hovers within seven points of its session high while the Nasdaq has narrowed its gain to just 0.2% amid significant weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 311.77, -7.81) has given up 2.5% and is on track for its third consecutive decline after failing to take out its all-time high that was registered on January 30.

The noteworthy underperformance of the high-beta group has pressured the health care sector (-0.6%) to the bottom of the leaderboard while the utilities sector (-0.3%) represents the only other decliner.

On the upside, the energy sector (+2.1%) remains sharply higher while crude oil has added 3.0% to $51.05/bbl.

10:35 am: [BRIEFING.COM]

Oil is up again today, extending a rally that began on Friday
The Mar contract is back near today's high and is currently +3.1% at $51.09/barrel
Mar natural gas is -0.3% at $2.67/MMBtu
Despite weakness in the dollar index, precious metals are lower today
Apr gold just hit a new LoD and is now -1.3% at $1260.90/oz, while Mar silver is -0.4% at $17.19

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.9% with all ten sectors showing gains.

The just-released Factory Orders report for December indicated orders decreased 3.4%, which was worse than the Briefing.com consensus estimate that called for a decrease of 2.0%.

9:45 am: [BRIEFING.COM] The major averages have stayed true to their pre-market indication and opened with gains. The S&P 500 is higher by 0.8% while the Dow (+0.9%) and Russell 2000 (+1.1%) outperform.

Nine of ten sectors sport early gains with energy (+2.2%) in the lead for the second day in a row. The growth-sensitive group is now higher by 5.0% for the week and flat for the year. Meanwhile, crude oil trades up 2.0% at $50.58/bbl.

The remaining cyclical sectors have held their own with technology (+0.6%) representing the lone laggard on the growth-sensitive side.

Things look a bit different on the countercyclical side as telecom services (+1.3%) outperform while the other three sectors trade lower.

Treasuries remain pressured with the 10-yr yield up seven basis points at 1.74%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +14.50. The stock market is on track for a higher open with futures on the S&P 500 trading 11 points above fair value. Overnight, the Reserve Bank of Australia joined the global easing party by cutting its key rate by 25 basis points to 2.25% while the Reserve Bank of India held its key rate at 7.75%, but cut its reserve ratio to 21.5% from 22.0%.

Meanwhile in Europe, markets have rallied following a Financial Times report suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no 'U-turn' in Greece's position. In addition, German Chancellor Angela Merkel has set expectations for a drawn out process, saying the ongoing talks with Greece will 'drag on for months.' Germany's DAX halved its gain after Chancellor Merkel's comments crossed the wires.

Domestically, investors are likely to keep an eye on crude oil, which is tracking its third consecutive gain. Currently, WTI crude trades up 2.3% at $50.70/bbl and sits more than $7.00/bbl above its January low.

On the earnings front, Anadarko Petroleum (APC 83.75, +0.98) and BP (BP 40.91, +1.05) are on pace for early gains after reporting earnings. Anadarko missed estimates while BP beat.

Treasuries hover near their lows with the 10-yr yield up six basis points at 1.73%.

The Factory Orders report for December will be released at 10:00 ET (Briefing.com consensus -2.0%).

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +12.20. The S&P 500 futures trade nine points above fair value.

Asian markets ended mostly higher while Japan's Nikkei (-1.3%) lagged. The Reserve Bank of Australia joined the global easing party by cutting its key rate 25 basis points to 2.25%. Meanwhile, the Reserve Bank of India held its key rate at 7.75%, but cut its reserve ratio to 21.5% from 22.0%.

In economic data:
Australia's trade deficit narrowed to AUD436 million from AUD1.02 billion (expected deficit of AUD775 million) while Building Approvals fell 3.3% month-over-month (expected -5.0%; prior 7.7%)
South Korea's CPI ticked up 0.5% month-over-month (expected 0.4%; previous 0.0%) while the year-over-year reading increased 0.8% (consensus 0.9%; last 0.8%). The slowdown has strengthened the case for more easing from the Bank of Korea; however, core CPI remains elevated at 2.4%
India's Infrastructure Output slowed to 2.4% year-over-year from 6.7%

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Japan's Nikkei lost 1.3% with growth-sensitive names on the defensive. Tosoh, Keisei Electric Railway, and Nissan Chemical fell between 4.1% and 8.5%
Hong Kong's Hang Seng added 0.3% and settled on its high. Energy-related names outperformed with CNOOC, PetroChina, and China Petroleum & Chemical gaining between 1.8% and 3.5%.
China's Shanghai Composite jumped 2.5% amid the fourth consecutive liquidity injection from the People's Bank of China ahead of the Lunar New Year. China Life Insurance spiked 9.0% and China Vanke added 0.6%.
India's Sensex lost 0.4% amid weakness in financials. Axis Bank, State Bank of India, and HDFC Bank dropped between 1.6% and 5.0%. Sesa Sterlite outperformed, spiking 6.3%.


Major European indices trade higher across the board with Spain's IBEX (+2.0%) in the lead. Regional markets have spiked in reaction to a Financial Times story suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no 'U-turn' in Greece's position. Elsewhere, Germany's DAX has slipped from its high after Chancellor Angela Merkel said the ongoing talks with Greece will 'drag on for months.'

Economic data was limited:
Eurozone PPI fell 1.0% month-over-month (expected -0.7%; prior -0.3%) while the year-over-year reading declined 2.7% (consensus -2.5%; last -1.6%)
UK's Construction PMI rose to 59.1 from 57.6 (expected 57.0)
Italy's CPI fell 0.4% month-over-month (expected 0.1%; prior 0.0%) while the year-over-year reading declined 0.6% (consensus -0.3%; last 0.0%)
Spain's Unemployment Count increased by 78,000 (expected -32,400; prior -64,400)

------

Germany's DAX is higher by 0.6% with exporters providing support. BMW, Daimler, and Volkswagen are up between 2.3% and 2.9%. Utilities lag with E.On and RWE down 3.9% and 5.3%, respectively, amid signals the European Court of Justice will uphold the levy on nuclear fuel.
In France, the CAC trades up 0.8% with Gemalto among the leaders. The stock has jumped 4.4% while financials Credit Agricole and Societe Generale are higher by 1.9% and 2.8%, respectively.
UK's FTSE has added 0.8% amid broad strength. Miners appear among the leaders with Antofagasta, Anglo American, BHP Billiton, and Rio Tinto up between 2.2% and 4.6%.
Spain's IBEX outperforms with a gain of 2.0%. Bankia, Santander, BBVA, and Banco Popular sport gains between 1.9% and 5.3%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +12.50. U.S. equity futures continue holding gains while markets in Europe trade near their best levels of the session.

Corporate earnings have continued pouring in this morning with Dow Jones Transportation Average component UPS (UPS 100.42, +0.29) higher by 0.3% in pre-market after reporting results in-line with its warning from January 23. In addition, the company guided fiscal year 2015 results at the low end of analyst expectations. On a separate note, crude oil has continued its recent strength and currently trades higher by 2.5% at $50.83/bbl.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +14.00. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover ten points above fair value after notching their highs during the past 90 minutes.

Overnight, the Reserve Bank of Australia joined the global easing party by cutting its key rate by 25 basis points to 2.25%. Meanwhile, the Reserve Bank of India held its key rate at 7.75%, but cut its reserve ratio to 21.5% from 22.0%.

Today's lone economic data point will come in the form of Factory Orders for December, set to be released at 10:00 ET (Briefing.com consensus -2.0%).

Treasuries sit near their lows with the 10-yr yield up four basis points at 1.71%.

In U.S. corporate news:

Anadarko Petroleum (APC 83.45, +0.68): +0.8% despite missing estimates. The stock was upgraded to 'Buy' at Stifel.
BP (BP 40.52, +0.66): +1.7% after beating earnings and revenue estimates.
Cliffs Natural Resources (CLF 7.80, +0.83): +11.9% after beating expectations.
Office Depot (ODP 8.80, +1.17): +14.7% after The Wall Street Journal reported the company is in discussions to merge with Staples (SPLS 18.99, +1.85).

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +2.5%, Hong Kong's Hang Seng +0.3%, and Japan's Nikkei -1.3%
In economic data:
Australia's trade deficit narrowed to AUD436 million from AUD1.02 billion (expected deficit of AUD775 million) while Building Approvals fell 3.3% month-over-month (expected -5.0%; prior 7.7%)
South Korea's CPI ticked up 0.5% month-over-month (expected 0.4%; previous 0.0%) while the year-over-year reading increased 0.8% (consensus 0.9%; last 0.8%)
India's Infrastructure Output slowed to 2.4% year-over-year from 6.7%
In news:
The slowdown in South Korea's CPI has strengthened the case for more easing from the Bank of Korea; however, core CPI remains elevated at 2.4%

Major European indices trade higher across the board. Germany's DAX +1.0%, UK's FTSE +1.1%, and France's CAC +1.1%. Elsewhere, Italy's MIB +2.0% and Spain's IBEX +2.3%
Economic data was limited:
Eurozone PPI fell 1.0% month-over-month (expected -0.7%; prior -0.3%) while the year-over-year reading declined 2.7% (consensus -2.5%; last -1.6%)
UK's Construction PMI rose to 59.1 from 57.6 (expected 57.0)
Italy's CPI fell 0.4% month-over-month (expected 0.1%; prior 0.0%) while the year-over-year reading declined 0.6% (consensus -0.3%; last 0.0%)
Spain's Unemployment Count increased by 78,000 (expected -32,400; prior -64,400)
In news:
European markets have spiked in reaction to a Financial Times story suggesting Greece will soften its negotiating stance; however, Finance Minister Yanis Varoufakis said there has been no 'U-turn' in Greece's position

7:16 am: [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +14.00.

7:16 am: [BRIEFING.COM] Nikkei...17,335.85...-222.20...-1.30%. Hang Seng...24,554.78...+70.80...+0.30%.

7:16 am: [BRIEFING.COM] FTSE...6,862.62...+80.30...+1.20%. DAX...10,958.05...+130.00...+1.20%.

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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