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 Post subject: February 17th Tuesday Trade Results - Loss $590.00
PostPosted: Wed Feb 18, 2015 3:35 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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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 @ ($590.00) dollars or -5.90 points, Emini ES ($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 Loss @ ($590.00) 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=2007

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.

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


4:15 pm: [BRIEFING.COM] The stock market kicked off an abbreviated trading week with a sleepy Tuesday session that had the S&P 500 (+0.2%) locked in an eleven-point range while the tech-heavy Nasdaq (+0.1%) spent the bulk of the day near its flat line.

Broadly speaking, the market appeared to be little concerned with weekend developments overseas, making the price action more closely correlated with the gyrations in the oil market. The benchmark index returned to its session high just above the 2,100 mark during the final minutes of the day; however, that move was not correlated to anything in particular.

A ceasefire between Ukraine and Russia-backed rebels went into effect over the weekend, but the agreement only reduced fighting in the eastern part of the country. Most importantly, the truce failed to stop the assault on an important rail hub in Debaltseve, with rebel leaders claiming control of the area, according to the Associated Press.

Russia's President Vladimir Putin, who met Hungary's Prime Minister Viktor Orban today, said the fate of Debaltseve could have been foreseen while the UN Security Council called for an immediate ceasefire.

Meanwhile in Brussels, yesterday's Eurogroup meeting with Greece provided little reason for optimism for a swift solution. The atmosphere at the negotiating table may have gotten a bit frostier today after Eurogroup officials struck down a proposal that was brought forth by France's Pierre Moscovici, and had the support of Greek Finance Minister Yanis Varoufakis.

This morning's torrent of quotes from the Eurogroup was followed by more thunder from Greek Prime Minister Alexis Tsipras, who was interviewed in Germany's Stern, and reiterated "The old austerity program is dead."

Despite Mr. Tsipras' comments, an afternoon report, attributed to unnamed sources, claimed that Greece will ask for an extension to the program that has been proclaimed dead. That report made the rounds in the early afternoon and helped nudge the S&P 500 to the 2,100 level.

Five sectors posted gains with health care (+0.7%) spending the entire session in the lead. The influential group was underpinned by biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 326.82, +3.36) adding 1.0%.

The relative strength of the health care sector helped the benchmark index resist early weakness among cyclical sectors. Energy (+0.3%) was among the weakest performers in the early going, but the growth-sensitive sector perked up when crude oil erased its early morning loss. The energy component rallied 1.7% to $53.54/bbl after trading below the $52.00/bbl level this morning.

Elsewhere among cyclical sectors, financials (+0.3%) outperformed while the discretionary sector (-0.2%) was pressured by Amazon.com (AMZN 375.27, -6.56), which lost 1.7%. Automakers also struggled with Ford (F 16.11, -0.19) and General Motors (GM 37.24, -0.38) down 1.2% and 1.0%, respectively.

While the stock market maintained a narrow range, the same could not be said for Treasuries. The 10-yr note spent the day in a steady slide, sending the benchmark yield higher by 13 basis points to 2.15%. The selling may have occurred in anticipation of tomorrow's FOMC minutes from the January meeting that are likely to keep participants on guard for a potential rate hike.

Light participation was a theme last week and not much changed today with just 763 million shares changing hands at the NYSE floor.

Economic data was limited to the Empire Manufacturing Survey and NAHB Housing Market Index:

The Empire Manufacturing Survey for February registered a reading of 7.8, which was below the prior month's reading of 9.9 while the Briefing.com consensus expected an improvement to 9.0
The NAHB Housing Market Index for February slipped to 56 from 57 while the Briefing.com consensus expected an uptick to 58

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while January Housing Starts (Briefing.com consensus 1.07 million), Building Permits (consensus 1.065 million), PPI (consensus -0.4%), and core PPI (expected 0.1%) will all be reported at 8:30 ET. The January Industrial Production (consensus 0.4%) and Capacity Utilization (expected 79.9%) reports will be released at 9:15 ET while the FOMC minutes from the January meeting will cross the wires at 14:00 ET.

3:55 pm: [BRIEFING.COM]

Gold and Silver ended the day down, both sank in early trading and never recovered, Apr Gold ended the day $18.50 lower at $1208.50/oz, and Mar Silver ended the day down $0.91 to $16.37/oz
Mar Copper closed $0.02 lower at $2.58/lb
March Crude Oil futures closed the day up $0.87/barrel to $53.54/barrel
Mar Natural Gas closed down $0.04 to $2.76/MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 holds a slim two-point gain with one hour remaining in what has been a very quiet session. The benchmark index got a small boost from a report that Greece is ready to ask for an extension to its current program, but it worth remembering that Prime Minister Alexis Tsipras said just hours ago that "The old austerity program is dead." Mr. Tsipras' remarks appeared in Germany's Stern.

It is also worth noting that similar reports on this matter attributed to 'sources' have had a spotty track record.

Last week saw below-average trading volume with totals limited to no more than 789 million shares per day and today could fit right in with only 443 million shares traded at the NYSE so far.

2:30 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (+0.1%) flirting with the 2,100 level. Meanwhile, the Nasdaq has slipped back to its flat line after showing some relative strength earlier. All in all, today's moves have been minor.

Things have been a bit different in oil trading pits with WTI crude staging a comeback into the close. The energy component is higher by 1.3% at $54.31/bbl after dropping below $52.00/bbl this morning. The recent strength has provided support to the energy sector (+0.3%) after pressuring the cyclical group during the morning sell-off in oil.

Similar to energy, the remaining cyclical sectors trade in the green with gains limited to 0.4% (financials).

1:55 pm: [BRIEFING.COM] The S&P 500 continues hovering near the 2,100 level.

Today's U.S. economic data was a little disappointing, but it doesn't have any impact on our forecasts.

The New York Fed's Empire Manufacturing Survey revealed a modest deceleration in manufacturing activities. The index declined to 7.8 in February from 9.9 and came in below the Briefing.com Consensus' forecast of 9.0.

Keep in mind that this index only looks at manufacturing activities in the New York region and has very little correlation with the aggregate national manufacturing sector.

The NAHB Homebuilder Index dropped to 55 in February from 57 in January. The consensus expected the index to improve to 58.

Homebuilders complained that sales prospects dimmed slightly in February as prospective buyers failed to brave the inclement weather to look at spec homes. As weather conditions improve, the sales outlook is expected to strengthen.

1:30 pm: [BRIEFING.COM] The major U.S. indices are carefully climbing to new session highs after the earlier mentioned speculation that Greece will ask for a six-month extension on its loan program. Over the last few weeks, there have been numerous reports and rumors on this matter. Greece's current bailout program expires at the end of the month. Following the recent move to the upside, the S&P 500 topped 2,100 for the first time ever.

The majority of the S&P sectors are showing gains, led by the health care sector (+0.6%). Despite the recent bounce in WTI crude (-0.59% to $52.50/bbl), energy (-0.20%) still remains the weak sector in today's session.

In equities, shares in GoPro (GPRO 49.09, +3.82) are showing strong gains today despite the lock-up expiration of 76 mln shares related to its IPO. This morning, Northland Capital initiated coverage with an Outperform rating on the camera-maker and a $70 price target.

1:00 pm: [BRIEFING.COM] The major averages trade little changed at midday with the Dow, Nasdaq, and S&P 500 seemingly enjoying an extension of what was already a long weekend. The key indices hover within 0.1% of their respective flat lines.

The stock market has maintained a narrow range through the first half, all but numb to weekend developments overseas. On Sunday, a ceasefire went into effect in Ukraine, but subsequent reports have indicated that fighting in strategically-important Debaltseve has continued.

Meanwhile, yesterday's negotiations between Greece and the Eurogroup have not produced any concrete results. It was reported earlier that Greek Finance Minister Yanis Varoufakis favored a proposal from former French Finance Minister Pierre Moscovici, but that draft was removed from consideration by the Eurogroup. Furthermore, Reuters, citing Germany's Stern, quoted Greek Prime Minister Alexis Tsipras as saying that suggestions to extend the current program by six months are futile.

Not long ago, news wires reported that Greece plans to seek an extension to its program tomorrow, but the report was attributed to unnamed sources. The S&P 500 inched into the green following the news, but overall the market continues showing little concern.

Four sectors sport midday gains with health care (+0.6%) in the lead since the early going. The influential group has received support from biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 326.25, +2.79) higher by 0.9%. The outperformance of the high-beta group has coincided with general strength among small caps, evidenced by a modest gain in the Russell 2000 (+0.3%).

Meanwhile, six sectors hold losses, but energy (-0.4%) is the only group down more than 0.3%. Crude oil has kept the sector under pressure, trading lower by 2.1% at $52.56/bbl after dipping below $52.00/bbl earlier.

Elsewhere, Treasuries have been subject to relentless selling that began around 8:30 ET. The 10-yr note sits on its low with the benchmark yield higher by ten basis points at 2.12%.

Economic data was limited to the Empire Manufacturing Survey and NAHB Housing Market Index:

The Empire Manufacturing Survey for February registered a reading of 7.8, which was below the prior month's reading of 9.9 while the Briefing.com consensus expected an improvement to 9.0
The NAHB Housing Market Index for February slipped to 56 from 57 while the Briefing.com consensus expected an uptick to 58

12:30 pm: [BRIEFING.COM] Equity indices continue drifting below their flat lines, but the same cannot be said for Treasuries. Continued selling has kept the 10-yr note under pressure with its yield now up nine basis points at 2.11%. This marks the first time the benchmark yield has crept above the 2.10% level since January 5.

The 10-yr note has spent the month in a sharp slide, sending its yield higher by 44 basis points since hitting 1.67% on February 2.

12:00 pm: [BRIEFING.COM] The stock market continues drifting in the red with the major averages holding narrow losses.

Health care (+0.5%) and utilities (+0.2%) are the only two sectors in the green, but the downside does not look all that awful with heavily-weighted financials and technology little changed while the consumer discretionary sector (-0.4%) sits at the bottom of the leaderboard. Amazon.com (AMZN 374.62, -7.21) is lower by 1.9%, which has contributed to the sector's underperformance.

Elsewhere, Treasuries continue holding sharp losses with the 10-yr yield higher by seven basis points at 2.09%.

11:30 am: [BRIEFING.COM] Not much change in the major averages as they continue lingering below their flat lines. The Dow (-0.2%) is the weakest performing index with 25 of its 30 components in the red.

Although the majority of the Dow trades lower, only McDonald's (MCD 94.61, -1.05) is down more than 1.0% at this juncture. Meanwhile, the top-weighted Dow component-Visa (V 271.10, +1.47)-trades higher by 0.6%, which is keeping the index from larger losses. Furthermore, the next two largest index members by weight-Goldman Sachs (GS 189.32, +0.32) and IBM (IBM 160.60, +0.20)-also trade in the green.

While the Dow trails the broader market, the Russell 2000 hovers just above its flat line, thus highlighting relative strength among small caps. Similarly, high-beta biotech names remain strong with the iShares Nasdaq Biotechnology ETF (IBB 326.56, +3.10) higher by 1.0%.

11:00 am: [BRIEFING.COM] Equity indices are in the midst of a rebound effort with the Nasdaq (-0.1%) closest to its unchanged level thanks to the relative strength of its top component-Apple (AAPL 128.66, +1.58). In addition to the 1.2% gain from the heavyweight component, the index has received broad support from biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 326.22, +2.76) higher by 0.9%. In turn, this has boosted the health care sector (+0.3%), which holds the top spot, but seven sectors remain in the red, leaving the S&P 500 lower by 0.2%.

Elsewhere, Treasuries have dropped to new lows following a relentless slide that began around 8:30 ET. The 10-yr note sits just above its low with the benchmark yield higher by almost seven basis points at 2.09%. Meanwhile, the Dollar Index is lower by 0.2% after showing a larger decline this morning.

10:35 am: [BRIEFING.COM]

The Dollar Index has been trading in negative territory for most of the morning, but has recently gone positive
Gold and Silver are still falling this morning after the two commodities saw big losses just before the equities market opened for trading. Apr Gold saw lows of $1204.00/oz and is still falling but now stands at $1205.20/oz -1.8%, while Mar Silver saw lows around $16.26/oz and also continues to fall sitting now at around $16.31/oz -5.7%
Crude has been in negative territory for the most recent part of the morning, falling steadily since just before 8:30 a.m. ET.
Mar WTI Crude saw lows around $50.81/barrel, and now sits at $51.01 -3.4%
Natural Gas also saw some weakness around the same time as the metals market, but is now trading higher off recent daily lows around $2.75/MMBtu, and now sits at$2.76/MMBtu -1.3%
Copper is trading down on the day, and now sits around $2.56/lb -1.7%

10:00 am: [BRIEFING.COM] The S&P 500 remains lower by 0.2%.

The just-released NAHB Housing Market Index for February fell to 55 from 57 while the Briefing.com consensus expected an improvement to 58.

9:45 am: [BRIEFING.COM] The major averages have slipped out of the gate with nine of ten sectors pressuring the S&P 500 (-0.3%) in the early going.

The health care sector (+0.1%) represents the lone advancer, but more notably, the energy sector (-0.9%) weighs as crude oil trades lower by 2.7% at $52.24/bbl after spending the past two hours in a sharp decline from overnight highs. Other cyclical sectors trade closer to their flat lines while the influential consumer discretionary space (-0.5%) underperforms.

Treasuries have inched away from their lows, but they remain down with the 10-yr yield up four basis points at 2.05%.

The NAHB Housing Market Index for February (Briefing.com consensus 58) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +28.70. The stock market is on track for a mixed open as futures on the S&P 500 hover three points below fair value while Nasdaq futures (+29 points) outperform thanks to a 0.6% pre-market advance in Apple (AAPL 127.80, +0.72). The top-weighted index component has received early interest after a weekend story in the Wall Street Journal discussed the possibility that the company could develop an electric car.

Meanwhile, the S&P 500 is expected to see some early pressure following a busy weekend on the geopolitical front. Yesterday's negotiations between Greece and the Eurogroup provided little substance, other than an agreement to continue discussions as the week continues. According to Bloomberg, Spain's Finance Minister Luis de Guindos said Greece showed "no signs" of negotiating during yesterday's meeting, suggesting the country's leadership has maintained a hard line stance.

Elsewhere, a ceasefire went into effect in Eastern Ukraine, but reports of continued fighting near Debaltseve, which has a strategic importance, have poured in. This morning, AP reported that Russia-backed rebels have taken control of the train station.

Despite the continued concerns, Treasuries have slid to lows in recent action, pushing the 10-yr yield up to 2.05% (+4 bps).

On the commodity front, crude oil is lower by 1.6% at $52.81/bbl after surrendering its overnight gain.

The NAHB Housing Market Index for February will be released at 10:00 ET (Briefing.com consensus 58).

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: +29.40. The S&P 500 futures trade three points below fair value.

Asian markets ended Tuesday on a mostly higher note. The Nikkei trailed, held back by a stronger yen while the Shanghai Composite outperformed despite a report of home prices declining again in January. Elsewhere, Bank Indonesia cut its key rate to 7.50% from 7.75% (expected 7.75%) and lowered the Deposit Facility Rate to 5.50% from 5.75% (consensus 5.75%)

In economic data:
China's House Prices fell 5.1% year-over-year (prior -4.3%)
India's WPI Inflation dropped 0.4% year-over-year (expected 0.4%; prior 0.1%)
Hong Kong's Unemployment Rate held at 3.3%, as expected.
South Korea's PPI fell 1.2% month-over-month (previous -1.0%) while the year-over-year reading declined 3.6% (prior -2.1%)

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Japan's Nikkei declined 0.1% with overnight strength in the yen weighing. Exporters were held back with Isuzu Motors, Fujitsu Ltd., and Canon among the stocks on the defensive.
Hong Kong's Hang Seng gained 0.2%. Financial issues, including Bank of China, Bank of Communications Co., China Construction Bank, and China Life Insurance Co., helped pace the action.
China's Shanghai Composite increased 0.8%. Property stocks outperformed following the house price report. Shanghai Shimao jumped 10.0%.
India's Sensex was closed in observance of Mahashivarati

Major European indices are mixed after retreating from their highs. Yesterday's negotiations between Greece and the Eurogroup provided little substance, other than an agreement to continue discussions as the week continues. According to Bloomberg, Spain's Finance Minister Luis de Guindos said Greece showed "no signs" of negotiating during yesterday's meeting, suggesting Greece's leadership has maintained a hard line stance.

Elsewhere, AP has reported that Russia-backed rebels have seized the train station in Debaltseve despite a ceasefire that went into effect during the weekend.

Participants received several data points:
Eurozone ZEW Economic Sentiment rose to 52.7 from 45.2 (expected 51.3)
Germany's ZEW Economic Sentiment rose to 53.0 from 48.4 (consensus 55.0) while ZEW Current Conditions improved to 45.5 from 22.4 (expected 30.0)
UK's CPI fell 0.9% month-over-month (expected -0.8%; previous 0.0%) while the year-over-year reading ticked up 0.3%, as expected. Separately, Core CPI rose 1.4% year-over-year (expected 1.3%; previous 1.3%) while Input PPI fell 14.2% year-over-year (consensus -12.2%; prior -11.6%). Also of note, House Price Index rose 9.8% year-over-year (expected 10.3%; previous 9.9%)
Italy's trade surplus expanded to EUR5.76 billion from EUR3.54 billion (expected surplus of EUR3.27 billion)

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Germany's DAX is lower by 0.4% with financials under pressure. Commerzbank has given up 0.5% and Deutsche Bank trades down 0.9%. Utilities outperform with E.On in the lead. The stock has added 1.2%.
In France, the CAC has returned to its flat line. Energy-related names have shown strength with Total and Technip up 0.9% and 2.0%, respectively. Orange lags, trading lower by 2.4%.
UK's FTSE is higher by 0.3% amid strength in mining names. BHP Billiton, Fresnillo, and Rio Tinto are up between 1.5% and 2.2%.
Italy's MIB has climbed 0.5% with help from energy names. Saipem has surged 6.7% and ENI trades up 0.4%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: +28.20. The S&P 500 futures trade four points below fair value.

The Empire Manufacturing Survey for February registered a reading of 7.8, which was below the prior month's reading of 9.9. It was also below the Briefing.com consensus estimate, which was pegged at 9.0.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +32.20. U.S. equity futures trade little changed amid generally upbeat action overseas. The S&P 500 futures hover one point below fair value after climbing off their lows at the start of the session in Europe.

Yesterday's negotiations between Greece and the Eurogroup provided little of substance, other than an agreement to continue discussions as the week continues. According to Bloomberg, Spain's Finance Minister Luis de Guindos said Greece showed "no signs" of negotiating during yesterday's meeting, suggesting Greece's leadership has maintained a hard line stance.

Elsewhere, a ceasefire went into effect in Eastern Ukraine, but reports of continued fighting near Debaltseve, which has a strategic importance, have poured in. Meanwhile, rebel leaders have said the disputed location was not mentioned specifically in the Minsk accord.

Treasuries sit near their lows with the 10-yr yield higher by two basis points at 2.03%.

Today's economic data will include the Empire Manufacturing Index for February (Briefing.com consensus 9.0), which will be reported at 8:30 ET, and the NAHB Housing Market Index for February (consensus 58), which is set to cross at 10:00 ET.

In U.S. corporate news of note:

Medtronic (MDT 75.30, +0.04): +0.1% in reaction to better than expected results.
Micron (MU 32.30, +0.45): +1.4% after Macquarie upgraded the stock to 'Outperform' from 'Neutral.'
Walter Energy (WLT 1.12, +0.03): +2.8% despite missing earnings and revenue estimates.

Reviewing overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +0.2%, China's Shanghai Composite +0.8%, and Japan's Nikkei -0.1%
In economic data:
China's House Prices fell 5.1% year-over-year (prior -4.3%)
India's WPI Inflation dropped 0.4% year-over-year (expected 0.4%; prior 0.1%)
Hong Kong's Unemployment Rate held at 3.3%, as expected.
South Korea's PPI fell 1.2% month-over-month (previous -1.0%) while the year-over-year reading declined 3.6% (prior -2.1%)
In news:
Bank Indonesia cut its key rate to 7.50% from 7.75% (expected 7.75%) and lowered the Deposit Facility Rate to 5.50% from 5.75% (consensus 5.75%)
The Reserve Bank of Australia released the minutes from its latest meeting, revealing a close debate taking place ahead of the recent rate cut

Major European indices trade mostly higher. France's CAC +0.3%, UK's FTSE +0.4%, and Germany's DAX -0.1%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.4%
Participants received several data points:
Eurozone ZEW Economic Sentiment rose to 52.7 from 45.2 (expected 51.3)
Germany's ZEW Economic Sentiment rose to 53.0 from 48.4 (consensus 55.0) while ZEW Current Conditions improved to 45.5 from 22.4 (expected 30.0)
UK's CPI fell 0.9% month-over-month (expected -0.8%; previous 0.0%) while the year-over-year reading ticked up 0.3%, as expected. Separately, Core CPI rose 1.4% year-over-year (expected 1.3%; previous 1.3%) while Input PPI fell 14.2% year-over-year (consensus -12.2%; prior -11.6%). Also of note, House Price Index rose 9.8% year-over-year (expected 10.3%; previous 9.9%)
Italy's trade surplus expanded to EUR5.76 billion from EUR3.54 billion (expected surplus of EUR3.27 billion)
Among news of note:
A technical failure at the Eurex exchange delayed the start of trading in the European futures market this morning.

7:36 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +31.00.

7:36 am: [BRIEFING.COM] Nikkei...17,987.09...-17.70...-0.10%. Hang Seng...24,784.88...+58.40...+0.20%.

7:36 am: [BRIEFING.COM] FTSE...6,876.92...+19.50...+0.30%. DAX...10,910.77...-11.00...-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

http://www.thestrategylab.com
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