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 Post subject: February 20th Friday Trade Results - Profit $4050.00
PostPosted: Fri Feb 20, 2015 6:10 pm 
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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 @ $670.00 dollars or +6.70 points, Emini ES ($ES_F) futures @ $3,375.00 dollars or +67.50 points, Light Crude Oil CL ($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 @ $4,050.00 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=2010

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


S&P 500 Settles at Fresh Record High

Dow +154.67 at 18140.44, Nasdaq +31.27 at 4955.97, S&P +12.85 at 2110.30
[BRIEFING.COM] The major averages finished what had been a range-bound week with a Friday rally that helped the S&P 500 (+0.6%) add 0.6% for the week. The benchmark index settled at a fresh record high at 2,110.30 while the Dow (+0.9%) outperformed today, but ended the week just ahead of the benchmark index (+0.7%).

Once again, Friday's main focus was on Greece with the market starting under modest pressure after morning reports dampened hopes for an agreement at today's Eurogroup meeting, the start of which was delayed twice. However, the market spent the morning in a slow climb off its low and the S&P 500 was able to turn positive with help from reports indicating the two sides were able to reach an agreement to extend funding for Greece until the end of June. Per today's accord, the Greek government has agreed to honor current obligations in full and is expected to present a list of reforms on Monday.

The afternoon developments weighed on Treasuries, causing the 10-yr note to surrender its intraday gain and end on its low with the benchmark yield higher by a basis point at 2.12%. Meanwhile, the Dollar Index surrendered its intraday gain, ending little changed.

Nine of ten sectors posted gains with health care (+1.0%) and industrials (+0.9%) ending in the lead. The two sectors outperformed throughout the session with the industrial sector rallying behind a few large components. Deere (DE 92.43, +0.72) added 0.8% in reaction to better than expected earnings and cautious guidance while Dow component Boeing (BA 158.31, +4.56) jumped 3.0% after securing a helicopter delivery contract with the U.S. Army.

Elsewhere among heavily-weighted cyclical sectors, financials (+0.8%) spiked in reaction to the Eurogroup-Greece news while the largest sector by weight—technology (+0.6%)—settled in-line with the broader market.

On the flip side, energy (-0.3%) ended at the bottom of the leaderboard while crude oil fell 1.9% to $50.82. The energy component settled near its low that was reached after the latest Baker Hughes rig count registered its 11th consecutive decline, which indicated the number of active oil and gas rigs declined by 48 to 1310. For its part, the energy sector climbed off its low ahead of the close, but still ended the week lower by 2.4%.

Over on the countercyclical side, consumer staples (+0.3%), telecom services (+0.1%), and utilities (unch) underperformed while the health care sector (+1.0%) was boosted by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 336.43, +4.44) climbed 1.3% while the broader health care sector ended the week ahead of other groups with a gain of 1.9%.

For the first time in two weeks, trading volume was close to long-term averages, but that was largely due to today's options expiration. As a result, more than 810 million shares changed hands at the NYSE floor.

Investors did not receive any economic data today and Monday's data will be limited to the Existing Home Sales report for January, which will be released at 10:00 ET.

Nasdaq Composite +4.6% YTD
S&P 500 +2.5% YTD
Russell 2000 +2.2% YTD
Dow Jones Industrial Average +1.8% YTD

Week in Review: S&P 500 Holds Narrow Range

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. Meanwhile in Brussels, Monday's Eurogroup meeting with Greece provided little reason for optimism for a swift solution. 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) adding 1.0%.

The major averages finished the Wednesday session on a flat note thanks to a late afternoon crawl that lifted the market off its low. The S&P 500 ended unchanged while the Nasdaq outperformed, adding 0.1%. For the second day in a row, stocks opened with slim losses and drifted inside narrow ranges until the early afternoon. The S&P 500 spiked off its low and made a brief appearance in the green following the FOMC minutes from the January meeting, but the index was back near its low just 30 minutes later. A second effort in the late afternoon propelled the S&P 500 back to its flat line ahead of the close. It was a bit surprising to see the market react rather lackadaisically to the FOMC minutes, considering they revealed a high likelihood that the Fed will not be raising rates any time soon due to several risks including declining inflation and weak global growth. Meanwhile, the Treasury market heard the message and responded with a rally. The 10-yr note reclaimed about half of yesterday's decline with the benchmark yield dropping six basis points to 2.08%. On a related note, the dollar surrendered its intraday gain following the minutes. Six of ten sectors posted gains, but only three—industrials (+0.6%), consumer staples (+0.6%), and utilities (+2.4%)—added more than 0.3%. On the flip side, financials (-0.6%) surrendered their gain from yesterday while the energy sector (-1.2%) was responsible for much of the early weakness.

Equity indices endured yet another range-bound, low-volume affair on Thursday that saw the S&P 500 (-0.1%) end just below its flat line. The market started the day under pressure that was largely due to early weakness in the energy sector. The growth-sensitive group narrowed its loss to 0.8% by the close, but was down as much as 2.5% at the start. Meanwhile, crude oil tested the $50.00/bbl level in the morning, but narrowed its loss to 0.6% at $51.83/bbl by the pit close. Oil rallied through the early afternoon release of the latest EIA storage report, which showed the largest inventory build for this time of the year in the past 80 years.

-------------

4:15 pm: [BRIEFING.COM] The major averages finished what had been a range-bound week with a Friday rally that helped the S&P 500 (+0.6%) add 0.6% for the week. The benchmark index settled at a fresh record high at 2,110.30 while the Dow (+0.9%) outperformed today, but ended the week just ahead of the benchmark index (+0.7%).

Once again, Friday's main focus was on Greece with the market starting under modest pressure after morning reports dampened hopes for an agreement at today's Eurogroup meeting, the start of which was delayed twice. However, the market spent the morning in a slow climb off its low and the S&P 500 was able to turn positive with help from reports indicating the two sides were able to reach an agreement to extend funding for Greece until the end of June. Per today's accord, the Greek government has agreed to honor current obligations in full and is expected to present a list of reforms on Monday.

The afternoon developments weighed on Treasuries, causing the 10-yr note to surrender its intraday gain and end on its low with the benchmark yield higher by a basis point at 2.12%. Meanwhile, the Dollar Index surrendered its intraday gain, ending little changed.

Nine of ten sectors posted gains with health care (+1.0%) and industrials (+0.9%) ending in the lead. The two sectors outperformed throughout the session with the industrial sector rallying behind a few large components. Deere (DE 92.43, +0.72) added 0.8% in reaction to better than expected earnings and cautious guidance while Dow component Boeing (BA 158.31, +4.56) jumped 3.0% after securing a helicopter delivery contract with the U.S. Army.

Elsewhere among heavily-weighted cyclical sectors, financials (+0.8%) spiked in reaction to the Eurogroup-Greece news while the largest sector by weight-technology (+0.6%)-settled in-line with the broader market.

On the flip side, energy (-0.3%) ended at the bottom of the leaderboard while crude oil fell 1.9% to $50.82. The energy component settled near its low that was reached after the latest Baker Hughes rig count registered its 11th consecutive decline, which indicated the number of active oil and gas rigs declined by 48 to 1310. For its part, the energy sector climbed off its low ahead of the close, but still ended the week lower by 2.4%.

Over on the countercyclical side, consumer staples (+0.3%), telecom services (+0.1%), and utilities (unch) underperformed while the health care sector (+1.0%) was boosted by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 336.43, +4.44) climbed 1.3% while the broader health care sector ended the week ahead of other groups with a gain of 1.9%.

For the first time in two weeks, trading volume was close to long-term averages, but that was largely due to today's options expiration. As a result, more than 810 million shares changed hands at the NYSE floor.

Investors did not receive any economic data today and Monday's data will be limited to the Existing Home Sales report for January, which will be released at 10:00 ET.

Nasdaq Composite +4.6% YTD
S&P 500 +2.5% YTD
Russell 2000 +2.2% YTD
Dow Jones Industrial Average +1.8% YTD

Week in Review: S&P 500 Holds Narrow Range

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. Meanwhile in Brussels, Monday's Eurogroup meeting with Greece provided little reason for optimism for a swift solution. 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) adding 1.0%.

The major averages finished the Wednesday session on a flat note thanks to a late afternoon crawl that lifted the market off its low. The S&P 500 ended unchanged while the Nasdaq outperformed, adding 0.1%. For the second day in a row, stocks opened with slim losses and drifted inside narrow ranges until the early afternoon. The S&P 500 spiked off its low and made a brief appearance in the green following the FOMC minutes from the January meeting, but the index was back near its low just 30 minutes later. A second effort in the late afternoon propelled the S&P 500 back to its flat line ahead of the close. It was a bit surprising to see the market react rather lackadaisically to the FOMC minutes, considering they revealed a high likelihood that the Fed will not be raising rates any time soon due to several risks including declining inflation and weak global growth. Meanwhile, the Treasury market heard the message and responded with a rally. The 10-yr note reclaimed about half of yesterday's decline with the benchmark yield dropping six basis points to 2.08%. On a related note, the dollar surrendered its intraday gain following the minutes. Six of ten sectors posted gains, but only three-industrials (+0.6%), consumer staples (+0.6%), and utilities (+2.4%)-added more than 0.3%. On the flip side, financials (-0.6%) surrendered their gain from yesterday while the energy sector (-1.2%) was responsible for much of the early weakness.

Equity indices endured yet another range-bound, low-volume affair on Thursday that saw the S&P 500 (-0.1%) end just below its flat line. The market started the day under pressure that was largely due to early weakness in the energy sector. The growth-sensitive group narrowed its loss to 0.8% by the close, but was down as much as 2.5% at the start. Meanwhile, crude oil tested the $50.00/bbl level in the morning, but narrowed its loss to 0.6% at $51.83/bbl by the pit close. Oil rallied through the early afternoon release of the latest EIA storage report, which showed the largest inventory build for this time of the year in the past 80 years.

3:35 pm: [BRIEFING.COM]

The Baker Hughes U.S. rig count fell for the 11th consecutive week, showing a drop of 48 rigs down to a 1310 national total
Oil prices reacted adversely and fell below $51/barrel
To end today's session, Apr crude oil fell $1.01 to $50.82/barrel
Mar nat gas rose $0.11 to $2.95/MMbtu
Metals lost some steam today
Apr gold lost $3.00 to $1204.60/oz, while Mar silver fell $0.10 to $16.30/oz
Mar copper closed $0.02 to $2.60/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the session.

As reported in the early afternoon, it appears Greece and the Eurogroup have reached an agreement to extend Greece's aid program until the end of June. The agreement was just confirmed by the Eurogroup spokesperson with a press conference expected to begin shortly.

It remains to be seen what conditions are attached to the deal, but news of an agreement caused a sell-off in Treasuries, sending the 10-yr yield higher by two basis points to 2.13% after testing the 2.06% level earlier. Also of note, the financial sector (+0.7%) has climbed to a fresh high.

2:30 pm: [BRIEFING.COM] Equity indices sit at their best levels of the day with the S&P 500 higher by 0.4%. The benchmark index traded inside narrow ranges during the first three sessions of the week, but today's range has been expanded to 20 points.

Although the benchmark index has traded in a relatively wide range today, the action has had a mechanical feel to it. After opening the day with a ten-point loss, the S&P 500 has spent the entire session in a slow grind to a fresh record high.

Elsewhere, Treasuries have surrendered the bulk of their gains with the 10-yr yield now down two basis points at 2.09%.

2:00 pm: [BRIEFING.COM] The S&P 500 trades near its session high.

Next week is another busy week of economic data. Highlights include January home sales, durable goods orders, CPI, and the second estimate for Q4 2014 GDP.

A big decline in mortgage rates in January resulted in an 11.3% increase in the MBA mortgage purchasing index. That should be a bonus for both new and existing home sales.

Much of the decline in durable goods demand over the last couple of months came from the transportation sector, and specifically in weak demand for aircraft. That likely continued in January.

Boeing (BA) reported only 5 aircraft orders in January. That was down from 174 aircraft orders in December. We expect some positive seasonal adjustments in January to shrink the December difference. However, the January 2015 sales figures compare very unfavorably to January 2014 when 38 aircraft were ordered.

The CPI declined 0.4% in December after declining 0.3% in November. Another large decline is expected in January.

Energy prices declined 4.7% in December, which was a main catalyst for the drop in headline prices. According to the January PPI report, energy prices declined another 10.3%.

After increasing 5.0% in the third quarter, GDP growth slowed to 2.6% in the advance Q4 2014 reading.

The BEA made several assumptions that proved to be too optimistic for fourth quarter growth in the advance reading. Weaker-than-expected inventory levels and a larger-than-expected trade will likely reduce fourth quarter GDP growth in the second estimate.

1:30 pm: [BRIEFING.COM] In recent trade, the major U.S. indices have pushed higher to set new session highs, led by the Dow Jones Industrial Average.

The Baker Hughes (BHI 63.61, -0.66) weekly rig count data showed an additional reduction in total U.S. rig counts, down 48 to 1,310. While this was the 11th week in a row showing a decline in the total number of U.S. rigs, the slide appears to be slowing as the prior week's decline totaled 98. Following the report, WTI crude (-0.60 to $51.23/bbl) slumped lower, falling under $51/bbl and setting new daily lows.

Despite the S&P 500 showing a modest gain, half of the S&P sectors remain in the red, led by energy (-0.7), which is tracking oil's move lower. Relative strength in the industrials (+0.5%), health care (+0.5%), and financial (+0.4%) sectors has provided offsetting support.

1:00 pm: [BRIEFING.COM] The major averages are little changed at midday with the S&P 500 (+0.1%) hovering just above its flat line while the Dow (+0.2%) and Nasdaq Composite (+0.2%) outperform.

Equity indices faced some opening weakness amid continued uncertainty surrounding the negotiations between Greece and the Eurogroup. Index futures fell to lows just ahead of the cash open after Bloomberg quoted an unnamed Eurozone official as saying today's meeting between the Eurogroup and representatives from Greece is unlikely to yield immediate results. Since the negotiations have been contentious from the start, that report should not have been all that surprising, but it didn't stop futures from sliding.

Following two delays, the Eurogroup began its meeting not long ago with a Bloomberg report indicating an unnamed Greek official said the two sides have reached an agreement. The report caused a spike in the euro, helping the single currency erase its loss against the dollar (1.1400). Meanwhile, the Dollar Index (94.17, -0.23) is now lower by 0.3% after holding a modest gain earlier.

Interestingly enough, the upbeat report was followed by another headline indicating the Greek government spokesman has not been informed of a deal, meaning the uncertainty is likely to continue for a bit longer.

Five sectors hold midday gains with industrials (+0.4%), health care (+0.4%), and financials (+0.2%) in the lead. The financial sector spiked to its high following the report concerning a potential deal with Greece while the other two groups have shown relative strength since the early going.

The industrial sector has received support from heavyweights like Deere (DE 92.00, +0.29) and Boeing (BA 158.26, +4.51). Shares of DE trade higher by % after the company reported better than expected results and issued cautious guidance while Dow component Boeing has added % after securing a helicopter delivery contract with the U.S. Army. Meanwhile, transport stocks trade in-line with the S&P 500.

Elsewhere, health care has rallied behind biotech names. The iShares Nasdaq Biotechnology ETF (IBB 334.64, +2.66) is higher by 0.8%, which has helped the Nasdaq stay ahead of the broader market.

On the downside, the energy sector (-0.7%) has extended this week's decline to 2.8% while crude oil trades lower by 0.5% at $51.51/bbl after surrendering its gain.

Treasuries rallied this morning, but inched away from their highs following the reports on Greece. The 10-yr note continues holding a solid gain with its yield down six basis points at 2.06%.

12:30 pm: [BRIEFING.COM] The S&P 500 has continued its slow crawl just below its flat line.

Individual sectors are now split down the middle, but of the five advancers, only two groups are up more than 0.2% at this time. On the downside, energy (-0.7%) and utilities (-0.8%) sit at the bottom of the leaderboard.

Furthermore, the energy sector is now down 2.6% for the week, which puts the group back near its flat line for the year. Meanwhile, crude oil is higher by 0.5% at $52.05/bbl and lower by 3.1% since the end of last week.

12:00 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-0.1%) remaining inside a two-point range that has held for the past hour or so.

The industrial sector (+0.2%) is the top performer with large cap names contributing to the strength. Deere (DE 92.00, +0.29) is now higher by 0.3% after erasing its earlier loss while Dow component Boeing (BA 158.26, +4.51) has jumped 3.0% after securing a helicopter delivery contract with the U.S. Army.

Meanwhile, transport stocks have struggled to keep pace with the sector, evidenced by a 0.2% decline in the Dow Jones Transportation Average.

11:25 am: [BRIEFING.COM] The S&P 500 (-0.2%) continues drifting near its opening level while the tech-heavy Nasdaq sits just above its flat line.

The Nasdaq Composite has shown relative strength through what has been a range-bound week. The index is now on track to end the week higher by 0.7% versus a 0.2% downtick for the S&P 500. Today, however, the Nasdaq has been supported by high-beta chipmaker and biotechnology names.

The PHLX Semiconductor Index is higher by 0.1% while the iShares Nasdaq Biotechnology ETF (IBB 333.76, +1.77) has added 0.5%.

11:00 am: [BRIEFING.COM] The major averages have reversed from their lows with the Nasdaq back in the green while the S&P 500 has narrowed its loss to 0.2%.

Greece-related headlines have continued swirling about with quotes from various Eurogroup officials as they make their way into the Eurogroup meeting, which was delayed once again and is now scheduled to start at 5:00 PM local time.

It is worth mentioning that MNI recently reported that according to Bild Zeitung, Greece's loan extension request letter from yesterday was sent in error and that Greece is willing to accept a conditional loan extension after all. If this report is true, today's Eurogroup meeting could generate some afternoon news.

Seven sectors remain in the red with energy (-0.8%) at the bottom of the leaderboard even as crude oil holds a slimmer loss of 0.4% at $51.60/bbl. On the upside, technology, health care, and industrials hover in the green, but their gains have been limited to no more than 0.1% for the time being.

10:40 am: [BRIEFING.COM]

The dollar index just sold off after the euro spiked off the 1.13 level, which typically benefits commodities
However, it's not really creating the usual effect
Gold remains flat, while WTI crude oil futures remains near today's low
Apr crude oil rose as high as $52.47/barrel, but sold off quickly this morning and is now near -1% at $51.35/barrel
Natural gas has been steadily climbing higher this morning and is now +4.8% at $2.97/MMBtu
Apr gold is -0.1% at $1206.30/oz, while Mar silver is -0.3% at $16.34/oz
Mar copper popped in recent trade, but has been in the red all day so far. Copper is now -0.3% at $2.61/lb

9:55 am: [BRIEFING.COM] The major averages have doubled their opening losses with all ten sectors slipping away from their flat lines. The S&P 500 has extended its decline to 0.5%.

For the time being, the technology sector (-0.3%) is the only cyclical group trading a step ahead of the broader market while two defensively-oriented groups-health care (-0.2%) and utilities (-0.3%)-also display relative strength.

Also of note, the pullback in equities has coincided with continued buying interest among Treasuries. The 10-yr note has spiked to a new high with its yield down six basis points at 2.05%. Given its current level, the benchmark yield is on track to end the week three basis points above its close from last Friday.

9:40 am: [BRIEFING.COM] The major averages began the day on a modestly lower note with the S&P 500 (-0.3%) sporting a five-point decline while the Nasdaq (-0.1%) hovers closer to its flat line.

Eight sectors are among the early decliners with consumer staples (-0.3%), financials (-0.2%), and industrials (-0.2%) exerting some pressure on the market while the energy sector (+0.1%) holds a slim gain while the top-weighted technology sector trades flat.

Elsewhere, Treasuries remain near their best levels of the day with the 10-yr yield down four basis points at 2.07%.

Also of note, the Dollar Index (94.67, +0.27) is higher by 0.3% with the greenback showing strength against the euro, but the dollar/yen pair hovers near its low (118.37), which signals a sense of caution in the foreign exchange market.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: +0.70. The stock market is on track for a modestly lower open with futures on the S&P 500 trading three points below fair value. Once again, the early action in the futures market has been dictated by Greece-related headlines even though today's Eurogroup meeting has yet to begin.

Index futures slipped to fresh lows after Bloomberg quoted an unnamed Eurozone official as saying today's meeting between the Eurogroup and representatives from Greece is unlikely to yield immediate results. Since the negotiations have been contentious from the start, the recent report should not have been a huge surprise, but futures responded nonetheless. Earlier, Germany's Der Spiegel reported that the European Central Bank is readying for a Greek exit from the single-currency zone, but again, the bigger surprise would be if the central bank chose not to prepare contingency plans considering the uninspiring tone of negotiations.

The continued uncertainty has been responsible for below average trading volume since the start of last week, but today's final tally is likely to receive a boost from a volume spike related to today's options expiration.

On the corporate front, Deere (DE 90.55, -1.16) is on track to open lower by 1.2% after its cautious guidance overshadowed above-consensus results.

Today's session will be free of economic data.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: +0.70. The S&P 500 futures hover three points below fair value.

With the Chinese/Lunar New Year celebration continuing, many Asian markets were not open for trading. Japan, however, was in business and the Nikkei 225 scored its third straight gain. For the week, the Nikkei 225 advanced 2.3% and set a new 15-year high.

Economic data was limited:
Japan's Manufacturing PMI slipped to 51.5 from 52.2 (expected 52.6)

------

Japan's Nikkei scored yet another gain, increasing 0.4% on the back of strength in the technology (+2.6%) and industrial (+0.6%) sectors. Leading percentage gainers among individual stocks included Sumco Corp (+5.3%), Tokyo Electron (+5.2%), Alps Electric Co (+5.1%), and Citizens Holdings (+4.3%).
Hong Kong's Hang Seng was closed in observance of Lunar New Year
China's Shanghai Composite was also closed in observance of Lunar New Year
India's Sensex, which had been up 1.3% for the week entering Friday's trading, declined 0.8%. Losses were paced by the financial (-1.1%) and technology (-1.0%) sectors. Reliance Industries (-3.2%), Tata Power Co. (-2.7%), ICICI Bank (-2.2%), Bharti Airtel (-2.1%), and Infosys (-1.8%) were the biggest individual decliners in the index.

Major European indices trade mostly lower as Greece-related headlines continue swirling around. Reports this morning suggested Greece and the Eurogroup are getting close to an agreement; however, Maltese Finance Minister Edward Scicluna said the German-led bloc would let Greece leave the euro. Furthermore, Germany's Der Spiegel reported that the European Central Bank is readying for a Greek exit from the single-currency zone, but the existence of contingency plans should not be that surprising.

The meeting between Greek officials and the Eurogroup is scheduled for 4:00 PM local time, but it is unlikely the two sides will be able to come to any conclusions today.

In economic data:
Eurozone Manufacturing PMI ticked up to 51.1 from 51.0 (expected 51.5) while Services PMI rose to 53.9 from 52.7 (consensus 53.0)
Germany's Manufacturing PMI held at 50.9 (expected 51.5) while Services PMI improved to 55.5 from 54.0 (expected 54.2). Separately, PPI fell 0.6% month-over-month (expected -0.4%; prior -0.7%) while the year-over-year reading declined 2.2% (consensus -2.0%; last -1.7%)
UK's Retail Sales fell 0.3% month-over-month (expected -0.2%; last 0.2%) while the year-over-year reading rose 5.4% (consensus 5.9%; previous 4.0%). Core Retail Sales fell 0.7% month-over-month (expected -0.1%; last -0.1%) while the year-over-year reading rose 4.8% (expected 5.9%; last 3.8%)
French Manufacturing PMI fell to 47.7 from 49.2 (consensus 49.5) while Services PMI increased to 53.4 from 49.4 (expected 49.8)
Italy's CPI fell 0.4% month-over-month, as expected

------

UK's FTSE is higher by 0.2% with energy-related names showing strength. BG Group and Tullow Oil are among the leaders with respective gains of 2.3% and 3.6%. Homebuilders lag with Persimmon and Taylor Wimpey down 1.5% and 1.2%, respectively.
Germany's DAX is lower by 0.2%. Financials Allianz and Munich Re sit at the bottom of the barrel with losses close to 1.5% apiece. Exporters BMW and Volkswagen are both up near 1.0%.
In France, the CAC has given up 0.8% with Gemalto down 6.4% after The Intercept reported the company's SIM cards were hacked by British and U.S. intelligence services. Defense contractor Safran outperforms, trading higher by 0.7%.
Spain's IBEX trades down 1.0% with financials Caixabank, Santander, and BBVA down between 1.1% and 2.4%.

8:24 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -1.80. U.S. equity futures have slipped to new lows after Bloomberg quoted an unnamed Eurozone official as saying today's meeting between the Eurogroup and representatives from Greece is unlikely to yield immediate results. Since the negotiations have been contentious from the start, the recent report should not come as a huge surprise, but futures responded nonetheless.

Today's developments, or lack thereof, have pressured the euro. The single currency is lower by about 80 pips (-0.7%) against the dollar with the pair hovering near 1.1285. Meanwhile, the Dollar Index (94.75, +0.34) is higher by 0.4%.

Elsewhere, Treasuries have continued their advance with the 10-yr yield now down four basis points at 2.08%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +0.70. U.S. equity futures trade modestly lower following another range-bound night that saw S&P 500 futures maintain a six-point range. Currently, S&P futures hover two points below fair value.

Futures spiked into the green earlier this morning after it was reported that Greece and the Eurogroup are getting close to an agreement; however, that gain was cut in half after Germany's Der Spiegel reported that the European Central Bank is readying for a Greek exit from the single-currency zone. Furthermore, Maltese Finance Minister Edward Scicluna said the German-led bloc would let Greece leave the euro. Futures returned to their overnight low after Bloomberg quoted a Eurozone official as saying a resolution is unlikely to be reached today.

Also of note, February options will expire today, which is likely to lead to higher volume and could introduce some additional volatility.

U.S. Treasuries hold modest gains with the 10-yr yield lower by a three points at 2.08% while Germany's 10-yr Bund also trades higher with its yield down four basis points at 0.31%.

There is no economic data on today's schedule.

In U.S. corporate news of note:

ANN (ANN 38.25, +3.17): +9.0% after Bloomberg reported the company is working with JPMorgan on a potential sale.
Deere (DE 90.96, -0.75): -0.8% in reaction to better than expected earnings and cautious guidance.
Marvell (MRVL 16.20, -0.20): -1.2% after its below-consensus guidance overshadowed a one-cent beat.
Rocket Fuel (FUEL 11.06, -3.71): -25.1% after missing revenue estimates and issuing guidance that may not compare to estimates. The stock received several downgrades following earnings.

Reviewing overnight developments:

Most Asian markets remained closed for Lunar New Year while Japan's Nikkei +0.4% and India's Sensex -0.8%
Economic data was limited:
Japan's Manufacturing PMI slipped to 51.5 from 52.2 (expected 52.6)
In news:
Markit commented on Japan's disappointing Manufacturing PMI, pointing out that employment growth weakened for the second month in a row

Major European indices trade mostly lower. UK's FTSE +0.2%, Germany's DAX -0.1%, and France's CAC -0.5%. Elsewhere, Italy's MIB -0.3% and Spain's IBEX -0.5%
In economic data:
Eurozone Manufacturing PMI ticked up to 51.1 from 51.0 (expected 51.5) while Services PMI rose to 53.9 from 52.7 (consensus 53.0)
Germany's Manufacturing PMI held at 50.9 (expected 51.5) while Services PMI improved to 55.5 from 54.0 (expected 54.2). Separately, PPI fell 0.6% month-over-month (expected -0.4%; prior -0.7%) while the year-over-year reading declined 2.2% (consensus -2.0%; last -1.7%)
UK's Retail Sales fell 0.3% month-over-month (expected -0.2%; last 0.2%) while the year-over-year reading rose 5.4% (consensus 5.9%; previous 4.0%). Core Retail Sales fell 0.7% month-over-month (expected -0.1%; last -0.1%) while the year-over-year reading rose 4.8% (expected 5.9%; last 3.8%)
French Manufacturing PMI fell to 47.7 from 49.2 (consensus 49.5) while Services PMI increased to 53.4 from 49.4 (expected 49.8)
Italy's CPI fell 0.4% month-over-month, as expected
In news:
The start of today's Eurogroup meeting has been pushed back to 4:00 PM local time, according to chief Jeroen Dijsselbloem, but a final resolution is unlikely to be reached before the weekend

6:41 am: [BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +9.80.

6:41 am: [BRIEFING.COM] Nikkei...18332.30...+67.50...+0.40%. Hang Seng...Holiday.........

6:41 am: [BRIEFING.COM] FTSE...6911.98...+23.10...+0.30%. DAX...10977.35...-24.60...-0.20%.

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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