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 Post subject: March 4th Wednesday Trade Results - Profit $490.00
PostPosted: Thu Mar 05, 2015 9:50 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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030415-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+490.00.png
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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 @ $490.00 dollars or +4.90 points, Emini ES ($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 Profit @ $490.00 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=141&t=2020

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=259&t=2687

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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


4:10 pm: [BRIEFING.COM] The stock market registered its second consecutive retreat on Wednesday with the S&P 500 losing 0.4%. The benchmark managed to cut its loss in half by the closing bell while the Nasdaq Composite (-0.3%) outperformed. The tech-heavy Nasdaq remains higher by 0.1% week-to-date while the S&P 500 is down 0.3% since the end of last week.

For the second day in a row, the market opened amid broad pressure, but heavily-weighted health care and technology sectors hit their lows during the opening hour and climbed off those lows into the afternoon. The health care sector (+0.4%) registered a modest gain while technology (-0.3%) finished ahead of most other cyclical sectors.

Biotechnology contributed to the outperformance of the health care sector with the iShares Nasdaq Biotechnology ETF (IBB 340.09, +2.17) climbing 0.6%. In addition, the high-beta group helped the Nasdaq stay ahead of the broader market while chipmakers also displayed relative strength with the PHLX Semiconductor Index shedding 0.1%. Meanwhile, large cap components of the tech sector ended on a mixed note. Apple (AAPL 128.54, -0.82) lost 0.6% while Facebook (FB 80.90, +1.30) added 1.6%.

Elsewhere among cyclical sectors, energy (-0.2%) settled among the outperformers despite a late-morning slide to lows after the EIA storage report showed that crude inventories increased by 10.3 million barrels from the prior week. Like the sector, crude oil fell to lows on the news, but came back roaring to end the pit session higher by 1.9% at $51.50/bbl.

Also of note, the consumer discretionary sector (-0.6%) lagged throughout the session with Lumber Liquidators (LL 35.64, -5.14) tumbling 12.6% after the Senate Committee on Commerce, Science, and Transportation took interest in the company following reports it imported laminate flooring containing significant amounts of formaldehyde.

Over on the countercyclical side, the health care sector represented the lone outperformer while consumer staples (-0.8%), telecom services (-1.2%), and utilities (-0.6%) lagged throughout the trading day.

Treasuries notched their highs in the morning, but surrendered those gains in the early going, and spent the afternoon near the unchanged level. The 10-yr note ended flat with its yield at 2.12%.

Today's participation was in-line with recent trends as roughly 705 million shares changed hands at the NYSE floor.

Economic data included ADP Employment, ISM Services, and MBA Mortgage Index:
• The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 212K in February while the Briefing.com consensus expected an increase of 220K
o The January reading was revised up to 250,000 from 213,000
• The ISM Non-Manufacturing Index increased to 56.9 in February from 56.7 while the Briefing.com consensus expected a drop to 56.5
o The improvement in the headline index comes despite weakness in production and orders. The Business Activities/Production Index fell to 59.4 from 61.5 while the New Orders Index declined to 56.7 from 59.5
• The weekly MBA Mortgage Index ticked up 0.1% to follow last week's 3.5% decline
Tomorrow, the Challenger Job Cuts report for February will be released at 7:30 ET while weekly Initial Claims (Briefing.com consensus 295K) and Q4 Productivity (consensus -2.3%)/Unit Labor Costs data (consensus 2.9%) will be released at 8:30 ET. The day's data will be topped off with the 10:00 ET release of the January Factory Orders report (consensus 0.6%).

• Nasdaq Composite +4.9% YTD
• Russell 2000 +2.3% YTD
• S&P 500 +1.9% YTD
• Dow Jones Industrial Average +1.5% YTD
3:40 pm: [BRIEFING.COM]
• Oil prices displayed some volatility today, but ultimately closed higher
• Oil showed some strength following Saudi price increase on Asian and U.S. oil exports, but reversed lower following the weekly EIA storage data
• However, that didn't hold and crude began to rally, finishing today's session $0.96 higher at $51.50/barrel
• In other energy , Apr natural gas rose $0.06 to $2.77/MMBtu
• Metals weren't very interesting today. Precious metals declined, while copper ended flat
• Apr gold fell $3.00 to $1201.20/oz, while May silver lost $0.12 to $16.17/oz
3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session.

The benchmark index has spent the entire afternoon near its recent levels after cutting its early loss in half. The health care sector (+0.3%) fueled the partial rebound, but continued weakness among groups like financials (-0.8%), industrials (-0.8%), consumer discretionary (-0.7%), and consumer staples (-0.8%) has prevented the benchmark index from reclaiming its flat line.

Broadly speaking, today's retreat has been modest in scope, leaving the S&P 500 down 0.3% for the week after spiking 5.5% in February.
2:25 pm: [BRIEFING.COM] The Federal Reserve has released its latest Beige Book, which was met with a muted reaction in the market. The S&P 500 remains lower by 0.6%.

According to the Beige Book, most regions and sectors saw continued expansion in economic activity during a six-week period ending in mid-February. Wage pressures, meanwhile, remained benign and limited to skilled workers. The Beige Book characterized the commercial real estate market as stable or improving, and took note of optimism among regional contacts with regard to near-term sales.

Also of note, the Beige Book recognized a reduction in drilling for oil and natural gas.

Treasuries remain flat with the 10-yr yield at 2.12%.
1:55 pm: [BRIEFING.COM] The S&P 500 continues hovering in the middle of today's trading range.

There were no surprises in today's employment reading.

The ADP report predicts 212,000 new private sector jobs were added in February. That is roughly in-line with the Briefing.com Consensus forecast for a 230,000 increase in Friday's employment report.

Keep in mind that ADP report is simply a forecast of the final payroll number. It is essentially Moody's expectation and nothing more.
1:35 pm: [BRIEFING.COM] The major U.S. indices continue to work their way back from larger losses, but are still stuck in negative territory.

In equities, shares of Lumber Liquidators (LL -3.95, 36.83) are under heavy pressure following news that the leading Democrat on the Senate Committee on Commerce, Science and Transportation has asked the federal government to investigate whether LL's laminate floors could be a potential health risk to the public. Shares in the hardwood floor retailer are now down 50% in just over a week after a negative '60 Minutes' report last weekend alleging that the company's laminate floors sourced from China contain toxic materials which may not meet health or safety standards.

Elsewhere, WTI crude (+0.3% to $50.67/bbl) has recovered from its earlier low ahead of the close of pit trading. An earlier report from the Energy Information Administration showed a much larger build in oil inventories (+10.3 mln barrels) than expected. True to recent form, though, WTI crude has been resilient to selling pressure in the wake of bearish indicators.
12:55 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the Dow Jones Industrial Average (-0.4%) leading the retreat. The price-weighted index has been able to cut its early loss in half, but it is the Nasdaq Composite (-0.2%) that has paced the rebound off opening lows.

The tech-heavy Nasdaq has drawn strength from biotechnology, evidenced by a 0.9% gain in the iShares Nasdaq Biotechnology ETF (IBB 341.07, +3.15). Meanwhile, the broader health care sector (+0.5%) is the only group trading in the green at this time.

For its part, the S&P 500 trades down 0.4% with another countercyclical group-telecom services (-1.0%)-at the bottom of the leaderboard. Similarly, consumer staples (-0.6%) and utilities (-0.8%) also trail the broader market.

Over on the cyclical side, the top-weighted technology sector (-0.2%) has climbed ahead of the S&P 500 in recent action, but a few other influential sectors like financials (-0.5%), consumer staples (-0.5%), industrials (-0.7%), and energy (-0.5%) remain weak.

Notably, the energy sector trades just behind the S&P 500, but the sector was down in excess of 1.0% earlier when the EIA storage report showed that crude inventories increased by 10.3 million barrels from the prior week. Like the sector, crude oil fell to lows on the news, but has narrowed its decline to just 0.2% at $50.42/bbl.

Elsewhere, transport stocks have contributed to the underperformance of the industrial sector. The Dow Jones Transportation Average is lower by 0.5% with 15 of its 20 components in the red.

Treasuries notched their highs in the early morning before surrendering those gains. The 10-yr note holds a slim loss with its yield at 2.12%.

Economic data included ADP Employment, ISM Services, and MBA Mortgage Index:
• The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 212K in February while the Briefing.com consensus expected an increase of 220K
o The January reading was revised up to 250,000 from 213,000
• The ISM Non-Manufacturing Index increased to 56.9 in February from 56.7 while the Briefing.com consensus expected a drop to 56.5
o The improvement in the headline index comes despite weakness in production and orders. The Business Activities/Production Index fell to 59.4 from 61.5 while the New Orders Index declined to 56.7 from 59.5
• The weekly MBA Mortgage Index ticked up 0.1% to follow last week's 3.5% decline
12:30 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-0.4%) having spent the past hour in the middle of today's trading range.

The benchmark index has been able to cut its loss in half, but a continuation of the rebound will hinge on the performance of heavily-weighted sectors. For its part, the top-weighted technology sector (-0.3%) now trades just ahead of the broader market while chipmakers also display relative strength with the PHLX Semiconductor Index lower by 0.2%.

Elsewhere, another high-beta group-transport stocks-remains weak with the Dow Jones Transportation Average lower by 0.6% while the industrial sector (-0.8%) trades behind the remaining cyclical groups.
12:00 pm: [BRIEFING.COM] Equity indices hover near their rebound highs with the Nasdaq Composite (-0.3%) back to unchanged for the week while the S&P 500 (-0.5%) continues trailing due to the relative weakness among influential sectors like energy (-0.8%), industrials (-0.9%), and financials (-0.7%).

Things don't look much better on the countercyclical side where the health care sector (+0.2%) is the only outperformer while consumer staples (-0.7%), telecom services (-1.2%), and utilities (-0.9%) lag with the utilities sector widening its quarter-to-date decline to 6.8%.

Elsewhere, Treasuries sit on their intraday lows with the 10-yr yield higher by a basis point at 2.13%.
11:25 am: [BRIEFING.COM] Recent action saw the Nasdaq trim its loss to 0.3% while the S&P 500 is now down 0.5%. Equity indices have climbed off their lows amid continued strength in biotechnology and the broader health care sector.

The health care sector has turned positive and now trades higher by 0.2% while the iShares Nasdaq Biotechnology ETF (IBB 340.19, +2.27) has added 0.7%. However, the outperformance has not translated into gains for other high-beta groups like chipmakers and transport stocks. The PHLX Semiconductor Index is lower by 0.5% while the Dow Jones Transportation Average trades down 0.5% with all but two components trading in the red. Meanwhile, the broader industrial sector (-0.9%) is among the weakest performers of the day.

Elsewhere, Treasuries have erased their gains, sending the 10-yr yield higher by a basis point to 2.12%.
10:55 am: [BRIEFING.COM] The S&P 500 (-0.8%) remains near its early low while the Nasdaq Composite (-0.7%) has climbed off its worst level of the session thanks to the relative strength in the biotech group. The iShares Nasdaq Biotechnology ETF (IBB 337.38, -0.54) trades lower by 0.2%.

As for the S&P 500, the energy sector (-1.1%) was among the early outperformers, but the group now finds itself at the bottom of the leaderboard. The growth-sensitive sector slumped to lows after today's EIA storage report showed that crude inventories increased by 10.3 million barrels from the prior week. Like the sector, crude oil fell to lows on the news and is currently lower by 1.5% at $49.75/bbl.
10:40 am: [BRIEFING.COM]
• The dollar index is trading higher today and is currently near today's high, which is helping pressure commodities.
• WTI crude oil prices are in the spotlight again following weekly API data last yesterday, news that Saudi Arabia raises oil export selling prices to Asia and the U.S., and ahead of the weekly EIA storage data.
• Apr WTI crude oil rose as high as $51.18/barrel this morning and was about flat just ahead of the inventory data.
• Following the data, Apr crude dropped quickly, below $50/barrel, to a new low for today after the EIA reported a huge build of just over 10 million barrels (easily topping expectations).
• Apr crude oil is now -1% at $50.03/barrel. Apr nat gas, meanwhile, is +1.4% at $2.75/MMBtu
• Precious metals lost steam earlier after gold and silver sold off to new lows for the day just before 10am EST
• Apr gold is now -0.3% at $1201.40/oz, while May silver is -0.8% at $16.17/oz
• May copper is -0.4% at $2.65/lb, off its morning HoD of $2.68/lb
10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.8%.

Just reported, the ISM Services Index for February rose to 56.9 from 56.7 while the Briefing.com consensus expected the index to tick down to 56.5.
9:45 am: [BRIEFING.COM] The stock market began the day under broad pressure with all ten sectors showing opening losses. The S&P 500 trades lower by 0.7% with industrials (-0.9%) and materials (-0.9%) pacing the early decline.

Meanwhile, the remaining cyclical sectors trade a bit closer to the broader market with energy (-0.5%) staying ahead of the pack. The growth-sensitive sector outperforms as crude oil trades higher by 0.6% at $50.82/bbl.

Elsewhere, Treasuries hover near their highs that were notched following today's ADP Employment report. The 10-yr yield is lower by two basis points at 2.10%.

The ISM Services Index for February (Briefing.com consensus 56.5) will be released at 10:00 ET.
9:13 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -13.00. The stock market is on track for a modestly lower open as futures on the S&P 500 trade eight points below fair value. Index futures held modest losses overnight, but they have slipped to lows at the start of the European session. Interestingly, European equities have climbed off their worst levels of the day while U.S. futures remain in the neighborhood of their lows.

Economic data released this morning was limited to the MBA Mortgage Index (+0.1%) and the ADP Employment report, which revealed that employment in the nonfarm private business sector rose by 212K in February, which was below the increase of 220K that was expected by the Briefing.com consensus.

The ADP report had little impact on equity futures while Treasuries climbed to new highs. The 10-yr yield is currently lower by two basis points at 2.10%.

More economic data remains with the February ISM Services Index (Briefing.com consensus 56.5) scheduled to be released at 10:00 ET while the Federal Reserve will release its March Beige Book at 14:00 ET.

On the corporate front, Abercrombie & Fitch (ANF 22.12, -1.87) is on track to open lower by 7.8% after missing estimates while American Eagle Outfitters (AEO 16.10, +1.28) has spiked 8.6% in pre-market after reporting a two-cent beat and guiding higher.
8:54 am: [BRIEFING.COM] S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -11.50. The S&P 500 futures trade seven points below fair value.

Markets in the Asia Pacific region were mixed on Wednesday. India provided the headline of the day as its central bank surprised the market by cutting its repo rate 25 basis points to 7.50%. That is the second cut by India's central bank this year.
• In economic data:
o China's February HSBC Services PMI rose to 52.0 from 51.8
o Hong Kong's February Manufacturing PMI rose to 50.7 from 49.4
o India's February HSBC Services PMI climbed to 53.9 from 52.4
o Australia's Q4 GDP +0.5% quarter-over-quarter (expected 0.5%; prior 0.4%); +2.5% year-over-year (expected 2.5%; prior 2.7%). Separately, Q4 GDP Chain Price Index -0.2% (prior -0.3%) and February AIG Services Index rose to 51.7 from 49.9
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• Japan's Nikkei declined 0.6%, weighed down by broad-based losses. Every sector finished in the red with the technology (-2.1%), communications (-1.3%), and financial (-1.1%) sectors leading the way. Sumco Corp. (-12.7%), Sharp (-5.3%), Tokyo Electron (-3.6%), NEC Corp (-3.4%), and Kawasaki Heavy Industries (-3.0%) led the list of individual losers.
• Hong Kong's Hang Seng tumbled 1.0%, finishing near its lows for the day. The consumer cyclical sector (-2.2%) was the biggest weak spot following Tuesday's disappointing retail sales data and reports of a near 50% decline in Macau gaming revenue in February. Other key laggards included the communications (-1.4%) and financial (-0.9%) sectors. China Resources Enterprise (-5.1%), China Resources Land Ltd. (-3.9%), Galaxy Entertainment (-2.9%), and China Life Insurance Co. (-2.3%) paced the losers. Bank of China wasn't far behind with a 2.1% loss.
• China's Shanghai Composite increased 0.5%, closing near its highs for the session after a 2.2% decline on Tuesday. The rebound was driven by strength in the communications (+3.0%), consumer non-cyclical (+2.6%) and consumer cyclical (+2.5%) sectors. VV Food and Beverage Co (+10.1%), Shanghai Broadband Technology (+10.0%), Shanghai Shibei Hi-Tech Co (+10.0%), and Wenfeng Great World Chain Development Corp (+10.0%) led all gainers.
Major European indices trade mostly higher as participants await tomorrow's ECB meeting where President Mario Draghi is expected to reveal more details about the central bank's QE plan.

• Participants received several data points:
o Eurozone Retail Sales +1.1% month-over-month (expected 0.1%; prior 0.4%); +3.7% year-over-year (consensus 1.9%; last 3.1%). Separately, February Services PMI ticked down to 53.7 from 53.9 (expected 53.9)
o Germany's February Services PMI fell to 54.7 from 55.5 (consensus 55.5)
o UK's February Services PMI slipped to 56.7 from 57.2 (expected 57.5)
o French February Services PMI held at 53.4, as expected
o Italy's February Services PMI fell to 50.0 from 51.2 (consensus 51.4)
o Spain's February Services PMI fell to 56.2 from 56.7 (expected 56.7)
------
• UK's FTSE is lower by 0.1% with miners under pressure. Anglo American, Fresnillo, Glencore, and Rio Tinto are down between 2.2% and 5.0% after Fresnillo reported disappointing results. On the upside, ITV has jumped 5.6% following upbeat results and news of a special dividend.
• Germany's DAX trades up 0.2% with exporters BMW and Daimler in the lead. The two names are both up near 1.2%. Basic materials names lag with BASF, K+S, and ThyssenKrupp down between 0.5% and 0.7%.
• In France, the CAC has added 0.4% with help from financials. BNP Paribas is higher by 1.4% while Credit Agricole trades up 1.8%. Utilities Electricite de France and GDF Suez lag with respective losses of 2.9% and 0.7%.
• Italy's MIB trades higher by 0.1% amid strength in financials. BMPS, Banca di Milano Scarl, and Banco Popolare hold gains between 1.4% and 3.2%.
8:26 am: [BRIEFING.COM] S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -13.00. The S&P 500 futures trade seven points below fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 212K in February. That was below the increase of 220K expected by the Briefing.com consensus. The January reading was revised up to 250,000 from 213,000.
7:55 am: [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -13.00. U.S. equity futures hold modest pre-market losses after slipping to lows in recent action. The S&P 500 futures hover eight points below fair value.

Yesterday's session did not feature any economic data, but that has changed today. The weekly MBA Mortgage Index ticked up 0.1% to follow last week's 3.5% decline. The ADP Employment Change for February (Briefing.com consensus 220K) will be reported at 8:15 ET while the ISM Services Index for February (consensus 56.5) will cross the wires at 10:00 ET. Lastly, the Federal Reserve's March Beige Book will be released at 14:00 ET.

Treasuries are little changed with the 10-yr yield just below 2.12%.

In U.S. corporate news of note:
• Abercrombie & Fitch (ANF 24.50, +0.51): +2.1% despite reporting a one-cent miss.
• Alcoa (AA 14.77, -0.41): -2.7% after Bank of America/Merrill Lynch downgraded the stock to 'Neutral.'
• Bob Evans (BOBE 47.51, -12.13): -20.3% after missing estimates and guiding lower. In addition, the company said it will not pursue a sale of BEF Foods at this time.
• Smith & Wesson (SWHC 14.45, +1.40): +10.7% after beating estimates and guiding higher.
Reviewing overnight developments:

• Asian markets ended mostly lower. Japan's Nikkei -0.6%, Hong Kong's Hang Seng -1.0%, and China's Shanghai Composite +0.5%
o In economic data:
China's February HSBC Services PMI rose to 52.0 from 51.8
Hong Kong's February Manufacturing PMI rose to 50.7 from 49.4
India's February HSBC Services PMI climbed to 53.9 from 52.4
Australia's Q4 GDP +0.5% quarter-over-quarter (expected 0.5%; prior 0.4%); +2.5% year-over-year (expected 2.5%; prior 2.7%). Separately, Q4 GDP Chain Price Index -0.2% (prior -0.3%) and February AIG Services Index rose to 51.7 from 49.9
o In news:
The Reserve Bank of India cut its repurchase rate 25-basis points to 7.5%, representing the second RBI cut of the year.
• Major European indices trade mixed. UK's FTSE -0.2%, Germany's DAX +0.1%, and France's CAC +0.3%. Elsewhere, Italy's MIB +0.2% and Spain's IBEX -0.1%
o Participants received several data points:
 Eurozone Retail Sales +1.1% month-over-month (expected 0.1%; prior 0.4%); +3.7% year-over-year (consensus 1.9%; last 3.1%). Separately, February Services PMI ticked down to 53.7 from 53.9 (expected 53.9)
Germany's February Services PMI fell to 54.7 from 55.5 (consensus 55.5)
UK's February Services PMI slipped to 56.7 from 57.2 (expected 57.5)
French February Services PMI held at 53.4, as expected
Italy's February Services PMI fell to 50.0 from 51.2 (consensus 51.4)
Spain's February Services PMI fell to 56.2 from 56.7 (expected 56.7)
o Among news of note:
Markets in Europe have maintained narrow ranges as participants await tomorrow's ECB meeting where President Mario Draghi is expected to reveal more details about the central bank's QE plan.
6:30 am: [BRIEFING.COM] S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -14.80.
6:30 am: [BRIEFING.COM] Nikkei...18703.60...-111.60...-0.60%. Hang Seng...24465.38...-237.40...-1.00%.
6:30 am: [BRIEFING.COM] FTSE...6867.66...-21.50...-0.30%. DAX...11245.57...-34.50...-0.30%.

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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