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 Post subject: March 5th Thursday Trade Results - Profit $1230.00
PostPosted: Thu Mar 05, 2015 10:21 pm 
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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)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,230.00 dollars or +12.30 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,230.00 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=2021

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 ended the Thursday session on a modestly higher note with the Nasdaq Composite (+0.3%) settling in the lead. The tech-heavy index is now up 0.4% week-to-date, while the S&P 500 (+0.1%) will enter the Friday session lower by 0.2% for the week.

In a way, today's session fit right in with recent affairs as equity indices maintained narrow ranges amid light volume. The S&P 500 spent the day inside a nine-point range while NYSE floor volume totaled fewer than 675 million shares (50-day average 766 million).

Six of ten sectors registered gains with three of four countercyclical groups ending ahead of the broader market. To that point, consumer staples (+0.3%), health care (+0.4%), and utilities (+0.8%) spent the day ahead of the broader market while telecom services (-0.1%) lagged.

Most notably, the health care sector was underpinned by biotechnology after AbbVie (ABBV 56.85, -3.42) agreed to acquire Pharmacyclics (PCYC 254.22, +23.74) for $261.25/share. Shares of PCYC jumped 10.3% while the broader iShares Nasdaq Biotechnology ETF (IBB 347.67, +7.58) advanced 2.2%, helping the Nasdaq finish in the lead.

However, the relative strength among biotech names masked a significant soft spot in the market. Specifically, the largest stock by weight-Apple (AAPL 126.39, -2.15)-lost 1.7%, which prevented equity indices from revisiting their morning highs. Meanwhile, the technology sector (-0.1%) held up relatively well despite Apple's weakness. Large cap names like IBM (IBM 161.18, +1.76) and Google (GOOGL 581.44, +3.10) gained 1.1% and 0.5%, respectively, while chipmakers also displayed relative strength with the PHLX Semiconductor Index adding 0.1%.

Similar to technology, growth-sensitive energy (-0.6%) and materials (-0.4%) settled in the red while the other cyclical sectors registered gains.

The energy sector finished at the bottom of today's leaderboard with crude oil contributing to the weakness. The energy component fell 1.5% to $50.76/bbl as dollar strength sent the Dollar Index (96.37, +0.40) to a fresh high for the year. The greenback rallied against the euro, dropping the euro/dollar pair to 1.1030 after European Central Bank President Mario Draghi said the central bank will begin its QE program on March 9, buying negative-yielding bonds up to the deposit rate, which is currently at -0.2%.

On the flip side, the financial sector (+0.4%) ended among the leaders ahead of the 16:30 ET release of the Fed's stress test. The Federal Reserve will announce capital levels of 31 major banks this evening while next Wednesday evening will feature the release of complete results. Bank of America (BAC 16.00, +0.16) led the majors with a 1.0% gain.

Treasuries spent some time on either side of their flat lines before ending with slim gains, sending the 10-yr yield lower by a basis point to 2.11%.

Economic data included jobless claims, productivity/labor cost data, and factory orders:

The initial claims level increased to 320,000 from an unrevised 313,000 while the Briefing.com consensus expected a decline to 295,000
The reading marked the highest level of initial claims since May 2014 when it reached 327,000
The Department of Labor reported that no special factors impacted this week's claims reading
The continuing claims level increased to 2.421 million from an upwardly revised 2.404 million (from 2.401 million)
Nonfarm business productivity for Q4 2014 was revised down to -2.2% from an originally reported -1.8% while the Briefing.com consensus expected a revision down to -2.3%
Annual productivity in 2014 was 0.7%, which was the smallest annual gain since increasing only 0.2% in 2011
Unit labor costs were revised up to 4.1% from 2.7% while the consensus expected a revision up to 2.9%
Factory orders declined 0.2% in January after declining 3.5% in December while the Briefing.com consensus expected an increase of 0.6%
Almost the entire decline can be attributed to low oil prices as petroleum refinery orders declined 11.6% in January after declining 15.8% in December. Excluding petroleum, factory orders increased a solid 1.1% in January

Tomorrow, the Nonfarm Payrolls report for February (Briefing.com consensus 240K) and the January Trade Balance (consensus -$42.00 billion) will be released at 8:30 ET while the Consumer Credit report for January (expected $14.00 billion) will cross the wires at 15:00 ET.

Nasdaq Composite +5.2% YTD
Russell 2000 +2.5% YTD
S&P 500 +2.1% YTD
Dow Jones Industrial Average +1.8% YTD

3:35 pm: [BRIEFING.COM]

WTI crude oil futures couldn't hold today's gains and slide lower in afternoon activity
Apr crude ultimately closed $0.74 lower at $50.76/barrel.
Apr nat gas, on the other hand, rose $0.07 to close at $2.84/MMBtu
Gold and silver futures hit today's lows in afternoon trade
Apr gold ended $5.00 lower at $1196.20/oz, while May silver lost $0.01 to $16.16/oz
Mar copper shed $0.01 to $2.65/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with one hour remaining in the session. The benchmark index has spent the bulk of the day near its flat line amid mixed performance from the ten economic sectors.

Heavily-weighted financials (+0.5%), consumer discretionary (+0.2%), and health care (+0.5%) have shown relative strength since the early going while energy (-0.4%), industrials (unch), and technology (unch) have prevented the market from revisiting its opening high.

Similarly, Treasuries have spent the day near their unchanged levels with the 10-yr yield lower by a basis point at 2.11% after hitting its early-morning high just below 2.14%.

In all likelihood, today's session will generate below-average trading volume considering only 384 million shares have changed hands at the NYSE floor so far.

2:25 pm: [BRIEFING.COM] Equity indices have continued their recovery off early-afternoon lows. The S&P 500 (+0.1%) has returned to the middle of its trading range, but the index still trades below its intraday high.

Four of six cyclical sectors remain in negative territory, but the technology sector has narrowed its decline to 0.1%. Meanwhile, shares of Apple (AAPL 126.75, -1.79) have narrowed their loss to 1.4% after being down more than 2.0% earlier.

Also of note, the health care sector (+0.5%), which has spent the day among the leaders, has climbed off its intraday low.

1:55 pm: [BRIEFING.COM] The S&P 500 hovers right above its flat line.

The disappointment in the economic data continued with today's releases.

The initial claims level increased to 320,000 for the week ending February 28 from an unrevised 313,000 for the week ending February 21. The Briefing.com Consensus expected the initial claims level to decline to 295,000.

That is the highest initial claims reading since May 2014 when it reached 327,000.

Revisions to nonfarm business productivity beat expectations, but the end result can hardly be thought of as a net positive. Productivity growth was revised down to -2.2% (vs. -2.3% Briefing.com Consensus) from an originally reported -1.8%. Productivity increased 3.9% in Q3 2014.

Annual productivity in 2014 was 0.7%, which was the smallest annual gain since increasing only 0.2% in 2011.

Factory orders declined 0.2% in January after declining 3.5% in December. The Briefing.com Consensus expected factory orders to increase 0.6%.

Orders of nondefense capital goods excluding aircraft were revised down from a 0.6% gain to a 0.5% increase.

1:30 pm: [BRIEFING.COM] U.S. stocks have continued to surrender their earlier gains and are now relatively flat for the day.

Despite the broad market sell-off, sector-wide strength in Biotechnology remains following this morning's ABBV/PCYC acquisition news. Some notable sympathy gains can be seen in Incyte (INCY 92.27, +4.36), Vertex Pharma (VRTX 125.40, +5.35), Puma Biotech (PBYI 234.00, +27.04), and many others. Late 2014 IPO Second Sight Medical (EYES) is also outperforming today after announcing earlier the successful first implants of its Argus II Retinal Prosthesis System at two new centers in Italy. Shares in the name have been red hot as of late, gaining 98% in the last ten days. On the flip side, potash suppliers are underperforming today following disappointing results from Russian potash giant Uralkali (URALL). Some noteworthy decliners in the space include Potash (POT 34.35, -1.11) and Mosaic (MOS 49.97, -1.93)

With the major equities indices near breakeven levels, materials (-0.53) are the weakest performing S&P sector at this time

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday with the Nasdaq Composite (unch) trading ahead of the S&P 500 (-0.1%).

Equity indices have spent the first half of the day in the green, but maintaining those gains is proving to be a challenge. Five sectors sport gains at this time, but the top-weighted technology sector (-0.5%) has been pressured by its largest component. Shares of Apple (AAPL 125.86, -2.67) trade lower by 2.1% following a steady slide off their opening levels.

Despite Apple's weakness, the broader market has been able to stay out of the red thanks in large part to the relative strength of the health care sector (+0.3%), and specifically, biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 346.34, +6.25) has jumped 1.8% after AbbVie (ABBV 57.74, -2.53) agreed to acquire Pharmacyclics (PCYC 254.62, +24.14) for $261.25/share.

Similar to health care, consumer staples (+0.1%) and utilities (+0.6%) outperform while the telecom services sector (-0.1%) has turned negative in recent going.

Over on the cyclical side, the energy sector (-0.4%) weighs as crude oil trades lower by 0.4% at $51.32/bbl. The energy component has been pressured by dollar strength that has the Dollar Index (96.47, +0.50) trading at a fresh high for the year.

Elsewhere, industrials (-0.2%) lag amid weakness in transport stocks (Dow Jones Transportation Average -0.5%) while the financial sector (+0.2%) outperforms ahead of today's release of the Fed's stress test. The Fed will announce capital levels of 31 major banks at 16:30 ET while next Wednesday evening will feature the release of complete results.

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 2.11%.

Economic data included jobless claims, productivity/labor cost data, and factory orders:

The initial claims level increased to 320,000 from an unrevised 313,000 while the Briefing.com consensus expected a decline to 295,000
The reading marked the highest level of initial claims since May 2014 when it reached 327,000
The Department of Labor reported that no special factors impacted this week's claims reading
The continuing claims level increased to 2.421 million from an upwardly revised 2.404 million (from 2.401 million)
Nonfarm business productivity for Q4 2014 was revised down to -2.2% from an originally reported -1.8% while the Briefing.com consensus expected a revision down to -2.3%
Annual productivity in 2014 was 0.7%, which was the smallest annual gain since increasing only 0.2% in 2011
Unit labor costs were revised up to 4.1% from 2.7% while the consensus expected a revision up to 2.9%
Factory orders declined 0.2% in January after declining 3.5% in December while the Briefing.com consensus expected an increase of 0.6%
Almost the entire decline can be attributed to low oil prices as petroleum refinery orders declined 11.6% in January after declining 15.8% in December. Excluding petroleum, factory orders increased a solid 1.1% in January

12:25 pm: [BRIEFING.COM] Sideways action continues with the S&P 500 (+0.1%) hovering in the bottom half of today's six-point range. For the time being, the benchmark index has been unable to return to its early high as shares of Apple (AAPL 126.61, -1.93) prove to be a drag on the market. The continued weakness in the stock has sent the technology sector (-0.1%) back below its flat line.

Elsewhere, the health care sector (+0.4%) continues providing support, but the largest countercyclical group has cut its early gain in half. Biotechnology, meanwhile, remains strong with the iShares Nasdaq Biotechnology ETF (IBB 347.29, +7.20) higher by 2.1%.

12:00 pm: [BRIEFING.COM] Equity indices have returned into the middle of today's trading range after a recent slip that coincided with Apple (AAPL 126.92, -1.61) dropping to a fresh session low. The top-weighted tech stock remains near its low, but the market has been able to rebound with help from other sectors.

At this juncture, energy (-0.5%) and materials (-0.5%) remain in the red while the remaining four cyclical sectors hold gains. Notably, the second-largest sector by weight-financials (+0.4%)-trades ahead of the broader market ahead of today's release of the Fed's stress test. Bank of America (BAC 16.00, +0.16) is higher by 0.9% while JPMorgan Chase (JPM 62.07, -0.06) is lower by 0.1%.

Elsewhere, Treasuries hover in the red with the 10-yr yield higher by a basis point at 2.13%.

11:25 am: [BRIEFING.COM] Recent action saw the S&P 500 return into the neighborhood of its flat line.

Six sectors continue holding gains, but the largest stock by weight-Apple (AAPL 126.84, -1.70)-has continued its slide, taking the broader market down with it. Considering Apple's market cap is just a shade below 740 billion, its performance can go a long way towards dictating the overall direction of the market.

Elsewhere, the energy sector trades lower by 0.5% while the industrial space is flat even though transports lag with the Dow Jones Transportation Average lower by 0.4%. Including today's decline, the bellwether complex is lower by 1.7% so far this quarter.

10:55 am: [BRIEFING.COM] The Nasdaq Composite was the strongest index in February and its outperformance has carried into the first week of March. The tech-heavy index trades higher by 0.5% while the S&P 500 (+0.2%) hovers closer to its flat line.

High-beta biotechnology and chipmaker names have helped the Nasdaq overtake the broader market. The iShares Nasdaq Biotechnology ETF (IBB 348.23, +8.14) trades higher by 2.4% while the PHLX Semiconductor Index has added 0.5%. Meanwhile, the broader technology sector (+0.1%) lags with its top-weighted component-Apple (AAPL 127.13, -1.41)-lower by 1.1%.

Elsewhere among cyclical sectors, consumer discretionary (+0.3%) and financials (+0.4%) outperform while energy (-0.4%) and materials (-0.3%) lag.

10:40 am: [BRIEFING.COM]

Natural gas pull back some following the EIA's weekly storage data and is now modestly higher (+0.2% at $2.78/MMBtu)
Gold and silver futures rallied in recent minutes, running to new highs for the day
Apr gold is now +0.6% at $1207.70/oz, while May silver is +1% at $16.32/oz
WTI crude oil is volatile once again, rising to today's high in early morning trade of $52.40/barrel to just drift lower back below $51/barrel.
In more recent trade, Apr crude is +0.5% at $51.79/barrel

10:00 am: [BRIEFING.COM] The major averages have climbed to new highs with biotechnology setting the pace. The iShares Nasdaq Biotechnology ETF (IBB 348.49, +8.40) is higher by 2.5% after AbbVie (ABBV 58.41, -1.86) agreed to acquire Pharmacyclics (PCYC 255.08, +24.65) for $261.25/share.

Separately, the just-released Factory Orders report for January indicated orders decreased 0.2%, which was worse than the Briefing.com consensus estimate that called for an increase of 0.6%.

9:40 am: [BRIEFING.COM] The major averages began the trading day in the green before slipping from their opening highs. The S&P 500 remains just above its flat line with five sectors showing early gains.

All four countercyclical groups hover in positive territory with utilities (+0.6%) and health care (+0.4%) in the lead. Meanwhile, the consumer discretionary sector (+0.1%) represents the lone advancer on the cyclical side.

On the downside, the energy sector (-0.5%) is the weakest performer as crude oil trades lower by 0.7% at $51.15/bbl.

Treasuries have narrowed their gains with the 10-yr yield now at 2.11% (-1 bp).

The Factory Orders report for January (Briefing.com consensus 0.6%) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.20. The stock market is on track for a higher open with futures on the S&P 500 trading four points above fair value. The benchmark index registered its second consecutive decline yesterday, but that losing streak could be snapped if the market builds on its opening gain.

The overnight session was fairly quiet, but it is worth noting that China has lowered its GDP forecast for 2015 to "about 7.0%" from 7.5% that was expected in 2014. China's Shanghai Composite fell 1.0% following the news.

Meanwhile in Europe, investors heard from a couple major central banks, but there were no surprises on that front. The Bank of England maintained its policy stance, keeping its interest rate and purchasing program at their respective 0.5% and GBP375 billion while the European Central Bank also made no changes to its policy, which was widely expected. Also of note, ECB President Mario Draghi said the central bank will begin its QE program on March 9 and will buy negative-yielding bonds up to the deposit rate, which is currently at -0.2%.

On the corporate front, Costco (COST 150.25, +3.08) is on course to open higher by 2.1% after beating bottom-line estimates and reporting better than expected same store sales in February while Joy Global (JOY 39.30, -2.83) has given up 6.7% in pre-market after missing estimates and lowering its guidance.

In M&A news, AbbVie (ABBV 57.17, -3.10) has agreed to acquire Pharmacyclics (PCYC 254.97, +24.49) for $261.25/share.

Treasuries hold modest gains with the 10-yr yield lower by almost two basis points at 2.10%.

The Factory Orders report for January (Briefing.com consensus 0.6%) will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.20. The S&P 500 futures hover four points above fair value.

Markets in the Asia Pacific region were mostly lower on Thursday following China's tempered GDP growth outlook for 2015. China is targeting 7.0% growth versus 7.5% in 2014. That is the country's lowest growth target in 11 years, according to Premier Li Keqiang.

In economic data:
Australia's January trade deficit widened to AUD980 million from AUD503 million (expected -AUD 950 million) as imports rose 3.0% month-over-month (prior -1.0%) and exports increased 1.0% month-over-month (prior +1.0%). Separately, January retail sales +0.4% month-over-month (expected +0.4%; prior +0.2%)

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Japan's Nikkei increased 0.3% and closed near its highs for the day with the help of the consumer non-cyclical (+1.5%) and industrial (+0.5%) sectors. Leading gainers included Eisai Co. Ltd (+7.2%), Taiyo Yuden Co (+6.3%), Tory Industries (+4.8%), Kansai Electric Power (+4.4%), and Sumitomo Heavy Industries (+4.4%). Suzuki Motor Corp. (-3.7%) and Olympus Corp. (-2.9%) were the largest decliners in the Nikkei.
Hong Kong's Hang Seng declined 1.1% in a day that was accented with steady selling pressure. The financial sector (-1.0%) was the most influential drag on the proceedings. HSBC Holdings (-2.7%), AIA Group (-2.6%), and Bank of Communications (-2.2%) were among the top 10 decliners, along with Galaxy Entertainment (-2.6%) and Sands China (-2.3%), which continue to slide on Macau visitation issues.
China's Shanghai Composite dropped 1.0% in the wake of the government's reduced GDP growth target of 7.0% for 2015. Laggards in the Chinese market included the communication (-1.2%), financial (-0.8%), and industrial (-0.5%) sectors. Leading individual decliners were Zhejiang WMWH Industry (-7.2%), Glarun Technology Co. (-5.0%), Shaanxi Aerospace Power Hi-Tech Co (-4.7%), Xi'an Typical Industries (-4.5%), and First Tractor Co (-4.4%).

Major European indices trade higher across the board with France's CAC (+0.9%) in the lead. In central bank news, the Bank of England maintained its policy stance, keeping its interest rate and purchasing program at their respective 0.5% and GBP375 billion. Meanwhile, the European Central Bank also made no changes to its policy, which was widely expected. Also of note, Switzerland's government spokesperson has pushed back against reports suggesting the Swiss National Bank could introduce a new cap on the franc.

Economic data was limited:
Eurozone Retail PMI ticked down to 46.4 from 46.6
Germany's January Factory Orders -3.9% (expected -1.0%; prior 4.4%)
UK's Halifax House Price Index -0.3% month-over-month (consensus -0.2%; prior 1.9%); +8.3% year-over-year (expected 8.5%; last 8.5%)
France's Unemployment Rate ticked up to 10.4% from 10.3%, as expected
Italy's Q4 GDP was flat quarter-over-quarter; -0.5% year-over-year (consensus -0.3%; last -0.5%)

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UK's FTSE is higher by 0.5% with Aviva in the lead. The insurer has spiked 6.1% after reporting better than expected results. Peers Friends Life Group (+5.5%) and Standard Life (+2.3%) also outperform while HSBC and RSA Insurance lag with respective losses of 2.4% and 0.9%.
Germany's DAX has added 0.8% amid broad strength. Adidas has jumped 3.8% following its upbeat outlook while Continental, ThyssenKrupp, and Siemens hold gains between 1.5% and 1.9%.
In France, the CAC trades up 0.9% with all but three components in the green. Defense contractors Airbus and Safran outperform with respective gains of 4.5% and 2.4% while Gemalto is the weakest performer. The tech stock has given up 2.5%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +9.70. The S&P 500 futures trade five points above fair value.

The latest weekly initial jobless claims count totaled 320,000 while the Briefing.com consensus expected a reading of 295,000. Today's tally was above the unrevised prior week count of 313,000. As for continuing claims, they rose to 2.421 million from 2.404 million.

Productivity data for the fourth quarter showed a decrease of 2.2%, which was worse than the 1.8% decrease that had been reported in the preliminary reading. However, it was above the 2.3% decrease that had been expected by the Briefing.com consensus. Unit labor costs for the fourth quarter were revised higher to reflect an increase of 4.1% after they had reportedly increased 2.7% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would be revised up to 2.9%.

7:54 am: [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +6.00. U.S. equity futures hold modest gains amid upbeat action overseas. The S&P 500 futures hover three points above fair value after climbing off their lows at the start of the European session.

Released not long ago, the Challenger Job Cuts report for February showed a 20.9% increase in layoffs to follow last month's 17.6% rise.

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 while the Factory Orders report for January (Briefing.com consensus 0.6%) will be released at 10:00 ET.

Treasuries hold slim losses with the 10-yr yield higher by a basis point at 2.13%.

In U.S. corporate news of note:

Canadian Solar (CSIQ 31.60, +1.42): +4.7% after its upbeat Q1 revenue guidance overshadowed a bottom-line miss and cautious guidance for the fiscal year.
Ciena (CIEN 21.10, +0.50): +2.4% after beating bottom-line estimates on light revenue.
Costco (COST 151.00, +3.83): +2.6% after beating bottom-line estimates and reporting better than expected same store sales in February.
Joy Global (JOY 39.00, -3.13): -7.4% after missing estimates and lowering its guidance.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -1.0%, Hong Kong's Hang Seng -1.0%, and Japan's Nikkei +0.3%
In economic data:
Australia's January trade deficit widened to AUD980 million from AUD503 million (expected -AUD 950 million) as imports rose 3.0% month-over-month (prior -1.0%) and exports increased 1.0% month-over-month (prior +1.0%). Separately, January retail sales +0.4% month-over-month (expected +0.4%; prior +0.2%)
In news:
In China, the National People's Congress opened with Premier Li Keqiang announcing the official GDP forecast for 2015 at "around 7.0%," representing a slowdown from last year's 7.5%. Meanwhile, CPI is expected to increase 3.0% in 2015.

Major European indices trade higher across the board. France's CAC +0.9%, Germany's DAX +0.8%, and UK's FTSE +0.4%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +0.8%
Economic data was limited:
Eurozone Retail PMI ticked down to 46.4 from 46.6
Germany's January Factory Orders -3.9% (expected -1.0%; prior 4.4%)
UK's Halifax House Price Index -0.3% month-over-month (consensus -0.2%; prior 1.9%); +8.3% year-over-year (expected 8.5%; last 8.5%)
France's Unemployment Rate ticked up to 10.4% from 10.3%, as expected
Italy's Q4 GDP was flat quarter-over-quarter; -0.5% year-over-year (consensus -0.3%; last -0.5%)
Among news of note:
The Bank of England maintained its policy stance, keeping its interest rate and purchasing program at their respective 0.5% and GBP375 billion.
Switzerland's government spokesperson has pushed back against reports suggesting the Swiss National Bank could introduce a new cap on the franc.

6:22 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +6.00.

6:22 am: [BRIEFING.COM] Nikkei...18751.84...+48.20...+0.30%. Hang Seng...24193.04...-272.30...-1.10%.

6:22 am: [BRIEFING.COM] FTSE...6938.84...+19.60...+0.30%. DAX...11447.18...+56.00...+0.50%.

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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