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 Post subject: March 10th Tuesday Trade Results - Profit $342.50
PostPosted: Wed Mar 11, 2015 3:30 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
031015-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+342.50.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 @ $30.00 dollars or +0.30 points, Emini ES ($ES_F) futures @ $312.50 dollars or +6.25 points, Light Crude Oil CL ($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 @ $342.50 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=2024

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 endured a daylong selloff on Tuesday with the S&P 500 (-1.7%) sliding below its 50-day moving average. The benchmark index surrendered its Q1 gain and is now down 0.7% since the end of 2014 while the Dow (-1.8%) underperformed.

Equities stumbled out of the gate after the Dollar Index (98.60, +1.01) continued its charge, climbing to a fresh 12-year high during overnight action. The index spent the morning near its overnight high and built on that gain into the afternoon. The greenback strength sent the euro into the 1.0700 area while the Dollar Index extended its March gain to 3.4%.

The continued greenback strength fueled concerns about the earnings prospects of multinational companies while also putting pressure on overseas entities that conduct their dealings in dollars. As a result, a wave of recent downward earnings revisions has lowered 2015 EPS growth expectations to just 1.1% from 9.8% on December 1, according to S&P Capital IQ.

The diminished prospects for solid earnings growth broadsided the six growth-sensitive sectors while countercyclical groups did not fare much better. Sellers remained in control throughout the day with the two largest sectors by weight-technology (-2.2%) and financials (-2.1%)-pacing the retreat.

Large cap tech names like Apple (AAPL 124.56, -2.58), Google (GOOGL 559.85, -14.25), and Facebook (FB 77.57, -1.87) lost between 2.0% and 2.5% while Qualcomm (QCOM 71.88, -0.82) outperformed, falling 1.1%, after announcing a $15 billion repurchase program and increasing its quarterly cash dividend to $0.48/share from $0.42/share.

Elsewhere among cyclical sectors, the consumer discretionary space ended in-line with the broader market, but that masked an 11.5% surge in the shares of Urban Outfitters (URBN 44.06, +4.55) after the apparel retailer beat bottom-line estimates and reported revenue in-line with its warning from February 9.

Also of note, the energy sector (-1.4%) represented the lone outperformer on the cyclical side even though crude oil fell 3.1% to $48.40/bbl.

On the countercyclical side, the utilities sector (-0.2%) settled just below its flat line after failing to hold its intraday gain. Still, the group ended atop today's leaderboard, benefitting from bond strength that pressured the 10-yr yield to 2.13% (-6 bps).

Today's participation was ahead of recent averages with more than 830 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and JOLTS:

Wholesale inventories increased 0.3% in January after a downward revision revealed no change (from +0.1%) in December
The Briefing.com consensus expected a decline of 0.1%
Surprisingly, the sharp drop in petroleum prices did not lead to a large decline in petroleum inventories. These inventories only declined 1.1% in January after declining 7.2% in December. Altogether, nondurable goods inventories declined a modest 0.1% in January.
The January Job Openings and Labor Turnover Survey showed that job openings increased to 4.998 million from 4.877 million

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Budget for February (Briefing.com consensus -$192 billion) will cross the wires at 14:00 ET.

Nasdaq Composite +2.6% YTD
Russell 2000 +0.4% YTD
S&P 500 -0.7% YTD
Dow Jones Industrial Average -0.9% YTD

3:35 pm: [BRIEFING.COM]

The dollar index continues to hold its gains, which has been weighing on most commodities today
Natural gas futures traded higher all day today and ended pit trading $0.06 higher to $2.73/MMBtu
WTI crude oil slid lower and fell as low as $48.20/barrel. Apr crude closed near that LoD, ending $1.56 lower at $48.40/barrel
Apr gold finished floor trading $6.50 lower at $1160.10/oz, while May silver lost $0.15 to $15.64/lb
May corn gained $0.05 to $3.88/bushel following bullish USDA WASDE numbers.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 1.4% with one hour remaining in the session.

Today's daylong selling has pressured the benchmark index below its 50-day moving average (2,061) and the index now hovers between that level and the 100-day moving average, which lurks in the 2,040 area.

Dollar strength has been behind today's move and it is worth noting that the Dollar Index (98.60, +1.01) has extended to a new high for the day. Conversely, the euro has slipped to 1.0699 against the greenback.

2:25 pm: [BRIEFING.COM] The S&P 500 (-1.5%) has slipped to a fresh low for the day while the small cap Russell 2000 (-1.1%) outperforms.

Although the key indices remain well below their flat lines, there is some relative strength among biotech names, evidenced by a slim uptick in the iShares Nasdaq Biotechnology ETF (IBB 343.22, +0.35). Meanwhile, the broader health care sector (-0.9%) trades only a little ahead of the broader market. Elsewhere among countercyclical groups, the utilities sector has narrowed its gain to just 0.1%.

All in all, the selling pressure remains heavy with more than 2.6 names trading in the red for each advancer.

1:55 pm: [BRIEFING.COM] The major averages continue trading near their worst levels of the day.

In a light day of economic data, the wholesale inventories showed how a lack of demand can unintentionally boost inventories.

Wholesale sales declined 3.1% in January after declining 0.9% in December. While some of the January decline was due to price shifts in oil prices -- petroleum sales fell 13.5% -- weak sales occurred in most of the wholesale sectors.

Surprisingly, the sharp drop in petroleum prices did not lead to a large decline in petroleum inventories. These inventories only declined 1.1% in January after declining 7.2% in December.

The inventory-to-sales ratio spiked to 1.27 in January. That is the largest ratio since it reached that same level in July 2009.

1:35 pm: [BRIEFING.COM] The major U.S. indices remain sharply lower and sit just above their intra-day lows. At their current levels the Dow Jones Industrial Average and the S&P 500 have erased their YTD gains while the Nasdaq is still holding onto 2015 gains just under 3%.

At this time, utilities (+0.22%) is the only S&P sector in the green on the day while information technology (-1.8%) remains the biggest decliner. Despite trading lower with the other S&P sectors, energy (-0.9%) is managing to slightly outperform the other sectors despite WTI crude's decline on the day, down -2.5% to $48.75 ahead of tonight's API inventory report. Last week's API data showed a build of 2.9 mln barrels vs. a build of 8.9 mln barrels two weeks ago.

In equities, share of GNC Holdings (GNC 44.71, -4.30) are seeing notable weakness following reports that the NY AG confirmed various states attorneys have formed a coalition to expand a probe of the herbal supplement industry.

At the top of the hour, the $24 bln 3-year note auction drew a high-yield of 1.104% with a bid-to-cover of 3.33, which compares to the prior 12-auction average of a 3.29 bid-to-cover. Further, today's auction saw a 51.4% interest from indirect bidders vs. the prior 12-auction average of 63.1%.

12:55 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the Dow, Nasdaq, and S&P 500 all down near 1.4% following a steady slide throughout the first half of the session.

Equity indices have faced selling pressure since the start after the Dollar Index (98.54, +0.95) hit a fresh 12-year high during overnight action. The Index is now higher by 3.4% for the month and up nearly 9.0% so far in 2015.

The continued greenback strength has fueled concerns about the earnings prospects of multinational companies while also putting pressure on overseas entities that conduct their dealings in dollars. As a result, a wave of downward earnings revisions has lowered 2015 EPS growth expectations to just 1.1% from 9.8% on December 1, according to S&P Capital IQ.

Accordingly, the lowered expectations have weighed on cyclical sectors with the two largest groups by weight-technology (-1.8%) and financials (-1.6%)-trading behind the remaining eight sectors at this juncture.

Meanwhile, the energy sector (-1.1%) is the only cyclical group trading ahead of the broader market even though crude oil has tumbled 2.7% to $48.67/bbl as greenback strength pressures dollar-denominated commodities.

Things don't look a whole lot better on the countercyclical side where consumer staples (-1.2%) and telecom services (-1.2%) trade near the broader market while health care (-0.8%) outperforms slightly. It is worth mentioning that biotechnology has helped the health care sector climb off its low with the iShares Nasdaq Biotechnology ETF (IBB 342.12, -0.75) narrowing its decline to 0.2%.

On the flip side, the utilities sector (+0.3%) outperforms, but the rate-sensitive group is still down 8.4% for the quarter. Today, however, the sector has benefitted from strength in Treasuries that has pressured the 10-yr yield to 2.14% (-5 bps).

Economic data was limited to Wholesale Inventories and JOLTS:

Wholesale inventories increased 0.3% in January after a downward revision revealed no change (from +0.1%) in December
The Briefing.com consensus expected a decline of 0.1%
Surprisingly, the sharp drop in petroleum prices did not lead to a large decline in petroleum inventories. These inventories only declined 1.1% in January after declining 7.2% in December. Altogether, nondurable goods inventories declined a modest 0.1% in January.
The January Job Openings and Labor Turnover Survey showed that job openings increased to 4.998 million from 4.877 million

12:30 pm: [BRIEFING.COM] The major averages remain just above their worst levels of the day with the Dow, Nasdaq, and S&P 500 all down near 1.5% apiece.

Today's decline has pressured the S&P 500 below its 50-day moving average (2061) for the first time in more than a month. The benchmark index spent the bulk of January below its 50-day moving average, but was able to reclaim that level during the first week of February, setting a new intraday record high at 2,119.59 by the end of the month.

If the S&P 500 fails to find support near its 50-day moving average, the 100-day moving average will come into play in the 2,040 area.

12:00 pm: [BRIEFING.COM] Equity indices have returned into the neighborhood of their lows in a move that coincided with the Dollar Index (98.47, +0.89) marking a fresh session high. The inverse relationship underscores the presence of concerns about the impact of the strong dollar on earnings prospects of multinational companies.

As a result, nine sectors sport losses between 0.7% (health care) and 1.6% (technology) while the utilities sector is higher by 0.4%; however, it is worth mentioning that today's advance comes after the sector surrendered more than 8.0% since the end of 2014. That being said, the rate-sensitive sector has benefitted from today's decline in Treasury yields that has the 10-yr yield lower by five basis points at 2.14%.

11:30 am: [BRIEFING.COM] Recent action saw the major averages crawl off their lows, but the key indices continue holding the bulk of their losses with the two largest sectors by weight-technology (-1.2%) and financials (-1.2%)-at the bottom of the leaderboard.

Notably, today's decline has extended the financial sector's Q1 loss to 3.0%, which puts the group only ahead of energy (-5.5% QTD) and utilities (-8.1% QTD).

On the flip side, the strongest sector of the first quarter-health care-is lower by 0.5% for the session, but up 4.2% since the end of 2014. Similar to the health care sector, biotechnology names have climbed off their lows with the iShares Nasdaq Biotechnology ETF (IBB 341.33, -1.54) trimming its loss to 0.5%.

10:55 am: [BRIEFING.COM] Not much let up to the selling pressure as the major averages hover near their worst levels of the day. The S&P 500 (-1.1%) and Dow Jones Industrial Average (-1.2%) trade a bit ahead of the Nasdaq Composite (-1.3%), but that masks the fact that the S&P and Dow are now red for the year with respective losses of 0.1% and 0.3%. Meanwhile, the Nasdaq remains higher by 3.0% in 2015.

Today, however, the Nasdaq faces notable weakness in the technology sector (-1.5%). Large cap names like Apple (AAPL 125.15, -1.99), Google (GOOGL 563.58, -10.51), and Intel (INTC 32.01, -0.71) are down between 1.6% and 2.2% while Qualcomm (QCOM 72.87, +0.17) has bucked the trend after the company authorized a $15 billion buyback.

Similar to Intel, high-beta chipmakers trade broadly lower with the PHLX Semiconductor Index down 1.3%.

10:35 am: [BRIEFING.COM]

The dollar index is trading higher this morning, which is helping pressure select commodities
However, despite this strength, gold and silver have held up after climbing off of overnight lows.
In current trade, Apr gold is +0.04% at $1167/oz, while May silver is flat at $15.77/oz
WTI crude oil fell in the red in early morning trade. It fell as low as $49.04/barrel, but has since come back some and is now -1% at $49.50/barrel
Natural gas has been trading higher today, following a big pullback yesterday.
Apr nat gas is now +1.5% at $2.72/MMBtu
May copper is -1.7% at $2.63/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by % after surrendering its Q1 gain.

Just released, January wholesale inventories rose 0.3%, while the Briefing.com consensus expected a downtick of 0.1%. Today's report followed last month's revised unchanged reading (from 0.1%).

Separately, the January Job Openings and Labor Turnover Survey showed that job openings increased to 4.998 million from 4.877 million.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day under broad pressure. The S&P 500 is lower by 0.9% with all ten sectors showing early losses.

Cyclical sectors paced yesterday's advance and those groups are among the early laggards. To that point, financials (-1.2%), industrials (-1.0%), and materials (-1.0%) all trade behind the broader market while consumer discretionary (-0.9%) and technology (-0.9%) display comparable losses to the S&P 500.

Meanwhile on the countercyclical side, the two smallest sectors by weight-telecom services (-0.5%) and utilities (-0.2%)-have shown relative strength while health care (-0.9%) and consumer staples (-0.8%) trade near the S&P 500.

Treasuries have built on their early gains with the 10-yr yield now down seven basis points at 2.12%.

The Job Openings and Labor Turnover Survey for January and the January Wholesale Inventories report (Briefing.com consensus -0.1%) will be released at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -16.50. Nasdaq futures vs fair value: -31.00. The stock market is on track for a sharply lower open as futures on the S&P 500 trade 17 points below fair value. Index futures have retreated throughout the night in a move that coincided with continued dollar strength that has the Dollar Index (98.38, +0.79) trading at a new 12-year high. The Index has inched away from its best level of the morning, but is still up 3.2% for the month and higher by 8.5% since the end of 2014.

The continued strength has been problematic for the earnings outlook among U.S. multinational companies while also putting a squeeze on overseas entities that conduct their dealings in dollars.

Greenback strength has also pressured commodities with crude oil trading lower by 1.5% at $49.25/bbl. On a related note, the energy sector is likely to be among the early laggards as Chevron (CVX 102.65, -1.00), ExxonMobil (XOM 84.62, -0.54), and Halliburton (HAL 41.09, -0.90) hold pre-market losses between 0.6% and 2.1%.

In other corporate news, Qualcomm (QCOM 74.05, +1.34) is on track to open higher by 1.9% after announcing a $15 billion repurchase program and increasing its cash dividend to $0.48/share from $0.42/share.

Treasuries hover near their highs with the 10-yr yield down five basis points at 2.14%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -16.50. Nasdaq futures vs fair value: -30.30. The S&P 500 futures trade 17 points below fair value.

Markets in the Asia Pacific region were mostly lower following some mixed inflation data out of China that was highlighted by a 4.8% year-over-year decline in producer prices.

In economic data:
China's February CPI +1.2% month-over-month (expected 0.8%; prior 0.3%); +1.4% year-over-year (consensus 0.9%; last 0.8%) while PPI -4.8% year-over-year (expected -4.3%; prior -4.3%)
Japan's Machine Tool Orders +28.9% year-over-year (previous +20.4%)
Indonesia's January Retail Sales +10.4% year-over-year (prior +3.3%) o Australia's February NAB Business Confidence fell to 0 from 3

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Japan's Nikkei declined 0.7% after surrendering early gains. Weakness was paced by the basic materials (-1.2%), communications (-1.2%), and financial (-0.9%) sectors. Nippon Paper Industries (-4.4%), Inpex Corp (-3.6%), JGC Corp (-3.5%), Mitsui Engineering & Shipbuilding (-3.4%), and Aozora Bank (-3.3%) were the biggest decliners.
Hong Kong's Hang Seng dropped 0.9% and ended near its lows for the session. Losses were paced by the communications (-1.4%) and financial (-0.6%) sectors. Top losers included Galaxy Entertainment (-4.8%), Sands China (-3.7%), China Unicom Hong Kong (-3.3%), Lenovo Group (-3.0%), and China Resources Enterprise (-2.5%).
China's Shanghai Composite declined 0.5%, pulled lower by a weak outing from the financial sector. Bank of Beijing Co (-3.9%) was a notable loser along with Sinovel Wind Group (-5.0%), Hubei Xingfa Chemicals Group (-4.3%), China CNR Corp (-4.0%), and Changshu Fengfan Power Equipment Co (-3.8%).

Major European indices trade lower across the board with Spain's IBEX (-1.5%) leading the retreat. European yields have continued their slide to new record lows with Germany's 10-yr yield down almost six basis points at 0.22%.

Economic data was limited:
French January Industrial Production +0.4% month-over-month (expected -0.3%; last 1.4%)
Spain's Retail Sales +4.1% year-over-year (consensus 2.4%; last 6.5%)
Italy's January Industrial Production -0.7% month-over-month (expected 0.2%; previous 0.4%; -2.2% year-over-year (consensus 0.1%; prior 0.1%)

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France's CAC is lower by 1.0% with energy-related names pacing the weakness. Total and Technip are both down near 2.2%. Telecom name Orange leads with a gain of 3.8%.
Germany's DAX has given up 1.1% as 2/3 of the index trades in the red. Allianz, Commerzbank, and Deutsche Bank are all down between 0.7% and 1.1%. On the upside, Infineon Technologies trades higher by 0.9%
UK's FTSE trades down 1.3% with energy and mining names under notable pressure. Tullow Oil and BG Group are down 8.3% and 5.1%, respectively, while Antofagasta, BHP Billiton, and Fresnillo hold losses between 1.8% and 3.9%.
Spain's IBEX is down 1.5% amid broad weakness. Santander, Repsol, FCC, and Banco Popular have given up between 2.2% and 2.5%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -21.10. Nasdaq futures vs fair value: -40.30. U.S. equity futures remain pressured while the Dollar Index (98.37, +0.78) continues hovering near a fresh 12-year high that was established overnight. Including today's advance, the Index is now up 3.2% in March; higher by 8.5% since the end of 2014, and up more than 23.0% since the sharp rally began last July.

The continued greenback strength is leading to concerns about the earnings prospects of multinational companies while also putting pressure on overseas companies that conduct their dealings in dollars.

The strong dollar has also weighed on commodities, but crude oil has narrowed its gain to 0.4% at $49.80/bbl after testing the $49.50/bbl level earlier this morning.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -18.20. Nasdaq futures vs fair value: -32.30. U.S. equity futures trade sharply lower following a defensive overnight session that saw most Asian markets register losses. Similarly, equity indices across Europe trade lower across the board. The overnight weakness was brought on by continued dollar strength that has the Dollar Index (98.37, +0.78) trading at a new 12-year high. The S&P 500 futures trade 18 points below fair value.

The greenback strength has weighed on commodities with crude oil lower by 0.6% at $49.70/bbl and copper futures down 2.2% at $2.611/lb. Meanwhile, the 10-yr note holds a modest gain with its yield down two basis points at 2.17%.

The Job Openings and Labor Turnover Survey for January and the January Wholesale Inventories report (Briefing.com consensus -0.1%) will be released at 10:00 ET.

In U.S. corporate news of note:

Urban Outfitters (URBN 41.85, +2.34): +5.9% after beating bottom-line estimates and reporting revenue in-line with its warning from February 9.
Qihoo 360 Technology (QIHU 50.12, +2.50): +5.3% after beating estimates, issuing upbeat guidance, and announcing a $500 million buyback.
Qualcomm (QCOM 74.37, +1.67): +2.3% after announcing a $15 billion repurchase program and increasing its cash dividend to $0.48/share from $0.42/share.
Skyworks Solutions (SWKS 93.90, +1.79): +1.9% after it was reported the company will replace PetSmart (PETM 82.96, 0.00) in the S&P 500.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.5%, Japan's Nikkei -0.7%, and Hong Kong's Hang Seng -0.9%
In economic data:
China's February CPI +1.2% month-over-month (expected 0.8%; prior 0.3%); +1.4% year-over-year (consensus 0.9%; last 0.8%) while PPI -4.8% year-over-year (expected -4.3%; prior -4.3%)
Japan's Machine Tool Orders +28.9% year-over-year (previous +20.4%)
Indonesia's January Retail Sales +10.4% year-over-year (prior +3.3%)
Australia's February NAB Business Confidence fell to 0 from 3
In news:
China's CPI report included a 2.4% increase in food costs with the Stats Bureau citing holiday factors and a large increase in vegetable and fruit prices.

Major European indices trade lower across the board. Germany's DAX -0.8%, France's CAC -0.9%, and UK's FTSE -1.2%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -1.2%
Economic data was limited:
French January Industrial Production +0.4% month-over-month (expected -0.3%; last 1.4%)
Spain's Retail Sales +4.1% year-over-year (consensus 2.4%; last 6.5%)
Italy's January Industrial Production -0.7% month-over-month (expected 0.2%; previous 0.4%; -2.2% year-over-year (consensus 0.1%; prior 0.1%)
Among news of note:
European yields have continued their slide to new record lows with Germany's 10-yr yield down almost six basis points at 0.22%.

6:24 am: [BRIEFING.COM] S&P futures vs fair value: -14.90. Nasdaq futures vs fair value: -30.30.

6:23 am: [BRIEFING.COM] Nikkei...18665.11...-125.40...-0.70%. Hang Seng...23896.98...-226.10...-0.90%.

6:23 am: [BRIEFING.COM] FTSE...6836.74...-39.70...-0.60%. DAX...11519.06...-63.10...-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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