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 Post subject: March 18th Wednesday Trade Results - Profit $8735.00
PostPosted: Thu Mar 19, 2015 2:12 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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031815-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+8735.00.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 @ $110.00 dollars or +1.10 points, Emini ES ($ES_F) futures @ $8,625.00 dollars or +172.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $8,735.00 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=2030

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, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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


4:15 pm: [BRIEFING.COM] The stock market spent the first half of the Wednesday session in the red, but surged into the green following the latest policy statement from the Federal Open Market Committee. The S&P 500 settled higher by 1.2% with all ten sectors ending in the green.

Over the past few days, much of the discussion centered around today's FOMC Statement with participants speculating whether the central bank was going to remove its call for patience. Although the Fed took out "patient," the statement remained quite dovish as the Fed lowered its 2015 GDP forecast range to 2.3%-2.7% from 2.6%-3.0% that was expected in December. Furthermore, the central bank lowered its inflation forecast range to 0.6%-0.8% from 1.0%-1.6%.

Staying on the inflation theme, the committee noted that it needs to be "reasonably confident" that inflation will move back towards the 2.0% objective before hiking rates.

The S&P 500 spiked about 20 points immediately following the statement and continued its advance as the afternoon progressed. Similarly, Treasuries surged in reaction to the diminished likelihood of June rate hike with the 10-yr yield falling 10 basis points to 1.95%. The benchmark note continued its advance during electronic trading, pressuring its yield to the lowest level since early February (1.92%).

Conversely, the dovish tone weighed on the greenback, sending the Dollar Index (97.48, -2.11) lower by 2.2% to last week's levels. Notably, the euro jumped nearly 3.0% to 1.0900, and the pullback in the dollar gave a boost to commodities. Gold futures spiked 1.7% to $1168.20/ozt while crude oil rallied 3.0% to $44.77/bbl. In turn, the energy sector (+2.9%) finished the day in the lead while the utilities sector (+2.7%) led the countercyclical side.

The utilities sector solidified its spot atop this week's leaderboard (+4.3% week-to-date) while the top-weighted countercyclical group-health care (+1.3%)-settled in-line with the market. Interestingly, biotechnology struggled to keep pace with the iShares Nasdaq Biotechnology ETF (IBB 358.14, +1.89) climbing 0.6%. To be fair, the biotech ETF still managed to register its fifth consecutive gain while setting a fresh record high.

Switching back to the cyclical side, the top-weighted technology sector (+1.3%) finished just ahead of the broader market with Oracle (ORCL 44.13, +1.26) providing support. The sector heavyweight spiked 2.9% after reporting in-line earnings on below-consensus revenue; however, the company boosted its quarterly dividend by 25.0% to $0.15/share. In other sector earnings, Adobe (ADBE 76.89, -2.77) lost 3.5% after its cautious guidance for Q2 overshadowed a bottom-line beat.

Elsewhere, transport stocks underperformed after FedEx (FDX 173.30, -2.41) beat bottom-line estimates and guided below consensus estimates. Shares of FDX fell 1.4% while the broader Dow Jones Transportation Average added 0.4%. For its part, the industrial sector (+1.2%) settled in-line with the broader market.

Today's participation was ahead of average with more than 860 million shares changing hands at the NYSE floor.

Economic data was limited to the weekly MBA Mortgage Index, which fell 3.9% to follow last week's 1.3% decline.

Tomorrow, weekly Initial Claims (Briefing.com consensus 293K) and Q4 Current Account Balance (consensus -$105.00 billion) will be reported at 8:30 ET while February Leading Indicators (expected 0.2%) and March Philadelphia Fed Survey (consensus 6.9) will both be released at 10:00 ET.
Related Stories

Ready for Next Week's Fed Meeting? Expect Volatility Ahead TheStreet.com
InPlay from Briefing.com Briefing.com
U.S. stocks rally as Fed telegraphs cautious rate-hike plan MarketWatch
Live blog and video of the Federal Reserve decision and Janet Yellen press conference MarketWatch
U.S. stocks fall as investors brace for Fed statement MarketWatch

Nasdaq Composite +5.2% YTD
Russell 2000 +3.9% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average +1.4% YTD

3:35 pm: [BRIEFING.COM]

Following the Fed statement, the dollar index swiftly dropped to a new low for today, which provided support to select commodities
Gold and silver spiked as a result, while crude oil climbed higher
Apr gold closed pit trading $3.20 higher at $1151.10/oz, but rallied above $1172/oz after the Fed statement
May silver closed flat at $15.53/oz, but surged above $16/ox post-Fed
Natural gas was already up notably ahead of tomorrow's EIA weekly storage report
Apr nat gas closed $0.06 higher at $2.92/MMBtu
Copper, on the other hand, was in the red all day. May copper finished the session $0.08 lower at $2.56/lb, but rallied as high as $2.61/lb post-Fed

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.0% with one hour remaining in the session.

Fed Chair Janet Yellen is currently answering questions from media members as the FOMC press conference continues. During her remarks, Chair Yellen highlighted dollar strength as the main reason for low oil prices and low inflation. Furthermore, Ms. Yellen said she has not observed a pickup in wage growth just yet.

Treasuries have built on their gains with the 10-yr yield sliding to 1.95% (-10 bps).

2:30 pm: [BRIEFING.COM] The major averages have extended their gains with the S&P 500 now up 0.7%.

Going into today, investors were curious to see whether the Fed removes "patient" from its policy statement. Although the committee took out "patient," the statement can still be classified as dovish, considering the central bank reduced its growth and inflation forecasts. Furthermore, the committee noted that it needs to be "reasonably confident" that inflation will move back towards the 2.0% objective before hiking rates.

Like stocks, Treasuries have extended their gains with the 10-yr yield down eight basis points at 1.98%.

2:10 pm: [BRIEFING.COM] The Federal Reserve has just released its latest policy statement, which did not contain the call for continued patience ahead of the first rate hike. Although 'patient' was removed from the statement, the committee acknowledged that the economy has 'moderated somewhat.' As a result, the 2015 GDP forecast was reduced to 2.3% from 2.7%.

The cautious commentary on the economy has offset the impact of dropping the call for patience, which has helped equity indices surge into the green. The S&P 500 is now higher by 0.5%. Meanwhile, Treasuries jumped to new highs with the 10-yr yield down five basis points at 2.00%.

1:30 pm: [BRIEFING.COM] U.S. stocks have drifted lower in recent trade on sustained light volume as investors shows some angst ahead of the release of the Fed's policy directive at 14:00 ET.

The energy sector (+0.9%) continues to outperform despite a decline in WTI crude futures (-1.2% to $44.65/bbl [May Contract]). Strong gains can be seen in oil refiners through Tesoro (TSO 92.04, +2.90), Phillips 66 (PSX 76.74, +0.79), and Valero (VLO 60.92), +1.02). Elsewhere in the energy space, Whiting Petroleum (WLL 40.41, +2.79) shares are surging on renewed takeover speculation.

Also in equities, Starbucks (SBUX 94.25, -0.14) shares have bounced in recent trade after the company announced at its annual investor day that it will conduct a 2-for-1 stock split, and reaffirmed its Q2 guidance.

12:55 pm: [BRIEFING.COM] The major averages sport midday losses ahead of the 14:00 ET release of the latest policy statement from the Federal Open Market Committee. The Dow Jones Industrial Average (-0.6%) is the weakest performing index while the S&P 500 (-0.4%) and Nasdaq Composite (-0.3%) trade a little ahead.

Equity indices slipped at the start amid weakness in most sectors. Eight of ten groups continue holding losses at this juncture while energy (+0.6%) and utilities (+0.5%) outperform. The utilities sector has extended this week's gain to 2.0% while energy has rallied despite a 1.9% decline in crude oil. The energy component trades at $42.68/bbl, but has been able to climb off its low even though the Energy Information Administration's storage report showed a record inventory build last week.

Elsewhere, another cyclical sector-technology (-0.1%)-trades ahead of the broader market with Oracle (ORCL 43.92, +1.05) higher by 2.5% after reporting in-line earnings on below-consensus revenue and boosting its quarterly dividend by 25.0% to $0.15/share. In other tech earnings, Adobe (ADBE 76.13, -3.53) has given up 4.4% after beating estimates and guiding Q2 results on the low end of estimates.

The relative strength of the technology sector has helped the Nasdaq stay ahead of the broader market, but high-beta chipmakers and biotechnology names have struggled to keep pace. The iShares Nasdaq Biotechnology ETF (IBB 355.11, -1.14) is lower by 0.3% while the PHLX Semiconductor Index trades down 0.5%.

Treasuries hover near their best levels of the day with the 10-yr yield lower by three basis points at 2.02%. Meanwhile, the Dollar Index (99.27, -0.32) has recently slipped to a new low for the day. The index is lower by 0.3%, but more volatility is expected once the FOMC policy statement crosses the wires. If the Fed removes the reference to "patience" from its statement, it would not be surprising to see the greenback surge as investors prepare for an increased likelihood of a rate hike in the near term.

Today's economic data was limited to the weekly MBA Mortgage Index, which fell 3.9% to follow last week's 1.3% decline.

12:30 pm: [BRIEFING.COM] The Dow (-0.6%), Nasdaq (-0.3%), and S&P 500 (-0.4%) remain near their lows while the Russell 2000 (-0.1%) sits just below its flat line after climbing off its opening low.

Despite the recovery in the Russell 2000, eight sectors continue holding losses with consumer staples (-1.2%) and consumer discretionary (-0.8%) at the bottom of the leaderboard. Retail stocks have contributed to the underperformance of both sectors with the SPDR S&P Retail ETF (XRT 99.00, -0.79) trading lower by 0.8%.

On the upside, energy (+0.4%) and utilities (+0.5%) have traded ahead of the broader market since the early going and they continue trading in the green at this juncture.

11:55 am: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-0.4%) trading inside a ten-point range near its session low.

Elsewhere, the Dollar Index (99.40, -0.18) has returned to its worst level of the day, but some volatility is expected this afternoon when the Federal Open Market Committee releases its latest policy statement. If the Fed removes the reference to "patience" from the statement, it would not be surprising to see the greenback surge as investors prepare for the first rate hike.

That being said, even if the Fed drops the call for patience, it is likely to stress its intent to remain data-dependent.

11:30 am: [BRIEFING.COM] Equity indices continue hovering near their recent levels with the Nasdaq (-0.1%) trading a bit ahead of the S&P 500 (-0.3%).

The Nasdaq owes its outperformance to the relative strength within the technology sector (+0.1%). Top-weighted sector components like Apple (AAPL 127.75, +0.71), Microsoft (MSFT 41.99, +0.30), Facebook (FB 80.56, +1.20), and Oracle (ORCL 43.94, +1.07) hold gains between 0.5% and 2.5% while chipmakers have not been able to keep pace. The PHLX Semiconductor Index is lower by 0.4%.

Elsewhere, Treasuries sit near their highs with the 10-yr yield down three basis points at 2.02%.

10:55 am: [BRIEFING.COM] The S&P 500 (-0.3%) trades within five points of its session low while the Russell 2000 has narrowed its decline to 0.1%. Furthermore, the small-cap index has shown relative strength as of late and is now up 3.0% so far this quarter versus a 0.5% advance for the S&P 500.

Most sectors remain in negative territory while the utilities space has extended its advance to 0.8%. Meanwhile on the cyclical side, the energy sector (+0.3%) trades well ahead of other groups even though crude oil has given up 1.9% to $42.62/bbl. Earlier, the Energy Information Administration reported a record inventory build during the past week.

10:40 am: [BRIEFING.COM]

WTI crude oil futures have been in a downtrend and are currently down for the past seven consecutive sessions.
Following yesterday's API oil storage data, WTI crude extended losses even further.

This morning, those losses have stuck and the Apr contract fell as low as $44.03/barrel.
Following this morning's EIA data, May crude spiked to a new pit trading higher, but quickly reversed.
May crude is now -1.5% at $44.51/barrel
Nat gas is trading lower this morning. Apr contract is now -0.8% at $2.83/MMBtu
Copper has been weak all morning so far and is current trading 2.5% lower at $2.57/lb
Precious metals are in the red as well today. Apr gold is -0.1% at $1147.30/oz, while May silver is -0.6% at $15.49/oz

9:55 am: [BRIEFING.COM] The major averages remain near their early lows with the materials sector (-0.9%) showing relative weakness for the second consecutive day. Including today's decline, the growth-sensitive sector is now down 2.1% for the week. Steelmakers have pressured the sector with Cliffs Natural Resources (CLF 4.33, -0.21) trading lower by 4.6%.

Meanwhile, the other commodity-linked sector-energy-has given up 0.5% while crude oil trades lower by 2.6% at $42.31/bbl.

9:45 am: [BRIEFING.COM] The major averages began the day in the red with the Dow Jones Industrial Average (-0.5%) trailing the S&P 500 (-0.4%).

Eight of ten sectors display early losses with consumer staples (-0.7%), materials (-0.7%), and industrials (-0.7%) pacing the retreat. Meanwhile, telecom services (+0.2%) and utilities (+0.1%) hover just above their flat lines.

Notably, the industrial sector has been pressured by transport stocks, and specifically, FedEx (FDX 172.37, -3.34). The logistics company trades lower by 1.9% after beating bottom-line estimates and guiding below consensus expectations. For its part, the broader Dow Jones Transportation Average is lower by 0.9%.

Treasuries remain near their best levels of the morning with the 10-yr yield lower by three basis points at 2.02%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -10.30. The stock market is on track for a lower open with futures on the S&P 500 trading seven points below fair value.

Index futures slumped from their overnight highs alongside European equities and they remain close to their lowest levels of the morning. With the FOMC policy statement scheduled for a 14:00 ET release, it would not be all that surprising to see the market trade within a narrow range until then. Meanwhile, Treasuries hold gains with the 10-yr yield lower by almost four basis points at 2.02%.

Staying on the central bank theme, Sweden's Riksbank lowered its repurchase rate by 15 basis points to -0.25% and announced plans to buy government bonds in the amount of SEK30 billion. The announcement took place within the past 30 minutes, representing yet another easing move.

The U.S. Dollar Index (99.77, +0.17) held a modest loss during overnight action, but now trades higher by 0.2%.

On the corporate front, FedEx (FDX 172.15, -3.56) is lower by 2.0% in pre-market after beating bottom-line estimates and guiding below consensus estimates while Oracle (ORCL 43.80, +0.93) is on track for a higher start despite missing revenue estimates; however, the company increased its quarterly dividend by 25.0% to $0.15/share.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -12.60. The S&P 500 futures trade seven points below fair value.

There was a mixed showing from markets in the Asia-Pacific region, but the buying momentum continued in the Nikkei (+0.6%) and the Shanghai Composite (+2.1%), which registered new multi-year highs. Over the last one month, the Nikkei has risen 8.7% while the Shanghai Composite has surged 10.2%.

In economic data:
China's February House Prices -5.7% year-over-year (previous -5.1%)
Japan's February traded deficit widened to JPY640 billion from JPY410 billion (expected deficit of JPY1.21 trillion) as imports fell 3.6% (consensus 3.1%; last -9.0%) and exports increased 2.4% (consensus 0.3%; prior 17.0%)
South Korea's February Unemployment Rate jumped to 3.9% from 3.4% (consensus 3.4%)

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Japan's Nikkei increased 0.6% and ended at its highs for the day. The advance was led by the industrial (+1.1%) and financial (+0.9%) sectors. Top percentage gainers included Mitsumi Electric Co (+7.8%), Taiyo Yuden Co (+7.3%), Alps Electric Co (+6.4%), Sony Corp (+5.4%), and Yamaha Corp (+5.0%). Among the 225 Nikkei members, 147 closed up, 68 closed down, and 10 were unchanged.
Hong Kong's Hang Seng jumped 0.9%, paced by gains in all sectors. The consumer cyclical (+1.5%, communications (+1.4%), and energy (+1.2%) sectors were the best-performing areas. The index was led by China Resources Enterprise (+4.6%), Kunlun Energy Corp (+3.5%), and Galaxy Entertainment (+2.2%). Among the 50 Hang Seng members, 41 ended higher, 8 ended lower, and 1 was unchanged.
China's Shanghai Composite increased 2.1% and is now up 8.1% in March alone. Buying interest was broad-based and was spurred by speculation further monetary policy stimulus will be provided after a report showed house prices declined 5.7% in February versus a 5.1% decline in January.

Major European indices trade mostly lower with Italy's MIB (-1.0%) trailing the region. Elsewhere, The Bank of England released the minutes from its latest policy meeting, revealing that all nine voting members remained firmly entrenched in the 'no change' camp. Also of note, Sweden's Riksbank has cut its repurchase rate by 0.15% to -0.25% and announced it will purchase government bonds in the amount of SEK30 billion.

Participants received several data points:
Eurozone January trade surplus narrowed to EUR7.90 billion from EUR23.90 billion (expected surplus of EUR15.00 billion)
UK's Claimant Count declined by 31,000 (consensus -30,000; last -39,400) while the Unemployment Rate held at 5.7% (consensus 5.6%). Separately, January Average Earnings Index + Bonus +1.8% (expected 2.25; prior 2.1%)
Italy's January trade surplus narrowed to EUR220 million from EUR5.77 billion (expected surplus of EUR4.32 billion)

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UK's FTSE is higher by 0.9% with financials showing strength. Standard Chartered, Land Securities Group, and Aberdeen Asset Management are up between 1.2% and 6.9%. On the downside, miners lag with Antofagasta, Fresnillo, and Rio Tinto showing losses between 0.8% and 2.1%.
In France, the CAC is lower by 0.1%. Industrials lag with Renault, Legrand, and Alstom falling between 1.0% and 4.0%. Meanwhile, Lafarge is the top performer, up 5.8%, as the company tries to save its merger with Holcim from falling through.
Germany's DAX has given up 0.8% with 2/3 of the index trading in the red. Exporters BMW, Daimler, and Volkswagen display losses between 2.4% and 3.9%.
Italy's MIB is lower by 1.0% with Banca di Milano Scarl, Banco Popolare, Intesa Sanpaolo, Unicredit, and BMPS down between 2.2% and 3.6%.

8:25 am: [BRIEFING.COM] S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -13.30. U.S. equity futures remain near their lowest levels of the morning with S&P 500 futures eight points below fair value.

Investors have received a handful of noteworthy earnings reports this morning, but those results have not been able to provide support so far. In the technology sector, Adobe (ADBE 76.50, -3.16) reported better than expected results, but issued uninspiring guidance for Q2. Meanwhile, Oracle (ORCL 43.80, +0.93) is on track for a higher start despite missing revenue estimates; however, the company increased its quarterly dividend by 25.0% to $0.15/share.

Elsewhere, Treasuries continue holding gains with the 10-yr yield down almost three basis points at 2.03%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -14.10. U.S. equity futures trade near their pre-market lows amid cautions action overseas. The S&P 500 futures hover eight points below fair value after sliding from highs at the start of the European session. Today's main event will be the 14:00 ET release of the latest policy statement from the FOMC with participants eager to see whether the Fed maintains its call for staying patient ahead of the first rate hike.

On a related note, the Dollar Index (99.52, -0.06) is little changed after spending the night in a narrow range, but that has not stopped crude oil from trading lower by 2.3% at $42.46/bbl.

The weekly MBA Mortgage Index fell 3.9% to follow last week's 1.3% decline.

Treasuries hold modest gains with the 10-yr yield lower by three basis points at 2.03%.

In U.S. corporate news of note:

Adobe Systems (ADBE 76.00, -3.66): -4.6% after beating estimates and guiding Q2 results on the low end of estimates.
FedEx (FDX 172.40, -3.31): -1.9% after beating bottom-line estimates and guiding below consensus estimates.
General Mills (GIS 52.99, +0.94): +1.8% in reaction to better than expected earnings.
Oracle (ORCL 43.50, +0.63): +1.5% following in-line earnings on below-consensus revenue. The company boosted its quarterly dividend by 25.0% to $0.15/share.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.6%, Hong Kong's Hang Seng +0.9%, and China's Shanghai Composite +2.1%.
In economic data:
China's February House Prices -5.7% year-over-year (previous -5.1%)
Japan's February traded deficit widened to JPY640 billion from JPY410 billion (expected deficit of JPY1.21 trillion) as imports fell 3.6% (consensus 3.1%; last -9.0%) and exports increased 2.4% (consensus 0.3%; prior 17.0%)
South Korea's February Unemployment Rate jumped to 3.9% from 3.4% (consensus 3.4%)
In news:
China's House Prices registered their tenth consecutive monthly decline with prices in Shanghai falling 4.7%.

Major European indices trade mostly lower. UK's FTSE +0.7%, France's CAC -0.2%, and Germany's DAX -0.7%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX +0.2%.
Participants received several data points:
Eurozone January trade surplus narrowed to EUR7.90 billion from EUR23.90 billion (expected surplus of EUR15.00 billion)
UK's Claimant Count declined by 31,000 (consensus -30,000; last -39,400) while the Unemployment Rate held at 5.7% (consensus 5.6%). Separately, January Average Earnings Index + Bonus +1.8% (expected 2.25; prior 2.1%)
Italy's January trade surplus narrowed to EUR220 million from EUR5.77 billion (expected surplus of EUR4.32 billion)
Among news of note:
The Bank of England released the minutes from its latest policy meeting, revealing that all nine voting members remained firmly entrenched in the 'no change' camp.

5:45 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.00.

5:45 am: [BRIEFING.COM] Nikkei...19544.48...+107.50...+0.60%. Hang Seng...21120.08...+218.60...+0.90%.

5:45 am: [BRIEFING.COM] FTSE...6864.93...+27.30...+0.40%. DAX...11933.51...-44.30...-0.40%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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