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 Post subject: March 23rd Monday Trade Results - No Trades
PostPosted: Tue Mar 24, 2015 3:34 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)

Quote:
No trades due to personal day off from the markets to rest and relax.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($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 @ $0.00 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=2033

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.

Attachment:
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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 began the trading week on a sleepy note. The Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) surrendered their slim gains during the final hour while the Nasdaq Composite settled lower by 0.3% after lagging throughout the session.

Equity indices spent the entire Monday session near their flat lines while the Dollar Index (96.86, -1.05) extended its retreat that began late last week. The index fell 1.1% with the greenback giving up 1.4% to the euro (1.0966). The single currency rallied in the morning and saw little afternoon reaction to a joint press conference held by German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras. The two leaders did not provide any specifics about their earlier meeting, suggesting the two sides remain at odds with regard to finding a sustainable solution for Greece.

Today's dollar pullback was a supportive factor for crude oil as the energy component climbed off its overnight low ($45.35/bbl) to end higher by 1.8% at $47.44/bbl. WTI crude spent the bulk of the day near its flat line, but spiked ahead of the pit close without any headlines to account for the move.

Interestingly, the energy sector (-0.2%) began among the leaders, but retreated steadily throughout the session. As for other cyclical groups, technology (+0.1%) and consumer discretionary (-0.1%) outperformed while financials (-0.4%) and industrials (-0.8%) struggled.

The industrial sector was pressured by transport stocks after Kansas City Southern (KSU 106.48, -9.21) lowered its guidance. The company cited slower year-to-date carload growth, devaluation of the Mexican peso against the dollar, and lower fuel surcharge revenue as reasons for the reduced outlook. Shares of KSU plunged 8.0% while the broader Dow Jones Transportation Average lost 2.0%.

On the flip side, the technology sector was underpinned by its top component-Apple (AAPL 127.21, +1.31)-and a spate of other large cap names while high-beta chipmakers lagged. NVIDIA (NVDA 22.71, -0.76) was a notable laggard, falling 3.2%, after Goldman Sachs downgraded the stock to 'Sell.' For its part, the PHLX Semiconductor Index lost 1.0%.

Furthermore, the relative weakness among chipmakers contributed to the underperformance of the Nasdaq Composite. The tech-heavy index had to contend with broad-based losses in the biotech space after Vertex Pharmaceuticals (VRTX 125.79, -5.21) reported below-consensus results from one of its trials while Gilead Sciences (GILD 100.26, -2.03) was clipped after Bloomberg reported that some patients who had been taking Gilead's hepatitis C drugs in combination with certain heart drugs have developed complications. Vertex and Gilead lost 4.0% and 2.0%, respectively while iShares Nasdaq Biotechnology ETF (IBB 358.28, -8.24) settled lower by 2.3%.

Biotechnology also weighed on the health care sector, keeping the group in-line with the market. The remaining countercyclical sectors displayed relative strength with utilities (+0.1%), telecom services (+0.1%), and consumer staples (+0.3%) ending ahead of the broader market.

Treasuries settled on their highs with the 10-yr yield down three basis points at 1.91%.

Today's participation was below average with roughly 716 million shares changing hands at the NYSE floor.

Economic data was limited to existing home sales for February, which increased 1.2% from January to an annualized rate of 4.88 million units (Briefing.com consensus 4.90 million).

Supply problems continue exerting downward pressure on home sales. Inventories remained at a 4.6 months' supply at the current sales rate for the second consecutive month. During normal periods of market activity, inventories are generally maintained at 6.0 months' supply.

Tomorrow, February CPI (Briefing.com consensus 0.2%) and core CPI (consensus 0.1%) will be released at 8:30 ET while the FHFA Housing Price Index will cross at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the New Home Sales report for February (consensus 465K).

Nasdaq Composite +5.8% YTD
Russell 2000 +5.1% YTD
S&P 500 +2.2% YTD
Dow Jones Industrial Average +1.6% YTD

3:35 pm: [BRIEFING.COM]

Copper surged 2.5% higher here in late-day trade, rising as high as $2.88/lb
In pit trade, May copper closed the day $0.03 higher at $2.79/lb
WTI crude oil futures rallied into the close, rising as high as $47.61/barrel
Crude held most of those gains, closing $0.86 higher at $47.44/barrel
Nat gas was in the red all day with the Apr contract losing $0.06 at $2.73/MMBtu
Precious metals continue to climb higher in electronic trade
Apr gold rose $3.20 in pt trade to $1187.70/oz and is now at $1190.40/oz
Meanwhile, May silver gained $0.03 to $16.90/oz and is now at $17.10/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.1% with one hour remaining in the session.

The benchmark index has spent the entire day near its flat line even though eight sectors have held gains throughout the session. However, the daylong underperformance among financials (-0.1%), industrials (-0.5%), and biotech names has prevented the S&P 500 from taking out its early high.

Notably, the underperformance in the biotech group has kept the Nasdaq anchored to its flat line throughout the day. The index enters the final hour of action within a point of its flat line after spending the afternoon in a ten-point range.

On a separate note, crude oil has spiked into the pit close, settling higher by 1.8% at $47.44/bbl.

2:25 pm: [BRIEFING.COM] Recent action saw the Nasdaq Composite (+0.1%) climb to a fresh high while the S&P 500 (+0.3%) remains a couple points below its best level of the session.

Meanwhile, the Dollar Index (97.09, -0.82) retreated through the morning and continues trading near its low with the euro holding a 120-pip gain against the greenback. The pair currently trades near 1.0940, seeing little reaction to a joint press conference held not long ago by German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras. The two leaders did not provide any specifics regarding their earlier meeting, suggesting the two sides remain at odds as the negotiation process wears on.

Elsewhere, Treasuries sit on their lows with the 10-yr yield down two basis points at 1.91%.

1:55 pm: [BRIEFING.COM] Equity indices continue drifting inside narrow ranges.

Today's economic data highlighted the inventory problems that currently plague the existing home sector.

Existing home sales increased 1.2% in February to 4.88 mln from an unrevised 4.82 mln in January. The Briefing.com Consensus expected existing home sales to increase to 4.90 mln.

Supply problems continue to keep downward pressure on home sales. Inventories remained at a 4.6 months' supply at the current sales rate for a second consecutive month. During normal periods of buying and selling, inventories are generally maintained at 6.0 months' supply.

The lack of inventory continued to push up prices. The median existing home price increased 7.5% year-over-year in February to $202,600. That was the 36th consecutive month of year-over-year price increases.

While the price gains are good for homeowners, it makes it more difficult for first-time buyers to enter the market. First-time home buyers accounted for only 29% of purchases in February. That was up from 28% in January, but well below normal (40%) market conditions.

1:30 pm: [BRIEFING.COM] The major U.S. indices remain mixed at this time with the Nasdaq stuck in negative territory. Following the slight uptick in activity on Friday due to quadruple witching, volume has dropped back off and remains notably light to start this week. News flow should remain quiet until Alcoa (AA 13.10, +0.13) unofficially kicks off Q1 earnings season when they report on April 8th.

Despite weakness in Health Care, which can be observed through a 2% decline in the iShares Nasdaq Biotech Index (IBB 358.62, -7.90), Pfizer (PFE 35.28, +1.03) is trading at new decade highs following a price target lift this morning to $45 per share at Jefferies. Elsewhere in equities, Apple (AAPL 127.54, +1.64) shares are also outperforming after an analyst at Cantor Fitzgerald raised their price target on the name to a new street high of $180, which implies the tech giant would bolster a market cap greater than $1 trillion.

After recovering from early weakness following comments from a Saudi Oil Minister, WTI crude futures (+0.08 to $46.65) has surrendered its gains and is flat ahead of the pit close.

12:55 pm: [BRIEFING.COM] The major averages hover near their flat lines at midday with the Dow (+0.3%) and S&P 500 (+0.1%) showing modest gains while the Nasdaq Composite (-0.1%) has spent the first half in negative territory.

Equity indices began the new week on a subdued note with the Dollar Index (97.11, -0.80) extending the pullback that began last week. The Index is currently lower by 0.8% with the greenback surrendering 1.0% to the euro (1.0930).

Today's dollar weakness has helped crude oil erase its overnight loss. The energy component trades higher by 0.6% at $46.84/bbl after testing the $45.50/bbl area during the early morning hours. Meanwhile, the energy sector (+0.4%) trades just ahead of the broader market.

Similar to energy, other cyclical sectors like consumer discretionary (+0.3%) and technology (+0.4%) outperform while financials (-0.1%) and industrials (-0.4%) lag.

Industrials have struggled amid weakness in the Dow Jones Transportation Average (-1.5%) after Kansas City Southern (KSU 106.31, -9.38) lowered its guidance. The company cited slower year-to-date carload growth, devaluation of the Mexican peso against the dollar, and lower fuel surcharge revenue as reasons for the reduced outlook.

Meanwhile, the top-weighted technology sector has been boosted by its top component-Apple (AAPL 127.45, +1.55)-which has added 1.2%. Most other large cap components sport slimmer gains while chipmakers lag after Goldman Sachs downgraded NVIDIA (NVDA 22.81, -0.66) to 'Sell.' Shares of NVDA have slid 2.8% while the PHLX Semiconductor Index has given up 0.6%.

The relative strength of the technology sector has proven insufficient in keeping the Nasdaq out of the red. Biotechnology has kept the index under pressure after Vertex Pharmaceuticals (VRTX 125.94, -5.06) reported below-consensus results from one of its trials while Gilead Sciences (GILD 100.73, -1.56) has retreated after Bloomberg reported that some patients who had been taking Gilead's hepatitis C drugs in combination with certain heart drugs have developed complications. The two names hold respective losses of 3.8% and 1.5% while iShares Nasdaq Biotechnology ETF (IBB 359.57, -6.95) trades lower by 1.9%.

Treasuries sit on their highs with the 10-yr yield down two basis points at 1.91%.

Economic data was limited to existing home sales for February, which increased 1.2% from January to an annualized rate of 4.88 million units (Briefing.com consensus 4.90 million).

Supply problems continue exerting downward pressure on home sales. Inventories remained at a 4.6 months' supply at the current sales rate for the second consecutive month. During normal periods of market activity, inventories are generally maintained at 6.0 months' supply.

12:20 pm: [BRIEFING.COM] Equity indices remain near their flat lines with the S&P 500 (+0.1%) trading in the lower half of today's trading range.

Eight sectors continue showing gains, but the two decliners-financials (-0.2%) and industrials (-0.4%)-represent nearly 30.0% of the entire market, which makes their underperformance notable. Furthermore, the top-weighted countercyclical sector-health care (unch)-has struggled to pull away from its flat line amid continued weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 359.45, -7.07) is lower by 1.9%, which has kept the Nasdaq under pressure.

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 (+0.1%) slip into the middle of its trading range.

The industrial sector (-0.4%) remains at the bottom of the leaderboard while another cyclical sector-financials (-0.2%)-has recently dipped into the red. Meanwhile, the remaining cyclical groups trade in-line with or ahead of the S&P 500.

The top-weighted tech sector (+0.3%) outperforms with shares of Apple (AAPL 127.29, +1.39) trading higher by 1.1%. However, high-beta chipmakers lag after Goldman Sachs downgraded NVIDIA (NVDA 22.84, -0.63) to 'Sell' from 'Neutral.' Shares of NVDA trade lower by 2.7% while the broader PHLX Semiconductor Index trades down 0.5%.

11:25 am: [BRIEFING.COM] The Dow (+0.3%) and S&P 500 (+0.2%) continue holding slim gain while the Nasdaq Composite remains near its flat line.

Biotechnology has pressured the Nasdaq Composite since the early going and that remains the case at this juncture with the iShares Nasdaq Biotechnology ETF (IBB 360.84, -5.68) trading lower by 1.6%. However, the health care sector (+0.2%) trades in-line with the broader market after climbing off its opening low.

Elsewhere, Treasuries have slid from their highs with the 10-yr yield returning to unchanged on the session (1.93%).

10:55 am: [BRIEFING.COM] The S&P 500 (+0.2%) hovers near its morning high with eight sector showing gains while materials (-0.1%) and industrials (-0.4%) lag.

The industrial sector has been pressured by the Dow Jones Transportation Average, which trades lower by 1.3%. Most notably, Kansas City Southern (KSU 107.10, -8.59) has given up 7.4% after lowering its 2015 guidance. The company cited slower year-to-date carload growth, devaluation of the Mexican peso against the dollar, and lower fuel surcharge revenue as reasons for the reduced outlook.

On the flip side, the energy sector (+0.6%) remains in the lead while crude oil trades higher by 0.8% at $46.94/bbl after spiking off its morning low.

10:35 am: [BRIEFING.COM]

The dollar index has been sliding lower today, which has provided price support to select commodities.
WTI crude oil prices has been in rally-mode in early trade with the May contract rising as high as $47.22/barrel, well off today's earlier low of $45.33/barrel.
In current trade, May crude is +0.6% at $46.85/barrel.
Natural gas futures have been in the red all day so far. Apr NG is now -2.7% at $2.71/MMBtu
Gold and silver has been climbing higher in recent trade as the dollar index continue to trade lower (still near its LoD)
Apr gold is now +0.1% at $1185.50/oz, while May silver is +0.3% at $16.93/oz
May copper has been higher all morning, now +0.6% at $2.78/lb.

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.1%.

Just released, existing home sales for February were reported to have increased 1.2% from January to an annualized rate of 4.88 million units (Briefing.com consensus 4.90 million).

9:40 am: [BRIEFING.COM] The major averages began the day on a mixed note. The S&P 500 (+0.2%) hovers just above its flat line with eight sectors showing early gains while the Nasdaq Composite (-0.1%) has been pressured by biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 358.72, -7.80) trades lower by 2.1% with Vertex Pharmaceuticals (VRTX 123.30, -7.70) down 5.8% after releasing results from one of its studies. In addition, Gilead Sciences (GILD 100.98, -1.31) has given up 1.2% after Bloomberg reported that some patients who had been taking Gilead's hepatitis C drugs in combination with certain heart drugs have developed complications. Meanwhile, the broader health care sector trades lower by 0.4%.

On the upside, the energy sector trades higher by 0.7% while crude oil is up 0.3% at $46.70/bbl after climbing off its morning low.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -2.80. The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value. Index futures have spent some time on each side of their flat lines, slipping to lows after markets in Europe opened for action. However, the early weakness was short-lived and futures have been able to return to unchanged while markets in Europe remain pressured.

Last week, the Dollar Index (97.29, -0.62) registered its first decline in five weeks and the greenback is surrendering ground to its peers once again today. Most notably, the euro is higher by 0.8% at 1.0905 (+85 pips) while the yen has added 0.1% (16 pips) against the dollar (119.87).

The euro could remain active as Greek Prime Minister Alexis Tsipras is scheduled to meet German Chancellor Angela Merkel in Berlin today in an attempt at creating a sustainable solution to Greece's problems. Also of note, the Financial Times has obtained a copy of a letter sent by Mr. Tsipras to Ms. Merkel, in which the Greek premier warns that Athens could miss its impending debt payments.

Domestically, corporate news has been relatively light, but the biotech space is likely to struggle early as Gilead Sciences (GILD 100.15, -2.14) trades lower by 2.1% in pre-market after Bloomberg reported that some patients who had been taking Gilead's hepatitis C drugs in combination with certain heart drugs have developed complications.

Treasuries hold modest gains with the 10-yr yield lower by a basis point at 1.92%.

The Existing Home Sales report for February (Briefing.com consensus 4.90 million) will be released at 10:00 ET.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -5.40. The S&P 500 futures trade two points below fair value.

Monday produced a mixed showing from markets in the Asia-Pacific region, with many of the smaller regional markets ending lower. Singapore, which finished little changed, was in the spotlight following news of the death of former prime minister and founding father Lee Kuan Yew. China's Shanghai Composite continued its hot streak, logging its ninth straight gain (+2.0%). Japan's Nikkei, meanwhile, tacked on 1.0% and is within striking distance of topping the 20,000 level.

In economic data:
New Zealand's Q1 Westpac Consumer Sentiment rose to 117.4 from 114.8
Singapore's February CPI accelerated to -0.3% from -0.4% year-over-year (expected -0.2%)

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Japan's Nikkei increased 1.0%, led by strength in the consumer non-cyclical (+1.9%), consumer cyclical (+1.2%), and basic materials (+1.0%) sectors. The financial sector was flat. Eisai Co (+20.7%) led all gainers following a brokerage upgrade of the stock. SCREEN Holdings CO (+6.6%), Aeon Co (+5.0%), Sharp Corp (+4.6%), and Suzuki Motor Corp (+4.5%) followed next in line. Out of the 225 index members, 155 closed higher, 62 ended lower, and 8 finished unchanged.
Hong Kong's Hang Seng increased 0.5%, bolstered by strength in the technology (+3.0%), communications (+1.5%), and financial (+0.9%) sectors. Sino Land Co (+4.9%), China Resources Land Ltd (+3.2%), China Overseas Land & Investment (+3.2%), Lenovo Group (+3.0%), and Hong Kong Exchanges and Clearing (+2.9%) were the biggest individual gainers. Out of the 50 index members, 23 closed higher, 26 ended lower, and 1was unchanged.
China's Shanghai Composite increased 2.0% and finished at its high for the day in a move that saw all sectors increase. Monday marked the ninth straight day of gains for the Composite. Over that stretch, it has increased 12.2% with speculation about added policy stimulus helping to power the advance.

Major European indices trade mostly lower with Germany's DAX (-1.2%) leading the retreat while Spain's IBEX (+0.2%) outperforms. Greek Prime Minister Alexis Tsipras is scheduled to meet with German Chancellor Angela Merkel in Berlin today in an attempt at creating a sustainable solution to Greece's problems. Also of note, the Financial Times has obtained a copy of a letter sent by Mr. Tsipras to Ms. Merkel, in which the Greek Premier warns that Athens could fail to meet its impending debt payments.

Economic data was limited:
UK's CBI Industrial Trends Orders fell to 0 from 10 (expected 9)

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UK's FTSE is lower by 0.1% with consumer names on the defensive. Burberry, Carnival, Intercontinental Hotels, and WM Morrison Supermarkets are down between 1.4% and 2.2%. On the upside, Standard Chartered has jumped 6.9% after receiving a pair of upgrades.
In France, the CAC trades down 0.8% with LVMH, Kering, and Essilor International showing losses between 1.7% and 2.5%. Meanwhile, financials outperform with BNP Paribas, Credit Agricole, and Societe Generale up between 0.5% and 1.0%.
Germany's DAX has slid 1.2% with exporters BMW and Daimler both down near 2.0%. On the flip side, financials Deutsche Bank and Commerzbank sport gains close to 1.0% apiece.
Spain's IBEX trades higher by 0.2% with Bankinter, BBVA, Caixabank, and Santander up between 0.5% and 2.0%.

8:25 am: [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -2.80. U.S. equity futures have spent the past hour in a steady climb off their lows, leaving S&P 500 futures little changed with respect to fair value.

Last week, the Dollar Index (97.35, -0.56) registered its first decline in five weeks and the greenback is surrendering ground to its peers once again today. Most notably, the euro is higher by 0.8% at 1.0905 (+85 pips) while the yen has added 0.2% (30 pips) against the dollar (119.77).

The early dollar weakness has not been able to support crude oil as the energy component trades lower by 1.2% at $46.04/bbl after hitting the $45.35/bbl level overnight.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -2.90. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover two points below fair value after climbing off their lows notched around the start of the European session.

Meanwhile, the Dollar Index (97.48, -0.43) is lower by 0.4% with the dollar giving way to the euro (+0.5%), which trades at 1.0880. Once again, dollar weakness has not prevented crude oil from sliding lower by 0.9% to $46.16/bbl.

Today's economic data will be limited to the Existing Home Sales report for February (Briefing.com consensus 4.90 million), which will be released at 10:00 ET.

Treasuries hold slim gains with the 10-yr yield lower by two basis points at 1.92%.

In U.S. corporate news of note:

Biogen (BIIB 471.00, -4.98): -1.1% after Stifel downgraded the stock to 'Hold' from 'Buy.'
Cliffs Natural Resources (CLF 4.40, +0.10): +2.3% after the company agreed to sell its chromite assets in Northern Ontario.
Genworth Financial (GNW 7.55, +0.17): +2.3% after Raymond James upgraded the stock to 'Strong Buy' from 'Outperform.'
Gilead Sciences (GILD 99.00, -3.29): -3.2% after Bloomberg reported that some patients who had been taking multiple drugs developed complications.
NVIDIA (NVDA 22.69, -0.78): -3.3% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.'

Reviewing overnight developments:

Asian markets ended mixed, but Hong Kong's Hang Seng (+0.5%), Japan's Nikkei (+1.0%), and China's Shanghai Composite (+2.0%) posted gains.
In economic data:
New Zealand's Q1 Westpac Consumer Sentiment rose to 117.4 from 114.8
Singapore's February CPI accelerated to -0.3% from -0.4% year-over-year (expected -0.2%)
In news:
China's Vice Premier Zhang Gaoli said his country has paid a price for rapid growth, which is not sustainable. He also called for more environmental regulation.

Major European indices trade lower across the board. UK's FTSE -0.1%, France's CAC -0.8%, and Germany's DAX -1.1%. Elsewhere, Italy's MIB -0.5% and Spain's IBEX is flat.
Economic data was limited:
UK's CBI Industrial Trends Orders fell to 0 from 10 (expected 9)
Among news of note:
Greek Prime Minister Alexis Tsipras is scheduled to meet with German Chancellor Angela Merkel today in an attempt at creating a sustainable solution to Greece's problems.

5:49 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -6.30.

5:49 am: [BRIEFING.COM] Nikkei...19754.36...+194.10...+1.00%. Hang Seng...24494.51...+119.30...+0.50%.

5:49 am: [BRIEFING.COM] FTSE...7010.9...-11.60...-0.20%. DAX...11905.65...-133.70...-1.10%.

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

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