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 Post subject: March 25th Wednesday Trade Results - Profit $3965.00
PostPosted: Wed Mar 25, 2015 8:13 pm 
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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)

Attachment:
032515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3965.00.png
032515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3965.00.png [ 82.99 KiB | Viewed 304 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $490.00 dollars or +4.90 points, Emini ES ($ES_F) futures @ $3,475.00 dollars or +69.50 points, Light Crude Oil CL ($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 @ $3,965.00 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=2035

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


4:10 pm: [BRIEFING.COM] The stock market registered its third consecutive decline on Wednesday with the S&P 500 ending lower by 1.5%. The benchmark index settled below its 50-day moving average (2,067) while the Nasdaq Composite (-2.0%) underperformed throughout the day.

The S&P 500 hovered near its flat line during the opening hour, but high-beta groups like biotechnology, chipmakers, and transport stocks began showing weakness early on and continued their retreat throughout the day. As a result, eight sectors settled in the red with five ending behind the benchmark index.

Most notably, the technology sector surrendered 2.7% with chipmakers enduring even more aggressive selling. All 30 components of the PHLX Semiconductor Index (-4.6%) finished in the red with ARM Holdings (ARMH 49.90, -3.31) and Lam Research (LRCX 72.75, -6.01) leading the slide with respective losses of 6.2% and 7.6% while heavyweight Intel (INTC 29.89, -0.90) tumbled 2.9%.

The sharp losses within the tech sector pressured the Nasdaq while biotechnology also weighed on the index. The iShares Nasdaq Biotechnology ETF (IBB 341.30, -14.65) slumped 4.1%, extending its week-to-date loss to 6.9%. Meanwhile, the health care sector (-1.8%) outperformed in the early going, but settled among the laggards. Shares of Merck (MRK 58.26, -0.37) contributed to the opening strength after announcing a new $10 billion share repurchase program, but ended lower by 0.5%. For its part, the health care sector narrowed its March gain to 0.8% while the remaining nine groups are down at least 1.1% for the month (consumer discretionary).

Elsewhere among countercyclical groups, the consumer staples sector (-0.2%) slipped into the red during the final hour, but still finished well ahead of the broader market thanks to a 34.9% surge in the shares of Kraft (KRFT 83.15, +21.83) after the company agreed to merge with H.J. Heinz. KRFT shareholders are expected to receive a special dividend of $16.50 when the deal closes.

Also of note, the industrial sector (-1.7%) lagged throughout the session amid broad weakness in transport stocks. The Dow Jones Transportation Average slid 2.0% to widen its Q1 decline to 4.6%. Airlines paced the retreat with four of five carriers losing more than 3.0%.

On the upside, the energy sector added 1.2% thanks to daylong strength in crude oil that sent the energy component higher by 3.5% to $49.19/bbl. WTI crude received a measure of support from dollar weakness as the Dollar Index (96.88, -0.32) slipped 0.3%.

Interestingly, Treasuries retreated alongside equities with the 10-yr yield climbing five basis points to 1.92%.

Economic data was limited to Durable Orders and MBA Mortgage Index:

Durable goods orders declined 1.4% in February after increasing a downwardly revised 2.0% (from 2.8%) in January while the Briefing.com consensus expected an increase of 0.4%
Aircraft orders, which played a major role in the overall orders increase for January, reversed direction in February. Total aircraft orders -- defense and nondefense -- declined 14.0% in February after increasing 68.1% in January
Excluding transportation, durable goods orders declined 0.4% in February after declining a downwardly revised 0.7% (from 0.0%) in January. The consensus expected these orders to increase 0.3%.
The weekly MBA Mortgage Index rose 9.5% to follow last week's 3.9% decline

Tomorrow, weekly Initial Claims (Briefing.com consensus 290K) will be reported at 8:30 ET.

Nasdaq Composite +3.0% YTD
Russell 2000 +2.4% YTD
S&P 500 +0.1% YTD
Dow Jones Industrial Average -0.6% YTD

3:35 pm: [BRIEFING.COM]

WTI crude oil futures rallied today in afternoon trading, climbing as high as $49.46/barrel
May crude finished today's pit trading session $1.66 higher at $49.19/barrel
However, oil is pulling back in electronic trade and is now +3% at $48.92/barrel
Natural gas futures remained consolidated after sliding lower this morning, ending today's session $0.07 lower at $2.74/MMBtu
Apr gold rose $5.70 today to $1197.20/oz, while May silver gained +$0.06 at $17.00/oz

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.9% with one hour remaining in the session. The benchmark index spent the early portion of the trading day near its flat line, but eventually gave in to the selling pressure.

Eight sectors enter the final hour in negative territory with losses between 0.5% (materials, utilities) and 2.0% (technology) while consumer staples (+0.3%) and energy (+1.9%) hold gains.

Interestingly, Treasuries have spent the entire cash session in a steady retreat, pushing the 10-yr yield higher by five basis points to 1.92%.

2:30 pm: [BRIEFING.COM] The major averages continue drifting near their lows with the Russell 2000 (-1.7%) and Nasdaq Composite (-1.6%) trading behind the S&P 500 (-0.8%).

The energy sector (+1.8%) remains in the lead thanks to a sharp rally in crude oil that has the energy component trading higher by 3.4% at $49.12/bbl going into the pit close.

On the downside, the technology sector (-1.9%) remains well behind its peers, widening its March decline to 3.1%.

1:55 pm: [BRIEFING.COM] Equity indices hover near their worst levels of the day.

The February durable goods data revealed more bad news in the manufacturing sector. Durable goods orders declined 1.4% in February after increasing a downwardly revised 2.0% (from 2.8%) in January. The Briefing.com Consensus expected durable goods orders to increase 0.4%.

Excluding transportation, durable goods orders declined 0.4% in February after declining a downwardly revised 0.7% (from 0.0%) in January. The consensus expected these orders to increase 0.3%.

Unfortunately, the weakness in manufacturing orders is not a one-off event.

Orders of nondefense capital goods excluding aircraft - a proxy for business investment - have declined for six consecutive months. On a more general basis, durable goods orders excluding transportation have declined for the past five consecutive months.

1:30 pm: [BRIEFING.COM] U.S. equities continue to push lower, setting new session lows in recent trade.

Despite the broad market weakness, the consumer staples sector (+0.1%) continues to outperform with a number of food names showing strong gains on the heels of the Kraft (KRFT 82.67, +21.35) & Heinz merger announcement. Some notable movers in the space include Hain Celestial (HAIN 64.45, +0.99), Pinnacle Foods (PF 40.59, +0.94), Mondelez (MDLZ 35.93, +0.92), and J M Smucker (115.20, +2.58)). Elsewhere, Tesla Motors (TSLA 194.36, -7.36) is on the defensive after an earlier downgrade to Underperform from Outperform at Credit Agricole.

WTI Crude futures (+2.7% to $48.40/bbl) have popped in recent action, setting new session highs, helping the energy sector (+1.4%) to outperform all other S&P sectors.

At the top of the hour, the Treasury auctioned off $35 bln in 5 year notes that drew a high yield of 1.387%. The auction had the lowest bid-to-cover ratio (2.35) for a 5-year auction in over four years.

1:00 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the S&P 500 (-0.9%) on track for its third consecutive decline.

The benchmark index spent the first 90 minutes of the trading day near its flat line before following the Nasdaq Composite (-1.7%) into negative territory. For its part, the tech-heavy has lagged since the opening bell amid notable weakness in high-beta groups like biotechnology and chipmakers.

At this juncture, the iShares Nasdaq Biotechnology ETF (IBB 343.03, -12.92) is lower by 3.6%, extending this week's loss to 6.4%. Meanwhile, the health care sector (-1.1%) trades a bit behind the broader market after showing relative strength in the early going. The influential sector owed its early strength to Merck (MRK 58.78, +0.15) after the drugmaker announced a new $10 billion buyback; however MRK has surrendered the bulk of its early gain.

Elsewhere, the largest sector by weight-technology (-1.9%)-has spent the day at the bottom of the leaderboard due to widespread weakness among chipmakers. All 30 components of the PHLX Semiconductor Index sport midday losses with the index dipping below its 50-day moving average for the first time since late January.

The technology sector is the only group that has given up more than 1.1% while energy (+1.2%) and consumer staples (+0.2%) remain in the green.

The energy sector has been underpinned by crude oil, which trades higher by 1.7% at $48.28/bbl. Dollar weakness has been a supportive factor for the energy component, but the 0.3% decline in the Dollar Index (96.90, -0.29) has not prevented stocks from sliding.

As for consumer staples, the sector has benefitted from a 36.4% surge in the shares of Kraft (KRFT 83.69, +22.39) after the company agreed to merge with H.J. Heinz. KRFT shareholders are expected to receive a special dividend of $16.50 upon completion of the deal.

Interestingly, Treasuries have retreated alongside equities with the 10-yr yield higher by a basis point at 1.89%.

Economic data was limited to Durable Orders and MBA Mortgage Index:

Durable goods orders declined 1.4% in February after increasing a downwardly revised 2.0% (from 2.8%) in January while the Briefing.com consensus expected an increase of 0.4%
Aircraft orders, which played a major role in the overall orders increase for January, reversed direction in February. Total aircraft orders -- defense and nondefense -- declined 14.0% in February after increasing 68.1% in January
Excluding transportation, durable goods orders declined 0.4% in February after declining a downwardly revised 0.7% (from 0.0%) in January. The consensus expected these orders to increase 0.3%.
The weekly MBA Mortgage Index rose 9.5% to follow last week's 3.9% decline

12:30 pm: [BRIEFING.COM] The major averages continue hovering near their recently-established lows with the S&P 500 down 0.9%. The benchmark index remains ahead of the Nasdaq (-1.6%) today after struggling to keep pace with the tech-heavy index since the start of the year.

However, the Nasdaq lags today since the index is largely made up of technology and biotech names-two groups that have faced the most aggressive selling today.

Similarly, high-beta transport stocks lag with the Dow Jones Transportation Average lower by 1.2% to extend its year-to-date decline to 3.7%. Meanwhile, the industrial sector (-1.1%) has given up 1.3% since the end of 2014.

12:00 pm: [BRIEFING.COM] Continued selling pressure has the Nasdaq Composite (-1.4%) and S&P 500 (-0.7%) trading at fresh lows for the day.

The technology sector (-1.7%) remains well behind other groups with chipmakers suffering broad-based losses. The PHLX Semiconductor Index has given up 3.3% today and now trades below its 50-day moving average, slipping below that level for the first time since late January.

Similarly, biotechnology has also been at the forefront of today's selling with the iShares Nasdaq Biotechnology ETF (IBB 345.64, -10.31) widening its decline to 2.9%.

11:25 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) make a brief appearance at its flat line before sliding to a fresh low for the day.

Only two sectors remain in the green at this juncture with energy (+1.1%) supported by a 0.7% increase in crude oil, which trades at $47.83/bbl, while the consumer staples sector (+1.1%) outperforms thanks to a 41.5% surge in the shares of Kraft Foods (KRFT 86.68, +25.33).

On the flip side, the largest sector by weight-technology-has widened its decline to 1.1% while the remaining decliners display losses of no more than 0.4% apiece.

Interestingly, the retreat in equities has been accompanied by selling activity in the Treasury market. The 10-yr yield is now higher by a basis point at 1.89%.

10:55 am: [BRIEFING.COM] The stock market remains pressured with the Nasdaq Composite now down 0.6%.

As mentioned earlier, the Nasdaq has suffered from weakness in the technology sector (-0.8%) as well as the high-beta biotech group. It is worth mentioning that chipmakers have weighed on the tech sector with the PHLX Semiconductor Index down 1.8%. AMD (AMD 2.65, -0.14) is the weakest performer in the group, down 5.0%, after UBS downgraded the stock to 'Sell.'

Similarly, biotechnology has slipped deeper into the red with the iShares Nasdaq Biotechnology ETF (IBB 349.53, -6.42) now down 1.8%. Including today's decline, the high-beta ETF is now down 4.6% for the week. However, the health care sector (unch) remains in a position of relative strength.

10:35 am: [BRIEFING.COM]

WTI crude oil futures have been climbing higher all morning but this came to a halt following the weekly EIA inventory data, which showed a larger-than-expected build
As a result, May crude oil initially dropped, erasing some gains.
May crude oil is now +0.5% at $47.76/barrel.
May nat gas has been in the red almost all day. In current trade, nat gas is -1.5% at $2.74/MMBtu
Gold has been climbing higher today, Apr gold is now +0.5% at $1197.60/oz.
May silver is +0.4% at $17.05/oz, while May copper is -0.6% at $2.79/lb

9:55 am: [BRIEFING.COM] Equity indices have extended their retreat from their opening highs with the Nasdaq widening its decline to 0.6%.

The tech-heavy index has followed the technology sector (-0.8%) while biotechnology has also pressured the index. The iShares Nasdaq Biotechnology ETF (IBB 351.65, -4.30) trades lower by 1.3% while the health care sector (-0.1%) remains in-line with the S&P 500 thanks to a 1.0% gain in the shares of Merck (MRK 59.15, +0.52) after the company announced a new $10 billion buyback.

9:40 am: [BRIEFING.COM] The major averages began the day with slim gains, but the Nasdaq Composite (-0.2%) was quick to surrender its opening advance. Meanwhile, the S&P 500 remains near its flat line with five sectors showing early gains.

Generally speaking, countercyclical sectors have displayed early strength with consumer staples (+0.8%), utilities (+0.6%), and health care (+0.3%) opening in positive territory.

As for cyclical sectors, energy (+0.9%) and materials (+0.3%) outperform while technology (-0.5%) and financials (-0.2%) have shown early weakness.

Elsewhere, Treasuries have ticked down from their highs, but they continue holding slim gains with the 10-yr yield lower by a basis point at 1.87%.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +13.90. The stock market is on track for a slightly higher open as futures on the S&P 500 trade three points above fair value. Futures on the benchmark index spent the night inside a six-point range, sliding to lows during the past 90 minutes.

The early downtick in futures has been accompanied by dollar weakness that has the Dollar Index (96.75, -0.45) trading lower by 0.5% with the greenback giving way to the euro (+0.6%), which trades near 1.0980. Meanwhile, crude oil has climbed out of the red and is currently higher by 0.4% at $47.65/bbl.

For its part, the Dollar Index set a fresh session low after the Durable Orders report for February came in below expectations (-1.4%; Briefing.com consensus 0.4%). The report showed widespread weakness with nearly every major sector registering a decline in orders. Only primary metals (+1.0%) and electrical equipment, appliances, and components (+4.1%) posted gains.

In general, pre-market action has been very quiet, but Kraft Foods (KRFT 82.50, +21.18) has surged 34.5% after agreeing to merge with H.J. Heinz Company. KRFT shareholders are expected to receive a special dividend of $16.50 when the deal closes.

Elsewhere, the health care sector is likely to see some early support from Merck (MRK 59.40, +0.77) after the Dow component announced a new $10 billion share repurchase program.

Treasuries hold modest gains with the 10-yr yield lower by a basis point at 1.86%.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +9.70. The S&P 500 futures trade two points above fair value.

It was another mixed showing from markets in the Asia-Pacific region on Wednesday as Wall Street's weak finish on Tuesday limited the bullish enthusiasm. China was the weak spot as the Shanghai Composite (-0.8%) saw its ten session winning streak come to an end.

In economic data:
Japan's Corporate Services Price Index +3.3% year-over-year, as expected
South Korea's Q4 GDP +0.3% quarter-over-quarter (expected +0.4%; prior +0.4%); +2.7% year-over-year, as expected
New Zealand's February trade deficit widened to NZD2.18 billion from NZD1.43 billion (expected deficit of NZD1.82 billion)

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Japan's Nikkei increased 0.2%, overcoming mid-session losses and ending near its high for the day. The basic materials (+0.9%), financial (+0.6%), and industrial (+0.2%) sectors were key sources of support. Sojitz Corp (+6.1%), Kajima Corp (+4.7%), and Ricoh Co (+4.7%) led individual gainers while Eisai Co (-5.4%) succumbed to profit taking and paced declining issues. Out of the 225 index members, 132 ended higher, 81 finished lower, and 12 were unchanged.
Hong Kong's Hang Seng increased 0.5% and is now up 4.4% year-to-date. The advance was underpinned by strength in the consumer non-cyclical (+2.9%), diversified (+1.7%), and financial (+0.9%) spaces. Hengan Intl (+5.4%), Sands China (+2.3%), and China Overseas Land & Investment Ltd (+2.3%) topped the list of individual winners. Out of the 50 index members, 30 ended higher, 18 finished lower, and 2 were unchanged.
China's Shanghai Composite declined 0.8%, ending its ten session winning streak. Financials were the major weak spot after Agricultural Bank of China checked in with disappointing earnings and noted that it increased its provision for bad loans. Sinopec Oilfield Services (-5.0%) and Loncin Motor Co (-4.9%) were the worst-performing stocks. Following Wednesday's retreat, the Shanghai Composite is up 13.2% year-to-date.

Major European indices trade lower across the board with Spain's IBEX (-1.0%) leading the retreat.

Participants received several data points:
Germany's Ifo Business Climate rose to 107.9 from 106.8 (expected 107.3) as Business Expectations improved to 103.9 from 102.5 (consensus 103.0) while Current Assessment rose to 112.0 from 111.3, as expected
UK's BBA Mortgage Approvals came in at 37,300 (expected 36,900; last 36,500)
French Business Survey slipped to 99 from 100, as expected
Spain's PPI -1.6% year-over-year (expected -1.8%; prior -2.8%)

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UK's FTSE is lower by 0.1% with financials on the defensive. Barclays has given up 2.9% after being downgraded by Investec while Standard Chartered and Admiral Group trade lower by 1.9% and 0.8%, respectively.
Germany's DAX has surrendered 0.6% with 2/3 of its components in the red. Technology names are among the weakest performers with SAP and Infineon Technologies both down near 1.1%. On the flip side, BMW and Volkswagen outperform with respective gains of 0.6% and 0.2%.
In France, the CAC trades down 0.8%. Hotel operator Accor is the weakest performer, down 3.4% after two of its largest shareholders reduced their holdings. Steelmaker ArcelorMittal outperforms, trading higher by 0.6%.
Spain's IBEX is lower by 1.0% amid broad weakness. Bankinter, BBVA, Banco Sabadell, ACS Construction, and FCC are down between 0.9% and 1.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +7.60. The S&P 500 futures trade within a point of fair value.

February durable goods orders fell 1.4%, which was worse than the 0.4% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 2.0% (from 2.8%). Excluding transportation, durable orders decreased 0.4% (consensus 0.3%) to follow the prior month's revised decline of 0.7% (from 0.0%).

7:54 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +8.20. U.S. equity futures trade little changed following a subdued overnight session. The S&P 500 futures hover within a point of fair value after trading within a five-point range.

Meanwhile, the Dollar Index (96.81, -0.38) trades lower by 0.4% after registering a modest uptick yesterday. The early dollar weakness has not helped crude oil from dipping into the red. The energy component is currently lower by 0.2% at $47.43/bbl.

The weekly MBA Mortgage Index rose 9.5% to follow last week's 3.9% decline.

One more data point remains with the Durable Orders report (Briefing.com consensus 0.4%) set to be released at 8:30 ET.

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 1.86%.

In U.S. corporate news of note:

Kraft Foods (KRFT 77.25, +15.93): +26.0% after agreeing to merge with H.J. Heinz Company. KRFT shareholders are expected to receive a special dividend of $16.50 when the deal closes.
Kofax (KFX 10.92, +3.42): +45.6% after agreeing to be acquired by Lexmark (LXK 44.00, +3.21) for $11/share in cash.
Merck (MRK 59.53, +0.90): +1.5% after announcing a new $10 billion share repurchase program.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.8%, Hong Kong's Hang Seng +0.5%, and Japan's Nikkei +0.2%.
In economic data:
Japan's Corporate Services Price Index +3.3% year-over-year, as expected
South Korea's Q4 GDP +0.3% quarter-over-quarter (expected +0.4%; prior +0.4%); +2.7% year-over-year, as expected
New Zealand's February trade deficit widened to NZD2.18 billion from NZD1.43 billion (expected deficit of NZD1.82 billion)
In news:
Bank of Japan Deputy Governor Kikuo Iwata said that reaching the 2.0% inflation target within two years is likely to present a major challenge

Major European indices trade lower across the board. UK's FTSE -0.2%, Germany's DAX -0.7%, and France's CAC -0.9%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -0.9%.
Economic data was limited:
Germany's Ifo Business Climate rose to 107.9 from 106.8 (expected 107.3) as Business Expectations improved to 103.9 from 102.5 (consensus 103.0) while Current Assessment rose to 112.0 from 111.3, as expected
UK's BBA Mortgage Approvals came in at 37,300 (expected 36,900; last 36,500)
French Business Survey slipped to 99 from 100, as expected
Spain's PPI -1.6% year-over-year (expected -1.8%; prior -2.8%)
Among news of note:
The European Central Bank is expected to review Greece's Emergency Liquidity Assistance allowance today after warning Greek banks not to increase their exposure to government debt

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +11.80.

5:50 am: [BRIEFING.COM] Nikkei...19746.20...+32.80...+0.20%. Hang Seng...24528.23...+128.60...+0.50%.

5:50 am: [BRIEFING.COM] FTSE...7024.34...+4.70...+0.10%. DAX...11971.99...-32.50...-0.30%.

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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