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 Post subject: March 26th Thursday Trade Results - No Trades
PostPosted: Thu Mar 26, 2015 9:19 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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=2036

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 major averages ended Thursday with modest losses after climbing off their opening lows. The S&P 500 shed 0.2% and settled below its 100-day moving average (2,057) while the Nasdaq Composite (-0.3%) underperformed.

Equity indices could not avoid registering their fourth consecutive decline, but they were able to avoid settling on their lows. Still, the benchmark index will enter the Friday session down 2.5% for the week.

The market began the day under pressure after overnight reports revealed that coalition forces from ten countries, led by Saudi Arabia, carried out air strikes against rebel forces in Yemen. This followed yesterday's reports indicating Yemen's President Hadi fled his country by sea.

The news gave a boost to the dollar, but the yen also rallied against its peers, which signaled caution among participants in the foreign exchange market. The Dollar Index (97.36, +0.38) gained 0.4% as the greenback spiked 0.8% against the euro, sending the single currency from a morning high near 1.1050 to 1.0880. For its part, the dollar/yen pair slipped 0.3% to 119.20 after testing the 118.50 level in the morning.

In addition, the latest developments in the Middle East led to concerns about potential disruptions to the energy market. As a result, crude oil surged 4.6% to $51.43/bbl. However, the energy sector (-0.2%) could not make it out of the red.

Meanwhile, the remaining cyclical sectors ended in mixed fashion. Consumer discretionary (-0.6%) and industrials (-0.3%) underperformed while materials (+0.2%) and technology (+0.1%) registered slim gains.

In the technology sector, large cap names like Apple (AAPL 124.24, +0.86), IBM (IBM 160.59, +1.39), and Oracle (ORCL 42.99, +0.06) gained between 0.1% and 0.9% while Accenture (ACN 94.17, +5.69) and Red Hat (RHT 75.36, +6.91) posted respective gains of 6.8% and 10.1% after beating estimates.

The tech sector managed to turn positive despite notable weakness among chipmakers that sent the PHLX Semiconductor Index lower by 1.4%. The industry group struggled after SanDisk (SNDK 66.20, -14.97) lowered its Q1 revenue guidance below analyst estimates.

Elsewhere, another high-beta group-biotechnology-pressured the market in the early going, but was able to return near its flat line by the end of the session. The iShares Nasdaq Biotechnology ETF (IBB 340.81, -0.49) will enter tomorrow's affair down 6.8% for the week.

Treasuries spent the day in a steady retreat from their early morning highs. The benchmark 10-yr yield spiked eight basis points to 2.01%.

Today's participation was above average with more than 808 million shares changing hands at the NYSE floor.

Economic data was limited to weekly initial claims, which declined to 282,000 from last week's unrevised 291,000 while the Briefing.com consensus expected a reading of 290,000.

After three weeks above 300,000, the 4-week moving average for initial claims has dropped below that threshold, suggesting the claims level is reestablishing a trend below 300,000.

Tomorrow, the third estimate of Q4 GDP will be released at 8:30 ET (Briefing.com consensus 2.4%) while the final reading of the Michigan Sentiment Index for March (consensus 92.0) will cross the wires at 10:00 ET.

Nasdaq Composite +2.7% YTD
Russell 2000 +2.3% YTD
S&P 500 -0.1% YTD
Dow Jones Industrial Average -0.8% YTD

3:40 pm: [BRIEFING.COM]

The dollar index rallied today off of its overnight lows, which weighed on some commodities
WTI rallied overnight on Saudi strikes in Yemen. May crude rallied as high as $52.48/barrel and closed the day $2.24 higher at $51.43/barrel
Nat gas held its losses today following its post-inventory sell-off. May nat gas ended today's session $0.05 lower at $2.69/MMBtu
Gold held gains, closing $7.70 higher at $1204.90/oz.
Meanwhile, May silver ended $0.14 higher to $17.14/oz. Copper slid lower all day as the dollar index gained strength, ultimately ending $0.02 higher at $2.81/lb

2:55 pm: [BRIEFING.COM] The major averages trade near their flat lines with one hour remaining in the session.

Equity indices have been able to climb off their opening lows, but extending into positive territory has proven challenging. The S&P 500 turned positive shortly after 13:30 ET, but was back near its flat line within the next 45 minutes. If the index remains near its current level into the close, it will enter tomorrow's session down 2.3% for the week and flat for the year.

Meanwhile, the Nasdaq has given up 3.1% this week, but remains higher by 2.8% for the first quarter.

2:25 pm: [BRIEFING.COM] Equity indices are back near their flat lines after slipping from their best levels of the session.

Seven of ten sectors trade in the green at this time while consumer discretionary (-0.2%), industrials (-0.1%), and consumer staples (-0.1%) remain below their flat lines. On the flip side, the telecom services sector (+0.6%) leads while materials (+0.4%) and technology (+0.3%) follow a bit behind.

Also of note, biotechnology lagged in the early going, but the iShares Nasdaq Biotechnology ETF (IBB 341.51, +0.21) has erased its loss after touching its 50-day moving average (333.19). Still, the high-beta ETF remains lower by 6.8% for the week.

1:55 pm: [BRIEFING.COM] The major averages hover near their best levels of the day.

Today's initial claims reading was a little better than expected. More importantly, the slightly softer labor market conditions that were seen earlier in the month seem to have dissipated.

The initial claims level decreased to 282,000 for the week ending March 21 from an unrevised 291,000 for the week ending March 14. The Briefing.com Consensus expected the initial claims level to decline to 290,000.

After three weeks above 300,000, the 4-week moving average for initial claims dropped below that threshold. It seems that the initial claims level is reestablishing itself on a trend below 300,000.

The continuing claims level decreased to 2.416 mln for the week ending March 14 from an upwardly revised 2.422 mln (from 2.417 mln) for the week ending March 7. The consensus expected the continuing claims level to decline to 2.415 mln.

1:35 pm: [BRIEFING.COM] After briefly moving into positive territory a short time ago, the major indices have retreated to negative territory on renewed selling pressure.

Recent headlines suggesting Saudi Arabia has launched a fresh wave of strikes in Yemen has helped lead to some more gains in WTI crude oil (+3.9% to $51.13/bbl).

Biotech names have pared their earlier heavy losses with the iShares Nasdaq Biotech ETF (IBB 341.41, +0.11) now trading in positive territory, helped in part by strong gains seen in Intercept Pharma (ICPT 290.00, +29.36). ICPT shares soared in recent trade following a data release from French biotech Genfit. Both companies are developing drugs for Nonalcoholic Steatohepatitis. Also in the health care field, shares in Novo Nordisk A/S (NVO 52.93, +3.11) jumped after the company announced it has decided to submit the prespecified interim analysis of DEVOTE as part of a Class II Resubmission of the New Drug Applications of Tresiba and Ryzodeg to the FDA.

At the top of the hour, the Treasury auctioned off $29 bln of 7-year notes which saw a high yield of 1.792% and a bid-to-cover of 2.32 that was the lowest in many years.

12:55 pm: [BRIEFING.COM] The major averages hold modest midday losses after climbing off their session lows that were notched during the opening hour. The Dow (-0.1%) and S&P 500 (-0.1%) sit just below their flat lines while the Nasdaq Composite (-0.2%) underperforms for the second day in a row. It is worth noting that the S&P 500 currently trades in the neighborhood of its 100-day moving average (2,057), which has served as an area of support since the start of the year.

Yesterday's sharp slide was paced by high-beta biotechnology and chipmaker names, and the same two groups fueled the opening weakness today. The iShares Nasdaq Biotechnology ETF (IBB 339.50, -1.81) remains lower by 0.5% while the PHLX Semiconductor Index has narrowed its loss to 1.2% after being down more than 3.0% at the start.

Chipmaker names have been broadsided after SanDisk (SNDK 66.23, -14.94) lowered its Q1 revenue forecast. The stock has tumbled 18.4% as investors respond to slowing demand for the company's products.

Meanwhile, the broader technology sector (+0.2%) has climbed out of the red with help from Apple (AAPL 124.41, +1.03), which has jumped 0.8%. On the earnings front, Accenture (ACN 94.23, +6.02) has spiked 6.9% after reporting a one-cent beat.

Elsewhere, the remaining top-weighted groups remain mixed. Financials (+0.1%) outperform while the health care sector (-0.1%) trades in-line with the broader market. However, consumer discretionary (-0.4%) and industrials (-0.4%) remain weak.

Also of note, the energy sector (-0.2%) lags even though crude oil trades higher by 3.3% at $50.84/bbl. The energy component tested the $52.00/bbl level overnight after it was reported that coalition forces from ten countries, led by Saudi Arabia, carried out air strikes against rebel forces in Yemen. This followed yesterday's reports that Yemen's President Hadi fled his country by sea.

The developments have underpinned the Dollar Index (97.19, +0.21), but despite its modest strength, the greenback has given up 0.5% to the yen (118.97) as foreign exchange traders employ caution.

Treasuries, however, have slid from their overnight highs with the 10-yr yield up five basis points at 1.97%.

Economic data was limited to weekly initial claims, which declined to 282,000 from last week's unrevised 291,000 while the Briefing.com consensus expected a reading of 290,000.

After three weeks above 300,000, the 4-week moving average for initial claims has dropped below that threshold, suggesting the claims level is reestablishing a trend below 300,000.

12:30 pm: [BRIEFING.COM] The Dow and S&P 500 hover near their flat lines while the Nasdaq Composite (-0.3%) remains a bit behind as biotechnology and chipmakers continue showing relative weakness.

It is worth pointing out that the S&P 500 has clawed back above its 100-day moving average (2,057), which is an area that has provided support earlier this year. The benchmark index hit that level on three occasions in January and revisited that area two weeks ago. The S&P 500 currently sits right above the 100-day average.

12:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 climb into the neighborhood of its flat line with help from the top-weighted technology sector (+0.4%), which has climbed to a fresh high for the day.

Similar to technology, financials (+0.1%) and materials (+0.2%) have returned into positive territory since our most recent update while the consumer discretionary sector (-0.5%) remains at the bottom of the leaderboard. Homebuilders have contributed to the underperformance of the sector with the iShares Dow Jones US Home Construction ETF (ITB 27.25, -0.27) lower by 1.0%.

Elsewhere, Treasuries remain near their lows with the 10-yr yield higher by five basis points at 1.97%.

11:25 am: [BRIEFING.COM] Equity indices have backed away from their rebound highs due to continued weakness among a handful of influential sectors.

However, the top-weighted technology sector (-0.1%) trades ahead of the remaining cyclical groups after recovering from its early low. Large cap components like Apple (AAPL 124.04, +0.66), IBM (IBM 160.63, +1.43), and Oracle (ORCL 43.03, +0.10) hold gains between 0.2% and 0.9% while chipmakers continue showing notable weakness with the PHLX Semiconductor Index down 1.8%.

On the earnings front, Accenture (ACN 94.36, +6.15) has jumped 7.0% after reporting a one-cent beat and issuing mixed guidance.

11:00 am: [BRIEFING.COM] The major averages hover near their rebound highs with the S&P 500 lower by 0.3% while the Nasdaq Composite (-0.4%) trades a bit behind. However, the small cap Russell 2000 (-0.2%) outperforms.

At this juncture, only four sectors display losses larger than 0.2%.

Consumer discretionary (-0.6%), industrials (-0.5%), and utilities (-0.6%) sit at the bottom of the leaderboard while the financial sector (-0.4%) also appears among the laggards. The utilities sector accounts for only about 3.0% of the entire market, but the remaining three laggards represent more than 39.0% of the S&P 500, meaning their performance can be a big influence over where the market goes from here.

Elsewhere, the Dollar Index (97.16, +0.18) has climbed into positive territory with the greenback adding 0.4% against the euro (1.0920).

10:35 am: [BRIEFING.COM]

Oil prices rallied overnight after Saudi strikes in Yemen, with WTI oil rising as high as $52.48/barrel
However, that geopolitical premium on oil prices has been fading here this morning
May crude is now +2.3% at $50.33/barrel
Natural gas was about 0.2% higher just ahead of the weekly storage data
However, after the EIA reported a small build in inventory, May nat gas sunk to a new low for the day and is now -1.1% at $2.71/MMBtu
Apr gold is currently +0.7% at $1205.50/oz, while May silver is +0.7% at $17.07/oz.
May copper +1.1% at $2.82/lb

9:55 am: [BRIEFING.COM] The major averages have charged off their opening lows with the S&P 500 narrowing its decline to 0.3%. Meanwhile, the two groups that have paced the early selling-biotechnology and chipmakers-have also staged a rebound, but the PHLX Semiconductor Index remains lower by 1.9% while the iShares Nasdaq Biotechnology ETF (IBB 341.50, +0.20) has reclaimed its flat line.

Elsewhere, Treasuries have inched to new lows with the 10-yr yield at 1.96% (+4 bps).

Also of note, the Dollar Index (96.92, -0.06) has reclaimed the bulk of its early weakness in a move that saw the euro dip into the 1.0950 area.

9:40 am: [BRIEFING.COM] The stock market slumped out of the gate with the S&P 500 (-0.4%) diving below its 100-day moving average (2,057) with seven sectors showing early losses.

Meanwhile, the Nasdaq Composite (-0.8%) underperforms as biotechnology and chipmaker names weigh on the tech-heavy index. The iShares Nasdaq Biotechnology ETF (IBB 337.02, -4.10) has slid 1.2% while the PHLX Semiconductor Index trades down 3.0% after SanDisk (SNDK 66.56, -14.61) cut its Q1 revenue guidance. Shares of SNDK are lower by 17.5% while the technology sector (-0.7%) is among the laggards.

On the upside, energy (+0.8%) has been boosted by a 2.8% spike in crude oil ($50.62/bbl) while the utilities sector (+0.4%) has benefitted from the overall defensive posture.

Interestingly, Treasuries have slid to lows with the 10-yr yield higher by three basis points at 1.95%.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -27.80. The stock market is on track for a sharply lower open with S&P 500 futures trading eight points below fair value.

Index futures have spent the bulk of the night backtracking from yesterday's levels while the Dollar Index (96.71, -0.27) has also retreated, giving way to the yen (+0.5%). The overnight yen strength signals caution in the foreign exchange market after it was reported that coalition forces from ten countries, led by Saudi Arabia, carried out air strikes against rebel forces in Yemen. This followed yesterday's reports that Yemen's President Hadi fled his country by sea.

In turn, crude oil had surged above the $52.00/bbl level, but the energy component has narrowed its gain to 1.8% at $50.16/bbl.

On the economic front, weekly initial claims declined to 282,000 from last week's unrevised 291,000 while the Briefing.com consensus expected a reading of 290,000. After three weeks above 300,000, the 4-week moving average for initial claims has dropped below that threshold, suggesting the claims level is reestablishing a trend below 300,000.

Yesterday's selloff featured sharp losses among chipmakers and the industry group is likely to show early weakness once more after SanDisk (SNDK 69.72, -11.45) lowered its Q1 revenue guidance. Shares of SNDK are on track to open lower by 14.2%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -32.80. The S&P 500 futures trade nine points below fair value.

Not surprisingly, markets in the Asia-Pacific region followed Wall Street's weak Wednesday lead and ended mostly lower on Thursday. Reports that Saudi Arabia and Gulf allies began military operations in Yemen in an attack against Houthi rebels added to the selling interest. China bucked the regional trend with a 0.5% gain in the Shanghai Composite.

In economic data:
Hong Kong's trade deficit narrowed to HKD35.90 billion from HKD37.00 billion (expected deficit of HKD54.60 billion). Imports -0.9% month-over-month (expected 6.0%; prior 7.9%) and exports +7.2% (consensus 4.9%; last 2.8%)
South Korea's Consumer Confidence fell to 101 from 103 (expected 104)
Singapore's February Industrial Production +4.1% month-over-month (expected -0.7%; last -4.7%); -3.6% year-over-year (consensus -3.4%; previous 1.3%)

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Japan's Nikkei declined 1.4%, driven lower by losses in every sector except the energy sector (+1.6%). The technology (-3.1%), industrial (-1.6%), and financial (-1.5%) sectors were the biggest losers. Tokyo Electron (-5.8%) and Sumco Corp (-5.2%) followed form with the rout in the semiconductor space in the U.S. on Wednesday and led individual decliners in the Nikkei. Out of the 225 index members, 26 ended higher, 195 finished lower, and 4 were unchanged.
Hong Kong's Hang Seng declined 0.1%, helped by gains in the diversified (+0.8%), energy (+0.8%), and consumer non-cyclical (+2.0%) sectors. China Mengniu Dairy (+9.8%), Kunlun Energy (+2.6%), and CNOOC (+1.5%) were the top gainers while Lenovo Group (-2.1%) led all decliners. Out of the 50 index members, 19 ended higher, 26 finished lower, and 5 were unchanged.
China's Shanghai Composite bucked the regional trend and gained 0.5%, helped by gains in the energy space that included a 6% gain for PetroChina.

Major European indices trade lower across the board with Italy's MIB (-1.8%) pacing the retreat. Elsewhere, the Bank of Spain released its Economic Bulletin, which raised the 2015 GDP forecast to 2.8% from 2.0%.

Participants received several data points:
Eurozone February M3 Money Supply +4.0% year-over-year (consensus 4.3%; last 3.7%) and Private Sector Loans -0.1% year-over-year (consensus 0.1%; previous -0.2%)
Germany's GfK Consumer Climate improved to 10.0 from 9.7 (expected 9.8)
UK's February Retail Sales +0.7% month-over-month (consensus 0.4%; last 0.1%); +5.7% year-over-year (expected 4.7%; prior 5.9%). Core Retail Sales +0.7% month-over-month (expected 0.4%; prior -0.3%); +5.1% year-over-year (forecast 4.2%; last 5.2%). Separately, March CBI Distributive Trades Survey jumped to 18 from 1 (expected 15)
French Q4 GDP was left unrevised at 0.1%, as expected

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UK's FTSE is lower by 1.3% with more than 90% of its components in the red. London Stock Exchange is the weakest performer, down 8.8% while airlines also appear among the laggards. International Consolidated Airlines and EasyJet hold respective losses of 4.7% and 4.2%.
In France, the CAC has slumped 1.4% with all but two components in the red. AXA, Credit Agricole, and Orange hold losses between 2.4% and 3.2% while Pernod Ricard and Total hover just above their respective flat lines.
Germany's DAX trades down 1.4% with 29 of its 30 components in negative territory. Exporters BMW and Volkswagen are down 2.1% and 2.6%, respectively, while Infineon Technologies trades lower by 3.3%.
Italy's MIB has tumbled 1.8% amid broad weakness. Mediaset, Salvatore Ferragamo, Fiat Chrysler, and BMPS are down between 2.4% and 4.6%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -13.30. Nasdaq futures vs fair value: -44.10. The S&P 500 futures trade 13 points below fair value.

The latest weekly initial jobless claims count totaled 282,000 while the Briefing.com consensus expected a reading of 290,000. Today's tally was below the unrevised prior week count of 291,000. As for continuing claims, they fell to 2.416 million from 2.422 million.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -41.80. U.S. equity futures trade near their pre-market lows amid defensive action overseas. The S&P 500 futures hover 13 points below fair value after retreating throughout the night.

The pullback in futures has taken place despite dollar weakness that has the Dollar Index (96.54, -0.44) trading lower by 0.5%. However, it is worth noting that the yen has made the biggest move against the greenback (+0.7%), suggesting foreign exchange traders are seeking safety. The dollar/yen pair currently trades near 118.70.

Geopolitical developments may have played a part in the cautious posture with overnight reports indicating Saudi Arabia carried out air strikes against rebel forces in Yemen. Yesterday, it was reported that Yemen's President Hadi fled his country by sea.

The developments in the Middle East have boosted crude oil futures. WTI crude is currently higher by 4.5% at $51.41/bbl.

Today's economic data will be limited to weekly Initial Claims (Briefing.com consensus 290K), which will be reported at 8:30 ET.

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

In U.S. corporate news of note:

Accenture (ACN 90.55, +2.34): +2.7% in reaction to a one-cent beat.
ConAgra Foods (CAG 35.50, +0.56): +1.6% after beating recently-lowered estimates and raising its guidance.
Five Below (FIVE 34.00, +1.78): +5.5% after better than expected earnings overshadowed below-consensus guidance.
Lululemon (LULU 59.65, -1.31): -2.2% after cautious guidance overshadowed better than expected earnings.
Red Hat (RHT 72.50, +4.05): +5.9% after beating estimates and announcing a $500 million buyback; however, the company issued below-consensus revenue guidance.

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng -0.1%, Japan's Nikkei -1.4%, and China's Shanghai Composite +0.6%
In economic data:
Hong Kong's trade deficit narrowed to HKD35.90 billion from HKD37.00 billion (expected deficit of HKD54.60 billion). Imports -0.9% month-over-month (expected 6.0%; prior 7.9%) and exports +7.2% (consensus 4.9%; last 2.8%)
South Korea's Consumer Confidence fell to 101 from 103 (expected 104)
Singapore's February Industrial Production +4.1% month-over-month (expected -0.7%; last -4.7%); -3.6% year-over-year (consensus -3.4%; previous 1.3%)
In news:
The People's Bank of China injected CNY10 billion this week, representing the first net increase in five weeks.

Major European indices trade lower across the board. UK's FTSE -1.4%, France's CAC -1.6%, and Germany's DAX -1.7%. Elsewhere, Italy's MIB -1.8% and Spain's IBEX -1.2%
Participants received several data points:
Eurozone February M3 Money Supply +4.0% year-over-year (consensus 4.3%; last 3.7%) and Private Sector Loans -0.1% year-over-year (consensus 0.1%; previous -0.2%)
Germany's GfK Consumer Climate improved to 10.0 from 9.7 (expected 9.8)
UK's February Retail Sales +0.7% month-over-month (consensus 0.4%; last 0.1%); +5.7% year-over-year (expected 4.7%; prior 5.9%). Core Retail Sales +0.7% month-over-month (expected 0.4%; prior -0.3%); +5.1% year-over-year (forecast 4.2%; last 5.2%). Separately, March CBI Distributive Trades Survey jumped to 18 from 1 (expected 15)
French Q4 GDP was left unrevised at 0.1%, as expected
Among news of note:
The Bank of Spain released its Economic Bulletin, which raised the 2015 GDP forecast to 2.8% from 2.0%.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -17.30. Nasdaq futures vs fair value: -49.50.

5:50 am: [BRIEFING.COM] Nikkei...19471.12...-275.10...-1.40%. Hang Seng...24497.08...-31.20...-0.10%.

5:50 am: [BRIEFING.COM] FTSE...6905.84...-85.20...-1.20%. DAX...11651.16...-214.20...-1.80%.

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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