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 Post subject: April 1st Wednesday Trade Results - Profit $7452.50
PostPosted: Thu Apr 02, 2015 2:31 am 
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Joined: Sat Jan 10, 2009 1:06 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)
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Attachment:
040115-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+7452.50.png
040115-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+7452.50.png [ 89.62 KiB | Viewed 91 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $640.00 dollars or +6.40 points, Emini ES ($ES_F) futures @ $6,812.50 dollars or +136.25 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $7,452.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=142&t=2042

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=261&t=2728

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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 kicked off April with a retreat that sent the S&P 500 lower by 0.4%. The benchmark index settled in-line with the Dow Jones Industrial Average and the Nasdaq Composite, with the latter catching up during the final hour.

Equity indices spent the entire day in the red and could not rally following upbeat economic data from overseas. In fact, S&P 500 futures tumbled nearly 20 points last evening after China reported its first expansionary Manufacturing PMI (50.1; expected 49.7) in three months. Similar to China, most Manufacturing PMI readings from Europe also surpassed estimates with the region-wide reading rising to 52.2 (expected 51.9).

Interestingly, S&P 500 futures rallied off their overnight lows, but could not climb above the spot where the overnight selling commenced. Once the cash session began, the S&P 500 quickly returned into the neighborhood of its overnight low.

The benchmark index managed to erase half of its opening decline, but eight sectors finished the day in negative territory. The heavily-weighted health care sector (-1.2%) was the weakest performer and the only group that lost more than 1.0%. Large cap sector components struggled across the board while high-beta biotech names also lagged. The iShares Nasdaq Biotechnology ETF (IBB 340.08, -3.35) lost 1.0%. Unlike health care, the remaining countercyclical groups outperformed with telecom services (+0.8%) ending in the lead while consumer staples (+0.1%) and utilities (+0.1%) settled near their flat lines.

As for growth-sensitive groups, energy (+0.2%) and materials (+0.1%) eked out slim gains while technology (-0.4%) and industrials (-0.8%) kept the market under pressure.

The energy sector was underpinned by crude oil, which spiked 5.2% to $50.09/bbl after the latest EIA inventory report showed a larger than expected build. In addition, reports of a rig fire in the Gulf of Mexico provided additional support. For its part, the energy sector settled on its low after giving up its opening gain.

Elsewhere, the technology sector was pressured by chipmakers while most large cap components also struggled. The PHLX Semiconductor Index fell 0.6% while Micron (MU 27.13, 0.00) ended flat ahead of its quarterly report.

Also of note, the industrial sector owed its underperformance to transport stocks. The Dow Jones Transportation Average slumped 0.8% with airlines leading the decline after Deutsche Bank downgraded Delta Air Lines (DAL 43.26, -1.70), American Airlines (AAL 50.44, -2.34), and United Continental (UAL 64.01, -3.24).

Unlike equities, Treasuries climbed throughout the morning and spent the afternoon near their highs, sending the 10-yr yield lower by seven basis points to 1.87%.

Today's participation was ahead of recent averages with roughly 780 million shares changing hands at the NYSE floor.

Economic data included ISM Index, Construction Spending, ADP Employment, and MBA Mortgage Index:
Related Stories

InPlay from Briefing.com Briefing.com
Too Little, Too Late: Stocks Suffer Largest Weekly Drop Since January Despite Friday's Gain Barrons.com
Stocks end with solid gains; S&P 500 rises 2.7% for week MarketWatch
How the Dow Jones industrial average fared Friday Associated Press
U.S. stocks end lower, giving back some Fed-fueled gains MarketWatch

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 189K in March while the Briefing.com consensus expected an increase of 225K
The February reading was revised up to 214,000 from 212,000
The ISM Manufacturing Index declined to 51.5 in March from 52.9 in February while the Briefing.com consensus expected a decrease to 52.5
Nearly all of the regional manufacturing surveys pointed toward a sharp deceleration in the national manufacturing index so the drop in the ISM Index shouldn't have been much of a surprise
Production levels actually improved, albeit by a very small margin, as the related index increased to 53.8 in March from 53.7 in February
Construction spending declined 0.1% in February after declining a downwardly revised 1.7% (from -1.1%) in January while the Briefing.com consensus expected a decline of 0.3%
The unseasonably harsh winter weather conditions, which were blamed for a significant downturn in new housing starts, had little to no effect on overall construction levels
Total private construction increased 0.2% in February after declining 1.1% in January
The weekly MBA Mortgage Index rose 4.6% to follow last week's 9.5% spike

Tomorrow, the Challenger Job Cuts report for March will be released at 7:30 ET while Initial Claims (Briefing.com consensus 285K) and the February Trade Balance report (consensus -$42.00 billion) will cross the wires at 8:30 ET. The day's data will be topped off with the Factory Orders report for February (consensus -0.5%).

Nasdaq Composite +3.0% YTD
Russell 2000 +4.0% YTD
S&P 500 UNCH YTD
Dow Jones Industrial Average -0.7% YTD

3:40 pm: [BRIEFING.COM]

Oil ripped higher today, rising above $50/barrel temporarily
Following ADP data this morning, oil, gold and silver rallied higher
Select Iran headlines today helped oil even higher. May crude closed $2.29 higher at $50.01/barrel
Gold and silver held morning gains today
June gold rose $25.30 to $1208.50/oz, while May silver gained $0.46 to $17.06/oz

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the Wednesday session.

Eight sectors are on track to end the day in the red, but materials (-0.1%), financials (-0.2%), and utilities (-0.1%) hover near their flat lines and could turn positive if buyers step up during the final hour.

Elsewhere, the Dollar Index (98.17, -0.19) remains lower by 0.2% with the euro adding about 30 pips against the greenback. The euro/dollar pair currently sits near 1.0765.

2:25 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 (-0.6%) back in the middle of its trading range after slipping from its rebound high.

The benchmark index has been able to erase roughly half of its opening decline, but extending the rebound has been challenging as several heavily-weighted sectors continue showing relative weakness. For instance, the health care sector (-1.7%), which accounts for almost 14.0% of the S&P 500, remains at the bottom of the leaderboard.

Elsewhere, the top-weighted technology sector (-0.6%) also trades behind the broader market with chipmakers showing relative weakness ahead of Micron's (MU 27.28, +0.16) quarterly results. Shares of MU trade higher by 0.6% while the PHLX Semiconductor Index is lower by 0.9%.

2:00 pm: [BRIEFING.COM] The S&P 500 hovers near its rebound high.

Today's economic data further refutes the weather's impact on economic growth.

Despite weather conditions returning to more normal levels in March, the ISM Manufacturing Index failed to rebound following the February decline.

The ISM Manufacturing Index declined to 51.5 in March from 52.9 in February. The Briefing.com Consensus expected the index to decrease to 52.5.

Furthermore, the only positive news in the report - a small acceleration in production - was the result of manufacturers paring back unfilled orders and not from new orders growth.

1:30 pm: [BRIEFING.COM] The major U.S. indices have remained relatively flat since our last update.

In equities, domain marketplace giant GoDaddy (GDDY 26.16, +6.16) is enjoying a prosperous first trading day with shares up almost 24% after the company priced its upsized IPO at $20 per share, above the expected $17-$19 per share initial range. Elsewhere, Macerich (MAC 79.61, -4.73) shares are under pressure after the company formally rejected a revised, unsolicited takeover offer from Simon Property Group (SPG 197.85, +2.21), who shortly after withdrew its acquisition offer.

Following this morning's EIA inventory data, WTI crude oil (+4.6% to $49.80/bbl) continues to gain as hopes of an Iran nuclear deal fade. White House Press Secretary warned that Iran may face additional sanctions if the deal falls apart.

1:00 pm: [BRIEFING.COM] The major averages hold midday losses with the S&P 500 down 0.5%. The benchmark index trades in-line with the Dow Jones Industrial Average while the Nasdaq Composite (-0.8%) underperforms.

Equity indices have spent the first half of the trading day in negative territory even though economic data reported overnight was mostly better than expected. To that point, China reported its first expansionary Manufacturing PMI in three months (50.1; expected 49.7) while most PMIs from Europe also beat expectations with the Eurozone Manufacturing PMI coming in at 52.2 (expected 51.9).

Meanwhile, the Dollar Index (98.04, -0.33) has spent the early action below its flat line, meaning dollar strength cannot be cited for today's selling; however, the modest pullback has contributed to strength in the commodity market.

Gold futures trade higher by 1.9% at $1205.50/ozt while crude oil has jumped 4.7% to $49.86/bbl. In all likelihood, WTI crude has been boosted by headlines indicating the negotiations with Iran have paused and separate reports of a rig fire in the Gulf of Mexico.

The sharp rally in crude has placed the energy sector (+0.8%) in the lead while eight of the remaining nine sectors trade in the red. Notably, heavily-weighted consumer discretionary (-0.8%), industrials (-0.8%), and technology (-0.6%) have lagged since the early going.

The industrial sector underperforms for the second consecutive day with transport stocks fueling today's weakness. The Dow Jones Transportation Average trades lower by 1.1% with its five airline components down between 2.4% and 4.5% after Deutsche Bank downgraded Delta Air Lines (DAL 43.03, -1.93), American Airlines (AAL 50.19, -2.59), and United Continental (UAL 64.34, -2.91).

Elsewhere, three of four defensively-oriented sectors have shown relative strength while health care (-1.5%) lags amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 338.73, -4.70) has surrendered 1.4%.

Treasuries sit near their highs after climbing throughout the morning. The benchmark 10-yr yield has slid eight basis points to 1.86%.

Economic data included ISM Index, Construction Spending, ADP Employment, and MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 189K in March while the Briefing.com consensus expected an increase of 225K
The February reading was revised up to 214,000 from 212,000
The ISM Manufacturing Index declined to 51.5 in March from 52.9 in February while the Briefing.com consensus expected a decrease to 52.5
Nearly all of the regional manufacturing surveys pointed toward a sharp deceleration in the national manufacturing index so the drop in the ISM Index shouldn't have been much of a surprise
Production levels actually improved, albeit by a very small margin, as the related index increased to 53.8 in March from 53.7 in February
Construction spending declined 0.1% in February after declining a downwardly revised 1.7% (from -1.1%) in January while the Briefing.com consensus expected a decline of 0.3%
The unseasonably harsh winter weather conditions, which were blamed for a significant downturn in new housing starts, had little to no effect on overall construction levels
Total private construction increased 0.2% in February after declining 1.1% in January
The weekly MBA Mortgage Index rose 4.6% to follow last week's 9.5% spike

12:30 pm: [BRIEFING.COM] Equity indices remain pressured with the S&P 500 trading lower by 0.6%.

The health care sector (-1.5%) has shown relative weakness since the opening bell while other countercyclical groups have climbed off their early lows. Consumer staples and telecom services have narrowed their losses to 0.3% and 0.1%, respectively, while the telecom services sector (+0.6%) has climbed into the green. However, keep in mind that the sector accounts for less than 3.0% of the entire market, which makes its strength negligible.

Over on the cyclical side, consumer discretionary (-0.9%) and industrials (-0.9%) have kept the market under pressure with the industrial sector showing relative weakness for the second day in a row. Transport stocks finished yesterday's session ahead of the sector, but the Dow Jones Transportation Average is lower by 1.1% today. Airlines have paced the slide after Deutsche Bank downgraded Delta Air Lines (DAL 43.00, -1.96), American Airlines (AAL 50.32, -2.46), and United Continental (UAL 64.40, -2.85).

12:00 pm: [BRIEFING.COM] Equity indices continue hovering near their recent levels with the S&P 500 lower by 0.5%. Given its current level, the benchmark index is flat since the end of 2014.

With the benchmark index unchanged over the past three months, it shouldn't be surprising to see that five sectors hold year-to-date gains while the other five sit in the red. The utilities sector (-5.9%) is the weakest performer while energy (-3.0%), financials (-2.5%), industrials (-2.0%), and technology (-0.3%) have registered slimmer losses.

Conversely, health care and consumer discretionary have spiked 4.8% and 3.7%, respectively, while materials (+0.3%), consumer staples (+0.2%), and telecom services (+0.8%) hold year-to-date gains below 1.0% apiece.

On a separate note, crude oil has built on its earlier gain and is now up 4.2% at $49.61/bbl.

11:30 am: [BRIEFING.COM] The S&P 500 has narrowed its decline to 0.5% while the Nasdaq (-0.7%) trades behind the benchmark index due to relative weakness among high-beta components like biotechnology and chipmakers.

The iShares Nasdaq Biotechnology ETF (IBB 337.70, -5.73) trades lower by 1.7% while the health care sector (-1.5%) sits at the bottom of the leaderboard.

As for chipmakers, the PHLX Semiconductor Index trades lower by 0.8% while the broader technology sector (-0.6%) also trails the broader market. Most large cap tech components sit in the red, but top-weighted Apple (AAPL 124.21, -0.22) and Microsoft (MSFT 40.58, -0.08) are down just 0.2% apiece.

10:55 am: [BRIEFING.COM] The major averages have crawled off their lows, but it is the commodity market that has seen some noteworthy activity.

Crude oil traded in the red this morning, but the energy component has soared to a fresh high. WTI crude is currently higher by 2.8% at $48.95/bbl. Similarly, gold futures trade higher by 1.5% at $1200.60/ozt. Meanwhile, the Dollar Index (98.18, -0.17) is lower by 0.2% after spiking 8.0% last quarter.

Conversely, the energy sector (+0.8%) holds the lead while the materials space (-0.1%) trades just below its flat line.

Elsewhere, Treasuries have inched down from their highs, but the 10-yr yield remains lower by six basis points at 1.87%.

10:40 am: [BRIEFING.COM]

The Dollar Index is trading near the flat line this AM, which is not providing much of a catalyst for commodities.
The index is now +0.3% at 98.09
Following earlier ADP data, crude oil, gold and silver futures rallied as the dollar index sold off.
Gold and silver futures continue to hold those gains and each have just hit new HoD in recent price action
June gold is now +1.6% at $1202.50/oz, while May silver is +1.7% at $16.88/oz
Late yesterday, the weekly API oil storage data was released, however oil showed no reaction to the data.
Just ahead of today's EIA data, WTI oil was just below $48/barrel. Following the data, oil spiked to a new high for today
May Crude is now +1.4% at $48.29/barrel
Natural gas futures have been trending lower in morning trading and is now -1.5% at $2.60
Copper is trading modestly down 0.2% at $2.73/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.8%.

The ISM Index for March declined to 51.5 from 52.9 while the Briefing.com consensus expected the reading to slip to 52.5.

Separately, Construction Spending decreased 0.1% month-over-month in February while the Briefing.com consensus expected a decrease of 0.3%.

9:45 am: [BRIEFING.COM] The major averages slipped out of the gate amid losses in nine of ten economic sectors with the S&P 500 down 0.6%.

Countercyclical health care (-1.0%) and utilities (-1.0%) opened at the bottom of the leaderboard while the industrial sector (-0.9%) represents the weakest cyclical group in the early going. For the second day in a row, Boeing (BA 147.52, -2.56) has pressured the industrial sector while also contributing to the underperformance of the Dow Jones Industrial Average (-0.7%).

On the upside, the energy sector (+0.7%) has displayed early strength with help from crude oil, which also trades higher by 0.7% at $47.91/bbl.

Treasuries remain near their highs with the 10-yr yield down four basis points at 1.88%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -5.20. The stock market is on track for a modestly lower open as futures on the S&P 500 trade six points below fair value.

Equity indices capped a volatile first quarter yesterday with the S&P 500 adding 0.4% since the end of 2014 while the Nasdaq Composite (+3.5%) outperformed during the first three months of 2015. Today, however, the major averages will look to avoid registering their second consecutive decline.

Economic data from overseas can't be blamed for the early weakness as China reported its first expansionary Manufacturing PMI reading in three months (50.1; expected 49.7) while most PMIs from Europe also beat expectations.

Domestically, the ADP Employment report for March (189K; Briefing.com consensus 225K) missed expectations, but that had little impact on equity futures; however, Treasuries, inched to new highs following the data, pressuring the 10-yr yield to 1.89% (-4 bps).

There's more data on the way at 10:00 ET with March ISM Index (consensus 52.5) and the Construction Spending report for February (expected -0.3%) set to cross the wires.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -4.80. The S&P 500 futures trade five points below fair value.

Asian equity markets were mixed overnight. Pressure was seen at the start of the Asian session, and accelerated following the release of the Tankan Large Manufacturers survey, which came in 2 points below expectations at 12 (expected 14). The initial reaction in the yen was a move higher, and the Nikkei moved south in response. Chinese equities were in negative territory as well, but manage to stabilize and gain some traction after the state-issued manufacturing PMI figure represented the first expansionary reading in three months.

In economic data:
China's Manufacturing PMI rose to 50.1 from 49.9 (expected 49.7) while Non-Manufacturing PMI ticked down to 53.7 from 53.9. Separately, HSBC Manufacturing PMI increased to 49.6 from 49.2 (consensus 49.3)
Japan's Q1 Tankan Large Manufacturers Index held at 12 (expected 14) while Tankan Large Non-Manufacturers Index rose to 19 from 16 (consensus 17)
South Korea's March trade surplus widened to KRW8.40 billion from KRW7.70 billion, as expected. Imports fell 15.3% year-over-year (consensus -9.3%; last -19.7%) while Exports declined 4.2% (forecast -1.8%; prior -3.3%)
Australia's AIG Manufacturing Index improved to 46.3 from 45.4 while February Building Approvals fell 3.2% (consensus -4.0%; prior 5.9%)

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Japan's Nikkei lost 0.9%. Most sectors finished in negative territory with Materials (-1.7%) leading the way lower. Financials (+0.3%) managed to buck the trend of selling pressure.
Hong Kong's Hang Seng ended 0.7% higher. Financials were in vogue today with Bank of China posting a 2.0% gain and China Construction Bank also posting a solid 0.8% advance.
China's Shanghai Composite rose 1.7%. With the PMI coming in better than expected, many of the manufacturing names saw gains with the likes of China Railway gaining 2.4% and China Petro and Chemical improving by 0.9% today.

Major European indices trade higher across the board with France's CAC (+1.0%) in the lead. The euro has spent the night in a relatively narrow range, climbing off its low following the regional PMI readings. The single currency hovers in the neighborhood of 1.0750 after hitting a low near 1.0720 against the dollar.

Participants received several data points:
Eurozone Manufacturing PMI rose to 52.2 from 51.9 (expected 51.9)
Germany's Manufacturing PMI climbed to 52.8 from 52.4 (consensus 52.4)
UK's Manufacturing PMI improved to 54.4 from 54.1 (expected 54.3)
France's Manufacturing PMI increased to 48.8 from 48.2 (consensus 48.2)
Italy's Manufacturing PMI climbed to 53.3 from 51.9 (expected 52.3)
Spain's Manufacturing PMI ticked up to 54.3 from 54.2 (expected 54.7)
Swiss SVME PMI rose to 47.9 from 47.3 (consensus 47.2)

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Germany's DAX has added 0.6% amid broad strength. Drugmakers Bayer and Merck lead with gains close to 2.0% apiece while exporters lag. Daimler and Volkswagen trade lower by 0.1% and 0.6%, respectively.
UK's FTSE trades higher by 0.7% with financials and consumer names showing strength. Barclays, Lloyds Banking, TUI, and Imperial Tobacco lead with gains between 2.2% and 3.0%. On the downside, miners lag with Antofagasta, BHP Billiton, Glencore, and Randgold Resources down between 0.8% and 2.0%.
France's CAC is higher by 1.0% with bank shares in the lead. AXA, Credit Agricole, and Societe Generale sport gains between 1.8% and 3.0%. Only three components hover in the red with Renault lower by 1.1%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -11.70. The S&P 500 futures trade seven points below fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 189K in March. That was below the increase of 225K expected by the Briefing.com consensus. The February reading was revised up to 214,000 from 212,000.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -10.80. U.S. equity futures trade modestly lower despite upbeat action overseas. The S&P 500 futures hover seven points below fair value.

Meanwhile, the Dollar Index (98.44, +0.08) is little changed after jumping 8.0% during the first quarter. On the commodity front, crude oil trades lower by 0.3% at $47.48/bbl.

The weekly MBA Mortgage Index rose 4.6% to follow last week's 9.5% spike.

The ADP Employment report for March (Briefing.com consensus 225K) will cross the wires at 8:15 ET and the day's data will be topped off with the 10:00 ET release of the March ISM Index (consensus 52.5) and the Construction Spending report for February (expected -0.3%).

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 1.91%.

In U.S. corporate news of note:

Altera (ALTR 42.21, -0.70) after Argus downgraded the stock to 'Hold' from 'Buy.'
Hewlett-Packard (HPQ 31.52, +0.36): +1.2% after Jefferies upgraded the stock to 'Buy' from 'Hold.'
ON Semiconductor (ONNN 11.60, -0.51): after being downgraded to 'Sell' from 'Neutral' at Goldman.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.9%, Hong Kong's Hang Seng +0.7%, and China's Shanghai Composite +1.7%
In economic data:
China's Manufacturing PMI rose to 50.1 from 49.9 (expected 49.7) while Non-Manufacturing PMI ticked down to 53.7 from 53.9. Separately, HSBC Manufacturing PMI increased to 49.6 from 49.2 (consensus 49.3)
Japan's Q1 Tankan Large Manufacturers Index held at 12 (expected 14) while Tankan Large Non-Manufacturers Index rose to 19 from 16 (consensus 17)
South Korea's March trade surplus widened to KRW8.40 billion from KRW7.70 billion, as expected. Imports fell 15.3% year-over-year (consensus -9.3%; last -19.7%) while Exports declined 4.2% (forecast -1.8%; prior -3.3%)
Australia's AIG Manufacturing Index improved to 46.3 from 45.4 while February Building Approvals fell 3.2% (consensus -4.0%; prior 5.9%)
In news:
China's Manufacturing PMI registered its first expansionary reading in three months, but new export orders declined, suggesting soft outside demand

Major European indices trade higher across the board. UK's FTSE +0.6%, Germany's DAX +0.8%, and France's CAC +1.1%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +0.5%
Participants received several data points:
Eurozone Manufacturing PMI rose to 52.2 from 51.9 (expected 51.9)
Germany's Manufacturing PMI climbed to 52.8 from 52.4 (consensus 52.4)
UK's Manufacturing PMI improved to 54.4 from 54.1 (expected 54.3)
France's Manufacturing PMI increased to 48.8 from 48.2 (consensus 48.2)
Italy's Manufacturing PMI climbed to 53.3 from 51.9 (expected 52.3)
Spain's Manufacturing PMI ticked up to 54.3 from 54.2 (expected 54.7)
Swiss SVME PMI rose to 47.9 from 47.3 (consensus 47.2)
Among news of note:
The euro has spent the night in a relatively narrow range, climbing off its low following the regional PMI readings. The single currency hovers just above 1.0750 after hitting a low near 1.0720 against the dollar

5:49 am: [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +6.80.

5:49 am: [BRIEFING.COM] Nikkei...19034.84...-172.20...-0.90%. Hang Seng...25082.75...+181.90...+0.70%.

5:49 am: [BRIEFING.COM] FTSE...6843.90...+70.90...+1.00%. DAX...12079.19...+113.00...+0.90%.

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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