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 Post subject: April 17th Friday Trade Results - Profit $9525.00
PostPosted: Fri Apr 17, 2015 5:31 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)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $9,525.00 dollars or +190.50 points, Light Crude Oil CL ($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 @ $9,525.00 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 free 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=2054

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 ended Friday with a broad-based retreat that caused the market to turn negative for the week. The S&P 500 lost 1.1%, ending the week lower by 1.0%, while the Russell 2000 (-1.6%) underperformed today, but ended the week in-line with the benchmark index.

For background on today's retreat, we must start with the overnight session when a widespread outage took all Bloomberg terminals offline, which prevented large investors around the globe from communicating with their peers. The outage was followed by a plunge in Hang Seng and China-linked futures after China Regulatory Commission announced plans to ban margin financing for over-the-counter trades while also increasing the number of stocks eligible for short selling to 1,100.

In all likelihood, participants saw the big slide in Asia with little news to account for the move at that time and responded by reducing their risk exposure. Interestingly, S&P futures hit their overnight low around the time when access to Bloomberg terminals was restored and large investors could communicate with others once again.

That being said, the cautious posture persisted through the European session with Greece-related concerns keeping investors on the defensive. To that point, overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default. The request was reportedly issued by various central banks with backing from the European Central Bank. As a result, investors showed increased demand for German bunds with the 10-yr yield ticking down to 0.08% after dropping as low as 0.05%.

Meanwhile, U.S. Treasuries endured a volatile session. The 10-yr note rallied overnight, but that was followed by a morning retreat, which was followed by an intraday climb to a fresh high, dropping the benchmark yield three points to 1.86%.

As for stocks, the S&P 500 dropped below its 50-day moving average (2,085) during late-morning action and distanced itself from that level into the afternoon. Taking a look at the bigger picture, this week's retreat placed the benchmark index smack dab in the middle of a range (2,040-2,120) that has held since early February even though earnings estimates for Q1 have been reduced during that stretch.

Speaking of earnings, most of the reports released since yesterday's closing bell surpassed bottom-line estimates, but revenue growth and guidance left a lot to be desired. General Electric (GE 27.25, -0.03) was a good example as the industrial conglomerate reported what has become a customary one-cent beat while revenue fell 3.1% year-over-year. Similarly, Honeywell (HON 101.70, -2.22) reported a bottom-line beat, but lower guidance and below-consensus revenue sent the stock lower by 2.1%.

Moving to other cyclical sectors, financials (-1.3%) finished near the bottom of the barrel with American Express (AXP 77.32, -3.59) contributing to the relative weakness. The Dow component lost 4.4% after its earnings beat was overshadowed by light revenue.

Elsewhere, the consumer discretionary sector (-1.5%) also finished among the laggards with media names extending their losses during the afternoon after Bloomberg reported that federal regulators are leaning in favor of opposing the proposed merger between Time Warner Cable (TWC 149.61, -8.59) and Comcast (CMCSA 58.42, -1.25). The two names ended lower by 5.4% and 2.1%, respectively. On the flip side, toymaker Mattel (MAT 26.74, +1.48) escaped the broad pressure, climbing 5.8% after reporting better than expected results.

All in all, the six cyclical sectors lost between 0.8% and 1.5% while the countercyclical side was treated to a lighter shade of red with the four defensively-oriented groups falling between 0.3% and 0.9%.

Today's trading volume surpassed recent averages thanks to a boost from options expiration with more than 865 million shares changing hands at the NYSE floor.

Economic data included CPI, Leading Indicators, and Michigan Sentiment:

Consumer prices increased 0.2% for a second consecutive month in March while the Briefing.com consensus expected an increase of 0.3%
Energy prices rose 1.1% in March after increasing 1.0% in February
Gasoline prices, one of the main drivers of the increase in energy costs, rose 3.9% in March after increasing 2.4% in February
Food prices declined 0.2% in March after increasing 0.2% in February
Excluding food and energy, core CPI increased 0.2% for a third consecutive month in March while the consensus expected an increase of 0.1%
The Conference Board's Leading Economic Index increased 0.2% in March after increasing a downwardly revised 0.1% (from 0.2%) in February while the Briefing.com consensus expected an increase of 0.3%.
The University of Michigan Consumer Sentiment Index increased to 95.9 in the preliminary April reading from 93.0 in March while the Briefing.com consensus expected an increase to 94.0
Consumer sentiment recovered the entire decline from February (95.4) despite relatively higher gasoline costs and a significant weakening in the latest payrolls data.
The Current Conditions Index increased to 108.2 in April from 105.0 in March. The Expectations Index increased to 88.0 from 85.3.

Monday's session will be free of economic data.

Nasdaq Composite +4.1% YTD
Russell 2000 +4.0% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average UNCH YTD

Week in Review: S&P 500 Maintains Narrow Range

The major averages began the week on a lower note. The S&P 500 surrendered 0.5% after spending the day in a steady retreat from its opening high while the Nasdaq Composite shed 0.2% after showing relative strength throughout the day. All in all, the Monday session was very quiet with the S&P 500 spending the day inside a 15-point range. The S&P 500 appeared to be on track for its fourth consecutive advance, but the index hit resistance during the opening hour and retreated into the afternoon. A handful of heavily-weighted sectors displayed early strength, but the financial sector (+0.3%) was the only group left in the green when the session ended.

Equity indices ended Tuesday on a mixed note after spending the day near their flat lines. The S&P 500 added 0.2% while the Nasdaq settled lower by 0.2%. The market slipped during the opening hour after the March Retail Sales report (+0.9%; Briefing.com consensus +1.0%) came in below expectations, but the S&P 500 found support just above its 50-day moving average (2,081) and made a swift return into the green. The index received significant support from the energy sector (+1.8%), which ended well ahead of other groups. Crude oil contributed to the considerable strength, climbing 2.7% to $53.31/bbl.

The stock market ended the midweek session on an upbeat note after climbing throughout the day. The S&P 500 gained 0.5% while the Russell 2000 (+0.7%) spent the day in the lead. The market rallied out of the gate, all but ignoring news that China's GDP growth (+7.0% year-over-year) has slowed to a six-year low. The news was followed by a small uptick in the greenback, but the Dollar Index (98.36, -0.37) surrendered its overnight advance, posting its second consecutive decline. In turn, the dollar weakness provided a measure of support to crude oil, helping the energy component jump 5.6% to $56.25/bbl. Understandably, the big spike in oil boosted the energy sector (+2.3%), placing the cyclical group in the lead. Thanks to the gain, the energy space extended its April gain to 6.8%. Meanwhile, the remaining cyclical groups settled a bit closer to the broader market. Technology (+0.9%) endured a slight struggle early, but the sector ended among the leaders with help from chipmakers after Linear Technology (LLTC) reported better than expected results and Intel (INTC) delivered an in-line report. The two names spiked 1.6% and 4.3%, respectively, while the PHLX Semiconductor Index gained 1.6%.

Thursday ended on a modestly lower note, but the key indices were able to climb off their opening lows. The S&P 500 shed 0.1% after spending the day in a 12-point range. Stocks struggled in the early going after an overnight report from the Financial Times indicated that Greek officials have asked the International Monetary Fund to reschedule debt repayments that will be due in May. The report was denied by Greek Finance Minister Yanis Varoufakis, but European investors displayed caution, which contributed to the lower start in the U.S. However, a batch of better than expected earnings in the U.S. offset the Greece-related news. The S&P 500 ranged near its low during the opening hour and climbed into the afternoon. The index spent about an hour in the green, but slipped back into the red before the close.

3:40 pm: [BRIEFING.COM]

WTI oil futures retreated some today, ultimately losing 2% to $55.71/barrel
May nat gas fell $0.05 to $2.63/MMBtu
The dollar index was back near the unchanged mark this afternoon, which left precious metals mixed
June gold gained $4.90 to $1203.10/oz, while May silver fell $0.08 to $16.22/oz

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 1.4% with one hour remaining in the session.

The benchmark index spent a large part of last week near its 50-day moving average and made another appearance near that level on Tuesday before approaching its mid-March high; however, today has featured a return below that mark. Similarly, the Dow (-1.8%) and Nasdaq (-1.8%) have also slid beneath their respective 50-day averages.

All ten sectors display losses going into the final hour with nine groups down more than 1.0% while the utilities sector trades ahead of its peers with a loss of 0.6%.

2:25 pm: [BRIEFING.COM] The stock market has retreated to a fresh low during afternoon action with the S&P 500 widening its decline to 1.4% while the Dow Jones Industrial Average is now down 1.8%.

The recent slip to new lows involved all ten sectors, but that has masked some news in the consumer discretionary space, and specifically, media names. Specifically, Time Warner (TWC 147.50, -10.70) has notched a fresh low after Bloomberg reported that regulators are leaning in favor of opposing the proposed merger between Time Warner and Comcast (CMCSA 57.81, -1.86). The two names have widened their losses to 6.9% and 3.1%, respectively.

Elsewhere, Treasuries have returned near their overnight highs with the 10-yr yield down three basis points at 1.86%.

2:00 pm: [BRIEFING.COM] The major averages remain near their session lows

The latest CPI report showed more of the same benign inflation trends.

Consumer prices increased 0.2% for a second consecutive month in March. The Briefing.com Consensus expected the CPI to increase 0.3%.

Excluding food and energy, core CPI increased 0.2% for a third consecutive month in March. The consensus expected core CPI to increase 0.1%.

Most of the gain in core prices was the result of a 0.3% increase in shelter prices. Medical care services, which posted its first decline (-0.4%) since November 1975 in February, increased 0.4% in March.

A lack of price pressures in the producer pipeline and weak income growth should keep core prices from accelerating above their current trend.

1:30 pm: [BRIEFING.COM] The major U.S. indices continue to show hefty losses for the day.

In equities, shares in Bristol-Myers Squibb (BMY 65.54, +1.86) are outperforming after the company announced it stopped its CheckMate -057 lung cancer trial early after the independent Data Monitor Committee concluded that the study met its endpoint of demonstrating superior overall survival in patients receiving Opdivo, when compared to the control arm.

In energy, WTI crude oil futures (-1% to $56.10/bbl) failed to react after Baker Hughes (BHI 66.99, -1.24) reported a 19th consecutive decline in its weekly report of active U.S. oil/gas rigs. If the markets hold their current levels through the close, energy will be be the only S&P sector to show gains for the week, currently up almost 1.8% week-to-date.

12:55 pm: [BRIEFING.COM] The major averages hover near their lows at midday with the S&P 500 down 1.1%.

Overnight, a widespread outage took all Bloomberg terminals offline, which prevented large investors around the globe from communicating with their peers. The outage was followed by a plunge in Hang Seng futures after China Regulatory Commission announced plans to ban margin financing for over-the-counter trades while also increasing the number of shares available for short selling to 1,100.

In all likelihood, participants saw the big slide in Asia, with little news to account for the move at that time, and responded by reducing their risk exposure. Furthermore, S&P futures hit their overnight low around the time when access to Bloomberg terminals was restored.

The cautious sentiment persisted through the European session with Greece-related concerns contributing to the weakness. To that point, overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece. The request was reportedly issued by various central banks with backing from the European Central Bank.

Meanwhile, U.S. indices opened amid broad pressure, which sent the S&P 500 below its 50-day moving average (2,085), where the index remains at midday and is on track to surrender 0.9% for the week.

All ten sectors trade in the red with heavily-weighted groups showing losses between 0.9% and 1.3%. On that note, three of the four largest sectors by weight-technology (-1.3%), financials (-1.3%), and consumer discretionary (-1.3%)-sit at the bottom of the leaderboard.

The consumer discretionary space has suffered from broad weakness, but Mattel (MAT 26.84, +1.57) represents a small pocket of strength with the stock up 6.1% in reaction to a one-cent beat.

Moving to the top-weighted tech sector, chipmakers underperform with the PHLX Semiconductor Index down 1.4%. The smallest index component-Advanced Micro Devices (AMD 2.50, -0.38)-has tumbled 13.1% after missing earnings/revenue estimates and cutting its revenue guidance.

Staying on the earnings theme, Dow component American Express (AXP 77.09, -3.82) has surrendered 4.7% after reporting a bottom-line beat on below-consensus revenue.

Elsewhere, Treasuries hold slim gains after surrendering a portion of their overnight advance with the 10-yr yield down a basis point at 1.88%.

Economic data included CPI, Leading Indicators, and Michigan Sentiment:

Consumer prices increased 0.2% for a second consecutive month in March while the Briefing.com consensus expected an increase of 0.3%
Energy prices rose 1.1% in March after increasing 1.0% in February
Gasoline prices, one of the main drivers of the increase in energy costs, rose 3.9% in March after increasing 2.4% in February
Food prices declined 0.2% in March after increasing 0.2% in February
Excluding food and energy, core CPI increased 0.2% for a third consecutive month in March while the consensus expected an increase of 0.1%
The Conference Board's Leading Economic Index increased 0.2% in March after increasing a downwardly revised 0.1% (from 0.2%) in February while the Briefing.com consensus expected an increase of 0.3%.
The University of Michigan Consumer Sentiment Index increased to 95.9 in the preliminary April reading from 93.0 in March while the Briefing.com consensus expected an increase to 94.0
Consumer sentiment recovered the entire decline from February (95.4) despite relatively higher gasoline costs and a significant weakening in the latest payrolls data.
The Current Conditions Index increased to 108.2 in April from 105.0 in March while the Expectations Index increased to 88.0 from 85.3

12:25 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 down 1.0%.

Eight of ten sectors are on track to register weekly losses thanks to today's broad slide. The industrial sector (-0.9%) represents this week's weakest performer while the remaining decliners display weekly losses between 0.3% (financials) and 1.6% (consumer discretionary).

On the flip side, the energy sector (-1.0%) has shown relative strength this week and despite today's loss, the sector remains on track to end the week higher by 1.9%. Meanwhile, the other commodity-related sector-materials (-0.6%)-has added 0.1% this week.

11:55 am: [BRIEFING.COM] Equity indices remain inside narrow ranges just above their session lows. The S&P 500 (-1.0%) held a slim week-to-date gain going into today's session, but the broad retreat has the index trading lower by 0.9% for the week. This puts the S&P 500 in-line with the Russell 2000.

If the S&P 500 settles near its current level that would erase roughly half of last week's advance. All in all, the benchmark index has bounced between 2,040 and 2,120 since the start of February.

Elsewhere, Treasuries have returned to unchanged with the 10-yr yield at 1.89%.

11:30 am: [BRIEFING.COM] Not much change in the market with the major averages pinned to their lows. The S&P 500 (-1.0%) continues trading a few points below its 50-day moving average with consumer discretionary (-1.2%) and financials (-1.3%) behind the remaining sectors.

The discretionary sector has suffered from broad weakness with retailers and homebuilders showing larger losses than the broader market. The SPDR S&P Retail ETF (XRT 99.06, -1.60) has surrendered 1.6% while the iShares Dow Jones US Home Construction ETF (ITB 27.49, -0.42) is lower by 1.5%. Although most sector components trade in the red, Mattel (MAT 26.35, +1.08) represents a pocket of strength, trading higher by 4.2%, after reporting a one-cent beat.

Over in the financial sector, American Express (AXP 77.20, -3.71) has tumbled 4.6% after reporting a bottom-line beat on below-consensus revenue. Meanwhile, other influential components trade a bit closer to the sector.

10:55 am: [BRIEFING.COM] The major averages have extended their early losses with the S&P 500 now down 1.1%. The benchmark index trades ahead of its peers with the Russell 2000 down 1.7% and the Nasdaq (-1.5%) trading in between the two.

Notably, the small cap Russell 2000 marked a fresh all-time high at 1,278.63 on Wednesday, but today's retreat has put the index back near last week's levels. Meanwhile, the S&P 500 has recently dipped below its 50-day moving average (2,085), which has been an area of congestion for about a month.

Cyclical sectors paced the early selling and they remain behind the countercyclical groups with heavily-weighted technology (-1.3%), financials (-1.3%), and consumer discretionary (-1.3%) at the bottom of the leaderboard.

10:35 am: [BRIEFING.COM]

Oil was down in most of early trading following bearish data released by OPEC yesterday- in combination with data indicating a U.S. output slowdown earlier in the week.
A late rally in recent price action shows crude futures -0.3% at $56.56/barrel
May nat gas is now -0.9% at $2.66/MMBtu
The dollar index is trading modestly higher following a set of poor data points regarding the development of the US economy. The index is now trading at 97.64, +0.2%
Precious metals are somewhat mixed by movements by the dollar.
Morning strength in the dollar weighed on gold and silver, however gold has held decent gains
June gold is +0.5% at $1204.10/oz while May silver is -0.2% at $16.26/oz
May copper stands flat $2.77/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.9%.

Just released, the Leading Indicators report for March was up 0.2% while the Briefing.com consensus expected an increase of 0.3%. That followed a revised 0.1% increase in February (from 0.2%).

The preliminary reading of the University of Michigan Consumer Sentiment survey for April rose to 95.9 from the reading of 93.0 that was reported in February. The Briefing.com consensus expected an uptick to 94.0.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day under pressure with the Russell 2000 (-0.8%) trading behind the S&P 500 (-0.5%).

Nine of ten sectors display early losses with heavily-weighted technology (-0.8%), consumer discretionary (-0.7%), financials (-0.7%), and energy (-0.7%) exerting pressure on the broader market. Meanwhile, countercyclical groups have fared a bit better with utilities trading little changed while consumer staples, health care, and telecom services display losses close to 0.4% apiece.

Elsewhere, Treasuries remain near their lows after sliding in reaction to today's CPI report (+0.2%; Briefing.com consensus +0.3%). The 10-yr yield is higher by a basis point at 1.90%.

March Leading Indicators (expected 0.3%) and the preliminary reading of the Michigan Sentiment Index for April (expected 94.0) will be released at 10:00 ET.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -33.60. The stock market is on track for a modestly lower open as futures on the S&P 500 trade 12 points below fair value.

Overnight, a widespread outage took all Bloomberg Terminals offline, which prevented large investors around the globe from communicating with their peers. The outage was followed by a plunge in Hang Seng futures after China Regulatory Commission announced plans to ban margin financing for OTC trades while also increasing the number of shares available for short selling to 1,100.

In all likelihood, participants saw the big slide in Asia, with little news to account for the move at that time, and responded by reducing their risk exposure. Furthermore, S&P futures hit their lows around the time when access to Bloomberg Terminals was restored. Since then, futures have erased about a third of the original decline.

Meanwhile, European markets have pushed to new lows amid continued concerns surrounding Greece. According to reports, regional central banks have asked overseas units of Greek banks to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece. The request was reportedly backed by the European Central Bank.

Domestically, investors have received a modest batch of earnings with most companies beating on the bottom line; however, revenue growth and guidance have been mixed.

American Express (AXP 78.90, -2.01) is on track to open lower by 2.5% after reporting a bottom-line beat on below-consensus revenue while General Electric (GE 27.40, +0.12) has added 0.3% in pre-market after its customary one-cent beat was coupled with below-consensus revenue.

On the economic front, CPI increased 0.2% for a second consecutive month in March while the Briefing.com consensus expected an increase of 0.3%.

March Leading Indicators (expected 0.3%) and the preliminary reading of the Michigan Sentiment Index for April (expected 94.0) will be released at 10:00 ET.

Treasuries have surrendered their overnight gains with the 10-yr yield higher by a basis point at 1.90%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -9.30. Nasdaq futures vs fair value: -29.30. The S&P 500 futures trade nine points below fair value.

It was a weak showing for most markets in the Asia-Pacific region on Friday, with the notable exception of one market. China's Shanghai Composite bucked the regional trend and increased another 2.2%. For the week, the Shanghai Composite was up 6.3% with policy stimulus speculation feeding the move.

In economic data:
Japan's March Household Confidence rose to 41.7 from 40.9 (expected 41.4)
Singapore's March Trade surplus expanded to SGD8.63 billion from SGD5.18 billion (expected SGD 5.63 billion)

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Japan's Nikkei declined 1.2% and closed near its low for the day in what was a steady and broad-based sell-off. The consumer non-cyclical (-1.3%), industrial (-1.2%), and consumer cyclical (-1.1%) sectors paced the retreat. Isetan Mitsukoshi Holdings (-9.2%), Alps Electric Co (-6.1%), J Front Retailing (-5.9%), Sharp Corp (-5.8%, and Taiyo Yuden (-5.7%) were the biggest decliners. Out of the 225 index members, 72 ended higher, 145 finished lower, and 8 were unchanged. For the week, the Nikkei was down 1.3%.
Hong Kong's Hang Seng sported modest gains for most of the session, but coughed them up in a late-day slide that left it down 0.3% for the session. The basic materials (-1.3%) and utilities (-1.3%) sectors were the weakest areas and the influential financial sector fell 0.2%. Bank of China (-2.5%), China Construction Bank (-2.4%), and China Resources Power Holdings (-2.4%) topped the list of decliners while China Overseas Land & Investment (+2.7%), AIA Group (+2.2%), and China Mobile (+2.1%) led advancing issues. Out of the 50 index members, 17 ended higher, 29 finished lower, and 4 were unchanged. For the week, the Hang Seng was up 1.4%.
China's Shanghai Composite increased another 2.2%, paced by a strong showing from the energy (+4.5%) and industrial (+3.0%) sectors. Real estate development company Beijing North Star (+10.1%), train maker China CNR Corp (+10.0%), and shipbuilding company China Shipbuilding Industry (+10.0%) were among the stocks that increased by the daily maximum allowable. For the week, the Shanghai Composite increased 6.3%.

Major European indices trade lower across the board with Germany's DAX (-1.9%) showing the largest decline. Overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece. The request was reportedly issued by various central banks with backing from the European Central Bank.

Economic data was limited:
Eurozone March CPI +1.1% month-over-month; -0.1% year-over-year. Both figures matched expectations. Core CPI +0.6% year-over-year, as expected. Separately, Current Account surplus narrowed to EUR26.40 billion from EUR30.40 billion (expected surplus of EUR29.40 billion)
UK's February Average Earnings Index + Bonus +1.7% (expected 1.8%; prior 1.9%) while Claimant Count fell 20,700 (expected -29,500; prior -29,100)
Swiss Retail Sales -2.7% year-over-year (consensus 0.7%; last -0.3%)

------

UK's FTSE is lower by 1.0% with all but four names in the red. Consumer names and miners are among the weakest performers with Tesco, InterContinental Hotels, Anglo American, and Antofagasta down between 1.6% and 2.5%.
In France, the CAC trades down 1.3% amid broad weakness. Financials BNP Paribas and Credit Agricole have both given up close to 2.3%. Hotel operator Accor is the only advancer, up 0.5%.
Germany's DAX has given up 1.9% with all 30 names trading in the red. Financials Commerzbank and Deutsche Bank sit at the bottom of the barrel with losses close to 2.7% apiece. Utility provider E.On outperforms with a slim loss of 0.1%, but industry peer RWE has tumbled 2.3%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -10.40. Nasdaq futures vs fair value: -29.80. The S&P 500 futures trade ten points below fair value.

Total CPI rose 0.2% (Briefing.com consensus +0.3%) in March while Core CPI, which excludes food and energy, also rose 0.2% (Briefing.com consensus +0.1%). On a year-over-year basis, total CPI is down 0.1% and core CPI is up 1.8%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -34.10. U.S. equity futures trade near their pre-market lows amid defensive action overseas. The S&P 500 futures hover eleven points below fair value after sliding to lows after the start of the European session. However, the source of the weakness appears to have originated from Asia with China Securities Regulatory Commission announcing plans to ban margin financing for over-the-counter trades. In a related move, China is expected to increase the number of stocks available for short selling to more than a 1,000.

Furthermore, continued concerns about a potential Greek default have added to the overnight weakness. As a result, Germany's 10-yr bund yield has dropped three basis points to 0.06% while the U.S. 10-yr yield has slid three basis points to 1.86%.

March CPI (Briefing.com consensus 0.3%) will be reported at 8:30 ET while March Leading Indicators (expected 0.3%) and the preliminary reading of the Michigan Sentiment Index for April (expected 94.0) will be released at 10:00 ET.

In U.S. corporate news of note:

American Express (AXP 79.10, -1.81): -2.2% after reporting a bottom-line beat on below-consensus revenue
General Electric (GE 27.05, -0.23): -0.8% in reaction to its one-cent beat on light revenue.
Honeywell (HON 102.70, -1.22): -1.2% after below-consensus revenue and lowered revenue guidance overshadowed better than expected earnings.
Mattel (MAT 26.55, +1.28): +5.1% following its one-cent beat.
Reynolds American (RAI 74.80, +0.56): +0.8% after beating estimates.
Schlumberger (SLB 93.89, +2.00): +2.2% after beating earnings estimates and reducing its workforce by about 11,000.

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng -0.3%, Japan's Nikkei -1.2%, and China's Shanghai Composite +2.2%.
In economic data:
Japan's March Household Confidence rose to 41.7 from 40.9 (expected 41.4)
Singapore's March Trade surplus expanded to SGD8.63 billion from SGD5.18 billion (expected SGD 5.63 billion)
In news:
Hang Seng futures fell more than 4.0% after the close in reaction to the aforementioned regulatory changes

Major European indices trade lower across the board. UK's FTSE -0.9%, France's CAC -1.5%, and Germany's DAX -2.0%. Elsewhere, Spain's IBEX -2.0% and Italy's MIB -2.1%.
Economic data was limited:
Eurozone March CPI +1.1% month-over-month; -0.1% year-over-year. Both figures matched expectations. Core CPI +0.6% year-over-year, as expected. Separately, Current Account surplus narrowed to EUR26.40 billion from EUR30.40 billion (expected surplus of EUR29.40 billion)
UK's February Average Earnings Index + Bonus +1.7% (expected 1.8%; prior 1.9%) while Claimant Count fell 20,700 (expected -29,500; prior -29,100)
Swiss Retail Sales -2.7% year-over-year (consensus 0.7%; last -0.3%)
Among news of note:
Overseas units of Greek banks have been asked to divest their Greek sovereign debt holdings to avoid contagion in the event of a default in Greece.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -8.00.

5:57 am: [BRIEFING.COM] Nikkei...19652.88...-232.90...-1.20%. Hang Seng...27653.12...-86.60...-0.30%.

5:57 am: [BRIEFING.COM] FTSE...7085.62...+25.20...+0.40%. DAX...11983.27...-15.60...-0.10%.

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

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

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