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 Post subject: February 29th Monday Trade Results - No Trades
PostPosted: Tue Mar 01, 2016 4:42 am 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2932
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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades today for me due to personal appointments and a day of rest.

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 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=153&t=2300

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 Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=285&t=3049 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Attachment:
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click on the above image to view today's price action of key markets


4:15 pm: [BRIEFING.COM] The stock market ended its first session of the week and the last session of February under selling pressure as the heavyweight health care (-1.6%) and financial (-1.1%) spaces weighed on the broader market. Today's trade saw a brief departure from equities trading in tandem with oil, along with investors eyeing weaker than expected economic data at home and overseas. Meanwhile, a safe haven bid in the last hour of trade highlighted concerns ahead of a data-heavy week. The S&P 500 (-0.8%) ended its day behind both the Dow Jones Industrial Average (-0.7%) and the Nasdaq Composite (-0.7%). For the month, the S&P 500 shed 0.4% while the Nasdaq lost 1.1% and the Dow gained 0.3%.

The influential health care sector (-1.6%) underperformed throughout today's session as weakness from large-cap constituents as well as biotechnology dropped the group to the bottom of the leaderboard. The iShares Nasdaq Biotechnology ETF (IBB 254.09, -7.40) ended its session lower by 2.8%. For the month of February, the sub-group plummeted 4.9% while the broader sector ended lower by 0.7% over the same period. Elsewhere in the space, Valeant Pharmaceuticals (VRX 65.80, -14.85) tumbled 18.4% after CNBC reported that the SEC is investigating the company. Additionally, the company postponed its earnings release and call.

The economically-sensitive financial group (-1.1%) recovered from some early weakness and managed to trade in-line with the broader market for part of the afternoon, but lost traction as money center banks and investment brokerages weighed. On that note, Wells Fargo (WFC 46.92, -1.15) tumbled 2.4%. Conversely, Berkshire Hathaway (BRK.B 134.17, +2.25) climbed 1.7% after reporting better than expected operating earnings in Q4. The financial sector ended February lower by 3.2%, bringing its year-to-date decline to 11.9%.

The broader market received an early boost from a rally in crude oil, but was unable to maintain that momentum once the commodity's pit session ended. Even the commodity-sensitive energy (-1.2%) and materials (-0.6%) were unable to finish in the green after being up by as much as 0.6% and 1.2%, respectively. For its part, WTI crude ended its day higher by 3.3% at $33.82/bbl, finishing the month little changed.

In the energy group (-1.2%), independent oil and gas names posted some of the largest declines of the day with EOG Resources (EOG 64.74, -2.76) falling 3.8%. Separately, the space was hurt by a 4.5% decline in natural gas, which ended at $1.71/mmbtu.

Countercyclical utilities (+0.2%) outperformed today and consumer staples (-0.4%) followed on the leaderboard.

The Treasury complex was bid higher as equities slipped to their worst levels of the day. For its part, the yield on 10-yr note ended its session lower by three basis points at 1.74%.

On the currency front, the U.S. Dollar Index (98.16, +0.01) surrendered most of its gain as the greenback weakened against the yen. The dollar/yen pair ended lower by 1.1% at 112.80.

Today's participation was within the recent average with more than 1.266 billion shares changing hands at the NYSE floor.

Today's economic data included Chicago PMI for February and Pending Home Sales for January:

The Chicago Purchasing Managers Index registered a 47.6 reading for February. That was below the Briefing.com consensus estimate of 52.0 and well below the prior month's reading of 55.6. A number below 50 denotes contraction.
The last six readings for this index dating back to September have been 47.8, 52.6, 47.7, 42.9, 55.6, and 47.6, respectively, so what the February report reveals is that the strength in January was likely little more than a brief snapback in activity from a depressed base of readings in more recent months.
The downturn in February saw four of the five barometer components decline versus January: New Orders (from 58.8 to 51.7), Production (from 62.5 from 44.0), Employment (from 48.9 to 45.2) and Prices Paid (from 43.7 to 41.1).
The employment index, which saw its fifth straight monthly reading below 50.0, is at its lowest level since November 2009.
The Prices Paid Index, meanwhile, is at its lowest level since July 2009 with falling oil and commodity prices playing a part there.
Pending home sales for January ticked lower by 2.5% while the Briefing.com consensus expected an increase of 0.7%. Meanwhile the December reading was revised to 0.9% from 0.1%

Separately, New York Fed President and FOMC voting member William Dudley will speak at 23:30 ET.

Tomorrow's economic data will include Construction Spending for January (Briefing.com consensus +0.5%) and the ISM Index for February (Briefing.com consensus 49.0), which will both cross the wires at 10:00 ET.

3:40 pm: [BRIEFING.COM]

The dollar index slid a little this afternoon to end near the unchanged mark
Energy finished today's trading session mixed with oil posting gains, natural gas tanking and RBOB and heating oil rising
Apr crude oil rose 3.3$ today to $33.82/barrel, while Apt natural gas slipped 5% to end the day at $1.71/MMBtu
Copper recovered today, ending one cent higher at $2.13/lb
In precious metals, Apr gold rose 1.2% today to $1234.60/oz, while May silver rallied 1.2% to $14.90/oz

3:00 pm:

[BRIEFING.COM] The major indices hover near new session lows as the Nasdaq Composite (-0.4%) trades ahead of the S&P 500 (-0.5%).

One sector remains in the green with materials (-0.1%) now trading in the red after showing strength earlier. The health care group (-1.0%) is the weakest sector and its underperformance has paced the recent slide to lows. This influential group has struggled since the start of the session and biotechnology has been a notable weak spot within the sector. Biotechnology has seen increased selling in recent action with the iShares Nasdaq Biotechnology ETF (IBB 255.68, -5.81) now down 2.3%

On the upside, safe have utilities (+0.6%) and telecom services (+0.1%) remain in the green. The two groups show respective gains of 1.8% and 3.2% in February and these sectors have had the best showing so far this year (+6.8% and +8.9% year-to-date, respectively).

The Treasury complex remains near its recent levels despite the downturn in stocks. On that note, the yield on the 10-yr note is lower by two basis points at 1.74%.

On the commodities front, WTI crude ended its day higher by 3.3% at $33.82/bbl. Meanwhile, natural gas plummeted 4.5% to $1.71/mmbtu.

2:30 pm:

[BRIEFING.COM] The major averages have tumbled to fresh session lows with the S&P 500 (-0.3%) trading 15 point off its new high.

Six sectors trade in the red with health care (-0.9%), energy (-0.7%), and financials (-0.3%) leading the downside.

The Dow Jones Transportation Average (-0.2%) hovers beneath its flat line as the underperforming rail companies outweigh strength from the airlines. Kansas City Southern (KSU 82.11, -1.81) has plunged 2.2% today while Union Pacific (UNP 79.38, -0.63) has slipped 0.8%. Meanwhile, United Continental Holdings (UAL 57.66, +1.08) and Delta Airlines (DAL 4851, +0.65) have gained 1.6% and 1.3%, respectively. The Dow Transportation Average has gained 7.0% in February. On a year-to-date basis the index is down 1.5%.

In the industrial sector (-0.1%), Caterpillar (CAT 68.50, +1.62) and Deere (DE 81.24, +1.77) outperform. Meanwhile, United Technologies (UTX 97.25, -0.43) and Honeywell (HON 102.40, -0.63) have slipped a respective 0.4% and 0.6%.

2:00 pm:

[BRIEFING.COM] The stock market has hovered lower in recent action as the S&P 500 (+0.2%) narrows its gain to 0.6% in February. The benchmark index trades six points off its session low.

Health care (-0.5%) continues to represent the only sector in the red while financials (UNCH) have slipped in recent trade to flirt with their flat line.

In the consumer discretionary space (+0.4%), the sector has pulled back along with the broader market while Disney (DIS 96.08, +0.77) and Priceline (PCLN 1,276.92, +22.65) outperform the group. Meanwhile, Netflix (NFLX 94.14, -0.65) has surrendered its early gain, after being up 2.5% at one point today. Separately, Viacom (VIAB 36.99, +0.76) has climbed 2.1%. The company has managed to narrow its loss to 11.6% since reporting earnings on February 9th. The broader consumer discretionary sector is in positive territory for the month (+1.1%), having trimmed its 2016 loss to 4.1%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have pulled back slight since our last update, but still sport small gains on February's final trading day.

A look inside the Dow Jones Industrial Average shows that Caterpillar (CAT 68.45, +1.58), American Express (AXP 56.13, +0.75), and Visa (V 73.58, +0.85) are outperforming. American Express shares are being boosted by this morning's announcement that it would sell its Costco U.S. cobranded card portfolio to Citibank. AXP estimates a gain of ~$1 bln on the sale.

Conversely, Pfizer (PFE 29.98, -0.25) is the worst-performing Dow component as health care underperforms that broad market. The health care space is today's lone sector in negative territory.

At current levels, the DJIA is poised to close the month with gains of 1.3%, narrowing its 2016 losses to 4.3%.

1:05 pm:

[BRIEFING.COM] The major U.S. indices trade moderately higher at midday as a positive move in oil helps bolster the broader market. Contributing factors to today's trade have included investors weighing action from the People's Bank of China against weaker than expected economic data at home and abroad, and key sector leadership from the technology (+0.6%) and consumer discretionary (+0.6%) spaces. At this juncture, the Dow Jones Industrial Average (+0.3%) trades in-line with the S&P 500 (+0.3%) and behind the Nasdaq Composite (+0.5%).

Ahead of today's session, U.S. futures and global equity markets tumbled as pressure from China and Europe weighed. Concerns from China centered on a 2.9% loss in the Shanghai Composite after the G-20 summit yielded little joint action. Meanwhile, a negative reading in CPI growth from the eurozone echoed recent slowing growth and weakening inflation concerns. Futures and global markets received a reprieve after the Asian session when the People's Bank of China announced that it would be lowering its reserve requirement ratio by 50 basis points (to 17.0%) in order to boost liquidity in the Chinese banking system. As a result, futures lifted from their lows and the cash market was able to open higher.

The major averages have been helped by a rally in crude oil as investors continue to eye a potential production cap deal in March. At this juncture, WTI crude trades higher by 3.3% at $33.86/bbl. As a result of this positive move in oil, commodity-sensitive materials (+0.8%) have outperformed today.

Meanwhile, the energy sector (-0.2%) has been unable to maintain its footing in positive territory. The space is being hurt by a 4.5% decline in natural gas ($1.71/mmbtu) and the underperformance of independent oil and gas names. Additionally, Baker Hughes (BHI 42.45, -1.63) has tumbled 3.7% after the New York Post reported that the Department of Justice is seeking to have Haliburton (HAL 32.49, -0.13) agree to more divestitures before its merger with Baker Hughes.

The heavyweight technology space (0.6%) has outperformed today as large-cap Apple (APPL 97.97, +1.06) shows relative strength. Similarly, the high-beta chipmakers also demonstrate relative strength, evidenced by the 0.9% gain in the PHLX Semiconductor Index. The sub-group is being led by Broadcom Ltd. (AVGO 136.44, +3.33) and Qorvo (QRVO 45.54, +2.08), which have jumped 2.5% and 4.8%, respectively.

The health care group (-0.4%) has underperformed the broader market throughout the day as Mylan Labs (MYL 46.33, -0.81) tumbles 1.8%. Elsewhere, biotechnology demonstrates relative weakness, evidenced by a 0.8% loss in the iShares Nasdaq Biotechnology ETF (IBB 259.49, -2.00).

The financial sector (+0.3%) has been able to recover from early relative weakness. The sector is being helped by constituent Berkshire Hathaway (BRK.B 134.68, +2.75), which has gained 2.1% after reporting better than expected operating earnings in Q4. Separately, MetLife (39.90, -0.18) has slipped 0.5% after it confirmed the sale of its U.S. retail advisor force to MassMutual.

The Treasury complex has traded in a narrow range throughout the day as the yield on the 10-yr note trades lower by two basis points at 1.75%.

Today's economic data included Chicago PMI for February and Pending Home Sales for January:

The Chicago Purchasing Managers Index registered a 47.6 reading for February. That was below the Briefing.com consensus estimate of 52.0 and well below the prior month's reading of 55.6. A number below 50 denotes contraction.
The last six readings for this index dating back to September have been 47.8, 52.6, 47.7, 42.9, 55.6, and 47.6, respectively, so what the February report reveals is that the strength in January was likely little more than a brief snapback in activity from a depressed base of readings in more recent months.
The downturn in February saw four of the five barometer components decline versus January: New Orders (from 58.8 to 51.7), Production (from 62.5 from 44.0), Employment (from 48.9 to 45.2) and Prices Paid (from 43.7 to 41.1).
The employment index, which saw its fifth straight monthly reading below 50.0, is at its lowest level since November 2009.
The Prices Paid Index, meanwhile, is at its lowest level since July 2009 with falling oil and commodity prices playing a part there.
Pending home sales for January ticked lower by 2.5% while the Briefing.com consensus expected an increase of 0.7%. Meanwhile the December reading was revised to 0.9% from 0.1%

12:25 pm:

[BRIEFING.COM] The major averages have ticked higher in recent action as the S&P 500 (+0.4%) jockeys for position with the Dow Jones Industrial Average (+0.4%). The benchmark index trades two points off its session high.

Eight of ten sectors trade in the green with utilities (+1.0%), materials (+0.9%) and technology (+0.6%) leading the advance.

In the technology space, large-cap Apple (APPL 97.77, +0.86) has shown relative strength as it climbs 0.9%. Separately, Yahoo! (YHOO 32.33, +0.96) has gained 3.0% after having its target price raised at Mizuho from $29.00 to $32.00. Meanwhile, the high-beta chipmakers outperform, evidenced by the 0.9% gain in the PHLX Semiconductor Index. The sub-group is being led by Broadcom Ltd. (AVGO 136.56, +3.45) and Qorvo (QRVO 45.95, +5.7%), which have jumped 2.6% and 5.8%, respectively.

On the commodities front, WTI crude trades higher by 2.8% at $33.70/bbl while natural gas has surrendered 4.0% to trade at $1.72/mmbtu.

12:00 pm:

[BRIEFING.COM] The stock market hovers near its recent levels as the averages move off a fresh session high. The S&P 500 (+0.4%) trades 11 points off its worst level of the day and three points off its new session high.

The commodity-sensitive materials space (+1.0%) continues to outperform the market as WTI crude trades higher by 2.3% at $33.52/bbl. Meanwhile, the energy space has gained 0.1%.

In the materials space, large-cap Dow Chemical (DOW 49.46, +0.72) has gained 1.5% as it outperforms the sector and the broader market. Meanwhile, LyondellBasell (LYB 81.91, +1.74) and International Paper (IP 36.07, +0.83) have climbed 2.2% and 2.3%, respectively. The broader materials sectors shows the best performance in February, with a 8.9% gain over the last month. The sector remains down 2.6% for the year versus a 4.3% year-to-date decline in the S&P 500.

Moving to the energy space, EOG Resources (EOG 65.75, -1.75) has slipped 2.6% after receiving a downgrade at Wunderlich from "Buy" to "Hold." Wunderlich lowered its target price for the stock to $64.00 from $80.00. For its part, the energy space has declined 1.1% in February and is down 4.2% for the year.

11:30 am:

[BRIEFING.COM] The major U.S. indices have notched new session highs with the Nasdaq Composite (+0.4%) outperforming the S&P 500 (+0.3%).

The heavyweight financial sector (+0.1%) has moved into positive territory since the last update. However the space still shows the largest loss for the month of February and year-to-date (2.0% and 10.8%, respectively).

In the financial group, Berkshire Hathaway (BRK.B 134.14, +2.22) has gained 1.7% after reporting better than expected operating earnings in Q4. Conversely, SunTrust Banks (STI 33.71, -0.83) underperforms the group and the broader market with a decline of 2.3%. Meanwhile, MetLife (39.77, -0.32) has slipped 0.8% after it confirmed the sale of its retail advisor force to MassMutual.

The yield on the 10-yr note is lower by two basis points at 1.75%.

11:00 am:

[BRIEFING.COM] The major averages have traded largely sideways since the last update with the S&P 500 (+0.1%) hovering five points above its worst level of the day.

The countercyclical utilities sector (+0.5%) has inched higher in recent action as it follows materials (+0.8%) on the top of the board. Meanwhile, health care (-0.6%) is the only countercyclical sector trading in negative territory, leading the downside.

The health care space underperforms as Mylan Labs (MYL 46.01, -1.13) tumbles 2.4%. The pharmaceutical company has surrendered 9.0% since reporting below consensus Q4 results on February 10th. Separately, health care large-caps AbbVie (ABBV 55.29, -0.71) and Eli Lilly (LLY 72.37, -1.23) also underperform the market with respective declines of 1.1% and 1.6%. Biotechnology demonstrates relative weakness, evidenced by a 0.8% loss in the iShares Nasdaq Biotechnology ETF (IBB 259.49, -2.00).

On the commodities front, gold has been bid higher as the precious metal trades up 1.1% at $1,233.50/ozt.

10:45 am: [BRIEFING.COM]

Dollar index is trading modestly higher today, which is helping adding a little pressure on commodities today
However, commodities such as oil and precious metals are trading higher
Apr crude oil is currently +1.2% at $33.17/barrel
In the metals space, Apr gold is +1.1% at $1234.40/oz, while May silver is +0.7% at $14.82/oz
Copper is in the red, however, now -0.4% at $2.12/lb
Natural gas futures sunk over 5% overnight but have come back a little in morning trade, now -3.9% at $1.72/MMBtu

10:00 am:

[BRIEFING.COM] The major averages have floated higher in recent action as the S&P 500 (UNCH) trades four points above its session low.

At this juncture, eight of ten sectors trade in the green with materials (+0.3%), technology (+0.3%), and consumer discretionary (+0.3%) leading. The remaining gainers show advances between 0.1% (industrials) and 0.2% (telecom services).

Just reported, pending home sales for January ticked lower by 2.5% while the Briefing.com consensus expected an increase of 0.7%. Meanwhile the December reading was revised to 0.9% from 0.1%

The yield on the 10-yr note is higher by three basis points at 1.74%.

9:45 am:

[BRIEFING.COM] The major U.S. indices began their week on a mixed note with the S&P 500 (-0.2%) trailing the Nasdaq Composite (UNCH).

Seven of ten sectors opened in the red with the heavily-weighted financial (-0.5%) and health care (-0.4%) spaces leading the downside. On the flipside, materials (+0.1%), consumer discretionary (+0.1%), and technology (UNCH) trade ahead of the broader market.

Meanwhile, WTI crude trades higher by 1.2% at $33.17/bbl. Elsewhere in commodities, gold has gained 0.8% to trade at $1,230.50/ozt.

On the economic front, the just released Chicago Purchasing Managers Index for February fell to 47.6 from 55.6 in January. The February reading was below the Briefing.com consensus estimate, which was pegged at 52.0.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.20.

The stock market is on track for a flat open with S&P 500 futures trading one point below fair value.

Global equity markets and U.S. futures have been able to rally off their overnight lows as news of further easing from the People's Bank of China boosted market sentiment. The PBoC announced that they would be lowering its reserve requirement ratio by 50 basis points in order to boost liquidity in the Chinese banking system. This marks the fifth cut to the reserve requirement ratio since last February. Separately, crude oil has been able to take advantage of the brighter disposition as WTI crude climbed off its overnight low ($32.42/bbl). Currently, the energy component trades higher by 0.6% at $32.99/bbl.

On the corporate front, Valeant Pharma (VRX 77.00, -3.65) has surrendered 4.5% after the company announced that it would be postponing its earnings report, which was originally scheduled for this morning. Valeant withdrew its previous financial guidance and announced that J. Michael Pearson would return to the role of CEO after taking a medical leave of absence. Separately, Novavax (NVAX 4.53, -0.18) has slipped 3.8% after reporting Q4 results below analyst expectations.

The U.S. Dollar Index (98.26, +0.12) has moved off its overnight high as the yen strengthens against the greenback. At this junctures, the dollar/yen pair trades at 113.03 (-0.9%) after moving off its overnight high (113.98).

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.40.

The S&P 500 futures trade one point below fair value.

Equity markets across Asia ended the Monday session on a mostly lower note with China's Shanghai Composite (-2.9%) pacing the retreat. However, the sluggish session was followed by news from the People's Bank of China, which lowered its reserve requirement ratio, dropping the rate for big banks by 50 basis points to 17.0%. Elsewhere, Bank of Japan Governor Haruhiko Kuroda reiterated that the BoJ is ready to continue lowering rates. It is worth noting that Mr. Kuroda's unwavering commitment comes against the backdrop of a new poll suggesting the public support for Prime Minister Shinzo Abe's Abenomics program has tumbled to just over 30.0%.

In economic data:
Japan's January Industrial Production +3.7% month-over-month (expected 3.3%; last -1.7%), January Retail Sales -0.1% year-over-year (consensus 0.5%; last -1.1%), and January Housing Starts +0.2% year-over-year (consensus --0.2%; last -1.3%)
South Korea's March Manufacturing BSI Index fell to 65 from 67
Australia's Q4 Company Gross Operating Profits -2.8% quarter-over-quarter (expected -1.8%; last 1.4%), February MI Inflation Gauge -0.2% month-over-month (prior 0.4%), and January Private Sector Credit +0.5%, as expected (last 0.5%)
New Zealand's January Building Consents -8.2% month-over-month (expected -1.9%; last 2.3%) and January ANZ Business Confidence fell to 7.1 from 23.0

---Equity Markets---

Japan's Nikkei lost 1.0% with all but one sector ending in the red. Communications (+0.1%) outperformed while utilities (-3.2%), energy (-2.6%), consumer staples (-2.4%), and materials (-1.6%) lagged. Keisei Electric Railway, Chubu Electric Power, TEPCO, Japan Steel Works, Tokuyama, Canon, and Sumitomo Heavy Industries ended with losses between 2.9% and 4.0%.
Hong Kong's Hang Seng surrendered 1.3% with most components finishing lower. Belle International, Tingyi, Petrochina, Want Want China, CNOOC, and China Life Insurance lost between 2.5% and 4.9%. On the upside, New World Development and Hang Lung Properties added 1.6% and 0.9%, respectively.
China's Shanghai Composite fell 2.9% with China Shipbuilding falling 4.6% while CITIC Securities and China Everbright both losing near 0.9%. On the upside, Agricultural Bank of China added 1.0%.

Major European indices trade mostly lower, but the indices have climbed off their opening lows. Italy's MIB (+0.4%) leads while Germany's DAX (-0.8%) underperforms. The news of an RRR cut in China has given a slight boost to the markets, but the upticks have been limited. Separately, it is worth noting that an overnight bid in Germany's 10-yr bund dropped its yield to a record low of 0.11% with negative yields creeping into the 9-year rate (-0.01%). Currently, the 10-yr bund yields 0.12%.

In economic data:
Eurozone February CPI -0.2% year-over-year (expected 0.1%; last 0.3%) and Core CPI +0.7% year-over-year (consensus 0.9%; last 1.0%)
Germany's January Import Price Index -1.5% month-over-month (expected -1.0%; last -1.2%); -3.8% year-over-year (consensus -3.4%; last -3.1%). Separately, January Retail Sales +0.7% month-over-month (expected 0.2%: last 0.6%); -0.8% year-over-year (consensus 1.5%; last 2.5%)
UK's January Mortgage Approvals 74,580 (expected 73,600; last 71,330), January Mortgage Lending GBP3.70 billion (expected GBP3.60 billion; last GBP3.20 billion), and Net Lending to Individuals GBP5.30 billion (expected GBP5.20 billion; last GBP4.30 billion)
Italy's February CPI -0.2% month-over-month (expected 0.1%; last -0.2%); -0.3% year-over-year (consensus -0.1%; last 0.3%)
Swiss February KOF Leading Indicators 102.4 (expected 98.8; last 100.4)

---Equity Markets---

France's CAC trades higher by 0.2% with ArcelorMittal, Airbus Group, Renault, and Credit Agricole showing gains between 0.6% and 4.9%. On the downside, L'Oreal is down 2.1% while Alstom, Kering, Carrefour, Danone, and Louis Vuitton are down between 0.7% and 1.2%.
UK's FTSE is down 0.1% with Tesco, Schroders, HSBC, Shire, and Unilever down between 1.2% and 2.8%. Miners have shown relative strength with Anglo American, Glencore, Randgold Resources, Fresnillo, and Antofagasta up between 2.4% and 5.9%.
Germany's DAX trades down 0.8% with BASF, Bayer, Henkel, Fresenius, and Merck showing losses between 2.0% and 3.6%. Deutsche Bank is down 0.8% while Volkswagen and BMW outperform with respective gains of 2.4% and 0.9%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -12.70.

The S&P 500 futures trade five points below fair value.

On the corporate front, shares of Federal-Mogul (FDML 7.06, +2.08) are trading higher by 41.8% after reporting earnings results above-consensus on in-line revenue. Additionally, Federal-Mogul received a merger proposal from Icahn Enterprises, which proposed selling the remaining shares not already owned by Icahn Enterprises for $7 a share in cash. Separately, shares of Berkshire Hathaway (BRK.B 133.35, +0.00) trades unchanged after reporting a beat on operating earnings over the weekend.

The U.S. Dollar Index (98.33, +0.18) trades higher after the greenback recovered from some weakness against the euro and yen overnight. The euro/dollar pair trades at 1.0884 (-0.4%) while the dollar/yen rose to 113.06 (-0.8%).

In commodities, WTI trades higher by 0.5% at $32.96/bbl while gold has climbed 0.6% to $1,228.00/ozt.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -15.20.

U.S. equity futures trade lower with the S&P 500 futures trading six points below fair value. Overnight, futures and European indices managed to tick off their lows when the People's Bank of China announced that it was lowering its reserve requirement ratio 50 basis points. For its part, oil also managed to recover along with equities and currently trades higher by 0.5% at $32.96/bbl.

On the economic front, data will include Chicago PMI for February (Briefing.com consensus 52.0) and Pending Home Sales for January (Briefing.com consensus +0.7%), which will be released at 9:45 ET and 10:00 ET, respectively.

The Treasury complex trades off its overnight high with the yield on the 10-yr note lower by one basis point at 1.75%.

In U.S. corporate news of note:

Novavax (NVAX 4.74, +0.03) after missing top-and-bottom line results in Q4
Lumber Liquidators (LL 10.75, -0.36): -3.2% following below-consensus results in Q4 with comparable store sales falling 17.2%
Chevron (CVX 84.40, +0.05): +0.1% after Bloomberg reported that the company was considering the sale of its Asian-Pacific geothermal assets

Reviewing overnight developments:

Asian indices ended their session lower with China's Shanghai Composite -2.9%, Hong Kong's Hang Seng -1.3%, and Japan's Nikkei -1.0%.
In economic data:
Japan's January Industrial Production +3.7% month-over-month (expected 3.3%; last -1.7%), January Retail Sales -0.1% year-over-year (consensus 0.5%; last -1.1%), and January Housing Starts +0.2% year-over-year (consensus --0.2%; last -1.3%)
South Korea's March Manufacturing BSI Index fell to 65 from 67
Australia's Q4 Company Gross Operating Profits -2.8% quarter-over-quarter (expected -1.8%; last 1.4%), February MI Inflation Gauge -0.2% month-over-month (prior 0.4%), and January Private Sector Credit +0.5%, as expected (last 0.5%)
New Zealand's January Building Consents -8.2% month-over-month (expected -1.9%; last 2.3%) and January ANZ Business Confidence fell to 7.1 from 23.0
In news:
The People's Bank of China lowered its reserve requirement ratio, dropping the rate for big banks by 50 basis points to 17.0%.
Bank of Japan Governor Haruhiko Kuroda reiterated that the BoJ is ready to continue lowering rates.
A new poll suggesting the public support for Prime Minister Shinzo Abe's Abenomics program has tumbled to just over 30.0%.

European indices trade lower with Germany's DAX -1.2%, the U.K.'s FTSE -0.4%, and France's CAC -0.2%. Elsewhere, Italy's MIB outperforms with a gain of 0.2%.
In economic data:
Eurozone February CPI -0.2% year-over-year (expected 0.1%; last 0.3%) and Core CPI +0.7% year-over-year (consensus 0.9%; last 1.0%)
Germany's January Import Price Index -1.5% month-over-month (expected -1.0%; last -1.2%); -3.8% year-over-year (consensus -3.4%; last -3.1%). Separately, January Retail Sales +0.7% month-over-month (expected 0.2%: last 0.6%); -0.8% year-over-year (consensus 1.5%; last 2.5%)
UK's January Mortgage Approvals 74,580 (expected 73,600; last 71,330), January Mortgage Lending GBP3.70 billion (expected GBP3.60 billion; last GBP3.20 billion), and Net Lending to Individuals GBP5.30 billion (expected GBP5.20 billion; last GBP4.30 billion)
Italy's February CPI -0.2% month-over-month (expected 0.1%; last -0.2%); -0.3% year-over-year (consensus -0.1%; last 0.3%)
Swiss February KOF Leading Indicators 102.4 (expected 98.8; last 100.4)
In news:
A bid in Germany's 10-yr bund has dropped its yield to a record low of 0.11% with negative yields now creeping into the 9-year rate (-0.01%).

6:15 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -34.60.

6:15 am: [BRIEFING.COM] Nikkei...16027...-161.70...-1.00%. Hang Seng...19112...-252.20...-1.30%.

6:15 am: [BRIEFING.COM] FTSE...6053.40...-42.60...-0.70%. DAX...9356.05...-157.30...-1.70%.

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

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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