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 Post subject: March 1st Tuesday Trade Results - Profit $3125.00
PostPosted: Wed Mar 02, 2016 6:23 am 
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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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
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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 @ $3125.00 dollars or +62.50 points, Light Crude Oil CL ($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 @ $3125.00 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=154&t=2303

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.

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


4:10 pm: [BRIEFING.COM] The stock market began March with a broad-based rally as the major averages responded to a better-than-expected reading of the ISM Index for February. Additionally, today's rally was supported by key sector leadership from the financial (+3.5%) and technology (+3.1%) sectors, positive trade from the oil pit, dovish remarks from New York Fed President William Dudley, and new monthly inflows. The Nasdaq Composite (+2.9%) was able to end ahead of the S&P 500 (+2.4%) and the Dow Jones Industrial Average (+2.1%).

The major indices were able to rally off their opening levels after the ISM Index report showed a smaller contraction in manufacturing during February (49.5; Briefing.com 49.0) than was reported in January (48.2). Improvement in U.S. economic data, as well as hopes for further economic easing in the wake of weaker-than-expected economic data from overseas, helped bolster sentiment in global equities.

Sector leadership from the heavily-weighted technology (+3.1%) and financial (+3.5%) sectors helped maintain and extend today's rally. The groups outperformed throughout the session, even during a momentary downturn in crude oil. For its part, the energy component ended the Tuesday affair higher by 1.7% at $34.39/bbl.

In the economically-sensitive financial sector (+3.5%), money center banks showed relative strength, as Citigroup (C 41.27, +2.42) and Bank of America (BAC 13.19, 0.67) jumped 6.2% and 5.4%, respectively. Despite today's showing, the two names remain down a respective 22.1% and 23.7% in 2016. Meanwhile, the broader financial sector is down 8.7% during that same period.

In the influential technology space, large-cap names like Facebook (FB 109.82, +2.90), Alphabet (GOOGL 742.17, +24.95), and Oracle (ORCL 37.99, +1.21) climbed between 2.7% and 3.5%. Meanwhile, Dow component Apple (AAPL 100.53, +3.84) surged 4.0%. The high-beta chipmakers also outperformed the broader market as the PHLX Semiconductor Index gained 2.9%, trimming its year-to-date loss to 3.6%.

On the flipside, the countercyclical sectors showed the worst performances for the day. Utilities (-0.5%), consumer staples (+1.0%), and telecom services (+1.3%) finished behind the broader market. To be fair though, the three sectors show the best and only positive performances among the S&P sectors on a year-to-date basis. To that point, the groups show respective gains of 5.8%, 1.6%, and 9.8%.

The heavyweight health care space managed a 1.9% gain despite the underperformance of Medtronic (MDT 74.18, -3.21), which plummeted 4.2% after reporting results that fell in-line with analyst estimate. Separately, biotechnology showed relative strength as the iShares Nasdaq Biotechnology ETF (IBB 265.27, +11.18) gained 4.4% today. For the year, the ETF remains down 22.7%.

Adding to today's optimistic mood were dovish remarks from New York Fed President and FOMC voting member William Dudley, who acknowledged that the balance of risks to growth and inflation outlooks for the U.S. might be starting to tilt slightly to the downside.

The Treasury complex plunged after the release of the ISM Index reading with the 10-yr yield ending higher by six basis points at 1.82%.

On the currency front, the U.S. Dollar Index (98.35, +0.14) retreated from its best level of the day as the yen and the euro sought to make up some ground. The dollar/yen rose 1.1% to 113.91 after reaching a session high of 114.14. Meanwhile, the euro/dollar ticked down 0.1% to 1.0866 after hitting a session low of 1.0841.

Trading volume was roughly in-line with the recent average as 1.09 billion shares changed hands on the floor of the NYSE.

Today's economic data included Construction Spending for January and the ISM Index for February:

The ISM Index for February checked in at 49.5, up from 48.2 in January and above the Briefing.com consensus estimate of 49.0.
A number below 50.0 denotes contraction. What the improvement from January says, then, is that manufacturing activity on a national basis contracted in February but at a slower rate than January..
This is the fifth straight month the ISM Index has been below 50.0. That hasn't happened since the throes of the financial crisis in 2009.
The uptick in February wasn't a broad happening, as revealed by the sub-indices. The New Orders Index held steady at 51.5; the Imports Index dropped from 51.0 to 49.0; the Exports Index slipped from 47.0 to 46.5; the Supplier Deliveries Index fell from 50.0 to 49.7; and the Customers' Inventories Index declined from 51.5 to 47.0.
Where there was improvement was in the Production Index (from 50.2 to 52.8), the Employment Index (from 45.9 to 48.5), the Backlog of Orders Index (from 43.0 to 48.5), the Prices Index (from 33.5 to 38.5), and the Inventories Index (from 43.5 to 45.0).
The report stipulated that the average PMI reading for January and February (48.9) corresponds to real GDP growth of 1.8% on an annualized basis.
Total construction spending was up 1.5% month-over-month in January (Briefing.com consensus +0.5%). Furthermore, construction spending in December was revised up to a 0.6% increase from a previously reported 0.1% gain.
Total construction spending is up 10.4% year-over-year, with private construction spending up 9.5% and public construction spending up 13.0%.
The strength in January was driven by public construction spending, which increased 4.5% on the back of a 4.6% jump in nonresidential spending. Public residential spending, which accounts for a tiny portion of total construction spending, was down 1.9%.
The uptick in public construction spending was driven by increases in most categories, but none more prominent than highway and street spending, which surged 14.7%. The only areas experiencing a decline in spending were office (-4.2%), health care (-5.0%), educational (-1.9%), and transportation (-3.7%).
On the private side, construction spending increased 0.5% in January. That improvement also flowed from the nonresidential side of things, which saw a 2.5% increase in spending. There, too, highway and street spending led the way with a 14.6% gain. The weakest area in private nonresidential spending was commercial (-4.3%). Private residential spending was flat in January.

Tomorrow's economic data includes the weekly MBA Mortgage Index, which will be released at 7:00 ET. Meanwhile, the February ADP Employment Change report (Briefing.com consensus 190k) and the Fed's Beige Book for March will be released at 8:15 ET and 14:00 ET, respectively.

Russell 2000 -7.3% YTD
Nasdaq -6.4% YTD
S&P 500 -3.2% YTD
Dow Jones -3.2% YTD

3:40 pm: [BRIEFING.COM]

Natural gas futures put in nice rally starting in late morning trade and extending into early afternoon trade
NG held its gains pretty well, closing today's session +1.8% at $1.74/MMBtu
WTI crude oil rallied in morning trade, holding most of its gains as well
At the end of today's floor session, Apr crude finished +2% at $34.39/barrel
Precious metals slid lower today, only recovering modestly off of today's lows
Apr gold finished -0.3% at $1230.70/oz, while May silver ended -1% at $14.75/oz
May copper rallied 0.5% to $2.14/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages show impressive gains with the S&P 500 (+2.2%) outperforming the Dow Jones Industrial Average (+2.0%). The benchmark trades within one point of its session high.

On the leaderboard, nine of ten sectors trade in the green with the heavily-weighted financials (+3.1%), technology (+2.8%), and consumer discretionary (+2.5%) helping lead the advance. Meanwhile, the countercyclical utilities sector (-0.4%) is the lone decliner.

Commodity-sensitive materials (+2.6%) have taken advantage of the rebound in oil prices as large-cap Monsanto (MON 92.64, +2.65) climbs 3.0%. Meanwhile, Dow component DuPont (DD 62.72, +1.85) outperforms with a 3.1% gain.

Countercyclical consumer staples (+0.8%) continue to struggle as Wal-Mart (66.34, +0.00) flirts with its flat line and Costco (COST 150.39, +0.36) underperforms ahead of its earnings report slated for tomorrow afternoon.

In commodities, WTI crude ended its day higher by 1.7% at $34.39/bbl while natural gas was able to tick higher by $0.03 to $1.74/mmbtu (+1.8%).

2:30 pm:

[BRIEFING.COM] The major averages have trades in sideways fashion since our last update with the S&P 500 (+2.0%) trading three points off its high. The benchmark index has managed to trim its year-to-date loss to 3.4%.

The economically-sensitive financial sector (+2.8%) continues to outperform technology (+2.7%) as the two heavyweights pull back from their highs.

The PHLX Semiconductor Index has climbed 2.5% as the sub-group outperforms the broader market. The high-beta chipmakers are being led by Qorvo (QRVO 47.21, +2.12), which has rallied 4.7%. Qorvo has now narrowed its 2016 loss to 7.3% after being down as much as 32.2%. For the year, the chip index remains behind the S&P 500 with a 4.0% loss.

On the commodities front, WTI crude trades higher by 1.5% at $34.27/bbl ahead of the close of the commodity's pit session. Separately, gold ended its day lower by 0.3% at $1230.70/ozt.

2:00 pm:

[BRIEFING.COM] The stock market continues to float below its fresh session high as the S&P 500 (+2.0%) trades three points below its best level.

The three best performing sectors year-to-date show the worst performance of the day as utilities (-1.0%), consumer staples (+0.8%), and telecom services (+1.2%) trade behind the broader market. The three groups have climbed 5.3%, 1.3%, and 9.6%, respectively, in 2016.

In the health care space (+1.4%), large-caps Pfizer (PFE 29.81, +0.14) and Eli Lilly (LLY 72.36, +0.36) underperform the broader market and the sector. Medtronic (MDT 74.15, -3.24) has plunged 4.2% after reporting in-line results for its third quarter. Meanwhile, the iShares Nasdaq Biotechnology ETF (IBB 261.08, +6.99) outperforms the broader market. The ETF has gained 2.7% as it attempts to recover from a 4.9% loss in March.

On the currency front, the Dollar Index (98.34, +0.13) continues to trim its advance as the euro/dollar trades at 1.0867. The currency pair has moved off a session low of 1.0841.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have continued to extend today's gains, and are currently at intra-day highs.

A look inside the Dow Jones Industrial Average shows that JPMorgan (JPM 58.71, +2.41), Apple (AAPL 100.37, +3.68), and Chevron (CVX 86.46, +3.02) are outperforming. With the Dow up over 300 points, every component is trading higher, with the exception of United Technologies, as detailed below. JPMorgan the Dow's best gainer as the financial sector puts in today's best performance, up more than 3%

Conversely, United Technologies (UTX 94.46, -2.16) is the worst-performing, and lone Dow component in negative territory after Honeywell (HON 105.20, +3.85) announced this morning that it was no longer pursuing a strategic business combination due to UTX's 'unwillingness to engage in negotiations.'

With today's powerful rally, the DJIA has trimmed its YTD losses to 3.4%

1:00 pm:

[BRIEFING.COM] The stock market trades broadly higher at midday as market participants digest stronger than expected domestic manufacturing data. Today's rally has also been aided by increased policy stimulus expectations abroad, new monthly inflows, key sector leadership from financials (+2.9%) and technology (+2.6%), dovish remarks from New York Fed President Dudley, and a continued rebound in crude oil. At this juncture, the Nasdaq Composite (+2.2%) trades ahead of the S&P 500 (+1.9%).

Ahead of today's session, international bourses were able to shrug off weaker than expected manufacturing PMI readings from Japan, China, and out of Europe as investors eyed the increased possibility of further policy stimulus. As a result, U.S. equity futures rose and were able to lift the cash market at the open. Meanwhile, the major indices managed to reach their best levels of the day when the ISM Index showed a smaller contraction in manufacturing during February (49.5; Briefing.com 49.0) then it had in January (48.2).

In front of the pack, heavyweight financials (+2.9%) and technology (2.6%) have led the advance throughout the session while materials (+2.4%) and consumer discretionary (+2.2%) follow. The influential technology sector, is being led by large-cap constituents like Facebook (FB 109.50, +2.58) and Alphabet (GOOGL 735.65, +18.43), which have climbed between 2.4% and 2.6%. Meanwhile, Dow component Apple (AAPL 100.18, +3.49) outperforms that index and the broader technology space as it climbs 3.6%.

In the economically-sensitive financial space, money center banks show some of the largest advances of the day with Citigroup (C 40.94, +2.09) and Bank of America (BAC 13.15, +0.63) rocketing 5.4% and 5.1%, respectively. Separately, IntercontinentalExchange (ICE 228.83, -9.63) has slipped 4.0% after confirming that it will be making a bid for London Stock Exchange Group (LDNXF 40.07, +2.97).

Commodity-sensitive materials (+2.4%) and energy (+2.0%) have had a rocky session as a momentary drop in oil threw energy into negative territory (-0.4%). The two spaces have been able to recover as the energy component rallied. At this juncture, WTI crude trades higher by 1.9% at $34.41/bbl.

In central bank news, investors received some indication from New York Fed President and FOMC voting member William Dudley that the Fed's glide path may be elongated as Mr. Dudley conceded that the balance of risks to growth and inflation outlooks for the U.S. might be starting to tilt slightly to the downside.

The Treasury complex started the day slightly higher but moved sharply lower as equities rallied. The yield on the 10-yr note is higher by six basis points at 1.82%.

Meanwhile on the currency front, the U.S. Dollar Index (98.42, +0.20) trades higher but has ceded is best level of the day. The euro/dollar pair has gained in recent action, as the pair trades at 1.0859 (-0.2%). Separately, the dollar/yen trades near its session high at 114.00 (+1.2%)

Today's economic data included Construction Spending for January and the ISM Index for February:

The ISM Index for February checked in at 49.5, up from 48.2 in January and above the Briefing.com consensus estimate of 49.0.
A number below 50.0 denotes contraction. What the improvement from January says, then, is that manufacturing activity on a national basis contracted in February but at a slower rate than January..
This is the fifth straight month the ISM Index has been below 50.0. That hasn't happened since the throes of the financial crisis in 2009.
The uptick in February wasn't a broad happening, as revealed by the sub-indices. The New Orders Index held steady at 51.5; the Imports Index dropped from 51.0 to 49.0; the Exports Index slipped from 47.0 to 46.5; the Supplier Deliveries Index fell from 50.0 to 49.7; and the Customers' Inventories Index declined from 51.5 to 47.0.
Where there was improvement was in the Production Index (from 50.2 to 52.8), the Employment Index (from 45.9 to 48.5), the Backlog of Orders Index (from 43.0 to 48.5), the Prices Index (from 33.5 to 38.5), and the Inventories Index (from 43.5 to 45.0).
The report stipulated that the average PMI reading for January and February (48.9) corresponds to real GDP growth of 1.8% on an annualized basis.
Total construction spending was up 1.5% month-over-month in January (Briefing.com consensus +0.5%). Furthermore, construction spending in December was revised up to a 0.6% increase from a previously reported 0.1% gain.
Total construction spending is up 10.4% year-over-year, with private construction spending up 9.5% and public construction spending up 13.0%.
The strength in January was driven by public construction spending, which increased 4.5% on the back of a 4.6% jump in nonresidential spending. Public residential spending, which accounts for a tiny portion of total construction spending, was down 1.9%.
The uptick in public construction spending was driven by increases in most categories, but none more prominent than highway and street spending, which surged 14.7%. The only areas experiencing a decline in spending were office (-4.2%), health care (-5.0%), educational (-1.9%), and transportation (-3.7%).
On the private side, construction spending increased 0.5% in January. That improvement also flowed from the nonresidential side of things, which saw a 2.5% increase in spending. There, too, highway and street spending led the way with a 14.6% gain. The weakest area in private nonresidential spending was commercial (-4.3%). Private residential spending was flat in January.

12:30 pm:

[BRIEFING.COM] The stock market floats below its best level as the S&P 500 (+1.9%) trades ahead of the Dow Jones Industrial Average (+1.7%). The benchmark index trades three points off its session high.

Commodity-sensitive materials (+2.4%) jockey for position with technology (+2.6%) as the two groups trail financials (+2.8%) in the front of the pack.

Elsewhere, the consumer discretionary space (+2.1%) outperforms the broader market as large-cap component Amazon (AMZN 571.23, +18.71) rockets 3.3%. Separately, Ford (F 13.10, +0.59) has gained 4.8% after reporting that February U.S. sales grew 20.0% year-over-year. General Motors (GM 29.99, +0.55) underperforms the space but has still climbed 1.9% after reporting that February sales fell 1.5% year-over-year. Meanwhile, Netflix (NFLX 96.50, +3.05) has rocketed 3.4%, but still remains down 10.6% after reporting earnings on January 19th.

12:00 pm:

[BRIEFING.COM] The major averages have floated higher since the last update and they now meander near those fresh highs. The S&P 500 (+1.8%) trades one point below its high, having trimmed its year-to-date loss to 3.8%.

The energy sector (+1.5%) has rebounded in recent trade as the space recovers from being down as much as 0.4% today. This rebound in energy corresponded with a reversal in oil, which currently trades higher by 2.6% at $34.62/bbl. Separately, natural gas trades flat at $1.71/mmbtu. Both dollar-denominated commodities may be facing headwinds from a stronger dollar as the U.S. Dollar Index has climbed 0.3% to 98.48 so far this session.

Dow component Chevron (CVX 85.60, +2.16) outperforms that index and the larger energy space while independent oil and gas names show a mixed performance. Meanwhile, oil refiner Phillips 66 (PSX 81.86, +2.47) has gained 3.1%.

The Treasury complex remains on its low with the 10-yr yield up six basis points at 1.82%.

11:30 am:

[BRIEFING.COM] The major U.S. indices trade at fresh session highs with the Nasdaq Composite (+1.8%) trading ahead of the S&P 500 (+1.5%).

Countercyclical utilities (-0.3%) trades in the red while growth-sensitive energy (+0.6%) is the second weakest performing sector. The remaining countercyclicals show gains between 0.7% (telecom services) and 0.9% (health care).

In the economically-sensitive financial sector (+2.4%), money center banks demonstrate relative strength. Separately, IntercontinentalExchange (ICE 230.35, -8.11) has slipped 3.5% after confirming that it will be making a bid for London Stock Exchange Group (LDNXF 40.00, +2.90). Meanwhile, Morgan Stanley (MS 25.68, +0.98) has jumped 4.0%.

On the commodities front, WTI crude has inched into the green with a gain of 0.7% to $33.85/bbl. Meanwhile, gold trades lower by 0.1% at $1,233.20/ozt.

11:00 am:

[BRIEFING.COM] The major averages float below their best levels of the day as the Nasdaq Composite (+1.6%) leads the S&P 500 (+1.2%). The benchmark index trades three points below a fresh session high.

Equities were lifted higher in the last hour as a stronger than expected reading of the ISM Index for February boosted investor sentiment. The Index saw manufacturing activity in February (49.5; Briefing.com consensus 49.0) contract at a slower rate than it had in January (48.2).

The financial sector (+1.8%) jockeys for position with the influential technology space (+1.9%) as the two heavyweights outperform. In the technology space, large-cap constituents lead the advance as Apple (AAPL 98.68, +1.99), Facebook (FB 109.17, +2.24), and Alphabet (GOOGL 734.55, +17.33) climb between 2.1% and 2.4%. Elsewhere in the space, the high-beta chipmakers outperform, evidenced by the 1.7% gain in the PHLX Semiconductor Index.

The U.S. Dollar Index (98.46, 0.25) also received a boost from the positive economic data as the dollar rallied against the yen. The dollar/yen pair trades at 113.56 (+0.8%).

While equities and the greenback rallied, the Treasury complex fell to a fresh session low. Currently, the yield on the 10-yr note trades higher by four basis points at 1.81%.

10:40 am: [BRIEFING.COM]

The dollar index is trading 0.3% higher this morning, which is helping weigh on commodities
Oil prices are now back near the unchanged line, currently at $33.75/barrel
Natural gas prices are inching off of today's low. Front-month Apr nat gas is now +0.6% at $1.72/MMBtu
Precious metals are sliding lower this morning, feeling some pressure on the dollar strength, and are currently near today's lows
Apr gold is now -0.5% at $1228.80/oz, while May silver is -1.1% at $14.76/oz

10:00 am:

[BRIEFING.COM] The major indices have floated higher with the S&P 500 (+0.7%)trading one point below its session high.

The industrial space (+0.8%) has climbed up to follow financials (+0.9%) and technology (+0.9%) on the top of the leaderboard. The space is being led by large-cap Honeywell (HON 103.57, +2.22), which has rallied 2.1% after announcing that it is no longer pursuing a strategic combination with United Technologies (UTX 94.48, -2.14) due to their unwillingness to engage in negotiations.

Just released, the ISM Index for February indicated an increase to 49.5 from 48.2 while the Briefing.com consensus expected a reading of 49.0.

Separately, construction spending increased 1.5% (Briefing.com consensus 0.5%) in January, with a revision from +0.1% to +0.6% month-over-month in December.

9:45 am:

[BRIEFING.COM] The major averages began their day in positive territory with the S&P 500 (+0.6%) trading behind the Nasdaq Composite (+0.7%).

Nine of ten sectors opened in the green with materials (+0.7%) and heavyweight financials (+0.8%) leading the pack. Meanwhile, health care (-0.1%) sports the lone decline. The remaining sectors show gains between 0.1% (energy) and 0.7% (technology).

On the commodity front, oil has slipped into negative territory with WTI crude trading lower by 0.4% at $33.61/bbl.

The Treasury complex moved higher into the opening bell. Currently, the 10-yr yield trades lower by three basis points at 1.73%.

The U.S. Dollar Index (98.37, +0.16) has strengthened with the euro/dollar pair tumbling 0.2% to 1.0857. Meanwhile, the dollar/yen trades at 113.10 (+0.4%).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +31.60.

The stock market is on track for a modestly higher open as the S&P 500 futures trade 13 points above fair value.

U.S. equity futures and global equity markets rose in tandem as investors eye further policy stimulus after receiving weaker than expected manufacturing PMI readings out of Japan, China, and Europe. Meanwhile, a continued rebound in oil has boosted market sentiment as the energy component trades higher by 0.9% at $34.06/bbl. On the political front, market participants appear to be anticipating the removal of some of the uncertainty surrounding the presidential race after today's "Super Tuesday" results are in.

In company specific news, Hertz Global (HTZ 8.80, +0.30) has managed to climb 3.5% this morning after reporting a bottom-line beat on lighter than expected revenue. Meanwhile, Barclays PLC (BCS 8.73, -0.71) has tumbled 7.5% after reporting bottom-line results below analyst expectations and announcing plans to cut its dividend.

Economic data will be limited to 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.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +29.00.

The S&P 500 futures trade 13 points above fair value.

Equity markets across Asia ended the first March session on a higher note after a shaky start that featured an early surge in the yen, which dropped the dollar/yen pair to 112.20 area. However, the currency pair marched higher throughout the night, erasing that entire move and then some. The subsequent recovery lifted the pair into the 113.20 area, where it currently trades. The overnight session featured a raft of mostly disappointing economic data while Japan auctioned 10-yr debt at a negative yield for the first time in history (-0.02%). In central bank news, the Reserve Bank of Australia stood pat, holding its key interest rate at 2.0%, as expected.

In economic data:
China's February Manufacturing PMI 49.0 (expected 49.3; previous 49.4), Non-Manufacturing PMI 52.7 (previous 53.5), and Caixin Manufacturing PMI 48.0 (consensus 48.3; previous 48.4)
Japan's February Manufacturing PMI 50.1 (expected 50.2; previous 50.2), January Unemployment Rate 3.2% (expected 3.3%; last 3.3%), Q4 Capital Spending +8.5% year-over-year (expected 8.8%; last 11.2%), and January Household Spending -0.6% month-over-month (expected 0.3%; last 1.0%); -3.1% year-over-year
Australia's Q4 Current Account -AUD21.10 billion (expected -AUD20.00 billion; previous -AUD18.80 billion), January Building Approvals -7.5% (consensus -2.0%; last 8.6%), and AIG Manufacturing Index 53.5 (last 51.5)
India's February Nikkei Markit Manufacturing PMI 51.1 (last 51.1)

---Equity Markets---

Japan's Nikkei added 0.4% with eight sectors registering gains. Health care (+1.6%), consumer staples (+0.9%), and communications (+0.7%) led the way while industrials (-0.6%) and technology (-0.1%) lagged. J Front Retailing, Japan Tobacco, TEPCO, Obayashi, Mitsui Fudan, Toho Zinc, and Unitika advanced between 2.0% and 3.3% while Fujitsu, Mitsubishi Heavy Industries, Isuzu, Hitachi, and Mazda lost between 1.9% and 4.1%. NEC plunged 11.2% after lowering its guidance.
Hong Kong's Hang Seng gained 1.6% amid broad strength. Kunlun Energy, China Petroleum & Chemical, CNOOC, and Petrochina paced the rally with gains between 3.4% and 5.4%. On the downside, Galaxy Entertainment and China Life Insurance both lost near 0.7%.
China's Shanghai Composite climbed 1.7% with CITIC Securities surging 7.4% while Poly Real Estate, China Shipbuilding, and China State Construction posted gains between 2.1% and 4.4%.

Major European indices trade higher across the board with Germany's DAX (+1.3%) in the lead. News flow from the region has been relatively light, but it is worth noting that Germany's Chancellor Angela Merkel warned that the refugee crisis may result in turmoil for the region. Ms. Merkel cautioned that national protectionism, which has been on the rise, could make sustaining the euro very difficult. Keep in mind that many countries in the visa-free zone known as Schengen-one of the pillars of the eurozone-have already suspended visa-free travel. As for the single currency, it was range-bound in overnight action and currently trades flat against the dollar at 1.0880.

In economic data:
Eurozone February Manufacturing PMI 51.2 (expected 51.0; last 51.0) and January Unemployment Rate 10.3% (consensus 10.4%; previous 10.4%)
Germany's February Manufacturing PMI 50.5 (consensus 50.2; last 50.2), February Unemployment Change -10,000, as expected, and Unemployment Rate 6.2%, as expected
UK's February Manufacturing PMI 50.8 (consensus 52.2; last 52.9)
France's February Manufacturing PMI 50.2 (consensus 50.3; last 50.3)
Italy's February Manufacturing PMI 52.2 (expected 52.5; previous 53.2) and January Unemployment Rate 11.5% (expected 11.4%; last 11.6%)
Spain's February Manufacturing PMI 54.1 (consensus 54.4; previous 55.4)
Swiss January Retail Sales +0.2% year-over-year (consensus -1.2%; last -1.7%) and February SVME PMI 51.6 (consensus 49.6; last 50.0)

---Equity Markets---

France's CAC is higher by 0.4% with ArcelorMittal surging 7.0% while Peugeot, Alstom, Carrefour, and Renault show gains between 0.8% and 2.5%. Financials Societe Generale and BNP Paribas hold respective gains of 0.1% and 0.6% while Credit Agricole is down 0.3%.
UK's FTSE has climbed 0.4% with select miners contributing to the strength. Anglo American, BHP Billiton, and Rio Tinto are up between 2.2% and 4.5%. On the downside, Barclays has tumbled 9.2% after reporting a decline in profits and announcing plans to cut its dividend.
Germany's DAX trades up 1.3% with all 30 components in the green. Utilities lead with RWE and E.On up 4.6% and 3.9%, respectively. Exporters BMW, Daimler, and Volkswagen hold gains between 1.3% and 3.5% while Deutsche Bank and Commerzbank are both up near 0.8%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +24.30.

The S&P 500 futures hover 12 points above fair value.

On the corporate front, AutoZone (AZO 791.00, 16.43) has jumped 2.1% in pre-market action after reporting a bottom-line beat on in-line revenue. The company also reported that domestic same stores sales grew 3.6% in the second quarter. Switching gears, Marathon Oil (MRO 7.79, +0.42) has slipped 5.1% after the company increased the size of its secondary stock offering from 135 million shares to 145 million. Marathon intends to use the proceeds from the offering to strengthen its balance sheet and for general corporate purposes.

In commodities, WTI crude has trimmed its advance as it currently trades higher by 1.5% at $34.24/bbl. Separately, gold has climbed 1.0% to $1,246.60/ozt while industrial metals trade broadly higher.

The U.S. Dollar Index (98.25, +0.04) has ticked lower in recent action as the yen gains against the greenback. At this juncture, the dollar/yen pair remains higher by 0.2% at 112.91. The currency pair traded as high as 113.31 overnight.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +31.00.

U.S. equity futures hover below overnight highs with the S&P 500 futures trading 15 points above fair value.

Overnight, investors shrugged off weaker than expected manufacturing PMI readings out of Japan, China, and Europe as expectations of further stimulus rises. Separately, New York Fed President Dudley struck a dovish tone as he warned that U.S. growth "tilted slightly to the downside". For its part, WTI crude has continued its strong showing as it begins March higher by 1.8% at $34.36/bbl.

On the economic front, 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

The yield on the 10-yr note trades lower by one basis point at 1.75%.

In corporate news of note:

JD.com (JD 27.03, +1.32): +5.1% after reporting top-and-bottom line results above analyst estimates
Medtronic (MDT 77.10, -0.29): -0.4% following the company reporting in-line results for Q3
Kate Spade (KATE 20.37, +0.55): +2.8% after announcing a partnership with Reliance Industries to bring its product line to India. The company also reported in-line EPS on light revenue.
Dollar Tree (DLTR 75.03, -5.23): -6.5% following the company reporting an earnings miss in Q4 and guiding FY17 earnings below-consensus

Reviewing overnight developments:

Asian-Pacific equity indices ended on a higher note with China's Shanghai +1.7%, Hong Kong's Hang Seng +1.6%, and Japan's Nikkei +0.4%.
In economic data:
China's February Manufacturing PMI 49.0 (expected 49.3; previous 49.4), Non-Manufacturing PMI 52.7 (previous 53.5), and Caixin Manufacturing PMI 48.0 (consensus 48.3; previous 48.4)
Japan's February Manufacturing PMI 50.1 (expected 50.2; previous 50.2), January Unemployment Rate 3.2% (expected 3.3%; last 3.3%), Q4 Capital Spending +8.5% year-over-year (expected 8.8%; last 11.2%), and January Household Spending -0.6% month-over-month (expected 0.3%; last 1.0%); -3.1% year-over-year
Australia's Q4 Current Account -AUD21.10 billion (expected -AUD20.00 billion; previous -AUD18.80 billion), January Building Approvals -7.5% (consensus -2.0%; last 8.6%), and AIG Manufacturing Index 53.5 (last 51.5)
India's February Nikkei Markit Manufacturing PMI 51.1 (last 51.1)
In news:
The dollar/yen pair dropped to the 112.20 area, but managed to march higher throughout the night, erasing that entire move and then some.
Japan auctioned 10-yr debt at a negative yield for the first time in history (-0.02%).
The Reserve Bank of Australia stood pat, holding its key interest rate at 2.0%, as expected.

European indices trade higher with Germany's DAX +1.5%, the U.K.'s FTSE +0.7%, and France's CAC +0.7%.
In economic data:
Eurozone February Manufacturing PMI 51.2 (expected 51.0; last 51.0) and January Unemployment Rate 10.3% (consensus 10.4%; previous 10.4%)
Germany's February Manufacturing PMI 50.5 (consensus 50.2; last 50.2), February Unemployment Change -10,000, as expected, and Unemployment Rate 6.2%, as expected
UK's February Manufacturing PMI 50.8 (consensus 52.2; last 52.9)
France's February Manufacturing PMI 50.2 (consensus 50.3; last 50.3)
Italy's February Manufacturing PMI 52.2 (expected 52.5; previous 53.2) and January Unemployment Rate 11.5% (expected 11.4%; last 11.6%)
Spain's February Manufacturing PMI 54.1 (consensus 54.4; previous 55.4)
Swiss January Retail Sales +0.2% year-over-year (consensus -1.2%; last -1.7%) and February SVME PMI 51.6 (consensus 49.6; last 50.0)
In news:
Germany's Chancellor Angela Merkel warned that the refugee crisis may result in turmoil for the region.
Ms. Merkel cautioned that national protectionism, which has been on the rise, could make sustaining the euro very difficult.
The euro currently trades flat against the dollar at 1.0879.

6:07 am: [BRIEFING.COM] S&P futures vs fair value: +13.80. Nasdaq futures vs fair value: +33.40.

6:06 am: [BRIEFING.COM] Nikkei...16085.5...+58.80...+0.40%. Hang Seng...19407.5...+295.50...+1.60%.

6:06 am: [BRIEFING.COM] FTSE...6127.58...+30.20...+0.50%. DAX...9634.22...+139.00...+1.50%.

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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