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 Post subject: March 3rd Thursday Trade Results - No Trades
PostPosted: Fri Mar 04, 2016 2:24 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)

Quote:
I took another day off from trading. Kids still on spring break from school and personal appointments schedule for them during this one week off from school for them.

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=154&t=2305

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


16:20 pm: [BRIEFING.COM] Dow +44.58 at 16843.15, Nasdaq +4.00 at 4707.37, S&P +6.95 at 1993.29

[BRIEFING.COM] The stock market ended the Thursday affair on a higher note with the S&P 500 gaining 0.4% ahead of tomorrow's release of the February Employment Situation Report. The benchmark index managed to erase a nine-point loss, climbing to its best level by the end of the day. Today's action saw relative strength from commodity-sensitive energy (+1.3%), which managed to outweigh the underperformance of the heavyweight technology (-0.1%) and health care (-0.4%) spaces. Meanwhile, a bid higher in safe haven assets did not detract from an upswing in equities while the greenback lost some ground today.

On the leaderboard, energy (+1.3%) managed to lead the pack while industrials (+0.6%) and financials (+0.5%) followed. Meanwhile, the heavily-weighted health care (-0.4%) and technology (-0.1%) were the only two spaces to end in the red.

The energy sector (+1.3%) showed resilience today as the sector outperformed despite a volatile and ultimately flat showing from WTI crude ($34.57/bbl). On that note, independent oil and gas name ConocoPhillips (COP 38.56, +2.07) managed to add to its advance while oil was up and maintained its footing when oil swung lower. Separately, energy giants Exxon Mobil (XOM 82.40, -0.30) and Chevron (CVX 87.53, +0.39) ended on opposing sides of their flat lines.

Elsewhere, the industrial sector (+0.6%) outperformed today as farm and construction names like Deere (DE 83.67, +1.83) and Caterpillar (CAT 71.75, 2.37) traded higher in sympathy with Joy Global (JOY 16.09, +2.77). Joy boosted sentiment for the sub-group after the company maintained its full-year earnings and revenue guidance, which was viewed as better that feared. Meanwhile, Norfolk Southern (NSC 77.00, +0.00) and Union Pacific (UNP 80.01, +0.51) outperformed, helping the Dow Jones Transportation Average (+1.1%) solidify its position in positive territory for the year (year-to-date +1.2%).

Biotechnology contributed to early and prolonged weakness in the health care sector as the iShares Nasdaq Biotechnology ETF (IBB 264.24, -3.88) surrendered 1.5%. Today's loss in the ETF extended its year-to-date decline to 21.9%. This compares to a 6.8% in the broader sector for the year. Additional weakness in the sector spawned from Abbott Labs (ABT 38.82, -0.52) and Eli Lilly (LLY 73.25, -0.77), which lost 1.3% and 1.0%, respectively.

In the technology space, large-cap constituents pulled back from their recent outperformance as Alphabet (GOOGL 731.59, -7.89) and Microsoft (MSFT 52.35, -0.60) surrendered 1.1% apiece. The two names have climbed 5.1% and 7.5% since the February 11 low in the S&P 500. Separately, the broader technology sector widened its 2016 decline to 3.4%.

The countercyclical sectors were able to recover from some early relative weakness as utilities (+0.6%), consumer staples (+0.5%), and telecom services (+0.3%) ended on their best levels. The three sectors sport the largest year-to-date advances of 6.9%, 2.2%, and 11.2%, respectively.

The Treasury complex ended its day higher despite the afternoon rally in equities. On that note, the yield on the 10-yr note slipped one basis point at 1.83%.

On the currency front, the euro/dollar pair rose 0.9% to 1.0966 while the dollar/yen pair ticked up 0.1% to 113.62, but retreated from its overnight high of 114.28.
Today's trading volume was heavier than the recent average with more than 1.12 billion shares changing hands at they NYSE floor.
Today's economic data included weekly initial claims, Q4 Productivity, Unit Labor Cost data, January Factory Orders, and ISM Services for February:

Initial claims data for the week ending February 27 showed a slight bump in claims to 278,000 (Briefing.com consensus 270,000), up 6,000 from the prior week's unrevised level.
There were no special factors influencing the latest reading, which kept initial claims pinned in the same 250,000 - 300,000 range they have been in since July 2014.
The four-week moving average for initial claims decreased 1,750 to 270,250.
Continuing claims for the week ending February 20 increased 3,000 to 2.257 million, which was basically in-line with the Briefing.com consensus estimate.
The four-week moving average for continuing claims pushed slightly lower to 2.257 million.
The Bureau of Labor Statistics reported nonfarm labor productivity decreased at a 2.2% annual rate during the fourth quarter (Briefing.com consensus -3.3%) versus a preliminary 3.0% decrease.
The updated productivity number was the byproduct of output increasing 1.0% and hours worked increasing 3.2%. From the fourth quarter of 2014 to the fourth quarter of 2015, productivity increased just 0.5%.
Unit labor costs in the nonfarm business sector increased 3.3% in the fourth quarter per the revised data versus a preliminary 4.5% increase. The revision reflected a 1.1% increase in hourly compensation and the 2.2% decrease in productivity.
Unit labor costs have increased 2.1% over the last four quarters.
Factory orders increased 1.6% in January. That was lower than the Briefing.com consensus estimate of 2.0%, but well above the unrevised 2.9% decline for December, which was the largest month-over-month decline since December 2014. Total factory orders are down 3.3% year-over-year.
Excluding transportation, factory orders declined 0.2% on the heels of a downwardly revised 0.9% decline (from -0.8%) for December. On a year-over-year basis, factory orders excluding transportation are down 5.1%.
New orders for manufactured durable goods increased 4.7%, which was down slightly from the 4.9% increase seen in the Durable Goods Orders report for January. New orders for nondefense capital goods excluding aircraft -- a proxy for business investment -- were up 3.4% versus an originally reported 3.9% increase seen in the Durable Goods orders report.
New orders for manufactured nondurable goods declined 1.4% following a downwardly revised 1.1% decline (from -0.8%) for December. That was the third straight monthly decline in orders for manufactured nondurable goods.
Shipments of manufactured durable goods increased 2.0% after an upwardly revised 1.8% decrease (from -2.1%) for December.
The inventory-to-shipments ratio for all manufacturing industries slipped to 1.36 from a downwardly revised 1.37 (from 1.38) for December.

Tomorrow's economic data will be limited to the Employment Situation Report for February (Briefing.com consensus 190k) and the Trade Balance for January (Briefing.com consensus -$44.0 billion).

Nasdaq Composite -6.0% YTD
Russell 2000 -5.3% YTD
Dow Jones -2.8% YTD
S&P 500 -2.5% YTD

14:55 pm:

[BRIEFING.COM] The major U.S. indices hover near session highs as the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.1%) continue their weekly advance. The indices have climbed a respective 2.2% and 1.7% since the beginning of the week.

In the consumer staples sector (+0.3%), retail names demonstrate relative weakness as Wal-Mart (WMT 65.83, -0.38) and Costco (COST 151.22, -1.56) surrender 0.5% and 0.7%, respectively. Costco struggles after reporting fourth quarter earnings below analyst estimates. Meanwhile, fellow staples name Kroger (KR 37.50, -3.15) has plunged 7.8% despite a bottom-line beat as investors eye below-consensus comparable store sales.

The broader consumer staples space shows the third largest year-to-date advance with a gain of 2.0%. Separately, energy (+1.3%) has managed to climb out of negative territory for the year, sporting a gain of 0.2% since the start of 2016.

On the commodities front, WTI crude ended its day flat at $34.57/bbl.

14:30 pm:

[BRIEFING.COM] The stock market has ticked higher since our last update with the S&P 500 (+0.1%) outperforming the Nasdaq Composite (-0.1%).

The leaderboard remains little changed with financials (+0.3%) and the industrial space (+0.3%) jockeying for position.

The economically-sensitive financial sector (+0.3%) outperforms while asset management names show relative strength. Meanwhile, American Express (AXP 57.87, +0.75) has climbed 1.3% today. However, the stock remains down 7.6% since reporting its fourth quarter earnings on January 21st. To be fair though, shares of AXP have spiked 3.3% since the start of March. Separately, the broader financial sector has climbed 4.8% on a month-to-date basis while remaining down 7.7% since the start of the year.

On the commodities front, oil trades in negative territory ahead of the pit session close at 14:30 ET. WTI crude trades lower by 0.3% at $34.56/bbl.

14:00 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has marked a new session high in recent action, trading nine points above its late-morning low.

Seven of ten sectors now trade in the green with commodity-sensitive energy (+0.8%) and materials (+0.4%) leading the pack. Meanwhile, heavyweight technology (-0.3%) and health care (-0.6%) trade off their lows.

The Dow Jones Transportation Average (+0.9%) outperforms as the index solidifies its position in positive territory on a year-to-date basis (+1.0%). The group has benefited from strong monthly performances from Union Pacific (UNP 80.46, +0.96) and CSX (CSX 27.74, +0.19), which have climbed a respective 11.8% and 24.2% over the past month. Meanwhile, the broader index remains down 17.3% from its 52-week high, but is out of bear market territory.

The Treasury complex has moved off its high in recent trade with the 10-yr yield back to unchanged at 1.84%.

1:05 pm: [BRIEFING.COM] The major averages trade lower across the board at midday as the heavily-weighted technology (-0.6%) and health care (-0.8%) spaces weigh on the indices. Meanwhile, volatility in the foreign exchange market, weaker-than-expected factory orders, wobbly oil trade, and a consolidation after the recent rally in equities have affected today's trade. Currently, the Nasdaq Composite (-0.4%) trades behind both the Dow Jones Industrial Average (-0.2%) and the S&P 500 (-0.1%).

Volatile trade in the currency market has underscored today's action as the U.S. Dollar Index (97.64, -0.57) sinks following a weaker-than-expected reading of January's Factory Orders and a shrinking ISM Services report for February. To that point, the euro/dollar pair trades higher by 0.8% at 1.0952 while the dollar/yen pair has trimmed its advance to 0.1% (113.54) after trading as high as 114.28 overnight.

On the leaderboard, sector heavyweights technology (-0.6%) and health care (-0.8%) show the worst performances of the day while commodity-sensitive materials (+0.3%) and energy (+0.8%) outperform.

The heavyweight health care space (-0.8%) weighs on the broader market. Biotechnology demonstrates relative weakness, evidenced by the 1.8% tumble in the iShares Nasdaq Biotechnology ETF (IBB 263.38, -4.73). The ETF is down 0.3% on a month-to-date basis while the broader health care space has advanced 1.5% over that period.

In the technology space (-0.6%), large-cap constituents are pulling back from recent gains as Microsoft (MSFT 51.97, -0.97) surrenders 1.8% today, but remains higher by 6.8% since the February 11th low in the S&P 500. Meanwhile, Alphabet (GOOGL 732.29, -7.34) and Facebook (FB 109.05, -0.90) have climbed a respective 5.2% and 9.1% since that low.

The energy space (+0.8%) continues to be impacted by volatility from the oil pit as oil oscillates between positive and negative territory. At this juncture, WTI crude trades higher by 0.1% at $34.69/bbl. Independent oil and gas names continue to outperform while energy giant Exxon Mobil (XOM 82.16, -0.54) trades lower by 0.7%

Meanwhile, safe haven assets have been bid higher throughout today's session with gold and Treasuries pointing to risk-off posturing. On that note, gold trades higher by 1.3% at $1,257.90/ozt while the yield on the 10-yr note is now lower by one basis point at 1.83%.

Today's economic data included weekly initial claims, Q4 Productivity, Unit Labor Cost data, January Factory Orders, and ISM Services for February:

Initial claims data for the week ending February 27 showed a slight bump in claims to 278,000 (Briefing.com consensus 270,000), up 6,000 from the prior week's unrevised level.
There were no special factors influencing the latest reading, which kept initial claims pinned in the same 250,000 - 300,000 range they have been in since July 2014.
The four-week moving average for initial claims decreased 1,750 to 270,250.
Continuing claims for the week ending February 20 increased 3,000 to 2.257 million, which was basically in-line with the Briefing.com consensus estimate.
The four-week moving average for continuing claims pushed slightly lower to 2.257 million.
The Bureau of Labor Statistics reported nonfarm labor productivity decreased at a 2.2% annual rate during the fourth quarter (Briefing.com consensus -3.3%) versus a preliminary 3.0% decrease.
The updated productivity number was the byproduct of output increasing 1.0% and hours worked increasing 3.2%. From the fourth quarter of 2014 to the fourth quarter of 2015, productivity increased just 0.5%.
Unit labor costs in the nonfarm business sector increased 3.3% in the fourth quarter per the revised data versus a preliminary 4.5% increase. The revision reflected a 1.1% increase in hourly compensation and the 2.2% decrease in productivity.
Unit labor costs have increased 2.1% over the last four quarters.
Factory orders increased 1.6% in January. That was lower than the Briefing.com consensus estimate of 2.0%, but well above the unrevised 2.9% decline for December, which was the largest month-over-month decline since December 2014. Total factory orders are down 3.3% year-over-year.
Excluding transportation, factory orders declined 0.2% on the heels of a downwardly revised 0.9% decline (from -0.8%) for December. On a year-over-year basis, factory orders excluding transportation are down 5.1%.
New orders for manufactured durable goods increased 4.7%, which was down slightly from the 4.9% increase seen in the Durable Goods Orders report for January. New orders for nondefense capital goods excluding aircraft -- a proxy for business investment -- were up 3.4% versus an originally reported 3.9% increase seen in the Durable Goods orders report.
New orders for manufactured nondurable goods declined 1.4% following a downwardly revised 1.1% decline (from -0.8%) for December. That was the third straight monthly decline in orders for manufactured nondurable goods.
Shipments of manufactured durable goods increased 2.0% after an upwardly revised 1.8% decrease (from -2.1%) for December.
The inventory-to-shipments ratio for all manufacturing industries slipped to 1.36 from a downwardly revised 1.37 (from 1.38) for December.

12:30 pm:

[BRIEFING.COM] The stock market has inched higher in recent action with the S&P 500 (-0.3%) trading ahead of the tech-heavy Nasdaq (-0.5%).

Two sectors currently trade in the green with industrials (+0.1%) and telecom services (+0.1%) showing slim gains. Meanwhile, energy (UNCH) and materials (UNCH) flirt with their flat lines.

The industrial space has enjoyed a strong performance from Caterpillar (CAT 70.99, +1.61) and Deere (DE 82.98, +1.14), which have climbed a respective 2.3% and 1.4%. The two names appear to be trading higher in sympathy with Joy Global (JOY 15.21, +1.88) after the company's neutral outlook on full-year earnings and revenue came in better than feared.

The Treasury complex has ticked higher in recent action as the yield on the 10-yr note falls two basis points to 1.82%.

12:05 pm:

[BRIEFING.COM] The major averages float above session lows with the S&P 500 (-0.3%) trading four points above that mark.

The commodity-sensitive energy sector (+0.4%) and materials (+0.2%) show the best performance of the day despite the recent reversal in the oil rally. At this juncture, WTI crude trades flat at at $34.66/bbl.

The energy space has managed to rally 5.1% on a month-to-date basis as it leads all other sectors over that period. This has been helped by a 16.5% jump in crude oil during that time. As far as today's action is concerned, independent oil and gas names outperform while energy giants Exxon Mobil (XOM 82.11, -0.61) and Chevron (CVX 86.83, -0.29) trade lower by 0.7% and 0.4%, respectively.

Meanwhile, safe haven assets have been bid higher throughout today's session with gold, Treasuries, and the yen pointing to risk-off posturing. On that note, gold trades higher by 1.2% at $1,257.50/ozt while the yield on the 10-yr note is now lower by one basis point at 1.83%.

In currencies, the euro has pulled back slightly from its session high, but the euro/dollar trades higher by 0.8% at 1.0955. Meanwhile the dollar is now down against the yen with the pair trading at 113.53 after hitting an overnight high just north of the 114.00 level.

11:30 am:

[BRIEFING.COM] The major U.S. indices have slipped from their recent highs with the S&P 500 (-0.4%) returning into the neighborhood of its session low. Meanwhile, the Russell 2000 (+0.6%) continues to outperform after climbing 3.7% week-to-date. The small cap index has trimmed its year-to-date loss to 5.6% as it outperforms the Nasdaq Composite (-6.6% year-to-date) over that period.

The heavily-weighted technology sector (-0.8%) continues to trade behind the broader market as large-cap constituents demonstrate relative weakness after their recent rally.

To that point, Microsoft (MSFT 51.85, -1.10) has surrendered 2.1% today, but remains higher by 6.5% since the February 11th low in the S&P 500. Meanwhile, Alphabet (GOOGL 731.50, -7.98) and Facebook (FB 108.55, -1.40) have climbed a respective 5.1% and 9.0% since that low. Separately, the broader technology sector has trimmed its year-to-date loss to 4.1% from 6.5% over the last week.

On the commodities front, gold has gotten bid higher in recent action as the precious metal trades at $1,257.20/ozt (+1.3%).

11:00 am:

[BRIEFING.COM] The major averages have trimmed their losses since the last update with the S&P 500 (-0.1%) floating seven points off its session low. The reversal in equities has been spurred by a rally in oil. Currently, WTI crude trades higher by 1.6% at $35.23/bbl.

Today's trade has seen an underperformance from the countercyclical sectors with utilities health care (-0.8%), utilities (-0.5%), consumer staples (-0.5%), and telecom services (-0.4%) rounding out the leaderboard. To be fair, the top-weighted technology sector (-0.4%) has also gotten off to a sluggish start.

The heavyweight health care space (-0.8%) has weighed on the broader market as biotechnology underperforms. The iShares Nasdaq Biotechnology ETF (IBB 265.68, -2.44) has surrendered 0.9% thus far today. Separately, the ETF has gained 0.6% on a month-to-date basis while the broader sector has climbed 1.5% over that period. Despite that incrementally better performance, the heavyweight health care space only outperforms two other sectors over that period; consumer staples with (+0.7% month-to-date) and utilities (-0.5% month-to-date).

The U.S. Dollar Index (97.76, -0.45) has tumbled today as the euro gains against the greenback while the yen retraces its overnight retreat. At this juncture, the euro/dollar pair trades at 1.0929 (+0.6%) while the dollar/yen trades at 113.58 (+0.1%). The dollar yen pair has slipped from a morning high of 114.05.

10:35 am: [BRIEFING.COM]

Natural gas futures were trading lower again today, almost down 2% ahead of the weekly EIA storage data
However, following the data, the initial move in nat gas prices showed a pop higher
In current trade, Apr nat gas is -0.8% at $1.66/MMBtu
Precious metals are climbing higher today as the dollar index slides lower and lower
In current trade, Apr gold Is now +1.1% at $34.66/barrel, while May silver is +1.1% at $15.19/oz
Oil prices were lower this morning, but have been recovering. Apr crude just now rose back to the unchanged line, now at $34.66/barrel.

10:00 am:

[BRIEFING.COM] The S&P 500 (-0.3%) trades two points above its session low.

Just released the Factory Orders report for January, which showed a gain of 1.6%. The Briefing.com consensus expected an increase of 2.0%. The December number was unrevised at -2.9%.

Separately, the ISM Services Index for February fell to 53.4 from 53.5 while the Briefing.com consensus expected a downtick to 53.1.

9:45 am:

[BRIEFING.COM] The major averages began their day in negative territory as the S&P 500 (-0.4%) and the Dow Jones Industrial Average (-0.4%) outpace the losses in the Nasdaq Composite (-0.3%).

All ten sectors trade in the red with health care (-0.8%) and consumer staples (-0.7%) leading the downside. Meanwhile, industrials (UNCH) and technology (-0.1%) show the slimmest losses of the day. The remaining decliners have slipped between 0.3% (telecom services) and 0.5% (financials).

In commodities, WTI crude trades lower by 1.3% at $34.22/bbl. Separately, gold has climbed 0.4% to trade at $1,247.40/ozt.

On the economic front, January Factory Orders (Briefing.com consensus +2.0%) and ISM Services (Briefing.com consensus +53.1) will cross the wires at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -5.40.

The stock market is on track for a flat open as the S&P 500 futures trade two points below fair value.

Futures on the benchmark index slipped lower in overnight action as below-consensus Service PMI readings from China and Hong Kong, and mixed readings from Europe, reinforced slowdown fears for those regions. For its part, oil slipped from its morning high ($34.75/bbl) and currently trades lower by 0.9% at $34.35/bbl.

In specific company news, Groupon (GRPN 4.48, -0.18) has tumbled 3.9% this morning after IBM (IBM 136.35, +0.05) filed a lawsuit alleging patent infringement against the online retailer. Meanwhile, Costco (COST 148.93, -3.86) has surrendered 2.5% in pre-market action after reporting below-consensus results in its 4Q earnings report.

The U.S. Dollar Index (98.04, -0.17) has tumbled throughout the morning as the greenback loses some steam against the yen and the euro. The euro/dollar pair trades at $1.0904 (+0.3%) while the dollar/yen pair trades at 113.86. The dollar/yen pair surrendered the 113.94 level shortly after the release of the weekly initial claims number.

Economic data thus far has included the latest weekly initial and continuing claims numbers (278,000 and 2.257 million, respectively), which both showed larger than expected increases. Meanwhile, productivity data for the fourth quarter showed a decrease of 2.2% (Briefing.com consensus -3.3%) and unit labor costs for the fourth quarter were revised lower to 3.3% (Briefing.com consensus 4.7%). Today's data will be capped off with January Factory Orders (Briefing.com consensus +2.0%) and ISM Services (Briefing.com consensus +53.1), which will cross the wires at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -3.50.

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

Most equity markets across Asia ended Thursday on a higher note while the action in China and Hong Kong was mixed ahead of this weekend's National People's Congress. Economic data of note was limited to China's Caixin Services PMI (51.2; expected 52.6), which disappointed with Markit economists noting that the Chinese economy is still weak and unstable despite the relative strength in the Services PMI relative to the Manufacturing PMI released earlier this week (48.0; expected 48.3). Elsewhere, Bank of Japan Governor Haruhiko Kuroda reiterated the central bank will adjust its monetary policy stance without hesitation if needed, adding that the central bank will strengthen communication with market participants regarding negative interest rate policy.

In economic data:
China's February Caixin Services PMI 51.2 (expected 52.6; last 52.4)
Hong Kong's February Manufacturing PMI 46.4 (last 46.1) and January Retail Sales -6.5% year-over-year (consensus -8.5%; last -8.5%)
Japan's Foreign Bonds Buying JPY933.80 billion (last JPY1.98 trillion) and Foreign Investment in Japanese Stocks -JPY1.02 trillion (previous -JPY441.00 billion)
South Korea's February CPI +0.5% month-over-month (expected 0.1%; last 0.0%); +1.3% year-over-year (consensus 1.0%; last 0.8%)
Australia's February AIG Services Index 51.8 (last 48.4) and January Trade deficit hit AUD2.94 billion (expected deficit of AUD3.10 billion; previous deficit of AUD3.52 billion). January exports ticked up 1.0% month-over-month (last -5.0%) while imports fell 1.0% month-over-month (previous -1.0%)
India's February Nikkei Services PMI 51.4 (last 54.3)

---Equity Markets---

Japan's Nikkei gained 1.3% with all ten sectors ending in the green. Energy (+3.0%), financials (+2.9%), and utilities (+2.2%) paced the advance while consumer staples (+0.2%), communications (+0.4%), and consumer discretionary (+0.8%) lagged. Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, TDK, Shinsei Bank, Toshiba, SUMCO, Mizuho Financial, and Sharp gained between 5.3% and 8.6%. On the downside, Central Japan Railway, East Japan Railway, Meiji Holdings, and Olympus lost between 0.6% and 3.1%.
Hong Kong's Hang Seng's shed 0.3% with Lenovo, Belle International, Sands China, and Li & Fung lost between 1.3% and 4.0% while CNOOC, Bank of East Asia, Hang Lung Properties, and HSBC Holdings added between 0.8% and 2.8%.
China's Shanghai Composite rose 0.4% with Bank of China adding 0.6% while Jihua Group, Xinhu Zhongbao, and Zijin Mining posting gains between 1.2% and 2.8%. On the downside, China State Construction lost 1.1% and Sinopec Oilfield Service fell 5.7%.

Major European indices have spent the early portion of the trading day near their flat lines. Meanwhile, Spain's IBEX (UNCH) has barely budged even though Socialist Party leader Pedro Sanchez failed to secure enough votes in parliament to form a coalition government. This was not unexpected, but it is worth noting that the struggle to form a government has now entered its third month.

In economic data:
Eurozone January Retail Sales +0.4% month-over-month (expected 0.1%; previous 0.6%); +2.0% year-over-year (consensus 1.3%; last 2.1%). February Services PMI 53.3 (expected 53.0; last 53.0)
Germany's February Services PMI 55.3 (expected 55.1; last 55.1)
UK's February Services PMI 52.7 (expected 55.1; last 55.6), February Nationwide HPI +0.3% month-over-month (expected 0.5%; last 0.3%); +4.8% year-over-year (consensus 5.0%; last 4.4%), and Halifax House Price Index -1.4% month-over-month (expected 0.1%; last 1.7%); +9.7% year-over-year (consensus 10.4%; previous 9.7%)
France's Q4 Unemployment Rate 10.3% (expected 10.5%; last 10.4%) and February Services PMI 49.2 (consensus 49.8; last 49.8)
Italy's February Services PMI 53.8 (consensus 53.1; last 53.6)
Spain's February Services PMI 54.1 (expected 54.0; previous 54.6)

---Equity Markets---

Germany's DAX is lower by 0.1% with SAP, Fresenius, Merck, Bayer, and Lufthansa down between 0.8% and 1.8%. On the upside, Continental, Volkswagen, BMW, and Daimler have added between 0.6% and 2.8%. Deutsche Bank also outperforms, trading higher by 1.9%.
France's CAC trades down 0.3% with roughly half of its components in the red. Consumer names like L'Oreal, Accor, Louis Vuitton, Pernod Ricard, and Carrefour show losses between 0.5% and 2.5% while financials outperform. BNP Paribas, Credit Agricole, and Societe Generale have climbed between 0.4% and 0.9%.
UK's FTSE has ticked down 0.2%. Financials Admiral Group, Standard Chartered, Aberdeen Asset Management, and Barclays show gains between 2.2% and 7.2% while select miners have also shown strength. Glencore has jumped 6.8% while Rio Tinto, BHP Billiton, and Antofagasta are up between 2.2% and 3.8%. On the downside, homebuilders Taylor Wimpey and Barratt Developments are both down near 2.2%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.50.

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

The latest weekly initial jobless claims count totaled 278,000 while the Briefing.com consensus expected a reading of 270,000. Today's tally compared to 272,000 in the prior week. As for continuing claims, they rose to 2.257 million from 2.254 million (revised from 2.253 million).

Productivity data for the fourth quarter showed a decrease of 2.2%, which was better than the 3.0% decrease that had been reported in the preliminary reading. The reading was above with the Briefing.com consensus of -3.3%. Unit labor costs for the fourth quarter were revised lower to reflect an increase of 3.3% after they had reportedly increased 4.5% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would be revised higher to 4.7%.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -3.40.

U.S. equity futures trade lower with the S&P 500 futures hovering two points below fair value.

Overnight futures slid from their highs following weaker-than-expected Services PMI readings out of Europe and China. Meanwhile, investors look ahead to the weekly initial claims and ISM Services readings for the US.

On the economic front, weekly initial claims (Briefing.com consensus 270k), Q4 Productivity (Briefing.com consensus -3.3%), and Unit Labor Cost data (Briefing.com consensus +4.7%) will be released at 8:30 ET. Finally, January Factory Orders (Briefing.com consensus +2.0%) and ISM Services (Briefing.com consensus +53.1) will cross the wires at 10:00 ET.

The Treasury complex trades modestly lower. On that note, the yield on the 10-yr notes is higher by one basis point at 1.85%.

In U.S. corporate news of note:

Costco (COST 149.00, -3.79): -2.5% after reporting top and bottom-line misses in its 4Q earnings report
Alcoa (AA 9.32, -0.30): -3.1% following a downgrade at Bank of America/Merrill Lynch from "Buy" to "Neutral"
Disney (DIS 98.35, +1.35):+1.4% after the company was upgraded to "Overweight" from "Neutral at Piper Jaffray
Herbalife (HLF 50.05, -6.33): -11.2% following the company identifying errant information regarding its "Active New Member" metric that was reported in its earnings report

Reviewing overnight developments:

Asian markets ended Thursday on a mixed note with Japan's Nikkei +1.3%, China's Shanghai Composite +0.4%, and Hong Kong's Hang Seng -0.3%.
In economic data:
China's February Caixin Services PMI 51.2 (expected 52.6; last 52.4)
Hong Kong's February Manufacturing PMI 46.4 (last 46.1) and January Retail Sales -6.5% year-over-year (consensus -8.5%; last -8.5%)
Japan's Foreign Bonds Buying JPY933.80 billion (last JPY1.98 trillion) and Foreign Investment in Japanese Stocks -JPY1.02 trillion (previous -JPY441.00 billion)
South Korea's February CPI +0.5% month-over-month (expected 0.1%; last 0.0%); +1.3% year-over-year (consensus 1.0%; last 0.8%)
Australia's February AIG Services Index 51.8 (last 48.4) and January Trade deficit hit AUD2.94 billion (expected deficit of AUD3.10 billion; previous deficit of AUD3.52 billion). January exports ticked up 1.0% month-over-month (last -5.0%) while imports fell 1.0% month-over-month (previous -1.0%)
India's February Nikkei Services PMI 51.4 (last 54.3)
In news:
This weekend marks China's National People's Congress.
Bank of Japan Governor Haruhiko Kuroda reiterated the central bank will adjust its monetary policy stance without hesitation if needed, adding that the central bank will strengthen communication with market participants regarding negative interest rate policy.

European indices trade on a mixed note with France's CAC -0.4%, Germany's DAX -0.3%, and the U.K.'s FTSE trades flat.
In economic data:
Eurozone January Retail Sales +0.4% month-over-month (expected 0.1%; previous 0.6%); +2.0% year-over-year (consensus 1.3%; last 2.1%). February Services PMI 53.3 (expected 53.0; last 53.0)
Germany's February Services PMI 55.3 (expected 55.1; last 55.1)
UK's February Services PMI 52.7 (expected 55.1; last 55.6), February Nationwide HPI +0.3% month-over-month (expected 0.5%; last 0.3%); +4.8% year-over-year (consensus 5.0%; last 4.4%), and Halifax House Price Index -1.4% month-over-month (expected 0.1%; last 1.7%); +9.7% year-over-year (consensus 10.4%; previous 9.7%)
France's Q4 Unemployment Rate 10.3% (expected 10.5%; last 10.4%) and February Services PMI 49.2 (consensus 49.8; last 49.8)
Italy's February Services PMI 53.8 (consensus 53.1; last 53.6)
Spain's February Services PMI 54.1 (expected 54.0; previous 54.6)
In news:
Spain's Socialist Party leader Pedro Sanchez failed to secure enough votes in parliament to form a coalition government. The struggle to form a government has now entered its third month.

6:04 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.50.

6:04 am: [BRIEFING.COM] Nikkei...16960...+213.60...+1.30%. Hang Seng...19942...-61.70...-0.30%.

6:04 am: [BRIEFING.COM] FTSE...6170.28...+23.20...+0.40%. DAX...9787.97...+11.40...+0.10%.

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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