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 Post subject: March 11th Friday Trade Results - No Trades
PostPosted: Fri Mar 11, 2016 8:33 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades due to a personal day off from trading so that I can rest and relax. In addition, I'm not comfortable with the decline in the volatility for the Emini futures. Simply, I see tougher trading conditions ahead if volatility continues dropping.

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=2311

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.

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Market Context Summaries

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

Attachment:
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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 ended an upbeat week on a higher note as investors backpedaled from yesterday's initial response to the European Central Bank's latest policy statement and remarks from ECB President Draghi. Meanwhile, supportive conditions from the oil patch and leadership from the heavyweight financial (+2.7%) sector expanded the stock markets winning-streak to four weeks. The Nasdaq Composite (+1.9%) finished ahead of the S&P 500 (+1.6%) and the Dow Jones Industrial Average (+1.3%).

Equity indices jumped out of the gate, as global equity markets rebounded after yesterday's muddled trade. Yesterday's flat performance followed remarks from ECB President Draghi indicating that he does not anticipate that rates will need to be lowered further. Today, investors focused on the ECB's policy statement itself, which expanded asset purchases and lowered the interest rate corridor. As a result, European bourses rallied with financials at the forefront. To that point, Deutsche Bank (DB 20.62, +1.35) jumped 7.0%.

The heavyweight financial sector (+2.7%) displayed strength from the start as it traded higher in sympathy with European banks. The group entered positive territory for the week (week-to-date +1.0%) and extended its March advance to 6.6%. Strength in the financial sector was broad based with money center banks, asset management names, and insurance companies all helping to push the economically-sensitive sector higher.

Meanwhile, a rally in crude oil enabled commodity-sensitive energy (+2.2%) and materials (+1.8%) to top the leaderboard. WTI crude benefited from a report from the International Energy Agency, which contended that production declines from the U.S. and other non-OPEC members may be signaling a bottom in oil. To be fair though, the report also pointed to largely flat demand from the United States. The energy component ended its day higher by 2.4% at $38.67/bbl.

Heavily-weighted health care (+1.9%) was able to swing from a week-to-date loss to a 1.7% gain as biotechnology outperformed. The iShares Nasdaq Biotechnology ETF (IBB 261.94, +6.86) climbed 2.7% today as the ETF moves off a year-to-date loss of 20.9%. The broader health care sector is down 5.1% over that period. Separately, Dow component Pfizer (PFE 30.50, +0.91) climbed 3.1% after receiving FDA approval for expanded use of XALKORI to treat patients with metastatic non-small cell lung cancer. Pfizer topped the price-weighted index.

The Dow Jones Transportation Average (+2.3%) displayed relative strength today as rail names outperformed in the index. Meanwhile, Avis Budget (CAR 27.47, +1.60) jumped 6.2% as it traded higher in sympathy with Hertz Global (HTZ 11.09, +1.22), which surged 12.4 % after receiving an upgrade at Morgan Stanley to "Overweight."

The dollar pared early gains against the euro. The euro/dollar pair ended lower by 0.2% (1.1151) after slipping from a high of 1.1189. Meanwhile, the dollar/yen pair ended near its intra-day high (113.81).

The Treasury complex moved to session lows as the equity market extended its rally. All in all, the yield on the 10-yr note began the day at 1.94% before moving to a session high of 1.98% (+4 bps) and drifting there until the close.

Today's participation fell below the recent average with fewer than 974 million shares changing hands at the NYSE floor.

Today's economic data was limited to February Import/Export Prices:

We saw in today's Import/Export Price Index report that declining fuel prices again acted as a major drag on import prices, which fell 0.3% in February after a 1.0% drop in January. That left import prices down 6.1% year-over-year.
Excluding fuel, import prices edged down 0.1% month-over-month and are down 2.7% year-over-year. Translation: price declines aren't just energy driven. For the record, nonfuel import prices haven't recorded a monthly increase sine July 2014.
Export prices, meanwhile, declined 0.4% with declining nonagricultural prices more than offsetting rising agricultural prices. Export prices are down 6.0% year-over-year.
Excluding agriculture, export prices declined 0.4% in February and are down 5.6% year-over-year.

There are no economic releases of note scheduled for Monday.

Nasdaq Composite 5.2% YTD
Russell 2000 -4.3% YTD
Dow Jones -1.2% YTD
S&P 500 -1.1% YTD

Week in Review: Four in a Row

After registering three consecutive weekly gains, the stock market endured a volatile trading week, but was able to log its fourth weekly gain in a row once it was all said and done. The S&P 500 added 1.1% for the week, extending its four-week run to 8.4%.

The benchmark index spent the bulk of the week near its 100-day moving average (1998.9) after running up to that level last Friday. A strong rally into the weekend lifted the S&P 500 from its 100-day average into the neighborhood of the 200-day moving average (2019.9). Investors did not receive any market-moving data during the week, which put a bright spotlight on Thursday's policy meeting at the European Central Bank.

Going into Thursday, the market had high hopes for new stimulus from the central bank and the ECB delivered, expanding its quantitative easing by EUR20 billion to EUR80 billion/month and lowering the interest rate corridor. Furthermore, the ECB announced it will now include corporate bonds in its asset purchase program and add four new targeted longer-term refinancing operations with four-year maturities.

In sum, the actions undertaken by the ECB represented everything the market had hoped for, but the decidedly bullish response to the policy statement reversed in a flash once ECB President Mario Draghi hinted that the market should not be girding its loins for more easing. For instance, the euro was down more than 1.5% against the dollar immediately after the policy statement was released, but surged nearly 2.0% against the greenback by day's end. For its part, Germany's DAX whipped around a 5.0%+ range on Thursday, ending the day lower by 2.3%. The German index surged 3.2% on Friday, ending the week little changed.

Next week will be much busier on the economic front, but central banks will remain in the spotlight with the Federal Reserve set to release its latest policy statement on Wednesday. Market expectations for the next fed funds rate hike have been brought forward over the past few weeks, but the fed funds futures market remains convinced that there is a zero percent chance of a hike at the March meeting. The market sees a 45.0% chance of a rate hike in June and a 51.0% probability of a rate increase in July.

3:40 pm: [BRIEFING.COM]

Commodities rose higher today with oil being one of the better performers
Oil and nat gas held gains today with Apr crude oil finishing +2.4% at $38.67/barrel and Apr nat gas +1.7% at $1.82/MMBtu
Metals were more mixed with Apr gold losing -1.1% today to end at $1259.30/oz and May silver closing $0.06 higher at $15.61/oz
In electronic trade, gold and silver just slipped lower
Gold fell to a new LoD and silver is back near its current LoD
Copper rose 1% today to $2.24/lb

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the major indices meander below their best levels of the day. The Nasdaq Composite (+1.4%) trades ahead of both the S&P 500 (+1.3%) and the Dow Jones Industrial Average (+1.1%).

The leaderboard remains little changed with energy (+2.2%) and financials (+2.1%) pacing one another while materials (+1.6%) and health care (+1.6%) follow.

In the consumer staples space (-0.1%), retail names underperform with Wal-Mart (WMT 67.08, -0.33) and Costco (COST 151.75, -1.12) declining 0.5% and 0.7%, respectively. Separately, large-cap Procter & Gamble (PG 81.51, -0.77) has slipped 0.9%. To be fair though, PG remains up 4.0% year-to-date after investors piled into the stock during the downturn at the start of the year. Meanwhile, the broader sector is up 3.1% in 2016 while the benchmark index has surrendered 1.3%.

The Treasury complex continues to hover at its session low with the yield on the 10-yr note drifting at 1.98% (+5 bps).

2:30 pm:

[BRIEFING.COM] The Dow Jones Industrial Average (+1.1%) trades behind the S&P 500 (+1.3%) as both indices hover just below their session highs.

Countercyclical consumer staples (UNCH) and utilities (UNCH) float near their respective flat lines while health care (+1.6%) outperforms.

Elsewhere, high-beta chipmakers demonstrate relative strength, evidenced by the 1.8% gain in the PHLX Semiconductor Index. Constituent Broadcom (AVGO 149.39, +4.97) has climbed 3.5% after Marvell (MRVL 10.17, +0.17) confirmed that the two companies have not engaged in acquisition talks. Separately, Skyworks (SWKS 72.30, +2.33) has jumped 3.3% as it looks to rebound from yesterday's 2.1% loss. Meanwhile, the broader PHLX Semiconductor Index has climbed 1.1% this week and 5.8% so far in March compared to the S&P 500's 0.8% week-to-date gain and a 4.4% spike month-to-date.

On the commodities front, WTI crude trades higher by 2.1% ($38.62/bbl) ahead of the energy component's pit session close as 14:30 ET. Oil has gained 6.7% this week and has climbed 13.9% month-to-date.

2:00 pm:

[BRIEFING.COM] The major averages have traded largely sideways since our last update as the Nasdaq Composite (+1.4%) continues to lead the S&P 500 (+1.3%). For the week, the two indices show respective gains of 0.2% and 0.8%.

Energy (+2.2%) and the financial sector (+1.9%) lead while the remaining sectors pull back from their session highs. Meanwhile, consumer discretionary (+1.1%) underperforms among the cyclical sectors.

In the consumer discretionary sector, Starbucks (SBUX 57.37, -0.14) continues its recent string of losses. The coffee shop operator has surrendered 0.3% today and is down for 2.4% for the month, compared to the 3.1% gain in the broader discretionary sector over that time. Elsewhere, Netflix (NFLX 96.30, -1.06) has tumbled into negative territory after showing some early strength that saw the name up as much as 2.3%. Separately, media names outperform as Time Warner (TWX 70.24, +1.45) and Viacom (VIAB 39.19, +1.02) gain between 2.1% and 2.8%, respectively.

On the commodities front, safe haven gold ended its pit session lower by 1.1% at $1,259.30/ozt while WTI crude trades higher by 2.0% at $38.58/bbl.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have dipped slightly since our last update, but still sport strong gains as the end of the trading week nears.

A look inside the Dow Jones Industrial Average shows that DuPont (DD 63.63, +1.47), Pfizer (PFE 30.27, +0.67), and UnitedHealth Group (UNH 124.75, +2.66) are outperforming amid broad market strength. Pfizer's gains are being helped by the FDA's announcement this morning that it approved an expanded use of the health care giant's XALKORI to treat patients with metastatic non-small cell lung cancer whose tumors are ROS1-positive.

Conversely, Procter & Gamble (PG 81.75, -0.53) is the worst-performing Dow component as consumer staples lag, being the lone sector in negative territory in today's session.

With today's rally, the DJIA is poised to extend March's gains, which exceed 4% at current levels.

1:05 pm:

[BRIEFING.COM] The stock market opened its final session of the week sharply higher as global equity markets reconsidered yesterday's reaction to aggressive easing measures from the European Central Bank and commentary from ECB President Mario Draghi. Additionally, a strong move higher in oil and leadership from the heavily-weighted financial space (+1.9%) has lent support to today's action. At this juncture, the Nasdaq Composite (+1.3%) trades in-line with the S&P 500 (+1.3%).

The cash market was able to ride the positive momentum of index futures and European bourses to large opening gains as equity markets rebounded. This reversal followed yesterday's negative response to commentary from ECB President Mario Draghi, which called into question how much further the central bank would cut its key rates. However, the central bank's latest policy statement still exceeded the market's expectations in terms of the easing measures.

Separately, a bullish sounding report from the International Energy Agency elicited a rally in crude oil. The IEA reported that recent production declines in the U.S. and from other non-OPEC members may be signaling a bottom in the oil market. As a result, WTI crude has climbed 2.1% to trade at $38.63/bbl.

Commodity-sensitive energy (+2.1%) and the materials sector (+1.9%) have topped the leaderboard while the heavyweight financial sector (+1.9%) follows. Meanwhile, countercyclical consumer staples (UNCH), telecom services (+0.4%), and utilities (+0.6%) round out the board as safe havens struggle to keep up with the market.

The economically-sensitive financial sector (+1.9%) trades higher in sympathy with European banks, which were the largest beneficiaries of today's rally out of Europe. To that point, Credit Suisse (CS 15.81, +0.79) and Deutsche Bank (DB 20.53, +1.26) have climbed a respective 5.3% and 6.5%. Meanwhile, domestic money center bank and life insurance companies outperform. The heavyweight sector, has climbed 5.8% in March, but remains down 6.7% on a year-to-date basis.

In the energy space (+2.2%), independent oil and gas names and pipeline companies have seen the largest boost from today's move in oil. Meanwhile, Dow component Chevron (CVX 94.37, +0.42) climbed 1.1% after being upgraded to "Neutral" from "Sell" at Goldman. However, the energy giant has pulled back from its session high and currently trades higher by 0.8%.

Biotechnology looks to rebound in the health care space (+1.3%) as the iShares Nasdaq Biotechnology ETF (IBB 259.35, +4.27) climbs 1.7%. The ETF has lost 21.6% on a year-to-date basis compared to the 5.7% decline in the broader health care sector and the 1.4% loss in the S&P 500.

The U.S. Dollar Index (96.15, +0.08) bounced off its flat line as the yen and the euro tick down from their session highs. The dollar/yen pair trades at 113.70 (+0.4%) after sliding from the 113.35 level. Separately, the euro/dollar pair has slipped from 1.1189 to 1.1159 (-0.2%).

Treasuries have tumbled to new lows as equities extended their rally. The yield on the 10-yr note is higher by four basis points at 1.98%.

Today's economic data was limited to February Import/Export Prices:

We saw in today's Import/Export Price Index report that declining fuel prices again acted as a major drag on import prices, which fell 0.3% in February after a 1.0% drop in January. That left import prices down 6.1% year-over-year.
Excluding fuel, import prices edged down 0.1% month-over-month and are down 2.7% year-over-year. Translation: price declines aren't just energy driven. For the record, nonfuel import prices haven't recorded a monthly increase sine July 2014.
Export prices, meanwhile, declined 0.4% with declining nonagricultural prices more than offsetting rising agricultural prices. Export prices are down 6.0% year-over-year.
Excluding agriculture, export prices declined 0.4% in February and are down 5.6% year-over-year.

12:30 pm:

[BRIEFING.COM] The S&P 500 (+1.4%) trades ahead of the Dow Jones Industrial Average (+1.3%) as both indices trade near new session highs.

The energy space (+2.2%) has managed to pass the financial sector (+1.9%) on the leaderboard. This move was fueled by a bid in crude, which has the commodity returning towards its session high. WTI crude trades higher by 2.4% ($38.75/bbl).

In the heavyweight health care space (+1.5%), biotechnology demonstrates relative strength, evidenced by the 2.0% gain in the iShares Nasdaq Biotechnology ETF (IBB 260.16, +5.08). The ETF is rebounding from a year-to-date loss of 21.4% compared to the 5.5% decline in the broader health care sector and the 1.3% loss in the S&P 500. Elsewhere, large cap AbbVie (ABBV 57.77, +1.54) has gained 2.7% while Dow component Pfizer (PFE 30.29, +0.70) is now the second best performing component in the price-weighted index.

The Treasury complex trades on its lows with the yield on the 10-yr note higher by four basis points at 1.98%.

12:00 pm:

[BRIEFING.COM] The stock market hovers near session highs as the Nasdaq Composite (+1.5%) trades ahead of the S&P 500 (+1.4%).

Heavily-weighted health care (+1.6%) has passed technology (+1.4%) on the leaderboard as consumer discretionary (+1.3%) underperforms among the cyclical sectors.

The Dow Jones Transportation Average (+2.0%) demonstrates relative strength today as Avis Budget (CAR 27.10, +1.23) outperforms in the index. The company is trading higher in sympathy with Hertz Global (HTZ 10.84, +0.97), which has rocketed 10.0% after receiving an upgrade at Morgan Stanley to "Overweight." Meanwhile, rail and air names also outperform in the index with Norfolk Southern (NSC 78.32, +2.56) and Delta Airlines (DAL 47.77, +0.77) climbing 3.3% and 1.6%, respectively. The index has extended its year-to-date gain to 2.1%, having risen 4.4% so far in March.

The U.S. Dollar Index (95.98, -0.09) has slipped beneath its flat line as the euro gains against the greenback. The euro/dollar pair trades at 1.1186 (+0.1%) after ticking off an overnight low of 1.1082.

11:30 am:

[BRIEFING.COM] The major U.S. indices float near fresh session highs with the S&P 500 (+1.4%) and the Nasdaq Composite (+1.4%) showing comparable gains.

The heavyweight financial sector (+2.0%) has climbed past energy (+1.7%) and materials (+1.8%) to top the leaderboard.

Economically-sensitive financials (+2.0%) trade higher in sympathy with their European counterparts as Credit Suisse (CS 15.76, +0.73) and Deutsche Bank (DB 20.33, +1.06) climb 4.9% and 5.0%, respectively. Meanwhile, life insurance names demonstrate relative strength as MetLife (MET 43.77, +1.52) and Prudential (PRU 73.24, +2.68) gain a respective 3.7% and 3.8%. The broader sector shows a year-to-date loss of 6.5% despite its month-to-date gain of 6.1%. The space has taken advantage of the increased likelihood of fed funds rate hikes this year as the fed funds futures market now measures the probability of a rate increase at the July Fed meeting at 52.0%.

Treasuries have slipped to new lows as equities extend their rally. On that note, the yield on the 10-yr note is higher by four basis points at 1.98%.

11:00 am:

[BRIEFING.COM] The major averages float in the neighborhood of their fresh session highs as the S&P 500 (+1.1%) trades three points below its best level of the day.

On the bottom of the leaderboard, telecom services (-0.1%) have dipped into negative territory while consumer staples (+0.2%) and utilities (+0.4%) underperform. The three sectors are struggling today as an increased appetite for risk weighs on the countercyclical sectors. The three sectors continue to show the largest gains on a year-to-date basis with advances between 3.3% and 11.9%.

The heavily-weighted technology sector (+1.3%) outperforms as large cap constituents Facebook (FB 108.38, +1.06), Alphabet (GOOGL 742.45, +8.28), and Microsoft (MSFT 52.75, +0.71) rally between 1.0% and 1.3%. The space has climbed into positive territory for the week (week-to-date +0.7%), extending its month-to-date gain to 4.3%. The technology sector trails energy (+1.1%), materials (+1.5%), and financials (+1.6%) over that period with the three showing respective gains of 7.9%, 5.9%, and 5.6%. Altogether, these four sectors have paced today's advance.

The U.S. Dollar Index (96.26, +0.19) has bounced off its flat line as the yen and the euro tick down from their highs. The dollar/yen pair trades at 113.58 (+0.3%) after reversing off the 113.35 level. Separately, the euro/dollar pair has slipped from 1.1168 to 1.1144.

On the commodities front, WTI crude has backed away from its session high ($38.97/bbl), but remains up 1.1% at $28.24/bbl.

10:40 am: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, are up 0.7% in morning trade
Commodities were higher in earlier morning trade despite strength in the dollar index
The index has since slid lower, back to the unchanged line. It's now +0.2%
Apr crude oil and natural gas futures have been in positive territory all day so far
Oil is rolling over some in currently trase, while natural gas futures are holding strong
Apr crude is now +2.3% at $38.69/barrel, while Apr nat gas is +3.3% at $1.85/MMBtu
Looking at the metals space...
Gold and silver just sold off
Apr gold just hit a new LoD and is now -1.1% at $1258.40/oz. May silver is +0.3% at $15.60/oz
May copper is +1.2% at $2.25/lb

10:00 am:

[BRIEFING.COM] The major indices float near their opening highs with the S&P 500 (1.0%) showing a week-to-date gain of 0.5%.

Commodity-sensitive energy (+1.6%) and materials (+1.2%) continue to lead heavyweights technology (+1.1%) and financials (+1.1%) on the top of the leaderboard.

In the energy space, Dow component Chevron (CVX 95.68, +1.74) has climbed 1.9% and is currently the second best performer in the price-weighted index. Meanwhile, independent oil and gas names demonstrate relative strength as WTI crude extends its gain to 2.7% ($38.87/bbl). The space looks ahead to the weekly Baker Hughes Rig Count at 13:05 ET to see if domestic production continues to decline.

On the currency front, the U.S. Dollar Index (96.29, +0.23) has floated lower since the open as the euro and yen trim their losses against the greenback. The euro/dollar pair trades at 1.1133 (-0.4%) after hovering near 1.1124 before the open. Meanwhile, the dollar/yen pair has slipped from 113.65 to 113.45 since the Wall Street open.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their final session of the week sharply above their respective flat lines. The tech-heavy Nasdaq (+1.1%) trades ahead of the S&P 500 (+1.0%).

All ten sectors opened in positive territory while commodity-sensitive energy (+1.8%) and materials (+1.3%) lead the pack. Conversely, countercyclical consumer staples (+0.2%), telecom services (+0.4%), and utilities (+0.4%) show the slimmest advances. The remaining sectors show gains between 0.9% (consumer discretionary) and 1.2% (industrials).

On the commodities front, WTI crude has climbed 2.6% to trade at $38.81/bbl while safe haven gold has ticked lower by 0.3% ($1,268.90/ozt).

The Treasury complex trades off its low but remains largely flat. The yield on the 10-yr note is unchanged at 1.94%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +28.50. Nasdaq futures vs fair value: +57.60.

The stock market is on track for a higher open as the S&P 500 futures trade 29 points above fair value.

Index futures rallied alongside their European counterparts overnight as investors re-examined the aggressive easing measures outlined in the European Central Bank's latest policy statement as opposed to comments from ECB President Mario Draghi, which cast doubts on future rate cuts. As a result, the Euro Stoxx 50 index has rallied 3.1% while bourses across Europe have also swung higher. Meanwhile, a bullish sounding report from the International Energy Agency contended that production declines in the U.S. and from other non-OPEC members might signal a bottom in oil. To be fair though, the report also pointed to largely flat demand from the United States. At this juncture, WTI crude trades higher by 1.9% at $38.56/bbl.

The U.S. Dollar Index (96.48, +0.42) rebounded overnight as the greenback regained some ground that was lost against the euro yesterday. The euro/dollar pair trades lower by 0.5% at 1.1122 after tumbling from its high (1.1179). Separately, the dollar/yen has trimmed its advance in recent action as the pair falls from 113.81 to trade at 113.65 (+0.4%).

On the corporate front, Ulta Salon (ULTA 185.99, +22.60) has jumped 13.8% after reporting top and bottom-line beats for the fourth quarter. The company issued above-consensus earnings guidance for the first quarter and announced a $200 million accelerated share repurchase plan. Elsewhere, Colgate-Palmolive (CL 69.00, +0.77) has gained 1.1% after announcing an increase to the company's quarterly dividend. The company's board voted to approve an expanded restructuring program that will reduce its headcount by 3,300-3,800.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +26.80. Nasdaq futures vs fair value: +53.60.

The S&P 500 futures trade 27 points above fair value.

Equity markets across Asia ended the week on an upbeat, and relatively quiet, note. The People's Bank of China strengthened the yuan to its highest level of the year against the dollar, which improved the overall investor sentiment. Meanwhile in Japan, the Nikkei edged up, but investors focused on reports of investment fund outflows reaching their largest levels since late 2008.

In economic data:
Japan's Q1 BSI Large Manufacturing Conditions -7.9 (expected 4.2; previous 3.8)
New Zealand's February Business PMI 56.0 (previous 57.9) and February FPI -0.6% month-over-month (last 2.0%)

---Equity Markets---

Japan's Nikkei gained 0.5%, narrowing its weekly loss to 0.5%. Eight sectors ended the day in positive territory with financials (+1.3%) and materials (+1.1%) pacing the advance. Sumitomo Mitsui Financial, Mitsubishi UFJ Financial, Credit Saison, Chiba Bank, and Nippon Sheet Glass posted gains between 2.5% and 3.6%. On the downside, Kansai Electric Power, Kubota, Japan Tobacco, and Fanuc lost between 1.3% and 4.1%.
Hong Kong's Hang Seng rose 1.1%, ending the week higher by 0.1%. Most components finished the day in positive territory with Citic Pacific, Galaxy Entertainment, China Overseas, Petrochina, and China Petroleum & Chemical rising between 1.9% and 9.2%.
China's Shanghai Composite added 0.2%, but lost 2.2% for the week. Agricultural Bank of China and Bank of China both gained near 1.5% while CITIC Securities spiked 2.7%.

Major European indices trade broadly higher as they look to erase yesterday's post-ECB losses. News flow from the region has been relatively light, but it is worth noting that four European Central Bank members reportedly opposed yesterday's policy measures after five members dissented at the December meeting, which produced a rate cut.

In economic data:
Germany's February CPI +0.4% month-over-month; 0.0% year-over-year, as expected
UK's January trade deficit GBP10.29 billion (expected deficit of GBP10.30 billion; previous deficit of GBP10.45 billion)
Italy's January Industrial Production +1.9% month-over-month (expected 0.6%; last -0.6%); +3.9% year-over-year (consensus 0.5%; last -1.0%)
Spain's February CPI -0.4% month-over-month (expected -0.3%; previous 0.3%); -0.8% year-over-year, as expected

---Equity Markets---

UK's FTSE trades higher by 1.7% amid strength in financials. Standard Chartered, RSA Insurance, Hargreaves Lansdown, RBC, Barclays, and Standard Life show gains between 3.1% and 4.5%. A handful of miners underperform with Anglo American, BHP Billiton, Fresnillo, and Glencore show losses between 0.3% and 1.5%.
France's CAC has spiked 3.0% amid broad strength. Financials AXA, BNP Paribas, Credit Agricole, and Societe Generale trade ahead of the pack with gains between 4.9% and 6.5%. Most of the remaining components show gains of at least 1.0% while Carrefour (+0.9%) and Alstom (-0.5%) lag.
Germany's DAX trades up 3.1% with all 30 components in the green. Deutsche Bank and Commerzbank lead with respective gains of 6.2% and 5.0%. Exporters have also had a strong showing with BMW, Volkswagen, and Daimler up between 3.4% and 4.0%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +26.50. Nasdaq futures vs fair value: +53.00.

The S&P 500 futures trade 27 points above fair value.

Just released, Import prices excluding oil fell 0.1% in February after a flat reading in January while export prices excluding agriculture decreased 0.4% in February after falling 0.9% in January.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +28.00. Nasdaq futures vs fair value: +56.40.

U.S. equity futures trade higher with the S&P 500 futures floating 28 points above fair value.

Overnight futures rose in tandem with oil as the commodity benefited from a bullish sounding report from the International Energy Agency. The report pointed to production declines in the U.S. and other non-OPEC states as helpful factors towards decreasing the persistent supply glut. On that note, WTI crude trades higher by 2.1% at $38.62/bbl. Meanwhile, a rebound in global equity markets has boosted sentiment here at home.

The Treasury complex trades lower across the board while the yield on the 10-yr note is higher by two basis points at 1.96%.

On the economic front, data will be limited to the 8:30 ET release of the February Import/Export Prices.

In U.S. corporate news of note:

Hertz Global (HTZ 10.79, +0.92): +9.3% after receiving an upgrade at Morgan Stanley to "Overweight"
Chevron (CVX 94.84, +0.90): +1.0% following an upgrade at Goldman Sachs from "Sell" to "Neutral"

Reviewing overnight developments:

Asian equity markets ended the week on an upbeat note with Hong Kong's Hang Seng +1.1%, Japan's Nikkei +0.5%, and China's Shanghai Composite +0.2%.
In economic data:
Japan's Q1 BSI Large Manufacturing Conditions -7.9 (expected 4.2; previous 3.8)
New Zealand's February Business PMI 56.0 (previous 57.9) and February FPI -0.6% month-over-month (last 2.0%)
In news:
The People's Bank of China strengthened the yuan to its highest level of the year against the dollar, which improved the overall investor sentiment.

European indices trade broadly higher with Germany's DAX +3.0%, France's CAC +2.9%, and the U.K.'s FTSE +1.5%.
In economic data:
Germany's February CPI +0.4% month-over-month; 0.0% year-over-year, as expected
UK's January trade deficit GBP10.29 billion (expected deficit of GBP10.30 billion; previous deficit of GBP10.45 billion)
Italy's January Industrial Production +1.9% month-over-month (expected 0.6%; last -0.6%); +3.9% year-over-year (consensus 0.5%; last -1.0%)
Spain's February CPI -0.4% month-over-month (expected -0.3%; previous 0.3%); -0.8% year-over-year, as expected
In news:
Four European Central Bank members reportedly opposed yesterday's policy measures after five members dissented at the December meeting, which produced a rate cut.

6:35 am: [BRIEFING.COM] S&P futures vs fair value: +31.50. Nasdaq futures vs fair value: +65.10.

6:35 am: [BRIEFING.COM] Nikkei...16939...+86.50...+0.50%. Hang Seng...20199.6...+215.20...+1.10%.

6:35 am: [BRIEFING.COM] FTSE...6130.59...+93.90...+1.60%. DAX...9768.51...+270.40...+2.90%.

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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