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 Post subject: March 15th Tuesday Trade Results - Profit $4937.50
PostPosted: Tue Mar 15, 2016 9:22 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)

Attachment:
031516-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4937.50.png
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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 @ $4937.50 dollars or +98.75 points, Light Crude Oil CL ($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 @ $4937.50 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=2313

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.

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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 finished the day on a mixed note as the major averages recovered from steeper opening declines. Today's trade saw equity markets moving in tandem with oil, as participants weighed a disappointing reading of the February Retail Sales report against a data heavy week that will include the latest policy decision from the Fed. Furthermore, the underperformance of the heavily-weighted health care sector (-1.6%) kept pressure on the major indices throughout today's session. The Nasdaq Composite (-0.5%) finished the day behind the S&P 500 (-0.2%) and the Dow Jones Industrial Average (+0.1%).

Equity markets saw their largest losses at the start of today's session as participants eyed the February Retail sales figures. The report showed a contraction in February and also revealed a negative revision to January's reading (to -0.4% from +0.2%). The major indices spent the bulk of today's trade moving off their early lows as investors shifted their focus to the remainder of the data heavy week, and the highly anticipated March policy statement from the Fed.

Six sectors ended the day in negative territory with health care (-1.6%), materials (-0.9%), and energy (-0.1%) rounding out the leaderboard. Meanwhile, the heavyweight technology sector (+0.4%) managed to top countercyclical utilities (+0.2%), consumer staples (+0.2%), and telecom services (+0.2%) to finish in the lead.

Biotechnology underperformed in the health care space (-1.6%) as the iShares Nasdaq Biotechnology ETF (IBB 251.47, -9.97) plunged 3.8%. The sub-group traded lower throughout the session with Valeant Pharmaceuticals (VRX 33.51, -35.53), which sank 51.5% after reporting below-consensus fourth quarter results and guiding below consensus. To be fair though, McKesson (MCK 157.30, -7.69) and Pfizer (PFE 29.54, -0.56) also markedly underperformed.

The commodity-sensitive energy (-0.1%) and materials (-0.9%) spaces responded to a 2.3% ($36.33/bbl) tumble in crude oil. Today's downtick looked to be a continuation of yesterday's fall following Iran's announcement that it would not join in production freeze efforts until it regained its pre-sanction market share. As a result, pipeline names and independent oil and companies sported the largest losses in the sector. Elsewhere, Dow component Chevron (CVX 94.27, +0.01) managed to finish its day in positive territory as the sector enjoyed an end of the day bid.

Meanwhile, the heavyweight technology sector (+0.4%) managed to lend support to the broader market as large cap constituent Apple (AAPL 104.58, +2.06) jumped 2.0%. The tech giant responded to a note from Morgan Stanley, which cited promising iPhone demand. Meanwhile, fellow sector heavyweights were able to garner buying interest near their lows.

The economically-sensitive financial sector (-0.1%) initially weighed on the broader market, but was able to move up to trade in-line with the benchmark index. On that note, JPMorgan Chase (JPM 59.20, +0.08) was able to recover from a 1.0% loss to end its day higher by 0.1%.

Treasuries carved out their session highs during the market's initial tumble, but slipped from those highs throughout the session. The yield on the 10-yr note ended unchanged at 1.97%.

The U.S. Dollar Index (96.61, -0.01) ended its day relatively unchanged despite its early vacillation. The euro/dollar pair ended at 1.1111 (+0.1%) after ticking off a session low of 1.1073. Separately, the dollar/yen pair ended lower by 0.6% at 113.10.

Today's volume was one again lighter than the recent average as fewer than 809 million shares changed hands on the NYSE floor.

Today's economic data included February Retail Sales, February PPI, and March Empire Manufacturing, Business Inventories for January, and the NAHB Housing Market Index for March:

Retail sales declined 0.1% in February as expected while sales, excluding autos, also declined 0.1% (Briefing.com consensus -0.2%).
The minus signs aren't comforting to see, yet the added source of discomfort is that January retail sales were revised lower. Specifically, total retail sales for January were revised to -0.4% from +0.2% while sales excluding autos were also revised to -0.4% from +0.1%.
The February report saw its share of minus signs in it, the most prominent of which was the 4.4% decline in gasoline station sales, which weighed on the overall result.
The retail categories that did enjoy sales gains were building materials (+1.6%), sporting goods (+1.2%), food services and drinking places (+1.0%), clothing and accessories (+0.9%), and health and personal care stores (+0.7%). Core retail sales, which exclude gasoline station, auto, and building material sales,were up just 0.1% and were revised down to a 0.1% decline in January (from +0.4%).
Core sales factor into the goods component of personal consumption expenditures for the GDP report, so this isn't the best of news as it relates to first quarter GDP.
The February Producer Price Index report revealed a 0.2% decline in final demand prices (Briefing.com consensus -0.2%) and an unchanged reading for core PPI, which excludes food and energy (Briefing.com consensus +0.1%).
On an unadjusted basis, the final demand index is unchanged over the last 12 months while core PPI is up 1.2%. Not much inflation pressure there.
The Empire Manufacturing Survey isn't going to move the Fed's policy dial either, although it was much better than expected at 0.6 for March (Briefing.com consensus -9.5).
That was the first positive reading since last July thanks to increases in the indexes for both new orders and shipments
Total business inventories increased 0.1% in January, which was slightly above the Briefing.com consensus estimate that called for no change.
Business inventories for December were revised down to unchanged from an originally reported increase of 0.1%.
Manufacturer inventories (-0.4%) and merchant wholesaler inventories (+0.3%) were already known. Retailer inventories were the only unknown and they increased 0.3% on top of a 0.4% increase in December.
The breakdown of retailer inventories showed increases in all areas, except furniture and home furnishings (-0.5%) and department stores (-0.5%). Motor vehicle and parts dealers inventories were up 0.6%.
The total business inventory-to-sales ratio pushed up to 1.40 from 1.39 in January. In January 2015 the ratio stood at 1.36.
The NAHB Housing Market Index for March came in at 58 from an unrevised reading of 58 in February while the Briefing.com consensus expected 59.0.

Tomorrow's economic data includes the weekly MBA Mortgage Index set to be released at 7:00 ET. Meanwhile, February CPI (Briefing.com consensus -0.2%) and Core CPI (Briefing.com consensus +0.1%), February Housing Starts (Briefing.com consensus 1137k), and February Building Permits (Briefing.com consensus 1204k) will be released at 8:30 ET. Separately, the February Industrial Production Report (Briefing.com consensus -0.3%) and Capacity Utilization (Briefing.com consensus 76.9%) will cross the wires at 9:15 ET. Finally, the Federal Open Market Committee's March rate decision will be announced at 14:00 ET.

3:40 pm: [BRIEFING.COM]

Oil futures sold off again today, finishing today's session -2.3% at $36.33/barrel
In electronic trade, oil has come back a little and is now down 2%
Natural gas, on the other hand, is on the rise again despite bearish fundamentals
Apt nat gas closed out of today's session +1.7% at $1.85/MMBtu
Apr gold slipped -1.2% to $1230.70/oz today, while May silver lost -1.7% to end at $15.27/oz
May copper lost one cent to $2.23/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major U.S. indices hover well off their opening lows, but they have been unable to make any meaningful advance into positive territory. The S&P 500 (-0.3%) has climbed eight points off its low while the Dow Jones Industrial Average (-0.1%) slips from its flat line.

On the leaderboard, six sectors remain in the red with health care (-1.5%), materials (-1.2%), and energy (-0.9%) leading to the downside.

The consumer discretionary space (-0.1%) outperforms, having recovered from an opening loss of 0.5%. Heavily-weighted constituent Amazon (AMZN 579.11, +5.74) has helped lift the broader sector as the online retailer climbed off an opening loss of 0.7% to trade higher by 1.0%. Separately, fellow large caps Starbucks (SBUX 59.00, +0.35) and Nike (NKE 61.40, +0.59) outperform with respective gains of 0.6% and 1.0%.

WTI crude ended its day lower by 2.3% at $36.33/bbl as investors turn to the weekly API Inventory Report at 16:00 ET. Meanwhile, the Department of Energy's weekly inventory update is slated for 10:30 ET tomorrow.

The Treasury complex trades largely flat as the yield on the 10-yr note sits unchanged at 1.96%.

2:30 pm:

[BRIEFING.COM] The Dow Jones Industrial Average (UNCH) has crossed its flat line as the major averages hover just below session highs. The S&P 500 (-0.2%) continues to outperform the Nasdaq Composite (-0.4%).

The Dow Jones Transportation Average (-0.7%) underperforms as it demonstrates broad-based weakness in rail companies, airlines, freight carriers, and rental care names. The index has jumped 4.0% over the month of March as it recovered from a bear market designation. On that note, the index still trades 16.8% off its 52-week high, but is up 1.7% year-to-date.

In the index, Norfolk Southern (NSC 78.39, -0.58) and CSX (CSX 25.81, -0.37) trade lower by 0.7% and 1.4%, respectively. For the month, the two names have spiked a respective 6.4% and 5.6%.

On the commodities front, WTI crude has climbed off its session low ($36.03/bbl) and currently shows a loss of 2.0% ($36.43/bbl) ahead of its pit session close at 14:30 ET. Separately, gold ended its day lower by 1.2% at $1,230.70/ozt.

2:05 pm:

[BRIEFING.COM] The major averages have climbed higher in recent action as the S&P 500 (-0.3%) trades eight points off its worst level of the day.

Financials (-0.5%) have ticked up over the course of today's trade as the sector now narrowly underperforms the broader market.

In the heavyweight financial sector (-0.5%), asset management names demonstrate relative weakness as Franklin Resources (BEN 36.70, -1.39) tumbles 3.7% after receiving a downgrade at Bank of America/Merrill Lynch. The economically-sensitive group is the second best performing sector on a month-to-date basis (+5.7%) only trailing energy over that period (month-to-date +7.2%). The sector has recovered from this year's low as the group faces improved earnings prospects amid growing odds that the Fed will continue hiking rates this year. To that point, the probability of a fed funds rate hike, as measured by the fed funds futures market, at the July meeting has increased to 55.0%. However, the odds of a rate hike being announced tomorrow remain at 0.0%.

The yield on the 10-yr note is higher by one basis point at 1.97%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have trimmed some more losses since our last update as stocks continue to work their way back to base levels.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 29.59, -0.51), Chevron (CVX 92.96, -1.30), and Goldman Sachs (GS 151.58, -1.91) are underperforming amid minimal, but broad market weakness. Pfizer is the weakest Dow member with health care putting in the weakest trade in today's session, down roughly 1.4%

Conversely, Apple (AAPL 104.47, +1.95) is the best-performing Dow component following positive commentary this morning out of Morgan Stanley regarding iPhone demand.

At current levels, the DJIA is flat for the week, but still up more than 4.2% this month.

1:05 pm:

[BRIEFING.COM] The stock market succumbed to early selling pressure today as investors weigh a disappointing reading from the February Retail Sales Report while oil continues its recent reversal. Meanwhile, the underperformance of the heavyweight health care (-1.4%) and financial (-0.7%) sectors has weighed on the broader market. Today's choppy trade comes ahead of the Fed's latest policy decision, scheduled for release tomorrow at 14:00 ET. Currently, the tech-heavy Nasdaq (-0.6%) trades behind the S&P 500 (-0.5%) and the Dow Jones Industrial Average (-0.2%).

Overnight, U.S. equity futures and global bourses sold off following the latest statement from the Bank of Japan, which left the policy stance unchanged. Furthermore, the central bank did not indicate that it would take its rates further into negative territory despite downgrading its economic outlook. This had investors assume a risk off posture. For its part, oil saw continued pressure as doubts mount over the effectiveness and probability of a coordinated supply cap agreement between OPEC and non-OPEC members. WTI crude trades lower by 3.1% at $36.02/bbl.

On the domestic front, the February Retail sales figures were disappointing (-0.1%; Briefing.com consensus -0.1%) and contained a downward revision for the prior month (revised to -0.4% from +0.2%).

Commodity-sensitive energy (-1.7%) and materials (-1.3%) are joined by the heavyweight health care (-1.4%) and financial (-0.7%) spaces on the bottom of the leaderboard. Conversely, influential technology (+0.1%) and countercyclical consumer staples (+0.1%), utilities (+0.1%), and telecom services (UNCH) outperform.

The energy group (-1.7%) underperforms as pipeline companies and independent oil and gas names feel increased pressure as crude oil tumbles. Kinder Morgan (KMI 17.74, -1.00) and Williams Companies (WMB 15.85, -0.64) have lost 5.3% and 3.9%, respectively. Meanwhile, Dow component Chevron (CVX 92.48, -1.78) is the worst performer in the price-weighted index. The broader energy sector maintains a 6.6% gain so far this month, compared to the 4.0% advance in the benchmark index.

The heavyweight health care space (-1.4%) underperforms on the heels of disappointing earnings results from Valeant Pharmaceuticals (VRX 37.74, -31.30). The name has plunged 45.2% after reporting below-consensus fourth quarter results and issuing earnings guidance below analyst estimates for the first quarter and full year 2016. The iShares Nasdaq Biotechnology ETF (IBB 252.70, -8.74) has tumbled 3.3% in sympathy with Valeant.

On the other side of the board, heavily-weighted Apple (AAPL 104.55, +2.03) leads in the technology space (+0.1%). The company is benefiting from a bullish note from Morgan Stanley that cites favorable demand for the iPhone. Meanwhile, fellow large cap constituents like Facebook (FB 110.20, +0.31) and Alphabet (GOOGL 750.23, -0.01) have also been able to outperform the broader market.

The Treasury complex climbed to session highs shortly after the release of the disappointing Retail Sales number but has slipped from those levels throughout the session. The yield on the 10-yr note is unchanged at 1.96%.

The U.S. Dollar Index (96.69, +0.11) has vacillated during today's session as investors weigh the poorer-than-expected data against the possible results from the Fed's March policy meeting. Currently, the euro/dollar pair trades at 1.1096 (-0.1%) after falling from 1.1119. Meanwhile, the dollar/yen pair has inched off its low of 112.68 to trade down 0.8% at 112.96.

Today's economic data included February Retail Sales, February PPI, March Empire Manufacturing, Business Inventories for January, and the NAHB Housing Market Index for March:

Retail sales declined 0.1% in February as expected while sales, excluding autos, also declined 0.1% (Briefing.com consensus -0.2%).
The minus signs aren't comforting to see, yet the added source of discomfort is that January retail sales were revised lower. Specifically, total retail sales for January were revised to -0.4% from +0.2% while sales excluding autos were also revised to -0.4% from +0.1%.
The February report saw its share of minus signs in it, the most prominent of which was the 4.4% decline in gasoline station sales, which weighed on the overall result.
The retail categories that did enjoy sales gains were building materials (+1.6%), sporting goods (+1.2%), food services and drinking places (+1.0%), clothing and accessories (+0.9%), and health and personal care stores (+0.7%). Core retail sales, which exclude gasoline station, auto, and building material sales,were up just 0.1% and were revised down to a 0.1% decline in January (from +0.4%).
Core sales factor into the goods component of personal consumption expenditures for the GDP report, so this isn't the best of news as it relates to first quarter GDP.
The February Producer Price Index report revealed a 0.2% decline in final demand prices (Briefing.com consensus -0.2%) and an unchanged reading for core PPI, which excludes food and energy (Briefing.com consensus +0.1%).
On an unadjusted basis, the final demand index is unchanged over the last 12 months while core PPI is up 1.2%. Not much inflation pressure there.
The Empire Manufacturing Survey isn't going to move the Fed's policy dial either, although it was much better than expected at 0.6 for March (Briefing.com consensus -9.5).
That was the first positive reading since last July thanks to increases in the indexes for both new orders and shipments
Total business inventories increased 0.1% in January, which was slightly above the Briefing.com consensus estimate that called for no change.
Business inventories for December were revised down to unchanged from an originally reported increase of 0.1%.
Manufacturer inventories (-0.4%) and merchant wholesaler inventories (+0.3%) were already known. Retailer inventories were the only unknown and they increased 0.3% on top of a 0.4% increase in December.
The breakdown of retailer inventories showed increases in all areas, except furniture and home furnishings (-0.5%) and department stores (-0.5%). Motor vehicle and parts dealers inventories were up 0.6%.
The total business inventory-to-sales ratio pushed up to 1.40 from 1.39 in January. In January 2015 the ratio stood at 1.36.
The NAHB Housing Market Index for March came in at 58 from an unrevised reading of 58 in February while the Briefing.com consensus expected 59.0.

The day's data will be capped off with the release of Net Long-Term TIC Flows for January at 16:00 ET. Additionally, today marks the beginning of the Fed's two-day policy meeting.

12:30 pm:

[BRIEFING.COM] The Dow Jones Industrial Average (-0.2%) remains ahead of both the S&P 500 (-0.5%) and Nasdaq Composite (-0.6%).

Safe havens have seen a bid in recent action as the market looks ahead to the Fed's release of its latest policy statement tomorrow and the remainder of the data-heavy week. Additionally, Friday is the last day to trade March equity options.

To that point, countercyclical consumer staples (+0.2%), utilities (+0.2%), and telecom services (UNCH) outperform the broader market. Gold has seen a bid in recent trade, but the precious metal still shows a loss of 0.9% ($1,233.80/ozt), after ticking off its low session low of $1,228.80/ozt. Meanwhile, the CBOE Volatility Index (17.20, +0.25) has bounced off its low (17.04), showing an increase of 4.2% week-to-date.

The Treasury complex has inched higher as the yield on the 10-yr note falls to 1.95% (-1 bps). The yield on the 10-yr note has gained 21 basis points since the beginning of March as the broader market continued its rebound from its lows.

12:00 pm:

[BRIEFING.COM] The major U.S. indices have ticked down since the last update as the U.S. Dollar Index shows a similar move. The S&P 500 (-0.5%) trades ahead of the Nasdaq Composite (-0.6%).

The heavyweight technology space (+0.1%) follows the consumer staples (+0.2%) group in front of the pack while only telecom services (UNCH) joins the two in positive territory.

In the tech space (+0.2%), Apple (AAPL 104.87, +2.34) continues to outperform after receiving favorable commentary at Morgan Stanley regarding iPhone demand in the March quarter. iPhone suppliers have been largely unable to capitalize on this move as Qualcomm (QCOM 51.08, -1.01) and Qorvo (QRVO 48.40, -0.33) underperform. To be fair though, the broader PHLX Semiconductor Index (-0.9%) displays relative weakness. Meanwhile, fellow large cap constituents Facebook (FB 110.59, +0.70) and Microsoft (MSFT 53.24, +0.07) outperform the broader market.

The dollar has lost some momentum against the euro and the yen since the last update. The euro/dollar pair trades at 1.1113 (+0.1%) after ticking off the 1.1083 level. Meanwhile, the dollar/yen pair has lost 0.8% (112.87) after tumbling from 113.02.

11:30 am:

[BRIEFING.COM] The major averages have ticked up in recent action as the S&P 500 (-0.4%) trades in-line with the tech-heavy Nasdaq (-0.4%). The benchmark index has climbed six points off its low.

The energy space (-1.5%) has overtaken health care (-1.4%) on the bottom of the leaderboard. Meanwhile, materials (-1.2%) and financials (-0.7%) trade just ahead of the weakest two groups.

In the commodity sensitive energy group (-1.5%), the downturn in crude oil has taken a toll on the broader sector with pipeline companies and independent oil and gas names bearing the brunt of the downturn. To that point, Kinder Morgan (KMI 17.96, -0.78) and ConocoPhillips (COP 38.90, -1.10) have lost 4.2% and 2.7%, respectively. However, the two names have managed to rally in lockstep with crude oil since its February 11 low of $26.21/bbl. Since that point, WTI has climbed 37.9% (to $36.13/bbl) while ConocoPhillips and Kinder Morgan have rallied a respective 24.6% and 27.7%. The broader energy sector has rallied 6.7% in March, entering positive territory for the year (year-to-date +0.8%).

The Treasury complex has slipped from its high with the yield on the 10-yr note rising from its low of 1.92% to 1.96% (UNCH).

11:00 am:

[BRIEFING.COM] The major averages have traded sideways since our last update as the S&P 500 (-0.5%) floats four points off its session low.

Four sectors currently trade in positive territory with countercyclical utilities (+0.5%), consumer staples (+0.2%) and telecom services (+0.1%) leading to the upside. Meanwhile, the influential technology sector (UNCH) follows the risk averse sectors.

The heavyweight health care space (-1.4%) leads to the downside as biotechnology underperforms. The iShares Nasdaq Biotechnology ETF (IBB 253.52, -7.92) has tumbled 3.0% as the ETF moves lower in sympathy with Valeant Pharmaceuticals (VRX 39.70, -29.34). The company has plummeted 42.5% after missing bottom-line results in the fourth quarter and lowering its earnings estimates for the first quarter and full year below consensus. Additionally, Valeant issued a statement that it would not file its 10-k form for the year within its 15-day extension, but would seek to do so as soon as possible. Separately, large cap Eli Lilly (LLY 70.81, -3.10) has plunged 4.1% after changing the primary end point for its EXPEDITION3 clinical trial.

The U.S. Dollar Index (96.73, +0.11) has rallied back above its flat line as the dollar gains against the euro and the yen. The euro/dollar pair trades at 1.1089(-0.1%) after falling from the 1.1119 level. Meanwhile, the dollar/yen pair has inched off its low of 112.68 to trade down 0.7% at 113.00.

10:45 am: [BRIEFING.COM]

Oil prices are weak again, sliding lower overnight
Losses are holding in morning trade and are currently near today's low
Apr crude oil is now -2.1% at $36.39/barrel
In other energy, natural gas futures have been doing the opposite
Apr nat gas is currently +3.1% at $1.82/MMBtu
Metals are in the red today
Apr gold is currently -1% at $1232.10/oz, while May silver is -1.7% at $15.26/oz
May copper -0.7% at $2.22/lb

10:00 am:

[BRIEFING.COM] The major indices hover above their opening lows with the S&P 500 (-0.6%) one point above its worst level.

Just released, the NAHB Housing Market Index for March came in at 58 from an unrevised 58 in February while the Briefing.com consensus expected the reading to come in at 59.0.

Separately, Business Inventories increased 0.1% in January which was above the Briefing.com consensus of a flat reading. The prior month's reading was unrevised at +0.1%.

9:45 am:

[BRIEFING.COM] As expected, the major averages began their day under their flat lines as the S&P 500 (-0.6%) trades behind the Nasdaq Composite (-0.5%).

Eight of ten sectors trade in the red with commodity-sensitive energy (-1.2%) and materials (-1.2%) leading the downside. Conversely, countercyclical utilities (+0.2%) and telecom services (+0.1%) show the only advances of the day. The remaining decliners show losses between 0.1% (consumer staples) and 1.0% (health care).

In the technology space (-0.2%), heavyweight Apple (AAPL 104.38, +1.86) demonstrates relative strength as it spikes 1.8% out of the gate. Meanwhile, the high-beta chipmakers trail the broader sector, evidenced by the 0.4% downtick in the PHLX Semiconductor Index.

On the commodities front, WTI crude trades lower by 2.0% ($36.46/bbl) while gold trades at $1,233.00/ozt (-1.0%).

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -13.50.

The stock market is on track for a lower open with the S&P 500 futures trading 11 points below fair value.

Ahead of today's session, index futures tumbled alongside global indices as investors digested the latest policy statement from the Bank of Japan. The central bank concluded its meeting without new stimulus provisions and without further commentary on taking rates deeper into negative territory. Additionally, the bank lowered its assessment of inflation expectations. On the domestic front, futures slipped to their lowest levels shortly after the release of the February Retail sales figure (-0.1%; Briefing.com consensus -0.1%), which also contained a revision of the prior month's reading (to -0.4% from +0.2%). However, futures have since recovered from those levels as investors eye more key data and the beginning of the Fed's two-day policy meeting.

In U.S. corporate news of note, DSW (DSW 29.92, +2.43) has climbed 8.8% in pre-market action after reporting an earnings beat for the fourth quarter. Separately, The Children's Place (PLCE 74.50, +3.82) jumped 5.4% after issuing above consensus earnings guidance for its first quarter and full year. The company also beat bottom-line estimates for the fourth quarter.

The U.S. Dollar Index (96.58, -0.04) tumbled shortly after the lackluster retail sales as the greenback loses ground to the yen and the euro. The euro/dollar pair jumped to 1.1108 (+0.1%) while the dollar/yen pair has slipped 0.9% to 112.83.

The Treasury complex carved out a fresh session high following the disappointing reading of February's retail sales. The 10-yr yield has moved off its low (1.92%), but remains lower by three basis points at 1.93%.

On the commodities front, WTI crude trades lower by 1.3% at $36.70/bbl while gold has retraced towards its low as the precious metal trade at $1,232.20/ozt (-1.0%).

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -15.10.

The S&P 500 futures trade 12 points below fair value.

Equity markets across Asia ended the Tuesday session on a mixed note. Japan's Nikkei (-0.7%) saw some early strength, but stumbled into the close after the Bank of Japan's policy meeting concluded without calls for new stimulus. Furthermore, the central bank did not discuss taking interest rates deeper into negative territory after broaching that subject in January.

In economic data:
Japan's February Industrial Production +3.7% month-over-month, as expected. January Capacity Utilization +2.6% month-over-month (last -1.0%) and Tertiary Industry Activity Index +1.5% month-over-month (expected 0.4%; last -0.6%)
Australia's February New Motor Vehicle Sales -0.1% month-over-month (expected 1.4%; last 0.5%)
Singapore's January Retail Sales -1.2% month-over-month (expected 1.9%; last -1.1%); +7.5% year-over-year (consensus 3.5%; last 2.8%). Separately, Q4 Unemployment Rate held at 1.9%, as expected

---Equity Markets---

Japan's Nikkei lost 0.7%. Nine sectors ended in the red with financials (-1.6%), industrials (-1.4%), and materials (-1.3%) leading the retreat. JTEKT, Alps Electric, Dai-ichi Life Insurance, Sony Financial Holdings, Fanuc, and Dentsu lost between 2.1% and 4.7%.
Hong Kong's Hang Seng lost 0.7% with consumer and energy-related names showing relative weakness. Want Want China, Belle International, Tencent Holdings, CNOOC, China Petroleum & Chemical, and China Shenhua Energy lost between 1.3% and 4.4%.
China's Shanghai Composite ticked up 0.2% with Poly Real Estate, China Shipbuilding, and China State Construction adding between 1.4% and 3.9%.

Major European indices trade lower across the board, having dipped below their opening levels. Spain's IBEX (-1.6%) has had the worst showing today while other indices trade not far ahead. It is worth noting that the latest Brexit-related poll, commissioned by the Telegraph, showed that 49% of voters are in favor of leaving the EU while 47% support remaining in the single-currency zone. The pound has slumped against the dollar in response, falling 0.9% to 1.4178.

In economic data:
Eurozone Q4 Employment Change +0.3% quarter-over-quarter (expected 0.2%; last 0.3%); +1.2% year-over-year (consensus 1.1%; last 1.1%)
France's February CPI +0.3% month-over-month (expected 0.2%; last 0.2%)
Italy's February CPI -0.2% month-over-month, as expected; -0.3% year-over-year, as expected

---Equity Markets---

Germany's DAX is lower by 0.8% with most components in the red. Volkswagen is the weakest performer, down 2.0%, while Deutsche Bank and Commerzbank are both down near 1.5%. Elsewhere, Lufthansa, Merck, BASF, and BMW show losses between 0.6% and 1.4%.
UK's FTSE has surrendered 0.7% with miners showing relative weakness. Antofagasta, Anglo American, BHP Billiton, Rio Tinto, and Fresnillo are down between 2.0% and 10.4%. Energy-related names have also struggled with Royal Dutch Shell and BP both down near 1.3%.
France's CAC trades down 1.1% with ArcelorMittal diving 24.6%. Financials have also shown relative weakness with BNP Paribas, Credit Agricole, and Societe Generale falling between 1.6% and 2.5%. On the upside, Safran has added 1.9%.
Spain's IBEX is lower by 1.6% amid losses in most components. Banco Popular, BBVA, Santander, Caixabank, and Bankia are among the biggest laggards with losses between 1.9% and 2.7%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -15.60.

The S&P 500 futures trade 12 points below fair value.

February producer prices fell 0.2% while the Briefing.com consensus expected a downtick of 0.2%. Core producer prices came in flat while the consensus expected an increase of 0.1%.

Separately, February retail sales fell 0.1%, in-line with the Briefing.com consensus . The prior month's reading was revised to -0.4% from 0.2%. Excluding autos, retail sales fell 0.1% while the consensus expected a downtick of 0.2%.

Finally, the Empire Manufacturing Survey for March registered a reading of 0.62 which was above the prior month's reading of -16.6 and above the Briefing.com consensus estimate, which was pegged at -9.5.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -11.40.

U.S. equity futures trade broadly lower with the S&P 500 futures hovering 11 points below fair value. Overnight, futures and international bourses slipped lower following the latest policy statement from the Bank of Japan, which lowered its economic assessment and dropped reference to further negative rates. Meanwhile, a continued tumble in oil kept pressure on equities. Currently, WTI crude trades lower by 2.1% at $36.39/bbl.

On the economic front, today's data includes February Retail Sales (Briefing.com consensus -0.1%), February PPI (Briefing.com consensus -0.2%), and March Empire Manufacturing (Briefing.com consensus -9.5) all crossing the wires at 8:30 ET. Meanwhile, Business Inventories for January (Briefing.com consensus +0.0%) and the NAHB Housing Market Index for March (Briefing.com consensus 59.0) will be released at 10:00 ET. The day's data will be capped off with the Net Long-Term TIC Flows for January at 16:00 ET. Additionally, today begins the Fed's two-day policy meeting.

The Treasury complex has climbed higher with the yield on the 10-yr note falling two basis points to 1.94%.

In U.S. corporate news of note:

Outerwall (OUTR 39.00, +4.61): +13.4% following the company raising its quarterly divided to $0.60/share from $0.30/share and announcing that it will be exploring strategic and financial alternatives
Valeant Pharmaceuticals (VRX 58.92, -10.12): -14.7% after reporting a bottom-line miss in the fourth quarter and offering below-consensus earnings estimates for Q1/FY16
3D Systems (DDD 13.58, -0.87): -6.0% following a downgrade at JP Morgan from "Neutral" to "Underweight"
DSW (DSW 30.00, +2.51):+9.1% after reporting top and bottom-line results that were above analyst estimates for the fourth quarter
Mead Johnson Nutrition (MJN 80.05, +4.61): +6.1% following reports that the company is a takeover target for Danone (DANOY)

Reviewing overnight developments:

Asian markets ended on a mixed note with Japan's Nikkei -0.7%, Hong Kong's Hang Seng -0.7%, and China's Shanghai Composite +0.2%.
In economic data:
Japan's February Industrial Production +3.7% month-over-month, as expected. January Capacity Utilization +2.6% month-over-month (last -1.0%) and Tertiary Industry Activity Index +1.5% month-over-month (expected 0.4%; last -0.6%)
Australia's February New Motor Vehicle Sales -0.1% month-over-month (expected 1.4%; last 0.5%)
Singapore's January Retail Sales -1.2% month-over-month (expected 1.9%; last -1.1%); +7.5% year-over-year (consensus 3.5%; last 2.8%). Separately, Q4 Unemployment Rate held at 1.9%, as expected
In news:
The Bank of Japan's policy meeting concluded without calls for new stimulus.
The central bank did not discuss taking interest rates deeper into negative territory after broaching that subject in January.

European indices trade broadly lower with France's CAC -0.9%, the U.K.'s FTSE -0.6%, and Germany's DAX -0.6%. Elsewhere, Spain's IBEX has surrendered 1.5%.
In economic data:
Eurozone Q4 Employment Change +0.3% quarter-over-quarter (expected 0.2%; last 0.3%); +1.2% year-over-year (consensus 1.1%; last 1.1%)
France's February CPI +0.3% month-over-month (expected 0.2%; last 0.2%)
Italy's February CPI -0.2% month-over-month, as expected; -0.3% year-over-year, as expected
In news:
The latest Brexit-related poll, commissioned by the Telegraph, showed that 49% of voters are in favor of leaving the EU while 47% support remaining in the single-currency zone.
The pound has slumped against the dollar in response, falling 0.9% to 1.4167.

6:04 am: [BRIEFING.COM] S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -21.90.

6:04 am: [BRIEFING.COM] Nikkei...17117...-116.70...-0.70%. Hang Seng...20289...-146.60...-0.70%.

6:04 am: [BRIEFING.COM] FTSE...6135.83...-38.70...-0.60%. DAX...9941.10...-49.20...-0.50%.

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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