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 Post subject: March 24th Thursday Trade Results - Profit $2000.00
PostPosted: Thu Mar 24, 2016 9:50 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)

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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 @ $2000.00 dollars or +40.00 points, Light Crude Oil CL ($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 @ $2000.00 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=2320

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


4:15 pm: [BRIEFING.COM] The stock market ended an abbreviated week with a rally off its opening lows. Thanks to the final-hour push, the market ended the day on a mixed note as the S&P 500 (UNCH) recovered all but one point from its opening decline while the Nasdaq Composite (+0.1%) ended slightly above its flat line. Today's trade saw oil in focus, renewed strength from the dollar, and relative weakness from the financial sector (-0.7%). Separately, diverging commentary among Fed officials also impacted today's trade.

The cash market opened under selling pressure as oil slipped along international bourses. The tumble in the energy component followed yesterday's larger than expected build in crude stockpiles. This persistence of the supply glut took some shine off the commodity as WTI crude carved out fresh session lows during the opening half hour. However, oil was able to rally off those early levels, ending its pit session lower by 0.8% at $39.49/bbl.

Meanwhile, the economically-sensitive financial sector (-0.7%) saw pressure on two fronts as weaker-than-expected data overseas and at home weighed on the space. Domestically, February Durable Goods Orders (-2.8%; Briefing.com consensus -2.9%) disappointed investors as the report also contained a downward revision for the prior month.

Four sectors ended their day on a lower note as financials (-0.7%), industrials (-0.3%), and health care (-0.1%) led the downside. Meanwhile, telecom services (+1.0%), energy (+0.5%), and utilities (+0.3%) outperformed.

The commodity-sensitive energy space (+0.5%) was able to move from laggard to leader as oil rallied off its low throughout the session. Independent oil and gas names outperformed while pipeline companies and oilfield servicers ended on a mixed note. Meanwhile, Dow components Exxon Mobil (XOM 83.98, +0.23) and Chevron (CVX 94.85, +1.26) ended ahead of the price-weighted index.

In the financial sector (-0.7%), life insurance names underperformed while money center banks rebounded from their worst levels of the day. Meanwhile, PayPal (PYPL 38.92, -1.60) plunged 4.0% after Re/Code reported that Apple (AAPL 105.67, -0.46) is looking to expand it Apple Pay service to outside websites by the end of the year.

On the central bank front, St. Louis Fed President Bullard (FOMC voter) echoed his statements from yesterday when he said that a rate hike may not be "far off" if economic conditions evolve as expected. President Bullard again did not discount a rate hike at the FOMC's April meeting. This diverged from the latest policy statement, which struck a dovish tone by lowering long-term target rate projections.

In the consumer discretionary space (+0.1%), Amazon (AMZN 582.95, +13.32) led as it extended its week-to-date gain to 6.2%. Meanwhile, media names like Disney (DIS 97.22, +0.39) and Comcast (CMCSA 60.01, +0.76) also outperformed.

Conversely, airline names underperformed in the industrial sector (-0.3%). The space as a whole was likely facing some headwinds from the recent gain in the dollar and the weaker than expected durable goods orders for February. Furthermore, General Dynamics (GD 129.08, -5.24) slipped 3.9% after being downgraded to "Hold" at Deutsche Bank.

The U.S. Dollar Index (96.11, +0.11) ended modestly higher as the dollar gained against the yen. The dollar/yen rose 0.4% to 112.82.

The Treasury complex tumbled at the beginning of the session as equities moved off their lows. The yield on the 10-yr note increased two basis points to 1.90%.

Today's participation fell below the recent average as fewer than 870 million shares changed hands on the NYSE floor.

Today's economic data included weekly initial claims and Durable Goods Orders for February:

The initial claims data stayed true to its range-bound form. Initial claims for the week ending March 19 were 265,000 (Briefing.com consensus 268,000), up 6,000 from the prior week.
There were no special factors influencing initial claims, which have now run below 300,000 for 55 straight weeks, which is the longest such streak since 1973.
The four-week moving average for initial claims was little changed at 259,750.
Continuing claims for the week ending March 12 were 2.179 million, down 39,000 from the downward revision for the prior week.
The four-week moving average for this series fell 13,500 to 2.207 million.
The Durable Goods Orders report for February was a disappointment, partly because it contained downward revisions for January but also because almost every category, excluding transportation, registered a month-over-month decline in new orders.
Furthermore, orders for nondefense capital goods excluding aircraft -- a proxy for business spending -- declined (-1.8%) while shipments of those goods (-1.1%), which factor into GDP forecasts, declined for the second straight month. Total durable orders fell 2.8% (Briefing.com consensus -2.9%) in February and were revised for January to show 4.2% growth versus the previously reported 4.8% growth. On a year-over-year basis, durable orders are up 2.6%.
Excluding transportation, orders were down 1.0% in February (Briefing.com consensus -0.2%) and were said to have increased 1.2% in January versus 1.8% before. On a year-over-year basis, orders excluding transportation are unchanged.

Markets will be closed tomorrow in observance of Good Friday. However, the third estimate of fourth quarter GDP (Briefing.com consensus +1.0%) will still be released at 8:30 ET.

Monday's economic data will include PCE Prices for February (Briefing.com consensus 0.2%), Personal Income for February (Briefing.com consensus 0.1%), and Personal Spending for February (Briefing.com consensus 0.1%), which will each cross the wires at 8:30 ET. Meanwhile, Pending Home Sales for February (Briefing.com consensus 1.1%) will be released at 10:00 ET.

Russell 2000 -5.0% YTD
Nasdaq Composite -4.7% YTD
S&P 500 -0.4% YTD
Dow Jones +0.5% YTD

Week in Review: Win Streak Snapped

After posting five consecutive weekly gains, the stock market ended the holiday-shortened week on a lower note with hawkish commentary from St. Louis Fed President and FOMC voting member James Bullard putting a damper on investor sentiment. The S&P 500 lost 0.7% for the week.

Mr. Bullard said that a rate hike in April is not off the table, but that sentiment remains at odds with the fed funds futures market, which sees only a 14.0% chance of a rate hike at the upcoming policy meeting. The market sees a 40.0% chance of a hike in June while expectations for a hike in July are running at 51.0%.

However, it wasn't just Mr. Bullard's tone that weighed on the market as crude oil retreated notably, falling 4.1% for the week. To be fair, dollar strength was likely a contributing factor as the Dollar Index rose 1.4%, erasing its entire decline from the previous week.

All in all, the past week's action was underscored by below-average trading volume as many participants got an early start on the Easter Holiday. Furthermore, it wouldn't be too difficult to argue that the market was simply due for a pullback after surging nearly 10.0% in the previous five weeks.

Seven of ten sectors finished the week in negative territory with energy (-2.4%), financials (-1.9%), materials (-1.7%), and industrials (-1.0%) leading the decline while health care (+0.6%), utilities (+0.6%), and telecom services (+0.5%) eked out slim gains for the week.

3:35 pm: [BRIEFING.COM]

Commodities experienced a rally but most closed in the red, as measured by the Bloomberg Commodity Index, down -0.4% this afternoon
A strong dollar index weighted on commodities today, only nat gas managed to close in the green
Oil was down over 3% initially, before reversing some losses but still closed below the heavily-watched level of $40/barrel
May WTI crude oil futures closed down -1% at $39.49/barrel
Natural gas futures spiked after the release of weekly EIA storage data showing a smaller than expected build of +15 bcf vs consensus of +20 bcf
April natural gas futures closed up +1% at $1.49/MMBtu
Precious metals rallied in afternoon activity, but still managed to close below yesterday's close
April gold closed -0.2% at $1221.70/oz, while May silver -0.5% at $15.20/oz
Base metal copper closed -0.5% lower at $2.23/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the major indices float at intraday highs. The S&P 500 (-0.2%) has rallied 11 points off its opening low.

The influential technology space (+0.1%) and consumer discretionary (UNCH) recently joined energy (+0.2%) as the only cyclical sectors on the positive side of the leaderboard.

In the technology space, Cognizant Technology (CTSH 59.93, +0.87) has gained 1.5% as the company trades higher in sympathy with Accenture (ACN 1113.04, +5.38). Elsewhere, Dow component IBM (IBM 147.52, +2.12) is the second best performer in the price-weighted index. Since its Monday product event, Apple (AAPL 105.65, -0.48) has lost 0.3%. To be fair though, the tech giant has gained 8.2% since the beginning of March. This compares to 0.2% loss for the week in the broader sector and a gain of 7.0% on a month-to-date basis.

WTI crude ended its week lower by 0.8% at $39.49/bbl. This marks a 4.1% decline since last Friday's close.

2:30 pm:

[BRIEFING.COM] The stock market has stumbled from its recent level as the S&P 500 (-0.4%) now trades in-line with the tech-heavy Nasdaq (-0.4%). The benchmark index trades six points above its session low.

The heavily-weighted financial sector (1.1%) trails industrials (-0.7%) and health care (-0.6%) on the bottom of the leaderboard. Meanwhile, energy (UNCH) has just dipped underneath its flat line.

Commodity-sensitive materials have trimmed their loss to 0.3% from 1.2%. However, the space remains down 2.0% since the beginning of the week. The group outperforms only energy (+0.2%) and financials (-1.0%) over that period, with the latter two showing respective losses of 2.8% and 2.3%. In the space, large cap constituents Mosaic (MOS 27.12, -0.90) and CF Industries (CF 31.51, -1.45) underperform, as the two names show respective declines of 3.2% and 4.4%.

On the commodities front, WTI crude trades lower by 0.9% ($39.45/bbl) ahead of its pit session close at 14:30 ET. Meanwhile, gold ended its day lower by 0.2% at $1,221.70/ozt.

2:00 pm:

[BRIEFING.COM] The major averages have inched higher since the last update as the S&P 500 (-0.3%) trades behind the Dow Jones Industrial Average (-0.2%).

Three sectors trade in the green with telecom services (+0.5%) leading while energy (+0.3%) and utilities (+0.2%) follow. Meanwhile, technology (-0.1%) and consumer staples (-0.1%) show the slimmest losses.

In the consumer discretionary space (-0.1%), Amazon (AMZN 577.54, +7.91) has extended its week-to-date gain to 5.2% compared to a 1.0% loss in the broader sector since Monday. Elsewhere in the space, restaurant names like Yum! Brands (YUM 79.19, -1.36) and McDonald's (MCD 123.03, -1.16) demonstrate relative weakness. Meanwhile, Netflix (NFLX 97.39, -2.19) has fallen 2.2% after Outerwall's (OUTR 36.20, +0.49) Red Box announced plans to launch a new streaming service.

The Treasury complex trades modestly lower with the yield on the 10-yr note higher by two basis points at 1.90%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have recouped some of today's losses in recent trade, but still show decent losses as the end of the trading week nears.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH 127.37, -2.42), Nike (NKE 61.35, -1.09), and Boeing (BA 130.76, -2.10) are underperforming amid general weakness in their respective sectors.

Conversely, Caterpillar (CAT 74.84, +1.16) is the best-performing Dow component after this morning's upgrade to Positive at OTR Global.

With today's pullback, the DJIA is poised to end the shortened week lower by nearly 0.9%, trimming its March gains to 5.6%

1:05 pm:

[BRIEFING.COM] The major averages trade off their worst levels of the day at midday as a leg lower in oil and strength in the dollar weigh on the broader market. Meanwhile, the underperformance of the heavyweight financial sector (-1.3%) and disappointing economic data has elicited more profit taking. Currently, the S&P 500 (-0.5%) trades in-line with the Dow Jones Industrial Average (-0.5%) and behind the tech-heavy Nasdaq (-0.3%).

Ahead of today's session, futures and overseas markets slipped in tandem with oil as supply glut concerns returned to the forefront. The energy component remained under fire as investors weighed the most recent stockpile build against a proposed supply freeze agreement. WTI crude reached its worst level shortly after the open ($38.36/bbl), but has since trimmed its loss to 1.6% ($39.15/bbl).

Separately, disappointing February Durable Goods Orders (-2.8%; Briefing.com consensus -2.9%) further soured investor sentiment. The February readings narrowly missed the consensus estimate, but also came with a downward revision for January's report (from 4.7% to 4.2%).

The economically-sensitive financial sector (-1.3%) leads the downside while industrials (-0.8%) and materials (-0.7%) also round out the board. Conversely, telecom services (+0.3%), utilities (UNCH), and energy (UNCH) outperform.

In the heavily-weighted financial sector (-1.3%), investment banking name and Dow component Goldman Sachs (GS 151.43, -2.65) demonstrates relative weakness and also shows the sharpest loss in the price-weighted index. Meanwhile, interest rate-sensitive money center banks and life insurance companies underperform following another day of diverging opinions between the FOMC's latest policy statement and its members.

On that note, FOMC voter and St. Louis Fed President Bullard stated that another interest rate hike might not be "far off" if economic conditions progress as expected. This breaks trend with the latest policy statement from the committee, which struck a dovish tone by lowering its long-term target rate projection.

The industrial sector (-0.8%) is reeling from the aforementioned poor reading from the recent durable goods orders, but has also slipped thanks to the recent rebound in the dollar. General Dynamics (GD 129.34, -4.98) has slipped 3.7% after being downgraded to "Hold" at Deutsche Bank. Furthermore, the underperformance of airline names has also weighed on the broader sector.

In the energy space (UNCH), independent oil and gas names and pipeline companies have recovered from their opening lows while Dow component Chevron (CVX 94.14, +0.55) outperforms. The broader sector has extended its week-to-date loss to 2.9%, but remains higher by 8.6% in the month of March.

The U.S. Dollar Index (96.15, +0.10) gained overnight as the greenback continued to rebound from last week's selling. Meanwhile, the reemergence of the policy divergence trade has not hurt the dollar. The euro/dollar pair trades lower by 0.1% at 1.1173 after bouncing off a low of 1.1152. Separately, the dollar/yen pair trades higher by 0.3% at 112.67 after rallying off the 112.37 level.

The Treasury complex tumbled at the beginning of the session as equities moved off their lows. Currently, the yield on the 10-yr note is higher by one basis point at 1.89%

Today's economic data included weekly initial claims and Durable Goods Orders for February:

The initial claims data stayed true to its range-bound form. Initial claims for the week ending March 19 were 265,000 (Briefing.com consensus 268,000), up 6,000 from the prior week.
There were no special factors influencing initial claims, which have now run below 300,000 for 55 straight weeks, which is the longest such streak since 1973.
The four-week moving average for initial claims was little changed at 259,750.
Continuing claims for the week ending March 12 were 2.179 million, down 39,000 from the downward revision for the prior week.
The four-week moving average for this series fell 13,500 to 2.207 million.
The Durable Goods Orders report for February was a disappointment, partly because it contained downward revisions for January but also because almost every category, excluding transportation, registered a month-over-month decline in new orders.
Furthermore, orders for nondefense capital goods excluding aircraft -- a proxy for business spending -- declined (-1.8%) while shipments of those goods (-1.1%), which factor into GDP forecasts, declined for the second straight month. Total durable orders fell 2.8% (Briefing.com consensus -2.9%) in February and were revised for January to show 4.2% growth versus the previously reported 4.8% growth. On a year-over-year basis, durable orders are up 2.6%.
Excluding transportation, orders were down 1.0% in February (Briefing.com consensus -0.2%) and were said to have increased 1.2% in January versus 1.8% before. On a year-over-year basis, orders excluding transportation are unchanged.

12:30 pm:

[BRIEFING.COM] The S&P 500 (-0.5%) has slipped lower since the last update as the index remains behind both the Dow Jones Industrial Average (-0.4%) and the tech-heavy Nasdaq (-0.3%).

The commodity-sensitive energy sector (-0.3%) briefly moved up to flirt with its flat line as oil trimmed its loss. However, the energy component was unable to hold those levels and currently trades lower by 1.3% at $39.27/bbl. WTI crude began its day showing a 3.6% loss.

In the energy space, oil and gas pipeline names have recovered from their lows while Dow component Chevron (CVX 94.15, +0.56) outperforms the broader sector and the price-weighted index. The sector has gained 8.1% over the last month despite a 3.3% tumble in the last week. Meanwhile, oil and gas refining name Phillips 66 (PSX 87.85, -0.26) trades in-line with the broader market.

On the commodities front, natural gas trades higher by 0.6% at $1.81/mmbtu while gold has fallen 0.3% to $1,220.50/ozt.

12:00 pm:

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

Countercyclical utilities (+0.1%) and telecom services (+0.1%) show the only gains of the day while consumer staples (-0.2%) and consumer discretionary (-0.2%) show the slimmest losses.

In the heavyweight financial sector (-1.2%), interest rate-sensitive money center banks and life insurance names demonstrate relative weakness. To that point, MetLife (MET 41.98, -1.42) has tumbled 3.3% today and extended its weekly decline to 6.0%. The broader sector shows a loss of 2.5% over the last week and only leads energy (-1.2%) over that period (week-to-date -3.4%). Separately, with PayPal's (PYPL 38.78, -1.74) 4.3% decline, the stock has trimmed its 7.3% gain over the last month to 0.7%.

The U.S. Dollar Index (96.17, +0.12) trades off its session high as the yen and the euro regain some of their early losses. The dollar/yen pair trades higher by 0.2% (112.57) after slipping from the 112.73 level. Meanwhile, the euro/dollar pair trades at 1.1168 after bouncing off a low of 1.1151.

11:30 am:

[BRIEFING.COM] The major averages float below their intraday highs as the S&P 500 (-0.5%) trades behind both the Dow Jones Industrial Average (-0.4%) and the Nasdaq Composite (-0.2%).

The health care sector (-0.1%) outperforms while fellow heavyweights like consumer discretionary (-0.1%) and technology (-0.3%) trail the countercyclical sector on the leaderboard.

In the health care space (-0.1%), biotechnology demonstrates relative strength, evidenced by the 1.9% gain in the iShares Nasdaq Biotechnology ETF (IBB 256.00, +1.74). The ETF has had a rocky start to the year, as the biotech sub-group surrendered 22.7% since the beginning of 2016. However, the ETF has rebounded from its worst levels of 2016, gaining 2.2% this week. Elsewhere in the space, UnitedHealth (UNH 129.02, -0.77) rebounded off its opening low (128.97), but has met some resistance near its flat line as it tries for its fifth-straight advance.

The Treasury complex tumbled at the beginning of the session as equities ticked off their worst levels. Currently, the yield on the 10-yr note is higher by one basis point at 1.89%

11:00 am:

[BRIEFING.COM] The major averages have ticked off their session lows as the S&P 500 (-0.4%) hovers six points above its worst level of the day.

The financial sector (-1.0%) has pared some of its losses as it trails materials (-0.7%) and industrials (-0.7%) on the bottom of the leaderboard.

In the industrial sector (-0.7%), General Dynamics (GD 129.66, -4.66) underperforms after receiving a downgrade from "Buy" to "Hold" at Deutsche Bank. To be fair though, the larger aerospace and defense sub-group has displayed relative weakness after the February Durable Goods Orders (-2.8%; Briefing.com consensus -2.9%) disappointed investors and provided a negative revision for the prior month from 4.7% to 4.2%. Meanwhile, a rebound in the dollar is also likely acting as a headwind for the broader sector.

Elsewhere, the Dow Jones Transportation Average (-1.3%) has demonstrated relative weakness today as the index pulls back from larger March gain (month-to-date +7.5%). Airlines display relative weakness as United Airlines (UAL 57.60, -2.14) and American Airlines (AAL 40.34, -1.58) slip 3.6% and 3.8%, respectively.

On the commodities front, WTI crude trades lower by 2.1% at $38.94/bbl while gold trades at $1,221.40/ozt (-0.2%).

10:45 am: [BRIEFING.COM]

The dollar index rallied higher in morning trading, weighing further on commodities
As measured by the Bloomberg Commodity Index, commodities are down ~1% at 78.89
WTI Crude Oil futures opened notably lower but are drifting slightly upward just below $40/barrel
May crude oil is now -3.1% at $38.55/barrel
Natural gas futures were nearly unchanged all morning, currently flat-lining in morning trade
Initially unchanged at $1.79/MMBtu but spiked notably higher after nat gas storage data showed a build of +15 bcf
Gold opened notably lower and is consolidating just above the low of the day
Silver appears volatile, whipping around between gains and losses for the day but is currently higher
April gold is now -0.1% at $1222.50/oz, while May silver is +0.2% at $15.30/oz
Base metal May copper futures are currently -0.4% at $2.23/lb

10:00 am:

[BRIEFING.COM] The major averages hover near session lows as the S&P 500 (-0.5%) trades behind the tech-heavy Nasdaq (-0.4%).

The heavyweight health care space (UNCH) flirts with its flat line while the influential technology sector (-0.4%) outperforms.

In the technology space, Accenture (ACN 111.68, +4.02) outperforms following above-consensus second quarter results. Elsewhere, large cap Microsoft (MSFT 54.02, +0.05) trades narrowly above its flat lines. Conversely, the PHLX Semiconductor Index (-0.8%) underperforms as the high beta chipmakers demonstrate relative weakness. Meanwhile, Yahoo (YHOO 34.40, -0.40) recently confirmed that it will review Starboard's proposed directors.

9:45 am:

[BRIEFING.COM] The major averages began their final session of the week on a lower note as the S&P 500 (-0.6%) outpaced the losses in the Dow Jones Industrial Average (-0.5%).

Nine of ten sectors began their day in the red as the heavily-weighted financial sector (-1.4%) joined commodity-sensitive energy (-1.3%) and materials (-0.8%) on the bottom of the leaderboard. Conversely, countercyclical utilities (+0.1%) is the only sector in positive territory while consumer staples (-0.2%) and health care (-0.2%) shows the slimmest losses.

In the energy space (-1.4%), oil and gas pipeline names demonstrate relative weakness as Kinder Morgan (KMI 17.28, -0.46) and Williams Companies (WMB 15.23, -1.02) surrender 2.5% and 6.4%, respectively.

On the commodities front, crude WTI crude trades lower by 3.1% at $38.56/bbl. Meanwhile, gold remains down 0.2% at $1,221.10/ozt.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -22.50.

The stock market is on track for a lower open as S&P 500 futures trade 13 points below fair value.

Overnight, U.S. equity futures and international bourses came under pressure as profit taking ramped up ahead of the end of the abbreviated trading week. Meanwhile in Europe, weaker-than-expected economic data out of Germany and France forced regional indices to abandon their recent rebound effort. Germany's Consumer Confidence fell to 9.4 from 9.5 while France's Business Confidence fell from 103 to 100. To be fair though, equity markets were also likely responding to a tumble in crude oil. The energy component has plunged 3.2% to trade at $38.51/bbl.

On the central bank front, further hawkish commentary from St. Louis Fed President James Bullard has likely hurt investor sentiment and increased uncertainty regarding the central bank's policy. Fed President Bullard echoed yesterday's remarks by stating that another rate hike is not "far off" if economic conditions evolve as expected.

The U.S. Dollar Index (96.28, +0.22) has gained overnight as the policy divergence trade reenters the picture. The euro/dollar pair trades lower by 0.3% at 1.1153 while the dollar/yen trades higher by 0.1% at 112.45.

On the corporate front, Accenture (ACN 109.10, 1.44) has gained 1.3% in pre-market trading as investors respond to better than expected earnings results in the second quarter. Additionally, the company issued better than expected earnings estimates for full year 2016. Separately, Wells Fargo (WFC 49.20, -0.56) has slipped 1.1% after receiving a "Sell" designation at UBS.

The Treasury complex has ticked higher in recent action as the yield on the 10-yr note slides two basis points to 1.86%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -11.20. Nasdaq futures vs fair value: -20.20.

The S&P 500 futures trade 11 points below fair value.

Equity Markets across Asia ended Thursday on a lower note as defensive sentiment carried over from the Wall Street session. In addition, continued weakness in crude oil contributed to the cautious posture. China's Premier Li Keqiang spoke once again, saying China will keep the yuan stable and will not devalue the currency to boost exports.

Economic data was limited:
Singapore's Industrial Production -4.8% month-over-month (expected -2.2%; previous 9.9%); -4.7% year-over-year (consensus -3.7%; last 0.1%)
New Zealand's February trade deficit -NZD3.32 billion year-over-year (expected deficit of NZD3.57 billion; previous deficit of NZD3.58 billion). February Imports hit NZD3.91 billion (expected NZD3.94 billion) and February Exports came in at $4.25 billion (expected NZD4.05 billion)

---Equity Markets---

Japan's Nikkei lost 0.6% with most sectors ending in the red. Energy (-2.9%), financials (-1.8%), and materials (-2.0%) paced the retreat while consumer staples (+0.7%) and health care (+0.6%) outperformed. Mitsui, Sumitomo Metal Mining, Mitsubishi, Sumitomo, and TDK lost between 3.5% and 7.5%. On the upside, Nippon Express, NTT Data, Asahi Group Holdings, and Konami outperformed with gains between 1.6% and 3.5%.
Hong Kong's Hang Seng lost 1.3% amid weakness in most components. Petrochina, China Life Insurance, New World Development, China Resources Land, and Ping An Insurance registered losses between 2.6% and 4.3%.
China's Shanghai Composite fell 1.6% and brokerage names remained in focus. CITIC Securities lost 5.1% while Industrial Securities and Founder Securities both lost near 4.7%.

Major European indices trade lower across the board with most markets set to be closed for Good Friday tomorrow. To that point, trading volumes have been running below average and the session is expected to end on a quiet note. The British pound saw more selling overnight, but has since rebounded, trading nearly unchanged against the dollar at 1.4123.

In economic data:
Germany's February Import Price Index -0.6% month-over-month (expected -0.3%; last -1.5%); -5.7% year-over-year (consensus -5.1%; last -3.8%). Separately, GfK Consumer Climate ticked down to 9.4 from 9.5 (expected 9.5)
UK's February Retail Sales -0.4% month-over-month (expected -0.7%; last 2.3%); +3.8% year-over-year (consensus 3.8%; last 5.4%). Core Retail Sales -0.2% month-over-month (expected -1.0%; last 2.3%); +4.1% year-over-year (consensus 3.4%; last 5.1%)
France's March Business Survey slipped to 101 from 103 (expected 103)
Italy's January Industrial New Orders +0.7% month-over-month (previous -2.8%); +0.1% year-over-year (previous +1.5%). Separately, January Retail Sales 0.0% month-over-month (expected 0.5%; previous -0.1%); -0.8% year-over-year (consensus 1.0%; last 0.7%)

---Equity Markets---

UK's FTSE trades down 1.6% with Next diving 12.8% in reaction to a cautious outlook. Other consumer names like Marks & Spencer, Tesco, and Sports direct show losses between 3.4% and 3.8%. Miners also lag with Anglo American, Antofagasta, Glencore, and Rio Tinto down between 4.2% and 7.7%.
Germany's DAX is lower by 1.5% with all but one component in the red. Deutsche Bank trades down 3.2% while exporters BMW, Daimler, and Volkswagen are down between 1.7% and 2.4%. Deutsche Boerse is the lone advancer, trading higher by 0.7%.
France's CAC has surrendered 2.1% with all 40 components in the red. ArcelorMittal has plunged 6.3% while heavyweights Airbus, Valeo, Total, and Peugeot have given up between 3.0% and 3.6%. Most financials have had a rough go with Credit Agricole, AXA, and Societe Generale down between 1.9% and 2.5%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -17.40.

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

The latest weekly initial jobless claims count totaled 265,000 while the Briefing.com consensus expected a reading of 268,000. Today's tally compared to 265,000 in the prior week. As for continuing claims, they fell to 2.179 million from 2.218 million (revised from 2.227 million).

Separately, February durable goods orders decreased 2.8% while the Briefing.com consensus expected an downtick of 2.9%. This comes after the prior month's revised reading of 4.2% ( from 4.9%). Excluding transportation, durable orders decreased 1.0% (Briefing.com consensus -0.2%) to follow the prior month's revised reading 1.2% (from 1.8%).

8:05 am: S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -20.10.

[BRIEFING.COM] U.S. equity futures hover near overnight lows while the S&P 500 futures trade nine points below fair value.

Global indices and U.S. futures moved lower in tandem overnight as profit taking sets in at the end of the abbreviated trading week. Meanwhile, a leg lower in crude oil has pressured futures as WTI crude surrenders 2.1% ($38.96/bbl). To be fair though, markets may be responding to yesterday's hawkish commentary from St. Louis Fed President Bullard. President Bullard argued that every meeting should be seen as a "live meeting" and that an April rate hike was not off the table. Market participants look forward to further commentary from President Bullard as he is set to speak at 8:15 ET.

The Treasury complex trades modestly higher with the yield on the 10-yr note falling one basis point to 1.87%.

On the economic front, data will be limited to the weekly initial claims (Briefing.com consensus 268k) and Durable Goods Orders for February (Briefing.com consensus -2.9%), which will cross the wires at 8:30 ET.

In U.S. corporate news of note:

Yahoo (YHOO 35.10, +0.30): +0.9% following reports that Starboard is nominating nine directors
Phillip Morris (PM 97.07, +0.88): +0.9% after receiving an upgrade to "Buy" from Altria
Buffalo Wild Wings (BWLD 143.17, +0.68): +0.5% after being added to Goldman Sach's Conviction Buy List
Finish Line (FINL 18.75, -0.19): -1.0% after issuing below-consensus earnings estimates for full year 2017

Reviewing overnight developments:

Asian markets ended Thursday lower with China's Shanghai Composite -1.6%, Hong Kong's Hang Seng -1.3%, and Japan's Nikkei -0.6%.
Economic data was limited:
Singapore's Industrial Production -4.8% month-over-month (expected -2.2%; previous 9.9%); -4.7% year-over-year (consensus -3.7%; last 0.1%)
New Zealand's February trade deficit -NZD3.32 billion year-over-year (expected deficit of NZD3.57 billion; previous deficit of NZD3.58 billion). February Imports hit NZD3.91 billion (expected NZD3.94 billion) and February Exports came in at $4.25 billion (expected NZD4.05 billion)
In news:
China's Premier Li Keqiang spoke once again, saying China will keep the yuan stable and will not devalue the currency to boost exports.

European indices trade lower across the board with France's CAC -1.8%, Germany's DAX -1.4%, and UK's FTSE -1.3%.
In economic data:
Germany's February Import Price Index -0.6% month-over-month (expected -0.3%; last -1.5%); -5.7% year-over-year (consensus -5.1%; last -3.8%). Separately, GfK Consumer Climate ticked down to 9.4 from 9.5 (expected 9.5)
UK's February Retail Sales -0.4% month-over-month (expected -0.7%; last 2.3%); +3.8% year-over-year (consensus 3.8%; last 5.4%). Core Retail Sales -0.2% month-over-month (expected -1.0%; last 2.3%); +4.1% year-over-year (consensus 3.4%; last 5.1%)
France's March Business Survey slipped to 101 from 103 (expected 103)
Italy's January Industrial New Orders +0.7% month-over-month (previous -2.8%); +0.1% year-over-year (previous +1.5%). Separately, January Retail Sales 0.0% month-over-month (expected 0.5%; previous -0.1%); -0.8% year-over-year (consensus 1.0%; last 0.7%)
In news:
The British pound saw more selling overnight, but has since rebounded, trading higher by 0.1% against the dollar at 1.4122
Major European indices are set to be closed for Good Friday.

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -17.00.

5:51 am: [BRIEFING.COM] Nikkei...16892...-108.70...-0.60%. Hang Seng...20346...-269.60...-1.30%.

5:51 am: [BRIEFING.COM] FTSE...6131.52...-67.60...-1.10%. DAX...9909.69...-113.20...-1.10%.

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

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

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


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