TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 3:22 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: March 28th Monday Trade Results - No Trades
PostPosted: Tue Mar 29, 2016 3:51 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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 today because its Easter Monday holiday in my country.


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=2322

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=285&t=3049 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

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


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


4:15 pm: [BRIEFING.COM] The stock market began the week on a flat note as the S&P 500 added 0.1% while the Nasdaq Composite (-0.1%) underperformed. Today's action featured a slide in crude oil, a noteworthy revision to economic data from January, and relative strength from the consumer discretionary space (+0.5%).

Overall, the Monday affair was very quiet as post-holiday trade failed to garner much interest ahead of a data-heavy week. To that point, fewer than 688 million shares changed hands at the NYSE floor, versus last week's average of 833.8 million shares.

A cautious tone was set this morning as a tumble in oil helped drag the major averages to opening lows. Meanwhile, some mixed data readings clouded sentiment as investors weighed a cooler-than-expected reading of Core PCE Prices for February (0.1%; Briefing.com consensus +0.2%) and an above-consensus reading of February Personal Income (+0.2%; Briefing.com consensus +0.1%). The former is the Fed's preferred measure of inflation, and investors will be on the lookout for any implications this may hold for future fed funds rate hikes.

The major indices hit their highs around 14:00 ET as WTI crude ended its rally off its low. The energy component would end its pit session near those levels, ticking down 0.3% to $39.38/bbl.

Four sectors ended beneath their flat lines with energy (-0.5%), utilities (-0.4%), technology (-0.3%), and health care (-0.3%) leading to the downside. Meanwhile, consumer discretionary (+0.5%), consumer staples (+0.5%), materials (+0.4%), and financials (+0.3%) outperformed.

Lodging names outperformed in the consumer discretionary space following reports that Starwood Hotels (HOT 83.75, +1.62) received a revised non-binding offer from the Chinese consortium headed by Anbang Insurance Group. Elsewhere, Time Warner (TWX 72.54, +2.53) rallied 3.6% following the release of 'Batman v Superman: Dawn of Justice', which resulted in the third largest global opening for a March release in IMAX (IMAX 30.38, +0.20) theaters.

The top-weighted technology space (-0.3%) spent most of its day behind the benchmark index as Microsoft (MSFT 53.54, -0.67) weighed on the sector. The tech giant underperformed following headlines that it may be interested in acquiring Yahoo! (YHOO 35.23, +0.37). Meanwhile, Oracle (ORCL 40.62, -0.35) underperformed among software names while Qualcomm (QCOM 50.19, -0.67) displayed relative weakness in the PHLX Semiconductor Index (-0.1%).

The industrial sector (UNCH) finished above its flat line, as a rally in large cap General Electric (GE 31.49, +0.38) outweighed the underperformance of rail names in the Dow Jones Transportation Average (-0.9%). Elsewhere in the Transportation Average, JetBlue (JBLU 20.79, +0.55) spiked after reports indicated that the company put in a bid for Virgin American (VA 37.70, +3.53).

Biotechnology endured a choppy session as the iShare Nasdaq Biotechnology ETF (IBB 252.08) swung from a 1.5% loss to a 0.9% gain. The ETF ended its day down 1.3% despite strength from constituent Gilead Science (GILD 92.46, +1.14). The biotech name ended higher by 1.6% after a ruling in a patent dispute case was deemed better than feared.

The U.S. Dollar Index (95.97, -0.20) finished lower as the greenback lost ground to the euro. The euro/dollar pair ended higher by 0.3% at 1.1200. For its part, the dollar gained 0.2% against the yen to end at 113.38.

Treasuries ended in the green, but off their best levels. The yield on the 10-yr note settled lower by three basis points at 1.88% (-1 bps) after dipping into the 1.86% area.

Today's economic data included PCE Prices for February, Personal Income for February, Personal Spending for February, and Pending Home Sales for February:

The Personal Income and Spending report for February was released to little fanfare as the report came in right around expectations. Income increased 0.2% month-over-month (Briefing.com consensus +0.1%), spending increased 0.1% (Briefing.com consensus +0.1%), and the core PCE Price Index, which excludes food and energy, increased 0.1% (Briefing.com consensus +0.2%).
Overall, this set of figures is not expected to do much in terms of strengthening or weakening a rate-hike argument, but it is worth noting that a 0.5% increase in January Personal Spending was revised down to an increase of just 0.1% in today's report.
The Federal Reserve is looking for 2.0% year-over-year inflation as expressed by the core PCE Index. Following today's report, the index remains unchanged at 1.7% year-over-year.
The personal savings rate edged up to 5.4% from 5.3%.
Pending home sales for February climbed 3.5% while the Briefing.com consensus expected an increase of 1.1%. Meanwhile, the January reading was revised to -3.0% from -2.5%.

Tomorrow's economic data will include the Case-Shiller 20-city Index for March (Briefing.com consensus +5.7%) and Consumer Confidence for March (Briefing.com consensus 94.5), which will be released at 9:00 ET and 10:00 ET, respectively.

Separately, Fed Chair Janet Yellen will speak at the Economic Club of New York at 12:20 ET.

3:35 pm: [BRIEFING.COM]

The dollar index initially consolidated near the lows for the day before heading slightly higher in the afternoon but ultimately giving back those gains and settling in around the lows
Commodities as measured by the Bloomberg Commodity index were further boosted by the lower-trending dollar, trading up +0.3% at 79.48
WTI crude oil futures saw a steep drop this morning before smoothly trending upwards the rest of the day to end just below last week's closing price
May WTI crude oil futures closed down -0.3% at $39.38/barrel
Natural gas futures were particularly volatile, briefly falling below last week's previous closing price before spiking off those lows to consolidate and close near the high of the day
May natural gas closed up +3.2% at $1.94/MMBtu
In precious metals, gold initially traded lower before bouncing off the $1216/oz level, still closing slightly in the red for the day
April gold futures closed down -0.1% at $1220.30/oz
Silver futures teeter-tottered slightly between gains and losses with no meaningful direction, eventually settling just below last week's close
May silver futures closed down -0.1% at $15.19/oz
Base metal copper had a notable mid-day jump before dropping slightly and then consolidating higher
May copper futures closed up +0.9% at $2.25/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages continue to slip from their best levels of the day. At this juncture, the tech-heavy Nasdaq (-0.2%) has returned into negative territory while the S&P 500 (UNCH) flirts with its flat line.

The industrial sector (UNCH) treads water near its flat line as health care (-0.1%), technology (-0.3%), and utilities (-0.4%) lead energy (-0.8%) on the bottom of the leaderboard.

In the consumer staples space (+0.7%), the sector shows broad-based strength with discount stores, beverage names, and tobacco companies all outperforming. On that note, Reynolds American (RAI 50.45, +0.75), Monster Beverage (MNST 133.19, +1.94), and Costco (COST 152.91, +1.48) have gained between 1.0% and 1.5%.

The Dollar Index (95.91, -0.26) has slipped as the greenback gives ground to the euro. The euro/dollar pair trades higher by 0.3% at 1.1204.

Separately, WTI crude ended its day lower by 0.3% at $39.38/bbl while natural gas gained 3.2% to finish its day at $1.94/MMbtu.

2:30 pm:

[BRIEFING.COM] The major indices hover beneath intraday highs as the Dow Jones Industrial Average (+0.4%) trades ahead of the S&P 500 (+0.3%).

The telecom services sector (+0.9%) leads while the consumer discretionary space (+0.8%) trades neck-and-neck with consumer staples (+0.7%). The remaining advancers show gains between 0.1% (health care) and 0.6% (materials).

In the heavyweight financial sector (+0.5%), life insurance names show relative strength as the sub-group looks to rebound from recent losses. To that point, last week MetLife (MET 43.14, +0.84) and Prudential (PRU 72.26, +1.50) lost 5.2% and 5.6%, respectively. Meanwhile, today, the two have climbed 2.0% and 2.1%, respectively. Elsewhere, real estate trust companies trade broadly higher while money center banks underperform the broader sector.

On the commodities front, gold ended its day lower by 0.1% at $1,220.30/ozt while oil trades down 0.5% at $39.28/bbl ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have traded largely sideways since our last update as the S&P 500 (+0.2%) trades ahead of the Nasdaq Composite (+0.1). The benchmark index trades eight points off its session low.

Three sectors trade in the red with utilities (-0.5%), energy (-0.5%), and technology (-0.2%) leading the downside. Meanwhile, health care (UNCH) flirts with its flat line.

In the heavyweight technology space (-0.2%), large-cap constituent Microsoft (MSFT 53.56, -0.64) trades down 1.2% amid reports the company may be interested in acquiring Yahoo! (YHOO 35.25, +0.39). Meanwhile, fellow heavyweight Apple (AAPL 105.34, -0.33) appears to be losing momentum in the last weeks of March. The company declined 0.3% last week, but remains higher by 7.9% in the month of March.

Separately, the high-beta chipmakers outperform the broader sector as the PHLX Semiconductor Index shows an uptick of 0.1%. In the price-weighted index, Skyworks (SWKS 77.05, +0.85) outperforms while Qualcomm (QCOM 50.24, -0.62) tumbles 1.3% following a downgrade at Barclays to "Equal Weight" from "Overweight."

1:25 pm:

[BRIEFING.COM] The major averages remain near their recently-established highs with the S&P 500 (+0.2%) holding a slim edge over the Nasdaq Composite (unch).

All in all, today's session has been very quiet with last week's thin trading conditions seeping into the early portion of this week. To be fair, some apprehension is warranted ahead of Friday's release of the March Employment Situation report (Briefing.com consensus 200K), which will surely enter the rate hike discussion. As for today's volume, only 320 million shares have changed hands at the NYSE floor, suggesting today's final tally may have a tough time eclipsing last week's average of 833.8 million shares.

Treasuries hover near their best levels of the day, notching session highs shortly after the conclusion of a $26 billion 2-yr auction. The auction drew a high yield of 0.877% and a bid to cover ratio of 2.59, which was the lowest since October 2008. Separately, the benchmark 10-yr yield is lower by three basis points at 1.87%.

1:10 pm:

[BRIEFING.COM] The stock markets trades modestly higher at midday as investors weigh a collection of recently released economic data. The market has recovered from a downturn in oil while some developments on the M&A front have supported investor sentiment. Currently, the Dow Jones Industrial Average (+0.3%) trades ahead of the S&P 500 (+0.2%) and the Nasdaq Composite (+0.1%).

Shortly before the open, oil surrendered modest gains from quiet overseas trade. The energy component has since extended its loss to 0.5% ($39.27/bbl) and forced energy (-0.2%) beneath its flat line. Meanwhile, some mixed results from Friday's third estimate of fourth quarter GDP, personal income for February, and Core PCE prices have also weighed on the broader market in today's post-holiday light trade.

Six sectors trade in the green with consumer discretionary (+0.7%), materials (+0.7%), and consumer staples (+0.6%) leading the pack. Conversely, utilities (-0.4%), energy (-0.2%), and technology (-0.1%) underperform the broader market.

In the commodity-sensitive energy space (-0.2%), pipeline companies and independent oil and gas names outpace the losses in the broader sector. Conversely, oil and gas refiners outperform the broader energy space with Marathon Petroleum (MPC 37.16, +0.29) and Valero Energy (VLO 66.00, +0.16) hovering above their respective flat lines.

Biotechnology has recovered from its steepest loss of the day as the iShares Nasdaq Biotechnology ETF (IBB 254.40, -1.08) trades lower by 0.4%. The sub-group has been boosted by the outperformance of Gilead Sciences (GILD 93.25, +1.93), which is benefiting from a better-than-feared ruling in a patent case. The company was ordered to pay damaged in the amount $200 million to Merck (MRK 53.02, -0.05), compared to the requested relief of $2 billion.

The industrial space (+0.1%) also shook some relative weakness as Dow component General Electric (GE 31.50, +0.39) tops the price-weighted index. On the flips side, the Dow Jones Transportation Average (-0.9%) underperforms as rail names tumble. To that point, Union Pacific (UNP 78.97, -1.95) and Norfolk Southern (NSC 81.41, -2.46) have plunged 2.4% and 2.9%, respectively.

In the consumer discretionary space (+0.7%), lodging names outperform following news that the Chinese consortium has submitted a revised non-binding offer to acquire Starwood Hotels (HOT 83.93, +1.80). Separately, Time Warner (TWX 72.44, +2.43) outperforms following last weekend's release of Batman v Superman: Dawn of Justice.

The U.S. Dollar Index (96.00, -0.17) has ticked off its low as the euro and the yen move off their best levels of the day. The dollar/yen pair trades higher by 0.2% at 113.38 while the euro has gained 0.3% against the dollar (1.1195).

Treasuries hold gains with the yield on the 10-yr note lower by three basis points at 1.87% after falling from 1.90%.

Today's economic data included PCE Prices for February, Personal Income for February, Personal Spending for February, and Pending Home Sales for February:

The Personal Income and Spending report for February was released to little fanfare as the report came in right around expectations. Income increased 0.2% month-over-month (Briefing.com consensus +0.1%), spending increased 0.1% (Briefing.com consensus +0.1%), and the core PCE Price Index, which excludes food and energy, increased 0.1% (Briefing.com consensus +0.2%).
Overall, this set of figures is not expected to do much in terms of strengthening or weakening a rate-hike argument, but it is worth noting that a 0.5% increase in January Personal Spending was revised down to an increase of just 0.1% in today's report.
The Federal Reserve is looking for 2.0% year-over-year inflation as expressed by the core PCE Index. Following today's report, the index remains unchanged at 1.7% year-over-year.
The personal savings rate edged up to 5.4% from 5.3%.
Pending home sales for February climbed 3.5% while the Briefing.com consensus expected an increase of 1.1%. Meanwhile, the January reading was revised to -3.0% from -2.5%.

12:25 pm:

[BRIEFING.COM] The S&P 500 (UNCH) has dipped back into negative territory since our last update. Meanwhile, the Dow Jones Industrial Average (UNCH) trades ahead of the Nasdaq Composite (-0.2%).

Five sectors trade beneath their flat lines as technology (-0.2%) and health care (-0.2%) join utilities (-0.4%) and energy (-1.0%) in the back of the pack.

In the heavyweight health care space (-0.2%), biotechnology displays relative weakness, evidenced by the 1.1% decline in the iShares Nasdaq Biotechnology ETF (IBB 252.90, -2.58). However, sub-group constituent Gilead Sciences (GILD 93.18, +1.86) outperforms following a better-than-feared ruling in a hepatitis C treatment patent infringement case. The biotech name was ordered to pay Merck (MRK 52.95, -0.11) $200 million in damages, compared to the requested relief of $2 billion. In the broader sector, Dow component Pfizer (PFE 29.86, -0.22) has slipped 0.7%.

12:00 pm:

[BRIEFING.COM] The S&P 500 (+0.1%) has moved into positive territory while the tech-heavy Nasdaq (-0.1%) trades behind the broader market.

The industrial sector (-0.3%) trades behind heavily-weighted technology (-0.2%) and health care (-0.2%). Conversely, consumer staples (+0.6%) and consumer discretionary (+0.6%) trade neck-and-neck.

In the energy space (-1.0%), independent oil and gas names underperform as the sub-group feels a larger pinch from sinking oil prices. However, WTI crude has ticked off its session low ($38.89/bbl) and currently trades at $39.11/bbl (-0.9%). Meanwhile, pipeline name Kinder Morgan (KMI 17.79, -0.36) has plunged 2.0% while oil and gas refining names show slimmer losses. To that point, Valero Energy (VLO 65.70, -0.14) and Phillips 66 (PSX 87.52, -0.54) trade lower by 0.2% and 0.6%, respectively.

Elsewhere in commodities, natural gas has climbed to $1.893/MMbtu (+0.6%) while gold trades lower by 0.2% at $1,221.60/ozt.

11:35 am:

[BRIEFING.COM] The S&P 500 (UNCH) floats four points above its worst level of the day while the Dow Jones Industrial Average (UNCH) outperforms.

Four sectors trade in the green with consumer discretionary (+0.6%) and consumer staples (+0.4%) leading the materials sector (+0.3%).

In the consumer discretionary space (+0.6%), Time Warner (TWX 71.94, +1.93) displays relative strength after the release of 'Batman v Superman: Dawn of Justice' resulted in third-largest global opening for a March release on IMAX (IMAX 30.29, +0.11) screens. The movie brought in $36 million across 945 IMAX theaters. Meanwhile, Amazon (AMZN 581.14, -1.80) has rallied off its low (575.56) and trimmed its decline to 0.3%. The online retail giant gained 6.2% last week and trades higher by 4.5% on a month to date basis.

Treasuries have climbed to highs in recent action, dropping the 10-yr yield to 1.87% (-3 bps).

11:00 am:

[BRIEFING.COM] The major averages trade near fresh session lows as the Nasdaq Composite (-0.2%) behind both the S&P 500 (-0.1%) and the Dow Jones Industrial Average (-0.1%).

The energy space (-0.9%) continues to lead the downside while utilities (-0.4%), health care (-0.4%), and industrials (-0.3%) round out the board. The leg lower in equities corresponded to a continued tumble in crude. Currently, WTI crude trades lower by 1.0% at $39.07/bbl.

In the industrial space (-0.3%), rail names demonstrate relative weakness as Union Pacific (UNP 79.38, -1.54) and Norfolk Southern (NSC 81.76, -2.11) plunge 1.8% and 2.7%, respectively. Additionally, large cap Boeing (BA 130.93, -1.19) has slipped 0.9% despite news from over the weekend that the U.S. approved a $3.2 billion sale of patrol planes to the U.K.

The U.S. Dollar Index (95.88, -0.29) surrendered some overnight strength, losing ground to the euro. The euro/dollar pair trades higher by 0.4% at 1.1207 after ticking off the morning low near 1.1159.

10:30 am: [BRIEFING.COM]

The dollar index plummeted significantly below its previous closing price, bouncing slightly off the low of day at 95.89, giving commodities a boost
As measured by the Bloomberg Commodity Index, commodities are up ~+0.2% to 79.32
WTI crude oil futures headed lower, but found support at its low of the day around $39.28/barrel
May Crude oil is -0.2% at $39.38/barrel
Natural gas spiked notably higher in early trading, volume in the May contracts indicates that the front month is now May
May natural gas futures are up +1% at $1.90/MMBtu
Gold has been volatile, initially spiking before falling to a new low of the day and then rallying to new highs shortly after before retracing just below last week's close
April gold futures are currently down -0.1% at $1220.00/oz
Silver traded initially lower before spiking to new highs for the day
May silver is currently up +0.5% at $15.28/oz
Base metal copper initially traded higher but is now essentially at parity with last week's close
May copper futures are currently trading flat at $2.23/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades flat while six sectors trade in positive territory.

Just reported, pending home sales for February climbed 3.5% while the Briefing.com consensus expected an increase of 1.1%. Meanwhile, the January reading was revised to -3.0% from -2.5%.

9:45 am:

[BRIEFING.COM] The major average began their week on a mixed note as the S&P 500 (UNCH) outpaced the tech-heavy Nasdaq (-0.2%).

Seven of ten sectors trade in the green with countercyclical consumer staples (+0.5%) and utilities (+0.5%) leading the upside. Conversely, energy (-0.6%) shows the largest loss. The remaining gainers show upticks between 0.1% (telecom services) and 0.2% (health care).

Lodging names demonstrate relative strength as the subgroup trades higher in sympathy with Starwood Hotels (HOT 84.15, +2.02). The company is benefiting from headlines, which suggest that the Chinese consortium will likely raise its offer on the company.

On the commodities front, WTI crude trades lower by 0.3% at $39.33/bbl while gold trades flat at $1,223.00/ozt.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +16.40.

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

Ahead of today's session, futures slipped to their lows as investors weighed a fresh batch of economic data. On Friday, fourth quarter GDP was revised higher to 1.4% from 1.0% in the third estimate (Briefing.com consensus 1.0%). Meanwhile, personal income for February rose faster than expected (+0.2%; Briefing.com consensus +0.1%) while Core PCE prices for February rose 0.1% compared to the Briefing.com consensus of +0.2%. PCE prices are the Fed's preferred measure of inflation and this reading will likely garner responses from the recent slate of Fed speakers. On that note, Fed Chair Janet Yellen will speak tomorrow at 11:30 ET.

On the corporate front, Avon Products (AVP 4.50, +0.22) spiked 5.1% in pre-market trading after the company confirmed that it reached an agreement with activist investors to avoid a proxy fight. Furthermore, Cathy Ross, a former FedEx (FDX 162.65, +0.00) executive was named to the company's board of directors. Separately, GameStop (GME 28.10, -2.17) has trimmed some of its losses in recent action, as investors digest above-consensus bottom-line results in the fourth quarter against a cautious outlook.

Today's economic data will be capped off with Pending Home Sales for February (Briefing.com consensus +1.1%), which will be released at 10:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +12.90.

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

The Asian equity markets closed mostly lower, albeit with Europe and Hong Kong closed today. The Asian markets that were opened wasted no time charging out of the gate, leading to an advance in Japan. The Nikkei (+0.8%) outperformed the region led by softness in the yen. The currency's decline was likely in reaction to local press reports suggesting that Prime Minister Abe will put off the next round of sales tax hikes due to the sluggish economy. Although there was no time table indicated, the proposed tax increases were targeted to take effect in April of next year. The Shanghai (-0.7%) traded in positive territory throughout most of the day, until late day pressure came in. The market was buoyed most of the session by an uptick in Industrial Profits for the first two months of the year, coming in at +4.8% (vs -2.3% last year).

Economic data:
China: Jan-Feb Industrial Profits: +4.8% vs -2.3% in Jan-Feb 2015

---Equity Markets ---

Japan's Nikkei gained 0.8% with most sectors ending in positive territory. Although the best sectors were that of the safe-haven variety with Utilities (+1.6%) and and Health Care (+1.4%) leading the way, Exporters benefiting from the weaker yen helped the Consumer Discretionary sector improve by 0.9% today. As for stock specific movers, Sharp posted a 4.0% advance with continued speculation and chatter of a deal looming with Hon Hai. Tokyo Electric Power was another top performer (+1.7%) after local press suggested the co would shut down its oil-fired power plants.
Hong Kong's Hang Seng was closed for public holiday
China's Shanghai Composite fell 0.7% today. Bucking the trend in the broader market was Consumer Discretionary name Wuliangye Yibin Co, which saw a 4.0% today after the co released better than expected earnings results) Also, a another notable mover in the Healthcare component was Zhejiang Hangzhou Xinfu Pharmaceutical which saw buying come taking the stock up by nearly 2% after the company provided a robust guidance outlool

Equity markets across Europe are closed for Easter Monday and all indices will reopen tomorrow. The lack of movement in stocks has been mirrored by the currency market where the euro trades higher against the dollar by 0.1% (1.1182). Separately, the pound has inched higher, trading up 0.6% at 1.4217 against the greenback at this juncture.

Investors did not receive any economic data of note

---Equity Markets---

UK's FTSE is closed
France's CAC is closed
Germany's DAX is closed

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +15.60.

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

February personal income rose 0.2%, while the Briefing.com consensus expected an increase of 0.1%. Meanwhile, February personal spending came in higher by 0.1%, which was in-line with the Briefing.com consensus. January's Personal Spending reading was revised lower to 0.1% from 0.5%.

Separately, Core PCE prices for February were higher by 0.1% while the Briefing.com consensus expected an increase of 0.2%. January's reading was left unrevised at 0.3%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +14.60.

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

Overnight, global equity markets and oil moved modestly higher in light overseas trading. Meanwhile, investors at home look ahead to today's data heavy morning.

On the economic front, 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%) 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.

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

In U.S. corporate news of note:

Qlik Tech (QLIK 28.65, +1.96): +7.3% after reports indicated that the company is exploring strategic option
GameStop (GME 27.75, -2.52) -8.3% following the company issuing below-consensus guidance for FY17 while beating bottom-line estimates in the fourth quarter
Qualcomm (QCOM 50.48, -0.38) -0.8% after receiving a downgrade at Barclays from "Overweight" to "Equal Weight"
Yahoo! (YHOO 35.40, +0.54): +1.6% following a positive view from Barron's that the company could find a buyer

Reviewing overnight developments:

Asian markets ended on a mixed note with Japan's Nikkei +0.8% and China's Shanghai Composite -0.7%. Meanwhile, Hong Kong's Hang Seng was closed.
Economic data was limited to:
China's Jan-Feb Industrial Profits: +4.8% vs -2.3% in Jan-Feb 2015
In news:
Reports indicate that Prime Minister Abe will put off the next round of sales tax hikes due to the sluggish economy.

Equity markets across Europe are closed for Easter Monday. All indices will open tomorrow.
Investors did not receive any economic data of note
In news:
The euro trades flat against the dollar (1.1166) while the pound has inched higher, trading up 0.3% (1.4167) against the greenback at this juncture.

6:04 am: [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +21.10.

6:04 am: [BRIEFING.COM] Nikkei...17134...+131.60...+0.80%. Hang Seng...Holiday.........

6:04 am: [BRIEFING.COM] FTSE...Holiday......... DAX...Holiday.........

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr