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 Post subject: April 5th Tuesday Trade Results - Profit $4375.00
PostPosted: Wed Apr 06, 2016 5:09 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
040516-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4375.00.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 @ $4375.00 dollars or +87.50 points, Light Crude Oil CL ($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 @ $4375.00 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=155&t=2330

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=289&t=3100 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


4:10 pm: [BRIEFING.COM] The stock market ended the Tuesday affair on a lower note as global growth concerns and new rules regarding tax inversion mergers dominated today's trade. Additionally, fluctuating oil price and the underperformance of the heavily-weighted financial (-1.4%) and health care (-1.2%) spaces provided for some continued weakness in the broader market. The S&P 500 (-1.0%) finished its day behind both the Nasdaq Composite (-1.0%) and the Dow Jones Industrial Average (-0.8%).

Equity indices opened their day sharply lower after global bourses struck a risk-off posture in response to a weak showing from Japan's Nikkei (-2.4%) and some below-consensus economic data out of Europe. Predominantly, disappointing German Factory Orders for February (-1.2%; expected +0.5%) and a weaker than expected reading of the March Markit Composite PMI (53.1; expected 53.7) for the eurozone dampened investor sentiment.

Furthermore, the U.S. Treasury Department surprised investors after yesterday's close, announcing new regulations regarding inversion mergers. The new provisions aim to make it more difficult for companies to complete corporate tax inversions through mergers by targeting serial inverters and the potential tax advantages of "earnings stripping." The news struck a chord with Allergan (AGN 236.55, -41.00), which is attempting to merge with Pfizer (PFE 31.36, +0.64) in an inversion-type deal.

A positive reading of the March ISM Index (54.5; Briefing.com consensus 54.0) helped offer a momentary reprieve from selling pressure, but the averages were unable to extend their rebound effort. A leg lower in crude oil and relative weakness from the financial (-1.4%) and health care (-1.2%) sectors brought the averages back towards their lows by the afternoon.

All ten sectors finished the day in the red with utilities (-1.9%), financials (-1.4%), and health care (-1.2%) rounding out the leader board.

In the heavyweight health care space (-1.2%), health care plan names and generic drug manufactures displayed relative weakness. The generic drug manufacturer sub-group traded lower in sympathy with Allergan after its merger with Pfizer was put in jeopardy. Meanwhile, health care plan companies underperformed after yesterday's release of the latest policy and payment updates for Medicare Health and Drug Plans.

The financial sector (-1.4%) demonstrated broad-based weakness as the group extended its 2016 decline to 6.7%. Wells Fargo (WFC 47.51, -0.99) and Bank of America (BAC 13.19, -0.32) outpaced the losses in the broader sector while Morgan Stanley (MS 24.38, -0.66) extended its weekly loss to 4.5%.

On the flipside, industrials (-0.6%), consumer staples (-0.7%), and materials (-0.7%) finished with the slimmest losses.

The commodity-sensitive energy sector (-0.8%) recovered from a 1.1% decline as the group tracked the trajectory of crude oil. On that note, WTI crude ended its day higher by 0.6% at $35.94/bbl ahead of tonight's stockpile data from the American Petroleum Institute. Separately, Baker Hughes (BHI 39.36, -2.11) saw increased pressure after reports indicated that the Department of Justice may file an antitrust suit in order to block the company's merger with Halliburton (HAL 34.40, +0.40).

The U.S. Dollar Index (94.63, +0.12) recovered from its worst level of the day as the greenback gained against the euro and trimmed its loss against the yen. The euro/dollar pair slipped 0.1% to 1.1383 while the dollar lost 0.9% against the yen (110.35).

The Treasury complex ended its day near its high with the yield on the 10-yr note dropping four basis points to 1.72%.

Today's participation was above the recent average as more than 1.04 billion shares changed hands on the NYSE floor.

Today's economic data included February Trade Balance, ISM Service Index for March, and February JOLTs:

The latest trade data showed the U.S. trade deficit widened to $47.1 billion in February (Briefing.com consensus -$46.2 bln) from $45.9 billion in January.
That was due to imports increasing by $3.0 billion from January and exports increasing by only $1.8 billion.
On the surface, it sounds good to say that both exports and imports increased, yet there wasn't necessarily the strongest of demand accompanying those figures.
The uptick in exports was driven primarily by a $1.1 billion increase in consumer goods, almost all of which stemmed from exports of gem diamonds ($0.6 bln), pharmaceutical preparations ($0.3 bln), and artwork ($0.2 bln).
Similarly, the uptick in imports was driven by a $3.6 billion increase in consumer goods, more than half of which was owed to pharmaceutical preparations ($1.3 bln) and toys, games, and sporting goods ($0.6 bln).
The real trade deficit widened to $63.3 billion from $61.8 billion. The first quarter average of $62.6 billion is above the fourth quarter average of $60.1 billion, which is a negative factor for GDP computations.
The ISM Non-Manufacturing Index edged up to 54.5 in March from 53.4 in February. The March reading was above the Briefing.com consensus estimate of 54.0 and is the highest reading this year; however, the index stood at 56.9 in the same period a year ago.
The Non-Manufacturing Index report follows on the heels of the ISM Manufacturing Index, which also surprised to the upside.
The faster pace of growth in March should temper some of the festering concerns about a potential spillover effect from the slowdown on the manufacturing side of the economy, which had been building with five straight sub-50 readings for the ISM Manufacturing Index and a slower pace of growth for the ISM Non-Manufacturing Index over the same period. The dividing line between expansion and contraction is 50.0.
The improvement in March for the Non-Manufacturing Index was aided by upticks in several component indexes, namely new orders (from 55.5 to 56.7), employment (from 49.7 to 50.3), prices (from 45.5 to 49.1), and new export orders (from 58.5 to 53.5).
The import index (from 55.5 to 53.0) was the only index to turn down from February. The indexes for inventories and the backlog of orders were both unchanged at 52.5 and 52.0, respectively.
March marked the 74th straight month of expansion for the non-manufacturing sector.
The February Job Openings and Labor Turnover Survey showed that job openings decreased to 5.445 million from a revised 5.604 million (revised from 5.541 million) in February.

Tomorrow's economic data will include the weekly MBA Mortgage Index and the release of the Federal Open Market Committee's latest Minutes, which will cross the wires at 7:00 ET and 14:00 ET, respectively.

Russell 2000 -3.4% YTD
Nasdaq Composite -3.3% YTD
S&P 500 +0.1% YTD
Dow Jones +1.0% YTD

3:30 pm: [BRIEFING.COM]

The dollar index sees a steep decline off its morning highs, bouncing off the low of the day
Commodities, as measured by the Bloomberg Commodity index, are down -0.3% at 76.97
Crude oil consolidated and traded around yesterday's close nearly all day before experiencing an abrupt and notable spike right before the close
Crude oil may have spiked at the end of the day on headlines that there was an explosion at an oil well located in Northern Iraq
May crude oil futures closed up $0.22 (+0.6%) at $35.94/barrel
EIA petroleum inventory data is scheduled to be released tomorrow at 10:30 am ET
Natural gas was downtrending all day, bouncing off its lows around $1.93/MMBtu to close slightly above the low for the day
May natural gas futures closed down $0.05 (-2.5%) at $1.95/MMBtu
In precious metals, gold dropped slightly in the morning and consolidated around this area the rest of the trading day above yesterday's close
May gold futures closed up $10.50 (+0.9%) at $1229.90/oz
Silver drifted lower slightly with little notable movement in afternoon trade
May silver futures closed up $0.17 (+1.1%) at $15.11/oz
Base metal copper dropped lower in the morning but spiked back to break-even at close
May copper futures closed flat at $2.14/lb

3:00 pm:

[BRIEFING.COM] The S&P 500 (-0.6%) floats nine points off its session low as it trails the Dow Jones Industrial Average (-0.5%).

All ten sectors remain in the red with utilities (-1.5%) trailing heavily-weighted financials (-1.0%) and health care (-0.8%). Conversely, industrials (-0.2%), energy (-0.2%), and materials (-0.4%) sport the slimmest losses.

In the consumer staples space (-0.5%), Walgreens Boots Alliance (WBA 83.57, -2.74) has declined 3.2% after missing revenue estimates in the second quarter. However, the company did beat bottom-line estimates for the quarter and raised the lower bound of its full year earnings guidance. Meanwhile, processed food names underperform as General Mills (GIS 64.32, -1.04) and Campbell Soup (CPB 64.22, -1.25) slip 1.6% and 1.9%, respectively.

The U.S. Dollar Index (94.64, +0.13) has inched higher as the greenback trims losses against the euro and the yen. The dollar trades lower by 0.7% against the yen at 110.54. The currency pair had previously fallen as low as 109.95. Separately, the euro trades lower by 0.1% against the dollar at 1.1381.

WTI crude ended its day higher by 0.6% at $35.94/bbl.

2:25 pm:

[BRIEFING.COM] The S&P 500 (-0.8%) trades behind the Nasdaq Composite (-0.7%) and the Dow Jones Industrial Average (-0.5%).

On the top of the leaderboard, industrials (-0.3%), consumer discretionary (-0.5%), materials (-0.6%), and consumer staples (-0.6%) lead.

In the technology space (-0.8%), Twitter (TWTR 17.10, +0.01) floats above its flat line after the NFL confirmed a streaming agreement for Thursday Night Football. The stock had previously gained as much as 4.3% on the news. Meanwhile, fellow social network name Facebook (FB 112.54, -0.01) outperforms after yesterday's 3.0% decline. Separately, Cisco Systems (CSCO 27.57, -0.57) has declined 2.0% following a downgrade at Bank of America/ Merrill Lynch. The firm moved Cisco Systems to a "Neutral" designation from "Buy", but raised its target price for the stock to $30 from $27.

On the commodities front, gold ended its day higher by 0.9% at $1,229.90/ozt while WTI crude trades lower by 0.4% at $35.56/bbl ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The stock market has traded sideways since our last update as the S&P 500 (-0.9%) remains behind the Nasdaq Composite (-0.8%). The benchmark index floats five points above its session low.

Commodity-sensitive energy (-1.1%) has extended its decline as it trades neck-and-neck with health care (-1.1%). The two groups lead financials (-1.3%) and utilities (-1.6%) in the back of the pack.

In the energy group, pipeline companies demonstrate relative weakness while refining names also underperform. Separately, oilfield service company Baker Hughes (BHI 39.15, -2.32) has declined 5.5%. Meanwhile, the broader sector looks ahead to tonight's release of the American Petroleum Institute's weekly stockpiles report. The report is expected to show that crude stockpiles rose by 2.90 million over the last week. Currently, WTI crude trades lower by 0.3% at $35.58/bbl.

Separately, shares of Allergan (AGN 233.32, -44.23) have slipped back towards their low as headlines indicate that Pfizer (PFE 31.67, +0.95) may favor abandoning their proposed merger.

The yield on the 10-yr note is lower by four basis points at 1.72%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have seen a slight uptick in recent trade, but still sit meaningfully in negative territory.

A look inside the Dow Jones Industrial Average shows that Walt Disney (DIS 96.75, -1.93), Cisco (CSCO 27.60, -0.54), and UnitedHealth Group (UNH 127.52, -1.97) is underperforming. Disney shares are under pressure after announcing its Chief Operating Officer Thomas Staggs would leave effective May 6. Staggs had been seen by many as a potential successor for CEO Bob Iger upon his retirement. Cisco was downgraded to Neutral from Buy at BofA/Merrill

Conversely, Pfizer (PFE 31.70, +0.98) is the best-performing Dow component after the Treasury Department unveiled new anti-inversion measures, putting into doubt its pending $160 bln merger with Allergan. Pfizer said it and Allergan are conducting a review of the Department of Treasury's actions and won't speculate on any potential impact prior to completing such a review.

For the week, the DJIA is down 0.85%.

1:10 pm:

[BRIEFING.COM] The stock market trades lower at midday as investors assess positive economic data at home against uncertain economic conditions overseas. Furthermore, choppy oil trade, new rules regarding corporate tax inversions, and the underperformance of the heavily-weighted financial (-1.2%) and health care (-1.1%) sectors have contributed to today's decline. At this juncture, the Nasdaq Composite (-1.0%) trades behind the S&P 500 (-1.0%) and the Dow Jones Industrial Average (-0.7%).

The cash market opened under selling pressure as a risk-off posture in overseas action and the futures market led to steep opening losses in the major indices. Global growth concerns were brought back into focus overnight, after Japan's Nikkei surrendered 2.4% and weaker than expected data out of Europe weighed on overseas bourses.

Positive economic data in the form of a better than expected reading of the ISM Index for March (54.5; Briefing.com consensus 54.0) lifted the broader market off its opening low, but volatility from the oil pit pressured the averages from those levels. The major averages recently revisited their session lows as President Obama endorsed the Treasury Department's policy change regarding tax-inversions. The new regulations seek to make it more difficult for companies to invert through mergers and will target serial inverters and the potential tax advantages of earnings stripping.

On the bottom of the board, utilities (-1.7%), health care (-1.2%), financials (-1.1%), and consumer discretionary (-1.0%) lead the downside. Conversely, industrials (-0.5%), consumer staples (-0.6%), and materials (-0.6%) sport the slimmest losses.

In the health care space (-1.2%), generic drug manufactures display relative weakness as the sub-group trades lower in sympathy with Allergan (AGN 234.28, -43.33). The company has plunged 15.7% after the Treasury Department announced its new regulation regarding inversions. The company was expected to merge with Pfizer (PFE 31.58, +0.86) in a deal scheduled to close in the second half of 2016. Meanwhile, biotechnology outperforms, evidenced by the 0.1% downtick in the iShares Nasdaq Biotechnology ETF (IBB 270.53, -0.12).

Broad-based weakness in the economically-sensitive financial sector (-1.1%) has forced it to the bottom of the leaderboard. Money center banks and investment brokerages sport some of the largest losses in the group. Separately, State Street (STT 57.36, -1.44) has slid 2.4% following reports that two of the company's former executives are being charged with securities fraud for using secret commissions.

Aerospace and defense names lead in the industrial sector (-0.5%) following upgrades to the subgroup by Guggenheim. On that note, Raytheon (RTN 125.62, +1.40) has gained 1.1% after being initiated with a "Buy" by the firm.

The Dow Jones Transportation Average (-0.4%) displays relative strength as Alaska Air (ALK 80.52, +1.60) outperforms after reporting positive traffic and capacity growth for the year.

The U.S. Dollar Index (94.56, +0.05) has pared early gains as it loses ground to the euro and the yen. The euro trades higher by 0.1% against the dollar at 1.1398 while the dollar/yen pair extends its loss to 1.0% (110.20).

Treasuries trade just off their highs as the yield on the 10-yr note slips three basis points to 1.73%.

Today's economic data included February's Trade Balance, ISM Service Index for March, and February JOLTs:

The latest trade data showed the U.S. trade deficit widened to $47.1 billion in February (Briefing.com consensus -$46.2 bln) from $45.9 billion in January.
That was due to imports increasing by $3.0 billion from January and exports increasing by only $1.8 billion.
On the surface, it sounds good to say that both exports and imports increased, yet there wasn't necessarily the strongest of demand accompanying those figures.
The uptick in exports was driven primarily by a $1.1 billion increase in consumer goods, almost all of which stemmed from exports of gem diamonds ($0.6 bln), pharmaceutical preparations ($0.3 bln), and artwork ($0.2 bln).
Similarly, the uptick in imports was driven by a $3.6 billion increase in consumer goods, more than half of which was owed to pharmaceutical preparations ($1.3 bln) and toys, games, and sporting goods ($0.6 bln).
The real trade deficit widened to $63.3 billion from $61.8 billion. The first quarter average of $62.6 billion is above the fourth quarter average of $60.1 billion, which is a negative factor for GDP computations.
The ISM Non-Manufacturing Index edged up to 54.5 in March from 53.4 in February. The March reading was above the Briefing.com consensus estimate of 54.0 and is the highest reading this year; however, the index stood at 56.9 in the same period a year ago.
The Non-Manufacturing Index report follows on the heels of the ISM Manufacturing Index, which also surprised to the upside.
The faster pace of growth in March should temper some of the festering concerns about a potential spillover effect from the slowdown on the manufacturing side of the economy, which had been building with five straight sub-50 readings for the ISM Manufacturing Index and a slower pace of growth for the ISM Non-Manufacturing Index over the same period. The dividing line between expansion and contraction is 50.0.
The improvement in March for the Non-Manufacturing Index was aided by upticks in several component indexes, namely new orders (from 55.5 to 56.7), employment (from 49.7 to 50.3), prices (from 45.5 to 49.1), and new export orders (from 58.5 to 53.5).
The import index (from 55.5 to 53.0) was the only index to turn down from February. The indexes for inventories and the backlog of orders were both unchanged at 52.5 and 52.0, respectively.
March marked the 74th straight month of expansion for the non-manufacturing sector.
The February Job Openings and Labor Turnover Survey showed that job openings decreased to 5.445 million from a revised 5.604 million (revised from 5.541 million) in February.

12:25 pm:

[BRIEFING.COM] The major U.S. indices have moved back towards their lows as the S&P 500 (-0.9%) trades in-line with the tech-heavy Nasdaq (-0.9%). The return to lows followed remarks from President Obama defending the Treasury Department's latest policy change regarding tax inversions.

Heavily-weighted financials (-1.1%) and health care (-1.2%) have extended back towards their lows as they follow utilities (-1.6%) on the leaderboard.

In the consumer discretionary space (-1.0%), heavily-weighted component Disney (DIS 96.65, -2.03) has slipped 2.1% after the company confirmed that COO Thomas Staggs will leave the company on May 6. Mr. Staggs was a favorite for the company's CEO position once current CEO Robert Iger steps down in approximately two years. Elsewhere, cruise ship name Carnival (CCL 51.71, -1.32) has declined 2.5% and trimmed its post-earnings gain to 4.2%. The company reported a bottom-line beat on March 30th. Separately, Darden Restaurants (DRI 65.02, -2.31) has slid 3.5% following the announcement that Chairman of the Board Jeff Smith has resigned. The company also reported a bottom-line beat before the opening bell.

On the commodities front, WTI crude trades flat at $35.70/bbl while gold remains higher by 0.8% ($1,229.40/ozt).

12:00 pm:

[BRIEFING.COM] The major averages have ticked lower in recent action as the S&P 500 (-0.8%) floats five points above its session low. The benchmark index trades in-line with the Nasdaq Composite (-0.8%).

In front of the pack, industrials (-0.4%), energy (-0.4%), and materials (-0.4%) lead. On the flipside, utilities (-1.7%) underperform, extending the sector's week-to-date loss to 2.1%.

Aerospace and defense names lead in the industrial sector (-0.4%) as Raytheon (RTN 125.96, +1.74) gains 1.4% after being initiated with a "Buy" rating at Guggenheim. Additionally, the Dow Jones Transportation Average (-0.3%) displays relative strength as Alaska Air (ALK 81.02, +2.10) jumps 2.6% after reporting an 8.1% increase in traffic and a 7.7% increase in capacity year-over-year. Conversely, American Airlines (AAL 38.82, -0.55) trades behind the broader index and market as it declines 1.4%

The U.S. Dollar Index (94.54, +0.03) has tumbled back towards its flat line as the euro gains 0.1% against the dollar to trade at 1.1397 while the dollar/yen pair extends its loss to 1.2% (110.05).

11:30 am:

[BRIEFING.COM] The S&P 500 (-0.8%) trades behind the Nasdaq Composite (-0.7%) and the Dow Jones Industrial Average (-0.5%).

Heavily-weighted health care (-1.1%) and financials (-1.1%) trade neck-and-neck, trailing consumer discretionary (-0.7%) and technology (-0.7%) on the leaderboard.

In the health care space (-1.1%), weakness from generic drug manufactures and health care plan providers have outweighed an uptick in major drug manufactures. Generic drug name Allergan (AGN 233.85, -43.70) has plunged 15.8% following yesterday's announcement from the Treasury Department that it will implement new regulations that will make it more difficult for companies to invert through mergers. Meanwhile, biotechnology has slipped from its session high as the iShares Nasdaq Biotechnology ETF (IBB 271.57, +0.92) trims an earlier gain of 0.9% to 0.3%.

On the commodities front, WTI crude trades higher by 0.1% at $35.75/bbl while gold has gained 0.9% and trades at $1,230.30/ozt.

11:00 am:

[BRIEFING.COM] The S&P 500 (-0.9%) trades behind the Nasdaq Composite (-0.7%). The stock market moved higher following a stronger than expected reading of the ISM Index for March (54.5; Briefing.com consensus 54.0), but has since dipped as oil swings lower once again.

Countercyclical utilities (-1.7%) have tumbled past financials (-1.3%) and health care (-0.9%) on the leaderboard. Meanwhile, materials (-0.6%), consumer staples (-0.6%), and industrials (-0.6%) show the slimmest losses.

In the economically-sensitive financial sector (-1.3%), money center banks and investment brokerages demonstrate relative weakness as JPMorgan Chase (JPM 58.54, -0.66) and Citigroup (C 41.53, -0.53) show respective losses of 1.1% and 1.3%. Meanwhile, State Street (STT 56.72, -2.07) has declined 3.2% amid reports that two former executives from the company are being charged with securities fraud and defrauding clients using secret commissions.

The U.S. Dollar Index (94.77, +0.26) has slipped from its high as the yen continues to gain against the greenback. Currently, the dollar has fallen 0.8% against the yen to 110.49. Conversely, the euro/dollar pair trades lower by 0.2% at 1.1370.

10:30 am: [BRIEFING.COM]

The dollar index spikes upwards in morning trade, putting slight pressure on select commodities
Commodities, as measured by the Bloomberg Commodity Index, are down -0.02% at 77.16
Crude oil opened and conslidated near the previous day's close, bouncing off its low of the day around $35.33/barrel and trading at the high of the day around $35.85/barrel
May WTI crude oil futures are currently up $0.13 (+0.4%) at $35.85/barrel
EIA petroleum inventory data is scheduled to be released tomorrow at 10:30 am ET
Natural gas plummets sharply in morning trade before rallying off its low of the day around $1.96/MMBtu
May natural gas futures are currently down -1.5% at $1.97/MMBtu
EIA natural gas inventory data is scheduled to be released Thursday at 10:30 am
In precious metals, gold exhibits increased volatility, spiking to a high around $1237.70/oz before dropping to new lows of the day and trading around $1229.30/oz
June gold futures are currently up +0.9% at $1230.40/oz
Silver moved similarly to gold, initially spiking before trading near its lows for the day, still well above the previous day's closing price
May silver futures are up $0.20 (+1.3%) at $15.14/oz
Base metal copper spikes to a new high of the day in morning trade
May copper futures are up $0.01 (+0.5%) at $2.15/lb

10:05 am:

[BRIEFING.COM] The S&P 500 (-0.8%) has ticked off its session low as the index trades in-line with the Nasdaq Composite (-0.8%).

Just released, the ISM Services Index for March rose to 54.5 from 53.4 while the Briefing.com consensus expected a uptick to 54.0.

Separately, the February Job Openings and Labor Turnover Survey showed that job openings decreased to 5.445 million from a revised 5.604 million (revised from 5.541 million) in February.

9:45 am:

[BRIEFING.COM] As expected, the stock market began its day sharply lower as the S&P 500 (-0.9%) trades behind the Nasdaq Composite (-0.8%).

All ten sectors began their day beneath their flat lines as the heavily-weighted financial (-1.3%) and health care (-1.2%) sectors led to the downside. Conversely, countercyclical telecom services (-0.5%) and consumer staples (-0.5%) sports the slimmest losses. The remaining decliners show losses between 0.7% (consumer discretionary) and 1.0% (utilities).

In the health care space (-1.2%), pharmaceutical names demonstrate relative weakness as the sub-group trades lower in sympathy with Allergan (AGN 233.35, -44.20).

On the commodities front, WTI crude trades lower by 0.5% at $35.53/bbl while gold has gained 1.3% and trades at $1,234.50/ozt.

Treasuries trade near their highs with the yield on the 10-yr note lower by four basis points at 1.72%.

9:19 am: [BRIEFING.COM] S&P futures vs fair value: -18.20. Nasdaq futures vs fair value: -38.00.

The stock market is on track for a lower open as the S&P 500 futures trade 18 points below fair value.

Investors adopted a risk-off posture overnight with Japan's Nikkei falling 2.4%. The selling carried over to the European session as poorer than expected economic data and a continued slide in crude oil weighed on futures. Particularly, a disappointing reading of German Factory Orders for February (-1.2%; expected +0.5%) and a below-consensus reading of the March Markit Composite PMI (53.1; expected 53.7) dampened investor sentiment. Additionally, new regulations from the Treasury Department, which will make it more difficult for companies to invert through mergers, have targeted serial inverters and the potential tax advantages of earnings stripping.

On the corporate front, Allergan (AGN 226.00, -51.55) has tumbled 18.6% as investors ruminate over the implications of the rule changes on the company's planned merger with Pfizer (PFE 31.40, +0.68). Separately, Valeant Pharmaceuticals (VRX 30.67, +4.56) has spiked 17.5% after the company's ad hoc committee of the Board of Directors has completed its review of accounting matters and determined that no additional items require restatements.

The U.S. Dollar Index (94.74, +0.23) trades higher as the greenback gains against the euro and slides against the yen. The euro/dollar pair has slipped 0.2% to trade at 1.1364 while the dollar has lost 0.7% against the yen (110.55).

On the commodities front, WTI crude trades flat at $35.70/bbl while gold remains higher by 1.2% at $1,223.60/ozt.

Today's economic data will be capped off with the ISM Service Index for March (Briefing.com consensus 54.0) and February JOLTs. Both reports will be released at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -17.20. Nasdaq futures vs fair value: -35.10.

The S&P 500 future trade 17 points below fair value.

Equity markets across Asia ended Tuesday on a mostly lower note with Japan's Nikkei (-2.4%) pacing the retreat. The slide in stocks was accompanied by yen strength that sent the dollar/yen pair below the 110.50 mark overnight. Currently, the dollar/yen pair trades at 110.57 (-0.7%). The Japanese currency strengthened even as Bank of Japan Governor Haruhiko Kuroda remained confident that the country's economy will hit the 2.0% inflation target. In other central bank news, the Reserve Bank of Australia left its key interest rate unchanged at 2.0%, as expected, while the Reserve Bank of India cut its key interest rate by 25 basis points to 6.50%, as expected, and raised its reverse repurchase rate by 25 basis points to 6.00% (expected 5.50%).

In economic data:
Japan's Average Cash Earnings +0.9% year-over-year (consensus 0.2%; last 0.0%) and February Overtime Pay +0.4% year-over-year (last -1.3%)
Australia's March AIG Services Index 49.5 (last 51.8). Separately, February trade deficit AUD3.41 billion (expected deficit of AUD2.60 billion; previous deficit of AUD3.16 billion). February Imports were unchanged month-over-month (previous -1.0%) and exports declined 1.0% month-over-month (last 1.0%)
New Zealand's ANZ Commodity Price Index -1.3% month-over-month (last 0.5%)

---Equity Markets---

Japan's Nikkei lost 2.4% with all ten sectors ending well below their flat lines. Consumer discretionary (-3.4%), financials (-3.3%), energy (-3.3%), and industrials (-2.8%) paced the slide while the health care sector (-1.0%) saw the smallest decline.
Hong Kong's Hang Seng fell 1.6% amid broad weakness. Energy-related names like Petrochina, CNOOC, and China Petroleum & Chemical lost between 2.6% and 4.1% while financials Hang Lung Properties, Bank of China, HSBC Holdings, and China Construction Bank posted losses between 2.0% and 3.0%.
China's Shanghai Composite climbed 1.5% with Guangdong Meiyan Jixiang Holdings and China Shipping Container both spiking near 9.0%. Sinopec gained 1.6% while Dalian Port advanced 1.4%.

Equity markets across Europe display broad-based losses with Germany's DAX (-2.5%) at the forefront of the decline. Investors received a disappointing Factory Orders report from Germany (-1.2% month-over-month; expected 0.2%) while PMI readings from most regional economies also disappointed. For its part, the euro has retreated 0.1% against the dollar, slipping to 1.1377.

In economic data:
Eurozone February Retail Sales +0.2% month-over-month (expected 0.1%; last 0.3%); +2.4% year-over-year (consensus 1.9%; last 2.0%). Separately, March Services PMI 53.1 (expected 54.0; last 54.0)
Germany's February Factory Orders -1.2% month-over-month (expected 0.2%; last 0.5%) and March Services PMI 55.1 (consensus 55.5; last 55.5)
UK's March Services PMI 53.7 (expected 53.7; last 52.7)
France's March Services PMI 49.9 (consensus 51.2; last 51.2)
Italy's March Services PMI 51.2 (consensus 54.0; last 53.8)
Spain's March Services PMI 55.3 (expected 54.5; last 54.1)

---Equity Markets---

UK's FTSE is lower by 1.4% with miners showing relative weakness. Anglo American, BHP Billiton, Glencore, Rio Tinto, and Royal Dutch Shell are down between 3.1% and 5.4%. Financials have also struggled with the likes of Barclays, Standard Chartered, RBS, and HSBC down between 2.9% and 4.1%.
France's CAC trades down 2.3% with all but one component in the red. ArcelorMittal is the weakest performer, diving 6.9%, while exporters Peugeot, Renault, and Valeo show losses between 4.2% and 5.4%. Elsewhere, financials BNP Paribas, Credit Agricole, and Societe Generale have surrendered between 2.2% and 3.5%.
Germany's DAX has tumbled 2.5% amid broad weakness. Thyssenkrupp has sunk 5.2% while exporters Volkswagen, Daimler, and BMW are down between 3.0% and 3.9%. Financials have also struggled with Deutsche Bank and Commerzbank showing respective losses of 3.4% and 2.9%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -32.10.

The S&P 500 future trade 16 points below fair value.

In company specific news, Tesla Motors (TSLA 238.71, -8.28) has slid 3.4% after the company missed its first quarter delivery estimates. The company attributes the miss to Model X production issues, which included supply shortages. Separately, Twitter (TWTR 17.74, +0.65) has gained 3.8% in pre-market action after reports indicated that the company won rights to stream Thursday Night Football from the NFL.

Just released, the February trade balance showed a deficit of $47.06 billion while the Briefing.com consensus expected the deficit to come in at $46.20 billion. The previous month's deficit was revised to $45.88 billion from $45.70 billion.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -17.20. Nasdaq futures vs fair value: -35.40.

U.S. equity futures trade lower with the S&P 500 futures floating 17 points below fair value.

Overnight, future slipped as economic data out of Europe and a downturn in oil brought doubts over the health of the global economy back into focus. Currently, WTI crude has recovered from a larger loss, but remains down 0.1% at $35.67/bbl. Meanwhile, new regulations from the Treasury regarding inversion mergers also affected investor sentiment. As a result, safe havens have received a boost as gold climbs 1.3% to $1,233.10/ozt. Separately, the Treasury complex trades higher with the yield on the 10-yr note slipping three basis points to 1.73%.

On the economic front, data will include the 8:30 ET release of February's Trade Balance (Briefing.com consensus -$46.20 billion). Meanwhile, the ISM Service Index for March (Briefing.com consensus 54.0) and February JOLTs Job Openings will each be released at 10:00 ET.

In corporate news of notes:

Allergan (AGN 219.59, -57.96): -20.9% following new regulations from the U.S. Treasury that will impacts its Pfizer (PFE 31.55, +0.83) merger
Walgreens Boots Alliance (WBA 84.58, -1.73) -2.0% after missing top-line estimates for the second quarter
Disney (DIS 96.33, -2.35): -2.4% following news that COO Thomas Staggs will leave the company
Darden Restaurants (DRI 68.00, +0.66): +1.0% after reporting a bottom-line beat on in-line revenue for its third quarter

Reviewing overnight developments:

Asian markets ended mostly lower with Japan's Nikkei -2.4%, Hong Kong's Hang Seng -1.6%, and China's Shanghai Composite +1.5%.
In economic data:
Japan's Average Cash Earnings +0.9% year-over-year (consensus 0.2%; last 0.0%) and February Overtime Pay +0.4% year-over-year (last -1.3%)
Australia's March AIG Services Index 49.5 (last 51.8). Separately, February trade deficit AUD3.41 billion (expected deficit of AUD2.60 billion; previous deficit of AUD3.16 billion). February Imports were unchanged month-over-month (previous -1.0%) and exports declined 1.0% month-over-month (last 1.0%)
New Zealand's ANZ Commodity Price Index -1.3% month-over-month (last 0.5%)
In news:
The Reserve Bank of India cut its key interest rate by 25 basis points to 6.50%, as expected, and raised its reverse repurchase rate by 25 basis points to 6.00% (expected 5.50%)
The Reserve Bank of Australia left its key interest rate unchanged at 2.0%
Bank of Japan Governor Haruhiko Kuroda remained confident that the country's economy will hit the 2.0% inflation target.
As a result, the dollar/yen pair slipped to the 110.50 mark overnight

European indices trades lower across the board with Germany's DAX -2.4%, France's CAC -2.2%, and the U.K.'s FTSE -1.4%.
In economic data:
Eurozone February Retail Sales +0.2% month-over-month (expected 0.1%; last 0.3%); +2.4% year-over-year (consensus 1.9%; last 2.0%). Separately, March Services PMI 53.1 (expected 54.0; last 54.0)
Germany's February Factory Orders -1.2% month-over-month (expected 0.2%; last 0.5%) and March Services PMI 55.1 (consensus 55.5; last 55.5)
UK's March Services PMI 53.7 (expected 53.7; last 52.7)
France's March Services PMI 49.9 (consensus 51.2; last 51.2)
Italy's March Services PMI 51.2 (consensus 54.0; last 53.8)
Spain's March Services PMI 55.3 (expected 54.5; last 54.1)
In news:
For its part, the euro has retreated 0.2% against the dollar, slipping to 1.1363.

5:52 am: [BRIEFING.COM] S&P futures vs fair value: -19.50. Nasdaq futures vs fair value: -35.40.

5:52 am: [BRIEFING.COM] Nikkei...15733...-390.50...-2.40%. Hang Seng...20177...-321.90...-1.60%.

5:52 am: [BRIEFING.COM] FTSE...6081.76...-83.00...-1.40%. DAX...9581.88...-240.20...-2.50%.

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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