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 Post subject: April 8th Friday Trade Results - Profit $3437.50
PostPosted: Fri Apr 08, 2016 6:38 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
040816-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3437.50.png
040816-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3437.50.png [ 95.52 KiB | Viewed 291 times ]

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 @ $3437.50 dollars or +68.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3437.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=155&t=2333

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.

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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 a bumpy week on a flat note as the major averages spent the day in a steady retreat off their morning highs. Today's trade also featured a rally in crude oil, continued strength from the yen, and the underperformance of the heavily-weighted health care (-0.4%) and technology (UNCH) spaces. In addition, the Atlanta Fed lowered its GDPNow forecast for Q1 to 0.1% from 0.4%. The Nasdaq Composite (+0.1%) ended the week behind both the Dow Jones Industrial Average (+0.2%) and the S&P 500 (+0.2%).

The major averages began their day on a higher note as a rally in crude oil and developments overseas stoked risk-appetite. Early headlines cited a downturn in the yen and Italy's new bad-bank fund for the upticks abroad. Additionally, a stronger than expected reading of February exports from Germany (+1.3%; expected +0.5%) also boosted sentiment. As a result, the benchmark index began its day higher by 0.9%.

However, despite a persisting rally in crude oil, equities pulled away from their highs shortly after a lower than expected reading in the February Wholesale Inventories Report led to a revision in the Atlanta Fed's GDPNow forecast. First quarter GDP growth was revised to 0.1% from 0.4%. As a note, the initial estimate on February 1 was for 1.2% growth.

By the end of the day, eight sector remained in the green with energy (+2.0%), materials (+1.0%), industrials (+0.6%), and consumer staples (+0.5%) outperforming. On the flipside, consumer discretionary (-0.5%), health care (-0.4%), and technology (UNCH) led the downside.

Commodity-sensitive energy (+2.0%) topped the board as the space benefited from a 6.7% ($39.75/bbl) gain in WTI crude. Today's rally precedes next weekend's highly anticipated meeting between OPEC and non-OPEC members, which is expected to yield a production cap agreement between major producers.

Money center banks outperformed in the financial (+0.4%) sector as the sub-group responded to headlines, which reported that Italy's bad-bank fund might relieve pressure in the country's banking group as early as Monday. Separately, life insurance names slipped from their best levels as the sub-group responded to the appeal filed by the FSOC in MetLife's (MET 41.89, -0.03) hearing to have its "Too Big to Fail" designation removed. A reversal of the initial decision would result in a larger capital requirement and increased government oversight of the company.

In the health care space (-0.4%), a pullback in biotech component Regeneron Pharmaceuticals (REGN 404.94, -13.54) resulted in a pullback in the broader sub-group. To be fair though, the iShares Nasdaq Biotechnology ETF (IBB 277.35, -3.35) was up as much as 6.5% this week, before pulling back and ending the week higher by 3.4%. Meanwhile, Dow component Pfizer (PFE 32.31, -0.45) ended its day as the second worst performer in the price-weighted index.

Retail names and apparel companies demonstrated relative weakness in the consumer discretionary sector (-0.5%) as comparable sales readings for March disappointed investors. On that note, Gap (GPS 23.85, 3.83) tumbled 13.8% after reporting that comparable sales fell 6.0% in March.

The U.S. Dollar Index (94.22, -0.27) abandoned early strength as the yen rebounded from overnight losses. The dollar/yen pair finished lower by 0.1% (108.15) after trading as high as 108.44. Separately, the euro gained 0.2% against the greenback to end at 1.1400.

The yield on the 10-year Treasury note rose to 1.72% from 1.69% on Thursday. This represents a six-basis point increase from last week's settlement at 1.78%.

Participation on the NYSE floor was below the recent averages as fewer than xxx million shares changed hands.

Today's economic data was limited to the February Wholesale Inventories Report:

Wholesale inventories declined 0.5% in February (Briefing.com consensus -0.2%). That marked the fifth straight monthly decline after January saw a sizable downward revision to -0.2% from an originally reported 0.3% increase.
The decline in wholesale inventories will compute negatively in the inventory forecast for first quarter GDP. The Atlanta Fed's model forecast for real GDP growth in the first quarter was just 0.4% before the release of the Wholesale Inventories report.
The biggest driver of the February downturn was nondurable inventories, which declined 1.1%. The biggest drags there were farm products (-4.2%), drugs (-3.5%), and apparel (-1.3%).
Durable inventories declined 0.1% as a 2.0% increase in electrical inventories was offset by a 1.0% decline in both automotive and metals inventories.
Wholesale sales declined 0.2% in February on the heels of a downwardly revised 1.9% decline (from -1.3%) in January.
The wholesale inventories to sales ratio dipped to 1.36 from 1.37 in January, although it remained well above the 1.31 reading from the same period a year ago.

There will be no economic data of note released on Monday, but China will release March CPI and PPI data at 21:30 ET on Sunday.

Russell 2000 -3.5% YTD
Nasdaq Composite -3.1% YTD
S&P 500 +0.1% YTD
Dow Jones +0.9% YTD

Week in Review: Bouncing Around

Two weeks ago, the stock market was propelled to its sixthgain in seven weeks by dovish remarks from Fed Chair Janet Yellen. However,equities were unable to build on their recent strength, ending the past week ona lower note. The S&P 500 surrendered 1.3%, narrowing its 2016 gain to 0.1%,while the Nasdaq Composite also lost 1.3% for the week to extend its 2016decline to 3.1%.

Investors did not receive any market-moving economic dataover the past week, but with the market having reclaimed its entire slide fromJanuary on the back of increasing dovishness from global central banks, marketparticipants began asking what that dovish tilt implies about global economicgrowth prospects. One did not have to look far for signs of slowing growth asthe Atlanta Fed GDPNow model for the first quarter was revised down to 0.1% onFriday.

The stock market hit its lowest level of the week onThursday during a session that was rife with risk-off moves. To that point, stocksretreated while Treasuries surged, dropping the 10-yr yield to 1.69% (from1.79% on Friday). Furthermore, a continuation of week-long yen strengthpressured the dollar/yen pair to its lowest level since late 2014 (107.68)while gold jumped into the neighborhood of its 2016 high near $1,250/ozt.

For its part, crude oil struggled at the start of the week,but a sharp rally ahead of the weekend ensured a higher weekly finish for thecommodity, which closed the week just below $40.00/bbl.

Eight sectors finished the week with losses between 0.5% (consumerstaples) and 2.9% (financials) while energy and health care registeredrespective weekly gains of 2.2% and 0.9%.

3:30 pm: [BRIEFING.COM]

The dollar index bounces of its low of the day around 94.10, but did not appear to be weighing on commodities in afternoon pit trading
Commodities, as measured by the Bloomberg Commodity Index, are up +2.0% at 79.03
Crude oil sees a sustained rally into the close of pit trading, closing near its high of the day, just below a key level of resistance right below $40.00/barrel
May crude oil futures closed up $2.48 (+6.7%) at $39.75/barrel
EIA crude oil inventory data released this week showed a surprise draw of -4.937 mln barrels, compared to estimates for a build of +3.1 mln barrels, a possible factor pushing crude oil prices up
The Doha meeting between OPEC and non-OPEC members is scheduled for April 17 and is expected to be a catalyst to move crude oil prices in the near future
Hopes that the meeting will result in a production halt or future cuts might have been a catalyst for today's price action as well
Natural gas rallies briefly in afternoon pit trading before dropping lower and consolidating/closing near its lows for the day
May natural gas futures closed $0.03 lower (-1.5%) at $1.99/MMBtu
In precious metals, gold trended upwards in the afternoon before turning lower and consolidating/ending higher for the day
June gold futures closed up $6.80 (+0.6%) to $1244.10/oz
Silver rallied to a new intra-day high in the afternoon and closed near its high of the day
May silver futures closed $0.21 higher (+1.4%) at $15.39/oz
Base metal copper ends modestly higher
May copper futures closed up $0.01 (+0.5%) at $2.09/lb

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade for the week, the S&P 500 (+0.2%) trades ahead of the Dow Jones Industrial Average (+0.2%) and the Nasdaq Composite (UNCH).

The heavily-weighted health care (-0.6%) and consumer discretionary (-0.5%) groups have extended their losses as they follow technology (UNCH) and telecom services (+0.2%) on the leaderboard.

In the consumer staples space (+0.5%), retailers trade modestly lower. On that note, Wal-Mart (WMT 68.14, -0.08) and Costco (COST 151.62, -0.41) have lost 0.1% and 0.3%, respectively. Conversely, beverage names outperform as Coca-Cola (KO 46.90, +0.54) and PepsiCo (PEP 105.11) gain a respective 1.2% and 1.5%.

On the commodities front, WTI crude ended its day higher by 6.7% at $39.75. This represents an 8.2% gain in the energy component over the last week. Separately, gold gained 0.6% to finish at $1,244.10/ozt.

Currently, the yield on the 10-yr note is higher by three basis points at 1.72%. This represents a six-basis point increase from last week's settlement at 1.78%.

2:30 pm:

[BRIEFING.COM] The Nasdaq Composite (+0.2%) has moved further into positive territory as the S&P 500 (+0.5%) floats sideways.

The heavily-weighted financial (+0.8%) and industrial (+0.8%) sectors have passed utilities (+0.7%) on the leaderboard while energy (+2.1%) and materials (+1.2%) continue to lead.

The energy space (+2.1%) is the top performer today as the space benefits from a 5.5% ($39.29/bbl) gain in WTI crude. The broader energy sector has extended its week to date gain to 2.2% while the energy component has gained 6.9% since last Friday. Oilfield service names Schlumberger (SLB 74.01, +2.00) and Halliburton (HAL 37.75, +1.50) outperform after receiving "Buy" designations at Nomura. Separately, natural gas has lost 1.4% and trades at $1.99/MMbtu.

The Treasury complex has moved back towards its lows as the yield on the 10-yr note rises four basis points to 1.73%.

2:00 pm:

[BRIEFING.COM] The major averages have gained since our last update as the S&P 500 (+0.3%) leads the tech heavy Nasdaq (UNCH). Despite today's uptick, the benchmark index shows a week to date loss of 1.1%.

The consumer discretionary (-0.5%), health care (-0.5%), and technology (-0.1%) spaces remain the only groups in the red.

In the technology space (-0.1%), heavily-weighted component Facebook (FB 110.34, -3.30) has declined 2.9% following an article from Digiday, which cited slowing first quarter traffic for the social networking site. Meanwhile, fellow large cap Apple (AAPL 108.49, -0.05) has extended its week to date decline to 1.4%, compared to a loss of 2.0% in the broader sector. Elsewhere, the high-beta chipmakers display relative strength, evidenced by the 0.4% gain in the PHLX Semiconductor Index.

On the economic front, the latest Baker Hughes (BHI 43.53, +1.60) total rig count fell by 7 to 443. This follows last week's decline of 14. Meanwhile, WTI crude trades higher by 5.9% at $39.34/bbl.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have continued to unwind since our last update and are now trading mixed after the Nasdaq Composite moved into negative territory.

A look inside the Dow Jones Industrial Average shows that American Express (AXP 59.82, +0.96), Chevron (CVX 96.19, +1.40), and Coca-Cola (KO 46.91, +0.55) are outperforming. Chevron is among the Dow's top gainers as energy stocks rally amid a more than 5% gain in crude oil futures.

Conversely, Nike (NKE 59.59, -0.71) is the worst-performing Dow component as the entire retail/consumer discretionary sector trades lower, in part after weak March comparable sales from Gap (GPS 23.77, -3.91).

For the week, the DJIA is currently down 1.2%.

1:10 pm:

[BRIEFING.COM] The stock market trades on a flat note at midday as a rally from positive developments overseas and a rebound in crude oil loses some traction. Other focal points of today's trade have included, a revision to the Atlanta Fed's GDPNow forecast for Q1 (from 0.4% to 0.1%) and a split performance from heavily-weighted industrials (+0.8%), financials (+0.7%), information technology (+0.1%), and health care (-0.5%). Currently, the S&P 500 (+0.3%) and the Dow Jones Industrial Average (+0.3%) lead the Nasdaq Composite (UNCH).

Today's session opened on a positive note as equity futures moved higher in lockstep with overseas indices and oil. Overseas indices benefited from a multitude of developments including a reprieve from the recent rally in the yen, a better than expected February export reading out of Germany (+1.3%; expected +0.5%), and recent headlines reporting that Italy's government-backed bad-bank fund may be unveiled as early as Monday.

However, U.S. indices began to slip shortly after the release of a weaker-than-expected reading of February Wholesale Inventories (-0.5%; Briefing.com consensus -0.2%). This data point is not generally a market moving reading, but it resulted in a revision of the Atlanta Fed's GDPNow forecast, which not sits at +0.1% for the first quarter (from 0.4%).

Heavily-weighted industrials (+0.8%) and financials (+0.7%) have been able to follow energy (+1.9%) and materials (+1.1%), as they lend support to the broader market. Conversely, consumer discretionary (-0.6%), health care (-0.5%), and technology (UNCH) sport the only losses of the day.

In the economically-sensitive financial sector (+0.7%), money center banks outperform as they trade higher in sympathy with European banks. On that note, JPMorgan Chase (JPM 57.98, +0.66) has gained 1.2% while Credit Suisse (CS 13.60, +0.41) and Deutsche Bank (DB 15.91, +0.50) have gained 3.2% apiece. The space is also rebounding from a weekly loss of 2.6%.

Biotechnology underperforms in the health care space (-0.5%) as the subgroup pulls back from larger weekly gains. The iShares Nasdaq Biotechnology ETF (IBB 276.70, -4.00) has slipped 1.4% today, but remains higher by 3.1% for the week.

In the consumer discretionary space (-0.6%), apparel names and retailers trade lower as March comparable sales readings weigh on the sub-groups. Gap (GPS 23.58, -4.10) has plummeted 14.8% after reporting that March same store sales declined by 6.0%. This follows last year's 2.0% gain in the month of March.

On the commodities front, WTI crude trades higher by 6.6% ($39.71/bbl) ahead of next weekend's meeting between OPEC and non-OPEC members.

The U.S. Dollar Index (94.23, -0.25) trades above a session low as the yen trims its loss and the euro extends its lead. The dollar/yen pair trades higher by 0.2% (108.38) after slipping from the 108.72 area. Meanwhile, the euro has gained 0.2% against the dollar and currently trades at 1.1403.

The yield on the 10-yr note is higher by three basis points at 1.72% after rising as high as 1.73% (+4 bps)

Today's economic data was limited to the February Wholesale Inventories Report:

Wholesale inventories declined 0.5% in February (Briefing.com consensus -0.2%). That marked the fifth straight monthly decline after January saw a sizable downward revision to -0.2% from an originally reported 0.3% increase.
The decline in wholesale inventories will compute negatively in the inventory forecast for first quarter GDP. The Atlanta Fed's model forecast for real GDP growth in the first quarter was just 0.4% before the release of the Wholesale Inventories report.
The biggest driver of the February downturn was nondurable inventories, which declined 1.1%. The biggest drags there were farm products (-4.2%), drugs (-3.5%), and apparel (-1.3%).
Durable inventories declined 0.1% as a 2.0% increase in electrical inventories was offset by a 1.0% decline in both automotive and metals inventories.
Wholesale sales declined 0.2% in February on the heels of a downwardly revised 1.9% decline (from -1.3%) in January.
The wholesale inventories to sales ratio dipped to 1.36 from 1.37 in January, although it remained well above the 1.31 reading from the same period a year ago.

12:30 pm:

[BRIEFING.COM] The stock market has ticked lower since our last update as the S&P 500 floats 12 points below its session high.

The heavily-weighted technology sector (-0.2%) flirts with its flat line as it leads health care (-0.5%) and consumer discretionary (-0.8%) on the bottom of the leaderboard.

In the industrial sector (+0.9%), aerospace companies continue to outperform as United Technologies (UTX 101.73, +0.84) and Boeing (BA 128.70, +1.70) gain 0.8% and 1.3%, respectively. Meanwhile, rail names display relative strength with Norfolk Southern (NSC 82.15, +2.05) and Union Pacific (UNP 80.00, +2.00) gaining 2.6% apiece. The broader sector has trimmed its week to date decline to 1.2%, matching the decline in the benchmark index.

The U.S. Dollar Index (94.25, -0.23) has inched off its low as the greenback makes up some ground against the yen. The dollar/yen pair trades higher by 0.2% at 108.44.

12:00 pm:

[BRIEFING.COM] The major averages continue to slide towards fresh session lows with the Nasdaq Composite (UNCH) dipping into the red as it trails the S&P 500 (+0.3%).

The heavily-weighted technology sector (+0.1%) has slipped down the leaderboard, remaining only ahead of health care (-0.5%) and consumer discretionary (-0.6%).

In the consumer discretionary space (-0.6%), apparel names and retailers continue to demonstrate relative weakness as some large names disappoint investors with their March comparable sales readings. On the note, Gap (GPS 24.20, -3.47) has plunged 12.5% after reporting a 6.0% drop in same store sales in March. Elsewhere, media name Viacom (VIAB 37.67, -0.60) underperforms after RBC Capital Markets initiated coverage on the stock with an "Underperform' designation. The broader sector has lost 2.5% this week and only leads financials (week-to-date -2.6%) over that period.

On the commodities front, WTI crude has slid from its best level of the day as it currently shows a gain of 5.8% ($39.42/bbl). Safe haven gold has climbed 0.4% ($1,242.20/ozt).

11:30 am:

[BRIEFING.COM] The major indices continue to pare gains as the Dow Jones Industrial Average (+0.5%) trades behind the S&P 500 (+0.6%). The benchmark index currently shows a week to date loss of 0.9%.

In front of the pack, energy (+2.3%) and materials (+1.6%) lead industrials (+1.1%) and financials (+1.1%).

In the heavyweight financial space (+1.1%), money center banks and investment brokerages outperform as they attempt to rebound from larger weekly losses. To that point, JPMorgan Chase (JPM 58.50, +1.18) and Bank of America (BAC 13.11, +0.26) have gained 2.1% apiece today, but remain down a respective 2.3% and 3.3% for the week. The broader financial space has lost 2.1% over that period and sports the largest loss among all sectors during that time. Additionally, the financial sector is rebounding in sympathy with European banks as Credit Suisse (CS 13.60, +0.41) and Deutsche Bank (DB 15.94, +0.53) gain 3.2% and 3.4%, respectively.

The U.S. Dollar Index (94.16, -0.33) has fallen to a new session low as the yen trims its loss and the euro extends its lead. The dollar/yen pair trades higher by 0.1% (108.27) after slipping from the 108.72 area. Meanwhile, the euro has gained 0.3% against the dollar and currently trades at 1.1410.

11:00 am:

[BRIEFING.COM] The major averages have slipped from their highs as the S&P 500 (+0.7%) leads the Nasdaq Composite (+0.6%). The benchmark index trades four points off its session high.

The heavily-weighted health care space (-0.2%) has fallen beneath its flat line as it follows other countercyclical groups like consumer staples (+0.3%), telecom services (+0.4%), and utilities (+0.6%) on the leaderboard.

In the health care space (-0.2%), the iShares Nasdaq Biotechnology ETF (IBB 279.75, -0.95) has moved back towards its session low as the sub-group displays relative weakness. The ETF has gained 4.3% on a week to date basis, compared to a 1.4% gain in the broader sector. The group only trails energy (+2.2%) over that time (week-to-date +2.4%). Meanwhile, large cap constituent and Dow component Pfizer (PFE 32.49, -0.27) is the worst performer in the price-weighted index. However, the drug manufacturer has gained 8.2% this week.

In commodities, WTI crude has extended its gain to $39.65/bbl (+6.4%) while gold has gained 0.1% to trade at $1,238.60/ozt.

The yield on the 10-yr note has moved back to its session high of 1.73% (+4 bps).

10:35 am: [BRIEFING.COM]

The dollar index nosedives in morning trade, giving a notable boost to commodities across the board
Commodities, as measured by the Bloomberg Commodity Index, are up +1.5% at 78.64
Crude oil rallies more than +6%, trading to new highs of the day
May crude oil futures are currently up $2.34 (+6.3%) at $39.61/barrel
EIA crude oil inventory data released Wed showed a surprise draw of -4.937 mln barrels, compared to estimates for a build of +3.1 mln barrels, a possible factor pushing crude oil prices up
Doha meeting between OPEC and non-OPEC members is scheduled for April 17 and is expected to be a catalyst to move crude oil prices in the future
Hopes that the meeting will result in a production halt or future cuts might be a catalyst for today's price action as well
Natural gas exhibits notable volatility, initially rallying before heading down to lows of the day, finding support around $2.00/MMBtu
May natural gas futures are currently down $0.02 (-1.0%) at $2.00/MMBtu
In precious metals, gold heads higher and consolidates near its high of the day
June gold futures are up $3.30 (+0.3%) at $1240.60/oz
Silver sees a similar move to gold in morning trade, consolidating higher
May silver futures are up $0.13 (+0.9%) at $15.31/oz
Base metal copper trades at parity with the previous day's close in morning pit trading
May copper futures are flat at $2.08/lb

10:05 am:

[BRIEFING.COM] The major averages hover near their opening highs as the S&P 500 (+0.8%) trades in-line with the Dow Jones Industrial Average (+0.8%).

In front of the pack, commodity-sensitive energy (+1.9%) and materials (+1.4%) lead heavily-weighted financials (+1.2%) and industrials (+1.2%).

In the materials space (+1.3%), Monsanto (MON 87.29, +1.16) and Mosaic (MOS 25.50, +0.75) outperform as the pair gain 1.4% and 3.0%, respectively.

Just released, February wholesale inventories declined 0.5% while the Briefing.com consensus expected a down tick of 0.2%. Today's report followed last month's revised reading of -0.2% (from +0.3%).

The Treasury complex has inched off its low as the yield on the 10-yr note remains higher by three basis points at 1.72%.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened its day on a higher note as the S&P 500 (+0.7%) leads the tech-heavy Nasdaq (+0.5%).

Nine sectors opened their day above their flat lines as commodity-sensitive energy (+1.7%) and materials (+1.2%) lead the advance. Conversely, consumer discretionary (-0.2%) sports the only loss of the day. The remaining gainers show advances between 0.3% (health care) and 1.0% (industrials).

Retail names demonstrate relative weakness as the S&P Retail ETF (XRT 43.79, -0.31) slips 0.7%. On the flipside, oil and natural gas names outperform in the energy (+1.7%) sector as the group benefits from a rally in oil. WTI crude trades higher by 5.3% at $39.23/bbl.

The U.S. Dollar Index (94.36, -0.12) slipped in the last hour of pre-market trade, but has been able to tick off its low. The euro has gained 0.1% against the dollar to trade at 1.1388 while the dollar/yen pair has trimmed its gain to 108.66 (+0.4%).

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +15.30. Nasdaq futures vs fair value: +36.60.

The stock market is on track for a higher open as the S&P 500 futures trade 15 points above fair value.

Equity futures rose in tandem with oil overnight as renewed risk appetite boosted the pair. WTI crude has extended its gain to 5.4% at $39.26/bbl. Meanwhile, a modest decline in the yen led to an uptick in Japan's Nikkei (+0.5%) as investors there enjoyed a break from the currency's recent strength. This reprieve followed continued rhetoric from Japanese officials alluding to intervention in the currency after its recent rally. At this juncture, the dollar/yen pair trades higher by 0.6% at 108.86.

European indices sport larger gains as regional indices respond to reports indicating that Italy's bad-bank fund may be unveiled as early as Monday. Additionally, a better than expected reading of Germany's exports in February (+1.3%; expected +0.5%) has also boosted sentiment.

On the domestic front, futures carved our new highs following remarks from New York Fed President and FOMC voter William Dudley. President Dudley struck a dovish tone as he cited the need for a gradual path towards interest rate normalization amid risks to inflation and the growth outlook. The comments bore a striking resemblance to recent commentary from Fed Chair Yellen.

In corporate news, Gap (GPS 25.89, -1.79) trades lower by 6.5% after disclosing that March comparable sales were down 6.0%, versus a 2.0% increase last year. Elsewhere, shares of Alliance Fiber Optic (AFOP 18.42, +2.96) have gained 19.2% after Corning (GLW 20.66, +0.00) announced its acquisition of AFOP for $18.50 per share.

Today's economic data will be limited to the 10:00 ET release of Wholesale Inventories for February (Briefing.com consensus -0.2%).

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +16.80. Nasdaq futures vs fair value: +38.90.

The S&P 500 futures trade 17 points above fair value

Equity markets across the Asia-Pacific region ended the week on a mixed note. In Japan, government officials continued pontificating about exchange rates with Finance Minister Taro Aso saying rapid currency movements are undesirable and could be met with government action. The yen has retreated 0.5% to 108.72 after logging five consecutive daily gains against the dollar.

In economic data:
Japan's February adjusted Current Account surplus JPY1.73 trillion (expected surplus of JPY1.57 trillion; previous surplus of JPY1.49 trillion) and March Economy Watchers Current Index 45.4 (expected 46.5; previous 44.6)

---Equity Markets---

Japan's Nikkei added 0.5%, ending the week lower by 2.1%. Nine sectors registered gains with industrials (+2.4%) finishing well ahead of other groups. Consumer staples (+1.9%) and technology (+1.8%) also showed relative strength while the consumer discretionary sector (-2.1%) was the lone decliner. Furukawa, Yahoo Japan, Komatsu, Fujitsu, Fanuc, and Japan Tobacco gained between 3.2% and 7.1%. On the downside, Fast Retailing plunged 12.7% after halving its net profit forecast.
Hong Kong's Hang Seng rose 0.5%, narrowing its weekly loss to 0.6%. Galaxy Entertainment, CNOOC, Lenovo, Belle International, Want Want China, and China Overseas posted gains between 1.3% and 3.0%.
China's Shanghai Composite lost 0.8% to end the week lower by 0.8%. China Shipbuilding Industry, CITIC Heavy Industries, and China Petroleum & Chemical lost between 1.6% and 4.2% while Wuhan Iron & Steel and Baoshan Iron & Steel both gained near 2.9%.

Major European indices trade higher across the board while the euro lower by 0.1% against the dollar, hovering near 1.1361. The regional session has been very quiet, but it is worth noting that reports indicate Italy expects its government-backed fund to aid banks with non-performing loans will be ready on Monday.

In economic data:
Germany's February trade surplus EUR19.80 billion (expected EUR18.50 billion; previous EUR18.70 billion) as Imports ticked up 0.4% month-over-month (expected -0.3%; last 1.3%) and Exports rose 1.3% month-over-month (expected 0.5%; last -0.6%)
UK's February Manufacturing Production -1.1% month-over-month (expected -0.2%; last 0.5%); -1.8% year-over-year (consensus -0.7%; last -0.3%). February Industrial Production -0.3% month-over-month (expected 0.1%; last 0.2%); -0.5% year-over-year (consensus -0.2%; last 0.1%). February trade deficit GBP11.96 billion (expected -GBP10.20 billion; last -GBP12.16 billion)
France's February Industrial Production -1.0% month-over-month (expected -0.4%; last 1.0%) and government budget deficit widened to EUR25.60 billion from EUR9.20 billion
Swiss March CPI +0.3% month-over-month, as expected; -0.9% year-over-year, as expected. Separately, March Unemployment Rate ticked up to 3.5% from 3.4%, as expected

---Equity Markets---

UK's FTSE is higher by 0.9% with energy names like Royal Dutch Shell and BP leading with gains between 2.4% and 2.8%. Select financials also display strength with Prudential, Aberdeen Asset Management, Standard Life, and Barclays up between 1.2% and 2.2%.
France's CAC trades up 0.9% with most components in the green. Nokia has spiked 4.2% while financials Societe Generale, AXA, Unibail Rodamco, and Credit Agricole have gained between 1.5% and 2.8%. On the downside, Lafarge and ArcelorMittal are both down near 1.0%.
Germany's DAX has climbed 1.4% amid broad strength. RWE leads with a 4.1% spike while Commerzbank and Deutsche Bank follow not far behind, showing respective gains of 2.8% and 1.8%. Exporters BMW, Daimler, and Volkswagen have added between 0.5% and 1.8% while K+S is the weakest component, down 1.0%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +33.30.

Equity futures float beneath overnight highs as the S&P 500 futures trade 14 points above fair value.

In specific company news, Ulta Salon (ULTA 201.95, +7.83) has gained 4.0% in pre-market trade after it was reported that the retailer would replace Tenet Healthcare (THC 28.53, +0.00) in the S&P 500. Separately, on the M&A front, Corning (GLW 20.72, +0.06) announced that it will acquire Alliance Fiber Optic (AFOP 18.35, +2.89) for $18.50 per share in an all cash transaction.

On the central bank front, New York Fed President and FOMC voter Dudley will speak at 8:30 ET while Dallas Fed President Kaplan will offer remarks at 9:30 ET.

Currently, WTI crude trades higher by 4.4% at $38.89/bbl while gold has slipped 0.2% to $1,235.70/ozt.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +28.30.

U.S. equity futures trade higher with the S&P 500 futures hovering 11 points above fair value.

Futures rose overnight as equities benefited from a rally in crude oil. At this juncture, WTI crude trades higher by 4.0% at $38.75/bbl. Meanwhile, Fed Chair Yellen boosted investor sentiment after she asserted that the U.S. economy is not a bubble economy. The comments came in a panel discussion with three of Chair Yellen's predecessors. Furthermore, Chair Yellen added that the economy was on a good course, with rising signs of inflation that would justify further gradual interest rate hikes. Separately, the yen pared some of its recent gain overnight. The dollar/yen pair trades higher by 0.4% at 108.66.

The Treasury complex trades lower with the yield on the 10-yr note higher by three basis points at 1.71%.

On the economic front, data will be limited to Wholesale Inventories for February (Briefing.com consensus -0.2%), which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Gap (GPS 25.30, -2.38): -8.6% after reporting that same store sales for March were down 6.0% for the month
Yahoo! (YHOO 36.55, +0.38): +1.1% following reports indicating that that the company extended its bid deadline to April 18
SolarCity (SCTY 27.90, +0.90): +3.3% after closing its second financing program with Bank of America/Merrill Lynch and other investors

Reviewing overnight developments:

Asian-Pacific indices ended the week on a mixed note with China's Shanghai Composite -0.8%, Hong Kong's Hang Seng -0.5%, and Japan's Nikkei +0.5%.
In economic data:
Japan's February adjusted Current Account surplus JPY1.73 trillion (expected surplus of JPY1.57 trillion; previous surplus of JPY1.49 trillion) and March Economy Watchers Current Index 45.4 (expected 46.5; previous 44.6)
In news:
Japan's Finance Minister Taro Aso stated that rapid currency movements are undesirable and could be met with government action
The yen has retreated 0.4% to 108.66 after logging five consecutive daily gains against the dollar.

European indices trade higher with Germany's DAX +1.2%, France's CAC +1.1%, and the U.K.'s FTSE +0.8%.
In economic data:
Germany's February trade surplus EUR19.80 billion (expected EUR18.50 billion; previous EUR18.70 billion) as Imports ticked up 0.4% month-over-month (expected -0.3%; last 1.3%) and Exports rose 1.3% month-over-month (expected 0.5%; last -0.6%)
UK's February Manufacturing Production -1.1% month-over-month (expected -0.2%; last 0.5%); -1.8% year-over-year (consensus -0.7%; last -0.3%). February Industrial Production -0.3% month-over-month (expected 0.1%; last 0.2%); -0.5% year-over-year (consensus -0.2%; last 0.1%). February trade deficit GBP11.96 billion (expected -GBP10.20 billion; last -GBP12.16 billion)
France's February Industrial Production -1.0% month-over-month (expected -0.4%; last 1.0%) and government budget deficit widened to EUR25.60 billion from EUR9.20 billion
Swiss March CPI +0.3% month-over-month, as expected; -0.9% year-over-year, as expected. Separately, March Unemployment Rate ticked up to 3.5% from 3.4%, as expected
In news:
Reports indicate Italy expects its government-backed fund to aid banks with non-performing loans will be ready on Monday.

6:26 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +32.50.

6:26 am: [BRIEFING.COM] Nikkei...15,821.52...+71.70...+0.50%. Hang Seng...20,168.24...-97.80...-0.50%.

6:26 am: [BRIEFING.COM] FTSE...6,177.19...+40.30...+0.70%. DAX...9,617.67...+87.10...+0.90%.

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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