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 Post subject: March 16th Tuesday 2010 Emini TF ($TF_F) points +10.20
PostPosted: Tue Mar 16, 2010 4:31 pm 
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Trade Journal By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, although this journal contains advertisements involving my trade methods, it does contain useful trading tips a few times per week. Thus, if you're looking for trading tips that can improve your trading and understand that profitable trading involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader that's the same as my user name on twitter.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=72&t=470.

Quote:
Today's results are 7 wins : 1 loss. The volatility was not impressive nor did it produce strong directional price action I was expecting. However, it was tradable. Yet, I did have 2 trade errors, 2 late entries and 1 early exit that probably cost me around 4 points. The key in my profits today was controlling the loss on my one losing trade and being prepared to trade if the market volatility dried up.

Trading Tip: The biggest hint that a breakout trade is weak is divergence.


FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader

In addition, posted below are direct links about my trade methodology or trading approach 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 analysis).


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradeStrategies.htm

Also, if you're interested in having free access to one of my profitable trade strategies along with earning extra income with little effort...join my referral program @ http://www.thestrategylab.com/ReferralProgram.htm

My Trading Performance: +10.20 points in the ICE Russell 2000 Emini TF ($TF_F) Futures
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Stocks Rise After Fed Holds Rates
By Ben Rooney, staff reporter
March 16, 2010: 5:02 PM ET

NEW YORK (CNNMoney.com) -- Stocks closed higher Tuesday after the Federal Reserve voted to keep interest rates at historic lows and Standard & Poor's did not downgrade Greece's credit rating.

The Dow Jones industrial average (INDU) rose 44 points, or 0.4%. The S&P 500 index (SPX) added 9 points, or 0.8%, to close at a fresh 18-month high. The Nasdaq composite (COMP) gained 16 points, or 0.7%.

Stocks have been grinding higher in recent weeks as traders remain bullish about the economic recovery. But the number of shares trading hands has been relatively low, suggesting that many investors are on the sidelines awaiting more concrete evidence of improvement.

"The market has been in an optimistic mania," said Bruce McCain, chief investment strategist at Key Private Bank. "For whatever reason, investors have cast aside worries and money is flowing into both stocks and bonds."

However, it remains to be seen if the optimism can be sustained.

"We think this is a transition phase for the economy," McCain said. "There are plenty of opportunities for investors to become discouraged."

Looking ahead, investors will take in a report on inflation at the wholesale level Wednesday. Reports on consumer prices and weekly jobless claims will be in focus later this week.

On Monday, stocks closed mixed after Moody's issued a warning about the United States' AAA rating and lawmakers put forward a bank regulation bill.

Fed holds rates: In a widely expected move, the Federal Reserve announced plans to hold its benchmark interest rate at historic lows near zero percent, the level at which the rate has been since December 2008. Echoing past statements, the Fed added that rates will remain "exceptionally low" for an "extended period" of time.

The Fed said economic conditions continue to improve and that the job market is stabilizing. While the Fed expects economic growth to be "moderate" in the short run, the bankers said activity could pick up in the future as inflation remains tame.

As previously announced, the Fed said its plan to buy $1.25 trillion in mortgage-backed securities will end later this month.
Is the Fed blowing bubbles?

"Not a big surprise," Key Private Bank's McCain said of the Fed's announcement. "They have gone out of their way to indicate improvement, while continuing the fight to establish economic growth."

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, was the one dissenting vote. Hoenig, who was also the sole dissenter at the Fed meeting in January, is concerned that keeping rates low indefinitely could be creating new bubbles in financial markets.

"Even the description of Hoenig's position seems to be a bit more strident," McCain said.

Greece gets a reprieve: Stocks were also supported by news that ratings agency Standard & Poor's did not cut Greece's credit rating after warning last month that a downgrade was possible.

"That's allaying some fears about the potential for the sovereign debt crisis to spread," said Abigail Doolittle, a portfolio manager at Johnson Illington Advisors. However, she added that many large European nations and U.S. states are still facing dire fiscal scenarios.

S&P said its decision was based on deficit reduction measures Greek policy makers introduced in March, which aim to reduce the nation's budget deficit to 8.7% of gross domestic product this year.

"We view the government's fiscal consolidation program as supportive of the ratings at their current level," said Standard & Poor's credit analyst Marko Mrsnik.

Still, the agency said the outlook for the debt-stricken nation remains negative.

Economy: New home construction fell 5.9% to an annual rate of 575,000 in February, according to a government report, from an upwardly revised 622,000 during the previous month.

Economists surveyed by Briefing.com expected housing starts to have fallen to an annual rate of 570,000 during the month.

The report said building permits slipped 1.6% to an annual rate of 612,000 in February. They were expected to have fallen to an annual rate of 601,000 during the month.

A separate reading showed import prices slipped 0.3% in February, posting the first decline since July 2009. Excluding fuel, import prices gained 0.2%. Import prices in January were revised to a 1.3% increase.

Export prices slipped 0.5% last month, following a revised 0.7% rise in January.

Companies: Intel (INTC, Fortune 500) jumped 4% after the chip maker unveiled new processors it says can deliver up to 60% greater performance than the previous generation processor.

Shares of General Electric (GE, Fortune 500) rose 4.5% after the conglomerate said during a conference with analysts that it expects higher profits and dividend payments in 2011.

Boston Scientific (BSX, Fortune 500) recovered from a drubbing in the previous session to trade 4.3% higher. Shares of the medical device maker fell 16% Monday after the company halted delivery on some implantable defibrillators because it neglected to notify federal regulators of a manufacturing change.
0:00 /2:06Technology transforms the NYSE

Sony (SNE) and the estate of Michael Jackson have signed a landmark music deal for 10 albums over seven years. The deal is said to be worth as much as $250 million.

Lehman Brothers Holdings submitted a proposal to the U.S. Bankruptcy Court in New York to resolve the biggest Chapter 11 filing in Wall Street history.

The defunct brokerage, which collapsed in September 2008, would form a subsidiary called LAMCO to oversee its remaining assets, which include commercial real estate, residential mortgages and derivatives.

The dollar and commodities: The dollar slipped versus the euro, the pound, and the yen.

U.S. light crude for April delivery rose $1.90 to settle at $81.70 a barrel.

The price of gold rose $17.10 per ounce to settle at $1122.50.

Bonds: The price of the 10-year note fell, boosting the yield to 3.65%. Treasury prices and yields move in opposite directions.

World markets: European markets rose. The CAC 40 in France and Germany's DAX both gained about 1.4%, while Britain's FTSE 100 advanced 0.6%.

European finance ministers said late Monday that euro area countries have developed a mechanism to help Greece if it determines that the debt-stricken country needs to be rescued.

In Asia, the Hang Seng in Hong Kong and Japan's benchmark Nikkei index both lost about 0.3%.

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Yahoo! Finance

4:30 pm : A lack of surprises in the latest FOMC policy statement prompted participants to push stocks to fresh 52-week highs. The advance was broad based with advancing issues outnumbering decliners by 4-to-1 in the S&P 500.

Given the potential impact of the latest FOMC policy statement, market participants were inclined to ignore early economic data. Among the reports, annualized housing starts for February hit a higher-than-expected rate of 575,000 and building permits for February made a smaller-than-expected dip to an annualized rate of 612,000. Meanwhile, import prices made a slightly steeper-than-expected 0.3% monthly dip in February.

Though the reports failed to move the market, a weaker dollar helped stocks sport modest gains ahead of the Fed statement. The dollar dropped 0.7% against competing currencies this session. The euro and British pound were especially strong after it was announced that Europe's officials have come to a consensus about how to provide financial aid to Greece. Though specific figures weren't shared, bilateral loans are expected to play a key part in the plan. That was still enough to compel credit analysts at S&P to take Greece off of CreditWatch, even though the analysts have a negative outlook on the country.

Once the FOMC released its statement that it continues to target a federal funds rate from 0.00% to 0.25% and that it expects an exceptionally low level for an extended period of time, stocks were able to extend their gains. Initially the advance encountered resistance, but financials emerged to provide the broader market with leadership.

Financials, which had traded quietly ahead of the statement, finished trade with a 1.3% gain. The sector was led by bank stocks, which advanced 1.7%, as measured by the KBW Bank Index.

Of the major sectors, materials stocks made the best gains, though. They climbed a collective 1.5% amid support from steel stocks (+2.9%) and gold stocks (+3.2%).

The advance by basic materials stocks was helped by both broader market support and strength among commodity prices. In general, the CRB Commodity Index climbed 1.0%. Specifically, gold bullion prices were boosted 1.5% to $1122.50 per ounce. Oil prices climbed 2.4% to $81.70 per barrel. Weekly oil inventory data is due tomorrow morning.

The broadly positive mood among participants helped drive the S&P 500 and the Nasdaq Composite to their best levels in more than a year. The Dow has yet to return to the 52-week high that it set in mid-January.

Boeing (BA 68.72, -0.68) proved to be a drag on the Dow this session. The stock faltered after news circulated that Air Berlin canceled some $1.7 billion worth of firm orders for the 787 Dreamliner.

General Electric (GE 18.07, +0.78) was a leader among blue chips, however. The company announced during a conference that losses in GE Capital are expected to peak in 2010, such that a snap back in earnings will occur. The company went on to issue upside guidance. The stock logged a new 52-week high just before the closing bell.

Trading volume was moderate this session. At 1.0 billion shares it was in-line with this month's average for the NYSE, but it remained well below the 200-day moving average of 1.2 billion shares per session on the NYSE.

Advancing Sectors: Materials (+1.5%), Financials (+1.3%), Industrials (+1.2%), Utilities (+1.1%), Energy (+0.9%), Tech (+0.7%), Consumer Discretionary (+0.6%), Consumer Staples (+0.4%), Telecom (+0.2%), Health Care (+0.2%)
Declining Sectors: (None) DJ30 +43.83 NASDAQ +15.80 NQ100 +0.6% R2K +0.8% SP400 +1.0% SP500 +8.95 NASDAQ Adv/Vol/Dec 1688/2.14 bln/1017 NYSE Adv/Vol/Dec 2206/1.02 bln/805

3:35 pm : The market has pushed to a fresh session high as the dollar index has pushed to a fresh session low. The S&P 500 is now at levels not seen since October 2008.

Weakness in the dollar index helped boost commodity prices this session. The energy complex, excluding natural gas; precious metals and copper futures all traded markedly higher. Commodities closed 1.0% higher, collectively. The dollar index is currently down 0.7%.

Precious metals traded 1.8% higher this session, thanks to weakness in the dollar. April gold closed 1.5% higher at $1122.50 per ounce and May silver closed 1.5% higher at $17.35 per ounce.

Industrial metal copper also performed well this session; it finished 1.7% higher at $3.37 per pound.

April crude oil closed 2.4% higher at $81.70 per barrel. Heating oil and RBOB gasoline closed 2.9% and 2.4% higher, respectively.

On the other hand, natural gas futures closed 1.1% lower to $4.42 per MMBtu. Natural gas futures are now down 20% since February 16.

Notably, May sugar futures lost 5.9% to close at $0.18 per pound this session. Sugar futures are now down about 36% since hitting a 29-year high in late January. DJ30 +31.14 NASDAQ +11.15 SP500 +7.43 NASDAQ Adv/Vol/Dec 1463/1.78 bln/1203 NYSE Adv/Vol/Dec 1036/709 mln/968

3:00 pm : Stocks failed to sustain a spike that followed the latest FOMC policy statement and are back near earlier levels. The Dow actually came back in touch with the unchanged mark, but managed to make a modest bounce off of that mark.

Trading volume has seen a pick up since the FOMC statement, though overall volume remains moderate. Moderate volume has characterized trade during recent weeks; so far this month, average volume per session stands right at 1.0 billion shares on the NYSE. DJ30 +26.75 NASDAQ +10.15 SP500 +6.58 NASDAQ Adv/Vol/Dec 1395/1.60 bln/1234 NYSE Adv/Vol/Dec 1951/627 mln/1040

2:30 pm : The latest FOMC policy statement, which was released at 2:15 PM ET, was little changed from previous directives in that the Fed has left its target federal funds rate unchanged at a range of 0.00% to 0.25% and the Fed continues to expect an exceptionally low level for an extended period of time.

Though the market moved higher in the moments after the Fed statement, it ran into a bit of resistance near the session highs that were registered this morning. However, stocks were able to regain an upward momentum to set fresh session highs, but they have since started to slip a bit.

Treasuries have also turned higher in the wake of the FOMC statement. In turn, the benchmark 10-year Note is now up 10 ticks.

Meanwhile, the greenback is back near its session low with a 0.6% loss. DJ30 +25.32 NASDAQ +11.49 SP500 +6.24 NASDAQ Adv/Vol/Dec 1426/1.45 bln/1209 NYSE Adv/Vol/Dec 1977/567 mln/1003

2:00 pm : The Dow is back at the unchanged mark after surrendering a moderate gain. Its counterparts continue to trade with modest gains, though.

Semiconductor stocks remain especially strong. In turn, the Philadelphia Semiconductor Index is up 2.4%. Still, semiconductor stocks are down 0.3% year-to-date, while the broader market is up roughly 3.5% since the start of the year. DJ30 +7.56 NASDAQ +8.42 SP500 +4.10 NASDAQ Adv/Vol/Dec 1359/1.28 bln/1265 NYSE Adv/Vol/Dec 1895/495 mln/1072

1:30 pm : The major indices continue to gradually drift lower from their session highs. Solid gains remain, though.

Oil has been one of the best performing assets this session. The commodity dropped nearly 2% in the prior session, but has rebounded to a 2.3% gain at $81.65 per barrel. Despite such strength, energy stocks trade in-line with the broader market -- up 0.4%. DJ30 +14.51 NASDAQ +9.20 SP500 +4.59 NASDAQ Adv/Vol/Dec 1361/1.22 bln/1243 NYSE Adv/Vol/Dec 1909/465 mln/1047

1:00 pm : Despite uncertainty ahead of the latest FOMC statement, market participants have pushed stocks to broad-based gains, such that the S&P 500 posted a fresh 52-week high.

Stocks showed little direction in the early going as participants prepared for the FOMC to issue its latest monetary policy directive. The FOMC is expected to maintain its current federal funds rate target, which ranges from 0.00% to 0.25%, but many question whether the outlook for the economy or monetary policy has changed.

Anticipation for the announcement, which is scheduled for 2:15 PM ET, has overshadowed the latest dose of data, including a slip in import prices, a higher-than-expected rate of housing starts in February, and a smaller-than-expected decline in monthly building permits.

After a solid gain in the prior session, the greenback has fallen under pressure. It is currently down 0.5% against competing currencies. The euro and British pound have displayed the most strength following news that Europe's officials have come to a consensus about how to provide financial aid to Greece. Though specific figures haven't been shared, bilateral loans are likely a key component of the plan. Credit analysts at S&P took Greece off of CreditWatch, but have a negative outlook.

The dollar's decline has provided a boon for the broader market in the face of uncertainty ahead of the FOMC statement, such that stocks have extended their gains from the past few weeks to hit fresh highs for the year.

Materials stocks have benefited most from this session's advance. They are up 1.2%, more than any other major sector.

Strength among commodities has also helped basic materials stocks. The CRB Commodity Index is up 0.9% at the moment.

Health care stocks make up the only sector to trade in the red. They are down fractionally at the moment.

Corporate news flow has been light this session. Boeing (BA 68.95, -0.45) has been hampered by news that Air Berlin canceled some $1.7 billion worth of firm orders for the 787 Dreamliner.

Meanwhile, General Electric (GE 17.65, +0.36) announced today during a Goldman Sachs conference that losses in GE Capital are expected to peak in 2010, then a snap back in earnings will occur. General Electric estimates that earnings for fiscal 2010 will total $1.03 per share, which exceeds Wall Street's current consensus call for $0.99 per share. Further, GE plans to resume growing its dividend in 2011. DJ30 +18.52 NASDAQ +10.08 SP500 +4.85 NASDAQ Adv/Vol/Dec 1374/1.13 bln/1219 NYSE Adv/Vol/Dec 1931/427 mln/1024

12:30 pm : Stocks have slowly drifted off of their session highs, but broad-based gains remain as advancing issues outnumber decliners by 3-to-1 in the S&P 500.

Despite such strength among stocks, Treasuries have managed to put together a slight gain. In turn, the benchmark 10-year Note is up 5 ticks. That's been enough to take its yield back below 3.70%. DJ30 +23.58 NASDAQ +11.08 SP500 +5.46 NASDAQ Adv/Vol/Dec 1404/1.04 bln/1160 NYSE Adv/Vol/Dec 1985/394 mln/946

12:00 pm : Though in positive territory, the Dow is lagging the other headline indices. Boeing (BA 69.00, -0.40) is a primary source of weakness in the blue chip index. According to Reuters, Air Berlin canceled some $1.7 billion worth of firm orders for Boeing's 787 Dreamliner.

Meanwhile, General Electric (GE 17.69, +0.40) is having a strong session. The industrial conglomerate announced today during a Goldman Sachs conference that losses in GE Capital are expected to peak in 2010, then a snap back in earnings will occur. General Electric estimates that earnings for fiscal 2010 will total $1.03 per share, which exceeds Wall Street's current consensus call for $0.99 per share. Further, GE plans to resume growing its dividend in 2011. DJ30 +27.28 NASDAQ +11.49 SP500 +5.92 NASDAQ Adv/Vol/Dec 1422/940 mln/1115 NYSE Adv/Vol/Dec 2031/352 mln/901

11:30 am : The stock market recently put in a fresh 52-week high on the back of solid, broad-based gains.

Of the major sectors in the S&P 500, only health care is in the red. The sector is currently down fractionally as shares of Medtronic (MDT 45.20, -0.61), Zimmer Holdings (ZMH 57.73, -0.51), and Aetna (AET 31.31, -0.31) fall under pressure.

Volatility has fallen amid this session's broad-based gains. In turn, the Volatility Index is down 2.1%. DJ30 +33.48 NASDAQ +12.25 SP500 +6.22 NASDAQ Adv/Vol/Dec 1394/800 mln/1110 NYSE Adv/Vol/Dec 1988/300 mln/909

11:00 am : The major indices have made their way to fresh session highs amid a pullback by the greenback, which is now down to a fresh session low with a 0.6% loss against a basket of foreign currencies.

The dollar's dip has also boosted commodity prices, such that the CRB Commodity Index is up 1.1% to a session high.

Broader market support, higher commodity prices, and a weaker dollar have combined to help materials stocks extend their gains. The sector is now up 1.3%. DJ30 +29.93 NASDAQ +10.84 SP500 +5.55 NASDAQ Adv/Vol/Dec 1361/650 mln/1091 NYSE Adv/Vol/Dec 1921/250 mln/920

10:30 am : Crude and precious metals hit fresh session highs in recent trading as the dollar index extended its losses and hit new morning lows.

April crude chopped around the unchanged line overnight before gaining traction around 5:00ET. Crude gained further strength around the open of pit trading and hit today's current high at the top of the hour at $81.34 per barrel. Currently, crude is just below those highs at $81.19 per barrel, up 1.7%.

April natural gas is trading independently this morning from crude and precious metals. However, overnight, natural gas did remain trading right around the unchanged line. Highs of $4.42 per MMBtu were hit shortly before pit trading began, but that was short-lived as the energy component quickly reversed into negative territory and fresh session lows of $4.33 per MMBtu. Currently, natural gas is 0.9% lower at $4.35 per MMBtu.

Precious Metals are strong today. April gold and May silver both spiked around 9:00ET to new session highs of $1127.00 per ounce and $17.48 per ounce, respectively. Currently, gold is 1.8% higher at $1125.60 per ounce, while silver is 1.9% higher at $17.44 per ounce. DJ30 +7.41 NASDAQ +3.76 SP500 +2.73 NASDAQ Adv/Vol/Dec 1152/437.4 mln/1221 NYSE Adv/Vol/Dec 1605/186.3 mln/1169

10:00 am : Despite a relatively solid start, the broader market continues to seek direction as it chops along just above the neutral line.

With most of this morning's major announcements out of the way, participants await the latest statement from the FOMC. Given the weight that the directive holds, participants may be unwilling to make major gambles or take significant positions ahead of the announcement, which is scheduled for 2:15 PM ET.

Early movers: Trading up -- BLTI +13.5%, BNHNA +13.3%, MPEL +9.4%, ATHN +9.4%, CLUB +9.3%, MNKD +7.9%, CGEN +6.7%; Trading down -- FRBK -21.6%, EONC -21%, SQNM -19.3%, MSN -17%, MOV -14.6%, DSW -10.8%, SHE -10.5%, HQS -10.5%

Advancing Sectors: Materials (+0.8%), Financials (+0.3%), Consumer Staples (+0.3%), Industrials (+0.2%), Consumer Discretionary (+0.2%), Energy (+0.1%), Utilities (+0.1%), Utilities (+0.1%), Telecom (+0.1%)
Declining Sectors: Health Care (-0.1%) DJ30 +4.28 NASDAQ +2.05 SP500 +2.10 NASDAQ Adv/Vol/Dec 1097/250 mln/1186 NYSE Adv/Vol/Dec 1570/120 mln/1113

09:45 am : The major equity averages have slipped back to the neutral line in the first few minutes of trade, but materials stocks continue to trade with strength.

The materials sector is presently up 0.8%, which is more than double the gain of the next best performing sector (financials, +0.3%). Gold and steel stocks are primary sources of strength in the sector; the two subsectors are up 2.0% and 1.7%, respectively. Their bounce comes after they underperformed in the prior session and the dollar dips this session. DJ30 -6.57 NASDAQ +0.47 SP500 +1.08 NASDAQ Adv/Vol/Dec 1042/160 mln/1180 NYSE Adv/Vol/Dec 1447/90 mln/1190

09:15 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.00. Stock futures suggest a slightly higher start for the session, but the key focus remains on the latest FOMC monetary policy statement. Given that the FOMC is expected to maintain its current federal funds rate target, which ranges from 0.00% to 0.25%, particularly close attention will be paid to the verbiage of the directive in order to discern whether any rate changes will come sooner than later. The announcement is set for 2:15 PM ET. So far, there haven't been any distractions from that event: import prices slipped slightly more than expected in February; housing starts in February hit a higher-than-expected rate on top of an upward revision, and; monthly building permits dipped less than expected. A weaker dollar has also supported the mood among premarket participants -- the greenback is currently down nearly 0.4% against a basket of foreign currencies. Meanwhile, Europe's officials appear to have come to a consensus about how to provide financial aid to Greece, though details of such a plan remain a mystery.

09:05 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +2.00. U.S. stock futures continue to hold a slight edge over fair value. Meanwhile, Europe's major bourses are up solidly in the wake of agreements from European officials to provide financial aid to Greece. Still, no specific amounts were given. Germany's DAX is up 0.7% at the moment. Gains are broad-based with Siemens (SI) a primary leader in the bunch. E.On and Deutsche Telekom are the only two components in the 30-member index to trade lower. As for France's CAC, it is up 0.6%, too. Its advancing issues outnumber its decliners by 7-to-1. Sanofi-Aventis (SNY) is a primary leader. Banking issues HSBC (HBC) and Barclays (BCS) have provided a boost to Britain's FTSE, though it is up a tame 0.2%. In Asia, the MSCI Asia Pacific Index eked out a 0.2% gain in thin trade, while Japan's Nikkei slipped 0.3% as traders took profits. However, Sony Financial surged on a new investment policy and Toyota Motor (TM) gained after the auto maker reported that it found no evidence to support a widely publicized runaway Prius last week. Overall, though, trade was range bound as investors showed reluctance to take positions ahead of monetary policy decisions by the U.S. Federal Reserve and the Bank of Japan this week. In Hong Kong, the Hang Seng shed 0.3%. Its participants were also wary. China Shenhua Energy slid after it reported disappointing quarterly results, while retailer Esprit Holdings gained amid an improving outlook for the euro zone economy. In mainland China, the Shanghai Composite gained 0.5%.

08:35 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.50. Stock futures continue to trade with slight strength. Import prices during February fell 0.3% month-over-month, which is a slightly steeper slide than the 0.2% decline that had been expected. Import prices for January were revised slightly lower to reflect a 1.3% monthly increase. Meanwhile, housing starts for February fell 5.9% month-over-month to an annualized rate of 575,000 units, which is better than the expected rate of 570,000 units. While the month-over-month decline was worse than the expected decline of 3.6%, it was only so because January's rate was revised higher to 611,000 annualized units, which made for a 6.6% monthly increase. Building permits for February fell 1.6% month-over-month to an annualized rate of 612,000. They had been expected to fall 3.4% month-over-month to an annualized rate of 601,000.

08:00 am : S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +3.00. Stock futures are slightly stronger as the dollar dips against competing currencies and market participants prepare for the latest FOMC announcement, which is scheduled for 2:15 PM ET. Before that, though, the latest import price figures, housing starts numbers, and building permits tallies are due (8:30 AM ET). Data is likely to be the key driver this session, especially since there is only a handful of corporate news items, none of which have been market-moving headlines. Meanwhile, overseas trade has been composed of modest losses in Asia, but solid gains in Europe, where it was agreed that technical modalities would be used to provide financial aid to Greece. No new or specific amounts were given, though.

06:23 am : S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +2.30.

06:23 am : Nikkei...10721.71...-30.30...-0.30%. Hang Seng...21022.93...-56.20...-0.30%.

06:23 am : FTSE...5629.22...+35.30...+0.60%. DAX...5948.14...+44.50...+0.80%.

Special thanks to Yahoo! Finance and CNNMoney for their market summaries. gm

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

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