TheStrategyLab.com Price Action Trading Support Forum

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)


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 @ $7000.00 dollars or +140.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $7000.00 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=154&t=2309


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.

##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

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

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).

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

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Market Context Summaries

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


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


4:15 pm: [BRIEFING.COM] The major averages ended their midweek affair on a higher note as a leg higher in oil supported a modest gain in the stock market. Additionally, leadership from the heavyweight technology sector (+1.0%) countered some choppy trade from the likes of the financial (+0.1%), consumer discretionary (+0.1%), and health care (+0.2%) sectors. Today's action preceded tomorrow's policy statement from the European Central Bank, which is widely believed to call for additional stimulus measures. The Nasdaq Composite (+0.6%) settled ahead of the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.2%).

Equities displayed modest gains in the early going, reaching their best levels shortly after the release of the Department of Energy's weekly inventory report. The report showed that crude oil inventories rose in-line with analyst estimates, but that gasoline inventories experienced a larger-than-expected draw (4.53 million; consensus 1.39 million). This echoed the results of the API report and led to a bid in crude oil, as investors believed that drawdowns in gasoline inventories would drive increased demand in oil for future refining. As a result, WTI crude ended its day higher by 4.8% at $38.23/bbl.

Commodity-sensitive energy (+1.5%) was able to take advantage of this swing in oil prices, climbing the leaderboard. Meanwhile, the top-weighted technology sector (+1.0%) finished in the second spot.

In the energy sector (+1.5%), oil and gas refining names were able to outperform as Marathon Petroleum (MPC 37.06, +1.89) gained 5.4%. Meanwhile, Dow component Chevron (CVX 92.82, +4.08) managed to top the price-weighted index as it climbed 4.6%. The energy space managed to re-enter positive territory for the year with today's trade, as the group shows a gain of 0.7% over that period.

Heavily-weighted technology (+1.0%) received a boost from large-cap component Microsoft (MSFT 52.84, +1.19), which managed to reclaim its 50-day moving average (52.24). Separately, Cisco Systems (CSCO 27.61, +0.56) benefited from some M&A news as the company announced that it would be acquiring Synata for an undisclosed amount.

On the bottom of the leaderboard, telecom services (-0.3%) led the downside while heavily-weighted financials (+0.1%), consumer discretionary (+0.1%), and health care (+0.2%) underperformed. Biotechnology weighted on the health care space as the iShares Nasdaq Biotechnology ETF (IBB 257.13, 3.00) surrendered 1.2%.

In the economically sensitive financial sector (-0.1%), Morgan Stanley (MS 24.61, -0.40) surrendered 1.6%. The company has plunged 4.8% since Monday whereas the broader sector has lost 1.6% over that period. Meanwhile, Franklin Resources (BEN 37.41, -0.59) tumbled 1.6% after the company reported that preliminary month-end assets under management totaled $714 billion compared to the $728.1 billion under management in January.

Chipotle Mexican Grill (CMG 506.63, -18.06) displayed relative weakness in the consumer discretionary space (+0.1%) after it was confirmed that one of the sick employees at its Billerica, Massachusetts location was infected by norovirus. The location has been cleared to open on Thursday. Separately, large-cap Home Depot (HD 126.03, -0.69) fell 0.5%.

The Dollar Index (97.17, -0.03) ticked up off its session low as the euro/dollar pair backed away from its high of 1.1029 to trade lower by 0.1% at 1.1002. Separately, the dollar/yen pair rose 0.7% to 113.40.

The Treasury complex traded broadly lower throughout the day as the yield on the 10-yr note slipped five basis points to 1.88%.

Today's participation was below the recent average with fewer than 933 million shares changing hands at the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index and the January Wholesale Inventories Report:

The weekly MBA Mortgage Index was showed a seasonally adjusted increase of 0.2% in mortgage applications.
Wholesale inventories increased 0.3% in January from an upwardly revised unchanged reading (from -0.1%) for December. The Briefing.com consensus estimate called for a 0.2% decline in January wholesale inventories, which are up 2.0% year-over-year.
The gain in January was driven by a 1.1% increase in nondurable inventories. Inventories of durable goods actually declined 0.3%.
The uptick in nondurable inventories was driven by drug (+3.3%) and farm products (+2.9%) inventories. The biggest increase was in paper inventories (+4.2%), although they make up just 3.6% of total nondurable inventories.
With respect to durable inventories, the biggest weights were the declines in electrical (-3.6%) and metals (-1.8%) inventories. Machinery inventories, which account for 29% of total durable inventories, rose 0.2% after a 0.4% decline in December.
Wholesale sales dropped 1.3% in January after a 0.6% decline in December. Durable sales were down 1.9% while nondurable sales fell 0.8%.
The wholesale inventories to sales ratio jumped to 1.35 in January from 1.33 in December. This ratio stood at 1.28 in the same period a year ago.

Tomorrow's economic data includes weekly initial claims (Briefing.com consensus 275k) and the Treasury Budget for February, which will cross the wires at 8:30 ET and 14:00 ET, respectively.

3:40 pm: [BRIEFING.COM]

Oil ran higher today, extending gains heading into the close of floor trading
Apr crude oil finished today's floor trading session +4.8% at $38.23/barrel and is just below that level in electronic trade
In other energy, Apr natural gas finished +2.7% at $1.76/MMBtu
Metals finished the day mixed with precious metals closing in the red and copper rising
Apr gold closed -0.5% to $1257.20/oz, while May silver slipped -0.3% to $15.36/oz
May copper closed today +0.5% at $2.23/lc

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the Nasdaq Composite (+0.5%) and the S&P 500 (+0.4%) outperform the Dow Jones Industrial Average (+0.2%). Meanwhile, the benchmark index trades in the middle of its trading range.

Seven sector trade in positive territory with energy (+1.7%) and technology (+0.8%) leading the advance while materials (+0.6%) and consumer staples (+0.6%) jockey for the third position.

In the consumer discretionary space (UNCH), Viacom (VIAB 38.68, +0.00) has recovered from some early relative weakness that saw the name down as much as 1.2%. Early weakness followed reports that listed Viacom as a potential suitor for the production company Anonymous. Meanwhile, fellow media name CBS (CBS 52.09, +1.06) has gained 2.1% after receiving an upgrade at Wells Fargo to "Outperform" from "Market Perform."

On the commodities front, WTI crude ended its day higher by 4.8% at $38.23/bbl while gold ended down 0.5% at $1,257.20/ozt.

The Dollar Index (97.11, -0.10) has picked up off its session low as the euro/dollar pair backs away from its high of 1.1029 to trade lower by 0.1% at 1.1000. Separately, the dollar/yen pair has gained 0.6% in recent trade, hovering near 113.34.

2:30 pm:

[BRIEFING.COM] The S&P 500 (+0.5%) has traded largely sideways since the last update while the Nasdaq Composite (+0.6%) now outperforms.

Financials (+0.2%) have inched higher in recent action as they follow industrials (+0.3%) on the leaderboard.

The Dow Jones Transportation Average (+0.8%) outperforms as United Continental (UAL 57.54, 1.20) and American Airlines (AAL 41.62, +0.85) rebound from respective losses of 2.2% and 3.2% yesterday. Meanwhile, Union Pacific (UNP 80.05, +1.80) has climbed 2.3% after plunging 3.9% yesterday. The index has erased its year-to-date loss and is currently up 0.3% in the first quarter.

Separately, in the broader industrial sector (+0.3%), Honeywell (HON 108.80, +1.22) has gained 1.1% while large cap Danaher (DHR 88.76, -0.18) has ticked lower by 0.2%. The broader sector has gained 2.4% month-to-date while trimming its year-to-date loss to 0.2%.

On the commodities front, WTI crude trades higher by 4.1% ($37.98/bbl) ahead of the commodity's pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The stock market has ticked higher in recent action as the S&P 500 (+0.5%) and the Nasdaq Composite (+0.5%) trade neck-and-neck. The benchmark index floats in the middle of its trading range.

The health care space (-0.1%) follows telecom services (-0.4%) on the bottom of the leaderboard while consumer discretionary (+0.1%) and financials (+0.1%) trade a bit ahead.

In the economically-sensitive financial sector, Goldman Sachs (GS 149.18, -1.87) and Morgan Stanley (MS 24.49, -0.46) hover above their session lows, trading lower by 1.3% and 1.9%, respectively. Meanwhile, Franklin Resources (BEN 37.09, -0.68) has surrendered 1.9% after the company reported preliminary month-end assets under management of $714 billion compared to the $728.1 billion under management at the end of January. The broader financial sector trades higher by 3.8% in March, but remains down 8.5% year-to-date.

The yield on the 10-yr note is higher by six basis points at 1.89%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have taken another leg lower since our last update, and are sitting just marginally in positive territory

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 92.55, +3.81), Cisco (CSCO 27.67, +0.62), and Microsoft (MSFT 52.43, +0.78) are outperforming. Chevron is leading the Dow after being upgraded to Outperform at Wolfe Research, as well as benefiting from a sector-wide rally in the energy space with crude oil bouncing back from yesterday's decline. Cisco and Microsoft are advancing alongside peers as the IT sector outperforms.

Conversely, Nike (NKE 58.41, -1.40) is the worst-performing Dow component following some cautious commentary this morning out of a Tier 1 firm.

Amid this week's choppy action, the DJIA is down 0.2% since Friday's close, but still up more than 2.7% for March.

Elsewhere, the Treasury's $20 bln 10-year reopening auction tailed by 0.6 basis points and drew a high yield of 1.895% on a bid-to-cover of 2.49

1:10 pm:

[BRIEFING.COM] The major averages trade modestly higher at midday as a rally in crude oil lends support to the broader market. The influential technology sector (+0.7%) has provided additional support to today's gain while the underperformance of fellow heavily-weighted sectors such as consumer discretionary (-0.2%) and health care (-0.2%) have weighed on the market. Separately, investors look ahead to tomorrow's policy statement from the European Central Bank for further easing measurers. Currently, the S&P 500 (+0.3%) outperforms both the Nasdaq Composite (+0.2%) and the Dow Jones Industrial Average (+0.1%).

Oil has rallied throughout today's session as the energy component benefitted from bullish responses to both the API weekly inventory report and the Department of Energy's inventory reports. Both reports showed larger-than-expected draws from gasoline reserves while crude levels missed expectations and fell in-line in the respective reports. WTI crude trades higher by 3.7% at $37.84/bbl as investors looks to drawdowns in gasoline inventories to drive increased demand for oil.

As a result, of the positive move in oil, commodity-sensitive energy (+1.8%) has topped the leaderboard while technology (+0.7%) follows. Conversely, telecom services (-0.4%), consumer discretionary (-0.2%), and health care (-0.2%) round out the board.

In the energy space, independent oil and gas names outperform while oil and natural gas refiners have had the best showing. On that note, Marathon Petroleum (MPC 36.91, +1.74) and Valero Energy (VLO 64.82,+2.50) sport respective gains of 5.0% and 4.0%. Meanwhile, Dow component Chevron (CVX 92.84, +4.10) has climbed 4.6%.

The heavyweight technology sector (+0.7%) has climbed up the leaderboard as Cisco Systems (CSCO 27.69, +0.64) outperforms. The networking giant has gained 2.3% following news that the company will acquire Synata for an undisclosed amount. Separately, Microsoft (MSFT 52.53, +0.88) has climbed above its 50-day moving average (52.24).

Large-caps Amazon (AMZN 554.78, -5.48) and Home Depot (HD 125.52, -1.18) underperform in the consumer discretionary space (-0.2%) with both down near 1.0%. Meanwhile, Priceline (PCLN 1276.43, -6.33) has surrendered 0.5%, after Alphabet's (GOOGL 722.22, +8.69) Google announced a "Destination" service for mobile travel planning.

Biotechnology weighs on the health care sector (-0.2%) as the iShares Nasdaq Biotechnology ETF (IBB 256.05, -4.08) surrenders 1.6%. The ETF has lost 0.2% in March and 22.7% in 2016 compared to the 1.1% month-to-date gain in the broader sector and the 7.3% loss for the year.

The U.S. Dollar Index (96.97, -0.24) plunged into negative territory as the euro climbed off its low. The euro/dollar pair trades higher by 0.2% at 1.1029 after trading as low as 1.0948 this session.

Treasuries remain broadly lower as the yield on the 10-yr note trades higher by five basis points at 1.88%.

Today's economic data included the weekly MBA Mortgage Index and the January Wholesale Inventories Report:

The weekly MBA Mortgage Index was showed a seasonally adjusted increase of 0.2% in mortgage applications.
Wholesale inventories increased 0.3% in January from an upwardly revised unchanged reading (from -0.1%) for December. The Briefing.com consensus estimate called for a 0.2% decline in January wholesale inventories, which are up 2.0% year-over-year.
The gain in January was driven by a 1.1% increase in nondurable inventories. Inventories of durable goods actually declined 0.3%.
The uptick in nondurable inventories was driven by drug (+3.3%) and farm products (+2.9%) inventories. The biggest increase was in paper inventories (+4.2%), although they make up just 3.6% of total nondurable inventories.
With respect to durable inventories, the biggest weights were the declines in electrical (-3.6%) and metals (-1.8%) inventories. Machinery inventories, which account for 29% of total durable inventories, rose 0.2% after a 0.4% decline in December.
Wholesale sales dropped 1.3% in January after a 0.6% decline in December. Durable sales were down 1.9% while nondurable sales fell 0.8%.
The wholesale inventories to sales ratio jumped to 1.35 in January from 1.33 in December. This ratio stood at 1.28 in the same period a year ago.

12:30 pm:

[BRIEFING.COM] The S&P 500 (+0.6%) has ticked down in recent trade, but the benchmark index remains within two points of its session high.

Telecom services (-0.1%) and the consumer discretionary space (UNCH) have dipped under their flat lines while health care (+0.1%) treads water in positive territory.

In the health care space, biotechnology continues to weigh on the group as the iShares Nasdaq Biotechnology ETF (IBB 256.08, -4.05) trades well off its low (-2.9%), but remains down 1.6%. The ETF has lost 0.2% in March and 22.7% in 2016 compared to the 1.3% gain by the broader sector in March and the 7.1% loss for the year. In the broader sector, large cap AbbVie (ABBV 56.62, +1.20) outperforms while heavyweight Bristol-Myers (BMY 65.34, -0.92) displays relative weakness.

On the currency front, the euro/dollar pair trades at a session high of 1.1027 (+0.2%) while the dollar/yen pair has gained 0.4% (113.09).

12:00 pm:

[BRIEFING.COM] The major indices have inched higher since the last update as the S&P 500 (+0.7%) trades ahead of the Nasdaq Composite (+0.5%).

The heavily-weighted technology sector (+1.0%) has climbed up to follow energy (+2.4%) as a distant second on the leaderboard while materials (+0.9%) rounds out the third spot.

In the technology space, Cisco Systems (CSCO 27.78, +0.73) has climbed 2.7% after announcing that it will acquire Synata in order to improve how users search rooms and content within Cisco Spark. Terms of the transaction were not disclosed. Separately, Microsoft (MSFT 52.64, +1.00) has managed to reclaim its 50-day moving average (52.24). The tech giant has climbed 3.3% in March, compared to the 3.0% month-to-date gain in the broader sector and the 3.1% jump in the benchmark index.

On the commodities front, WTI crude has slipped from its session high ($38.12/bbl), but still trades higher by 4.0% ($37.98/bbl). Safe haven gold has tumbled 0.7% to trade at $1,254.10/ozt.

11:35 am:

[BRIEFING.COM] The stock market has rallied off its session low as the S&P 500 (+0.6%) now floats at a fresh session high.

On the leaderboard, three sectors currently trade in the red with consumer discretionary (-0.1%) and health care (-0.1%) pacing one another while telecom services (-0.2%) rounds out the board.

The consumer discretionary space (-0.1%) has demonstrated relative weakness throughout today's session as large-cap constituents underperform. To that point, Amazon (AMZN 554.68, -5.80) and Priceline (PCLN 1271.00, -11.77) have surrendered 1.1% and 0.9%, respectively. Priceline may be seeing increased selling pressure as a result of Alphabet's (GOOGL 723.01, +9.48) Google announcing "Destination" for mobile travel planning. Separately, Chipotle Mexican Grill (CMG 499.06, -26.62) continues to see more downside as investors eye the closure of Chipotle's Billerica, Massachusetts location for full cleaning after four employees became sick. The underperformance in the broader consumer discretionary sector could be related to oil's rebound off multi-year lows considering higher gas prices are likely to reduce discretionary budgets of consumers.

The Treasury complex has fallen in recent trade with the yield on the 10-yr note higher by five basis points at 1.88%.

11:00 am:

[BRIEFING.COM] The major averages have slipped to fresh session lows in recent action as the S&P 500 (+0.1%) leads the Nasdaq Composite (-0.1%).

Oil has extended its rally to 3.0% ($37.58/bbl) following the release of the Department of Energy's weekly inventory report. The report showed a largely in-line build in crude stockpiles (3.88 million; consensus: 3.87 million), but also showed a larger-than-expected draw from gasoline inventories (4.53 million; consensus 1.39 million). The energy sector (+1.3%) has been the main beneficiary of the move as the group extends its year-to-date gain to 0.6%.

In the energy space, oil and natural gas refiners demonstrate relative strength with Marathon Petroleum (MPC 36.77, +1.59) and Valero Energy (VLO 65.13, +2.80) gaining 4.3% and 4.4%, respectively. Meanwhile, Dow component Chevron (CVX 92.01, +3.28) outperforms after receiving an upgrade at Wolfe Research.

The U.S. Dollar Index (97.1-0.01) tumbled into negative territory since the last update as the euro climbs off its low. The euro/dollar pair trades flat at 1.1007 after trading as low as 1.0948 this session.

10:45 am: [BRIEFING.COM]

Oil prices rallied following the weekly EIA storage data. Oil storage showed a build of 3.88 mln, which was a bit larger than expectations
However, oil most likely got a boost from the -4.526 mln draw seen in gasoline storage
Apr crude oil rallied as high as $38.02/barrel following this data and is now +4.1% at $37.99/barrel
In other energy, Apr natural gas futures have seen a boost and just hit a new HoD
Apr nat gas is now +2.6% at $1.72/MMBtu
In general, many commodities are seeing a boost because the dollar index has been sliding lower in recent trade
This include metals as well.. Apr gold is now -0.7% at $1254.90/oz, while May silver is +0.2% at $15.43/oz
Copper is running higher as well, Apr copper is currently +1.4% at $2.25/lb

10:00 am:

[BRIEFING.COM] The major averages slipped below their opening levels as the tech-heavy Nasdaq (UNCH) briefly slipped into negative territory. Meanwhile, the S&P 500 (+0.4%) trades three points below its opening high.

Heavily-weighted health care (+0.1) dipped into the red as biotechnology weighs on the group. The iShares Nasdaq Biotechnology ETF (IBB 256.42, -3.71) has surrendered 1.5% to begin its day while component Regeneron Pharmaceuticals (REGN 381.41 -13.40) has plunged 3.4%.

Just released, January wholesale inventories grew 0.3% while the Briefing.com consensus expected a down tick of 0.2%. Today's report followed last month's revised flat reading (from -0.1%).

9:45 am:

[BRIEFING.COM] As expected, the major averages opened above their flat lines as the S&P 500 (+0.4%) keeps pace with the Dow Jones Industrial Average (+0.4%).

All ten sectors began their day in positive territory with commodity-sensitive energy (+0.8%) and materials (+0.5%) leading the advance. Meanwhile, health care (UNCH) and the consumer discretionary space (+0.1%) sport the slimmest gains. The remaining sectors register climbs between 0.3% (financials) and 0.5% (technology).

A rebound in oil has added support to the broader market as WTI crude jumps 1.8% to trade at $37.10/bbl.

The Treasury complex has moved higher since the open while the yield on the 10-yr note is now higher by four basis points at 1.86%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +21.10.

The stock market is on track for a higher open as the S&P 500 futures trade 11 points above fair value.

Futures were lifted by renewed support from the oil patch as WTI crude climbed 1.5% ($37.05/bbl) after yesterday's release of the American Petroleum Institute's weekly inventory report. The report featured a larger-than-expected build in crude inventories (actual: 4.40 million; consensus: 3.00 million), but also included an above-consensus draw from gasoline stockpiles (actual 2.12 million; consensus: 1.50 million). The assumption is that the drawdowns in gasoline and distillate inventories will drive increased demand for oil for future refining activity. Investors look ahead to this morning's release of the weekly inventory report from the Department of Energy, which is expected to show a build of 3.86 million barrels of crude oil.

Meanwhile, European bourses trade broadly higher ahead of tomorrow's European Central Bank policy statement, which is expected to call for additional easing. The specific nature and extent of that easing remains unclear as cuts to the deposit rate and an increase in the central bank's asset purchase program appear on the table. This meeting precedes the Federal Open Market Committee's meeting on March 15 and 16.

On the corporate front, Ross Stores (ROST 56.49, -0.89) has ticked lower by 1.6% after being removed from Goldman Sachs' Conviction Buy List.

Today's economic calendar is light with the January Wholesale Inventories Report (Briefing.com consensus -0.2%) being the only release of note today. The report will cross the wires at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +22.50.

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

Equity markets in the Asia-Pacific region ended Wednesday on a mostly lower note with China's Shanghai Composite (-1.3%) pacing the regional retreat after posting six consecutive gains. Meanwhile, U.S. Secretary of State John Kerry spoke with his Chinese counterpart, Wang Yi, after North Korea's news service reported that the country has developed a miniaturized nuclear warhead. Elsewhere, Japan's Prime Minister Shinzo Abe cautioned the market not to expect new stimulus or an extra budget at this time.

In economic data:
Japan's M2 Money Stock 3.1% year-over-year (expected 3.2%; last 3.2%) and Machine Tool Orders -22.6% (previous -17.2%)
Australia's January Home Loans -3.9% month-over-month (expected -2.3%; last 2.7%) and March Westpac Consumer Sentiment -2.2% (previous 4.2%)
New Zealand's February Electronic Card Retail Sales +0.7% month-over-month (expected 0.3%; last 0.4%)

---Equity Markets---

Japan's Nikkei lost 0.8% with eight sectors ending in the red. Financials (-2.3%), utilities (-2.2%), and energy (-2.0%) paced the decline while communications (+1.5%) and consumer staples (+0.1%) outperformed. Yokohama Rubber, Sumitomo Metal Mining, Mazda Motor, Fujitsu, Chiba Bank, and Shinsei Bank lost between 3.7% and 5.9%. On the upside, Nippon Telegraph & Telephone spiked 5.0% while Sony, TOTO, Olympus, and Canon gained between 0.9% and 2.4%.
Hong Kong's Hang Seng shed 0.1%. Want Want China fell 4.8% while energy-related names like CNOOC, Kunlun Energy, and Petrochina lost between 2.1% and 2.5%. Conversely, HSBC Holdings, Galaxy Entertainment, and China Life Insurance added between 0.7% and 1.6%.
China's Shanghai Composite lost 1.3%. China Petroleum & Chemical and Zijin Mining Group posted respective losses of 1.7% and 4.0% while Agricultural Bank of China and Industrial & Commercial Bank gained 0.9% and 1.9%, respectively.

Major European indices trade higher across the board with investor sentiment tracking the advance in crude oil. News flow from the region has been very light considering tomorrow will feature the latest policy statement from the European Central Bank, which is expected to call for additional stimulus for the single currency region.

Economic data was limited:
UK's January Industrial Production +0.3% month-over-month (expected 0.5%; last -1.1%); +0.2% year-over-year, as expected. Separately, January Manufacturing Production +0.7% month-over-month (consensus 0.2%; last -0.3%); -0.1% year-over-year (expected -0.7%; last -1.7%)

---Equity Markets---

UK's FTSE trades up 0.6% amid strength in financials and consumer names. Prudential, Schroders, HSBC, and RBS are up between 1.8% and 4.5% while Sports Direct, Kingfisher, Taylor Wimpey, and Marks & Spencer hold gains between 1.5% and 1.8%. Elsewhere, Burberry is down 6.1% after yesterday's surge that was driven by takeover rumors.
France's CAC is higher by 1.1% with financials showing relative strength. BNP Paribas, Credit Agricole, and Societe Generale are up between 1.6% and 3.7%. Only three names show losses at this juncture with Nokia, ArcelorMittal, and Veolia Environnement down between 0.3% and 1.3%.
Germany's DAX has climbed 1.2% amid broad support. Adidas, Henkel, and Continental lead with gains of more than 2.0% apiece while Deutsche Post and E.On are both down near 1.0%. Elsewhere, Deutsche Bank trades up 1.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +25.50.

The S&P 500 futures trade 12 points above fair value.

On the corporate front, Yelp (YELP 20.24, -0.86) and Groupon (GRPN 4.25, -0.33) have plunged a respective 4.1% and 7.2% this morning after the names were downgraded at UBS from "Neutral" to "Sell". Separately, Pfizer (PFE 29.70, +0.34) has gained 1.2% after announcing an accelerated share repurchase agreement to repurchase $5 billion worth of its common stock.

On the commodities front, WTI crude has managed to climb above the $37.00/bbl level in recent action, trading higher by 1.3% ($37.01/bbl). Elsewhere, gold has lost 0.6% to trade at $1,254.90/ozt.

The U.S. Dollar Index (97.44, +0.24) has ticked up this morning as the greenback gains against the yen and the euro. The euro/dollar pair trades lower by 0.4% at 1.0962 after tumbling from its overnight high 1.0985. Meanwhile, the dollar/yen pair trades higher by 0.1% at 112.69 after climbing off its overnight low of 112.27.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +26.50.

U.S. equity futures hover below overnight highs as the S&P 500 futures trade 13 points above fair value. Overnight, futures rose in tandem with oil as investors focused on the larger than expected draw from gasoline stockpiles (actual 2.124 million barrels; consensus: 1.500 million barrels) rather than the above-consensus build in crude oil (4.400 million barrels; consensus 3.000 million barrels) reported in the weekly API inventory report. Meanwhile, investors await the Department of Energy's more influential weekly inventory report at 10:30 ET. At this juncture, WTI crude trades higher by 1.4% at $36.99/bbl.

The Treasury complex trades broadly lower this morning while the yield on the 10-yr note is higher by five basis points at 1.88%.

On the economic front, the weekly MBA Mortgage Index was reported at 7:00 ET, showing a seasonally adjusted increase of 0.2% in mortgage applications. Meanwhile, the January Wholesale Inventories Report (Briefing.com consensus -0.2%), which will cross the wires at 10:00 ET.

In U.S. Corporate news of note:

Chipotle Mexican Grill (CMG 513.20, -11.49): -2.2% after it was reported that a location was shut down for full cleaning after four employees got sick
Blue Buffalo (BUFF 21.45, +2.89): +15.6% following the company reporting a fourth quarter earnings beat and announcing a $200 million investments to increase manufacturing and R&D
Planet Fitness (PLNT 13.75, -1.06): -7.2% after Spruce Point issued cautious remarks on the company
CBS (CBS 52.24, +1.06): +2.1% following an upgrade from "Market Perform" to "Outperform" at Wells Fargo

Reviewing overnight developments:

Asian equity markets ended broadly lower with China's Shanghai Composite -1.3%, Japan's Nikkei -0.8%, and Hong Kong's Hang Seng -0.1%.
In economic data:
Japan's M2 Money Stock 3.1% year-over-year (expected 3.2%; last 3.2%) and Machine Tool Orders -22.6% (previous -17.2%)
Australia's January Home Loans -3.9% month-over-month (expected -2.3%; last 2.7%) and March Westpac Consumer Sentiment -2.2% (previous 4.2%)
New Zealand's February Electronic Card Retail Sales +0.7% month-over-month (expected 0.3%; last 0.4%)
In news:
U.S. Secretary of State John Kerry spoke with his Chinese counterpart, Wang Yi, after North Korea's news service reported that the country has developed a miniaturized nuclear warhead
Japan's Prime Minister Shinzo Abe cautioned the market not to expect new stimulus or an extra budget at this time

European indices trade higher across the board with Germany's DAX +1.3%, France's CAC +1.1%, and the U.K.'s FTSE +0.7%.
Economic data was limited:
UK's January Industrial Production +0.3% month-over-month (expected 0.5%; last -1.1%); +0.2% year-over-year, as expected. Separately, January Manufacturing Production +0.7% month-over-month (consensus 0.2%; last -0.3%); -0.1% year-over-year (expected -0.7%; last -1.7%)
In news:
Tomorrow will marks the release of the European Central Bank's latest policy statement, which is expected to call for additional stimulus for the single currency region

5:56 am: [BRIEFING.COM] S&P futures vs fair value: +10.30. Nasdaq futures vs fair value: +23.00.

5:56 am: [BRIEFING.COM] Nikkei...16642...-141.00...-0.80%. Hang Seng...19996...-15.30...-0.10%.

5:56 am: [BRIEFING.COM] FTSE...6132.22...+6.80...+0.10%. DAX...9737.43...+47.40...+0.50%.

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

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