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 @ $2875.00 dollars or +57.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2875.00 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=2324


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.

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

Market Context Summaries

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


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


4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday affair on a higher note as cautious remarks from Fed Chair Yellen boosted risk appetite for the second day in a row. Additional focal points for today's trade included relative strength from the heavyweight technology (+0.7%) and financial (+0.6%) sectors, wavering oil trade, and a continued downturn in biotechnology. The Nasdaq Composite (+0.5%) in-line with the Dow Jones Industrial Average (+0.5%) and the S&P 500 (+0.4%).

Equity indices opened their day sharply above their flat lines as global bourses rallied in response to yesterday's dovish remarks from Fed Chair Yellen. Ms. Yellen's cautious tone boosted risk appetite overseas and at home as she advocated a more gradual path to interest rate normalization. Furthermore, an early rally in crude oil worked to buttress the opening move higher.

However, risk appetite waned when WTI crude slipped from its session high. The slide in oil corresponded to the release of a better than expected reading from the Department of Energy's weekly inventory report. Despite a smaller than expected build in crude stockpiles (2.30 million barrels; expected 3.30 million) and a larger than estimated draw from gasoline inventories (2.51 million barrels; expected 2.17 million), the energy component folded to selling pressure at its session high ($39.80/bbl). However, WTI crude was able to end its day in positive territory, settling up 0.2% at $32.86/bbl.

The major averages moved higher following the conclusion of oil's pit session and seven of ten sectors were able to end their day in the green. On the top of the leaderboard, the heavily-weighted technology (+0.7%) and financial (+0.6%) sectors led while consumer discretionary (+0.6%) and materials (+0.5%) followed.

In the influential technology space (+0.7%), Apple (AAPL 109.56, +1.88) extended its March gain to 12.2% after the tech giant received an upgrade to "Outperform" and a price target increase ($135) at Cowen. Elsewhere in the group, Salesforce.com (CRM 74.30, +2.00) jumped 2.8% after announcing a blank purchase agreement with various departments of the U.S. government that totaled $603 million.

Insurance names gained in the financial sector (+0.6%) after MetLife (MET 44.73, +2.27) had its "Too Big to Fail" designation removed by a district court. The company rallied 5.4% while Prudential (PRU 72.95, +1.43) and American International Group (AIG 54.52, +1.13) traded higher in sympathy with the name.

In the consumer discretionary space (+0.6%), above-consensus bottom-line results from Carnival (CCL 52.37, +2.73) helped lift the resort and leisure sub-group. Elsewhere, Amazon (AMZN 598.69, +4.83) extended its week to date advance to 2.5% while Netflix (NFLX 102.19, -1.94) fell 1.9%.

On the bottom of the leaderboard, countercyclical utilities (-0.2%), health care (-0.1%), and telecom services (UNCH) underperformed.

Biotechnology continued to weigh on the broader health care sector (-0.1%) as the iShares Nasdaq Biotechnology ETF (IBB 254.94, -1.67) slipped 0.7%. Today's decline in the broader ETF followed a leg lower for Valeant Pharmaceuticals (VRX 27.07, -1.91). The pharmaceutical company dove 6.6% after requesting another extension to file its 10-K form.

The U.S. Dollar Index (94.84, -0.32) slipped further today as the euro and the yen extended their recent gain over the greenback. The euro/dollar pair gained 0.4% and ended at 1.1334 while the dollar lost 0.2% (112.45) against the yen.

The Treasury complex fell to session lows during the height of the rally in equities and slowly marched off those levels as the major averages slipped from their highs. The yield on the 10-yr note ended its day higher by two basis points at 1.82%.

Today's participation fell beneath the recent average as fewer than 700 million shares changed hands on the NYSE floor.

Today's economic data included the weekly MBA Mortgage Index and the the ADP Employment Change for March:

The weekly MBA Mortgage Index fell 1.0% to follow last week's 3.3% drop
The ADP Employment report for March came in just ahead of expectations (200K; Briefing.com consensus 196K).
This report is a prelude to the more influential March Employment Situation report, which will be released on Friday morning (Briefing.com consensus 200K).

Tomorrow's economic data will include March's Challenger Job Cuts and weekly initial claims (Briefing.com consensus 265k), which will cross the wires at 7:30 ET and 8:30 ET, respectively. The day's data will be capped off with the 9:45 ET release of the Chicago PMI for March (Briefing.com consensus 49.9).

Nasdaq Composite -2.8% YTD
Russell 2000 -2.0% YTD
S&P 500 +1.0% YTD
Dow Jones +1.7% YTD

3:35 pm:

The dollar index lost steam in early afternoon trade but staged a small rally 30 min before the stock market closes
Commodities, as measured by the Bloomberg Commodity Index, were down -0.5% at 78.93
Crude oil initially rallied after inventory data showed a smaller-than-expected build of +2.299 mln barrels compared to estimates for +3.3 mln barrels, but has since declined and closed near the lows for the day
May crude oil futures closed down -2.6% at $38.36/barrel
Natural gas dipped as low as $1.96/MMBtu before rallying to a new high of the day, giving up some of those gains near the close
May natural gas futures closed up +2.6% at $1.99/MMBtu
In precious metals, gold quickly dropped below yesterday's previous close and consolidated in that area the rest of the day before staging a modest rally near the close
June gold futures closed up +0.5% $1226.80/oz, gold futures have switched their front month to June as indicated by the active amount of volume in those contracts
Silver plummeted below the previous day's close and traded near parity with the previous close before ending slightly up for the day
May silver futures closed +0.1% higher at $15.21/oz
Base metal copper plummeted in early morning trading before consolidating in a tight range all day
May copper futures closed -2.7% lower at $2.19/lb

[BRIEFING.COM] Note:

On March 31, the USDA will release its annual prospective planting report as well as its quarterly grain stocks report, both at noon EST

2:55 pm:

[BRIEFING.COM] As the stock market enters its final hour of trade, the major averages hover near their recent levels. At this juncture, the Nasdaq Composite (+0.6%) trades ahead of both the S&P 500 (+0.5%) and the Dow Jones Industrial Average (+0.5%).

All ten sector trade in the green with countercyclical utilities (+0.1%) and health care (UNCH) underperforming. The remaining sectors show gains between 0.5% (telecom services) and 0.8% (technology).

In the health care space (UNCH) the iShare Nasdaq Biotechnology ETF (IBB 255.96, -0.65) has slipped back under its flat line after rallying in recent action. The ETF has lost 0.3% since the beginning of March, compared to the 0.9% gain in the broader sector. For the year, the ETF has plunged 22.7% while the sector is down 5.7%.

The U.S. Dollar Index (94.81, -0.35) has slipped in recent trade as the yen and the euro extend their respective leads against the greenback. The euro has climbed 0.4% against the dollar to trade at 1.338 while the dollar/yen pair has slipped 0.2% to 112.45.

On the commodities front, oil ended its pit session higher by 0.2% at $38.36/bbl.

2:30 pm:

[BRIEFING.COM] The major averages have traded sideways since our last update as the tech-heavy Nasdaq (+0.5%) trades in-line with the S&P 500 (+0.5%).

Influential technology (+0.8%) has climbed past the financial sector (+0.7%) to top the leaderboard. Meanwhile, commodity-sensitive energy (+0.3%) has added some distance between itself and health care (+0.1%).

In the consumer discretionary space (+0.5%), Carnival (CCL 52.08, +2.44) has jumped 5.0% after reporting a bottom-line beat on in-line revenue in the first quarter. As a result, peer Royal Caribbean (RCL 79.59, +3.54) has gained 4.7%, trading in sympathy with Carnival. Elsewhere, Netflix (NFLX 102.20, -1.93) displays relative weakness while fellow F.A.N.G. member Amazon (AMZN 598.55, +4.69) extends its week to date gain to 2.4%. This compares to a 2.0% gain in the broader index and a 1.4% gain in the benchmark index over that period.

On the commodities front, WTI crude trades higher by 0.1% at $38.32/bbl ahead of its pit session close at 14:30 ET.

2:00 pm:

[BRIEFING.COM] The major averages have bounced off intraday lows as the Dow Jones Industrial Average (+0.5%) trades in-line with the S&P 500 (+0.5%).

Eight of ten sectors trade in the green with technology (+0.7%) and financials (+0.7%) leading the upside while industrials (+0.5%) and consumer discretionary (+0.4%) follow.

In the industrial space (+0.5%), heavily-weighted constituent 3M (MMM 167.01, +2.62) outperforms after receiving a price target increase at UBS to $190 from $170. Meanwhile, fellow large cap General Electric (GE 31.87, +0.39) has gained 1.2% after confirming the divestment of its GE Asset Management Division and its GE Capital U.S. Franchise Finance division to State Street (STT 58.19, +0.04) and Western Alliance Bancorporation (WAL 3.91, +2.91), respectively.

In the Dow Jones Transportation Average (+0.4%), rail names continue to trade higher in sympathy with Norfolk Southern (NSC 85.23, +2.43). The company has gained 2.9% after Canadian Pacific (CP 133.81, +2.67) filed a proxy statement seeking to have Norfolk Southern's Board of Directors discuss a possible business combination. Conversely, Landstar System (LSTR 65.06, -1.69) has slipped 2.5% after lowering its first quarter guidance.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to drift off earlier highs, but still show gains of more than 0.3% at this time.

A look inside the Dow Jones Industrial Average shows that Visa (V 76.76, +1.38), 3M (MMM 167.03, +2.64), and McDonald's (MCD 125.70, +1.73) are outperforming amid broad market strength. 3M this morning had its price target raised at UBS to $190 from $170.

Conversely, Boeing (BA 128.48, -2.40) is the worst-performing Dow component after the company announced it was planning to eliminate more than 4,500 jobs at its commercial airplane unit as part of its ongoing effort to cut costs.

Extending from yesterday's gains, the DJIA is now up 1.05% this week, and more than 7.1% this month as the end of March draws near.

At the top of the hours, the Treasury's $28 bln 7-year note auction drew a high yield of 1.606% on a bid-to-cover of 2.51.

1:10 pm:

[BRIEFING.COM] The stock market trades on a modestly higher note at midday, extending yesterday's rally following dovish commentary from Fed Chair Janet Yellen. Additionally, leadership from the financial (+0.7%) and technology (+0.6%) sectors has added some support to today's move higher. Conversely, vacillating oil prices and the underperformance of heavily-weighted health care (UNCH) has caused the averages to slip from their highs. Currently, the Nasdaq Composite (+0.4%) trades in-line with of the S&P 500 (+0.4%) and the Dow Jones Industrial Average (+0.4%).

Overnight, global bourses rallied following yesterday's dovish remarks from Fed Chair Yellen. In her speech, Ms. Yellen voiced her advocacy for a gradual path to interest rate normalization as rising global risks warranted caution. This dovish tenor worked to help dismiss recent hawkish undertones from the latest round of Fed speakers. As a result, the cash market gapped up to begin its day.

Meanwhile, early support from crude oil moved the averages to their best levels of the day. However, shortly after the release of the Department of Energy's latest stockpile report, the energy component slipped from its best level of the day. The EIA report showed a build of 2.30 million barrels of crude oil (expected 3.30 million) and a draw of 2.51 million barrels of gasoline (expected 2.17 million). Currently, WTI crude trades lower by 0.2% at $38.21/bbl after trading as high as $39.80/bbl.

On the leaderboard, the heavyweight financial (+0.7%) and technology (+0.6%) sectors lead while health care (-0.1%), energy (-0.1%), and utilities (UNCH) underperform.

The financial sector (+0.7%) continues to rally off larger yearly losses (year-to-date -5.4%) as insurance names outperform in the group. The sub-group received a boost from MetLife (MET 44.55, +2.09), which has rallied 4.9% following a positive ruling in a U.S. district court that removed the company's "Too Big to Fail" designation. This label would have subjected the company to more stringent government regulation.

In the influential technology space (+0.6%), large cap constituent Apple (AAPL 109.08, +1.40) outperforms. Meanwhile, the high-beta chipmakers trade in-line with the broader sector, evidenced by the 0.7% gain in the PHLX Semiconductor Index. Conversely, heavyweight Facebook (FB 115.04, -1.10) underperforms.

In the commodity-sensitive energy sector (-0.1%), oil and gas refiners underperform while oilfield service names and pipeline companies demonstrate relative strength. On that note, Halliburton (HAL 35.72, +0.70) has gained 2.1% while Valero Energy (VLO 63.86, 1.42) has slipped 2.1%. Elsewhere, Dow component Exxon Mobil (XOM 84.09, -0.44) underperforms in the price-weighted index.

Biotechnology underperforms in the health care space (-0.1%), evidenced by the 0.7% decline in the iShares Nasdaq Biotechnology ETF (IBB 254.78, -1.83). The sub-group is trading lower in sympathy with Valeant Pharmaceuticals (VRX 26.96, -2.02) as the stock tumbles 7.0% amid reports that the company is seeking to receive another extension for filing its 10-K form.

Meanwhile, the U.S. Dollar Index (94.92, -0.23) has picked up off its lows of the day, but remains down following Fed Chair Yellen's speech yesterday. The euro/dollar pair has gained 0.3%, trading at 1.1324. The dollar has slipped 0.2% against the yen and currently trades at 112.49.

The Treasury complex has inched off its lows, but the yield on the 10-yr note remains higher by two basis points at 1.82%.

Today's economic data included the weekly MBA Mortgage Index and the the ADP Employment Change for March:

The weekly MBA Mortgage Index fell 1.0% to follow last week's 3.3% drop.
The ADP Employment report for March came in just ahead of expectations (200K; Briefing.com consensus 196K).
This report is a prelude to the more influential March Employment Situation report, which will be released on Friday morning (Briefing.com consensus 200K).

12:30 pm:

[BRIEFING.COM] The major averages have slipped in recent action as the S&P 500 (+0.4%) trades in-line with the Nasdaq Composite (+0.4%). The benchmark index trades nine points off its best level of the day.

The heavily-weighted financial sector (+0.9%) leads technology (+0.6%) and consumer staples (+0.5%) while utilities (UNCH) and health care (UNCH) trail.

In the financial sector (+0.9%), insurance companies outperform as the sub-group moves higher in sympathy with MetLife (MET 44.63, +2.17). MetLife has spiked 5.1% following headlines indicating the company won its legal argument to have its "Too Big to Fail" designation removed. Had the designation been upheld, the company would have been subject to tougher government regulation, including higher cash reserves. The broader financial sector has extended its March gain to 7.6%, compared to a 6.8% gain in the benchmark index. The sector remains down 5.2% since the beginning of 2016, trading only ahead of health care (year-to-date -5.6%) over that period.

12:00 pm:

[BRIEFING.COM] The major U.S. indices have pulled back from their highs as the Dow Jones Industrial Average (+0.5%) trades in-line with the S&P 500 (+0.5%).

The leg lower in the broader market followed a similar move in oil. The energy component has slipped from the $39.80/bbl level to trade at $38.56/bbl (+0.7%). As a result, energy (+0.2%) briefly joined utilities (-0.2%) in negative territory. Meanwhile, the health care space (+0.1%) trades narrowly above its flat line.

In the health care sector (+0.1%), Valeant Pharmaceuticals (VRX 27.71, -1.27) slipped amid reports indicating the company requested an extension for filing its 10-K Form. Valeant is seeking to extend this deadline to May 31 from April 29. Meanwhile, the broader biotechnology sub-group has extended its loss, evidenced by the 0.3% downtick in the iShares Nasdaq Biotechnology ETF (IBB 255.96, -0.64).

The U.S. Dollar Index (94.89, -0.27) has rallied off its low in recent trade as the greenback makes up some ground against the euro and yen. The dollar has trimmed its loss to 0.1% (112.60) against the yen while the euro/dollar pair trades at 1.1326 (+0.3%).

11:25 am:

[BRIEFING.COM] The stock market has slipped from its best level of the day as the S&P 500 (+0.6%) trades ahead of the tech-heavy Nasdaq (+0.5%).

The heavily-weighted technology (+0.9%) and financial (+0.9%) sectors maintain their lead while consumer staples (+0.7%) and industrials (+0.6%) follow the pair.

In the technology space (+1.3%), heavyweight Apple (AAPL 109.48, +1.80) has gained 1.7% following an upgrade to "Outperform" at Cowen. Today's advance has extended the company's March gain to 12.1%, compared to a 9.5% gain in the broader sector and a 7.0% gain in the benchmark index. Separately, Salesforce.com (CRM 74.04, +1.74) has jumped 2.4% after announcing a $603 million blanket purchase agreement involving varying departments of the U.S. government.

Meanwhile, the PHLX Semiconductor Index (+1.5%) demonstrates relative strength as component Micron Technology (MU 10.57, +0.42) climbs 4.0% ahead of its earnings release after today's close.

The yield on the 10-yr note continues to float at its session high of 1.85% (+5 bps).

11:05 am:

[BRIEFING.COM] The major averages float in the neighborhood of their session highs as the S&P 500 (+0.8%) trades one point off its best level of the day.

The commodity-sensitive energy sector (+1.3%) has climbed up the leaderboard following the release of the Department of Energy's weekly inventory report. This week's stockpiles showed a build of 2.30 million barrels compared to the 3.30 million barrel estimate. For its part, gasoline inventories shrank by 2.51 million barrels (expected 2.17 million barrels). Accordingly, WTI crude rallied to $39.77/bbl before slipping back to $39.34/bbl (+2.8%).

Meanwhile, a slide in the U.S. Dollar Index (94.69, -0.47) has also helped the dollar-denominated energy component. The index floats near session lows as the greenback falls against the yen and the euro. The euro has gained 0.5% against the dollar to trade at 1.1350. Separately, the dollar/yen pair has lost 0.2% and floats near the 112.47 level.

In the energy space (+1.1%), pipeline companies and independent oil and gas names outperform. Meanwhile, refiners seem to be having a tough session as Marathon Petroleum (MPC 36.67, +0.01) returns to its flat line after showing a brief gain following the release of smaller than expected inventory build data.

10:45 am: [BRIEFING.COM]

The dollar index rallies in the morning but does not seem to be weighing on commodities
Commodities, as measured by the Bloomberg Commodity Index, are up +0.6% to 79.76
Crude oil traded notably higher this morning after API data after the close showed a smaller-than-expected build of +2.6 mln barrels. Then this morning at 10:30 ET, the EIA inventory data also showed a smaller-than-expected crude oil inventory build, helping crude oil prices move to highs of the day. It has since pulled back from highs, but remains higher by 4%.
May crude oil futures are currently up +4% at $39.47/barrel
Natural gas is exhibiting volatility, initially falling below the previous day's close before rallying/consolidating near highs and then retracing back near the lows for the day again
May natural gas futures are currently up +0.5% at $1.99/MMbtu
Gold is currently trading near parity with yesterday's close, futures switched their front month to June today
June gold futures are slightly down -0.04% at $1236.40/oz
Silver headed initially lower in the morning, still above yesterday's close, before rallying to new highs for the day
May silver futures are currently up +1% at 15.38/lb
Base metal copper is currently down -0.5% at $2.20/lb

10:00 am:

[BRIEFING.COM] The major averages float below session highs as the S&P 500 (+0.7%) trades behind the Dow Jones Industrial Average (+0.8%).

On the bottom of the leaderboard, countercyclical utilities (-0.5%), telecom services (+0.1%), consumer staples (+0.3%), and health care (+0.6%) trade behind the broader market. Utilities, telecom services, and consumer staples outperformed in the beginning of the year as a downturn in the broader market moved investors to a risk-off posture. However, investors have demonstrated an increased appetite for risk today as safe havens underperform. On a related note, the Treasury complex trades lower with the yield on the 10-yr note higher by four basis points at 1.85%.

On the economic front, the Energy Information Administration's weekly stockpile data will be released at 10:30 ET. The inventories are expected to show a build of 3.30 million barrels in crude stockpiles compared to last week's 9.35 million barrel build. Meanwhile, gasoline inventories are expected to fall 2.17 million barrels compared to last week's 4.64 million barrel draw. At this juncture, WTI crude trades higher by 3.3% at $39.57/bbl.

9:45 am:

[BRIEFING.COM] As expected, the stock market opened on a higher note as the tech-heavy Nasdaq (+0.8%) outpaces the gains in the Dow Jones Industrial Average (+0.7%) and the S&P 500 (+0.7%).

Nine of ten sectors began the day in the green as technology (+1.0%), industrials (+0.8%), and energy (+0.8%) lead the pack. Countercyclical utilities (-0.4%) shows the only loss of the day. The remaining gainers show advances between 0.2% (telecom services) and 0.7% (financials).

Railroad names demonstrate relative strength in the early going as Union Pacific (UNP 81.24, +1.44) and Norfolk Southern (NSC 86.10, +3.30) climb 1.9% and 4.0%, respectively. Norfolk Southern is benefiting from headlines that Canadian Pacific (CP 135.20, +4.06) filed a proxy statement with the company in order to discuss business combinations with its Board of Directors.

On the commodities front, WTI crude trades higher by 3.0% at $39.44/bbl while natural gas gains 0.6% to trade at $1.99/MMbtu.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +29.90.

The stock market is on track for a higher open as the S&P 500 futures trade 13 points above fair value.

Equity futures and overseas indices moved higher in lockstep overnight as dovish commentary from Fed Chair Yellen continued to boost equity markets. In prepared remarks, Fed Chair Yellen advocated a more gradual path to interest rate normalization as low oil prices, uncertainty over China, and tightening in financial conditions presented growing risks to the global economy. Separately, a rally in crude oil lent support to the move higher. WTI crude trades higher by 2.5% ($39.21/bbl) following the latest American Petroleum Institute's inventory. The API reported that crude stockpiles grew by 2.60 million barrels compared to last week's 8.79 million barrel increase. The Department of Energy's more influential stockpile data will be released at 10:30 ET and is expected to show a build of 3.30 million barrels over the last week.

Futures slipped from their highs shortly after from March's ADP National Employment Report showed an increase of 200,000 (Briefing.com consensus 196,000) and revised the February reading to 205,000 (from 214,000). However, futures have since recovered. This report precedes Friday's more persuasive Employment Situation Report, which is expected to show an increase of 200k in Nonfarm Payrolls.

In company specific news, lululemon atheltica (LULU 64.90, +3.66) has jumped 6.0% in pre-market action following the company reporting top and bottom-line beats in the fourth quarter. Meanwhile, Apple (AAPL 109.02, +1.34) has gained 1.2% after Cowen upgraded the company from "Market Perform" to "Outperform".

The Treasury complex has inched off its low as the yield on the 10-yr note remains higher by two basis points at 1.83%

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +13.30. Nasdaq futures vs fair value: +31.10.

The S&P 500 futures trade 13 points above fair value.

The global equity markets are trading mostly higher, riding the wave of momentum that accelerated after Janet Yellen's speech yesterday. With that said, Japan was one of the only laggards coming out of the night with the Nikkei dropping over 1%. The soft dollar led to yen strength, crippling any advance in the Nikkei. Also keeping a lid on shares was Japan's Feb Industrial Production, which saw the largest decline since the 2011 earthquake. The Shanghai managed to take back all of the losses seen earlier this week, with a 2.8% advance today. Sentiment was strong particularly after Consumer Confidence readings came in well above expectations at 118 (vs 113e).

In economic data:
Japan's Feb Prelim Industrial Prod: -6.2% vs -5.9%e and Feb Vehicle Prod: -6.9% vs -5.8% in Feb 2015
China's Mar Westpac Consumer Confidence index: 118.1 vs 111.3 in Feb
Australia's ANZ Roy Morgan Weekly Consumer Confidence Index: 114.5 vs 116.0 last week
South Korea's Feb Dept Store Sales: -1.9% vs +9.0% in Feb 2015

---Equity Markets ---

Japan's Nikkei fell 1.3% with all sectors closing in the red today. Financials (-2.1%) and Consumer Discretionary (-1.7%) led the way in the broader market decline. The best performing sectors were defensive names, with both Health Care and Staples down 0.7%. As for stock specific movers, the volatility in Sharp continued with a 6.2% move higher last night. The company finally reached a deal with Foxconn, after the market was closed. Among the notable losers of the day, Ajinomoto Co dropped 5.1% after the co disappointed investors with its latest outlook.
Hong Kong's Hang Seng saw a strong session, closing 2.2% higher on the day. Some of the more notable movers outperforming the average were Alibaba Pictures Group (+4.1%) and Ourgame International Holdings (+2.9%) after both companies posted better than expected FY15 earnings.
China's Shanghai Composite rose 2.8% today. As mentioned, the index was bid all night following the better than expected Consumer Confidence. With that said, the financial sector also helped to keep the Shanghai strong. Bank of Communications (+1.8%) and China Everbright Bank Co (+1.9%) both reported impressive Q4 earnings and supported the strength in the banking sector. Meanwhile, heavy-weight Sinopec traded 6.1% higher after it posted better than earnings yesterday after close.

Major European indices trade higher across the board with France's CAC (+1.9%) leading the way as investors pile into risk assets following yesterday's dovish comments from Fed Chair Janet Yellen. Yesterday's speech has remained in focus while regional news flow has been limited.

In economic data:
Eurozone March Consumer Confidence -10.0, as expected (previous -8.8) and March Business and Consumer Survey ticked down to 103.0 from 103.9 (expected 103.8)
Swiss February Consumption Indicator 1.53 (last 1.45) and March KOF Leading Indicators slipped to 102.5 from 102.6 (expected 101.9)

---Equity Markets---

UK's FTSE trades up 1.6%, which puts the index near its March high. Miners have shown notable strength with Anglo American, BHP Billiton, Glencore, Rio Tinto, Antofagasta, and Fresnillo up between 3.5% and 10.0%. Only a handful of names register losses with London Stock Exchange down 0.6%.
Germany's DAX has climbed 1.7% as the index looks to set a fresh 2016 closing high. Today's advance has been underpinned by most components with steelmaker ThyssenKrupp surging 6.8% while utilities RWE and E.On follow with respective gains of 5.2% and 4.7%.
France's CAC is higher by 1.9% with all 40 components trading in the green. Technip, Schneider Electric, and Lafarge show gains between 4.3% and 5.5%. Financials trade a bit behind the broader market with AXA, BNP Paribas, and Credit Agricole up between 1.0% and 1.5%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +29.00.

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

On the corporate front, General Electric (GE 31.59, +0.11) has gained 0.4% after announcing several deals since yesterday's close. The company announced that it would sell its GE Asset Management division to State Street (STT 58.15, -0.34) for $485 million. General Electric also announced that it will be selling GE Capital's U.S. Hotel Franchise Finance business to a subsidiary of Western Alliance Bancorporation (WAL 31.99, +0.99). Separately, reports indicate that industrial giant Boeing (BA 130.88, +0.00) plans to cut more than 4,500 jobs in an effort to reduce costs in its jetliner production arm.

On the economic front, the ADP National Employment Report showed a 200,000 increase in March (Briefing.com consensus 196,000) while the February reading was revised lower to 205,000 from 214,000. The ADP reading precedes Friday's more influential government Employment Report, which is expected to show a 200K increase in Nonfarm Payrolls, fewer than last month's 242K increase.

The U.S. Dollar Index (94.98, -0.18) ticked off its session low shortly after the release of the stronger than expected employment number. On that note, the euro/dollar pair has gained 0.2% and trades at 1.1313 after ticking off the 1.1336 level. Meanwhile, the dollar has lost 0.1% against the yen and trades at 112.62.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +13.30. Nasdaq futures vs fair value: +34.10.

U.S. equity futures hover near overnight highs with the S&P 500 futures trading 13 points above fair value.

Overnight, global bourses rallied following dovish commentary from Fed Chair Yellen in yesterday's prepared remarks. The Fed Chair pointed to increasing risks to the global economy to justify a gradual path in raising rates. Meanwhile, oil added to the positive sentiment as the commodity rebounded following the latest American Petroleum Institute's inventory data. The API reported that crude stockpiles rose by 2.60 million barrels compared to last week's increase of 8.79 million barrels. Investor's will look towards the more influential Department of Energy's stockpiles, which are expected to show a build of 3.30 million barrels in crude oil and will be released at 10:30 ET. Currently, WTI crude trades higher by 1.5% at $38.87/bbl.

On the economic front, the weekly MBA Mortgage Index showed a seasonally adjusted decrease of 1.0%. Separately, the ADP Employment Change for March (Briefing.com consensus 214k) will be released at 8:15 ET.

In U.S. corporate news of note:

lululemon athletica (LULU 63.50, +2.26): +3.7% after reporting top and bottom-line results above analysts' estimates for the fourth quarter
Apple (AAPL 108.92, +1.24): +1.2% following an upgrade at Cowen to "Outperform" from "Market Perform"
Shake Shack (SHAK 36.36, +1.47): +4.2% after receiving an upgrade at Longbow from "Neutral" to "Buy"
Restoration Hardware (RH 37.96, -1.05): -2.7% following the company guiding earnings estimates below consensus for Q1 and FY17
Sonic (SONC 34.00, +1.44): +4.4% after beating earnings estimates for the second quarter and issuing above-consensus guidance

Reviewing overnight developments:

Asian markets ended mostly higher with China's Shanghai Composite +2.8% and Hong Kong's Hang Seng +2.2%. However, Japan's Nikkei fell 1.3%.
In economic data:
Japan's Feb Prelim Industrial Prod: -6.2% vs -5.9%e and Feb Vehicle Prod: -6.9% vs -5.8% in Feb 2015
China's March Westpac Consumer Confidence index: 118.1 vs 111.3 in Feb
Australia's ANZ Roy Morgan Weekly Consumer Confidence Index: 114.5 vs 116.0 last week
South Korea's Feb Dept Store Sales: -1.9% vs +9.0% in Feb 2015

European indices trade higher across the board with France's CAC +1.8%, Germany's DAX +1.7%, and the U.K.'s FTSE +1.6%.
In economic data:
Eurozone March Consumer Confidence -10.0, as expected (previous -8.8) and March Business and Consumer Survey ticked down to 103.0 from 103.9 (expected 103.8)
Swiss February Consumption Indicator 1.53 (last 1.45) and March KOF Leading Indicators slipped to 102.5 from 102.6 (expected 101.9)

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +26.40.

5:50 am: [BRIEFING.COM] Nikkei...16879...-224.60...-1.30%. Hang Seng...20803...+437.00...+2.20%.

5:50 am: [BRIEFING.COM] FTSE...6200.77...+94.90...+1.60%. DAX...10044.7...+156.80...+1.60%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

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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