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 @ $4375.00 dollars or +87.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $4375.00 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=154&t=2310


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


4:10 pm: [BRIEFING.COM] The stock market endured a shaky session on Thursday as the major averages backed away from recent rebound highs. Today's decline was goaded by a lack of sector leadership from the heavyweight technology (-0.1%) and financial (-0.1%) sectors, uncertainty over whether the European Central Bank has reached its easing limits, and losses in crude oil. The Nasdaq Composite (-0.3%) ended behind the Dow Jones Industrial Average (UNCH) and the S&P 500 (UNCH).

Today's trade took on a sell the news posture despite the ECB's latest policy statement exceeding investors expectations regarding the size and scope of the central bank's easing program. To that point, the ECB lowered its interest rate corridor and expanded the amount of its monthly asset purchases to 80 billion euros. To be fair though, participants likely responded to comments from ECB President Mario Draghi, which cast doubts on future interest rate cuts. As a result, equity markets pulled back from their early highs.

On the domestic front, the two top-weighted sectors of the S&P 500 underperformed the broader market as technology (-0.1%) and the financial sector (-0.1%) trimmed their month-to-date advances to 2.9% and 3.9%, respectively. Meanwhile, doubts regarding the likelihood of a production cap between OPEC and non-OPEC states weighed on crude oil. Consequently, WTI crude surrendered 1.2% ($37.78/bbl) and forced energy (UNCH) near the bottom of the leaderboard.

In the influential technology space (-0.1%), the underperformance of heavyweight components Apple (AAPL 101.17, +0.05) and Microsoft (MSFT 52.05, -0.79) brought the broader sector to its worst level of the day (-1.5%). However, both names were able to recover from their respective lows. Apple saw increased buying interest after it announced an event on March 21, where it is expected to refresh its product line. Separately, the high-beta chipmakers outperformed in the group, evidenced by the 0.5% gain in the PHLX Semiconductor Index.

Asset management companies underperformed in the economically-sensitive financial sector (-0.1%) throughout the day. To that point, Franklin Resources (BEN 36.76, -0.65) tumbled 1.7% in continuation of yesterday's move lower. Elsewhere, the money center banks ended their day on a mixed note with Bank of America (BAC 13.27, +0.13) climbing 1.0% while JPMorgan Chase (JPM 58.61, -0.51) ended lower by 0.9%.

Conversely, health care (+0.1%), consumer discretionary (+0.2%), telecom services (+0.5%), and materials (+0.5%) topped the leaderboard.

In the heavyweight health care space (+0.1%), biotechnology underperformed, evidenced by the 0.8% loss in the iShares Nasdaq Biotechnology ETF (IBB 255.08, -2.05). The ETF has now surrendered 23.0% year-to-date, compared to the 6.9% loss in the broader health care sector.

The U.S. Dollar Index (96.19, -0.98) finished near its session low as the yen and euro maintained their respective advances against the greenback. The euro/dollar pair rose 1.7% to 1.1181 after trading as low as 1.0849. Meanwhile, the dollar/yen tumbled 0.2% (113.14) after trading as high as 114.40.

The Treasury complex moved sharply lower in the morning, retracing a portion of that move in the afternoon. The yield on the 10-yr note fell from its best level of the day (1.95%) to end its session higher by five basis points at 1.93%.

Today's participation fell in-line with the recent average as more than 1.019 billion shares changed hands at the NYSE floor.

Today's economic data included weekly initial and continuing claims and the Treasury Budget for February:

The latest initial claims report has produced more encouraging news that should help highlight the burgeoning divergences between the ECB and the Federal Reserve.
Initial claims for the week ending March 5 were 259,000 (Briefing.com consensus 275,000), a decrease of 18,000 from the prior week.
There were no special factors behind the drop in claims, which are at the lower end of the 250,000 to 300,000 range that has persisted since July 2014. The four-week moving average fell to 267,500 from 270,000.
Continuing claims for the week ending February 27 were 2.225 million (Briefing.com consensus 2.251 million), a decrease of 32,000 from the prior week.
The latest reading left the four-week moving average for continuing claims at 2.252 million versus 2.257 million previously.
The Treasury Budget for February showed a deficit of $192.6 billion, nearly matching the deficit of $192.4 billion for the same period a year ago.
The Treasury data are not seasonally adjusted, so the February deficit cannot be compared to the January surplus of $55.2 billion.
Total receipts in February were $169.1 billion while total outlays were $361.8 billion. Receipts were $29.8 billion more than receipts in February 2015 while total outlays were $30.0 billion more than February 2015.
The 12-month deficit was little changed at $405.52 billion versus $405.26 billion in January.

Tomorrow's economic data will be limited to Febraury Import/Export Prices, which will be reported at 8:30 ET.

Nasdaq Composite -6.9% YTD
Russell 2000 -6.4% YTD
S&P 500 -2.7% YTD
Dow Jones -2.5% YTD

3:45 pm: [BRIEFING.COM]

The dollar rallied initially following the ECB decision. However, following domestic econ data, the dollar began to slide lower
The weakness in the dollar helped give select commodities a boost today
But, overall, commodities, as measured by the Bloomberg Commodity index, is near the unchanged line. Precious metals, however, outperformed with gold and silver each rising 1.2% in pit trade today. Apr gold ended at $1272.80/oz, while May silver finished at $15.55/oz.
May copper, on the other hand, slipped one cent to $2.22/lb
Moving on to energy... WTI oil futures sold off today
But by late morning activity, Apr crude began to recover some, rising back above $38/barrel. At the end of floor trade, crude was -1.2% at $37.78/barrel
Apr natural gas rallied today, finishing +2.3% at $1.79/MMbtu

3:00 pm:

[BRIEFING.COM] The major averages continue to climb off their lows as the tech-heavy Nasdaq (-0.5%) trades behind both the Dow Jones Industrial Average (-0.3%) and the S&P 500 (-0.2%).

Eight sectors trade in the red with losses between 0.1% (health care) and 0.7% (energy). Meanwhile, telecom services (+0.3%) and materials (+0.3%) show the onlyadvances.

In the technology space (-0.1%), Apple (AAPL 101.11, -0.01) flirts with its flat line as the heavyweight rebounds off its low (100.15). Separately, the high-beta chipmakers outperform, evidenced by the 0.3% gain in the PHLX Semiconductor Index. The index has climbed 3.7% month-to-date compared to the 2.8% gain in the broader technology sector over that period.

The U.S. Dollar Index (96.02, -1.15) hovers near session lows as the yen and euro maintain their respective advances against the greenback. The euro/dollar pair trades at 1.1204 (+1.9%) after trading as low as 1.0849. Meanwhile, the dollar/yen has tumbled 0.3% (113.02) after trading as high as 114.40.

On the commodities front, WTI crude ended its day lower by 1.2% at $37.78/bbl while gold closed higher by 1.2% at $1,272.80/ozt.

2:30 pm:

[BRIEFING.COM] The major U.S. indices have traded largely sideways since the last update as the Nasdaq Composite (-0.8%) underperforms the S&P 500 (-0.5%).

The energy (-0.6%) sector trades neck-and-neck with financials (-0.5%), which leaves the two groups only ahead of technology (-0.8%).

In the consumer discretionary space, heavyweight components Amazon (AMZN 552.60, -6.86), Disney (DIS 96.67, -0.99), and Home Depot (HD 124.94, -1.08) have fallen between 0.9% and 1.2% apiece. Meanwhile, homebuilders also underperform the sector with the iShares Dow Jones Home Construction ETF (ITB 25.19, -0.24) falling 1.0%.

Biotechnology weighs on the Nasdaq Composite as the iShares Nasdaq Biotechnology ETF (IBB 254.25, -2.88) falls 1.0%.

On the commodities front, WTI crude is trading at $38.00/bbl (-0.7%) ahead of the energy component's pit session close at 14:30 ET.

Treasury yields have ticked off their best levels, but remain broadly higher. The yield on the 10-yr note is higher by five basis points at 1.93%.

2:00 pm:

[BRIEFING.COM] The stock market has ticked lower since the last update as the S&P 500 (-0.7%) floats sixpoints above its session low.

WTI crude has ticked off its session low ($37.27/bbl), but remains down 0.5% at $38.08/bbl. As a result, energy has trimmed its loss to 0.6% after being down as much as 1.8%. The heavily-weighted technology (-1.1%) and financial (-0.7%) sectors currently round out the leaderboard.

The materials sector (UNCH) trades in positive territory as the space enjoys today's bid in iron ore ($56.60/mt; +1.7%). Meanwhile, LyondellBasell (LYB 84.25, +1.66) outperforms in the group as the names climbs 2.0%. Conversely, chemical name Mosaic (MOS 29.21, -0.92) has surrendered 3.1%.

Just released, the Treasury Budget statement for February showed a deficit of $193.0 billion. This Treasury data is not seasonally adjusted so the February surplus cannot be compared to the January surplus of $55.2 billion.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have ticked higher in recent trade, but still rest solidly in negative territory.

A look inside the Dow Jones Industrial Average shows that Microsoft (MSFT 51.33, -1.51), Cisco (CSCO 27.08, -0.53), and JPMorgan (JPM 58.14, -0.98) are underperforming. Cisco and Microsoft are weak as IT puts in today's worst performance as a sector, while JPMorgan trades in line with financials, the second worst performing industry.

Conversely, Merck & Co (MRK 52.72, +0.36) is the best-performing Dow component as shares bounce back after having lagged yesterday

For the week, the DJIA is now down 0.7%.

Elsewhere, at the top of the hour, the Treasury's $12 bln 30-year reopening auction stopped through by 0.7 basis points, drawing a high yield of 2.72% on a bid-to-cover of 2.33

1:05 pm:

[BRIEFING.COM] The stock market trades broadly lower at midday as the heavily-weighted technology (-1.1%) and financial (-0.9%) sectors weighs on the broader market while oil falters. Meanwhile, a raft of new easing measures from the European Central Bank has been met with a sell-the-news reaction as the market wonders whether the ECB has reached its monetary policy limits. The Nasdaq Composite (-1.1%) trades behind the Dow Jones Industrial Average (-0.8%) and the S&P 500 (-0.7%).

Ahead of today's session, the ECB released its latest policy statement, which exceeded investor expectations regarding the size and scope of its quantitative easing program. The central bank lowered its interest rate corridor and expanded its monthly asset purchases to 80 billion euros. Furthermore, the ECB added investment grade euro-denominated bonds of non-bank corporations to its list of assets eligible for purchases. However, the spike in risk assets has been retraced after ECB President Mario Draghi signaled that further interest rate cuts are "unlikely."

Heavyweight technology (-1.1%) and financials (-0.9%) follow energy (-1.2%) on the bottom of the leaderboard while telecom services (+0.1%), materials (-0.2%), and health care (-0.4%) outperform.

Commodity-sensitive energy (-1.2%) has tumbled in tandem with crude oil as doubts emerge regarding the likelihood of a March meeting between OPEC and non-OPEC states to discuss a production cap. For its part, WTI crude has slipped 1.1% to trade at $37.86/bbl. In the energy space, pipeline companies and independent oil and gas names show the largest losses.

The economically-sensitive financial sector (-0.9%) has moved from leader to laggard throughout today's session, as the space retraced a 1.1% gain. The heavyweight sector is being weighed down by the underperformance of asset management names such as Bank of New York Mellon (BK 36.49, -0.65) and BlackRock (BLK 321.22, -7.09), which have declined 1.8% and 2.2%, respectively. Elsewhere, JPMorgan Chase (JPM 58.04, -1.09) has tumbled 1.8%.

In the influential tech space, Microsoft (MSFT 51.40, -1.44) demonstrates relative weakness as the large-cap sinks 2.7%. Meanwhile, Apple (AAPL 100.45, -0.67) is underperforming following renewed concerns regarding its iPhone line after Mizuho commented on some lackluster supply chain data.

The U.S. Dollar Index (96.11, -1.06) plunged into negative territory today as the greenback loses ground to the euro and the yen. The euro/dollar pair hovers at 1.1191 (+1.7%) after trading near 1.1023 shortly after the open. Meanwhile, the dollar/yen pair has fallen to 112.81 (-0.5%) after trading as high as 114.18 in the first half hour of trade.

The Treasury complex trades sharply lower as the yield on the 10-yr note climbs seven basis points to trade at 1.95%. The yield on the benchmark note climbed nine basis points since the announcement of the ECB's expanded easing measures this morning.

Today's economic data has included weekly initial and continuing claims:

The latest initial claims report has produced more encouraging news that should help highlight the burgeoning divergences between the ECB and the Federal Reserve.
Initial claims for the week ending March 5 were 259,000 (Briefing.com consensus 275,000), a decrease of 18,000 from the prior week.
There were no special factors behind the drop in claims, which are at the lower end of the 250,000 to 300,000 range that has persisted since July 2014. The four-week moving average fell to 267,500 from 270,000.
Continuing claims for the week ending February 27 were 2.225 million (Briefing.com consensus 2.251 million), a decrease of 32,000 from the prior week. The latest reading left the four-week moving average for continuing claims at 2.252 million versus 2.257 million previously.

Separately, the Treasury Budget for February will cross the wires at 14:00 ET.

12:30 pm:

[BRIEFING.COM] The major averages float above their session lows as the S&P 500 (-0.5%) trades three points above its worst level (1975.42).

The utilities (-0.7%) sector trades neck-and-neck with financials (-0.7%) as the pair follow energy (-1.1%) on the bottom of the leaderboard. The safe haven sector is seeing some resistance as Treasury yields rise, improving the relative attractiveness of bonds compared to the countercyclical sector.

The Dow Jones Transportation Average (-0.6%) has slid back into negative territory for the year (year-to-date -0.2%) as Union Pacific (UNP 79.20, -0.94) underperforms in the index. Meanwhile, constituent JetBlue (JBLU 19.70, -0.39) has plunged 2.0% as it continues to underperform this week. JetBlue has surrendered 10.3% since Monday while the broader Industrial Average has lost 2.2% over that period.

In the broader industrial sector (-0.5%), United Technologies (UTX 95.55, -1.05) has slipped 1.1% after reaffirming its first quarter and full year 2016 earnings outlook at the company's investor day. Separately, Caterpillar (CAT 71.01, -0.84) has tumbled 1.2%, but still remains higher by 3.8% month-to-date, compared to the 1.8% gain in the broader industrial sector.

11:55 am:

[BRIEFING.COM] The stock market has ticked off session lows as the S&P 500 (-0.4%) floats seven points off its worst level. The benchmark index has surrendered 0.9% this week.

At this juncture, materials (+0.1%) and health care (UNCH) are the best performing sectors. Meanwhile, heavily-weighted financials (-0.5%) now follow energy (-1.1%) on the bottom of the leaderboard.

The economically-sensitive financial sector (-0.5%) has moved from leader to laggard as the heavyweight group retraces a 1.1% gain to trade in the red. In the space, asset management names demonstrate relative weakness as Bank of New York Mellon (BK 36.67, -0.47) and BlackRock (BLK 322.06, -6.25) decline between 1.3% and 1.7%. Meanwhile, NASDAQ (NDAQ 64.51, -0.61) has dipped 0.9% after announcing that it will acquire the International Securities Exchange from Deutsche Borse (DBOEY 8.24, +0.05) for $1.1 billion. Separately, Dow component Goldman Sachs (GS 150.67, +0.76) maintains a 0.5% gain and is the third best performer in the price-weighted index.

WTI crude trades lower by 2.4% at $37.40/bbl while gold has climbed 0.8% ($1,267.40/ozt).

11:30 am:

[BRIEFING.COM] The major U.S. indices have notched new session lows in recent trade as the Nasdaq Composite (-0.8%) continues to underperform the S&P 500 (-0.6%).

The heavyweight health care space (-0.1%) has fallen below its flat line while telecom services (-0.1%) also outperforms, but remains in the red.

Biotechnology underperforms in the health care space, evidenced by the 0.9% decline in the iShares Nasdaq Biotechnology ETF (IBB 254.90, -2.23). Meanwhile, Mylan Labs (MYL 47.26, +0.71) demonstrates relative strength as the company continues to climb after receiving a positive mention in Barron's over the past weekend. The stock has climbed 5.3% week-to-date compared to the 0.4% down tick in the broader sector. Separately, Anthem (ANTM 136.43, +1.98) outperforms in the health care providers sub-group.

The Treasury complex trades sharply lower as the yield on the 10-yr note climbs six basis points to trade at 1.93%. The yield on the benchmark note climbed nine basis points since the announcement of the ECB's expanded easing measures.

11:00 am:

[BRIEFING.COM] The major averages have tumbled to fresh session lows in recent action with the S&P 500 (-0.2%) hovering near those levels.

The heavyweight technology space (-0.3%) paces industrials (-0.3%) as the two sectors trail energy (-1.1%) on the bottom of the leaderboard.

In the influential tech space, Apple (AAPL 100.78, -0.34) has slipped from its session high (102.24) as negative analyst commentary weighs on the heavyweight. Mizuho rekindled some worries over slowing demand for the company's iPhone line after they highlighted some lackluster supply chain data. Meanwhile, Credit Agricole lowered its price target on the company from $130.00 to $128.00. Elsewhere in the space, Microsoft (MSFT 52.26, -0.58) has slipped 1.1% as the large cap pulls back from its recent rally. The stock has gained 1.4% week-to-date compared to the 0.5% loss in the broader sector.

The U.S. Dollar Index (96.49, -0.68) has tumbled further into negative territory since our last update. The move follows some renewed strength in the euro and the yen. The euro/dollar pair hovers at 1.1128 (+1.2%) after trading near 1.1023 shortly after the open. Meanwhile, the dollar/yen pair has fallen to 113.62 (+0.3%) after trading as high as 114.18 in the first half hour of trade.

10:45 am: [BRIEFING.COM]

Natural gas futures pulled back following the weekly EIA storage data, pulling prices down from today's HoD
However, Apr natural gas futures just snapped back and recovered its losses post-EIA
Apr NG isnow +1.5% at $1.78/MMBtu
WTI oil sold off this morning and hit a new LoD in recent trade. Apr crude oil is now -1.6% at $37.67/barrel
The dollar index is has been sliding lower following today's econ numbers, giving a boost to precious metals
Gold and silver are now near today's HoD
Apr gold is now +0.6% at $1264.40/oz, while May silver is now +1.3% at $15.56/oz
Copper is 0.5% lower at $2.22/lb

10:00 am:

[BRIEFING.COM] The major average have ticked higher from their opening levels as the broader market resists a downturn in oil. The S&P 500 (+0.7%) trades at a fresh session high.

The leaderboard is little changed as countercyclical consumer staples (+0.4%) and utilities (+0.4%) follow on energy (-0.5%) on the bottom of the board.

In the energy space, pipeline name Williams Companies (WMB 16.10 , -1.20) underperforms after delaying its in-service date for its Constitution Pipeline from the fourth quarter 2016 to the second half of 2017. Meanwhile, independent oil and gas names show relative weakness while Dow component Chevron (CVX 93.74, +0.92) trades ahead of the broader sector and price-weighted index.

Oil has ticked up off its session low, but remains down 1.8% at $37.59/bbl.

9:45 am:

[BRIEFING.COM] The major averages began their day above their flat lines with the tech-heavy Nasdaq (+0.5%) trading ahead of the S&P 500 (+0.4%).

Nine of ten sectors trade in positive territory with consumer discretionary (+0.6%) and health care (+0.6%) leading the pack. Conversely, commodity-sensitive energy (-1.1%) shows the only decline. The remaining sectors show advances between 0.2% (utilities) and 0.5% (financials). Separately, semiconductors show relative strength as the PHLX Semiconductor Index climbs 0.9%.

On the commodities front, WTI crude has seen increased pressure this morning as doubts mount regarding the March production cap meeting between OPEC and non-OPEC states. At this juncture, WTI crude trades lower by 2.2% at $37.47/bbl.

The Treasury complex has climbed off its low as the safe haven sees increased buying interest. Meanwhile, the yield on the 10-yr note is currently unchanged at 1.88%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +23.40.

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

Index futures rallied this morning after the European Central Bank released its latest policy statement, which was as accommodative as what investors had expected. To that point, the central bank lowered its three key interest rates, including its main refinancing operations rate (from 0.05% to 0.00%), and expanded its monthly asset purchases to 80 billion euros. However, futures returned the lion's share of their advance after ECB President Mario Draghi stated that he does not see the need for more rate cuts based on the current view. The U.S. Dollar Index (97.50, +0.32) mirrored the action in futures as the greenback climbed against euro and yen following the news, but has since returned to earlier levels. The euro/dollar pair trades higher by 1.1% at 1.1100 while the dollar/yen pair has gained 0.4% (113.70).

On the commodities front, WTI crude has climbed off its overnight low ($37.77/bbl) to trade higher by 0.1% at $38.33/bbl. Meanwhile, safe haven gold received a bid in recent action as it reclaims its flat line ($1,257.10/ozt).

The Treasury complex trades broadly lower with the yield on the 10-yr note higher by four basis points at 1.91%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +13.80. Nasdaq futures vs fair value: +34.50.

The S&P 500 futures trade 14 points above fair value.

Equity markets in the Asia-Pacific region ended the day on a mixed note with Japan's Nikkei (+1.3%) showing relative strength while China's Shanghai Composite (-2.0%) struggled after the release of hotter than expected inflation data for February. The above-consensus inflation reading was fueled by spiking food costs and it may be viewed as a data point that prevents monetary authorities from undertaking additional easing. Speaking of easing, the Reserve Bank of New Zealand unexpectedly lowered its Official Cash Rate to 2.25% from 2.50%, signaling that more cuts may be in the pipeline. Separately, the Bank of Korea kept its key interest rate unchanged at 1.5%.

In economic data:
China's February CPI +1.6% month-over-month (expected 1.1%; last 0.5%); +2.3% year-over-year (consensus 1.9%; previous 1.8%). Separately, February PPI -4.9%, as expected (previous -5.3%)
Japan's February Corporate Goods Price Index -0.2% month-over-month (expected -0.3%; last -0.9%); -3.4% year-over-year, as expected (previous -3.1%)
Australia's MI Inflation Expectations slowed to 3.4% from 3.6%

---Equity Markets---

Japan's Nikkei added 1.3% thanks to gains in nine sectors. Industrials (+1.8%), consumer discretionary (+1.7%), and consumer staples (+1.5%) outperformed while utilities (-5.3%) struggled. Nippon Paper, Suzuki Motor, Yamaha, Fujifilm, Mazda, Sony, and Sumitomo Heavy Industries posted gains between 3.5% and 6.7%. On the flip side, TEPCO lost 2.1%.
Hong Kong's Hang Seng endured its second range-bound day in a row, slipping 0.1%. Wharf Holdings and Cathay Pac Air plunged 6.0% and 4.0%, respectively, while Belle International, China Overseas, Hang Lung Properties, and China Life Insurance posted losses between 1.0% and 2.0%. Select consumer names outperformed with Li & Fung spiking 5.0%.
China's Shanghai Composite fell 2.0% with Agricultural Bank of China, Industrial & Commercial Bank, and Bank of China losing between 2.0% and 2.3%.

Major European indices trade sharply higher following the latest policy statement from the European Central Bank. The central bank lowered its three key interest rates with the main refinancing operations rate being lowered to 0.00% from 0.05%. Additionally, the ECB expanded its monthly asset purchase program to EUR80 billion and said it will include corporate bonds in the program. The euro stumbled after the news as diverging monetary policy weighs on the single currency. Currently, the euro/dollar pair trades lower by 0.6% at 1.0928 after trading at 1.0981 before the decision.

In economic data:
Germany's January trade surplus narrowed to EUR18.90 billion from EUR20.30 billion (expected surplus of EUR19.60 billion) as exports declined 0.5% month-over-month (expected 0.5%; last -0.7%) and imports increased 1.2% (expected 0.4%; last -1.6%)
France's January Industrial Production +1.3% month-over-month (expected 0.8%; last -0.6%) and Nonfarm Payrolls +0.2% quarter-over-quarter, as expected
Italy's Quarterly Unemployment Rate 11.5%, as expected (previous 11.5%)
Spain's January Retail Sales +3.3% year-over-year (consensus 2.9%; previous 2.7%)

---Equity Markets---

UK's FTSE is higher by 0.7% with financials outperforming. Barclays and Prudential advancing 0.6% and 1.5%, respectively. Meanwhile, Royal Dutch Shell and BP trade near their flat lines. On the upside, utilities National Grid and Centrica outperform with respective gains of 1.7% and 1.9%.
France's CAC trades up 2.8% with ArcelorMittal, Technip, Cap Gemini, and Louis Vuitton up between 1.3% and 2.1%. Financials trade sharply higher with BNP Paribas, Credit Agricole, and Societe Generale all trading higher between 6.0% and 6.9%.
Germany's DAX has climbed 2.6% with most components taking part in the rally. Adidas has paced the advance, climbing 3.3%. Deutsche Bank has jumped 6.1% while Daimler, Continental, and Volkswagen show gains between 1.8% 2.6%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +17.80. Nasdaq futures vs fair value: +44.80.

The S&P 500 futures trade 18 points above fair value.

The latest weekly initial jobless claims count totaled 259,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally compared to 277,000 in the prior week (revised from 278,000). As for continuing claims, they fell to 2.225 million from 2.257 million.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +19.80. Nasdaq futures vs fair value: +49.30.

U.S. equity futures trade at overnight highs as the S&P 500 futures trade 20 points above fair value.

Overnight, futures moved higher in anticipation of the European Central Bank's latest policy statement. The results did not disappoint as futures moved to fresh highs following the announcement of an increase of 80 billion euros to the central bank's asset purchase program. Additionally, the main refinancing operations rate was lowered to 0.00% (from 0.05%), the marginal lending facility rate was lowered to 0.25% (from 0.30%), and the deposit facility rate was lowered to -0.40% (from -0.30%). Meanwhile, the ECB press conference will be held at 8:30 ET.

The Treasury complex currently trades mostly flat while the yield on the 10-yr note is higher by one basis point at 1.89%.

On the economic front, today's 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.

In U.S. corporate news of note:

Box (BOX 14.30, +1.78): +14.2% after reporting top-and-bottom line results above-consensus in the fourth quarter and guiding estimates higher for
Dollar General (DG 78.50, +3.29): +4.4% following the company reporting a bottom-line beat in the fourth quarter and raising its dividend

Reviewing overnight developments:

Asian equity markets ended on a mixed note with China's Shanghai Composite -2.0%, Hong Kong's Hang Seng -0.1%, and Japan's Nikkei +1.3%.
In economic data:
China's February CPI +1.6% month-over-month (expected 1.1%; last 0.5%); +2.3% year-over-year (consensus 1.9%; previous 1.8%). Separately, February PPI -4.9%, as expected (previous -5.3%)
Japan's February Corporate Goods Price Index -0.2% month-over-month (expected -0.3%; last -0.9%); -3.4% year-over-year, as expected (previous -3.1%)
Australia's MI Inflation Expectations slowed to 3.4% from 3.6%
In news:
The Reserve Bank of New Zealand unexpectedly lowered its Official Cash Rate to 2.25% from 2.50%, signaling that more cuts may be in the pipeline.
The Bank of Korea kept its key interest rate unchanged at 1.5%

European indices trade mostly higher with France's CAC +3.2%, Germany's DAX +2.5%, and the U.K.'s FTSE +0.9%.
In economic data:
Germany's January trade surplus narrowed to EUR18.90 billion from EUR20.30 billion (expected surplus of EUR19.60 billion) as exports declined 0.5% month-over-month (expected 0.5%; last -0.7%) and imports increased 1.2% (expected 0.4%; last -1.6%)
France's January Industrial Production +1.3% month-over-month (expected 0.8%; last -0.6%) and Nonfarm Payrolls +0.2% quarter-over-quarter, as expected
Italy's Quarterly Unemployment Rate 11.5%, as expected (previous 11.5%)
Spain's January Retail Sales +3.3% year-over-year (consensus 2.9%; previous 2.7%)
In news:
The European Central Bank is set to release its latest policy statement, which is expected to expand the size and scope of its quantitative easing program at 7:45 ET

6:04 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +5.30.

6:04 am: [BRIEFING.COM] Nikkei...16852...+210.00...+1.30%. Hang Seng...19984...-12.00...-0.10%.

6:04 am: [BRIEFING.COM] FTSE...6115.15...-31.20...-0.50%. DAX...9722.35...-0.70...0.00%.

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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