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)
questions@thestrategylab.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 @ $2,140.00 dollars or +21.40 points, Emini ES ($ES_F) futures @ $1,000.00 dollars or +20.00 points, Light Crude Oil CL ($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 @ $3,140.00 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

In addition, all of my trades were posted real-time in the chat room. You can read today's chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=128&t=1742

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) my thought process from trade to trade 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. If you join the chat room and then you do not ask any questions about WRB Analysis in your own trading or you do not document (journal) your own thoughts from trade to trade...the chat room will not be useful to you. Chat room access instructions @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Price Action Analysis via WRB Analysis Tutorials @ 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

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).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=234&t=2257

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

Market Context Summaries

The below summaries by Bloomberg, CNNMoney, 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.

Stocks Fall But Sense Of Calm Prevails


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

NEW YORK (CNNMoney)
On an otherwise quiet trading day in which investors continued to ignore geopolitical risk in Ukraine, a few companies experienced some big stock swings.

The Dow, S&P 500 and Nasdaq all ended the day in the red.

The tense situation in Ukraine caused some sharp moves in markets early last week, but market volatility, as measured by the VIX, (VIX) has declined sharply in recent days.

"With the threat of violence [in Ukraine] out of the way for now, it could take a long time before [the Ukraine-Russia standoff] reaches a definitive conclusion," said Kathleen Brooks, a research director at FOREX.com. "The market tends to shrug off on-going geopolitical issues."

In fact, CNNMoney's Fear and Greed Index, which tracks the VIX and six other indicators or market sentiment, has been showing signs of "Extreme Greed" for the past few days.

There was little economic data on tap Tuesday, but several companies were making news.

J.C. Penney (JCP, Fortune 500) may finally be seeing the light at the end of the tunnel. Shares of the struggling retailer jumped Tuesday after an Citigroup analyst upgraded the company's stock to a "buy."

The stock started the year on a rough note, and was one of the worst performers in the S&P 500 last year. But J.C. Penney shares have jumped in recent weeks as investors have begun to get on board with its much-hyped turnaround strategy. With Tuesday's gains, the stock is closing in on the breakeven line for the year.

But one trader on StockTwits was complaining that he's been on the losing side of the J.C. Penney trade.

"$JCP I resolved to letting it go, take my losses, very painful,, and now, it's back up double from my exit. Very very frustrating," said krafty101.

Another StockTwits user said he's been bullish the stock for some time, and that Citigroup is late to the party.

"$JCP NEVER listen to analysts!! They are only good at looking in their rear-view mirrors," said flyboy.

Plug Power (PLUG) tanked over 40% Tuesday, along with rival fuel cell stocks Ballard Power Systems (BLDP) and FuelCell Energy (FCEL). The companies are considered highly speculative and have enjoyed a massive run as of late. Even with Tuesday's huge loss, Plug is up 300% so far this year.

Shares of Tesla (TSLA) dropped after the electric carmaker lashed out at New Jersey Governor Chris Christie for backing a proposal that would force the automaker to sell its electric cars through dealers in the state, instead of directly to the consumer. Tesla has been selling directly to shoppers in New Jersey for about a year, having sold 500 cars.

Freddie Mac (FMCC, Fortune 500) and Fannie Mae (FNMA, Fortune 500) each plunged about 30%, respectively due to reports that the Senate Banking Committee reached a deal to scale down the mortgage giants. Both companies were bailed out by the government during the 2008 financial crisis.

Herbalife (HLF) shares fell slightly after hedge fund manager Bill Ackman unveiled information alleging violations by the nutritional products distributor in China.

Ackman has publicly called the company a pyramid scheme and said he is betting on the company's demise. But so far Ackman's Pershing Square Capital has taken a bath on that wager, as Herbalife shares have soared since Ackman disclosed his trade.

StockTwits trader LockYourGains predicted Herbalife would bounce unless Ackman presented some compelling new details about the company.

"$HLF Unless ackman convinces that what he has shown today is not just more of the same but actually meritorious, he gets bull slapped," he said.

StockTwits trader thor202 noted that despite mounting losses, Ackman has been relentless in his crusade against Herbalife.

"On $HLF. I think the number 1 rule in trading is to be ruthless about cutting losses. Did Ackman miss that lesson? It's personal for him now," he said.

Shares of Dick's Sporting Goods (DKS, Fortune 500) rose after the sporting retailer reported earnings and revenue roughly in line with forecasts.

Urban Outfitters (URBN), which owns the retail brands Anthropologie and Free People, declined after reporting quarterly revenue that fell short of analysts' expectations.

And while some firms have spent the beginning of 2014 blaming unusually cold winter for weak earnings, one company is actually cheering the country's winter woes. Snow plow maker Douglas Dynamics (PLOW), which trades under the ticker PLOW, rose after reporting strong earnings and solid guidance thanks to this year's wintry mix.

European markets edged higher Tuesday. The majority of Asian markets ended with small gains.





4:25 pm: [BRIEFING.COM] The major averages finished the Tuesday session near their lows with the Russell 2000 (-1.0%) leading the slide. The S&P 500 lost 0.5% with nine sectors ending in the red.

Equities indices started the day with modest gains and spent the first two hours of action in the neighborhood of their flat lines. Although the early trade lacked clear sector leadership, that could have been overlooked due to the strength among heavily-weighted sectors like health care (-0.3%), technology (-0.2%), and consumer staples (unch). The relative strength of the three groups kept the market afloat in the early going considering they account for nearly 42.0% of the entire S&P 500.

However, another influential sector-financials (-0.7%)-was a bit more reluctant and never pulled away from its flat line. Fittingly, the group was among the first to show weakness when the broader market slipped into the red.

Interestingly, the first wave of selling among financials coincided with a notable drop in copper futures, which have been pressured recently amid worries regarding the health of China's corporate sector. Today, the red metal fell 2.8% to $2.947/lb, a level last seen in mid-2010. Furthermore, the base metal extended its March decline to 7.5%. Considering copper's importance to global industry, significant weakness in the price of the metal can be seen as a cautious signal regarding the overall health of the global economy. Similarly, the financial sector is also viewed as a vital factor in global growth.

Although financials lagged, today's retreat came after the sector led last week's advance. Despite today's loss, the sector remains higher by 1.4% so far this year versus a 1.0% gain for the S&P 500. Top sector components with global exposure, however, have not seen comparable gains. Goldman Sachs (GS 169.89, -3.62) lost 2.1% today, widening its year-to-date decline to 3.4% while JPMorgan Chase (JPM 58.19, -1.01) slumped 1.7%, ending the session with a 0.5% loss so far in 2014.

Commodity-linked energy (-1.2%) and materials (-1.0%) also contributed to the slide while crude oil lost 1.1%, ending at $99.99/bbl.

Also of note, the huge intraday reversal in the fuel cell stocks today was another focal point that may have encouraged investors to take some money off the table. Plug Power (PLUG 6.92, -3.39), Fuel Cell (FCEL 3.28, -0.65), and Ballard Power (BLDP 5.10, -1.78), for instance, ended down 48.6%, 30.8%, and 39.1%, respectively, from today's high. A caustic report on Plug Power out of Citron Research contributed to the sharp reversal.

Treasuries held modest intraday losses, but jumped to highs as the market slid into the red. The benchmark 10-yr yield ended lower by two basis points at 2.76%.

Today's selling pressure contributed to demand for volatility protection, sending the CBOE Volatility Index (VIX 14.81, +0.61) higher by 4.3%.

Participation was below average with 630 million shares changing hands at the NYSE floor.

Today's economic data was limited to the Wholesale Inventories report:
Related Stories

Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The Briefing.com consensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Budget for February will be reported at 14:00 ET.

Nasdaq Composite +3.1% YTD
Russell 2000 +2.3% YTD
S&P 500 +1.0% YTD
Dow Jones Industrial Average -1.4% YTD

3:30 pm: [BRIEFING.COM]

Apr gold dipped to a session low of $1337.80 per ounce in late morning action after trading as high as $1352.90 per ounce earlier in the session. However, the yellow metal managed to push back into positive territory and settled at $1346.50 per ounce, or 0.4% higher.

May silver pulled back from its session high of $21.33 per ounce and brushed a session low of $20.67 per ounce by late morning pit trade. It eventually settled with a 0.4% loss at $20.82 per ounce. May copper extended losses for a third consecutive session as concerns over China and its financing deals weighed on the metal. It traded as low as $2.94 per pound, its lowest level since July 2010, and settled with a 2.6% loss at $2.95 per pound.

Apr crude oil extended yesterday's losses, falling below $100 per barrel for the first time since early February. The energy component brushed a session low of $99.88 per barrel as it headed towards the close and settled at $99.99 per barrel, or 1.1% lower. Apr natural gas spent its entire floor session in the red, falling as low as $4.57 per MMBtu. Unable to find buying support, it settled 1.1% lower at $4.60 per MMBtu.

3:05 pm: [BRIEFING.COM] The S&P 500 (-0.6%) has notched a fresh session low with one hour left in the trading day. The benchmark index slid into negative territory just before 12:00 ET amid weakness in growth-sensitive financials (-0.8%), energy (-1.3%), and industrial (-0.8%) sectors, but the relative strength of health care (-0.4%), technology (-0.3%), and consumer staples (-0.1%) kept the broader market from registering additional losses.

Over the past hour, technology and health care dropped into the red while the consumer staples sector remains in the neighborhood of its flat line. In particular, technology and health care deserve close attention during the final hour of action as additional weakness in the two sectors would likely translate into continued pressure for the broader market. Together, the two groups represent just over 30% of the entire S&P 500.

With equity indices on their lows, volatility protection has seen increased demand since our last update, pushing the CBOE Volatility Index (VIX 14.73, +0.53) to a fresh session high. The near-term volatility gauge is now higher by 3.7%.

2:30 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 trading two points away from its session low. The benchmark index marked its lowest level of the session at 13:30 ET and spent the following the 30 minutes in a steady climb towards its flat line; however, the rally attempt was rebuffed at the 1874 level, where the index turned back towards session lows.

With stocks on the defensive, the CBOE Volatility Index (VIX 14.34, +0.14) continues showing increased demand for volatility protection, but at this time, the heightened interest is not indicative of a major rush for protection.

Elsewhere, Treasuries remain on their highs with the 10-yr yield sitting just below 2.77%.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.2%) has spent the past 30 minutes in a slow climb off its lows. As a result, the index has cut its losses in half.

The financial sector (-0.5%) remains among the laggards, alongside energy (-0.9%), industrials (-0.4%), and materials (-0.5%). Meanwhile, the technology sector (+0.1%) is the only cyclical group that continues trading in the green.

Even though the tech sector remains above its flat line, top-weighted components are somewhat mixed. Apple (AAPL 537.50, +6.58) continues to hold a solid gain of 1.2% while other major names like Google (GOOG 1205.23, -6.34), Intel (INTC 24.71, -0.13), and Facebook (FB 71.43, -0.60) hold losses between 0.5% and 0.8%.

1:35 pm: [BRIEFING.COM] The stock market remains on the defensive, unable so far to draw renewed buying interest like it did yesterday. A few key differences are that the financial sector (-0.6%) and the energy (-1.1%) sector are underperforming the market today.

Weakness in those heavily-weighted areas has acted as a weight on the broader market, yet it's worth noting that every sector is currently trading lower at the moment.

Another item catching some added attention and weighing on sentiment is the continued weakness in copper prices. That weakness has picked up in the wake of the first ever corporate bond default in China and the surprisingly weak export data for February. Copper is regarded as an economic indicator given how widely used it is in industrial applications. Accordingly, when it is weak, it sparks concerns about global economic activity, and when it is strong, it raises confidence in the outlook.

NYMEX copper futures ($2.95/lb, -$0.08) are down 2.6% today and have dropped 10% from their settlement level on February 21.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover near their recently-established lows. The S&P 500 holds a loss of 0.3% while small caps lag with the Russell 2000 trading lower by 0.6%.

Equities began the day with modest gains, spending the first two hours of action near their flat lines. The S&P 500 inched to a session high of 1882.43 before reversing swiftly. The quick turn took place after a significant retreat in copper futures weighed on the two commodity-linked sectors-energy (-0.9%) and materials (-0.6%)-and the bellwether financial space (-0.4%).

Copper futures have been on the defensive since the start of the year, but the weakness has accelerated notably in March following disappointing trade data from China and news of the first corporate default in the Middle Kingdom. At this juncture, copper futures trade lower by 2.7% at $2.950/lb, and are down 7.4% so far in March. The continued weakness is noteworthy considering today's drop sent the base metal to levels last seen in mid-2010. Furthermore, copper is often used as a gauge of global economic health due to a multitude of applications.

This brings us to the financial sector, which is also used to evaluate the level of activity in the economy as rapid growth leads to an increased need for financial services. On the flip side, a weakening financial sector can be an early signal of impending weakness. Currently, the group is among the laggards with two major components-Goldman Sachs (GS 171.16, -2.35) and JPMorgan Chase (JPM 58.54, -0.66)-both down in excess of 1.0%.

It is also worth mentioning that the underperformance of the financial sector comes after the group paced last week's advance. Including today's loss, the sector remains higher by 1.7% for the year versus a 1.4% gain for the S&P 500. A somewhat different tale has been told by the aforementioned top components as Goldman Sachs holds a year-to-date loss of 3.4% while JPMorgan Chase is essentially unchanged in 2014.

While today's weakness among financials could be just a case of profit-taking after a solid run last week, the sector bears watching over the coming days.

For now, the S&P 500 has been kept from registering additional losses by the outperformance of technology (+0.2%), health care (+0.1%), and consumer staples (+0.1%).

Treasuries jumped to highs in a move coinciding with the weakness in copper. The 10-yr yield is lower by one basis point at 2.77% after notching a high below 2.80%.

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

Wholesale inventories increased 0.6% in January after increasing an upwardly revised 0.4% (from 0.3%) in December. The Briefing.com consensus pegged inventory growth at 0.4%. Inventory growth in the durables sector slowed, increasing 0.4% in January after a 1.2% gain in December. Nondurable inventories rose 0.8% in January after falling 0.9% in December. Unfortunately, the strong gain in inventories was likely not planned. Sales, which edged up a slight 0.1% in December, crashed in January and fell 1.9%.

12:35 pm: [BRIEFING.COM] The major averages have continued their retreat with the S&P 500 widening its loss to 0.3%. Elsewhere, small caps have suffered from added pressure as the Russell 2000 trades lower by 0.6%.

The technology sector (+0.2%) continues trading in the green while the remaining nine groups sit below their flat lines. Most notably, the financial sector is now lower by 0.6% with bellwether names Goldman Sachs (GS 171.02, -2.49) and JPMorgan Chase (JPM 58.46, -0.73) both down near 1.3%.

In addition to the hints of a risk-off sentiment among stocks and commodities (copper -2.3%), the foreign exchange market has been sending similar signals. The dollar/yen pair, which traded just under its session high of 103.44 until 11:00 ET, is now just above its recently-established session low of 102.95.

Also of note, the retreat in equities took place as Treasuries jumped to highs. The benchmark 10-yr yield is lower by one basis point at 2.77% after trading above 2.79% within the past hour.

12:00 pm: [BRIEFING.COM] Recent action saw the Dow Jones Industrial Average (-0.1%) and the S&P 500 (-0.1%) slide into the red while the Nasdaq (+0.1%) remains above its flat line.

The selling observed during the past 30 minutes took place as the financial sector (-0.4%) dropped to a session low. In addition, the two commodity-linked sectors, energy (-0.6%) and materials (-0.5%) played a role in the weakness.

Copper futures have been retreating steadily since the start of the year, but the slide has accelerated notably in March following disappointing trade data from China and news of the first corporate default in the Middle Kingdom. Today, copper futures trade lower by 2.5% at $2.956/lb, and are down 7.3% so far in March. The recent weakness is noteworthy considering the base metal now trades at levels last seen in mid-2010. Furthermore, copper is often used as a gauge of global economic activity due to its wide application.

11:30 am: [BRIEFING.COM] Two hours into the session, the major averages are holding their recent levels with the Nasdaq (+0.3%) leading while the S&P 500 (+0.1%) sports a two-point gain.

Individual sectors trade in mixed fashion with technology (+0.5%), health care (+0.4%) and consumer discretionary (+0.2%) setting the pace while energy (-0.2%), financials (-0.2%), and materials (-0.1%) lag.

Today's leading sector, technology, is receiving considerable support from its top component, Apple (AAPL 538.14, +7.17), which trades higher by 1.4% following a Pacific Crest upgrade to 'Outperform' from 'Sector Perform.'

Interestingly, outside of Apple, other top tech components are somewhat mixed. Microsoft (MSFT 38.16, +0.34) and IBM (IBM 188.00, +1.61) display solid gains while Google (GOOG 1209.31, -1.92), Oracle (ORCL 38.87, +0.01), and Qualcomm (QCOM 77.02, -0.05) lag. Intel (INTC 24.80, -0.04) is also showing relative weakness, but that has not stopped other chipmakers from rallying. The PHLX Semiconductor Index trades up 0.5%.

10:55 am: [BRIEFING.COM] The major averages have regained their early losses with the Nasdaq (+0.5%) maintaining its outperformance thanks to the relative strength of the technology sector (+0.6%).

Outside of technology, another influential sector, health care (+0.5%), is also among the outperformers. Biotechnology has played a factor in the relative strength as the iShares Nasdaq Biotechnology ETF (IBB 262.82, +2.32) trades higher by 0.9%.

Although two of the three top-weighted sectors outperform, the financial sector (unch) has been reluctant in joining the advance so far after displaying relative strength last week. The sector sports a month-to-date gain of 3.1% versus a 1.2% increase for the S&P 500.

With stocks on their highs, participants are not showing much demand for volatility protection as the CBOE Volatility Index (VIX 13.88, -0.32) trades lower by 2.3%.

10:35 am: [BRIEFING.COM]

Gold and silver futures climbed higher in late overnight/early morning trading sessions.
Silver, however, has been pulling back from its $21.52 session high and is now +0.8% at $21.07/oz. Apr gold is +0.4% at $1346.90/oz.
Crude oil was higher overnight and rose as high as $101.52/barrel. In more recent trade, the Apr contract has been selling off its session high and is now -0.3% at $100.84/barrel
Apr natural gas is -0.5% at $4.63/MMBtu
May copper futures were in positive territory all day, but just dipped into negative territory. Copper is now -0.2% at $3.03/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades less than two points below its flat line.

Just reported, January wholesale inventories rose 0.6% while the Briefing.com consensus expected an increase of 0.4%. Today's report follows last month's revised increase of 0.4% (from 0.3%).

9:45 am: [BRIEFING.COM] The major averages began the trading day with modest gains before slipping into the red. The Nasdaq remains in the green while the Dow Jones Industrial Average (-0.2%) and S&P 500 (-0.1%) hover just below their flat lines with eight sectors trading in the red.

Most notably, the largest S&P 500 sector, technology (+0.2%) has claimed the early lead thanks to broad gains among chipmakers. The PHLX Semiconductor Index is higher by 0.1%. This has contributed to the outperformance of the Nasdaq.

On the flip side, energy (-0.3%), financials (-0.1%), health care (-0.1%), and materials (-0.4%) are among the early laggards.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +8.50. Equity indices are on track to begin the Tuesday session on a modestly higher note as futures on the S&P 500 trade almost three points above fair value. Futures spent the bulk of the overnight session just below their flat lines, but returned into positive territory during the past 30 minutes. There was no news coinciding with the move, but it is worth mentioning that Germany's DAX (+0.5%) climbed to a session high at the same time.

Participants received a handful of quarterly results between yesterday's close and today's opening bell with discretionary names providing another reminder of spotty consumer spending. Bon-Ton Stores (BONT 10.25, -0.62) missed on earnings and revenue while American Eagle Outfitters (AEO 13.40, -0.81) and Dick's Sporting Goods (DKS 55.50, +1.17) beat estimates, but issued below-consensus guidance.

With regards to economic data, the January Wholesale Inventories report will be released at 10:00 ET.

Treasuries have alternated between slim gains and losses for the past hour with the 10-yr yield hovering near 2.78%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.00. The S&P 500 futures trade 2.5 points above fair value.

It was a sea of green across Asia as all of the major bourses, aside from India's Sensex (-0.5%), finished with gains. The Bank of Japan opined overnight, opting to leave its asset purchase program at JPY60-JPY70 trillion per year ahead of next month's planned sales tax increase.

In regional economic news, India's trade deficit narrowed to $8.13 billion from $9.91 billion and Australia's NAB Business Confidence slipped to 7 from 9.

Japan's Nikkei gained 0.7%, but remained near late-January levels. Heavyweight Softbank provided support, climbing 2.6%.
Hong Kong's Hang Seng finished just above its flat line. Energy and real estate shares were a drag with CNOOC sliding 2.7% and China Resources Land giving up 2.4% to lead their respective sectors lower.
China's Shanghai Composite added 0.1%, narrowly avoiding a close near seven-month lows as trade reclaimed the 2000 level. Property shares posted solid gains with China Vanke and Poly Real Estate jumping 4.9% and 4.4%, respectively.

Major European indices trade in mixed fashion with Germany's DAX (+0.4%) leading while France's CAC (-0.3%) lags. Participants received several economic data points. Germany's trade surplus narrowed to EUR17.20 billion from EUR18.30 billion (EUR17.70 billion expected). Great Britain's Industrial Production ticked up 0.1% month-over-month (0.2% expected, 0.5% prior) while the year-over-year reading increased 2.9% (3.0% consensus, 1.9% previous). Manufacturing production rose 0.4% month-over-month (0.3% consensus, 0.4% prior) while the year-over-year reading increased 3.3% (3.3% expected, 1.4% last). BRC Retail Sales Monitor fell 1.0% year-over-year (1.6% expected, 3.9% prior). Elsewhere, Italian GDP ticked up 0.1% quarter-over-quarter (0.1% consensus, 0.1% prior) while the year-over-year reading fell 0.9% (-0.8% expected, -0.9% last). Also of note, Swiss Industrial Orders fell 0.6% (2.0% forecast, -1.1% previous).

Among news of note, Eurogroup President Jeroen Dijsselbloem said 'solid' progress has been made on the Single Resolution Fund.

Germany's DAX is higher by 0.4% with exporters showing strength. BMW, Daimler, and Volkswagen display are up between 0.2% and 1.2%. On the downside, producers of basic materials lag. BASF, Lanxess, and Linde display losses between 0.2% and 0.7%.
Great Britain's FTSE holds a loss of 0.1% as financials weigh. Barclays, Royal Bank of Scotland, and Old Mutual are down between 1.8% and 3.0%. On the upside, apparel retailer Sports Direct International trades up 3.4%.
In France, the CAC is lower by 0.3% with consumer names on the defensive. Carrefour and Kering are both down near 1.3%. Software company Gemalto outperforms, trading higher by 2.4%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +4.00. U.S. equity futures continue trading little changed after spending the night in narrow ranges. Although the overnight session was largely uneventful, the Bank of Japan maintained its current policy stance ahead of the sales tax increase, which is planned for April. The BoJ did not hint at plans for additional easing in the near-term, which was met with modest yen strength. The dollar/yen pair has recouped its slim losses while the Japanese currency continues trading modestly higher against the euro.

Staying on the currency theme, the U.S. Dollar Index (79.84, +0.07) holds a modest gain of 0.1% with the greenback showing strength against the British pound and the euro.

Treasuries are little changed with the 10-yr yield at 2.78%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +1.20. U.S. equity futures trade little changed amid mixed action overseas. The S&P 500 futures hover less than a point below fair value.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.7%, China's Shanghai Composite +0.1%, and Hong Kong's Hang Seng +0.02%.
Looking at economic data:
The Bank of Japan made no changes to its policy course, maintaining its key interest rate and the asset purchase at their respective 0-0.10% and JPY60-70 trillion. Separately, Machine Tool Orders jumped 26.0% year-over-year (40.3% previous).
Australia's NAB Business Survey slipped to 0 from 4 while the Business Confidence component slipped to 7 from 9.
New Zealand's Electronic Card Retail Sales rose 0.9% month-over-month (0.9% consensus, -0.5% prior) while the year-over-year reading increased 5.7% (6.1% previous).
In news:
The Bank of Japan maintained its economic assessment for the seventh consecutive month, saying CPI should be in the neighborhood of 1.25% for 'some' time.
Speaking at the National People's Conference, People's Bank of China Governor Zhou Xiaochuan said interest rates are likely to be pushed higher by 'market forces' as the country continues on the path to rate liberalization.

Major European indices trade in mixed fashion. Germany's DAX +0.3%, Great Britain's FTSE -0.3%, and France's CAC -0.4%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.2%.
Participants received several economic data points:
Germany's trade surplus narrowed to EUR17.20 billion from EUR18.30 billion (EUR17.70 billion expected).
Great Britain's Industrial Production ticked up 0.1% month-over-month (0.2% expected, 0.5% prior) while the year-over-year reading increased 2.9% (3.0% consensus, 1.9% previous). Manufacturing production rose 0.4% month-over-month (0.3% consensus, 0.4% prior) while the year-over-year reading increased 3.3% (3.3% expected, 1.4% last). BRC Retail Sales Monitor fell 1.0% year-over-year (1.6% expected, 3.9% prior).
Italian GDP ticked up 0.1% quarter-over-quarter (0.1% consensus, 0.1% prior) while the year-over-year reading fell 0.9% (-0.8% expected, -0.9% last).
Swiss Industrial Orders fell 0.6% (2.0% forecast, -1.1% previous).
Among news of note:
Eurogroup President Jeroen Dijsselbloem said 'solid' progress has been made on the Single Resolution Fund.

In U.S. corporate news:

Douglas Dynamics (PLOW 17.50, +1.18): +7.2% after beating on earnings and revenue.
Dick's Sporting Goods (DKS 53.00, -1.33): -2.5% after its below-consensus Q1 earnings guidance overshadowed its in-line results.
FuelCell Energy (FCEL 4.55, +0.62): +15.8% following its in-line earnings on better-than-expected revenue.
Urban Outfitters (URBN 36.20, -1.31): -3.5% despite beating earnings estimates on revenue matching the February 10 warning.

The January Wholesale Inventories report will be released at 10:00 ET.

6:38 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +1.00.

6:38 am: [BRIEFING.COM] Nikkei...15224.11...+104.00...+0.70%. Hang Seng...22269.61...+4.70...0.00.

6:38 am: [BRIEFING.COM] FTSE...6663.77...-25.70...-0.30%. DAX...9277.43...+11.90...+0.10%.

WTI Oil Falls as U.S. Crude Supplies Rise; Brent Drops

By Ben Sharples Mar 11, 2014 8:42 PM ET

West Texas Intermediate dropped for a third day after an industry report showed crude inventories rose in the U.S., the world’s biggest oil consumer. Brent in London decreased.

Futures lost as much as 0.7 percent in New York after slipping to a one-month low yesterday. Crude supplies increased by 2.63 million barrels last week, the American Petroleum Institute said. An Energy Information Administration report today may show stockpiles expanded by 2 million, according to a Bloomberg News survey. Chinese exports slid the most since 2009 last month, customs data showed on March 8.

“Oil is caught up in the general concern that is emanating from China,” said Ric Spooner, a chief analyst at CMC Markets in Sydney. “Increasing inventories last night didn’t help. If West Texas does develop downward momentum from here, the next support is at about $95.”

WTI for April delivery fell as much as 68 cents to $99.35 a barrel in electronic trading on the New York Mercantile Exchange, and was at $99.42 at 11:41 a.m. Sydney time. The contract slid 1.1 percent to $100.03 yesterday, the lowest settlement since Feb. 11. The volume of all futures traded was about 28 percent below the 100-day average.

Brent for April settlement slid as much as 29 cents, or 0.3 percent, to $108.26 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $8.85 to WTI. It closed at $8.52 yesterday.

U.S. distillate supplies, a category that includes heating oil and diesel, slid by 839,000 barrels last week, the industry-funded API said yesterday. The EIA report will probably show stockpiles fell 450,000 barrels, according to the survey.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net Ramsey Al-Rikabi, Yee Kai Pin

Special thanks to Bloomberg, CNNMoney, 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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage