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 @ $2,860.00 dollars or +28.60 points, Emini ES ($ES_F) futures @ $1,375.00 dollars or +27.50 points, Light Crude Oil CL ($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 @ $4,235.00 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=1751

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.

Tech Stocks Tank But Finish Off Their Lows


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

NEW YORK (CNNMoney)
It was a tough start to the week for technology stocks.

The Nasdaq, which has been the best performing market index of the year, fell more than 1% Monday. So did CNNMoney's Tech 30 index. The Dow and S&P 500 also ended lower, but not nearly as much.

Despite the sell-off, stocks regained some lost ground late in the trading session. The Nasdaq was down 2% earlier in the day.

Netflix (NFLX) was under the most pressure. The stock fell almost 7% and was the biggest loser in the Tech 30.

It appears that Netflix investors are worried about the possibility of competition from Apple (AAPL, Fortune 500) after the Wall Street Journal reported that the company is exploring a partnership with Comcast (CMCSA, Fortune 500) for an Apple-branded TV service. Shares of Apple were actually one of the few big tech stocks moving higher.

"$AAPL the one day apple goes up the nasdaq tanks...no luck with this stock," said BarryBye on StockTwits.

But Netflix wasn't the only momentum tech taking a beating. Some other well-known Internet stocks, including Yahoo! (YHOO, Fortune 500), Linkedin (LNKD), Twitter (TWTR), Priceline (PCLN, Fortune 500) and Facebook (FB, Fortune 500), also suffered.

StockTwits trader StrayTrader wasn't surprised by the tech sector's decline.

"$LNKD $NFLX never had any rational basis for valuations at their peak levels ... both could plunge from here and still be overvalued," he said.

StockTwits user OptionsHero echoed that sentiment.

"The old stairs up, elevator down saying is in full effect. $PCLN, $NFLX," he said.

Biotech stocks, which had been on a tear this year, also pulled back. The iShares Nasdaq Biotechnology ETF (IBB) dropped almost 3%. The sector is considered speculative because investors are in many cases betting on drugs that have yet to be approved. The leaders in the industry, while profitable, also tend to trade at very high valuations.

Shares of Nu Skin (NUS) surged over 18% after the company said it was fined around $700,000 for its business practices in China. The beauty products marketer had previously disclosed that it was being investigated by Chinese regulators, but the relatively small penalty seems to be a relief to investors who had feared a more major regulatory blow.

"$NUS Wow you gotta be kidding me ... fine is like glass of water in an ocean for NUS, this stock has buy written all over it! Very bullish," said Championinvestor.

Herbalife (HLF), the nutritional supplements distributor that uses a similar multi-level marketing sales model as Nu Skin, also rallied on the news. Herbalife revealed earlier this month that it is being probed by the Federal Trade Commission.

The company has been in the crosshairs of hedge fund manager Bill Ackman, who has publicly called it a pyramid scheme and unveiled a large bet that its stock price would fall. He also recently disclosed what he says are more shady tactics by the company in China.

Lions Gate (LGF) shares rose almost 4% after the studio's film "Divergent" had a strong opening at the box office. Many analysts expected a weaker showing for the movie.

StockTwits trader Chase03670 felt that the film could have staying power.

"Friendly reminder that HS spring breaks begin this week and extend into April. A+ CinemaScore among under 18 yr olds bodes well. $LGF," he noted.

Investors were also gearing up for some high profile initial public offerings in the days ahead.

King Digital Entertainment, the company behind the popular Candy Crush Saga online game is one of 14 companies currently scheduled to go public this week.

The IPO mania is part of a global trend, as more and more companies seek to go public in order to take advantage of increased demand for stocks.

European stock markets closed mostly lower as the Russian takeover of Ukraine's Crimean peninsula continues to dominate sentiment.

Asian markets ended with some significant gains though, despite HSBC data that showed Chinese manufacturing activity fell to an eight-month low in March. The Hang Seng in Hong Kong shot up by 1.9% and the Shanghai Composite rose by 0.9%.





4:10 pm: [BRIEFING.COM] The stock market kicked off the new trading week on a cautious note with the Nasdaq leading the retreat. The tech-heavy index lost 1.2% while the S&P 500 fell 0.5% with eight sectors ending in the red. For its part, the Dow Jones Industrial Average (-0.2%) held up relatively well.

Equity indices began the session in the green, but quickly slumped into the red as biotechnology continued its recent woes while other momentum names displayed broad weakness. Late-afternoon buying lifted the key averages off their lows, but the Nasdaq could only reclaim a portion of its loss.

The iShares Nasdaq Biotechnology ETF (IBB 239.23, -6.78) settled lower by 2.8% after testing its 100-day moving average (235.61) for the first time since early November. Today's loss widened the ETF's March decline to 9.5%, but the high-flying industry group remains up 5.4% so far in 2014.

The underperformance of biotechnology pressured the health care sector (-1.4%), which spent the entire session behind the other nine groups. Health care was not the only influential sector weighing on the broader market as the consumer discretionary space (-1.0%) lagged throughout the session while technology (-0.4%) did not overtake the broader market until the late afternoon.

Momentum names did their part in keeping the two sectors on the defensive. Amazon.com (AMZN 351.85, -8.77) and Netflix (NFLX 378.90, -27.09) pressured the discretionary space, posting respective losses of 2.4% and 6.7%, while Facebook (FB 64.10, -3.14), Google (GOOG 1157.93, -25.11), and LinkedIn (LNKD 188.14, -8.58) contributed to the early weakness in technology.

Speaking of technology, the sector led the market lower in the morning, but was able to finish the day ahead of the S&P 500 thanks to the relative strength of top-weighted names. Apple (AAPL 539.19, +6.32), IBM (IBM 188.25, +1.58), and Microsoft (MSFT 40.50, +0.34) gained between 0.9% and 1.2% with Apple's strength coming amid reports indicating the company is working on a content distribution agreement with Comcast (CMCSA 50.30, +0.30). In all likelihood, the news exacerbated today's loss in the shares of Netflix.

Even though heavily-weighted sectors lagged, the broader market was prevented from registering additional losses by the relative strength among consumer staples (-0.1%), energy (-0.1%), and financials (-0.2%). Elsewhere, telecom services (+0.3%) and utilities (+0.2%) posted modest gains, but the pair carries little sway over the broader market since it accounts for just 5.5% of the S&P 500.

Treasuries posted modest gains after climbing off their overnight lows. The benchmark 10-yr yield slipped two basis points to 2.73% after hovering near 2.78% ahead of the opening bell.

Participation was in line with average as roughly 714 million shares changed hands at the NYSE.

There was no notable economic data reported today, but some news of note came out of the G7 meeting at The Hague where the G7 nations issued a joint statement, saying they are suspending their participation in the G8 until "Russia changes course."

Tomorrow, the Case-Shiller 20-city Index (Briefing.com consensus 13.3%) for January and the January FHFA Housing Price Index will be released at 9:00 ET while March Consumer Confidence (consensus 78.2) and New Home Sales for February (consensus 445K) will be reported at 10:00 ET.
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Russell 2000 +1.7% YTD
Nasdaq Composite +1.2% YTD
S&P 500 +0.5% YTD
Dow Jones Industrial Average -1.8% YTD

3:35 pm: [BRIEFING.COM]

Precious metals spent all of today's floor trade in negative territory.
Apr gold pulled back from its session high of $1324.50 per ounce set in early morning action and brushed a session low of $1308.50 per ounce. The yellow metal eventually settled 1.8% lower at $1311.40 per ounce.
May silver dipped to a session low of $19.97 per ounce. It settled at $20.31 per ounce, or 1.2% lower.
May crude oil chopped around in positive territory for most of today's pit action. The energy component dipped to a session low of $99.34 per barrel in late morning pit trade after trading as high as $100.29 per barrel earlier in the session. It settled with a 0.1% gain at $99.57 per barrel.
Apr natural gas fell for a third consecutive session after slipping into negative territory from its session high of $4.33 per MMBtu set at floor trade open. It touched a session low of $4.26 per MMBtu and settled with a 0.7% gain at $4.28 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session.

Participants did not receive any economic data today, but there are four data points on tomorrow's schedule. Some insight on the housing market is expected with the Case-Shiller 20-city Index (Briefing.com consensus 13.3%) for January and the January FHFA Housing Price Index both set to be released at 9:00 ET.

In addition, the New Home Sales report for February (consensus 445K) will be released at 10:00 ET alongside the March Consumer Confidence (consensus 78.2) report.

2:25 pm: [BRIEFING.COM] Recent action saw the major averages continue their rebound with the Dow Jones Industrial Average trimming its loss to 0.2%. Elsewhere, the Nasdaq (-1.4%) continues showing relative weakness as biotech and momentum names remain pressured.

The iShares Nasdaq Biotechnology ETF (IBB 238.16, -7.85) holds a loss of 3.2% after making a brief morning appearance below its 100-day moving average (235.59). The broader health care sector, meanwhile, is lower by 1.6%, but remains up 3.5% so far this year versus a 0.4% increase for the S&P 500.

On the upside, telecom services (+0.5%) and utilities (+0.2%) hold modest gains.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.5%) has spent the better part of the past two hours in a slow rebound off its session lows while the Dow Jones Industrial Average (-0.2%) continues to outperform.

Most top-weighted sectors remain among the laggards while industrials (-0.4%) have joined energy (unch) and financials (-0.3%) among the outperformers. Like the industrial sector, transports trade ahead of the broader market with the Dow Jones Transportation Average trading lower by 0.3%.

With stocks working their way back from the lows, demand for volatility protection has receded a bit, pushing the CBOE Volatility Index (VIX 15.31, +0.31) into the middle of today's range.

1:30 pm: [BRIEFING.COM] The stock market has been stuck in a selling rut for the vast majority of today's trading session. There hasn't been a specific news catalyst for the sell-off, so it can be seen largely as a profit-taking sweep following last week's run to a new record high for the S&P 500.

The biotech space has been at the epicenter of the selling efforts. Its weakness, though, has not been a one-day affair. Including today's decline, the iShares Nasdaq Biotechnology ETF (IBB 237.96, -8.05) was off nearly 15% from where it closed at the end of February. The bulk of that move, however, has occurred over the last four sessions, proving that momentum can cut both ways.

Overall trading volume isn't particularly heavy given the scope of today's losses. In other words, there isn't any real fear-based selling in the stock market with the exception perhaps of some weak-handed owners of biotech stocks who had been chasing them higher.

12:55 pm: [BRIEFING.COM] At midday, the major averages hover near their lows with small caps leading the retreat. The Russell 2000 trades lower by 1.8% while the S&P 500 holds a loss of 0.8% with nine sectors trading in the red.

The stock market began the trading day on a slightly higher note, but the early gains faded quickly as continued weakness in biotechnology pressured the broader market.

Biotechnology was a soft spot on Friday with the iShares Nasdaq Biotechnology ETF (IBB 238.00, -8.01) plunging 4.7% on heaviest volume since October 2005. Today, the ETF is down 3.3% after falling below its 100-day moving average this morning. Including today's loss, the biotech ETF has narrowed its year-to-date gain to 4.8%. On a related note, the broader health care sector (-1.9%) is the weakest performer of the day.

Similar to health care, two other top-weighted sectors-consumer discretionary (-1.5%) and technology (-1.1%)-are among the laggards while financials (-0.6%) outperform.

Notably, technology and discretionary shares have been pressured by momentum names, many of which are lacking momentum at this juncture. Discretionary members-Amazon.com (AMZN 349.42, -11.20) and Netflix (NFLX 374.08, -31.91)-hold respective losses of 3.1% and 7.9% while tech components-Google (GOOG 1148.50, -34.54), Facebook (FB 63.72, -3.52), and LinkedIn (LNKD 185.32, -11.40)-are down between 2.9% and 5.8%.

Elsewhere among tech shares, Apple (AAPL 536.54, +3.67) is a pocket of relative strength, trading higher by 0.7% amid reports the company is discussing a distribution deal with Comcast (CMCSA 49.86, -0.14).

Even though five sectors trade ahead of the broader market, three of them-consumer staples (-0.2%), telecom services (+0.4%), and utilities (-0.1%)-account for only 16.0% of the entire S&P 500.

With stocks on lows, participants are showing demand for volatility protection, sending the CBOE Volatility Index (VIX 15.90, +0.90) higher by 5.1%.

Treasuries retreated overnight before reversing at 8:00 ET. Currently, the benchmark 10-yr yield is lower by two basis points at 2.73%.

There was no economic data of note reported today.

12:30 pm: [BRIEFING.COM] Not much change since our recent update as equity indices remain near their session lows.

Similarly, individual sectors are maintaining their standing with health care (-1.5%), consumer discretionary (-1.3%), and technology (-0.9%) on the defensive amid weakness in biotechnology and momentum names.

Elsewhere, the financial sector (-0.4%) continues trading ahead of the broader market, which deserves attention into the afternoon as the heavily-weighted group has the ability to influence the overall trading sentiment. If financials continue outperforming, that could contribute to a broad-market rebound while additional weakness in the sector could put added pressure on the broader market.

12:00 pm: [BRIEFING.COM] The major averages remain pressured with the Russell 2000 (-1.7%) and Nasdaq Composite (-1.7%) showing the largest losses while the S&P 500 (-0.8%) is being kept from extending its retreat by the relative strength of financials (-0.4%), energy (unch), and consumer staples (-0.1%).

Elsewhere, telecom services (unch) and utilities (unch) also outperform, but the two groups represent just over 5.0% of the entire market.

The steady retreat in equities has been accompanied by Treasuries climbing off their overnight lows. The 10-yr note is higher by four ticks with the benchmark yield hovering at 2.73% after notching a session high at 2.78% this morning.

11:30 am: [BRIEFING.COM] The S&P 500 trades lower by 0.6% with seven sectors showing losses.

Outside of the continued weakness in the biotech space (IBB -3.9%) and big declines among momentum names, the retreat in the S&P 500 has been pretty orderly. Meanwhile, the Nasdaq (-1.6%) continues showing relative weakness while the Dow Jones Industrial Average (-0.3%) outperforms.

The price-weighted Dow owes its outperformance to a handful of large components. Procter & Gamble (PG 79.54, +1.66), McDonald's (MCD 96.46, +0.99), and IBM (IBM 188.36, +1.69) display gains between 0.9% and 2.1% while 23 of 30 Dow components register losses.

With stocks under pressure, participants have displayed demand for volatility protection as indicated by a 5.8% increase in the CBOE Volatility Index (VIX 15.87, +0.87).

10:55 am: [BRIEFING.COM] Recent action saw equity indices continue their slide with the Nasdaq extending its loss to 1.5% amid weakness in biotechnology and momentum names.

Biotechnology pressured the broader market on Friday, and has continued showing relative weakness today. The iShares Nasdaq Biotechnology ETF (IBB 237.00, -9.00) is lower by 3.7% today, narrowing its 2014 gain to 4.4%. The health care sector, meanwhile, is lower by 1.6%, but remains up 3.5% so far in 2014.

Elsewhere, momentum names are showing significant weakness with the likes of Amazon.com (AMZN 350.27, -10.35), Facebook (FB 64.39, -2.84), Google (GOOG 1156.90, -26.89), and Tesla (TSLA 215.00, -13.89) down between 2.3% and 6.1%. As a results, technology (-0.7%) and consumer discretionary (-1.1%) sectors are among the laggards.

Although three of four top-weighted sectors trail the broader market, the financial space (-0.2%) remains in a position of relative strength.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning following weak Chinese PMI data (48.1 actual v. 48.7 expected, 48.5 previous), which fell short of expectations as a PBOC official suggested Beijing would implement stimulus measures to aid growth.
Gold and silver futures have been in the red all session so far. May silver fell as low as $20.01/oz and is now --0.8% at $20.15/oz. Apr gold is -1.4% at $1317.40/oz
Natural gas futures sold off just after the open of pit trading. Apr nat gas is -0.4% at $4.30/MMBtu
May copper remains below $3/lb still and has been slowly inching off of its session high. In current trade, May copper is -0.2% at $2.95/lb
May WTI crude oil futures are holding gains and are now back over $100/barrel, currently up 0.6% at $100.02/barrel.

9:55 am: [BRIEFING.COM] The major averages have retreated from their opening highs with the Nasdaq Composite (-0.6%) leading the weakness. The tech-heavy index lags amid significant weakness in biotechnology that has sent the iShares Nasdaq Biotechnology ETF (IBB 239.44, -6.56) lower by 2.7%.

Due to the underperformance of biotech, the health care sector (-1.3%) is the weakest performer of the day while the next declining sector-consumer discretionary-holds a more modest loss of 0.2%.

On the upside, energy (+0.5%) remains in the lead while the technology sector has slid back to its flat line.

9:40 am: [BRIEFING.COM] Equity indices began the day on an upbeat note with the Dow Jones Industrial Average in the lead. The price-weighted index trades higher by 0.4% while the S&P 500 trades up 0.2% with seven of ten sectors showing gains.

Top-weighted sectors trade in mixed fashion with respect to the broader market as technology (+0.3%) and financials (+0.4%) outperform while health care lags (-0.8%) amid continued weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 242.90, -3.11) is lower by 1.3% after posting a 4.7% Friday loss on heaviest volume since October 2005.

The early weakness in biotech has put pressure on the Nasdaq (-0.2%), which has slipped back into the red.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +7.70. The stock market is on track to begin the new trading week on a quiet note as index futures hold slim pre-market gains. The S&P 500 futures hover three points above fair value with the entire advance coming after the start of the European session.

Interestingly, futures hovered in the red while the major Asian indices rallied on hopes of stimulus from Beijing after China's Manufacturing PMI disappointed (48.1 versus consensus 48.7). Futures then began climbing as major European indices slipped into the red after the eurozone Manufacturing PMI met expectations (53.0) while Services PMI disappointed (52.4 versus expected 52.6).

Domestically, participants are responding to company-specific news in the absence of economic data or notable earnings reports. The largest tech component, Apple (AAPL 538.38, +5.51), is seeing pre-market strength after reports in The Wall Street Journal indicated the company is discussing a partnership with Comcast (CMCSA 50.55, +0.55).

Treasuries sport modest losses after retreating overnight. The benchmark 10-yr yield is higher by less than two basis points at 2.76%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +7.50. The S&P 500 futures trade three points above fair value.

Markets across Asia ended broadly higher with only Thailand's SET (-0.8%) seeing losses. The gains came despite China's Flash Manufacturing PMI (48.1 versus expected 48.7, prior 48.5) missing estimates as a PBOC official suggested Beijing would implement stimulus measures to aid growth.

Japan's Nikkei jumped 1.8%, rallying off six-week lows. Exporters saw solid gains as the yen weakened in early trade. Sony climbed 2.3% and Toyota Motor tacked on 1.7%.
Hong Kong's Hang Seng surged 1.9% on stimulus hopes. China Life Insurance jumped 3.9% and China Construction Bank climbed 3.2%.
China's Shanghai Composite gained 0.9%, finishing at its best level in three weeks. Poly Real Estate added 3.5% to lead real estate shares higher while Hebei Iron & Steel gained the limit, 10%, on reports the Chinese government is looking to establish free trade zones in Beijing, Hebei, and Tianjin.

Major European indices trade lower across the board with Spain's IBEX (-0.7%) leading the retreat. Participants received several PMI readings today. Eurozone Manufacturing PMI slipped to 53.0 from 53.2 (expected 53.0) while Services PMI fell to 52.4 from 52.6 (consensus 52.6). Germany's Manufacturing PMI disappointed, falling to 53.8 from 54.8 (expected 54.6) while Services PMI retreated to 54.0 from 55.9 (forecast 55.5) while French Manufacturing PMI surprised, improving to 51.9 from 49.7 (consensus 49.8) while Services PMI increased to 51.4 from 47.2 (forecast 47.5).

Among news of note, leaders gathered at the G7 nuclear summit in The Hague are expected to discuss the situation in Ukraine during the conference.

Great Britain's FTSE is lower by 0.1% with consumer names pacing the slide. Barratt Developments, International Consolidated Airlines, and William Hill display losses between 1.8% and 2.0%. Financials are holding up relatively well with HSBC and Lloyds Banking Group up 0.2% and 1.3%, respectively.
In France, the CAC is down 0.2% with financials trading in mixed fashion. BNP Paribas and Societe Generale are lower by 1.3% and 2.0%, respectively, while Credit Agricole trades higher by 1.8%. Consumer names Danone and Pernod Ricard outperform with respective gains of 0.5% and 0.3%.
Germany's DAX holds a loss of 0.3% with heavyweights displaying weakness. Bayer, Deutsche Bank, and Deutsche Lufthansa are all down between 1.1% and 1.8%. On the upside, exporters BMW and Volkswagen trade higher by 1.8% and 0.4%, respectively.
Spain's IBEX is lower by 0.7%. Banco de Sabadell, Bankinter, and Bankia hold losses between 1.6% and 2.4%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +4.70. U.S. equity futures remain modestly higher with the S&P 500 futures sporting a one-point gain against fair value. Overnight, Asian markets climbed despite another disappointing data point from China (Manufacturing PMI 48.1 versus consensus 48.7) as talks of stimulus measures from Beijing overshadowed the renewed growth concerns. Conversely, major European indices trade broadly lower after the region-wide Services PMI disappointed (52.4 versus expected 52.6) while the Manufacturing PMI met expectations (53.0).

Domestically, all signs point to a subdued start to the session with just a few notable names seeing pre-market action. Apple (AAPL 538.30, +5.43) is indicated to open about 1.2% higher in reaction to reports indicating the company is discussing a partnership with Comcast (CMCSA 50.69, +0.69). The pre-market strength in the two names has contributed to the outperformance of Nasdaq futures.

Elsewhere, Treasuries hover near their lows with the benchmark 10-yr yield up more than two basis points at 2.77%.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +7.50. U.S. equity futures hold slim gains amid cautious action overseas. The S&P 500 futures hover less than three points above fair value.

Reviewing overnight developments:

Asian markets ended higher. China's Shanghai Composite +0.9%, Japan's Nikkei +1.8%, and Hong Kong's Hang Seng +1.9%.
Economic data was limited:
China's HSBC Manufacturing PMI fell to 48.1 from 48.5 (expected 48.7).
In news:
Even though the disappointing PMI reading from China cast doubts over the strength of the country's economy, the fears were overshadowed by expectations of fresh stimulus from Beijing.

Major European indices trade lower across the board. Great Britain's FTSE -0.3%, Germany's DAX -0.5%, and France's CAC -0.6%. Elsewhere, Italy's MIB -0.3% and Spain's IBEX -0.7%.
Participants received several data points:
Eurozone Manufacturing PMI slipped to 53.0 from 53.2 (expected 53.0) while Services PMI fell to 52.4 from 52.6 (consensus 52.6).
Germany's Manufacturing PMI fell to 53.8 from 54.8 (expected 54.6) while Services PMI retreated to 54.0 from 55.9 (forecast 55.5).
French Manufacturing PMI improved to 51.9 from 49.7 (consensus 49.8) while Services PMI increased to 51.4 from 47.2 (forecast 47.5).
Among news of note:
Leaders gathered at the G7 nuclear summit in The Hague are expected to discuss the situation in Ukraine during the conference.

In U.S. corporate news:

Apple (AAPL 540.55, +7.68): +1.4% amid reports indicating the company has discussed a content distribution partnership with Comcast (CMCSA 50.61, +0.61).
Boston Scientific (BSX 13.00, +0.18): +1.4% after Bernstein upgraded the stock to 'Outperform' from 'Market Perform.'

There is no economic data of note on today's schedule.

6:42 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.50.

6:42 am: [BRIEFING.COM] Nikkei...14475.30...+251.10...+1.80%. Hang Seng...21846.45...+409.80...+1.90%.

6:42 am: [BRIEFING.COM] FTSE...6542.88...-14.30...-0.20%. DAX...9303.15...-39.80...-0.40%.

WTI Oil Drops as U.S. Crude Stockpiles Seen Rising; Brent Falls

By Ben Sharples Mar 24, 2014 9:53 PM ET

West Texas Intermediate fell for the first time in three days amid speculation crude stockpiles rose for a 10th week in the U.S., the world’s biggest oil user. Brent dropped in London.

Futures slid as much as 0.3 percent in New York. Crude supplies probably expanded by 2.5 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report tomorrow. The U.S. Coast Guard has no estimate for when the Houston Ship Channel, home to 11 percent of the nation’s refining capacity, will reopen as crews contain and clean up a 4,000-barrel fuel oil spill.

“Supply is ample,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors may buy West Texas contracts if prices fall to about $97 a barrel. “WTI looks like it wants to consolidate.”

WTI for May delivery dropped as much as 34 cents to $99.26 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.28 at 12:52 p.m. Sydney time. The contract rose 14 cents to $99.60 yesterday. The volume of all futures traded was about 78 percent below the 100-day average.

Brent for May settlement slipped 37 cents to $106.44 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $7.22 to WTI.

Fuel Supplies

U.S. crude supplies rose to 375.9 million barrels in the week ended March 14, the highest level since November, said the EIA, the Energy Department’s statistical arm. Refinery units are typically shut for maintenance in late winter before restarting in the spring to meet summer demand for gasoline.

Gasoline stockpiles probably shrank by 1.7 million barrels last week, according to the median estimate of nine analysts in the Bloomberg survey before the government report. Distillate inventories, a category that includes heating oil and diesel, slid by 1.1 million, the survey shows.

The industry-funded American Petroleum Institute is scheduled to release separate stockpile data today. The API in Washington collects information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the EIA.

There are 140 vessels waiting to move through the Houston Ship Channel, the Coast Guard said. The channel is closed from just north of Texas City down to its entrance, at Bolivar. To reopen the channel, the Coast Guard needs an uncontaminated lane for ship traffic and be sure the traffic won’t impede cleanup, Captain Brian Penoyer said yesterday at a press conference.

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

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

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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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