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 @ $4,510.00 dollars or +45.10 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $4,510.00 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=1756

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. Access instructions for chat room @ 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

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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.

US Stocks End Choppy Quarter On A High Note


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

NEW YORK (CNNMoney)
Stocks closed out a lackluster first quarter with a sprinting to the finish on Monday.

The Dow rose about 135 points, while the S&P 500 is at 1872, within spitting distance of its all-time high (1883, set earlier this month). The Nasdaq jumped over 1%.

Investors cheered a speech by Janet Yellen in Chicago Monday morning in which she maintained the Fed will support the economy "for some time to come."

"This commitment is strong, and I believe the Fed's policies will continue to help sustain progress in the job market," she said.

But it's been a choppy three months. The Dow is still in the red, while the S&P 500 is up 1.3%. The Nasdaq had been the best performing major market index for most of the first quarter, but is now up only 0.5% after a big sell-off in momentum stocks recently.

Airlines have been among the better performing stocks so far. Shares of Delta Air Lines (DAL, Fortune 500) and Southwest (LUV, Fortune 500) are both up around 25%.

Looking ahead to the second quarter, investors hope strong economic data and fading geopolitical risks in Ukraine and beyond will help stocks continue their five-year bull run.

There is little economic or corporate news on the docket Monday, but investors are gearing up for a busy week which culminates with the European Central Bank meeting Thursday and the US government's jobs report on Friday.

Shares of General Motors (GM, Fortune 500) were down as investors continue to worry about the company's handling of a recall for a flawed ignition switch in several of its models. The stock is off 16% so far this year. GM CEO Mary Barra will testify before Congress on Tuesday and Wednesday about the problems, which have been blamed for at least 13 fatalities.

But StockTwits trader smathan75 was optimistic about the stock's long-term prospects.

"$GM...this will blow over and in a couple years it has 30-40% upside," he said.

BlackBerry (BBRY) shares fell just under 4% after the struggling smartphone maker was downgraded by several analysts Monday morning. After enjoying an early boost in 2013 on hopes of new CEO John Chen's turnaround strategy, BlackBerry has tanked in recent days despite reporting a narrower-than-expected loss.

But StockTwits trader LYogi didn't mind the dip.

"$BBRY to those with patience and fortitude, today is a huge buying opportunity," he said.

"$BBRY ultimately JC will turn this thing around....i just hope i'm not broke by then," echoed ashlarry.

Shares of Disney (DIS, Fortune 500)bounced after its movie "Frozen" became the highest grossing animated film of all time after opening big in Japan over the weekend.

Google (GOOG, Fortune 500) shares dropped modestly ahead of the tech giant's much anticipated 2-for-1 stock split later this week. Shareholders will get another share for each one they own currently. The stock split was first announced two years ago, but was held up by a legal battle in which some shareholders raised objections.

"$GOOG Waiting to see what happens when $GOOGL starts trading," said StockTwits trader ims99, referring to the two separate share classes that will coexist after the split.

European markets closed mixed, following lower-than-expected eurozone inflation data released Monday. The weak number is likely to revive talk that the European Central Bank could act at its meeting Thursday to boost the economy.

Asian markets ended mixed. The Shanghai Composite fell as investors wait for clarity from Beijing on possible new stimulus measures. The index has lost almost 4% this year on worries over slower economic growth in China.





4:10 pm: [BRIEFING.COM] The stock market closed out a volatile month of March on an upbeat note with small caps leading the advance. The Russell 2000 gained 1.8% while the S&P 500 settled higher by 0.8% with nine sectors ending in the green. The benchmark index was able to eke out a 0.7% gain for the month while the Nasdaq Composite and Russell 2000 could only trim their losses. The Nasdaq ended the month with a decline of 2.5% while the Russell 2000 lost 1.0% in March.

Equity indices made the bulk of their advance during the opening hour before spending the remainder of the session inside narrow ranges. The upbeat start took place after a weekend phone call between President Obama and Vladimir Putin, discussing the situation in Ukraine, was viewed as a step that increased the chances for a diplomatic solution to the standoff between Russia and Ukraine.

The early buying interest was also bolstered by comments from Fed Chair Janet Yellen, who spoke at a conference in Chicago, saying the Fed remains short of its employment and inflation goals and that the economy requires 'considerable support for some time.'

Today's session featured outperformance in some areas that have been lacking in strength recently. Biotechnology, which was under close scrutiny over the past two weeks, displayed broad gains with the iShares Nasdaq Biotechnology ETF (IBB 236.40, +7.02) climbing 3.1%. The ETF trimmed its March decline to 10.6% while the group's outperformance gave a boost to the health care sector (+1.3%), which finished the day ahead of the remaining groups.

Similar to health care, most other top-weighted sectors ended among the leaders. Financials (+1.0%), industrials (+1.0%), and technology (+0.8%) outperformed while the discretionary sector (+0.6%) lagged.

Notably, the industrial sector received strong support from transports as indicated by a 1.7% gain in the Dow Jones Transportation Average. The bellwether complex rallied with all 20 components finishing in the green. Airlines had the best showing among specific industry groups with United Continental (UAL 44.63, +1.67) setting the pace.

Elsewhere, the discretionary space trailed the benchmark index throughout the session, which was fitting for a sector that ended the month at the bottom of the leaderboard (-2.9%). General Motors (GM 34.42, -0.31) lost 0.9% after Reuters reported the company accepted ignition switches from its supplier even though the parts did not meet standards set by the company.

Treasuries ended flat after showing morning losses. The benchmark 10-yr yield ended at 2.72%.

Participation was above average with month-end flows contributing to the strong volume as more than 820 million shares changed hands at the NYSE.

Today's economic data was limited to the Chicago PMI for March, which fell to 55.9 from 59.8 while the Briefing.com consensus expected an increase to 60.1. After three consecutive months above 60, the Chicago PMI fell to into the 59 range in January and February. At the time, severe winter weather conditions were blamed for the weakness in the PMI. As temperatures returned to normal, the consensus assumed manufacturing activities would return to their Q4 2013 levels, but that did not happen. A sharp drop in new orders (58.8 from 63.6) led to an overall pullback in manufacturing activities. Production, meanwhile, managed to improve to 61.7 from 59.6 as manufacturers worked down their backlogs (50.4 from 53.7).

Tomorrow, the ISM Index for March (Briefing.com consensus 54.0) and February Construction Spending (Briefing.com consensus 0.1%) will both be reported at 10:00 ET.

S&P 500 +1.3% YTD
Russell 2000 +0.9% YTD
Nasdaq Composite +0.5% YTD
Dow Jones Industrial Average -0.7% YTD

3:40 pm: [BRIEFING.COM]

Commodities ended mostly lower with energy and metals posting losses and ag posting mixed results, between grains and soft commodities.
Following USDA reports, corn, wheat and soybeans all rallied after initial volatility
May corn ended the day up 2.2% at $5.02/bu, May wheat rose 2 cents at $6.97/bu and May soybeans rose 1.8% at $14.62/bu
Natural gas futures sold off today and ended the day at its session low. May nat gas closed 2.6% higher at $4.37/MMBtu
May crude oil lost $0.10 to close at $101.57/barrel

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.9% with one hour remaining in the final session of the month. Given its current standing, the benchmark index is on track to end the month with a gain of 0.8%.

Today's session also marks the end of the first quarter and barring any fireworks during the last hour of action, the S&P 500 will end the quarter ahead of the other indices with a gain of 1.4%. Meanwhile, the Russell 2000 sports a quarter-to-date gain of 1.0% and the Nasdaq has added 0.7% since the start of the year. For its part, the Dow Jones Industrial Average holds a quarter-to-date loss of 0.6% and has yet to make an appearance in the green in 2014.

2:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with the utilities sector (+1.3%) holding its lead over the other groups. Outside of utilities, only technology (+1.0%) and health care (+1.1%) trade with gains of 1.0% or more.

Interestingly, the technology sector has spent the day among the leaders even as several top-weighted components lag. Apple (AAPL 536.78, -0.08), Google (GOOG 1115.64, -4.51), Facebook (FB 60.06, +0.05), and Qualcomm (QCOM 79.16, -0.12) all trade little changed while chipmakers outperform. Intel (INTC 25.88, +0.27) trades up 1.0% while the PHLX Semiconductor Index is higher by 1.4%.

2:00 pm: [BRIEFING.COM] Quiet afternoon continues with the key indices trading near their best levels of the day.

Earlier, participants received just one economic data point (Chicago PMI 55.9 versus Briefing.com consensus 60.1), which came in below expectations. Tomorrow will be a bit more busy with February Construction Spending (Briefing.com consensus 0.1%) and the March ISM Index (Briefing.com consensus 54.0) set to be released at 10:00 ET while auto and truck makers will be reporting their March sales throughout the day.

The remainder of the week will be fairly quiet with the exception of Friday, which will bring the nonfarm payrolls report for March. The report will be released at 8:30 ET with the Briefing.com consensus expecting the report to show the addition of 195,000 payrolls.

1:30 pm: [BRIEFING.COM] The major averages continue holding their recent levels with the Russell 2000 (+2.0%) maintaining its lead over the other indices.

Elsewhere, the S&P 500 trades higher by 0.8% with utilities (+1.4%) in the lead. The rate-sensitive sector was among the early laggards, but has been climbing steadily since 11:30 ET. Thanks to today's gain, the group has extended its 2014 advance to 9.4%, putting it ahead of the remaining sectors on this year's leaderboard.

After utilities, the second spot belongs to the health care sector, which is higher by 5.2% so far this year.

1:00 pm: [BRIEFING.COM] At midday, the major averages hold solid gains with small caps in the lead. The Russell 2000 trades higher by 2.0% while the Nasdaq trades up 1.3%. For its part, the S&P 500 is higher by 0.9% with nine sectors showing gains.

Equity indices began the final session of the month on an upbeat note after the weekend came and went without anything to upset the sentiment. In fact, a phone call between President Obama and Vladimir Putin to discuss the situation in Ukraine was viewed as a step that increased the chances for a diplomatic solution to the situation.

With just a few hours remaining in the last session of the month, the S&P 500 has erased its month-to-date loss, and is now on track to end March in the green (0.8%). Meanwhile, the Nasdaq trades ahead of the benchmark index today, but remains down 2.3% for the month.

Throughout the month, the Nasdaq has had to contend with volatility in biotechnology and other momentum-favorites. Today, however, the index has drawn strength from biotech as the iShares Nasdaq Biotechnology ETF (IBB 235.08, +5.70) trades higher by 2.5%. In turn, the health care sector (+1.0%) is among today's leading groups.

Health care notwithstanding, other top-weighted groups are also among today's leaders. Technology (+1.2%) holds the lead at this juncture while financials (+1.0%) follow not far behind.

On the downside, the energy sector (-0.1%) hovers right below its flat line while crude oil displays a comparable loss (-0.1% at $101.58).

Treasuries hold slim losses with the benchmark 10-yr yield up one basis point at 2.73%.

Also of note, recent reports out of Europe indicate French Prime Minister Jean-Marc Ayrault has tendered his resignation after the ruling Socialist party was handed a defeat during this weekend's municipal elections. Subsequent reports indicated former interior minister Manuel Valls will be the new Prime Minister.

Today's economic data was limited to the Chicago PMI for March, which fell to 55.9 from 59.8 while the Briefing.com consensus expected an increase to 60.1. After three consecutive months above 60, the Chicago PMI fell to into the 59 range in January and February. At the time, severe winter weather conditions were blamed for the weakness in the PMI. As temperatures returned to normal, the consensus assumed manufacturing activities would return to their Q4 2013 levels, but that did not happen. A sharp drop in new orders (58.8 from 63.6) led to an overall pullback in manufacturing activities. Production, meanwhile, managed to improve to 61.7 from 59.6 as manufacturers worked down their backlogs (50.4 from 53.7).

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.9%) has climbed to its best level of the day while the industrial sector (+1.2%) rose to a new session high of its own with help from transports.

The Dow Jones Transportation Average trades up 1.6% as all 20 components of the bellwether complex display gains. Airlines have had the best showing so far with United Continental (UAL 44.33, +1.37) leading the pack with its 3.2% advance.

Elsewhere, the energy sector (+0.1%) has climbed out of the red while crude oil has also erased its loss (+0.2% at $101.83/bbl).

12:00 pm: [BRIEFING.COM] Not much change has taken place since our last update as equity indices remain inside narrow ranges.

The S&P 500 trades higher by 0.7%, which puts the benchmark index on track to finish March with a slim gain of 0.6%. Only the Dow Jones Industrial Average has had a better showing this month (+0.7%) while the Russell 2000 (-1.1%) and Nasdaq (-2.5%) are set to finish March in the red.

Sector leadership has been somewhat mixed as the defensive telecom services sector (+4.7%) is on pace to end the month in the lead with the cyclical financial space (+3.0%) occupying the second spot. On the downside, consumer discretionary (-2.9%) and health care (-1.8%) have all but assured themselves a finish at the bottom of this month's leaderboard.

11:30 am: [BRIEFING.COM] The major averages continue holding the bulk of their gains with the S&P 500 (+0.6%) trading within seven points of its session high. Nine of ten sectors remain in the green while energy (-0.1%) has slid into the red amid weakness in crude oil (-0.5% at $101.14/bbl).

On the upside, technology (+0.8%) and health care (+0.7%) remain in the lead while financials (+0.7%) follow not far behind. Meanwhile, the fourth largest sector, consumer discretionary (+0.5%), lags, but its underperformance has been overshadowed by the strength in the top three sectors.

Elsewhere, Treasuries have climbed off their morning lows and now trade near their overnight levels. The benchmark 10-yr yield is higher by two basis points at 2.74%.

11:00 am: [BRIEFING.COM] Equity indices remain near their best levels of the session with the Nasdaq (+1.2%) continuing its outperformance.

The tech-heavy index trades ahead of its peers thanks to solid gains in the technology sector (+1.1%) while biotech is also displaying relative strength. The iShares Nasdaq Biotechnology ETF (IBB 233.90, +4.56) trades higher by 2.0% today, but remains down 11.5% in March. Meanwhile, the broader health care sector is higher by 0.9%, but is on track to end March with a 1.7% loss.

Like the health care sector, the Nasdaq Composite is in a position of strength today, but that is unlikely to save the index from ending the month on a lower note. Currently, the Nasdaq sports a March loss of 2.5%.

10:35 am: [BRIEFING.COM]

Commodities are mostly lower this morning with crude oil, nat gas, gold and silver selling off this morning
May crude oil has been in the red almost all session so far and rallied off its morning low to a fresh morning high of $101.85/barrel earlier
Crude has since pulled back and is now -0.3% at $101.33
Natural gas futures dropped right before floor trading opened, putting in today's current session low of $4.35/MMBtu
Nat gas is currently -3.3% at $4.34/MMBtu
June gold is -0.04% at $1243.80/ox, May silver is +0.3% at $19.86/oz

10:05 am: [BRIEFING.COM] During the past few minutes, participants have received several headlines from Janet Yellen's speech made at a conference in Chicago. Ms. Yellen said that the Fed remains short of its employment and inflation goals and that the economy requires 'considerable support for some time.'

Equity indices have notched fresh highs with the Nasdaq (+1.2%) continuing its outperformance as technology (+1.2%) and health care (+1.1%) sectors trade ahead of the remaining groups.

9:45 am: [BRIEFING.COM] The major averages began the session on a sharply higher note with the Nasdaq (+0.7%) pacing the early advance amid opening strength in technology (+0.6%) and biotechnology (IBB +1.4%). The S&P 500 trades higher by 0.6% with all ten sectors showing gains.

Of the ten sectors, six trade ahead of the broader market with financials (+0.9%) and industrials (+0.7%) in the lead. Meanwhile, consumer staples (+0.4%), energy (+0.4%), and utilities (+0.4%) lag.

Just released, the Chicago PMI for March ticked down to 55.9 from 59.8 while the Briefing.com consensus expected an increase to 60.1.

Treasuries remain near their lows with the benchmark 10-yr yield up three basis points at 2.75%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +10.90. Nasdaq futures vs fair value: +26.00. The stock market is on track to begin the final March session on an upbeat note as futures on the S&P 500 trade 11 points above fair value. Index futures traded higher throughout the Asian session and doubled their gains during the past two hours.

Over the weekend, Russian President Vladimir Putin called President Obama in order to discuss the situation in Ukraine. Mr. Putin highlighted the continued unrest among far-right protesters, calling on the international community to help stabilize the crisis. Although the phone call has not produced anything concrete yet, the presence of dialogue is being viewed as a step towards finding a potential diplomatic solution to the situation.

Treasuries have dropped to lows over the past hour, pushing the benchmark 10-yr yield up nearly four basis points to 2.76%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +10.90. Nasdaq futures vs fair value: +27.50. The S&P 500 futures trade 11 points above fair value.

Asian markets ended mostly higher with China's Shanghai Composite (-0.4%) underperforming amid reports of continued increases in nonperforming loans at major banks. In other regional news, North Korea conducted a military drill, firing a series of artillery rounds into South Korean waters, which was met with return fire from the South.

In regional economic data, Japan's Manufacturing PMI fell to 53.9 from 55.5 while Industrial Production fell 2.3% month-over-month (consensus 0.3%, prior 3.8%). Separately, Housing Starts rose 1.0% year-over-year (expected 4.9%, prior 12.3%) and Construction Orders jumped 12.3% year-over-year (previous 15.2%). Hong Kong's Retail Sales fell 2.3% year-over-year (prior 14.5%). South Korea's current account surplus narrowed to $7.57 billion from $8.56 billion. Australia's HIA New Home Sales rose 4.6% month-over-month (consensus 0.5%) while Private Sector Credit increased 0.4% month-over-month (previous 0.4%). New Zealand's ANZ Business Confidence came in at 67.3% (prior 70.8%) while Building Consents fell 1.7% month-over-month (last -8.6%).

Japan's Nikkei gained 0.9%, finishing on its session high with support from growth-sensitive names. Tosoh Corp and Tokyo Tatemono both gained near 5.5% while Sony jumped 4.0%.
Hong Kong's Hang Seng added 0.4%, drawing strength from property names. Henderson Land Development and New World Development gained 2.6% and 3.7%, respectively. On the downside, CNOOC plunged 5.4% in reaction to disappointing earnings.
China's Shanghai Composite slipped 0.4% after spending the bulk of the session in the red. Financials lagged with China Vanke falling 0.4%.

The major European indices trade little changed while markets in Italy (+0.8%) and Spain (+0.5%) outperform. After speculating about the potential implementation of a European QE program, Bundesbank President Jens Weidmann said the eurozone is not in a deflationary cycle with inflation expected to pick up along with economic recovery.

Participants received several data points. Eurozone CPI rose 0.5% year-over-year (consensus 0.6%, prior 0.7%) while core CPI increased 0.8%, as expected (prior 1.0%). Germany's Retail Sales rose 1.3% month-over-month (expected -0.5%, prior 1.7%) while the year-over-year reading increased 2.0% (consensus 0.8%, last 0.9%). Great Britain's BoE Consumer Credit came in at GBP550 million (expected GBP700 million, prior GBP620 million) while Mortgage Lending rose GBP1.70 billion (consensus GBP1.60 billion, prior GBP1.50 billion). French GDP rose 0.3% quarter-over-quarter, as expected. Italian CPI ticked up 0.1% month-over-month (expected 0.1%, previous -0.1%) while the year-over-year reading increased 0.4% (consensus 0.4%, prior 0.5%). Spain's current account swung from a surplus of EUR2.10 billion to a deficit of EUR3.60 billion.

In France, the CAC is lower by 0.1% with consumer names on the defensive. Danone, LVMH Moet Hennessy, and Pernod Ricard hold losses between 0.4% and 1.7%. On the upside, Alstom leads with a gain of 1.8%.
Germany's DAX is higher by 0.1% as producers of basic materials outperform. BASF, HeidelbergCement, K+S, and Lanxess are all up between 1.4% and 2.5%.
Great Britain's FTSE trades up 0.3% with growth-sensitive names providing support. Anglo American, ARM Holdings, and Petrofac hold gains between 1.7% and 2.3%. Drug makers lag with AstraZeneca, GlaxoSmithKline, and Shire down between 0.6% and 1.3%.
Italy's MIB (+0.8%) and Spain's IBEX (+0.5%) outperform amid strength in financials. UniCredit and CaixaBank trade higher by 1.8% and 3.0%, respectively.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +18.20. U.S. equity futures continue holding gains with the S&P 500 futures trading eight points above fair value. The upbeat sentiment follows a quiet overnight session, during which most global markets posted gains.

Also of note, Russian President Vladimir Putin called President Obama to discuss the situation in Ukraine, drawing President Obama's attention to continued unrest caused by far-right protesters. Although the phone call did not produce concrete results, it was viewed as a step towards a potential diplomatic resolution.

Treasuries are modestly lower with the benchmark 10-yr yield up one basis point near 2.74%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +19.20. U.S. equity futures hold modest gains amid quiet action overseas. The S&P 500 futures hover eight points above fair value.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.4%, Hong Kong's Hang Seng +0.4%, and Japan's Nikkei +0.9%.
In regional economic data:
Japan's Manufacturing PMI fell to 53.9 from 55.5 while Industrial Production fell 2.3% month-over-month (consensus 0.3%, prior 3.8%). Separately, Housing Starts rose 1.0% year-over-year (expected 4.9%, prior 12.3%) and Construction Orders jumped 12.3% year-over-year (previous 15.2%).
Hong Kong's Retail Sales fell 2.3% year-over-year (prior 14.5%).
South Korea's current account surplus narrowed to $7.57 billion from $8.56 billion.
Australia's HIA New Home Sales rose 4.6% month-over-month (consensus 0.5%) while Private Sector Credit increased 0.4% month-over-month (previous 0.4%).
New Zealand's ANZ Business Confidence came in at 67.3% (prior 70.8%) while Building Consents fell 1.7% month-over-month (last -8.6%).
In news:
The health of Chinese banks was back in focus amid reports of continued increases in nonperforming loans.
North Korea conducted a military drill, firing a series of artillery rounds into South Korean waters, which was met with return fire from the South.

Major European indices trade little changed. France's CAC -0.1%, Germany's DAX +0.1%, and Great Britain's FTSE +0.3%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.4%.
Participants received several data points:
Eurozone CPI rose 0.5% year-over-year (consensus 0.6%, prior 0.7%) while core CPI increased 0.8%, as expected (prior 1.0%).
Germany's Retail Sales rose 1.3% month-over-month (expected -0.5%, prior 1.7%) while the year-over-year reading increased 2.0% (consensus 0.8%, last 0.9%).
Great Britain's BoE Consumer Credit came in at GBP550 million (expected GBP700 million, prior GBP620 million) while Mortgage Lending rose GBP1.70 billion (consensus GBP1.60 billion, prior GBP1.50 billion).
French GDP rose 0.3% quarter-over-quarter, as expected.
Italian CPI ticked up 0.1% month-over-month (expected 0.1%, previous -0.1%) while the year-over-year reading increased 0.4% (consensus 0.4%, prior 0.5%).
Spain's current account swung from a surplus of EUR2.10 billion to a deficit of EUR3.60 billion.
Among news of note:
After speculating about the potential implementation of a European QE program, Bundesbank President Jens Weidmann said the eurozone is not in a deflationary cycle with inflation expected to pick up along with economic recovery.

In U.S. corporate news:

General Motors (GM 34.28, -0.45): -1.3% after Reuters reported the company accepted ignition switches from its supplier even though the parts did not meet company's standards.
Prana Biotechnology (PRAN 3.68, -6.18): -64.5% after the company's Alzheimer drug trial did not meet its primary endpoint.

The Chicago PMI for March will be reported at 9:45 ET.

6:30 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +15.00.

6:30 am: [BRIEFING.COM] Nikkei...14827.83...+131.80...+0.90%. Hang Seng...22151.06...+85.50...+0.40%.

6:30 am: [BRIEFING.COM] FTSE...6632.65...+17.10...+0.30%. DAX...9590.22...+3.00...0.00.

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

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