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)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2280.00 dollars or +22.80 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $2280.00 dollars.

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

In addition, all trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=114&t=1437

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.

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 prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=203&t=1751

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/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 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 Lose Traction With Peak Still In Sight


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

NEW YORK (CNNMoney)
U.S. stocks turned in an uninspired day of trading Wednesday as investors weighed slowing retail sales with slightly upbeat earnings reports.

The Dow Jones industrial average slid 0.3%, while the S&P 500 rose 0.1%. The Nasdaq gained 0.3%.

Consumer-oriented stocks were the main drag on the Dow after the government said retail sales slowed in January. McDonalds (MCD, Fortune 500) fell 1.5% and Coca Cola (KO, Fortune 500) was down 1%.

General Electric (GE, Fortune 500) was the best performing blue chip. Shares rose 3.6% after the industrial conglomerate said late Tuesday it would sell its remaining stake in NBCUniversal to cable company Comcast (CMCSA). Shares of Comcast rose 3%, making it one of the top gainers on the Nasdaq.

Stocks have had a strong run so far this year. The Dow is about 1% away from its record high set in October 2007. The S&P 500 has also had a solid run, coming within 4% of its record high, also set around the same time.

Investors have focused on better-than-expected corporate earnings and signs the Federal Reserve will continue to support the economy, said Joseph Saluzzi, co-head of equity trading at Themis Trading.

But it's unclear how much longer stocks can continue to rise, he added. "Eventually there will be a break, and it will be ugly," Saluzzi said.

* Stocks 'need to be corrected'

The latest economic data was also not very encouraging. The Census Bureau reported that retail sales inched up 0.1% in January, following a 0.5% rise in the previous month.

The sales growth was in line with expectations, but underscores that U.S. companies have limited pricing power in a weak economy, said Steven Ricchiuto, chief economist at Mizuho USA. "This is not the stuff of an accelerating economy," he said.

On the corporate front, Deere (DE, Fortune 500) reported quarterly earnings that topped expectations. But the farm equipment maker said economic uncertainty and government policy are "undermining business confidence and restraining growth."

Cisco Systems (CSCO, Fortune 500) reported it earned 51 cents per share in the latest quarter, compared with a forecasted gain of 48 cents per share.

Overall, 65% of the companies in the S&P 500 that have reported fourth-quarter earnings have beat analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter have had a negative outlook.

Related: Fear & Greed Index firmly in extreme greed

Shares of Groupon (GRPN) jumped 5% after Sterne Agee upgraded the company to "buy" from "neutral" and gave Groupon's stock a $9 price target.

Trulia (TRLA) shares climbed 21% after reporting better-than-expected sales. Trulia runs a co-branded website under a partnership with CNNMoney. The news helped give shares of Trulia rival Zillow (Z) a boost.

Shares of Cliffs Natural Resources (CLF, Fortune 500) dropped 20% after the mining company announced plans to sell stock and was downgraded by several analysts.

Carnival (CCL) shares fell 4% after the company said earnings would be hurt in the current quarter due to lost revenue from a stranded cruse ship in the Gulf of Mexico. The Carnival Triumph has been without power since a fire disabled the vessel on Sunday, leaving hundreds of passengers marooned.

After the market close, apparel company PVH Corp. (PVH, Fortune 500) will replace Big Lots (BIG, Fortune 500) in the S&P 500 index. The move comes after PVH completed its $2.9 billion acquisition of the Warnaco Group. Meanwhile, Big Lots, which as a $2 billion market cap, will replace PVH in the S&P MidCap 400.

Related: 10 stocks you love

European markets ended higher. French bank Societe Generale (SCGLF) fell sharply after reporting a deeper fourth quarter loss than analysts were expecting. Asian markets ended mixed. Japan's Nikkei closed down 1% one day ahead of the release of new GDP figures and the Bank of Japan's latest policy announcement.

Markets in Shanghai and Hong Kong remained closed for the Lunar New Year holiday.

In the bond market, the yield on the 10-year Treasury note rose back above 2%.

Oil and gold prices fell. The U.S. dollar rose versus the euro, British pound and Japanese yen.





4:25 pm : The major averages finished today's session on a mixed note despite this morning's strength. The Dow slipped 0.3%, while the S&P 500 and Nasdaq eked out gains of 0.1% and 0.3% respectively.

The S&P 500 began the day on an upbeat note amid strength in industrials and discretionary shares. The two sectors outperformed after Comcast (CMCSA 40.13, +1.16) reported strong earnings and announced the acquisition of General Electric's (GE 23.39, +0.81) 49% stake in NBCUniversal. General Electric gained 3.6%, and settled near its highs while Comcast added 3.0% after being up as much as 7.6% in early trade.

General Electric contributed to the relative strength of the industrial sector, which ended as the top performer. Elsewhere in the space, 3D Systems (DDD 65.61, +2.54) advanced 4.0% after President Obama spoke positively about the three-dimensional printing industry during last night's State of the Union address.

President Obama also called for an increase of the federal minimum wage to $9/hour. This proposal weighed on restaurant operators where many workers earn minimum wage. McDonald's (MCD 94.00, -1.10) lost 1.2% and other quick service restaurants lagged as well. Buffalo Wild Wings (BWLD 76.55, -4.52) fell 5.6% after missing on the bottom line. In addition, the company is expected to face a difficult year with high wing costs responsible for the cautious outlook.

The weakness among restaurant stocks weighed on the discretionary sector and negated some of the strength provided by the shares of Comcast.

Afternoon trade saw underperformance from financials after several sector components notched fresh multi-year highs yesterday. Bank of America (BAC 12.17, -0.07) and Citigroup (C 44.00, -0.35) led the space during yesterday's action, but ended today's session with respective losses of 0.6% and 0.8%.

The CBOE Volatility Index (VIX 12.98, +0.34) climbed throughout the session, but slipped off its highs into the close. Meanwhile, the VIX term structure saw the biggest rise in May and June futures contracts.

Volume remained below average, but today's total of 657 million shares represented the most active session so far this week.

Treasury yields crept higher following today's 10-yr auction which priced at 2.046%, its highest since March 2012. The bid-to-cover ratio came in at 2.68, which was below the 12-auction average of 2.99. Although demand from indirect bidders lagged, primary dealers ended up with nearly 48% of today's supply. The 10-yr settled at 2.023%, its highest level in 10 months.

Overseas, the Bank of England raised its inflation forecast. However, Governor Mervyn King said the central bank will not hike interest rates in response as doing so would risk derailing a "slow but sustained" recovery.

Mr. King's comments were followed by reports which indicated some European Central Bank officials are worried the recent strength of the euro will hamper the recovery in crisis states. These reports were met with a quick rebuttal from Germany's Finance Minister Wolfgang Schaeuble who said another major crisis could develop if countries continue to flood the world with money.

Currency-related comments are likely to continue through the weekend with the G20 summit set to begin on Friday.

Today's economic news had little trading impact. December business inventories rose 0.1%, which was slightly lower than the 0.3% rise expected by the Briefing.com consensus. Elsewhere, January retail sales climbed 0.1%, in-line with expectations. Though retail sales met expectations, this report is likely to be watched in the coming months in order to assess the impact of the expiration of the payroll tax cut as well as higher tax rates for top earners.

In other news, export prices, excluding agriculture, increased by 0.5% in January after they had decreased by 0.2% during the prior month. Excluding oil, import prices increased by 0.2%, which followed the 0.1% decrease experienced in the prior month.

Tomorrow's economic data will be limited to weekly initial and continuing claims. This report will be released at 8:30 ET. General Motors (GM 28.67, +0.12) and PepsiCo (PEP 71.50, -0.67) are among the notable names scheduled to report their quarterly results prior to the open. The U.S. Treasury will auction off $16 billion in 30-yr bonds.DJ30 -35.79 NASDAQ +10.39 SP500 +0.90 NASDAQ Adv/Vol/Dec 1347/1.75 bln/1095 NYSE Adv/Vol/Dec 1765/657.1 mln/1251

3:30 pm :

Mar crude oil fell into negative territory off its session high of $98.05 per barrel following inventory data that showed a build of 0.56 mln barrels when a build of 2.55 mln barrels was anticipated. The energy component then traded just below the unchanged line but dipped again in the last hour of pit trade. Crude oil brushed a session low of $96.63 per barrel moments before settling with a 0.3% loss at $97.03 per barrel.
Mar natural gas extended yesterday's gains as it lifted off its session low of $3.26 per MMBtu and trended higher for its entire floor session. It eventually settled with a 2.5% gain at $3.31 per MMBtu.
Apr gold old popped to a session high of $1655.00 per ounce following retail sales and export prices data released this morning. However, the yellow metal quickly pulled-back and trended lower for the remainder of floor trade. It settled 0.3% lower at $1644.70 per ounce, or slightly above its session low of $1642.20 per ounce.
Mar silver also rose to a session high of $31.19 per ounce moments after floor trade opened and fell into negative territory by mid-morning action. It eventually settled 0.5% lower at $30.88 per ounce.

DJ30 -53.41 NASDAQ +3.12 SP500 -1.31 NASDAQ Adv/Vol/Dec 1191/1485.3 mln/1255 NYSE Adv/Vol/Dec 1571/430 mln/1428

3:00 pm : The major averages have slipped to fresh lows as the session enters the final hour. The S&P 500 began the day on a positive note, but its morning strength was short-lived. The benchmark index slipped into the red during late-morning trade as there was little follow-through to the opening strength.

Today's price action should not be too surprising as the major averages opened the New Year with a broad rally which caused the S&P 500 to gain 6.4% over the course of seven weeks. As sellers take control in afternoon trade, the financial sector has been the weakest performer. This comes after several majors notched fresh multi-year highs during yesterday's session. The SPDR Financial Select Sector ETF (XLF 17.74, -0.07) is off by 0.4%.DJ30 -63.09 NASDAQ +2.69 SP500 -2.28 NASDAQ Adv/Vol/Dec 1133/1.33 bln/1303 NYSE Adv/Vol/Dec 1502/387.9 mln/1491

2:30 pm : Equities are holding their recent levels as quiet trade continues. The major averages have spent the entire day within points of their respective unchanged levels.

Today's economic news had little trading impact. December business inventories rose 0.1%, which was slightly lower than the 0.3% rise expected by the Briefing.com consensus. Elsewhere, January retail sales rose 0.1%, in-line with expectations. Though today's report met expectations, retail sales are likely to be watched in the coming months in order to assess the impact of the expiration of the payroll tax cut as well as higher rates for top earners.

Lastly, export prices, excluding agriculture, increased by 0.5% in January after they had decreased by 0.2% during the prior month. Excluding oil, import prices increased by 0.2%, which followed the 0.1% decrease experienced in the prior month.DJ30 -54.96 NASDAQ +4.38 SP500 -1.24 NASDAQ Adv/Vol/Dec 1170/1.23 bln/1264 NYSE Adv/Vol/Dec 1536/356.2 mln/1441

2:00 pm : Equities have seen little change in recent trade. The S&P 500 is registering slim gains while Nasdaq remains as the top performing average. Comcast (CMCSA 40.50, +1.53) is contributing to the strength after the company acquired General Electric's (GE 23.32, +0.075) stake in NBC Universal.

Although the S&P 500 and Nasdaq trade with slim gains, the CBOE Volatility Index (VIX 13.03, +0.39) is rising as well. The volatility measure suggests near-term protection is being sought. Looking across the VIX term structure, March and April contracts are seeing little change while May, June, and July contracts are trading higher.DJ30 -36.99 NASDAQ +10.55 SP500 +1.33 NASDAQ Adv/Vol/Dec 1259/1.13 bln/1150 NYSE Adv/Vol/Dec 1657/327.7 mln/1303

1:30 pm : Equities are holding their recent levels as the S&P 500 continues to hover near its flat line. The benchmark index was briefly buoyed in morning trade by a strong bid in the shares of Comcast (CMCSA 40.57, +1.60) and General Electric (GE 23.36, +0.78). The two stocks are outperforming after Comcast agreed to acquire General Electric's 49% stake in NBC Universal.

Also of note, treasury yields are creeping higher following the recent auction which priced at 2.046%, its highest since March 2012. The bid-to-cover ratio came in at 2.68, which was below the 12-auction average of 2.99. Although demand from indirect bidders lagged, primary dealers ended up with nearly 48% of today's supply.DJ30 -41.81 NASDAQ +10.69 SP500 +1.09 NASDAQ Adv/Vol/Dec 1270/1.05 bln/1133 NYSE Adv/Vol/Dec 1668/304.8 mln/1297

1:05 pm : The major averages are seeing mixed performance at midday. The Dow is lower by 0.3%, the S&P 500 is registering no change while Nasdaq is outperforming slightly.

The tech-heavy Nasdaq is receiving some support from Comcast (CMCSA 40.72, +1.75). The media stock is firmer by 4.5% after reporting strong earnings. In addition, the media company hiked its dividend 20% to $0.78 and announced plans to buy back up to $2 billion of its shares. Comcast also said it has acquired General Electric's (GE 23.32, +0.74) 49% stake in NBC Universal.

Shares of General Electric are responding favorably to the acquisition as the company is expected to see an expansion of its margins during this year.

General Electric is contributing to the relative strength of the industrial sector, which has been the top performing space of the day. Meanwhile, discretionary stocks have also outperformed on the relative strength of Comcast.

Though the SPDR Consumer Discretionary Select Sector ETF (XLY 50.88, +0.13) trades higher by 0.3%, restaurant operators are lagging. McDonald's (MCD 93.95, -1.15) is down 1.3% after President Obama proposed raising the federal minimum wage to $9/hour during last night's State of the Union address.

Another sector component, Buffalo Wild Wings (BWLD 77.00, -4.07), is shedding 5.0% after missing on the bottom line.

Overseas, comments concerned with current levels of major currencies continued. In the United Kingdom, Bank of England Governor Mervyn King said heightened inflation expectations will not cause the central bank to implement looser monetary policy.

Shortly thereafter, reports indicated some European Central Bank officials are worried the recent strength of the euro will hamper the recovery in crisis states. However, these reports were soon followed by remarks from Germany's Finance Minister Wolfgang Schaeuble who said another major crisis could develop if countries continue to flood the world with money.

Currency-related comments are likely to continue through the weekend with the G20 summit set to begin on Friday.

The day's economic data was largely in-line with expectations. During December, business inventories rose by 0.1%, which was lower than the 0.3% increase expected by the Briefing.com consensus. Today's reading follows the prior month's revised uptick of 0.2%.

January retail sales rose 0.1%, which was in-line with the forecast. The prior month's reading pointed to an increase of 0.5%. Excluding autos, retail sales rose 0.2%, which was slightly higher than the expected uptick of 0.1%.

Export prices, excluding agriculture, increased by 0.5% in January after they had decreased by 0.2% during the prior month. Excluding oil, import prices increased by 0.2%, which followed the 0.1% decrease experienced in the prior month.DJ30 -38.44 NASDAQ +5.99 SP500 +0.59 NASDAQ Adv/Vol/Dec 1208/963.6 mln/1194 NYSE Adv/Vol/Dec 1637/281.3 mln/1315

12:30 pm : The S&P 500 is seeing little change after surrendering its earlier gains. Though the index traded higher in the early going, the relative strength was short-lived. Meanwhile, the Dow has spent the duration of the session in the red.

The Dow is lagging as one of its top components, McDonald's (MCD 93.76, -1.34), trades lower by 1.4%. The fast food giant is underperforming after the president called for an increase of the federal minimum wage to $9/hour.DJ30 -57.00 NASDAQ +4.13 SP500 -0.44 NASDAQ Adv/Vol/Dec 1156/846.6 mln/1210 NYSE Adv/Vol/Dec 1599/254.6 mln/1305

12:00 pm : The S&P 500 is registering marginal losses after slipping to a fresh session low. As the benchmark average slides into negative territory, industrial and discretionary stocks are surrendering the bulk of their early gains. The discretionary space has benefitted from the relative strength of Comcast (CMCSA 40.97, +2.00).

Last evening, the media company delivered a strong quarterly report and announced the acquisition General Electric's (GE 23.27, +0.69) 49% stake in NBC Universal. Industrial component General Electric trades higher by 3.1% on expectations of margin expansion.

While discretionary stocks appear strong on the surface, restaurant operators are seeing considerable weakness. Buffalo Wild Wings (BWLD 77.28, -3.79) is shedding 4.7% following an earnings miss. Meanwhile, McDonald's (MCD 93.68, -1.42) is down 1.5% after President Barack Obama proposed raising the federal minimum wage to $9/hour during his last night's State of the Union Address.DJ30 -54.31 NASDAQ +3.75 SP500 -0.38 NASDAQ Adv/Vol/Dec 1159/766.1 mln/1224 NYSE Adv/Vol/Dec 1571/235.5 mln/1330

11:30 am : Quiet trade continues as the S&P 500 trades just three points above its unchanged level. Consumer discretionary and industrial stocks are the clear leaders on the session as Comcast (CMCSA 41.30, +2.33) and General Electric (GE 23.26, +0.68) support the two sectors.

The discretionary space is leading the broader market as Comcast trades higher by 6.2%. The media company is outperforming after yesterday's upbeat earnings report was combined with a handful of news items. The company hiked its dividend 20% to $0.78 and announced plans to buy back $2 billion of its shares. Lastly, Comcast announced the acquisition of General Electric's 49% stake in NBC Universal. Industrial component GE trades higher by 3.0% as the company expects margin expansion will take place following the deal.

On the downside, defensively-oriented health care, telecoms, and utilities are all registering slim losses.DJ30 -19.74 NASDAQ +15.81 SP500 +3.06 NASDAQ Adv/Vol/Dec 1162/661.9 mln/1166 NYSE Adv/Vol/Dec 1587/209.2 mln/1288

11:00 am : The major averages are trading in mixed fashion. The Dow is shedding 0.1% while Nasdaq is higher by 0.5%. The tech-heavy index is outperforming to follow yesterday's weakness.

The largest tech stock, Apple (AAPL 473.29, +5.39), is adding 1.2% after being down as much as 0.9% in early trade.

In addition, Comcast (CMCSA 41.36, +2.39) is contributing to the relative strength of the Nasdaq. The media company is surging 6.1% after announcing the acquisition of General Electric's (GE 23.32, +0.74) remaining stake in NBC Universal.

The outperformance from the two stocks also serves as support for consumer discretionary and industrial shares. The sectors are the top two performers in the S&P 500.DJ30 -19.74 NASDAQ +15.81 SP500 +3.06 NASDAQ Adv/Vol/Dec 1339/530.8 mln/953 NYSE Adv/Vol/Dec 1794/175.7 mln/1053

10:35 am : Commodities are mixed this morning with energy higher and metals mostly lower, while the dollar index is modestly lower.

Crude oil rallied this morning and rose as high as $98.08/barrel earlier, ahead of today's inventory data. Following inventory data, crude rallied higher by about $0.20/barrel and is now +0.3% at $97.77/barrel. Apr natural gas futures are +1.2% at $3.27/MMBtu.

Precious metals are modestly lower this morning with Apr gold -0.1% at $1647.80/oz and Mar silver -0.2% at $30.96/oz. Mar copper is showing a small gain, now up 0.2% at $3.75/lb.DJ30 -6.64 NASDAQ +16.65 SP500 +4.21 NASDAQ Adv/Vol/Dec 1358/416.4 mln/902 NYSE Adv/Vol/Dec 1831/144 mln/958

10:00 am : The S&P 500 is adding 0.3% after notching fresh session highs.

During December, business inventories rose by 0.1%, which was lower than the 0.3% increase expected by the Briefing.com consensus. Today's reading follows the prior month's revised uptick of 0.2%.DJ30 -5.53 NASDAQ +15.94 SP500 +3.82 NASDAQ Adv/Vol/Dec 1241/245.2 mln/902 NYSE Adv/Vol/Dec 1715/100.1 mln/988

09:50 am : The S&P 500 opened the session on a positive note, and the benchmark index is currently adding 0.2%.

Industrial and discretionary stocks are among the early leaders thanks in part to relative strength of General Electric (GE 23.29, +0.71) and Comcast (CMCSA 41.45, +2.48). Last evening, Comcast announced the acquisition GE's remaining interest in NBC Universal for $16.7 billion. The two stocks are seeing respective gains of 3.1% and 6.2%.

On the downside, technology stocks are underperforming as Apple (AAPL 463.75, -4.15) trades lower by 0.9%.

December business inventories will be reported at 10:00 ET.DJ30 -2.61 NASDAQ +6.71 SP500 +2.35 NASDAQ Adv/Vol/Dec 1180/157.1 mln/864 NYSE Adv/Vol/Dec 1721/77.4 mln/944

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +9.70. Heading into the open, equity futures are pointing to a modestly higher start to the session. The S&P 500 futures are adding 0.2% with a slightly bullish bias taking hold amid generally upbeat European trade.

This morning, more than 30 companies covered by Briefing.com reported their quarterly earnings. Notably, Comcast (CMCSA 42.24, +3.27) is rising 8.4% after beating on the bottom line. In addition, the media company raised its dividend by 20.0% to $0.78 and announced the acquisition of General Electric's (GE 23.23, +0.65) stake in NBC Universal for $16.70 billion.

Today's economic data was largely in-line with expectations as January retail sales saw an uptick of 0.1%. Additionally, December business inventories will be reported at 10:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.20.

U.S. equity futures continue to trade higher with the S&P 500 futures up 0.2%.

The major Asian bourses ended higher with Japan's Nikkei (-1.0%) being the outlier. Weakness in the Nikkei came following yesterday's comments from a G7 official which suggested the group was becoming concerned with the recent weakness of the yen. Those words prompted a sharp selloff in the currency, and weighed on the Nikkei. Markets in Hong Kong and Shanghai remained closed for the Lunar New Year. Meanwhile, data from the region saw Japan's Tertiary Industry Activity climb 1.4% month-over-month (0.8% actual), Australia's Westpac Consumer Sentiment survey jump to 7.7% (0.6% prior), India's trade deficit widen to $20.0 billion ($19.6 billion expected, $17.7 billion previous), and South Korea's unemployment tick up to 3.2% (3.0% previous).

In Japan, the Nikkei lost 1.0% as exporters pulled back thanks to the stronger yen. Sony plunged 5.8% and Mazda Motor gave up 2.8%. Elsewhere, financials retreated after their recent outperformance. Nomura Holdings was among the laggards in the space, losing 3.2%.
Hong Kong's Hang Seng was closed for the Lunar New Year.
In China, the Shanghai Composite was closed for the Lunar New Year.
India's Sensex added 0.2% amid a choppy trade. Automakers ended mixed with Tata Motors and Mahindra & Mahindra gaining 2.1% and 1.6% respectively while peer Bajaj Auto shed 2.8%.
In Australia, the ASX settled higher by 0.9% as trade climbed above the psychologically important 5000 level to close at its best level since September 2008. Financials continued their recent success as CBA put on 2.4% following its earnings report while rival Westpac added 2.1%.

European indices are generally higher despite earlier weakness. Looking at notable economic data, Germany's Wholesale Price Index rose 0.3% month-over-month while an increase of 0.2% was expected by the market. Eurozone industrial production climbed 0.7% month-over-month, better than the expected rise of 0.2%. Elsewhere, Norway's GDP grew 0.4% quarter-over-quarter while growth of 0.3% was forecast by the market.

In news, Bank of England Governor Mervyn King said he expects the country's inflation rate to climb to 3.0% by the summer. This marks a change from the bank's November report which forecast a drop in inflation near the bank's 2.0% target. In addition, Mr. King said the higher inflation expectations will not result in looser monetary policy. The comments caused the pound to fall to a six-month low against the dollar. Currently, the pair trades near 1.5573. Also of note, Germany auctioned off 2-yr debt at its highest yield in nearly a year.

France's CAC is adding 0.1% with industrials in the lead. Lafarge is rising 3.7% and Vallourec is firmer by 2.5%. On the downside, Societe Generale is down 3.7% after reporting a larger-than-expected fourth quarter loss.
The United Kingdom's FTSE is up 0.2% as miners outperform. Eurasian Natural Resources and Xstrata are seeing respective gains of 5.2% and 2.4%.
In Germany, the DAX is higher by 0.7%. Materials producers are outperforming with BASF and K+S higher by 1.3% and 1.0%. Meanwhile, financials are underperforming. Deutsche Bank and Commerzbank are down 1.0% and 0.3% respectively.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +8.70. Equity futures ticked lower in reaction to the latest set of economic data releases. The S&P 500 futures are adding 0.2%.

January retail sales rose 0.1%, which was in-line with the Briefing.com consensus. The prior month's reading pointed to an increase of 0.5%. Excluding autos, retail sales rose 0.2%, which was slightly higher than the expected uptick of 0.1%.

Export prices, excluding agriculture, increased by 0.5% in January after they had decreased by 0.2% during the prior month. Excluding oil, import prices increased by 0.2%, which follows the 0.1% decrease experienced in the prior month.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +8.50.

U.S. equity futures are modestly higher amid mixed European trade. Futures on the S&P 500 are currently adding 0.2%.

Looking at overnight developments:

Asian markets ended on a mixed note as China's Shanghai Composite and Hong Kong's Nikkei remained closed in observance of Golden Week. Japan's Nikkei shed 1.0%, India's Sensex added 0.2%, and South Korea's KOSPI gained 1.6%.
Regional economic data was limited:
Japan's Tertiary Industry Activity Index rose 1.4%, ahead of the expected uptick of 0.8%. Meanwhile, the country's CGPI slipped 0.2% year-over-year, slightly better than the expected decline of 0.3%.
India's trade deficit was reported at $20 billion. The general consensus had expected the reading to come in at $19.6 billion.
In news:
The Australian press reported the country's Chamber of Commerce and Industry expects the Reserve Bank of Australia to cut rates again due to weak business and consumer confidence.

European indices are mixed as midday approaches. The United Kingdom's FTSE is off by 0.1%, Germany's DAX is firmer by 0.6%, and France's CAC is flat.
Looking at economic data:
Germany's Wholesale Price Index rose 0.3% month-over-month while an increase of 0.2% was expected by the market.
Eurozone industrial production climbed 0.7% month-over-month, better than the expected rise of 0.2%.
Norway's GDP grew 0.4% quarter-over-quarter while growth of 0.3% was forecast by the market.
In news:
Bank of England Governor Mervyn King said he expects the country's inflation rate to climb to 3.0% by the summer. This marks a change from the bank's November report which forecast a drop in inflation near the bank's 2.0% target. In addition, Mr. King said the higher inflation expectations will not result in looser monetary policy. The comments caused the pound to fall to a six-month low against the dollar. Currently, the pair trades near 1.5573.
Germany auctioned off 2-yr debt at its highest yield in nearly a year.

In U.S. corporate news:

Comcast (CMCSA 42.26, +3.29) is jumping 8.4% after the company beat on earnings and announced its acquisition of General Electric's (GE 23.23, +0.65) stake in NBC Universal for $16.7 billion.
Deere (DE 94.00, +0.03) is little changed after beating on earnings. In addition, the manufacturer of heavy machinery guided second quarter revenue below consensus while full-year revenue is expected to come in slightly ahead of analyst projections.

January retail sales, retail sales ex-auto, export prices ex-agriculture, and import prices ex-oil will all be released at 8:30 ET. Lastly, December business inventories will be announced at 10:00 ET.

The U.S. Treasury will auction off $24 billion in 10-yr notes.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +6.00.

06:28 am : Nikkei...11251.41...-117.70...-1.00%. Hang Seng...Holiday.........

06:28 am : FTSE...6324.00...-14.30...-0.20%. DAX...7668.26...+8.10...+0.10%.

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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