TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $2562.50 dollars or +51.25 points, Light Crude Oil CL ($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 @ $2562.50 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=148&t=2196


Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=274&t=2910 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


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


4:05 pm: [BRIEFING.COM] The stock market endured a y Friday session that capped an upbeat week. The S&P 500 added 0.5%, extending its weekly gain to 0.9%, while the Nasdaq Composite (+0.3%) underperformed on Friday, but still ended the week higher by 1.2%.

Overall, the Friday affair was pretty uneventful as the S&P 500 spent the bulk of the day in a ten-point range, climbing to a new high during the final hour. Four sectors settled ahead of the S&P 500 while the remaining six ended in-line with or behind the benchmark index.

Consumer staples (+1.0%) and health care (+1.0%) settled in the lead with the health care space holding up well despite an intraday swoon in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 314.32, -0.44) shed 0.1% after being up 1.1% at the start of the trading day. For the week, the health care sector gained 1.9% while the biotech ETF also climbed 1.9%.

Moving to the cyclical side, consumer discretionary (+0.6%) and financials (+0.4%) displayed relative strength since the opening bell while energy (+0.2%), industrials (-0.2%), materials (unch), and technology (+0.3%) spent the bulk of the session in the red.

Interestingly, the energy sector faced a daylong struggle even though crude oil erased its early loss to end the day higher by 1.9% at $47.26/bbl.

Elsewhere, the industrial sector (-0.2%) spent the day behind the remaining nine groups to widen its weekly decline to 1.2%. Top-weighted sector component General Electric (GE 28.98, +0.95) spiked 3.4% after reporting operating earnings of $0.32/share, which may not compare to estimates as the company continues divesting GE capital assets, but that strength could not offset broad weakness among transport stocks. The Dow Jones Transportation Average fell 1.6% with KC Southern (KSU 87.37, -10.63) diving 10.9% in reaction to disappointing quarterly results.

Similar to stocks, Treasuries drifted inside narrow ranges, but unlike equities, the 10-yr note settled on its low with the benchmark yield rising two basis points to 2.03%.

Despite the quiet intraday action, more than 900 million shares changed hands at the NYSE floor with options expiration boosting the final tally.

Economic data was limited to Industrial Production, Michigan Sentiment, and JOLTS:

Industrial production declined 0.2% in September after declining an upwardly revised 0.1% (from -0.4%) in August while the Briefing.com consensus expected a drop of 0.2%
Manufacturing production declined for a second consecutive month and for a third time over the past four months. Production fell 0.1% in September after declining 0.4% in August
The decline in manufacturing production was the result of a 0.1% decline in durable goods production. Despite lower output in the petroleum sector, nondurable goods production was flat in September
The University of Michigan Consumer Sentiment Index increased to 92.1 in the preliminary October reading from 87.2 in September while the Briefing.com consensus expected an increase to 88.4
The Current Conditions Index increased to 106.7 in October from 101.2 in September while the Expectations Index increased to 82.7 from 78.2
The August Job Openings and Labor Turnover Survey showed that job openings decreased to 5.370 million from 5.668 million

Monday's data will be limited to the 10:00 ET release of the NAHB Housing Market Index for October (Briefing.com consensus 62).

Nasdaq Composite +3.2% YTD
S&P 500 -1.3% YTD
Dow Jones Industrial Average -3.4% YTD
Russell 2000 -3.6% YTD

Week in Review: Stimulus Chatter Picks Up

The stock market began the trading week on a y note with a Monday session that saw the S&P 500 bounce around an eight-point range. The benchmark index settled higher by 0.1% while the Nasdaq Composite (+0.2%) outperformed slightly. With the bond market closed for Columbus Day, a fair share of participants elected to forego the Monday session. The subdued activity was highlighted by below-average trading volume as fewer than 700 million shares changed hands at the NYSE floor. Eight sectors finished the day with gains while commodity-sensitive energy (-1.1%) and materials (-0.9%) underperformed throughout the session. The energy sector finished at the bottom of the leaderboard, narrowing its October gain to 10.9% while crude oil surrendered 5.2% to settle at $47.19/bbl.

The market ended Tuesday on a lower note after the major averages failed to hold their slim intraday gains. The S&P 500 settled lower by 0.7% while the Nasdaq Composite (-0.9%) underperformed. Overall, the Tuesday affair was relatively quiet with trading volume surpassing Monday's total by a relatively slim margin. To that point, fewer than 850 million shares changed hands at the NYSE floor. Equity indices faced some selling pressure after China's September trade balance ($60.34 billion; expected $46.79 billion) showed a 20.4% decline in imports (expected -15.0%), which was the 11th consecutive drop in that category, stirring up concerns about China's demand for goods and services from its neighbors. Accordingly, most Asian markets posted losses on Tuesday and the defensive sentiment infiltrated the European session.

The major averages ended the midweek session on a lower note with the S&P 500 (-0.5%) registering its second consecutive decline. The benchmark index settled near its worst level of the day while the Nasdaq Composite (-0.3%) outperformed. Equities displayed modest gains in the early going, but relative weakness in several influential sectors prevented the S&P 500 from holding its early gain. The index made another brief appearance above its flat line during the early afternoon, but slid to lows before the closing bell. The reasons for the retreat were not particularly difficult to find as economic data reported in the morning disappointed while quarterly earnings received since Tuesday's closing bell did not inspire confidence either. Eight sectors registered losses with four falling 1.0% or more. The financial sector (-1.0%) settled among the laggards after showing relative weakness throughout the day.

Equities charged higher on Thursday, erasing their entire decline from the early portion of the week. The S&P 500 spiked 1.5% while the Nasdaq Composite (+1.8%) outperformed. The broad-based rally in the U.S. followed an overnight session that featured dovish comments from two European Central Bank members, setting expectations for more monetary easing from the central bank. This started with Vitor Constancio who spoke in Hong Kong, joining the chorus of voices calling on the Federal Reserve to delay its first rate hike while Ewald Nowotny said that more needs to be done by the ECB in light of soft inflation data. The dovish remarks from two ECB policymakers weighed on the euro, sending the single currency lower by 0.8% against the dollar to 1.1383. To be fair, the Dollar Index (94.46, +0.47), which gained 0.5%, spiked to highs after the release of economic data, which included a 42-year low initial claims reading (255,000; Briefing.com consensus) and an in-line CPI report (+0.2%).

3:35 pm: [BRIEFING.COM]

WTI crude oil futures recovered today following the earlier sell-off
Nov crude oil ended floor trading +2.1% at $47.31/barrel
In other energy, Nov natural gas lost 1.2% to finish at $2.43/MMBtu
Precious metals remained in the red today as strength in the dollar helped provide pressure
Dec gold finished the day -0.4% at $1183.20/oz, while Dec silver fell -0.4% to $16.10/oz

2:55 pm:

[BRIEFING.COM] The S&P 500 trades higher by 0.2% with one hour remaining in the session. The benchmark index enters the final hour of action near its session high after bouncing off its low over the past 30 minutes.

Although the S&P 500 has spiked back to its high, that move was limited to about nine points as the index remains within a relatively narrow range.

Given its current standing, the S&P 500 is on track to end the week higher by 0.7% while the Nasdaq Composite has outperformed, showing a week-to-date gain of 0.9%. Eight sectors are on course to register weekly gains with utilities climbing 2.2% while the industrial sector has surrendered 1.4% since last week.

2:25 pm:

[BRIEFING.COM] The S&P 500 has returned to its flat line after marking a fresh session low within the past 30 minutes of action. With the market trading near its session low, only four sectors continue holding gains while six groups trade in the red.

The industrial sector (-0.7%) has lagged since the opening bell and the group remains at the bottom of the leaderboard with transport stocks showing broad weakness after KC Southern (KSU 88.21, -9.79) reported disappointing results. The stock has surrendered 10.0% while the Dow Jones Transportation Average is lower by 1.9%.

On the upside, the consumer staples sector (+0.6%) remains in the lead.

1:55 pm:

[BRIEFING.COM] The major averages sit near their lowest levels of the day.

Including the September decline, industrial production has failed to increase in eight of the nine months of 2015.

Industrial production declined 0.2% in September after declining an upwardly revised 0.1% (from -0.4%) in August. The Briefing.com Consensus expected industrial production to decline 0.2%.

Manufacturing production declined for a second consecutive month and for a third time over the past four months. Production fell 0.1% in September after declining 0.4% in August.

The decline in manufacturing production was the result of a 0.1% decline in durable goods production. Despite lower output in the petroleum sector, nondurable goods production was flat in September.

1:30 pm:
Related Quotes

[BRIEFING.COM] The major U.S. indices remain mixed and relatively unchanged since our last update as we near the end of the trading week.

A look inside the Dow Jones Industrial Average shows that General Electric (GE 28.95, +0.92), Merck & Co (MRK 51.28, +0.56), and McDonald's (MCD 104.74, +1.08) are outperforming. GE shares are trading higher after reporting its third quarter earnings. The company's earnings remain convoluted as the industrial giant works towards completing the disposal of all it's financing units. GE expects the divestitures, which have totaled $126 bln since the initiative was announced, to be largely completed next year. Merck shares are trading in line with its peers in the health care space as that sector outperforms today, while McDonald's is adding to yesterday's late gains, which were fueled by a WSJ report the company is near a decision on what to do with its massive real estate holdings.

Conversely, Caterpillar (CAT 69.20, -1.63) is the worst performing Dow component as industrials lag.

Nearing the end of the trading session, the DJIA is at current levels set to end the week higher by 0.4%.

12:55 pm:

[BRIEFING.COM] The stock market is little changed at midday with the Dow (+0.1%) and S&P 500 (+0.1%) holding slim gains while the Nasdaq Composite (-0.1%) hovers just below its flat line.

Broadly speaking, the first half of the Friday session has been very quiet with the S&P 500 bouncing inside a seven-point range. Six sectors hold midday gains while four hover in the red with all four representing cyclical groups.

Investors have received a few quarterly reports since yesterday's closing bell, but the earnings season will not enter full swing until next week. Most notably, General Electric (GE 28.73, +0.70) trades higher by 2.5% after reporting operating earnings of $0.32/share that may not compare to estimates as the company continues divesting GE capital assets. Despite the solid gain in the shares of GE, the industrial sector (-0.6%) has struggled since the early going. Transport stocks have contributed to the underperformance as the Dow Jones Transportation Average trades lower by 1.6% today, widening this week's decline to 2.2%. Also of note, another industrial component, Honeywell (HON 95.93, -2.57) has given up 2.6% after beating earnings estimates on light revenue and lowering its revenue guidance.

Similar to industrials, energy (-0.9%) and materials (-0.4%) have struggled since the early going while the technology sector (-0.1%) has dipped into negative territory not long ago.

Elsewhere, the health care sector (+0.4%) began in the lead, but the countercyclical sector has been pressured from its high by a turnaround in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 312.00, -2.76) is lower by 0.9% at this juncture.

Similar to stocks, Treasuries have spent the day in a narrow range. The 10-yr note sits just above its low with the benchmark yield up one basis point at 2.02%.

Economic data was limited to Industrial Production, Michigan Sentiment, and JOLTS:

Industrial production declined 0.2% in September after declining an upwardly revised 0.1% (from -0.4%) in August while the Briefing.com consensus expected a drop of 0.2%
Manufacturing production declined for a second consecutive month and for a third time over the past four months. Production fell 0.1% in September after declining 0.4% in August
The decline in manufacturing production was the result of a 0.1% decline in durable goods production. Despite lower output in the petroleum sector, nondurable goods production was flat in September
The University of Michigan Consumer Sentiment Index increased to 92.1 in the preliminary October reading from 87.2 in September while the Briefing.com consensus expected an increase to 88.4
The Current Conditions Index increased to 106.7 in October from 101.2 in September while the Expectations Index increased to 82.7 from 78.2
The August Job Openings and Labor Turnover Survey showed that job openings decreased to 5.370 million from 5.668 million

12:25 pm:

[BRIEFING.COM] Recent action saw the S&P 500 (+0.1%) slip back into the neighborhood of its low after being rejected by its session high. All in all, the trading dynamic hasn't changed with sector standing remaining unchanged.

Elsewhere, the Dollar Index (94.64, +0.27) sits just below its best level of the day thanks to a recent rally staged at the expense of the Japanese yen. Currently, the dollar/yen pair is higher by 0.4%, hovering near 119.50 after spending the morning in the neighborhood of the 119.00 area. Meanwhile, the euro now trades flat against the dollar at 1.1370 after reclaiming its earlier loss.

11:55 am:

[BRIEFING.COM] Not much change in the market as the major averages continue drifting inside narrow ranges that have been established during today's opening hour. The S&P 500 (+0.3%) currently hovers near the top of its six-point range with the consumer staples sector (+0.9%) in the lead after overtaking the health care space (+0.5%).

To be fair, the health care sector remains ahead of the broader market, but the sector's pullback from session highs has occurred amid a slide in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 313.76, -1.00) is now down 0.3% after being up more than 1.1% at the start of today's session. Despite today's retreat, the biotech ETF remains on course to end the week higher by 1.6%.

Elsewhere, Treasuries have slipped to lows after spending the morning near their flat lines with the 10-yr yield up two basis points at 2.03%.

11:25 am:

[BRIEFING.COM] Equity indices have ticked up off their lows, returning into the middle of their trading ranges. The S&P 500 is now up 0.2%, extending this week's gain to 0.7%.

Seven sectors remain in the green and the same seven are on track to end the week with gains. The health care sector (+0.8%) leads today while another countercyclical group-utilities (+0.5%)-is on course to end the week with a 2.6% gain.

On the flip side, the energy sector (-0.9%) has trailed its peers since the start even though crude oil trades flat at $46.39/bbl. Despite today's decline, the energy sector remains higher by 11.9% for the month.

10:55 am:

[BRIEFING.COM] The major averages sit just above their flat lines after sliding from their opening highs. The S&P 500 trades higher by 0.1% with seven sectors showing gains.

The health care sector (+0.9%) remains in the lead after spiking at the start of the trading day. Biotechnology has underpinned the strength, evidenced by a 0.9% gain in iShares Nasdaq Biotechnology ETF (IBB 317.42, +2.66).

On the downside, energy (-0.8%), industrials (-0.6%), and materials (-0.4%) trade in the red with the industrial sector pressured by transport stocks. The Dow Jones Transportation Average is lower by 1.4% with 19 of its 20 components trading in the red while JB Hunt (JBHT 75.06, +0.14) outperforms slightly.

10:40 am: [BRIEFING.COM]

The dollar trended modestly positive overnight and in early trade, ahead of the morning's US industrial production/consumer sentiment data
The index slumped following the release of in-line industrial data, but bounced shortly thereafter and caught a tailwind
After beginning the day higher, crude oil prices lost steam this morning and sold off sharply
Nov crude oil hit a new low for today in recent trade and is now -0.1% at $46.35/barrel
In other energy, Nov nat gas is -1.1% to $2.43/MMBtu
Strength in the dollar index this morning is weighing on metals prices
Dec gold and silver have been in the red all day with gold now -0.4% at $1183.10/oz and silver -0.4% at $16.10/oz
Dec copper is currently -2.4% at $2.40/lb

10:00 am:

[BRIEFING.COM] The S&P 500 remains higher by 0.1%.

Just released, the preliminary reading of the University of Michigan Consumer Sentiment survey for October rose to 92.1 from the reading of 87.2 that was reported in September. The Briefing.com consensus expected an uptick to 88.4.

Separately, the August Job Openings and Labor Turnover Survey showed that job openings decreased to 5.370 million from 5.668 million.

9:40 am:

[BRIEFING.COM] As expected, the major averages began the trading day just above their flat lines. The S&P 500 trades higher by 0.3% while the Nasdaq (+0.1%) sits a bit closer to its flat line.

Nine sectors display opening gains with heavily-weighted health care (+0.7%) and financials (+0.4%) among the leaders while the top-weighted technology sector (-0.1%) has spent the first few minutes in the red. Large cap technology components like Apple (AAPL 111.35, -0.51) and Alphabet (GOOGL 692.69, -0.33) have contributed to the early weakness while high-beta chipmakers also lag with the PHLX Semiconductor Index trading lower by 0.2%.

Elsewhere, Treasuries continued drifting near their flat lines with the 10-yr yield at 2.01%.

The preliminary October Michigan Sentiment Index (consensus 88.4) will be released at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +5.30.

The stock market is on track for a modestly higher open as S&P 500 futures trade three points above fair value. Futures on the benchmark index have spent the night inside a narrow range while markets across Asia and Europe have built on their gains from yesterday.

Yesterday's surge helped the benchmark index erase its week-to-date loss, turning that decline into a 0.5% increase for the week. Meanwhile, the Nasdaq enters today's session with a week-to-date gain of 0.8%.

Investors have received a modest batch of quarterly earnings since yesterday with General Electric (GE 28.41, +0.37) on track to open higher by 1.3% after reporting operating earnings of $0.32/share that may not compare to estimates as the company continues divesting GE capital assets. Meanwhile, Honeywell (HON 98.10, -0.40) has surrendered 0.4% in pre-market after beating earnings estimates on light revenue and lowering its revenue guidance.

On the economic front, the just released Industrial Production report pointed to a decrease of 0.2% in September, which is what the Briefing.com consensus expected. Capacity utilization hit 77.5% while the Briefing.com consensus expected a reading of 77.4%.

Treasuries are little changed with the 10-yr yield at 2.01%.

8:50 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.40.

The S&P 500 futures trade one point above fair value.

Most markets in the Asia-Pacific region closed the week out on a winning note, following Wall Street's lead from Thursday and continuing to draw support from the speculation that central banks will soon be providing more stimulus. China's Shanghai Composite (+1.6%) led the winners, rallying in front of a key batch of data, including its Q3 GDP report, which will be released Sunday evening at 10:00 p.m. ET.

In economic data:
New Zealand's Q3 CPI +0.3% quarter-over-quarter (expected +0.2%; prior +0.4%); +0.4% year-over-year (expected +0.3%; prior +0.4%)
Singapore's September Non-Oil Exports +2.8% month-over-month (expected +0.8%; prior -4.6%); +0.3% year-over-year (expected -3.8%; prior -8.4%)

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Japan's Nikkei increased 1.1%, led by strong gains in the financial (+2.3%) sector. Tokyu Fudosan Holdings (+5.2%), Sumitomo Realty & Development (+4.1%), and T&D Holdings (+3.8%) topped the list of winners. Obayashi Cop (-3.1%), Haseko Corp (-2.8%), and Trend Micro (-2.3%) were the worst-performing issues. Out of the 225 index members, 188 ended higher, 33 finished lower, and 4 were unchanged. For the week, the Nikkei declined 0.8%.
Hong Kong's Hang Seng increased 0.8%, roughly in the middle of the day's trading range. It had been up 1.3% shortly after the start of trading. AIA Group (+3.4%), Wharf Holdings (+2.9%), and Bank of Communications (+2.4%) led individual gainers while Galaxy Entertainment (-3.4%), China Resources power Holdings (-2.8%), and China Mengniu Dairy (-2.7%) brought up the rear. Out of the 50 index members, 34 ended higher and 16 finished lower. For the week, the Hang Seng increased 2.7%.
China's Shanghai Composite increased 1.6% with the bulk of that gain coming in an afternoon rally effort that left the market at its high for the session when trading ended. The late rally preceded a batch of important economic data that will be released Sunday night, namely Q3 GDP, industrial production, retail sales, and fixed asset investment. For the week, the Shanghai A Shares surged 6.5% while B shares jumped 8.7%.

Major European indices trade modestly higher after the release of a CPI report, which did little to change the view that the European Central Bank will likely need to expand the size/scope of its quantitative easing program.

Economic data was limited:
Eurozone September CPI +0.2% month-over-month, as expected; -0.1% year-over-year, as expected. Separately, August Trade Surplus EUR11.20 billion (consensus EUR20.00 billion; prior EUR31.40 billion) and September Core CPI +0.9% year-over-year, as expected
Italy's August Trade Surplus narrowed to EUR1.85 billion from EUR8.07 billion (expected surplus of EUR4.23 billion)

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Germany's DAX hovers just above its flat line with a gain of 0.2%. Utilities and financials outperform with Commerzbank, Deutsche Bank, E.On, and RWE up between 1.5% and 2.8%. On the downside, automakers BMW, Daimler, and Volkswagen have given up between 0.9% and 2.4%.
In France, the CAC is higher by 0.4% with roughly half of its components trading in the green. Carrefour leads with a 6.5% gain after reporting better than expected results. Financials also outperform with BNP Paribas, Credit Agricole, and Societe Generale showing gains between 1.1% and 1.4%.
UK's FTSE trades higher by 0.5% after backing away from its best level of the session. Energy and mining names lead the way with BP, Glencore, and Royal Dutch Shell up between 1.9% and 2.7%. Meanwhile, consumer names lag with Burberry, InterContinental Hotels, and Taylor Wimpey showing losses between 0.6% and 2.2%.

8:24 am: [BRIEFING.COM] S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +3.50.

U.S. equity futures continue drifting inside narrow ranges with S&P 500 futures trading just below fair value.

Meanwhile, the Dollar Index (94.65, +0.28) has climbed 0.3% with the greenback adding about 10 pips against the euro (1.1359) and showing a 20-pip gain against the British pound (1.5443). For the week, the Dollar Index is on track to end lower by 0.2% after erasing a larger loss.

Elsewhere, Treasuries remain little changed with the 10-yr yield at 2.01%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +5.10.

U.S. equity futures trade little changed amid subdued action overseas. The S&P 500 futures trade with a point of fair value after slipping to pre-market lows within the past hour.

Meanwhile, Treasuries are little changed with the 10-yr yield at 2.01%.

On the economic front, September Industrial Production (Briefing.com consensus -0.2%) will be reported at 9:15 ET while August Job Openings and Labor Turnover Survey and the preliminary October Michigan Sentiment Index (consensus 88.4) will be released at 10:00 ET.

In U.S. corporate news of note:

General Electric (GE 27.70, -0.33): -1.2% after reporting operating earnings of $0.32/share that may not compare to estimates as the company continues divesting GE capital assets.
Honeywell (HON 98.90, +0.40): +0.4% after beating earnings estimates on light revenue and lowering its revenue guidance.
Wynn Resorts (WYNN 67.13, -6.63): -9.0% after reporting in-line earnings on below-consensus revenue.
Advanced Micro Devices (AMD 1.98, +0.01): +0.5% after beating revenue estimates and announcing a JV agreement with Nantong Fujitsu Microelectronics.
Mattel (MAT 22.00, -0.53): -2.4% after missing earnings and revenue estimates.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.8%, Japan's Nikkei +1.1%, China's Shanghai Composite +1.6%
In economic data:
New Zealand's Q3 CPI +0.3% quarter-over-quarter (expected +0.2%; prior +0.4%); +0.4% year-over-year (expected +0.3%; prior +0.4%)
Singapore's September Non-Oil Exports +2.8% month-over-month (expected +0.8%; prior -4.6%); +0.3% year-over-year (expected -3.8%; prior -8.4%)
In news:
Westpac economists have made a case for more easing from the Reserve Bank of Australia due to tighter financial conditions

Major European indices trade modestly higher. Germany's DAX +0.2%, France's CAC +0.3%, and UK's FTSE +0.4%. Elsewhere, Italy's MIB +0.4% and Spain's IBEX +0.8%.
Economic data was limited:
Eurozone September CPI +0.2% month-over-month, as expected; -0.1% year-over-year, as expected. Separately, August Trade Surplus EUR11.20 billion (consensus EUR20.00 billion; prior EUR31.40 billion) and September Core CPI +0.9% year-over-year, as expected
Italy's August Trade Surplus narrowed to EUR1.85 billion from EUR8.07 billion (expected surplus of EUR4.23 billion)
Among news of note:
The eurozone CPI report did little to change the view that the European Central Bank will likely need to expand the size/scope of its quantitative easing program

5:46 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +17.30.

5:46 am: [BRIEFING.COM] Nikkei...18291.80...+194.90...+1.10%. Hang Seng...23067.37...+179.20...+0.80%.

5:46 am: [BRIEFING.COM] FTSE...6376.52...+37.90...+0.60%. DAX...10148.09...+83.30...+0.80%.

Special thanks to Bloomberg, Briefing, 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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