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 @ $7087.50 dollars or +141.75 points, Light Crude Oil CL ($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 @ $7087.50 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=2199


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


4:10 pm: [BRIEFING.COM] The stock market ended Wednesday on a lower note after enduring a shaky session. The S&P 500 lost 0.6% after failing to overtake its 100-day moving average (2,038) for the second day in a row. Just like yesterday, the Nasdaq Composite (-0.8%) underperformed while the Dow Jones Industrial Average (-0.3%) displayed relative strength.

Equities began the day with modest gains, but the S&P 500 notched its high during the opening minutes of the session and returned to its flat line in short order. The index traded just above the unchanged level into the afternoon, but slid to lows shortly after 13:00 ET. The S&P 500 staged a late charge to its flat line, but could not overtake that level, dropping to a new low instead.

Although the market spent another day inside a relatively narrow range (21 S&P points), the same could not be said about the health care sector, which ended lower by 0.9% after showing a 1.0% gain at the start that briefly morphed into a 2.5% decline. The intraday volatility was brought on by a swoon in the biotech space after Citron Research published a report on Valeant Pharmaceuticals (VRX 118.61, -28.13), calling into question the company's relationship with Philidor RX, which is a specialty pharmacy. According to Citron, Valeant appears to have created a network of specialty pharmacies modeled after Philidor, whose purpose was to generate phantom sales of VRX products. Shares of Valeant were down nearly 40.0% during afternoon action, but they narrowed their loss to 19.2% after a brief trading halt was lifted. Valeant responded to Citron's allegations during the trading halt, calling them "erroneous." It is worth noting that the afternoon rebound was aided by comments from fund manager Bill Ackman of Pershing Square Capital Management who told CNBC that his fund bought an additional two million shares in VRX today. As for the remainder of the biotech space, the iShares Nasdaq Biotechnology ETF (IBB 304.48, -1.48) ended off its low, but still surrendered 0.5%. Notably, Biogen (BIIB 276.34, +10.53) spiked 4.0% after the company beat estimates, raised its guidance, and announced a restructuring plan.

Similar to the health care sector, energy (-1.0%), materials (-0.9%), and technology (-0.8%) ended among the laggards while most of the remaining sectors fared a bit better. The top-weighted technology sector settled behind the broader market, which masked a 0.2% uptick in the PHLX Semiconductor Index after SanDisk (SNDK 76.78, +1.59) agreed to be acquired by Western Digital (WDC 71.44, -3.42) for $86.50/share. Shares of SanDisk jumped 2.1% while another index component-KLA-Tencor (KLAC 63.98, +10.12)-surged 18.8% after agreeing to be acquired by Lam Research (LRCX 70.79, +0.76) for $67.02/share.

On the upside, the industrial sector (+0.1%) displayed relative strength throughout the day thanks to a 1.6% gain in Boeing (BA 141.19, +2.31) after the Dow component reported better than expected results and boosted its guidance.

Unlike stocks, Treasuries advanced into the afternoon, holding the bulk of their gains into the close with the 10-yr yield sliding four basis points to 2.03%.

Today's participation was in line with average as more than 830 million shares changed hands at the NYSE floor. Economic data was limited to the weekly MBA Mortgage Index, which jumped 11.8% to follow last week's 27.6% plunge.

Tomorrow, weekly Initial Claims (Briefing.com consensus 265,000) will be released at 8:30 ET while the August FHFA Housing Price Index will cross the wires at 9:00 ET. Also of note, September Leading Indicators (consensus -0.1%) and Existing Home Sales (expected 5.39 million) will be reported at 10:00 ET.

Nasdaq Composite +2.2% YTD
S&P 500 -1.9% YTD
Dow Jones Industrial Average -3.7% YTD
Russell 2000 -4.9% YTD

3:40 pm: [BRIEFING.COM]

The dollar index climbed higher today, which helped weigh on commodities today
Dec WTI crude oil remained in the red today, ultimately closing out today's session -2.4% at $45.22/barrel following weekly storage data
In other energy, Nov nat gas lost 3.2% to $2.40/MMBtu
After gold sold off earlier today, the precious metals held losses. Dec gold finished the day -0.9% at $1167.10/oz
Dec silver ended -1% at $15.73/oz, while Dec copper lost -0.4% to $2.36/lb.

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session.

The benchmark index has lurched back to its flat line in recent action after fund manager Bill Ackman of Pershing Square Capital Management said on CNBC that his fund bought an additional two million shares of Valeant Pharmaceuticals (VRX 117.05, -29.75). The news helped VRX continue its rebound off session lows, but the stock remains lower by nearly 20.0% at this juncture. Meanwhile, the health care sector continues trading lower by 0.5%.

Elsewhere, Treasuries are on track to end the day near their highs with the 10-yr yield down four basis points at 2.03%.

2:25 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading lower by 0.3% while the Dow Jones Industrial Average continues showing relative strength as it trades just above its flat line.

The afternoon slide to lows has caused all ten sectors to retreat from their best levels of the session, leaving industrials (+0.5%) and consumer staples (+0.1%) in the green while the remaining groups are now in the red. The health care sector remains at the bottom of the leaderboard, but the countercyclical group has narrowed its loss to 0.8% after being down more than 2.5% earlier. Meanwhile, Valeant Pharmaceuticals (VRX 113.55, -33.19) has narrowed its loss to 22.8% after being down nearly 40.0%.

1:55 pm:

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

With no economic data on the calendar, we look to tomorrow's existing home sales report.

Existing home sales declined 4.8% to 5.31 mln SAAR in August from 5.58 mln SAAR in July. The Briefing.com Consensus expects existing home sales increased to 5.39 mln in September.

A big run in June and July sales came as a result of buyers rushing into the market before interest rates started to rise. That resulted in a pullback period in August as sales slipped to more normal levels.

The underlying trends were mixed in September. Mortgage purchase applications increased 2.4% during the month, which suggests a rebound in sales. However, the latest Pending Home Sales Index fell 1.4% in August, which would normally result in lower September sales figure.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have taken a notable leg lower, but remain mixed as the Dow Jones Industrial Average outperforms the Nasdaq and S&P 500.

A look inside the Dow shows that United Technologies (UTX 98.57, +2.95), Travelers (TRV 111.13, +2.18), and Boeing (BA 141.39, +2.51) are outperforming. United Technologies and Travelers are extending yesterday's earnings-related gains while Boeing is higher after reporting its quarterly results this morning. The company beat on the top and bottom line and raised its FY15 guidance due to higher commercial plane deliveries.

Conversely, UnitedHealth Group (UNH 115.78, -4.63) is underperforming after Hillary Clinton was out negative on health insurers saying she has serious concerns about pending deals in the space.

For the week, the DJIA is effectively flat, but still up 5.7% in October.

12:55 pm:
Related Quotes

[BRIEFING.COM] The major averages hold modest midday gains with the Dow Jones Industrial Average (+0.6%) showing relative strength while the S&P 500 (+0.1%) and Nasdaq Composite (unch) trade just above their flat lines.

Equity indices have spent the first half of the Wednesday session inside narrow ranges with the S&P 500 briefly rallying up to its 100-day moving average (2,038) before pulling back. Eight sectors displayed gains in the early going while energy (-0.1%) and materials (-0.3%) have struggled since the start. Both sectors have retreated alongside commodities with crude oil sliding 1.9% to $45.40/bbl.

Also of note, the health care sector (-1.3%) was among the opening leaders, but the group has slumped to the bottom of the leaderboard after Citron Research published a report, highlighting a questionable business relationship between Valeant Pharmaceuticals (VRX 103.72, -43.02) and Philidor RX, which is a specialty pharmacy. Shares of VRX have tumbled 29.5% while the broader iShares Nasdaq Biotechnology ETF (IBB 300.75, -5.21) is lower by 1.7%. Elsewhere in the industry, Allergan (AGN 248.51, -14.91) has issued a statement, denying using a specialty pharmacy.

Biotechnology has contributed to the relative weakness in the Nasdaq, but some of that weakness has been offset by strength in the technology sector (+0.4%). Most notably, high-beta chipmakers trade well ahead of the broader market with the PHLX Semiconductor Index up 2.0% after SanDisk (SNDK 77.21, +2.02) agreed to be acquired by Western Digital (WDC 74.76, -0.10) for $86.50/share.

Similar to technology, other cyclical sectors like financials (+0.3%), consumer discretionary (+0.3%), and industrials (+1.2%) also trade ahead of the broader market. The industrial sector has been underpinned by Dow component Boeing (BA 141.93, +3.05) as the stock trades higher by 2.2% in reaction to better than expected results and improved guidance.

Treasuries have climbed steadily since early morning action with the 10-yr yield down four basis points at 2.03%.

Today's economic data was limited to the weekly MBA Mortgage Index, which jumped 11.8% to follow last week's 27.6% plunge.

12:25 pm:

[BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 trading higher by 0.1%.

Yesterday, the benchmark index rallied to its 100-day moving average (2,038), which served as resistance. The S&P 500 ended the Tuesday session eight points below its 100-day average, but the index made another appearance in the neighborhood of that level earlier today.

All in all, the S&P 500 has spent the early portion of the week in a 17-point range with the industrial sector displaying relative strength. The cyclical group trades higher by 0.9% today, extending this week's gain to 1.5%.

11:55 am:

[BRIEFING.COM] Equity indices have returned into the middle of their trading ranges with the S&P 500 holding a three-point gain. The benchmark index has made an early appearance below its flat line due to a turnaround in the health care sector (-0.9%).

The top-weighted countercyclical group continues trading in the red, but seven of the remaining nine sectors display gains between 0.1% (telecom services) and 0.8% (industrials). To be fair, the largest sector by weight-technology (+0.4%)-began the day among the laggards, but the sector now displays relative strength, which has offset some of the weakness in biotechnology.

Even though the S&P 500 hovers in the green, the A/D line does not look favorable to the bulls at this time as NYSE-listed decliners outpace advancers by a 1.1:1 ratio.

11:25 am:

[BRIEFING.COM] The major averages continue ranging near their flat lines with the S&P 500 trading flat while the Nasdaq Composite (-0.2%) underperforms due to relative weakness in biotechnology, evidenced by a 1.8% decline in iShares Nasdaq Biotechnology ETF (IBB 300.42, -5.54).

Meanwhile, the top-weighted technology sector (+0.2%) has fared better, largely thanks to a 1.7% jump in the PHLX Semiconductor Index. To be fair, sector heavyweights like Apple (AAPL 114.32, +0.55), IBM (IBM 141.78, +1.14), and Qualcomm (QCOM 59.73, +0.73) sport gains between 0.5% and 1.2%.

10:55 am:

[BRIEFING.COM] Equity indices hover near their flat lines after surrendering their opening gains.

Seven sectors continue holding gains at this juncture, but the health care sector (-0.9%) has slumped to a new session low, dragging the broader market down with it. The recent turnaround in the health care space has been fueled by a 20.7% dive in the shares of Valeant Pharmaceuticals (VRX 116.01, -30.73) after Citron Research posted a report that calls for VRX to drop to $50/share. On a related note, the iShares Nasdaq Bitoechnology ETF (IBB 301.75, -4.21) is now lower by 1.4%.

On the upside, industrials (+0.4%), consumer discretionary (+0.3%), and consumer staples (+0.2%) continue trading ahead of the broader market.

10:35 am: [BRIEFING.COM]

The dollar index traded at losses for most of the session, selling-off to lows near 94.64 in early trade ahead of tomorrow's US unemployment and home sales data
As the market looks to the labor and home-sales markets for a clue to a rate hike, estimates call for initial claims of ~265K, continuing claims of ~2.19 mln and existing home sales of 5.25 mln
The dollar saw a bounce in early trade and has now rallied to slight positives for the session at +0.1% to 95.00
Precious metals have been getting pressed strongly lower by the strengthening dollar, with both gold and silver booking solid losses so far this morning
Gold is now -1.1% to $1164.60/oz and silver is -1.7% to $15.66/oz
WTI has traded down all session, dipping overnight to lows near $45.30 following an API inventory report, that showed a 7.1 mln barrel build for the week of Oct. 16th
December crude held strong losses going into the morning's EIA inventory report, which showed a build of ~8 mln barrels
Oil is now breaking toward the $45/barrel level, at -2.6% to $45.09/barrel
Natural gas held near-flat overnight, but has since seen a steady, prolonged sell-off that has the November contract -3.1% to $2.40/MMBtu
Copper is also seeing strong losses on the day, at -1.4% to $2.33/lb

10:00 am:

[BRIEFING.COM] The major averages continue holding slim opening gains with the S&P 500 trading higher by 0.2%.

Eight sectors remain in positive territory while energy (-0.8%) and materials (-0.4%) lag. The two sectors have retreated alongside commodities with crude oil trading lower by 2.4% at $45.19/bbl while copper futures are down 1.3% at $2.34/lb.

On the upside, the telecom services sector (+0.6%) leads while consumer discretionary (+0.4%), health care (+0.3%), and financials (+0.3%) follow not far behind.

Treasuries hover near their morning highs with the 10-yr yield down three basis points at 2.04%.

9:40 am:

[BRIEFING.COM] As expected, the major averages began the trading day above their flat lines with the Nasdaq Composite (+0.3%) showing relative strength after underperforming yesterday. Meanwhile, the S&P 500 is higher by 0.2% with eight sectors in the green.

Heavily-weighted consumer discretionary (+0.4%), health care (+0.4%), and industrials (+0.5%) have paced the opening advance while energy (-0.2%) and consumer staples (-0.3%) have exerted some slight pressure.

Also of note, the top-weighted technology sector (-0.1%) sits just below its unchanged level, but high-beta chipmakers have spiked out of the gate after SanDisk (SNDK 77.81, +2.62) agreed to be acquired by Western Digital (WDC 74.80, -0.06) for $86.50/share. Shares of SanDisk have jumped more than 3.5% while the broader PHLX Semiconductor Index trades higher by 1.6%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +23.40.

The stock market is on track for a higher open as futures on the S&P 500 trade seven points above fair value after spending the bulk of the night in positive territory.

Once again, the overnight action was very quiet, but that should not be a huge surprise considering tomorrow morning will feature the latest policy decision from the European Central Bank with some investors expecting the central bank to boost the size of its quantitative easing program. For its part, the euro has held its ground today, trading flat against the dollar at 1.1350.

Today's economic data was limited to the weekly MBA Mortgage Index, which jumped 11.8% to follow last week's 27.6% plunge. Meanwhile, quarterly reports have continued pouring in with Biogen (BIIB 283.12, +17.31), Boeing (BA 142.00, +3.12), and General Motors (GM 34.96, +1.48) reporting better than expected results while Chipotle Mexican Grill (CMG 652.52, -53.11) and Yahoo! (YHOO 32.26, -0.57) missed estimates.

Also of note, SanDisk (SNDK 79.14, +3.95) has jumped 5.3% in pre-market after agreeing to be acquired by Western Digital (WDC 73.50, -1.36) for $86.50/share, which translates to roughly $19 billion.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.05%.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +22.50.

The S&P 500 futures trade six points above fair value.

It was a rather mixed day of trading in the Asia-Pacific region. Japan's Nikkei (+1.9%) powered higher after its trade balance report for September seemingly bolstered the case for the Bank of Japan to provide more policy stimulus. China's Shanghai Composite (-3.1%), meanwhile, fell prone to active selling interest following a huge short-term move that had driven it up nearly 13% since September 29.

In economic data:
Japan's September Trade Balance -JPY115 bln (expected JPY84 bln; prior -JPY570 bln) as Exports +0.6% year-over-year (expected +3.4%; prior +3.1%) and Imports -11.1% year-over-year (expected -11.7%; prior -3.1%). Separately, All Industries Activity Index -0.2% month-over-month (expected -0.1%; prior -0.1%)
Australia's CB Leading Index -0.4% month-over-month (prior +0.3%) and MI Leading Index +0.1% month-over-month (prior -0.3%)
New Zealand's Credit Card Spending +7.3% year-over-year (prior +10.4%)

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Japan's Nikkei rallied 1.9%, closing near its high for the day. The move followed the September Trade Balance report, which was accented by weaker than expected exports and a noticeable slump in imports versus the prior month. The takeaway was that the trade data bolstered the potential for the Bank of Japan to provide more policy stimulus. Every sector finished higher, led by the industrials (+3.1%), materials (+2.7%), technology (+2.4%), and financials (+1.7%). Yaskawa Electric Corp (+10.1%), Pioneer Corp (+7.9%), and NTN Corp (+6.4%) led the advancers while Konami Holdings (-4.0%), Tosoh Corp (-2.7%), and Shionogi & Co (-2.1%) brought up the rear. Out of the 225 index members, 213 ended higher, 11 finished lower, and 1 was unchanged.
Hong Kong's Hang Seng: closed for holiday (Chung Yeung Day)
China's Shanghai Composite declined 3.1% with the entirety of the day's losses being logged in the afternoon session. There wasn't a specific news catalyst that turned the tide, although it should be noted that Japan's exports to China declined 3.5%, reflecting weakness in the Chinese economy. Reports have suggested the sell-off was primarily a case of selling activity kicking in with a short-term overbought market. The small-cap Shenzhen Composite dropped 5.9%. Prior to Wednesday's retreat, the Shanghai Composite had risen 12.7% since September 29.

Major European indices trade higher across the board with Germany's DAX (+1.0%) in the lead. European equities have advanced today, but action in the currency market has been subdued with the euro trading flat against the dollar ahead of tomorrow's European Central Bank policy meeting. Currently, the pair hovers near 1.1350 while the Dollar Index (94.84, -0.07) is lower by 0.1%.

Economic data was limited:
UK's September Public Sector Net Borrowing GBP8.63 billion (expected GBP9.40 billion; previous GBP10.79 billion

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UK's FTSE is higher by 0.4% with more than 70% of its components in the green. ARM Holdings leads with a 7.1% spike after reporting upbeat results. Energy and mining names also outperform with BP, Royal Dutch Shell, and Glencore up between 1.2% and 2.0%.
In France, the CAC has climbed 0.6% with automakers contributing to the strength. Peugeot and Renault hold respective gains of 2.0% and 1.7% while financials trade near their flat lines. Credit Agricole is flat while BNP Paribas and Societe Generale hold gains close to 0.1% apiece.
Germany's DAX trades up 1.0% with all but three components showing gains. Automakers BMW, Daimler, and Volkswagen have gained between 1.2% and 2.2% while Commerzbank and Deutsche Bank are both up near 0.2%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +20.00.

Equity indices remain near their pre-market highs as quarterly earnings continue trickling in. Overall, the early results have been pretty similar to the reports from previous quarters with bottom-line beats being pretty commonplace while year-over-year revenue growth has been more difficult to come by. For instance, Coca-Cola (KO 41.70, -0.59) and General Motors (GM 34.88, +1.40) beat earnings expectations, but saw their year-over-year revenues decline 4.6% and 1.3%, respectively.

On a separate note, SanDisk (SNDK 78.85, +3.66) is on track to open higher by 4.6% after agreeing to be acquired by Western Digital (WDC 72.00, -2.86) for $86.50/share, which translates to roughly $19 billion.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +16.50.

U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover six points above fair value.

Today's economic data was limited to the weekly MBA Mortgage Index, which jumped 11.8% to follow last week's 27.6% plunge.

Treasuries hold modest gains with the 10-yr yield down one basis point at 2.06%.

In U.S. corporate news of note:

General Motors (GM 34.60, +1.12): +3.3% after beating earnings and revenue expectations.
Biogen (BIIB 265.00, -0.81): -0.3% after beating estimates, raising its guidance, and announcing restructuring plans.
Boeing (BA 142.00, +3.12): +2.3% in reaction to better than expected results and improved guidance.
Coca-Cola (KO 42.00, -0.29): -0.7% following a one-cent beat on below-consensus revenue.
Chipotle Mexican Grill (CMG 655.00, -50.63): -7.2% after missing bottom-line estimates and reaffirming its comparable restaurant sales guidance.
Credit Suisse (CS 25.40, -0.56): -2.2% after missing earnings/revenue expectations and proposing two share capital increases.
Yahoo! (YHOO 32.22, -0.61): -1.9% in reaction to below-consensus earnings and guidance. Also of note, the company guided its Q3 revenue below analyst expectations.
VMWare (VMW 61.75, -7.01): -10.2% after reporting in-line with its announcement from October 12. The stock received several downgrades following earnings.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.9%, China's Shanghai Composite -3.1%, and Hong Kong's Hang Seng was closed for Chung Yeung Day.
In economic data:
Japan's September Trade Balance -JPY115 bln (expected JPY84 bln; prior -JPY570 bln) as Exports +0.6% year-over-year (expected +3.4%; prior +3.1%) and Imports -11.1% year-over-year (expected -11.7%; prior -3.1%). Separately, All Industries Activity Index -0.2% month-over-month (expected -0.1%; prior -0.1%)
Australia's CB Leading Index -0.4% month-over-month (prior +0.3%) and MI Leading Index +0.1% month-over-month (prior -0.3%)
New Zealand's Credit Card Spending +7.3% year-over-year (prior +10.4%)
In news:
Japan's trade data showed the sixth consecutive deficit while imports declined for the 9th month in a row. Notably, exports to China dropped 3.5% while exports to Asia ex-China declined 0.7%, representing the first decrease in seven months.

Major European indices trade higher across the board. UK's FTSE +0.5%, France's CAC +0.8%, and Germany's DAX +0.9%. Elsewhere, Italy's MIB +0.4% and Spain's IBEX +0.7%.
Economic data was limited:
UK's September Public Sector Net Borrowing GBP8.63 billion (expected GBP9.40 billion; previous GBP10.79 billion
Among news of note:
European equities have advanced, but action in the currency market has been subdued with the euro trading flat against the dollar ahead of tomorrow's European Central Bank policy meeting. Currently, the pair hovers near 1.1350.

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +14.30.

5:48 am: [BRIEFING.COM] Nikkei...18554.28...+347.10...+1.90%. Hang Seng...Holiday.........

5:48 am: [BRIEFING.COM] FTSE...6357.64...+12.50...+0.20%. DAX...10188.41...+40.70...+0.40%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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wrbanalysis@gmail.com