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
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://stocktwits.com/wrbtrader (24/7)
http://twitter.com/wrbtrader (24/7)


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 dollars

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis.

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

Today's Trade Log: All of my live trades are posted real-time in the timestamp ##TheStrategyLab free chat room. The live trade is posted 3.2 seconds on average after the trade confirmation via an auto script to minimize delays in posting of my trades. You can read today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##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=160&t=2452

The free chat room is not a signal calling trading room. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of the free chat room is for you to use as your trade journal so that you can use as valuable feedback and for members to help each other...as in more eyes on the market. Also, you can use the free chat room to ask real-time WRB Analysis questions. Yet, please do not post your brokerage statements in the free chat room. Instead, its highly recommended that you only post your brokerage statements in your private thread for security reasons. The free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages and many different types of social media software can be used to log in. I'm the moderator of the free chat room. Thus, I keep the peace between members and I keep out the trouble makers so that members can peacefully post their observations about the markets, trades and WRB Analysis commentary.


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 trading 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=312&t=3290 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

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 PnL 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


4:20 pm: [BRIEFING.COM] The major averages closed Wednesday's session in the green with the S&P 500 adding 0.3%. The Dow outperformed the benchmark index with a 0.5% gain.

The stock market held a modest gain going into President-elect Trump's first news conference since winning the presidential election. However, the market gave back all of its gains and more after Mr. Trump expressed a desire to bring back pharmaceutical operations to the United States and voiced support for competitive drug price bidding. The biotechnology industry plunged immediately, with the iShares Nasdaq Biotechnology ETF (IBB 278.04, -8.31) closing lower by 3.0%. Most sectors returned to or above their pre-conference levels in the afternoon, but health care (-1.0%) could not overcome biotechnology's sizable blow. Investors hoping to hear about President-elect's infrastructure spending plans came away empty handed.

Telecom services (-0.5%) and real estate (-0.5%) also finished in negative territory, while the remaining eight spaces closed in the green. Energy (+1.2%) topped the day's leaderboard, piggybacking on crude oil's climb. The commodity finished higher by 2.7% at 52.20/bbl amid reports that Saudi Arabia, the world's top exporter, plans to cut supply to Asia. Crude extended its gain despite a big inventory build that was revealed by the latest stockpile data.

The top-weighted technology space (+0.7%) also finished near the top of the standings after an afternoon push from some of its top components. For instance, Apple (AAPL 119.75, +0.64), Facebook (FB 126.09, +1.74), and IBM (IBM 167.75, +2.23) advanced between 0.6% and 2.2%. Chipmakers also provided a boost as the PHLX semiconductor Index closed up 0.4%.

Financials (+0.5%) erased their week-to-date loss that was carried into Wednesday's session. The sector rallied to a session high during late afternoon action.

Cyclical sectors have a commanding lead for the week, as five of the six are in positive territory. Materials and technology set the pace with week-to-date gains of 0.9% and 0.7%, respectively. Conversely, all five defensive sectors are posting week-to-date losses with real estate (-2.4%) leading the retreat.

U.S. Treasuries finished the trading day modestly higher after the Treasury's $20 billion 10-year reopening auction drew a high yield of 2.342% on a bid-to-cover of 2.58x. The 10-yr yield closed one basis point lower at 2.37%.

Wednesday's lone economic report was the MBA Mortgage Index, which increased 5.8%.

Tomorrow's economic data will include December Import/Export Prices and Initial Claims (Briefing.com consensus 235k) at 8:30 am ET, followed by the Treasury Budget at 2:00 pm ET.

Russell 2000 +1.2% YTD
Dow Jones Industrial Average +1.0% YTD
S&P 500 +1.6% YTD
Nasdaq Composite +3.4% YTD

3:30 pm: [BRIEFING.COM]

Crude oil ended a volatile session higher despite EIA data showing builds above Consensus for both gasoline and crude oil stocks; rig count data on tap for Friday
Feb 2017 crude oil futures rose $1.38 (+2.7%) to $52.20/barrel
Baker Hughes rig count data will be released Friday at 1 pm ET.
Contributing factors affecting the price of oil:
Saudi Arabia has told its Asian customers that it will reduce their crude supplies slightly in Feb.
Iraq plans to raise crude exports from its southern port of Basra to an all-time high of 3.641 mln bpd in February.
European and Chinese traders are shipping a record 22 mln barrels of crude from the North Sea & Azerbaijan to Asia this month.
Today's EIA inventory data showed crude production rose notably. Overall production was 8.95 mln bpd last week, the most since April of last year.
U.S. crude production was projected to rise by 110k barrels/day in 2017 to 9 mln bpd, according to EIA data released yesterday.
Natural gas traded lower ahead of tomorrow's EIA, after yesterday's notable +6% rally
Feb 2017 natural gas closed $0.07 lower (-2.1%) at $3.22/MMBtu
In precious metals, gold ended at a 7-week high on continued dollar index weakness
Feb gold ended today's session up $10.50 (+0.9%) to $1,196.90/oz
Mar silver closed today's session $0.01 lower (-0.1%) at $16.83/oz
The dollar index was -0.2% around the 101.82 level, provided support to precious metals
Commodities, as measured by the Bloomberg Commodity Index, were +0.4% around the 87.21 level

3:00 pm:

[BRIEFING.COM] The stock market remains near its flat line with the S&P 500 posting a modest gain of 0.1%.

The health care sector (-1.1%) remains at the bottom of today's leaderboard, with technology (-0.8%) performing only slightly better. Health care has lost its grip on 2017's top spot and now sits behind the technology sector, which has a year-to-date gain of 3.3%.

Technology has outperformed the broader market thus far, picking up some momentum this afternoon. The sector has just posted a session high, getting some help from large cap components like Facebook (FB 125.67, +1.31) and Salesforce.com (CRM 75.93, +1.95). The two names are up 1.0% and 2.6%, respectively.

U.S. Treasuries have fallen from their session highs in recent action with the 10-yr yield narrowing its decline to one basis point at 2.37%.

2:30 pm:

[BRIEFING.COM] The S&P 500 has returned to its flat line in recent action. The Dow (+0.3%) continues pushing upward, while the Nasdaq (-0.2%) underperforms due to losses from biotechnology.

The market is evenly balanced with six sectors in the green and five in the red. Energy (+1.2%) has set the pace for today's advancers, piggybacking on crude oil's climb. The energy component is up 3.3% at $52.47/bbl amid a weaker U.S. dollar. The U.S. Dollar Index (101.61, -0.39) is lower by 0.4%.

Also of note, gold ended its trading day higher by 0.9% at $1,196.90/ozt. The precious metal sits at its highest level of 2017.

1:55 pm:

[BRIEFING.COM] The S&P 500 (-0.1%) has returned near its flat line after a brief test of its session low that was registered in late morning action.

The benchmark index has been fairly resilient, but the same cannot be said for the U.S. Dollar Index (101.58, -0.42), which is now down 0.4% after being up nearly 1.0% this morning. The index challenged levels from late December in morning action, but a swift reversal has sent the index to a fresh low for 2017. The yen has benefited from the downturn in the dollar, jumping 0.6% against the greenback to 115.15.

Treasuries sit just below their highs after rallying into a solid $20 billion 10-yr reopening, which drew a bid-cover ratio of 2.58x with indirect bidders taking 70.5% of the issue. The benchmark yield is down three basis points at 2.35%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have seen additional selling pressure since our last update as investors continue to digest this morning's press conference from President-Elect Donald Trump.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 32.59, -0.85), Johnson & Johnson (JNJ 114.19, -1.97), & Cisco (CSCO 30.05, -0.33) are underperforming. Pfizer and J&J are leading the Dow lower as health care stocks slump after Trump called out the industry, saying that pharmaceutical companies are 'getting away with murder'.

Conversely, Merck & Co (MRK 60.87, +0.95) is the best-performing Dow component after announcing that the FDA had accepted & granted priority review for the its supplemental Biologics License Application for KEYTRUDA (pembrolizumab) plus chemotherapy, for the first-line treatment of patients with metastatic or advanced non-squamous non-small cell lung cancer regardless of PD-L1 expression and with no EGFR or ALK genomic tumor aberrations. The FDA established a PDUFA, or target action, date of May 10, 2017.

As stocks pullback, the DJIA is now down 0.63% this week.

Elsewhere, at the top of the hour, the Treasury's $20 bln 10-year reopening auction drew a high yield of 2.342% on a bid-to-cover of 2.58.

1:00 pm:

[BRIEFING.COM] Equities are modestly lower this afternoon with the S&P 500 showing a loss of 0.2%. The Dow Jones Industrial Average (+0.1%) outperforms, trading just above its flat line.

Today's session began with some mixed corporate news. Signet Jewelers (SIG 84.15, -3.31) has fallen 3.8% after the company cut its fourth quarter earnings per share and same-store sales guidance ranges on the back of some weak holiday sales. Ford Motor (F 12.61, -0.24) is also ticking lower, losing 1.8%, despite issuing in-line guidance this morning. Conversely, United Continental (UAL 75.60, +1.94) is higher by 2.7% after the company raised its fourth quarter unit revenue guidance.

However, the biggest driver of the market has been President-elect Trump's news conference, which ended not long ago. Most sectors remain near their flat lines as investors digest the news conference, which was short on detail regarding planned infrastructure spending. Financials, consumer discretionary, industrials, materials, technology, consumer staples, and real estate trade within 0.2% of their respective flat lines.

Mr. Trump did express a desire to bring back pharmaceutical operations to the United States and voiced support for competitive drug price bidding. Biotechnology has plunged as a result, evidenced by the 3.3% decline in the iShares Nasdaq Biotechnology ETF (IBB 277.44, -9.06). The health care sector (-1.7%) is also down, falling to the bottom of the leaderboard.

On the flip side, the energy sector (+1.1%) leads its peers, riding on a positive performance from crude oil. The commodity continues to rise, up 3.3% at $52.46/bbl, despite EIA data showing notable inventory builds on all fronts. The utilities sector (+0.5%) is the only other space convincingly in the green.

U.S. Treasuries saw a slight uptick in buying interest in the wake of Mr. Trump's news conference. The 10-yr yield is down two basis points to 2.36%. Also of note, the U.S. Dollar Index (101.93, -0.08) has returned to unchanged after showing a solid gain in morning action.

Today's only economic data was the MBA Mortgage Index, which crossed the wires at 7:00 am ET this morning. The index came in at 5.8%.

12:30 pm:

[BRIEFING.COM] President-elect Trump's news conference concludes with the stock market in negative territory. The S&P 500 sits lower by 0.1% while the Dow (+0.1%) outperforms.

The majority of sectors are flat this afternoon as investors digest Mr. Trump's news conference, which was short on detail regarding planned infrastructure spending. Financials, consumer discretionary, industrials, materials, technology, consumer staples, and real estate trade within 0.2% of their respective flat lines.

Health care (-1.1%) and telecom services (-0.8%) remain unchallenged at the bottom of the leaderboard, while the energy sector (+1.0%) sits alone at the top. The space has added to its gain as crude oil hit a fresh session high in recent action. The energy component is up 3.2% at $52.44/bbl.

U.S. Treasuries have ticked up with the 10-yr yield lower by two basis points at 2.36%.

11:55 am:

[BRIEFING.COM] The majors averages dipped to fresh session lows during President-elect Trump's news conference. The S&P 500 currently sits just above said session low with a loss of 0.1%.

Mr. Trump expressed a desire to bring back pharmaceutical operations to the United States and voiced support for competitive drug price bidding. Drugmakers have plunged as a result, pushing the iShares US Pharmaceuticals ETF (IHE 144.22, -3.06) lower by 2.0%. The health care sector (-1.4%) currently sits at the bottom of today's leaderboard after closing in positive territory for seven sessions in a row.

Utilities (+0.6%) and energy (+0.7%) are the only sectors comfortably in the green, while technology (unch), financials (-0.2%), consumer staples (unch), materials (+0.1%), industrials (+0.1%), and real estate (-0.1%) hover near their flat lines.

Also of note, U.S. Treasuries have seen an uptick in the wake of the President-elect's news conference. The 10-yr yield is down two basis points to 2.36%.

11:30 am:

[BRIEFING.COM] The stock market has ticked up in recent action as eight of eleven sectors are in the green late this morning. The Dow leads its peers with a 0.5% gain, while the benchmark S&P 500 index has added 0.2%.

Crude oil continues to rise despite EIA data showing notable inventory builds on all fronts. The energy component has hit a fresh session high in recent action, up 2.6% at $52.15/bbl. Predictably, the energy sector is at the top of today's leaderboard, sporting a 0.9% gain.

Currently, President-elect Trump is holding his first news conference since winning the presidential election on November 7. Investors are tuned in, eager for more details on the new administration's policy framework. Mr. Trump shared his desire to bring back pharmaceutical operations to the United States, which has weighted on the biotech industry group. The iShares Nasdaq Biotechnology ETF (IBB 279.19, -7.31) is down 2.5%.

10:55 am:

[BRIEFING.COM] The major averages hover just below their session highs with the S&P 500 up 0.1% while the Dow (+0.4%) outperforms.

Dow component Merck (MRK 62.98, +3.06) has jumped 5.0% after the Food and Drug Administration accepted the company's application to combine its lung cancer treatment with chemotherapy. The positive news has helped the health care sector (+0.1%) overcome a disappointing performance from the biotechnology industry; the iShares Nasdaq Biotechnology ETF (IBB 285.99, -0.42) is lower by 0.1%.

Technology Dow components have also performed relatively well with Intel (INTC 36.78, +0.25), Microsoft (MSFT 63.04, +0.41), and IBM (IBM 166.52, +1.01) up between 0.6% and 0.8%. Despite the uptick from the blue chip names, the top-weighted technology sector (+0.2%) performs in line with the broader market.

Treasuries remain near their recent levels with the 10-yr yield up one basis point to 2.39%.

10:30 am: [BRIEFING.COM]

Crude oil bounced off of yesterday's 4-week low & remained volatile after EIA reported larger-than-expected builds in both crude oil & gasoline inventories
Feb 2017 crude oil futures were up about $0.20 (+0.5%) around the $51.05/barrel level after the EIA release
Ahead of the EIA release, crude oil futures were up about $0.63 (+1.2%) around the $51.44/barrel level
Baker Hughes rig count data will be released Friday at 1 pm ET.
EIA petroleum inventory data highlights:
Crude oil inventories had a build of +4.1 mln barrels (consensus called for a build of +1.162 mln barrels).
Gasoline inventories had a build of +5.0 mln barrels (consensus called for a build of +1.638 mln barrels).
Distillate inventories had a build of +8.4 mln barrels.
Natural gas traded nearly flat ahead of tomorrow's EIA data
Feb 2017 natural gas futures were up $0.01 (+0.3%) around the $3.29/MMBtu level
EIA natural gas data will be released tomorrow at 10:30 am ET.
In precious metals, gold retreated from yesterday's 6-week high on renewed strength in the dollar index
Feb 2017 gold futures were down about $7.30 (-0.6%) around the $1178.10/oz level
Mar 2017 silver futures were down about $0.28 (-1.7%) around the $16.57/oz level
The dollar index was +0.8% around the 102.77 level, pressured on precious metals
Commodities, as measured by the Bloomberg Commodity Index, were down about -0.02% around the 86.83 level

10:00 am:

[BRIEFING.COM] Equities have seen an uptick in recent action with the S&P 500 posting a 0.1% gain.

The energy sector (+0.6%) has jumped to the top of today's standings, receiving a boost from crude oil. The energy component is up 1.3% to $51.45/bbl, after suffering back-to-back losses. The utilities (+0.5%), consumer staples (+0.3%), and health care (+0.2%) sectors are also in the green while technology (unch) sits near its flat line.

The financial sector (-0.1%) is also near its flat line after opening the day deep in negative territory. Telecom services (-0.2%) remain at the bottom of the leaderboard, but are up from their session lows.

9:45 am:

[BRIEFING.COM] Equities opened today's session flat with the S&P 500 unchanged from yesterday's closing level. The Dow outperforms slightly with a 0.1% gain.

The utilities sector (+0.3%) has taken the early lead, followed by modest gains from health care (+0.2%) and consumer staples (+0.1%). Conversely, at the bottom of the leaderboard is telecom services (-0.9%), financials (-0.4%), and real estate (-0.2%). The top-weighted technology sector (unch) hovers near its flat line.

Treasuries are also flat in early action. The 10-yr yield is unchanged at 2.38%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.80.

The stock market is poised for a slightly higher open as the S&P 500 futures trade two points above fair value.

Crude oil is up for the first time in three days amid reports that Saudi Arabia, the world's top exporter, plans to cut supply to Asia. The commodity is higher by 0.4%, trading at $51.03/bbl.

On the corporate front, United Continental (UAL 75.00, +1.34) is higher by 1.8% in pre-market trade after the company raised its fourth quarter unit revenue guidance. Conversely, Ford Motor (F 12.75, -0.10) is ticking lower by 0.8% despite reaffirming its adjusted pre-tax profit outlook for 2016 and its belief that adjusted pre-tax profit in 2017 will be somewhat lower than 2016. Signet Jewelers (SIG 83.90, -3.56) is also down, losing 4.1%, after the company cut its fourth quarter earnings per share and same-store sales guidance ranges on the back of some weak holiday sales.

U.S. Treasuries have seen a slight uptick in buying interest with the 10-yr yield down one basis point to 2.37%. Also of note, the U.S. Dollar Index (102.39, +0.38) is higher by 0.4% amid weakness in both the euro (1.0513) and the Japanese yen (116.19).

While there are no major economic reports today, President-elect Trump's "general news conference" is likely to be scrutinized by investors. Mr. Trump is scheduled to speak from the Trump Tower lobby at 11 am ET.

8:52 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +1.00.

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

Markets in the Asia-Pacific region ended Wednesday on a mixed note, but the trading day was fairly quiet. The World Bank did lower its GDP growth outlook for 2017 and 2018, but the adjustment only reduced the previous forecast by 10 basis points. The forecast for 2017 was lowered to 2.7% from 2.8%. The U.S. growth forecast for 2017 was maintained at 2.2% due to the expected impact of fiscal stimulus under the new administration.

In economic data:
Japan's November Leading Index 102.7 (expected 102.6; previous 100.8). November Coincident Indicator +1.6% month-over-month (last 1.0%)
South Korea's December Unemployment Rate declined to 3.4% from 3.6%. December Import Price Index +9.2% year-over-year (last 3.6%) and December Export Price Index +6.3% year-over-year (last 3.5%)

---Equity Markets---

Japan's Nikkei added 0.3%. Growth-sensitive names like SUMCO, Nippon Sheet Glass, Kobe Steel, Sumitomo Metal Mining, Japan Steel Works, Mitsubishi Materials, and Ebara posted gains between 2.0% and 4.4%.
Hong Kong's Hang Seng climbed 0.8% amid strength in property names and financials. Sino Land, New World Development, Hang Lung Properties, Cheung Kong Property Holdings, China Overseas, Bank of China, Ping An Insurance, and HSBC added between 0.8% and 3.8%. China Unicom Hong Kong lagged for the second day in a row, falling 2.0%.
China's Shanghai Composite lost 0.8%. Shang Gong Group, Tianjin Global Magnetic Card, Wuhan Hanshang, and Shen Ma Industry registered losses between 5.4% and 6.8%.
India's Sensex added 0.9% with help from most components. Coal India spiked 5.4% while other growth-sensitive names like Tata Steel, Larsen & Toubro, Power Grid, and Mahindra&Mahindra rallied between 1.3% and 4.0%. Bajaj Auto was the weakest performer, falling 0.9%.

Major European indices trade slightly above their flat lines with Germany's DAX (+0.3%) showing relative strength. Although equity markets have maintained narrow ranges so far, the euro has retreated steadily, falling 0.5% against the dollar to 1.0508. The decline leaves the single currency in the bottom half of its trading range that dates back to early December. The British pound has also retreated against the dollar, surrendering 0.5% to 1.2121, despite above-consensus economic data. On balance, economic data received since the Brexit vote has been strong relative to expectations.

In economic data:
UK's November Industrial Production +2.1% month-over-month (expected 0.8%; last -1.1%); +2.0% year-over-year (consensus 0.6%; previous -0.9%). November Manufacturing Production +1.3% month-over-month (expected 0.5%; last -1.0%); +1.2% year-over-year (consensus 0.4%; last -0.5%). November Construction Output -0.2% month-over-month (expected 0.3%; last -0.6%); +1.5% year-over-year (consensus 2.0%; previous 0.7%). November trade deficit widened to GBP12.16 billion from GBP9.89 billion (expected deficit of GBP11.20 billion)
Spain's November Industrial Production +3.2% year-over-year (consensus 1.0%; last 0.6%)

---Equity Markets---

Germany's DAX is higher by 0.3% with heavyweights Volkswagen, Deutsche Bank, Daimler, and Merck among the leaders. The four names are up between 1.0% and 2.8%. On the downside, Siemens and BMW are down 1.2% and 0.1%, respectively.
France's CAC has added 0.1% amid relative strength in automakers. Peugeot and Renault hold respective gains of 3.4% and 0.5% while Michelin has added 1.3%. Financials trade in the red with BNP Paribas, Societe Generale, and Credit Agricole down between 0.4% and 0.6%.
UK's FTSE is higher by 0.2% thanks to gains in consumer names. Dixons Carphone, Sainsbury, Marks & Spencer, and Unilever show gains between 0.6% and 3.4%. Select financials lag with RBS, Barclays, Standard Life, and RSA Insurance down between 0.2% and 2.0%.
Italy's MIB has added 0.1%. Financials like Banco Bpm, Banca Pop Emilia Romagna, Unicredit, Mediobanca, and Intesa Sanpaolo are down between 0.1% and 2.7%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -0.40.

The stock market is on track for a slightly lower open as the S&P 500 futures trade two points below fair value.

The slow start to the day follows a notably quiet night of corporate news. Rite Aid (RAD 8.65, +0.33) is higher by 4.0% this morning on the heels of a New York Post report that the FTC could be near approving the company's pending sale to Walgreens Boot Alliance (WBA 82.67, 0.00). Conversely, Signet Jewelers (SIG 83.25, -4.21) is ticking lower by 4.8% after lowering its Q4 earnings and comparable sales guidance amid disappointing holiday results.

U.S. Treasuries have seen a slight uptick in buying interest with the 10-yr yield down one basis point to 2.37%. Also of note, the U.S. Dollar Index (102.44 +0.43) is higher by 0.4% amid weakness in both the euro (1.0505) and the Japanese yen (116.23).

While there are no major economic reports today, President-elect Trump's "general news conference" is likely to be analyzed by investors. Mr. Trump is scheduled to speak from the Trump Tower lobby at 11 am ET.

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: +0.10.

Equity futures point to a slightly lower open on Wednesday morning as the S&P 500 futures trade two points below fair value. Global markets are mixed with Asia closing on a mostly higher note while European indices hover near their flat lines.

Crude oil is up for the first time in three days amid reports that Saudi Arabia, the world's top exporter, plans to cut supply to Asia. The commodity is higher by 0.4%, trading at $51.03/bbl.

U.S. Treasuries are flat this morning amid an uptick in the U.S. dollar. The 10-yr yield remains unchanged at 2.38%, while the U.S. Dollar Index (102.39, +0.38) is up 0.4%.

Today's only economic data was the MBA Mortgage Index, which crossed the wires at 7:00 am ET this morning. The index came in at 5.8%.

In U.S. corporate news of note:

Tesla Motors (TSLA 229.00, -0.87): -0.4% after the company named Apple (AAPL 118.75, -0.36) engineer Chris Lattner vice president of autopilot software.
Ford Motor (F 12.72, -0.13): -1.0% despite reaffirming positive guidance for 2017.
Citigroup (C 59.80, -0.43): -0.7% after the stock was downgraded to 'Sell' at UBS.

Reviewing overnight developments:

Markets in the Asia-Pacific region ended Wednesday on a mixed note, but the trading day was fairly quiet. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite -0.8%, India's Sensex +0.9%.
In economic data:
Japan's November Leading Index 102.7 (expected 102.6; previous 100.8). November Coincident Indicator +1.6% month-over-month (last 1.0%)
South Korea's December Unemployment Rate declined to 3.4% from 3.6%. December Import Price Index +9.2% year-over-year (last 3.6%) and December Export Price Index +6.3% year-over-year (last 3.5%)
In news:
The World Bank lowered its GDP growth outlook for 2017 and 2018, but the adjustment only reduced the previous forecast by 10 basis points. The forecast for 2017 was lowered to 2.7% from 2.8%. The U.S. growth forecast for 2017 was maintained at 2.2% due to the expected impact of fiscal stimulus under the new administration.

Major European indices trade near their flat lines with Germany's DAX showing relative strength while Italy's MIB underperforms. Germany's DAX +0.2%, France's CAC unch, UK's FTSE unch, Italy's MIB -0.4%.
In economic data:
UK's November Industrial Production +2.1% month-over-month (expected 0.8%; last -1.1%); +2.0% year-over-year (consensus 0.6%; previous -0.9%). November Manufacturing Production +1.3% month-over-month (expected 0.5%; last -1.0%); +1.2% year-over-year (consensus 0.4%; last -0.5%). November Construction Output -0.2% month-over-month (expected 0.3%; last -0.6%); +1.5% year-over-year (consensus 2.0%; previous 0.7%). November trade deficit widened to GBP12.16 billion from GBP9.89 billion (expected deficit of GBP11.20 billion)
Spain's November Industrial Production +3.2% year-over-year (consensus 1.0%; last 0.6%)
In news:
Although equity markets have maintained narrow ranges so far, the euro has retreated steadily, falling 0.4% against the dollar to 1.0514. The decline leaves the single currency in the bottom half of its trading range that dates back to early December.
The British pound has also retreated against the dollar, surrendering 0.5% to 1.2121, despite above-consensus economic data. On balance, economic data received since the Brexit vote has been strong relative to expectations.

5:57 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +5.90.

5:57 am: [BRIEFING.COM] Nikkei...19365...+63.20...+0.30%. Hang Seng...22935...+190.50...+0.80%.

5:57 am: [BRIEFING.COM] FTSE...7291.98...+16.50...+0.20%. DAX...11622.62...+39.30...+0.30%.

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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