TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)


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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $550.00 dollars or +5.50 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $900.00 dollars or +0.90 points. Total Profit @ $1450.00 dollars.

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

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=111&t=1394

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

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

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=197&t=1686

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. 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 while using WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.





Market Update

4:10 pm : Stocks registered broad gains during today's session as comments from Washington lawmakers indicated the budget debate is intensifying. Though an agreement remains elusive, the markets welcomed the developments and spent the duration of the day in an upward climb. As a result, the S&P 500 advanced 1.2%.

Apple (AAPL 533.90, +15.07), which has been in focus recently, supported the technology sector and finished higher by 2.9%.

The SPDR Financial Select Sector ETF (XLF 16.57, +0.24) gained over 2.0% yesterday, and the financial sector proxy added another 1.5% today. The space was expected to show heightened sensitivity to hints of progress in the budget debate, and today's developments were received positively by the majors. Goldman Sachs (GS 127.77, +4.28) and Morgan Stanley (MS 19.12, +0.59) outperformed their peers as both saw gains over 3.0%.

Energy stocks were supported by strength in crude oil and the SPDR Energy Select Sector ETF (XLE 73.19, +1.32) settled higher by 1.8%. Prior to the open, Baker Hughes Incorporated (BHI 41.93, +1.29) warned that fourth quarter North American revenue and profit margins will likely be lower than previously expected. Baker Hughes was down as much as 2.0% in pre-market trade, but has seen notable strength since. BHI finished with a gain of 3.2% and peers Halliburton (HAL 34.80, +1.26) and Schlumberger (SLB 71.35, +1.67) rallied 3.8% and 2.4%, respectively.

In addition, coal stocks outperformed following comments from the International Energy Agency, which said it expects coal to eclipse oil as world's top energy source around 2017. CONSOL Energy (CNX 34.29, +0.62) and Walter Energy (BTU 27.37, +0.74) both gained near 2.0%.

In M&A news, Arbitron (ARB 47.03, +8.99) surged 23.6% after agreeing to be acquired by Nielsen (NLSN 30.92, +1.30) for $48 per share. The transaction represents a premium of approximately 26% to Arbitron's closing price on December 17, 2012. Nielsen has secured a financing commitment for the total transaction amount, and the transaction has been approved by the boards of both companies.

The NAHB Housing Market Index for December registered a reading of 47. That is up from the prior month's revised reading of 45, and in-line with expectations among economists polled by Briefing.com.

Homebuilders benefitted from today's rally, and the SPDR S&P Homebuilders ETF (XHB 26.89, +0.55) finished higher by 2.1%. The year-long strength in homebuilder stocks has lifted the ETF to its best level since July 2007. Among individual builder stocks, DR Horton (DHI 20.08, +0.39) and PulteGroup (PHM 18.61, +0.57) rose by 2.0% and 3.2%, respectively.

The current account deficit for the third quarter totaled $107.5 billion, which was wider than the $104.2 billion deficit that had been broadly anticipated. This marks an improvement from the second quarter's $118.1 billion deficit.

The major European averages ended the day on a positive note. France's CAC gained 0.3%, United Kingdom's FTSE rose by 0.4%, and Germany's DAX advanced 0.6%.

In France, Alcatel-Lucent (ALU 1.38, +0.06) continued its recent strength. The producer of communication equipment surged 8.3% as it attempts to lift off all-time lows. The recent strength came after the company secured EUR1.6 billion in financing from Credit Suisse and Goldman Sachs. On the downside, carmaker Renault lost 1.9%.

United Kingdom's FTSE was supported by defense stocks as BAE Systems and Rolls-Royce Holdings finished with respective gains of 2.2% and 2.4%. Rolls-Royce outperformed following the announcement of a $1 billion agreement with Japan's Skymark Airlines.

Germany's DAX outperformed the region partly due to strength in financials. Commerzbank gained 3.7% and Deutsche Bank (DB 44.23, +1.12) finished higher by 1.9%. In addition, insurer Muenchener Re rose by 1.7%. Meanwhile, Adidas lost 1.0% and was the biggest decliner.

Tomorrow morning, FedEx (FDX 92.36, +1.34), General Mills (GIS 41.77, +0.04), and Navistar (NAV 22.85, +0.93) are all scheduled to report. Most notably, the Capital IQ consensus expects economic bellwether FedEx to announce earnings of $1.41 on $10.82 billion in revenue.

Looking at tomorrow's economic data, the weekly MBA Mortgage Index will be reported at 7:00 ET. In addition, November housing starts and building permits will both be released at 8:30 ET.

The U.S. Treasury will auction off $29 billion in 7-yr notes.DJ30 +115.57 NASDAQ +43.93 SP500 +16.43 NASDAQ Adv/Vol/Dec 1795/1.95 bln/708 NYSE Adv/Vol/Dec 2276/820.6 mln/795

3:30 pm : Crude oil extended gains for a third consecutive session as a weaker dollar index and advances in "fiscal cliff" negotiations supported the advance. The energy component slid to a floor session low of $87.68 per barrel in morning action but quickly rebounded to a session high of $88.58 per barrel. It then traded in a rather consolidative pattern and closed the session 0.8% higher at $88.35 per barrel.

Natural gas also extended yesterday's gains and climbed as high as $3.45 per MMBtu. It eventually booked a 1.5% gain as it closed at $3.41 per MMBtu despite slightly pulling back in afternoon floor action.

Precious metals tumbled deeper into negative territory on negotiations over the "fiscal cliff". Gold fell off its session high of $1699.70 per ounce despite weakness in the dollar index and trended lower until it settled with a 1.6% loss at $1670.80 per ounce. Silver spent early morning floor action in positive territory and even touched a session high of $32.54 per ounce before losing momentum. It then plunged to a session low of $31.60 per ounce and settled 1.9% lower at $31.67 per ounce.DJ30 +90.88 NASDAQ +36.33 SP500 +12.78 NASDAQ Adv/Vol/Dec 1690/1601.5 mln/803 NYSE Adv/Vol/Dec 2128/507 mln/906

3:00 pm : The S&P 500 is holding near its session high as trade enters the final hour.

The market will receive a handful of notable earnings reports between today's close and tomorrow's open. The most notable report following today's closing bell will come from Oracle (ORCL 32.83, +0.51). The Capital IQ consensus expects the software company to report earnings of $0.61 on revenue of $9.02 billion.

Tomorrow morning, FedEx (FDX 92.50, +1.48), General Mills (GIS 41.63, -0.10), and Navistar (NAV 22.47, +0.55) are all scheduled to report. Most notably, economic bellwether FedEx is expected to report earnings of $1.41 on revenue of $10.82 billion.DJ30 +114.86 NASDAQ +40.75 SP500 +14.84 NASDAQ Adv/Vol/Dec 1689/1.46 bln/810 NYSE Adv/Vol/Dec 2106/468.4 mln/915

2:30 pm : The S&P 500 continues to hover near its session high, up 1.0%.

The telecom sector is the only S&P 500 group currently in the red. The defensive sector is underperforming as a handful of major carriers trade lower. Verizon Communications (VZ 43.84, -0.28) is lower by 0.6%. Earlier reports suggested the company may engage in a partnership with Nokia (NOK 4.13, +0.18), which is rising by 4.6% on the speculation.

Elsewhere, Sprint Nextel (S 5.47, -0.09) and MetroPCS (PCS 9.93, -0.06) are down 1.6% and 0.7%, respectively.DJ30 +114.86 NASDAQ +40.75 SP500 +14.83 NASDAQ Adv/Vol/Dec 1657/1.33 bln/819 NYSE Adv/Vol/Dec 2089/430.1 mln/932

2:00 pm : Equities are holding their gains and the S&P 500 is higher by 1.0%.

In today's economic news, the NAHB Housing Market Index for December saw an uptick from the prior month's reading, and was in-line with expectations.

Homebuilders are benefitting from today's rally and the SPDR S&P Homebuilders ETF (XHB 26.80, +0.46) is higher by 1.8%. The year-long strength in homebuilder stocks has lifted the ETF to its best level since July 2007. Among individual builder stocks, DR Horton (DHI 20.05, +0.36) and PulteGroup (PHM 18.58, +0.54) are up 1.8% and 3.0%, respectively.DJ30 +114.86 NASDAQ +40.75 SP500 +14.83 NASDAQ Adv/Vol/Dec 1645/1.23 bln/815 NYSE Adv/Vol/Dec 2112/400.8 mln/910

1:30 pm : The S&P 500 has slipped off its highs, but the benchmark index remains firmer by 1.0%.

The Dow Jones Transportation Average is higher by 1.4% as transportation stocks register broad gains. Among the twenty components which comprise the bellwether complex, sixteen are seeing advances in excess of 1.0%. Shipper Kirby (KEX 60.54, +1.85) is the top performer, up 3.2%. Meanwhile, its peer Matson (MATX 24.64, +0.33) is rising by 1.4%.

Among railroads, Kansas City Southern (KSU 82.43, -0.06) is missing out on the sector-wide rally after FBR Capital downgraded the stock to ‘Market Perform' with a $75 target.DJ30 +104.67 NASDAQ +38.91 SP500 +13.96 NASDAQ Adv/Vol/Dec 1643/1.11 bln/809 NYSE Adv/Vol/Dec 2094/366.8 mln/892

1:05 pm : Equities climbed higher throughout the first half of the session as reports out of Washington indicated the budget debate is intensifying. However, it should be noted that proposals submitted by each side remain at odds. Recently, CNBC reported that Treasury Secretary Tim Geithner held a conference call with top Chief Executive Officers. During the call, Secretary Geithner voiced opposition to "Plan B" proposed by the Republicans. In addition, Mr. Geithner said that the country will be more vulnerable to a rating downgrade if a tax-only plan is agreed to. At midday, the S&P 500 is higher by 1.1%.

The SPDR Financial Select Sector ETF (XLF 16.54, +0.21) gained over 2.0% yesterday, and the financial sector proxy is adding another 1.2% today. The space was expected to show heightened sensitivity to hints of progress in the budget debate, and today's developments are being received positively by the majors. Goldman Sachs (GS 127.44, +3.95) and Morgan Stanley (MS 19.14, +0.61) are outperforming their peers as they both see gains over 3.0%.

Crude oil is rising by 1.0%, which is providing support to the energy sector. The SPDR Energy Select Sector ETF (XLE 73.07, +1.20) is firmer by 1.7% as it outperforms the remaining S&P 500 sectors. Prior to the open, Baker Hughes Incorporated (BHI 42.34, +1.70) warned that fourth quarter North American revenue and profit margins will likely be lower than previously expected. Baker Hughes was down as much as 2.0% in pre-market trade, but has seen notable strength since. BHI is higher by 4.2% and peers Halliburton (HAL 34.67, +1.13) and Schlumberger (SLB 71.20, +1.52) are up 3.4% and 2.2%, respectively.

In addition, coal stocks are outperforming following comments from the International Energy Agency, which said it expects coal to eclipse oil as world's top energy source around 2017. CONSOL Energy (CNX 34.42, +0.75) and Walter Energy (BTU 27.30, +0.67) are both up near 2.5%.

As the key indices trade near their respective highs, consumer staple stocks are only seeing slim gains. Major tobacco stocks are weighing following reports from Reuters, which indicated the European Union's Executive Commission will propose larger health warnings as well as plain packaging. Altria (MO 32.57, -0.42), Philip Morris (PM 86.75, -0.63), and Reynolds American (RAI 42.01, -0.87) are all down between 0.7% and 2.0%.

In M&A news, Arbitron (ARB 46.98, +8.94) is surging 23.5% after agreeing to be acquired by Nielsen (NLSN 30.57, +0.95) for $48 per share. The transaction represents a premium of approximately 26% to Arbitron's closing price on December 17, 2012. Nielsen has secured a financing commitment for the total transaction amount, and the transaction has been approved by the boards of both companies.

European markets have closed for the day, and the major regional indices registered gains. France's CAC gained 0.3%, United Kingdom's FTSE rose by 0.4%, and Germany's DAX advanced 0.6%.

In France, Alcatel-Lucent (ALU 1.36, +0.04) continued its recent strength. The producer of communication equipment surged 8.3% as it attempts to lift off all-time lows. On the downside, carmaker Renault lost 1.9%.

United Kingdom's FTSE was supported by defense stocks as BAE Systems and Rolls-Royce Holdings finished with respective gains of 2.2% and 2.4%. Rolls-Royce gained following the announcement of a $1 billion agreement with Japan's Skymark Airlines.

Germany's DAX outperformed the region partly due to strength in financials. Commerzbank gained 3.7% and Deutsche Bank (DB 44.14, +1.03) finished higher by 1.9%. In addition, insurer Muenchener Re rose by 1.7%. Meanwhile, Adidas lost 1.0% and was the biggest decliner.

The current account deficit for the third quarter totaled $107.5 billion, which was wider than the $104.2 billion deficit that had been broadly anticipated. This marks an improvement from the second quarter's $118.1 billion deficit.

The NAHB Housing Market Index for December registered a reading of 47. That is up from the prior month's revised reading of 45, and in-line with expectations among economists polled by Briefing.com.DJ30 +114.80 NASDAQ +41.67 SP500 +15.18 NASDAQ Adv/Vol/Dec 1663/1.05 bln/776 NYSE Adv/Vol/Dec 2128/347.5 mln/857

12:35 pm : The major averages are holding their gains and the S&P 500 is higher by 0.8%. Few minutes ago CNBC reported that Treasury Secretary Tim Geithner held a conference call with top Chief Executive Officers. During the call, Secretary Geithner voiced opposition to "Plan B" proposed by the Republicans. In addition, Mr. Geithner said that the country will be more vulnerable to a rating downgrade if a tax-only plan is agreed to.

European markets have closed for the day and the major regional indices registered gains. France's CAC gained 0.3%, United Kingdom's FTSE rose by 0.4%, and Germany's DAX advanced 0.6%.

In France, Alcatel-Lucent (ALU 1.36, +0.04) continued its recent strength. The producer of communication equipment surged 8.3% as it attempts to lift off all-time lows. On the downside, carmaker Renault lost 1.9%.

United Kingdom's FTSE was supported by defense stocks as BAE Systems and Rolls-Royce Holdings finished with respective gains of 2.2% and 2.4%. Rolls-Royce gained following the announcement of a $1 billion agreement with Japan's Skymark Airlines.

Germany's DAX outperformed the region partly due to strength in financials. Commerzbank gained 3.7% and Deutsche Bank (DB 43.95, +0.84) finished higher by 1.9%. In addition, insurer Muenchener Re rose by 1.7%. Meanwhile, Adidas lost 1.0% and was the biggest decliner.DJ30 +84.88 NASDAQ +33.64 SP500 +11.79 NASDAQ Adv/Vol/Dec 1560/929.1 mln/840 NYSE Adv/Vol/Dec 2027/310.2 mln/946

12:00 pm : Equities are holding their recent levels and the S&P 500 is higher by 0.7%.

The SPDR Financial Select Sector ETF (XLF 16.50, +0.17) gained over 2.0% yesterday, and the financial sector proxy is adding another 1.0% today. The space was expected to show heightened sensitivity to the developments in the budget debate, and today's developments are being received positively by the majors. Goldman Sachs (GS 127.64, +4.15) and Morgan Stanley (MS 19.11, +0.58) are outperforming their peers as they both see gains over 3.0%.DJ30 +73.76 NASDAQ +31.94 SP500 +10.38 NASDAQ Adv/Vol/Dec 1535/813.1 mln/832 NYSE Adv/Vol/Dec 1992/278.5 mln/978

11:35 am : The major averages continue to trade near their respective highs as today's developments in the budget debate remain on the forefront. The S&P 500 is rising by 0.8%.

Crude oil is rising by 1.0%, which is providing support to the energy sector. The SPDR Energy Select Sector ETF (XLE 72.79, +0.92) is firmer by 1.3% as it outperforms the remaining S&P 500 sectors.

Prior to the open, Baker Hughes Incorporated (BHI 41.96, +1.32) warned that fourth quarter North American revenue and profit margins will likely be lower than previously expected. Baker Hughes was down as much as 2.0% in pre-market trade, but has seen notable strength since. BHI is higher by 3.3% and peers Halliburton (HAL 34.28, +0.74) and Schlumberger (SLB 70.73, +1.05) are both up near 2.0%.DJ30 +79.29 NASDAQ +30.62 SP500 +11.08 NASDAQ Adv/Vol/Dec 1520/743.1 mln/822 NYSE Adv/Vol/Dec 2054/260.1 mln/899

11:05 am : The major averages have risen to fresh highs following comments from House Speaker Boehner. The benchmark S&P 500 index is rising by 0.6%. During his remarks, the Speaker said that Republicans may agree to an extension of the Bush tax rates for those earning under $1 million. However, President Obama's threshold remains at $400,000.

As the key indices trade near their session highs, only consumer staple stocks are trading in the red. Within the space, major tobacco stocks are underperforming. Altria (MO 32.52, -0.47) and Philip Morris (PM 86.34, -1.05) are both down near 1.5%. Reports out of Britain indicate that the country's authorities may force cigarette companies to use plain packaging. As such, stocks of major international producers are responding with caution.DJ30 +56.90 NASDAQ +24.59 SP500 +8.86 NASDAQ Adv/Vol/Dec 1545/585.5 mln/760 NYSE Adv/Vol/Dec 2080/212.2 mln/833

10:30 am : Commodities are mixed this morning, while the dollar index just put in a new session low. Crude oil is volatile this morning and just recovered a sharp sell-off. Feb crude oil is currently +0.8% at $86.37/barrel.

Natural gas rallied to a new session high of $3.45/MMBtu a short while ago and is now +2.1% at $3.43/MMBtu.

Precious metals sold off a short while ago and fell to new session lows. Feb gold is now -0.3% at $1693.50/oz and Mar silver is +.1% at $32.32/oz. Mar copper is currently unchanged at $3.67/lb.DJ30 +61.16 NASDAQ +26.68 SP500 +9.70 NASDAQ Adv/Vol/Dec 1468/482.9 mln/777 NYSE Adv/Vol/Dec 2073/184 mln/807

10:05 am : The NAHB Housing Market Index for December registered a reading of 47. That is up from the prior month's revised reading of 45, and in-line with expections among economists polled by Briefing.com.

The SPDR S&P Homebuilders ETF (XHB 26.52, +0.18) saw little reaction to the data's release.DJ30 +5.34 NASDAQ +10.26 SP500 +1.80 NASDAQ Adv/Vol/Dec 1248/249.3 mln/900 NYSE Adv/Vol/Dec 1688/112.2 mln/1084

09:45 am : The major averages are holding small gains in the opening minutes of trade as the Nasdaq leads the way with a 0.4% advance. Tech heavyweight Apple (AAPL 524.41, +5.58) is providing support with a gain of close to 1.0%.

Housing stocks will be in focus upon the release of the NAHB Housing Market Index, which is set to occur at the top of the hour.DJ30 +17.66 NASDAQ +11.14 SP500 +2.56 NASDAQ Adv/Vol/Dec 1186/147.8 mln/885 NYSE Adv/Vol/Dec 1567/82.1 mln/1102

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +15.00. Heading into the open, S&P futures suggest small gains. The futures point to a gain of 0.2% at the start of trade.

Shares of Nielsen (NLSN 30.25 +0.63) and Arbitron (ARB 47.18 +9.14) will be in focus this morning after the former agreed to acquire the latter for $48 per share in cash. The transaction represents a premium of approximately 26% to Arbitron's closing price on December 17, 2012. Nielsen has secured a financing commitment for the total transaction amount, and the transaction has been approved by the boards of both companies.

Apple (AAPL 524.15 +5.32) will also be monitored closely this morning after reports indicate that its injunction bid versus Samsung (SSNLF 1350.00 +0.00) has been rejected by a United States' judge. It has been reported that Samsung will drop lawsuits against Apple in Europe.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +14.00.

The major Asian bourses ended mostly higher, buoyed by progress in the fiscal cliff negotiations between President Obama and House Speaker Boehner. Japan's Nikkei (+1.0%) continued its recent outperformance following word newly elected Prime Minister Shinzo Abe met with Bank of Japan Governor Masaaki Shirakawa to discuss an accord that would set the central bank's inflation target at 2%. Elsewhere, the Reserve Bank of India opined overnight, opting to hold its key interest rate steady at 8.00%, as expected. In other central bank news, the Reserve Bank of Australia released the minutes from its December 4 meeting. The minutes showed the central bank cut its key interest rate 25 basis points due to concerns of a slowing labor market while suggesting a slight uptick in the global economy. Data from the region showed Chinese direct investment fell 3.6% year-to-date-over-year, Australia's CB Leading Index edged up 0.2%, and Hong Kong's unemployment rate held at 3.4%.

In Japan, the Nikkei closed up 1.0% as trade ended at its best level in more than eight months. Exporters fueled gains as Canon surged 3.3% and Honda Motor jumped 1.8%. Utilities gave back a good portion of yesterday's advance as Kansai Electric Power slid 4.5% and Chubu Electric Power lost 3.5%.

In Hong Kong, the Hang Seng finished off 0.1% amid a quiet trade. Insurer AIA Group shed 3.3% after AIG dumped its final holdings of the firm. Also under pressure were property developers with China Resources Land sliding 1.9%.

In China, the Shanghai Composite settled higher by 0.1% as property stocks lost ground. China Vanke and Poly Real Estate were among the biggest decliners in the space, shedding 3.7% and 3.6% respectively.

European markets hold small gains amid limited economic data. The United Kingdom's CPI held steady at 2.7% year-over-year while PPI input remained at 0.1% month-over-month and RPI slipped to 3.0% year-over-year.

In the United Kingdom, the FTSE is up 0.4% as commodity-related names lead the way. Eurasian Natural Resources and Cairn Enery are among the top performers, tacking on 2.7% and 2.6%, respectively.

France's CAC is flat amid a mixed trade in financials. Credit Agricole trades up 1.5% while rival Societe Generale holds a loss of 0.2%.

In Germany, the DAX is +0.5% as steelmakers post solid gains. Salzgitter and ThyssenKrupp hold gains of 1.7% and 0.8% respectively. On the downside, Adidas lags with a loss of 1.2%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +16.50. Equity futures slipped off their best levels of the morning following comments from Senator Bob Corker on CNBC suggesting the offer from President Obama is not yet real, and the two sides remain far apart.

The current account deficit for the third quarter was just released, totaling $107.5 billion, which is wider than the $104.2 billion deficit that had been broadly anticipated. This marks an improvement from the second quarter's $118.1 billion deficit.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +20.80. U.S. equity futures are showing continued gains this morning, with a +0.4% move in S&P futures. The strength builds on yesterday's +1.2% gain, and comes amid increased confidence that the U.S. will reach a fiscal cliff compromise. Last night the White House proposed a plan that would raise taxes on those earning over $400K rather than $250K, along with $1.2 trillion in spending cuts.

In U.S. corporate news, Nielsen (NLSN 30.00 +0.38) has agreed to acquire all of the outstanding common stock of Arbitron (ARB 47.40 +9.36) for $48 per share in cash, representing a premium of ~26% to Arbitron's closing price on Dec 17, 2012. Nielsen has a financing commitment for the total transaction amount and the transaction has been approved by the boards of both companies.

Apple (AAPL 525.32 +6.49) is +1.2% amid a few headlines. Reports indicate that the injunction bid versus Samsung (SSNLF 1350.00 +0.00) has been rejected by US judge, and Samsung reportedly said it will drop lawsuits against AAPL in Europe. Additionally, Barron's had a positive article on AAPL this morning, following the recent selloff in the stock.

In Europe, stocks generally advanced with Germany's DAX adding 0.5%, the UK's FTSE adding 0.4% and flat trading in France's CAC. News flow was light in Europe and the UK's inflation data was all in-line with expectations.

In Asia, stocks were mixed. Japan's Nikkei led the gains with a 1.0% advance, extending its recent rally. Incoming Prime Minister Abe met with Bank of Japan Governor Shirikawa discussing a consideration of entering a policy accord with the government to set an inflation target of 2%. China's Shanghai Composite showed a 0.1% gain. In China, early reports are suggesting the government stated its GDP target will be +7.5% for 2013. Additionally, China's Foreign Direct Investment fell lower than expected. This led to choppy trade in the Shanghai last night.

Looking at the U.S. calendars, there are only two pieces of econ data today: the Current Account Balance at 8:30 ET and the NAHB Housing Market Index at 10:00 ET. Neither of these data points tend to have a big impact on the market.

After the close tonight, Oracle (ORCL 32.32 +0.00) is set to report earnings, along with a few other smaller companies.

Finally, House Speaker Boehner is scheduled to hold a press conference following his weekly 9:00 am ET meeting with House Republicans this morning -- this will be of particular interest following last night's proposal from the White House.

06:49 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +14.50.

06:49 am : Nikkei...9923.01...+94.10...+1.00%. Hang Seng...22494.73...-18.90...-0.10%.

06:49 am : FTSE...5930.44...+18.30...+0.30%. DAX...7640.42...+35.50...+0.50%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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