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)


Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $0.00 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=113&t=1409

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=199&t=1715

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

Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, Gold GC futures, Oil CL & Brent futures, Eurex DAX futures, Emini ES futures, Emini TF futures, Treasury ZB futures) while using WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.






Market Update

4:15 pm : Stocks began the day on a positive note after Alcoa (AA 9.08, -0.02) kicked off the fourth quarter earnings season with a strong top line result. With no notable economic data, the remainder of the session was largely uneventful as the key indices retreated off their respective highs, ending with just a portion of their early gains. The S&P 500 added 0.3%.

Financials lagged the broader market, and the SPDR Financial Select Sector ETF (XLF 16.94, -0.03) shed 0.2%. Bank of America (BAC 11.43, -0.55) lost 4.6%, and was a notable underperformer. This morning, Credit Suisse downgraded the stock to ‘Neutral' from ‘Outperform.' In addition, Bank of America is taking part in a two-day hearing on its successor liability over the Countrywide legacy assets.

Also of note, multiple reports have indicated Morgan Stanley (MS 19.62, -0.03) will cut 1,600 jobs in its institutional securities business. The expected layoffs would amount to about 6.0% of the company's workforce within the investment banking unit. Looking at other majors, Citigroup (C 42.04, -0.42) slipped 1.0% and Goldman Sachs (GS 134.32, +1.27) added 1.0%.

For-profit education names saw general weakness after Apollo Group (APOL 19.32, -1.62) reported its quarterly results. Although Apollo beat on earnings and revenue, its full-year revenue guidance was a disappointment. Following the earnings report, Morgan Stanley downgraded the stock to ‘Equal-Weight' from ‘Overweight.' Apollo Group sank 7.8% and peers DeVry (DV 24.00, -1.24) and Strayer Education (STRA 52.70, -4.47) both lost in excess of 4.5%.

A handful of tech companies advanced after issuing upbeat guidance. Interactive Intelligence (ININ 39.02, +6.12) surged 18.6% after the company guided its fourth quarter and full-year revenue ahead of the consensus estimate. Elsewhere, Seagate (STX 33.48, +2.09) advanced 6.6% after raising its second quarter revenue guidance above analyst estimates. Peer Western Digital (WDC 43.80, +1.82) gained 4.3%.

Also of note, Apple (AAPL 517.10, -8.21) dropped 1.6%. Last evening, the Wall Street Journal published reports which indicated the tech company may launch a lower-end iPhone during the second half of the year. Among industrials, Boeing (BA 76.76, +2.63) added 3.6% to rebound from recent weakness which followed concerns about mechanical issues with the company's new Dreamliner 787 jet. Note that earlier reports out of Japan have indicated an All Nippon Airways flight was cancelled due to an issue with the plane's braking system.

Today's economic data was limited to the MBA Mortgage index, which pointed to an 11.7% week-over-week increase in mortgage applications. This followed the prior week's decline of 10.4%.

Looking at tomorrow's economic data, weekly initial and continuing claims will be reported at 8:30 ET.

The U.S. Treasury will hold a $13 billion 30-yr reopening.DJ30 +61.66 NASDAQ +14.00 SP500 +3.87 NASDAQ Adv/Vol/Dec 1607/1.69/859 NYSE Adv/Vol/Dec 2063/671.7 mln/959

3:30 pm :

Feb crude oil climbed to a floor session high of $93.65 per barrel shortly after equity markets opened but tanked into negative territory and to a session low of $92.76 per barrel on inventory data. Although crude inventories showed a smaller-than-anticipated build (1.314 mln vs 1.75 mln consensus), the build in gasoline inventories came in much higher than expected (7.412 mln vs 2.4 mln consensus). The energy component then inched higher for the remainder of the session and managed to shave losses to 0.1% as it closed at $93.09 per barrel.
Feb natural gas extended yesterday's losses as it inched lower into the red. It touched a session low of $3.09 per MMBtu and settled at $3.11 per MMBtu, or 3.4% lower.
Feb gold retreated into negative territory from its pit session high of $1665.00 per ounce as the dollar index gained strength. The yellow metal touched a session low of $1651.30 per ounce and settled 0.4% lower at 1655.60 per ounce.
Mar silver spent floor trade in negative territory, dipping as low as $30.07 per ounce in morning action. Unable to erase much of the loss, it settled 0.8% lower at $30.25 per ounce.

DJ30 +47.63 NASDAQ +13.59 SP500 +2.79 NASDAQ Adv/Vol/Dec 1550/1432.3 mln/895 NYSE Adv/Vol/Dec 1972/452 mln/1018

2:55 pm : The S&P 500 has slipped off its recent levels, and the benchmark index is now adding just 0.1%.

A handful of companies will report their earnings between today's close and tomorrow's opening bell. Most notably, PriceSmart (PSMT 78.04, +2.29), Texas Industries (TXI 55.95, +0.16), and Supervalu (SVU 2.91, +0.15) are all scheduled to report.

According to the Capital IQ consensus, PriceSmart is expected to report earnings of $0.61 on $539.08 million in revenue. Elsewhere, analysts expect Texas Industries to report a loss of $0.33 on revenue of $165.02 million. Both companies will release their quarterly reports this evening.

Tomorrow morning, Supervalu is expected to announce third quarter earnings of $0.07 on $7.90 billion in revenue.DJ30 +37.76 NASDAQ +12.39 SP500 +2.01 NASDAQ Adv/Vol/Dec 1505/1.31 bln/932 NYSE Adv/Vol/Dec 1924/401.4 mln/1065

2:25 pm : The S&P 500 is firmer by 0.3% as the benchmark index continues to hold its recent levels.

The volatility index, or VIX, is adding 1.3% to 13.79. Recent days have seen a steady decline in the volatility measure, and VIX slipped below its 52-week low of 13.30 during early trade. After sliding to a session low of 13.22 shortly after the open, VIX has climbed steadily, and is now hovering just below its best level of the day.DJ30 +55.19 NASDAQ +16.04 SP500 +3.64 NASDAQ Adv/Vol/Dec 1530/1.21 bln/898 NYSE Adv/Vol/Dec 1974/369.2 mln/1010

2:00 pm : Equities are holding their recent levels, and the S&P 500 is firmer by 0.3%.

Looking at technology stocks, the SPDR Technology Select Sector ETF (XLK 29.42, +0.07) is higher by 0.2%. Among the notable sector movers, Interactive Intelligence (ININ 39.39, +6.49) is surging 19.7% after the company issued upside fourth quarter and full-year revenue guidance.

Elsewhere, Seagate (STX 32.85, +1.46) is advancing 4.6% after raising its second quarter revenue guidance above analyst estimates. Peer Western Digital (WDC 43.85, +1.87) is adding 4.4%.

Also of note, Apple (AAPL 522.10, -3.21) is lower by 0.6%. Last evening, the Wall Street Journal published reports which indicated the tech company may launch a lower-end iPhone during the second half of the year.DJ30 +55.58 NASDAQ +14.07 SP500 +3.31 NASDAQ Adv/Vol/Dec 1525/1.12 bln/889 NYSE Adv/Vol/Dec 1936/343.2 mln/1028

1:30 pm : The Dow Jones Transportation Average is higher by 0.8% as 17 of 20 index components trade higher. Railroads are among the top performers as Norfolk Southern (NSC 65.01, +1.02) and Kansas City Southern (KSU 86.65, +0.90) trade higher by 1.6% and 1.1% respectively.

On the downside, shipper Kirby (KEX 62.35, -0.37) is slipping 0.6% as peer Matson (MATX 26.32, +0.31) trades higher by 1.2%.DJ30 +53.91 NASDAQ +11.25 SP500 +3.34 NASDAQ Adv/Vol/Dec 1509/1.06 bln/903 NYSE Adv/Vol/Dec 1945/319.5 mln/1008

1:00 pm : Equities began today's session on a positive note after Alcoa (AA 9.11, +0.01) kicked off the fourth quarter earnings season with an upbeat report. Following the higher open, the S&P 500 climbed to its session high in the 1464 area, and remained there throughout the morning. However, recent selling pressure has pushed the major averages off their early highs, but they continue to trade in the black. At midday, the S&P 500 is adding 0.2%.

Financials are underperforming the broader market as Bank of America (BAC 11.55, -0.43) weighs. The financial giant is off by 3.5% after Credit Suisse downgraded the stock to ‘Neutral' from ‘Outperform.' Also of note, multiple reports have indicated Morgan Stanley (MS 19.50, -0.15) will cut 1,600 jobs in its institutional securities business. The expected layoffs would amount to about 6.0% of the company's workforce within the investment banking unit. Looking at other majors, Citigroup (C 42.28, -0.18) is shedding 0.4% while Wells Fargo (WFC 34.84, +0.14) trades higher by 0.4%.

For-profit education names are seeing general weakness after Apollo Group (APOL 19.50, -1.44) reported its quarterly results. Although Apollo beat on earnings and revenue, its full-year revenue guidance was a disappointment. Following the earnings report, Morgan Stanley downgraded the stock to ‘Equal-Weight' from ‘Overweight.' Apollo Group is down 6.8% and peers DeVry (DV 23.79, -1.45) and Strayer Education (STRA 53.21, -3.96) are both down over 5.5%.

Elsewhere, Boeing (BA 76.29, +2.16) is adding 2.9% as the stock rebounds from recent weakness which followed concerns about mechanical issues with the company's new Dreamliner 787 jet. Note that earlier reports out of Japan have indicated an All Nippon Airways flight was cancelled due to an issue with the plane's braking system.

Today's economic data was limited to the MBA Mortgage index, which pointed to an 11.7% week-over-week increase in mortgage applications. This follows the prior week's decline of 10.4%.

The European markets ended the session on a positive note despite intraday weakness. France's CAC and Germany's DAX both gained 0.3%. Elsewhere, the United Kingdom's FTSE advanced 0.7%, and settled at its highest level since May 2008.

In France, the CAC was led by France Telecom. The stock gained 4.3% after reports indicated the region's top communication companies are discussing the possibility of creating a single telecom market. On the downside, ArcelorMittal lost 2.5% after offering $3.5 billion in common shares and convertible subordinated notes.

In Germany, Deutsche Telekom led the index with a gain of 3.1%. Meanwhile, Lanxess lost 2.5% after Citigroup downgraded the stock to ‘Sell.' In the United Kingdom, Lloyds Banking Group gained 4.9% after UBS upgraded the bank stock to ‘Buy.' On the downside, food retailer J Sainsbury lost 2.9% after reporting disappointing holiday sales growth.DJ30 +55.08 NASDAQ +11.20 SP500 +3.18 NASDAQ Adv/Vol/Dec 1484/976.5 mln/911 NYSE Adv/Vol/Dec 1917/294.1 mln/1020

12:30 pm : The major averages remain near their respective highs, and the S&P 500 is adding 0.3%.

The European markets ended the session on a positive note despite intraday weakness. France's CAC and Germany's DAX both gained 0.3%. Elsewhere, the United Kingdom's FTSE advanced 0.7%, and settled at its highest level since May 2008.

In France, the CAC was led by France Telecom. The stock gained 4.3% after reports indicated the region's top communication companies are discussing the possibility of creating a single telecom market. On the downside, ArcelorMittal lost 2.5% after offering $3.5 billion in common shares and convertible subordinated notes.

In Germany, Deutsche Telekom led the index with a gain of 3.1%. Meanwhile, Lanxess lost 2.5% after Citigroup downgraded the stock to ‘Sell.'

In the United Kingdom, Lloyds Banking Group gained 4.9% after UBS upgraded the bank stock to ‘Buy.' On the downside, food retailer J Sainsbury lost 2.9% after reporting disappointing holiday sales growth.DJ30 +72.78 NASDAQ +14.68 SP500 +4.82 NASDAQ Adv/Vol/Dec 1517/885.1 mln/869 NYSE Adv/Vol/Dec 1974/265.8 mln/959

12:00 pm : The S&P 500 is adding 0.3% as quiet trade continues.

Financials are underperforming the broader market as Bank of America (BAC 11.71, -0.27) weighs. The financial giant is off by 2.2% after Credit Suisse downgraded the stock to ‘Neutral' from ‘Outperform.' Also of note, multiple reports have indicated Morgan Stanley (MS 19.59, -0.06) will cut 1,600 jobs in its institutional securities business. The expected layoffs would amount to about 6.0% of the company's workforce within the investment banking unit.

Looking at other majors, Citigroup (C 42.61, +0.15) and Goldman Sachs (GS 133.46, +0.41) are both up near 0.3%.DJ30 +77.94 NASDAQ +14.39 SP500 +5.09 NASDAQ Adv/Vol/Dec 1515/790.1 mln/846 NYSE Adv/Vol/Dec 1973/239.3 mln/955

11:30 am : The key indices continue to trade near their recent levels. The S&P 500 is higher by 0.4%.

For-profit education names are seeing general weakness after Apollo Group (APOL 18.69, -2.25) reported its quarterly results. Although Apollo beat on earnings and revenue, its full-year revenue guidance was a disappointment. Following the earnings report, Morgan Stanley downgraded the stock to ‘Equal-Weight' from ‘Overweight.' Apollo Group is down 10.8% and peers DeVry (DV 23.35, -1.89) and Strayer Education (STRA 54.01, -3.16) are both down over 5.5%.DJ30 +77.97 NASDAQ +15.65 SP500 +5.71 NASDAQ Adv/Vol/Dec 1509/695.4 mln/817 NYSE Adv/Vol/Dec 1980/209.4 mln/905

11:00 am : The major averages are hovering near their recent levels, and the S&P 500 is firmer by 0.4%.

The industrial sector is the top performer as a handful of major components register notable gains. Conglomerate Danaher (DHR 59.91, +2.23) is higher by 3.9% after the company issued upside fourth quarter earnings guidance.

Elsewhere, Boeing (BA 76.44, +2.31) is adding 3.1% as the stock rebounds from recent weakness which followed concerns about mechanical issues with the company's new Dreamliner 787 jet. Note that earlier reports out of Japan have indicated an All Nippon Airways flight was cancelled due to an issue with the plane's braking system.DJ30 +75.04 NASDAQ +16.53 SP500 +5.80 NASDAQ Adv/Vol/Dec 1509/579.5 mln/802 NYSE Adv/Vol/Dec 1943/178.9 mln/604

10:35 am : The dollar index has been in positive territory all morning, which has weighed on select commodities, including gold, silver and natural gas. It's interesting to see that copper has been in positive territory all morning, and is now near its session high, while the dollar index is also just below its session high.

Crude oil just sold off following weekly inventory data, which showed builds in gasoline and distillates that much larger than expected. Crude is now in negative territory, now-0.3% at $92.93/barrel.

Natural gas has been in the red all day and just hit a new session low of $3.13/MMBtu. Nat gas is currently -2.6% at $3.13MMBtu.

Precious metals sold off a short while ago as Feb gold is now -0.4% at $1656.40/oz, while Mar silver is -0.9% at $30.19/oz. Mar copper, however, has been trending higher and just hit a new session high of $3.71/lb. Copper is now +0.8% at $3.70/lb.DJ30 +73.83 NASDAQ +16.33 SP500 +6.03 NASDAQ Adv/Vol/Dec 1516/469 mln/744 NYSE Adv/Vol/Dec 1953/153 mln/852

10:00 am : The S&P 500 is adding 0.5% as the index trades at a fresh high.

The utilities sector is the lone decliner in the S&P 500, and the SPDR Utilities Select Sector ETF (XLU 35.18, -0.10) is shedding 0.3%. In New York, the state-appointed panel tasked with investigating utilities described electric companies as "natural monopolies" which need to face tougher penalties for poor performance. The current structure allows the Public Service Commission to levy fines of up to $100,000 per day, but the new report recommends fines of up to 0.02% of a company's gross revenue. Looking at individual electricity providers, FirstEnergy (FE 40.77, -0.54) is down 1.3% and NextEra Energy (NEE 70.76, -0.54) is off by 0.8%.DJ30 +79.15 NASDAQ +13.32 SP500 +6.83 NASDAQ Adv/Vol/Dec 1499/289.2 mln/691 NYSE Adv/Vol/Dec 1949/103.8 mln/804

09:45 am : The S&P 500 is adding 0.2% as the benchmark index trades near its opening level.

Looking at the early sector alignment, industrials and materials are pacing the advance. On the downside, energy and utilities are underperforming.

Alcoa (AA 9.22, +0.12) is rising by 1.4%. The aluminum producer reported in-line fourth quarter earnings, but its revenue of $5.9 billion was ahead of the Capital IQ consensus estimate. In addition, Alcoa expects global aluminum demand growth of 7.0% after observing a rate of 6.0% in 2012.

Elsewhere, Apple (AAPL 519.80, -5.51) is lower by 1.1% following last night's reports from the Wall Street Journal, which indicated the company may launch a lower-end iPhone during the second half of this year.DJ30 +50.86 NASDAQ +5.88 SP500 +3.05 NASDAQ Adv/Vol/Dec 1378/171.1 mln/716 NYSE Adv/Vol/Dec 1730/70.1 mln/893

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +6.50. Heading into the open, equity futures are pointing to a slightly higher start to the session. Pre-market trade has been mostly positive after Alcoa's (AA 9.32, +0.22) earnings were welcomed by the market. Overseas, European indices are trading slightly higher despite a disappointing industrial production report out of Germany.

Today's economic data was limited to the weekly MBA Mortgage Index which pointed to an 11.7% increase in new mortgage applications. Today's reading follows the prior week's 10.4% decline.

The U.S. Treasury will reopen $21 billion in 10-yr notes.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +6.30. Equity futures are near their pre-market highs, and the S&P 500 futures are adding 0.2%.

Looking at pre-market movers, Constellation Brands (STZ 37.45, +1.39) is rising by 3.9% after the distiller beat on earnings, revenue, and guided full-year 2013 earnings ahead of consensus estimates.

Elsewhere, NuVasive (NUVA 17.60, +1.84) is surging 11.7% after the company raised its full-year 2012 and 2013 revenue guidance above consensus. NuVasive expects to see an uptick in its revenue growth due to new product launches as well as accelerated geographic expansion.

Lastly, Bank of America (BAC 11.84, -0.14) is slipping 1.2% after Credit Suisse downgraded the stock to ‘Neutral' from ‘Outperform.'

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +3.30.

U.S. equity futures continue to trade modestly higher, and the S&P 500 futures are adding 0.1%.

The major Asian bourses saw a mixed session as Japan's Nikkei led the way on reports the Bank of Japan plans to adopt a 2% inflation target, and expand its asset purchase program to a rumored more than JPY200 trillion (currently JPY100 trillion). Central bank action saw the Bank of Thailand hold its key rate steady at 2.75%. Meanwhile, Australian data saw retail sales miss estimates with a -0.1% month-over-month reading (0.3% expected) and HIA New Home Sales rise 4.7% month-over-month (3.4% previous). Elsewhere, South Korea's unemployment rate held steady at 3.0% while Malaysia's trade surplus shrunk to MYR9.30 billion (MYR8.20 billion expected, MYR9.60 billion previous).
In Japan, the Nikkei closed higher by 0.7% as construction names paced the advance on hopes Shinzo Abe's government would increase spending on infrastructure. Hyundai Heavy posted a strong 3.8% advance. Elsewhere, exporters reversed off their lows, but ended mixed. Honda Motor jumped 1.6% while Canon slipped 1.2%.
Hong Kong's Hang Seng added 0.5% as real estate and energy names saw solid gains. China Overseas Land & Investment added 2.0% while PetroChina tacked on 1.5% to lead their respective sectors higher.
In China, the Shanghai Composite settled unchanged ahead of this week's data. Coal stocks saw strong gains with China Shenhua Energy climbing 1.4%.

European markets are mixed following a handful of economic releases. The United Kingdom reported December trade deficit of GBP9.2 billion, while a deficit of GBP9.1 billion was broadly expected. The final third quarter Eurozone GDP reading pointed to a 0.1% quarter-over-quarter contraction, which was in-line with the prior estimate. Germany's industrial production came in at 0.2%, which was below the 1.0% growth forecast by the market. In central bank action, the Polish central bank has cut its key interest rate by 25 basis points to 4.00%.
France's CAC is flat. France Telecom is rising by 4.1% after the Financial Times discussed the possibility of a merger between Europe's biggest telecom companies.
Germany's DAX is adding 0.1% as financials outperform. Deutsche Bank and Commerzbank are up 1.6% and 2.8% respectively. On the downside, exporters are underperforming after the country's disappointing industrial production report. BMW and Volkswagen are both down near 2.0%.
In the United Kingdom, the FTSE is higher by 0.6%. Lloyds Banking Group is surging 5.7% after UBS upgraded the stock to ‘Buy' from ‘Neutral.' On the downside, insurer Aviva is shedding 2.4% after the company announced it has sold its 19.4% stake in Delta Lloyds.

08:06 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +5.50.

U.S. equity futures are modestly higher amid mixed European trade. Taking a look at overseas developments:

Asian indices finished mixed. China's Shanghai Composite ended flat, Hong Kong's Hang Seng added 0.5%, and Japan's Nikkei gained 0.7%.
Looking at economic data:
Australia's retail sales declined by 0.1% month-over-month, while an uptick of 0.3% was broadly expected.
New Zealand reported a 5.4% month-over-month decline in building consents.
In news:
Reports have indicated the Bank of Japan may officially adopt a 2.0% inflation target and double its asset purchasing program to JPY200 trillion at the next policy meeting. The reports were coupled with indications from Fitch suggesting the rating agency may downgrade Japan should a notable increase in spending occur.
An economist at the China Industrial Bank believes the country will see an uptick in retail sales while industrial production is expected to decline.

European markets are mixed. France's CAC is flat, Germany's DAX is adding 0.1%, and the United Kingdom's FTSE is higher by 0.5%.
Regional economic data was limited:
The United Kingdom reported December trade deficit of GBP9.2 billion, while a deficit of GBP9.1 billion was broadly expected.
The final third quarter Eurozone GDP reading pointed to a 0.1% quarter-over-quarter contraction, which was in-line with the prior estimate.
Germany's industrial production came in at 0.2%, which was below the 1.0% growth forecast by the market.
In news:
The French government has officially requested help for Peugeot from the EU commission.

In U.S. corporate news:

Alcoa (AA 9.30, +0.20) kicked off the fourth quarter earnings season with an upbeat report. The aluminum producer reported in-line earnings, but its revenue of $5.9 billion was ahead of the Capital IQ consensus estimate. In addition, Alcoa expects global aluminum demand growth of 7.0% after observing a rate of 6.0% in 2012.
Seagate (STX 32.45, +1.06) is adding 3.4% after raising its second quarter revenue guidance above analyst estimates. Peer Western Digital (WDC 42.60, +0.62) is adding 1.5%.
Apollo Group (APOL 19.38, -1.56) is down 7.5%. The for-profit education provider beat on earnings and revenue, but the company disappointed the market by lowering its full-year 2013 revenue guidance below consensus.
Clearwire (CLWR 3.15, +0.23) is higher by 7.9% after DISH Network (DISH 36.08, +0.11) submitted an offer to acquire Clearwire for $3.30 per share. Note that Sprint Nextel (S 5.85, -0.12) has previously offered $2.97 per share to Clearwire stockholders.

The MBA Mortgage index pointed to a 11.7% week-over-week increase in mortgage applications. This follows the prior week's decline of 10.4%.

06:34 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.00.

06:33 am : Nikkei...10578.57...+70.50...+0.70%. Hang Seng...23218.47...+107.30...+0.50%.

06:33 am : FTSE...6072.61...+20.00...+0.30%. DAX...7699.46...+4.40...+0.10%.

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

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

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