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


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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1260.00 dollars or +12.60 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 @ $1260.00 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 on the Freenode IRC network (chat room no longer located on the Othernet IRC network). You can read today's ##TheStrategyLab 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=1421

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

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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 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.

Stocks: Apple Weighs On Tech Shares


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

NEW YORK (CNNMoney)
U.S. stocks closed mixed Thursday, with shares of Apple weighing on the Nasdaq, as investors focused on the latest corporate results and economic data.

After briefly rising above 1,500 for the first time since late 2007, the S&P 500 ended right near where it opened. The Dow Jones industrial average gained 0.3%. The Nasdaq was down 0.7%, pulled lower by Apple.

Apple (AAPL, Fortune 500) shares closed down more than 12% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose to a record $13.1 billion.

The stock has lost more than 35% of its value since hitting an all-time high in September amid worries demand for the iPhone may be waning as lower-cost smartphones gain market share.

@ Apple stock bubble continues to deflate

"Apple is certainly weighing on the Nasdaq," said Ryan Larson, a senior equity trader at RBC Global Asset Management. "But investors are more focused on earnings now that the House has extended the debt ceiling to mid-May."

House lawmakers on Wednesday passed the "No Budget, No Pay Act," defusing the debt ceiling threat for a few months. The bill allows the Treasury Department borrow new money until mid-May, while also requiring Congress to pass a budget resolution or have their pay withheld until they do.

Investors also welcomed better-than-expected reports on manufacturing in China and Europe. A preliminary reading of purchasing managers' sentiment in China rose in January to its highest level in two years. The eurozone purchasing managers index increased for a third consecutive month, hitting a 10-month high in January, according to "flash" estimates from Markit.

Shares of Nokia (NOK) slumped after the company said its board will propose that no dividend payments be made for 2012. The Finnish phone maker reported fourth-quarter earnings were unchanged from last year at 6 cents per share.

Xerox (XRX, Fortune 500) shares rose after the company reported results that were in line with expectations.

After the bell, Microsoft (MSFT, Fortune 500) reported earnings that beat analysts' predictions for its profit but missed on revenue.

AT&T (T, Fortune 500) managed to beat expectations on revenue but missed on profit. Starbuck (SBUX, Fortune 500)s profits were in line with analyst estimates, but shares of the coffee chain dropped in after hours trading.

@ Fear & Greed Index deep in extreme greed

Overall, S&P 500 companies are expected to report earnings growth of 4.3% for the last three months of 2012, according to S&P Capital IQ. Of the 112 companies that have reported so far, 75 have beat analysts' expectations.

In economic news, the government said first-time claims for unemployment benefits fell by 5,000 last week to 330,000. The Conference Board said its index of leading economic indicators rose 0.5% in December, raising hopes for a sustained rebound in U.S. economic growth.

The mood was gloomy in Davos, where business and political leaders gathered for the World Economic Forum. The International Monetary Fund lowered its outlook Wednesday for economic growth in the euro area, and urged U.S. policymakers to address long-term debt issues.

President Obama will nominate Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, an administration official told CNN.

@ Japan spurs talk of currency war

Asian markets ended mixed. Stocks in Hong Kong and Shanghai fell, while the Nikkei rallied 1.3%. Japan reported a trade deficit of ¥6.9 trillion for 2012, compared with ¥2.5 trillion in 2011. The nation has logged deficits for the past six months as imports have outpaced exports, but analysts said exports could ramp up in 2013 as Tokyo moves to boost the economy.

The yen plunged 1.5% versus the U.S. dollar, reversing gains from earlier this week.

European markets ended higher. The FTSE 100 in London rose 1%, while Germany's DAX rose 0.5% and the CAC 40 in Paris rose 0.7%.

In the commodities market, oil prices moved higher, while gold prices slid. The yield on the 10-year Treasury note rose to 1.86% as prices fell.




Market Update

4:25 pm : The major averages ended today's session near their opening levels. The Dow was an exception as the blue chip index finished higher by 0.3%. The 30-stock average outperformed as 19 components registered gains.

The Nasdaq trailed the broader market for the duration of the day after a disappointing earnings report from Apple (AAPL 450.50, -63.50) sent the stock lower by 12.4%. While the largest tech stock suffered its biggest percentage drop in more than four years, its suppliers held up relatively well. Cirrus Logic (CRUS 26.71, -3.24) was an exception, sinking 10.8% ahead of its earnings report scheduled for this evening.

As Apple earnings weighed on tech shares, the remainder of the market traded with a generally positive bias. Netflix (NFLX 146.86, +43.60) was a notable standout as the stock soared 42.2% after its fourth quarter results handily beat the Capital IQ earnings and revenue estimate. In addition, the video streaming service guided first quarter top and bottom line above consensus.

Even less-than-stellar results were welcomed by investors today as F5 Networks (FFIV 103.22, +4.41) gained 4.5% despite reporting in-line revenue and a bottom line miss. The results were topped off with upside second quarter earnings guidance, which contributed to the buying interest. Peer Cisco Systems (CSCO 21.02, +0.40) added 1.9%.

As the market resisted the selling pressure stemming from poor Apple earnings, the Dow Jones Transportation Average ended the session with a gain of 1.7%. The bellwether complex, which has soared over 10% since January 1, saw all-around strength, but trucking stocks outperformed. JB Hunt (JBHT 67.57, +4.11) surged 6.5% after its fourth quarter earnings beat on the bottom line. Meanwhile, peers Con-way (CNW 33.00, +1.88) and CH Robinson (CHRW 67.21, +1.46) settled with respective gains of 6.0% and 2.2%.

Looking at the S&P 500 sector breakdown, technology was the biggest laggard (-2.0%), followed by telecoms (-0.3%) and materials (+0.2%). On the upside, discretionary (+0.7%) and health care (+0.7%) stocks saw relative strength.

The CBOE Volatility Index (VIX 12.76, +0.30) advanced 2.4% after being up as much as 8.2% intraday. However, the so-called "fear gauge" remains near its 5-year low.

Crude oil added 0.8% to settle at $96.00 despite a larger-than-expected inventory build.

The market received just two economic reports this morning. The latest weekly initial claims count totaled 330,000, which was lower than the 355,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 335,000. As for continuing claims, they fell to 3.157 million from 3.228 million.

Elsewhere, leading indicators for December increased by 0.5%, in-line with the Briefing.com consensus forecast. Today's figure followed the prior month's unchanged reading.

Tomorrow's economic data will be limited to December new home sales. This report will be released at 10:00 ET. Among notable earnings, Honeywell (HON 68.24, -0.03) and Procter & Gamble (PG 70.42, -0.27) are scheduled to report prior to the opening bell.DJ30 +46.00 NASDAQ -23.29 SP500 +0.01 NASDAQ Adv/Vol/Dec 1374/1.99 bln/1100 NYSE Adv/Vol/Dec 1680/678.5 mln/1316

3:30 pm :

Mar crude oil rose during today's floor trade on encouraging Initial and Continuing Claims data and an unexpected drop in gasoline inventories. Although crude oil inventories had a higher-than-anticipated build, gasoline inventories showed a draw of 1.738 mln barrels when consensus called for a build of 1.3 barrels. The energy component touched a session high of $96.68 per barrel and settled with a 0.7% gain at $95.94 per barrel.
Feb natural gas fell from its session high of $3.59 per MMBtu and into negative territory as inventories showed a draw of 172 bcf when a draw of 166 bcf was expected. Natural gas continued to trend lower and eventually settled with a 2.8% loss at $3.45 per MMBtu.
Feb gold extended yesterday's losses, dipping as low as $1664.20 per ounce in early morning pit action. The yellow metal traded up to the $1674.00 per ounce level but pulled-back slightly in afternoon action. It settled 1.0% lower at $1669.60 per ounce.
Mar silver also struggled in negative territory during today's floor session. It touched a session low of $31.62 per ounce and settled 2.2% lower at $31.72 per ounce.

DJ30 +59.51 NASDAQ -19.61 SP500 +1.61 NASDAQ Adv/Vol/Dec 1309/1656.3 mln/1139 NYSE Adv/Vol/Dec 1610/463 mln/1358

3:00 pm : The major averages are lifting off their lows as trade enters the final hour. Shares of Apple (AAPL 453.02, -60.99) continue to weigh on the tech sector as well as the Nasdaq. The notable weakness comes after the first quarter revenue of the largest tech company fell short of analyst expectations.

While Apple's earnings were a disappointment, Netflix (NFLX 145.10, +41.84) caught a considerable bid after its quarterly results beat on earnings and revenue.

Following today's close, Cirrus Logic (CRUS 26.93, -3.02) and Microsoft (MSFT 27.86, +0.25) are two of the names which will report their earnings. Cirrus, which supplies components for Apple products, is expected to report earnings of $1.42 on $286.11 million in revenue. Elsewhere, the Capital IQ consensus expects Microsoft to announce earnings of $0.75 on revenue of $21.50 billion.DJ30 +49.95 NASDAQ -22.95 SP500 +0.18 NASDAQ Adv/Vol/Dec 1266/1.55 bln/1154 NYSE Adv/Vol/Dec 1535/432.3 mln/1435

2:35 pm : Key indices continue to trade near their lows while the Dow trades with a slim gain. On the downside, the Nasdaq is shedding 0.9% as Apple (AAPL 452.94, -61.06), which comprises almost 9.0% of the index, trades lower by 12.0%. The largest tech stock saw considerable pressure at the open after its first quarter revenue fell short of investor expectations.

As the major averages retreat from their highs, the CBOE Volatility Index (VIX 13.47, +1.01) is adding 8.2%. The near-term volatility measure has spent the entire session in a steady upward climb, but it remains near its 5-year low.DJ30 +41.29 NASDAQ -23.34 SP500 -0.56 NASDAQ Adv/Vol/Dec 1243/1.44 bln/1185 NYSE Adv/Vol/Dec 1495/399.1 mln/1458

2:00 pm : The major averages have slipped back near their opening levels, and the S&P 500 is off by 0.2%. The recent retreat has resulted from selling across several sectors. Most notably, materials saw the sharpest decline with steel producers bearing the brunt of the intraday weakness. The Market Vectors Steel ETF (SLX 48.78, -0.55) is shedding 1.1%.

Elsewhere, the Nasdaq has returned near its opening level, and the tech-heavy index is now down 0.9%. Apple (AAPL 452.89, -61.12) continues to weigh as the largest tech stock slides 12.0% following disappointing earnings.DJ30 +22.23 NASDAQ -27.47 SP500 -2.66 NASDAQ Adv/Vol/Dec 1204/1.34 bln/1231 NYSE Adv/Vol/Dec 1410/367.4 mln/1517

1:30 pm : The major averages have slipped back near the middle of their respective ranges. The Dow is the top performer as the blue chip average adds 0.3%. Meanwhile, the Nasdaq is shedding 0.7% as the relative weakness in the shares of Apple (AAPL 454.89, -59.12) exerts pressure on the tech-heavy index. Apple is sliding 11.5% after its first quarter revenue fell short of expectations, and its guidance failed to please investors.

Though Apple is contributing to notable underperformance from the tech sector, other components are seeing relative strength. Networking stocks are outperforming, and F5 Networks (FFIV 104.18, +5.37) is spiking 5.4% after reporting its first quarter earnings. F5 missed on the bottom line, but its revenue was reported in-line with expectations. Additionally, the company guided second quarter earnings above analyst expectations. Peer Cisco Systems (CSCO 21.00, +0.38) is adding 1.8%.DJ30 +41.18 NASDAQ -18.26 SP500 -0.28 NASDAQ Adv/Vol/Dec 1371/1.24 bln/1055 NYSE Adv/Vol/Dec 1600/336.3 mln/1319

1:00 pm : The major averages began today's session on a mixed note as disappointing quarterly results from Apple (AAPL 458.00, -56.00) caused the largest tech component to open lower by 10.9%. The weakness weighed on the tech-heavy Nasdaq, which traded down as much as 0.9%. However, the heavy selling was isolated to Apple, and the Nasdaq was able to reclaim the bulk of its opening losses. Meanwhile, the S&P 500 is unchanged after early strength ran the benchmark index above 1500 for the first time since December 2007.

The SPDR Technology Select Sector ETF (XLK 29.36, -0.42) is down 1.4%, but tech shares outside of Apple are enjoying a relatively strong session. Hard drive makers are one example as Seagate (STX 36.93, +0.31) and Western Digital (WDC 48.81, +1.74) trade with respective gains of 0.9% and 3.7%. The strength comes after Western Digital's fourth quarter results beat on earnings and revenue. It should be noted that Western Digital has added more than 40% in the eight weeks prior to last evening's report.

As the tech sector trails the broader market, the Dow Jones Transportation Average is a notable outperformer. The bellwether complex is higher by 1.2% as truckers pace the advance. JB Hunt (JBHT 66.27, +2.81) is surging 4.4% after its fourth quarter earnings beat on the bottom line. Meanwhile, peers Con-way (CNW 32.99, +1.87) and CH Robinson (CHRW 67.57, +1.82) are firmer by 6.0% and 2.8% respectively.

Relative strength can also be observed in discretionary stocks. The SPDR Consumer Discretionary Select Sector ETF (XLY 50.41, +0.42) is adding 0.8% and Netflix (NFLX 141.92, +38.66) is a notable standout. The video rental service is soaring 37.4% after reporting earnings and revenue ahead of the Capital IQ consensus estimate. In addition, Netflix issued upside earnings and revenue guidance for the first quarter.

Crude oil is adding 0.9% as the energy component trades in the middle of the day's range.

The market received just two economic reports this morning. The latest weekly initial claims count totaled 330,000, which was lower than the 355,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 335,000. As for continuing claims, they fell to 3.157 million from 3.228 million.

Elsewhere, leading indicators for December increased by 0.5%, in-line with the Briefing.com consensus forecast. Today's figure followed the prior month's unchanged reading.DJ30 +39.84 NASDAQ -20.30 SP500 -0.21 NASDAQ Adv/Vol/Dec 1331/1.14 bln/1073 NYSE Adv/Vol/Dec 1585/308.6 mln/1315

12:35 pm : Equities continue to trade near their respective highs and the Dow is the top performing index. Meanwhile, the Nasdaq is registering fractional losses after being down as much as 0.9% at the open. The initial weakness was a result of disappointing earnings reported by Apple (AAPL 460.05, -53.95). The largest tech stock is slumping 10.5% after falling short of the Capital IQ revenue forecast. In addition, cautious guidance contributed to the heavy selling.

Despite the weakness in Apple, the remainder of the broader market is holding up relatively well. Notably, the Dow Jones Transportation Average is higher by 1.4%. The bellwether complex is outperforming as trucking stocks register broad gains. JB Hunt (JBHT 66.51, +3.05) is surging 4.8% after its fourth quarter earnings beat on the bottom line. Meanwhile, peer Con-way (CNW 32.96, +1.84) is soaring 5.9% and CH Robinson (CHRW 67.59, +1.84) is firmer by 2.8%.DJ30 +69.07 NASDAQ -11.14 SP500 +2.90 NASDAQ Adv/Vol/Dec 1450/1.04 bln/939 NYSE Adv/Vol/Dec 1769/281.4 mln/1120

12:00 pm : The major averages saw little change in recent trade. The S&P 500 continues to hover within points of 1500, and the Nasdaq is off by 0.1%. The tech-heavy index has staged a notable recovery off early session lows after Apple (AAPL 461.05, -52.95) reported earnings which disappointed the market.

While Apple continues to trade lower by 10%, other tech stocks are seeing relative strength. Hard drive makers Seagate (STX 36.96, +0.34) and Western Digital (WDC 48.86, +1.79) are outperforming after Western Digital beat on earnings and revenue. The two stocks have soared in recent weeks with WDC rallying more than 40% prior to yesterday's quarterly report.DJ30 +82.78 NASDAQ -4.76 SP500 +5.05 NASDAQ Adv/Vol/Dec 1516/944.1 mln/861 NYSE Adv/Vol/Dec 1890/256.1 mln/997

11:35 am : Equities are holding their recent levels and the S&P 500 continues to hover near 1500. The benchmark index trades higher by 0.5% with discretionary stocks providing leadership. In addition, health care and energy are among the top performing sectors. On the downside, the Nasdaq is now flat after being down as much as 0.9% at the open. The initial weakness resulted from heavy selling in the shares of Apple (AAPL 461.94, -52.06) after the company reported disappointing earnings.

In the discretionary space, Netflix (NFLX 142.10, +38.84) is soaring nearly 40% after the company surprised the market with an earnings and revenue beat. Additionally, the company issued upside first quarter earnings and revenue guidance.

Health care stocks are outperforming after earnings from Baxter (BAX 67.50, +0.91) and Bristol-Myers (BMY 35.80, +0.91) were welcomed by the market.

Lastly, the energy sector is adding 1.0% with crude oil trading higher by 1.2%.DJ30 +95.95 NASDAQ -0.80 SP500 +6.87 NASDAQ Adv/Vol/Dec 1535/816.2 mln/817 NYSE Adv/Vol/Dec 1971/225.3 mln/900

11:00 am : The major averages are trading near their session highs and the S&P 500 is hovering near 1500. The Dow and S&P 500 are registering modest gains while the Nasdaq is off by 0.2%. The tech-heavy index is being pressured by Apple (AAPL 461.71, -52.30), which reported disappointing quarterly results after yesterday's close. Though the Nasdaq was down nearly 1.0% at the open, the index was able to regain the bulk of its early losses.

With the tech sector bringing up the rear, the SPDR Technology Select Sector ETF (XLK 29.51, -0.27) is down 0.9%. On the flip side, consumer discretionary stocks are outperforming the broader market and the SPDR Consumer Discretionary Select Sector ETF (XLY 50.52, +0.53) is adding 1.1%.

The relative strength in discretionary stocks comes as Netflix (NFLX 142.34, +39.08) trades higher by 37.9%. The video rental service is surging after its fourth quarter results beat the Capital IQ consensus forecast on the top and the bottom line. Additionally, the company guided first quarter earnings and revenue above consensus.DJ30 +86.18 NASDAQ -4.69 SP500 +5.84 NASDAQ Adv/Vol/Dec 1476/671.5 mln/830 NYSE Adv/Vol/Dec 1948/190.8 mln/877

10:30 am : Commodities are mixed this morning with metals largely lower and energy trading higher. Mar crude oil rallies this morning and rose as high as $96.41. In current action, crude is +0.8% at $95.98/barrel.

Feb natural gas has been in positive territory all session, but has traded in a three cent range ($3.56-3.59). Just ahead of weekly inventory data, natural gas was at $3.57, up 0.5%. Following the data, natural gas fell to a session low of $3.51/MMBtu and is now -0.6% at $3.53/MMBtu.

Precious metals have been in the red all session, while copper futures just moved back in the red. Copper has been in negative territory almost all session, except for a brief moment when it popped in positive territory. Copper fell as low as $3.66 and is now unch at $3.68/lb.

Fed gold just hit a new session low of $1664.20 and is now -1.0% at $1669.70/oz, while Mar silver is currently -2.0% at $31.81/oz.DJ30 +65.62 NASDAQ -7.60 SP500 +4.18 NASDAQ Adv/Vol/Dec 1442/451.2 mln/801 NYSE Adv/Vol/Dec 1876/150 mln/888

10:05 am : The major averages saw little reaction to the release of December leading indicators.

Leading indicators for December increased by 0.5%, in-line with the Briefing.com consensus forecast. Today's figure followed the prior month's unchanged reading.DJ30 +64.95 NASDAQ -10.37 SP500 +4.05 NASDAQ Adv/Vol/Dec 1442/303.1 mln/744 NYSE Adv/Vol/Dec 1929/110.1 mln/788

09:50 am : The major averages are seeing mixed performance in early trade. The S&P 500 and Dow are trading with slim gains while the Nasdaq is down 0.5%.

The Nasdaq is a notable underperformer as Apple (AAPL 455.41, -58.59) weighs. The largest tech stock is down 11.3% after its first quarter earnings fell short of investor expectations. Though the company's earnings beat the Capital IQ forecast, its revenue of $54.51 fell short of estimates. In addition, Apple issued downside guidance.

As shares of Apple face considerable selling pressure, several of its suppliers are trading lower as well. Most notably, Cirrus Logic (CRUS 26.99, -2.96) is down 9.9% and Skyworks Solutions (SWKS 21.15, -0.69) is shedding 3.1%.

As the technology sector trails the broader market, Netflix (NFLX 145.70, +42.44) is headed in the opposite direction. The video rental service is surging 41.8% after beating on earnings and revenue.

December leading indicators will be reported at 10:00 ET.DJ30 +44.61 NASDAQ -15.59 SP500 +2.45 NASDAQ Adv/Vol/Dec 1354/203.8 mln/759 NYSE Adv/Vol/Dec 1877/84.4 mln/773

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -38.50. Heading into the open, equity futures are mixed. The Dow futures are adding 0.1% while S&P 500 futures are off by 0.1%. Notably, Nasdaq futures are slumping 1.4% after Apple (AAPL 462.25, -51.75) reported quarterly earnings which did not please investors. While the company beat on the bottom line, its revenue fell short of the Capital IQ consensus forecast. In addition, Apple issued cautious second quarter guidance.

As Apple weighs on the Nasdaq futures, its suppliers are seeing weakness as well. Notably, Cirrus Logic (CRUS 28.20, -1.75) and Skyworks Solutions (SWKS 20.75, -1.09) are seeing respective losses of 5.8% and 5.0%. While shares of Apple are facing significant selling pressure, Netflix (NFLX 144.47, +41.21) is poised to open higher by 40.0% after beating on earnings and revenue.

Today's economic data will be topped off with December leading indicators. This report will be released at 10:00 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -36.80.

The S&P 500 futures are off by 0.1% while Nasdaq futures remain lower by 1.5% as Apple (AAPL 463.49, -50.50) weighs.

The major Asian bourses ended mixed as Apple's quarterly results weighed on sentiment. Outperformance came from Japan's Nikkei (+1.3%) after a record trade deficit (JPY0.8 trillion actual v. JPY0.71 trillion expected) provided hope more would be done to help stimulate the economy. Elsewhere, China's Shanghai Composite (-0.8%) gave up ground despite its HSBC Flash Manufacturing PMI (51.9 actual v. 51.5 expected) climbing to its best level in 24 months. In central bank news, Bangko Sentral ng Pilipinas held its key rate steady at 3.50%, as expected. Data from the rest of the region saw South Korean GDP miss estimates with a 0.4% quarter-over-quarter reading (0.5% expected), and Hong Kong's trade deficit widen to HKD48.0 billion (HKD50.3 billion expected, HKD44.1 billion previous).

In Japan, the Nikkei gained 1.3% as exporters rallied thanks to the weaker yen. Toyota Motor and Panasonic both saw gains, climbing 2.2% and 1.2% respectively. Elsewhere, iPhone circuit board maker Ibiden plunged 4.7% following Apple's results.
Hong Kong's Hang Seng shed 0.2% amid a mixed trade. Foxconn Holdings tumbled 5.6% following the Apple earnings, and after warning it would lose money for the fiscal year. Meanwhile, Lenovo climbed 6.6% after its CEO suggested its smartphone business in China was already turning a profit.
In China, the Shanghai Composite settled lower by 0.8%, turning early gains into losses. Financials saw a mixed session as ICBC gained 1.4% and Ping An shed 3.0%. Agricultural names succumbed to profit-taking with Fujian Yongan Forestry losing 5.0% to lead the space lower.

European markets are seeing little change aside from the United Kingdom's FTSE, which is firmer by 0.4%. Looking at regional economic data, Spain's unemployment during the fourth quarter of 2012 rose to a record level of 26.02%. Additionally, the youth unemployment rate rose to 55.13%. France and Germany reported their respective manufacturing and services PMI readings. While the French PMI missed on both the manufacturing and services component, Germany beat expectations. As a result, the Eurozone manufacturing PMI was reported at 47.5, while the services component came in at 48.3. Both figures beat expectations. The Eurozone reported a current account surplus of EUR14.8 billion, well ahead of the EUR7.0 billion expected by the market. Elsewhere, Italian retail sales declined by 0.4% month-over-month, while an uptick of 0.1% was forecast by the general consensus. In news , Germany's Federal Minister of Economics Philipp Rosler said he expects the country's GDP to improve this year and be well above the official growth target of 0.4%.

In the United Kingdom, the FTSE is higher by 0.4%. Chemical producer Croda International is rising by 3.2% after receiving an upgrade. On the downside, provider of rental equipment Aggreko is down 2.0%.
France's CAC is adding 0.1% and utilities are pacing the advance. Veolia Environnement is higher by 2.8% after the company confirmed its cost cutting targets. On the downside, Gemalto is slipping 1.5%.
In Germany, the DAX is flat. Steelmaker ThyssenKrupp is one of the biggest laggards, down 2.0%. On the upside, Henkel is higher by 1.4% after Berenberg reaffirmed its buy rating on the stock.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -37.50. Equity futures ticked lower following the weekly claims data. The S&P 500 futures are off by 0.2%.

The latest weekly initial jobless claims count totaled 330,000, which was lower than the 355,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 335,000. As for continuing claims, they fell to 3.157 million from 3.228 million.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -32.00.

U.S. equity futures are trading lower with the Nasdaq futures down 1.3%. The weakness follows disappointing earnings from Apple (AAPL 468.35, -45.60). The largest tech stock is lower by 8.9% in pre-market trade after the company's first quarter revenue fell short of the Capital IQ estimate. In addition, Apple issued downside guidance.

Looking at overseas developments:

Asian markets ended on a mixed note. Japan's Nikkei gained 1.3% while Hong Kong's Hang Seng shed 0.2%, and China's Shanghai lost 0.8%.
In economic data:
China's HSBC manufacturing PMI was reported at 51.90, ahead of last month's reading of 51.50.
Japan's December trade deficit came in at JPY0.80 trillion, which was worse than the generally expected deficit of JPY0.71 trillion.
South Korea's GDP grew 0.4% quarter-over-quarter, slightly short of the broadly expected 0.5%. Meanwhile, the year-over-year reading rose by 1.5%, well short of the 1.9% forecast by the consensus.
Looking at news:
North Korea's Korean Central News Agency said the country is planning another missile test.
The Chinese press said Beijing is expected to tighten its emission standards in February.

European markets are mixed as midday nears. Germany's DAX is off by 0.1% while the United Kingdom's FTSE is adding 0.3%, and France's CAC is flat.
Looking at regional economic data:
Spain's unemployment during the fourth quarter of 2012 rose to a record level of 26.02%. Additionally, the youth unemployment rate rose to 55.13%.
France and Germany reported their respective manufacturing and services PMI readings. While the French PMI missed on both the manufacturing and services component, Germany beat expectations. As a result, the Eurozone manufacturing PMI was reported at 47.5, while the services component came in at 48.3. Both figures beat expectations.
The Eurozone reported a current account surplus of EUR14.8 billion, well ahead of the EUR7.0 billion expected by the market.
Italian retail sales declined by 0.4% month-over-month, while an uptick of 0.1% was forecast.
In news:
Germany's Federal Minister of Economics Philipp Rosler said he expects the country's GDP to improve this year and be well above the official growth target of 0.4%.

In U.S. corporate news:

As Apple trades lower by 8.9%, several of its suppliers are seeing considerable pre-market pressure as well. Cirrus Logic (CRUS 28.40, -1.55) is down 5.2% and Skyworks Solutions (SWKS 20.99, -0.84) is lower by 3.9%.
Netflix (NFLX 141.69, +38.43) is soaring 37.2% after the company beat on earnings and revenue. In addition, the video rental service issued upside first quarter earnings and revenue guidance.

Weekly initial and continuing claims will be reported at 8:30 ET. Lastly, December leading indicators will be released at 10:00 ET.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -32.00.

06:31 am : Nikkei...10620.87...+133.90...+1.30%. Hang Seng...23598.90...-36.20...-0.20%.

06:31 am : FTSE...6216.79...+19.20...+0.30%. DAX...7700.68...-6.70...-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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