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 @ $500.00 dollars or +5.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $760.00 dollars or +0.76 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. 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=114&t=1432

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=203&t=1751

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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, EuroFX 6E futures, Gold GC futures, Oil CL & Brent futures, Eurex DAX 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 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

4:25 pm : Equities ended little changed after spending the vast majority of today's session in the red. The major averages began the day on a cautious note as European indices retreated in anticipation of an update from Monte dei Paschi regarding the size of derivative-related losses suffered by the world's oldest bank. Recent reports have suggested the bank's losses will exceed the original estimate of EUR720 million. This caused selling of the Italian 10-yr as its yield climbed 13 basis points to 4.58%, its worst level since mid-December 2012.

The S&P 500 staged a morning recovery with the help of Apple (AAPL 457.35, -0.49). The largest tech stock spiked off its lows after rumors suggested the company may raise its quarterly dividend. However, with little substance behind the speculation, Apple followed the jump with a steady slide back near its flat line.

While tech shares displayed intraday strength, the discretionary sector hovered in the black throughout the session. Upbeat earnings from Polo Ralph Lauren (RL 174.63, +9.72) as well as Times Warner (TWX 52.01, +2.05) and Walt Disney (DIS 54.52, +0.23) supported the space. In addition, Chipotle Mexican Grill (CMG 322.46, +17.45) added 5.7% after reporting revenue in-line with its January 16 preannouncement.

Elsewhere, the materials sector outperformed the broader market thanks to the relative strength among steel producers. Reliance Steel (RS 70.25, +5.56) surged 5.9% following an agreement to acquire all outstanding shares of Metals USA (MUSA 20.65, +2.35) for $20.65 per share. The purchase price represents a 12.8% premium to Metals USA's Tuesday closing price, and the total transaction value is estimated at $1.2 billion. Meanwhile, the broader MarketVectors Steel ETF (SLX 49.38, +0.74) added 1.5%.

On the downside, the Dow Jones Transportation Average trailed behind the broader market. The bellwether complex shed 0.2% after CH Robinson (CHRW 60.50, -6.51) reported mixed earnings. The freight carrier fell 9.7%, and was the worst performer within the S&P 500.

Relative strength among airlines prevented transportation stocks from registering further losses. Alaska Air (ALK 47.42, +0.56) and United Continental (UAL 25.32, +1.06) saw respective gains of 1.2% and 4.4%. This morning, Alaska Air reported an 11.8% increase in traffic on a 12.2% rise in capacity, as compared to January 2012.

Today's trade was centered mostly around the unchanged line. Technology (-0.2%) and health care (-0.1%) sectors weighed on sentiment. Meanwhile, telecoms (+0.3%), utilities (+0.2%), materials (+0.2%), and consumer discretionary (+0.2%) shares outperformed.

The CBOE Volatility Index (VIX 13.42, -0.30) spent the bulk of the day in the black, but the near-term volatility measure turned lower into the close.

Volume was slightly below average as just over 680 million shares changed hands on the floor of the New York Stock Exchange.

Economic data was limited to the weekly MBA Mortgage Index, which rose 3.4% to follow last week's 8.1% decline.

Tomorrow, weekly initial and continuing claims as well as preliminary fourth quarter productivity and unit labor costs will all be reported at 8:30 ET. Finally, December consumer credit will be announced at 15:00 ET. Among notable earnings, Credit Suisse (CS 29.55, +0.22) and Sony (SNE 15.82, -0.01) are scheduled to report their results ahead of the opening bell.DJ30 +7.22 NASDAQ -3.10 SP500 +0.83 NASDAQ Adv/Vol/Dec 1335/1.91 bln/1088 NYSE Adv/Vol/Dec 1767/681.3 mln/1217

3:30 pm :

Mar crude oil pushed off its session low of $95.14 per barrel and broke into positive territory as it headed into afternoon floor trade. Support came on slightly better-than-anticipated inventory data that showed a build of 2.623 mln barrels when a build of 2.725 mln barrels was expected. The energy component brushed a session high of $96.99 per barrel and settled just 2 cents below the unchanged line at $96.64 per barrel.
Mar natural gas traded higher for a third consecutive session. It climbed to a session high of $3.46 per MMBtu in late morning action but lost momentum as it headed into afternoon floor trade. Natural gas settled at its session low of $3.42 per MMBtu, or 0.6% higher.
Apr gold came off its session low of $1672.90 per ounce set in early morning floor action and inched higher for most of the session despite a stronger dollar index. The yellow metal settled 0.3% higher at $1678.60 per ounce ahead of tomorrow's ECB meeting.
Mar silver dipped to a session low of $31.60 per ounce shortly after pit trade opened. However, prices inched higher for the remainder of the session and settled just 0.1% lower at $31.85 per ounce.

DJ30 -7.27 NASDAQ -6.97 SP500 -1.02 NASDAQ Adv/Vol/Dec 1187/1676.8/1246 NYSE Adv/Vol/Dec 1590/456 mln/1382

3:00 pm : As the final hour of trade begins, key indices continue to hover near their recent levels. Today's trade has produced little results as market participants await statements from Italy revealing the extent of losses suffered by Monte dei Paschi.

With no economic data of note, quarterly earnings were in focus today. Media companies Time Warner (TWX 52.16, +2.20) and Walt Disney (DIS 54.66, +0.37) are seeing respective gains of 4.4% and 0.7% after beating on earnings.

Following today's close, Allstate (ALL 44.25, -0.06) and Visa (V 159.57, +0.04) are scheduled to announce their results. The Capital IQ consensus expects Allstate to report a loss of $0.02 on revenue of $6.74 billion. Meanwhile, Visa's bottom line is expected to come in at $1.79 on $2.82 billion in revenue.DJ30 -10.63 NASDAQ -6.66 SP500 -1.20 NASDAQ Adv/Vol/Dec 1106/1.51 bln/1320 NYSE Adv/Vol/Dec 1506/414.1 mln/1469

2:30 pm : Cautious trade continues as the key indices continue to hover near their lows. Equities appear to be in a holding pattern as market participants await comments out of Italy regarding the extent of the losses experienced by Monte dei Paschi. European investors showed some concern ahead of the announcement with the Italian 10-yr yield rising 13 basis points to 4.58%, its highest level since December.

The CBOE Volatility Index (VIX 14.04, +0.32) has spent the day in a narrow range, and the near-term volatility measure is currently near its opening highs in the 14.06 area.DJ30 -24.17 NASDAQ -10.70 SP500 -3.14 NASDAQ Adv/Vol/Dec 1016/1.39 bln/1384 NYSE Adv/Vol/Dec 1404/381.5 mln/1560

2:00 pm : After more than four hours of trade, equities are right back where they had started. The S&P 500 and Nasdaq are both down 0.3%.

Technology shares saw intraday strength, but the sector has now returned to its lows. The morning move higher coincided with a rumor suggesting Apple (AAPL 457.95, +0.11) may increase its quarterly dividend. The largest tech stock spiked off its lows when the rumor began circulating, but has surrendered all of its gains since.

With the major averages near their lows, the discretionary space continues to trade in the black. The sector is outperforming as the day's top S&P 500 advancer, Polo Ralph Lauren (RL 176.01, +11.15), trades higher by 6.8% following an earnings beat.DJ30 -30.60 NASDAQ -9.78 SP500 -3.83 NASDAQ Adv/Vol/Dec 989/1.28 bln/1414 NYSE Adv/Vol/Dec 1357/353.6 mln/1581

1:30 pm : Recent trade has seen the S&P 500 slip back near the bottom of its range. Currently, the benchmark index is shedding 0.3%. The major averages have yet to stage a determined directional move as investors remain cautious ahead of the expected statement from Italy's Monte dei Paschi. The Board of Directors is expected to announce the extent of its derivative losses with some estimates expecting the figure to reach EUR1 billion.

As investors favor the wait-and-see approach, all ten S&P 500 sectors are trading within 0.5% of their respective unchanged levels. Discretionary shares are outperforming following better-than-expected quarterly results from Polo Ralph Lauren (RL 176.56, +11.65). The apparel company is the top performer among all S&P 500 stocks.

Meanwhile, the weakest S&P 500 listing, CH Robinson (CHRW 60.25, -6.76), is contributing to the underperformance of the Dow Jones Transportation Average. The freight carrier is sliding 10.0% after missing on earnings.DJ30 -35.85 NASDAQ -13.32 SP500 -4.83 NASDAQ Adv/Vol/Dec 953/1.20 bln/1459 NYSE Adv/Vol/Dec 1301/332.1 mln/1636

1:00 pm : Equities stumbled out of the gate as downbeat European trade dampened the morning sentiment. The cautious overseas trade unfolded as investors awaited comments from the Monte Paschi Board of Directors regarding the size of its derivative-related losses. Italy's MIB index declined 0.7% in anticipation of the news. Meanwhile, yield on Italian 10-yr notes climbed 13 basis points to 4.58%, its highest since mid-December 2012.

The early weakness occurred with nine of ten S&P 500 sectors trading in the red. The discretionary space was the lone exception thanks to upbeat earnings from two major components. Polo Ralph Lauren (RL 178.04, +13.13) is the top performer in the S&P 500 after beating on the bottom line. However, the positive report is having little effect on other apparel retailers as they trade in mixed fashion.

Walt Disney (DIS 54.95, +0.66) is also contributing to the relative strength of discretionary stocks as it adds 1.2% following upbeat quarterly results.

Elsewhere, the materials space has shown intraday strength thanks to outperformance from steel producers. RelianceSteel (RS 70.45, +5.76) is rising 8.9% after the company announced an agreement to acquire all outstanding shares of Metals USA (MUSA 20.68, +2.38) for $20.65 per share. The purchase price represents a 12.8% premium to MUSA's Tuesday closing price and the total transaction value is estimated at $1.2 billion. Meanwhile, the broader MarketVectors Steel ETF (SLX 49.44, +0.80) is adding 1.6%.

Notably, the Dow Jones Transportation Average is shedding 0.4% as it underperforms. The bellwether complex is experiencing softness as CH Robinson (CHRW 60.33, -6.68) weighs. Shares of the freight carrier trade lower by 10.0% after the company reported mixed earnings.

On the upside, airlines are rallying broadly. Alaska Air (ALK 47.30, +0.44) and United Continental (UAL 25.19, +0.93) are seeing respective gains of 0.9% and 3.8%. This morning, Alaska Air reported an 11.8% increase in traffic on a 12.2% rise in capacity, as compared to January 2012.DJ30 -5.07 NASDAQ -4.07 SP500 -1.31 NASDAQ Adv/Vol/Dec 1039/1.09 bln/1337 NYSE Adv/Vol/Dec 1473/301.1 mln/1441

12:30 pm : The major averages have broken into positive territory, but they are registering limited gains. The S&P 500 is adding 0.1%. Cautious sentiment has persisted through the morning session as the markets await a statement from Italy's third largest bank, Monte Paschi. Bank representatives are expected to announce the extent of its derivative losses at some point today.

The discretionary sector has shown strength since the open while financials, materials, technology, and telecoms have climbed into the black since. Meanwhile, utilities are trailing behind the broader market with the SPDR Utilities Select Sector ETF (XLU 36.44, -0.08) down 0.2%.DJ30 +7.24 NASDAQ +1.85 SP500 +0.75 NASDAQ Adv/Vol/Dec 1115/1.00 bln/1258 NYSE Adv/Vol/Dec 1564/278.1 mln/1328

12:00 pm : Equities have been able to reclaim the bulk of their early losses, but the key indices continue to trade with a slightly bearish bias. Further buying interest is being put on hold for the time being as investors await comments from Italy's Monte Paschi. The Board of Directors of the world's oldest bank is expected to reveal the extent of its derivative losses today.

With Europe as the day's chief concern, key averages are showing little change. The discretionary space has been the day's top performer after a pair of sector components reported strong earnings.

Elsewhere, the materials sector has shown intraday strength thanks to outperformance from steelmakers. RelianceSteel (RS 70.39, +5.70) is a notable gainer among steel producers after the company announced an agreement to acquire Metals USA (MUSA 20.61, +2.31) for $20.65 per share.DJ30 -1.96 NASDAQ +1.52 SP500 -0.03 NASDAQ Adv/Vol/Dec 1083/884.1 mln/1273 NYSE Adv/Vol/Dec 1474/248.1 mln/1397

11:30 am : After opening on a lower note, the major averages have been able to reclaim their early losses. Currently, the S&P 500 is flat. Equities got off to a cautious start as European markets registered losses ahead of statements from Italy, where the Monte Paschi Board of Directors is expected to announce the extent of its derivative-related losses.

Though U.S. equities opened lower, discretionary stocks have outperformed from the start. This follows upbeat quarterly reports from Polo Ralph Lauren (RL 177.02, +12.11) and Walt Disney (DIS 54.76, +0.47).

The materials sector turned positive in recent trade as steel producers garner some buying interest. RelianceSteel (RS 70.23, +5.54) is rising 8.6% after the company announced an agreement to acquire all outstanding shares of Metals USA (MUSA 20.61, +2.31) for $20.65 per share. The purchase price represents a 12.8% premium to MUSA's Tuesday closing price and the total transaction value is estimated at $1.2 billion. Meanwhile, the broader MarketVectors Steel ETF (SLX 49.49, +0.85) is adding 1.8%.DJ30 -8.36 NASDAQ +1.66 SP500 -0.13 NASDAQ Adv/Vol/Dec 1041/764.5 mln/1289 NYSE Adv/Vol/Dec 1437/216.8 mln/1413

11:00 am : The key indices continue to trade in the red with the S&P 500 off by 0.1%. Equities stumbled out of the gate as European markets declined in anticipation of a statement from the Monte Paschi Board of Directors. The Italian bank is expected to reveal the extent of its derivative-related losses later today with some estimates expecting the number to reach one billion euros.

Eight of ten S&P 500 sectors are still trading in the red. The technology space turned positive in recent trade as Apple (AAPL 461.78, +3.94) notched fresh intraday highs. The largest tech stock is adding 0.9%.

Elsewhere, the discretionary sector has held its ground after Polo Ralph Lauren (RL 177.01, +12.10) and Walt Disney (DIS 54.76, +0.48) beat on earnings. The two stocks are adding 7.3% and 0.9% respectively.DJ30 -22.09 NASDAQ -2.05 SP500 -1.20 NASDAQ Adv/Vol/Dec 901/622.3 mln/1384 NYSE Adv/Vol/Dec 1224/183.3 mln/1577

10:30 am : Commodities are mixed this morning, while the dollar index is trading 0.3% higher.

Crude oil sold off this morning, fell as much as $1.65/barrel off of its overnight high to the current session low of $95.04/barrel. Crude has since recovered a decent amount and was around $95.60 ahead of inventory data. Following the data, crude showed a muted reaction and is now -0.9% at $95.79/barrel.

Natural gas futures rallied overnight and rose to the current HoD of $3.45/MMBtu around 7am ET. In current trade, nat gas is +0.8% at $3.43/MMBtu.

Precious metals are mixed in current action. Apr gold rallied in early morning activity and has since been modestly higher all morning. Silver futures have been in the red all session and are currently -0.4% at $31.76/oz. Apr gold is currently +0.1% at $1675.20/oz.DJ30 -43.22 NASDAQ -11.27 SP500 -4.01 NASDAQ Adv/Vol/Dec 805/492.4 mln/1435 NYSE Adv/Vol/Dec 1141/152 mln/1619

10:05 am : The major averages have lifted off their lows, but the S&P 500 remains lower by 0.2%.

Health care and discretionary shares are outperforming thanks to better-than-expected earnings. Among discretionary stocks, Polo Ralph Lauren (RL 176.95, +12.04) and Walt Disney (DIS 55.01, +0.72) are up 7.3% and 1.5% respectively.

In health care, Cerner (CERN 86.15, +2.55) is rising 3.1% following a top and bottom line beat. Additionally, Biogen (BIIB 166.79, +9.43) is contributing to the relative strength of health care stocks. BIIB is spiking 6.0% after the company has agreed to acquire full rights and control of a drug previously owned by Elan (ELN 9.86, -0.60).DJ30 -34.36 NASDAQ -5.70 SP500 -3.43 NASDAQ Adv/Vol/Dec 773/309.6 mln/1403 NYSE Adv/Vol/Dec 1069/106.6 mln/1625

09:45 am : The major averages are near their lows following a downbeat open. The S&P 500 is off by 0.3% as cautious trade unfolds. The sentiment comes as European markets await an update from the Monte Paschi Board of Directors regarding the size of its derivative-related losses. European indices are trading broadly lower in anticipation of the news with Italy's MIB down 1.7%.

Nine of ten S&P 500 sectors are currently in the red. The consumer discretionary space is the sole outlier as Polo Ralph Lauren (RL 178.68, +13.77) and Walt Disney (DIS 54.95, +0.66) support the sector. The two stocks are seeing respective gains of 8.0% and 1.3% after beating on earnings.DJ30 -47.46 NASDAQ -8.13 SP500 -4.56 NASDAQ Adv/Vol/Dec 628/202.1 mln/1470 NYSE Adv/Vol/Dec 863/81.1 mln/1782

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -9.50. Heading into the open, equity futures are pointing to a modestly lower start to the cash session. The S&P 500 futures are slipping 0.3%. The cautious pre-market sentiment comes as European indices trade broadly lower.

One of the factors contributing to the downbeat sentiment is the caution ahead of the expected update from the Monte Paschi Board of Directors regarding the size of its derivative-related losses. Estimates have been wide-ranging, but the total loss is expected to eclipse the EUR720 million projected back in October. Additionally, recent days have seen conflicting comments from France and Germany regarding the strength of the euro. While France believes the common currency is appreciating too quickly, German officials have had no problem with the rise of the euro.

This morning, U.S. investors are reacting to positive quarterly reports from CVS Caremark (CVS 52.69, +0.98), Polo Ralph Lauren (RL 172.75, +7.84), and Walt Disney (DIS 55.65, +1.36). However, at this time, upbeat earnings are taking a back seat to European worries.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -10.50.

U.S. equity futures continue to hover near their lows. The S&P 500 futures are down 0.4%.

The major Asian bourses ended mostly higher with Japan's Nikkei (+3.8%) surging to its best level since September 2008 following yesterday's reports Bank of Japan Governor Masaaki Shirakawa would resign three weeks early. Data from the region was limited to Australian retail sales, which slumped 0.2% month-over-month (+0.3% expected).

In Japan, the Nikkei jumped 3.8% as a weaker yen lifted shares to their best level in more than four years. Toyota surged 6.1% and Mitsubishi Heavy Machinery jumped 10.4% after both provided upbeat profit forecasts. Meanwhile, Honda Motor added 3.3% and Sony climbed 3.8% as the weaker yen aided the advance.
Hong Kong's the Hang Seng added 0.5% as buyers emerged after four days of losses. Blue chips led the way as AIA Group added 2.7% and Sinopec climbed 1.5%. Casino stocks underperformed on reports the Chinese government is investigating operators who bring high rollers into Macau from the mainland. Wynn Macau tumbled 6.8% and Sands China shed 5.2%.
In China, the Shanghai Composite settled higher by 0.1% to extend its winning streak to eight days. Brokerage stocks were strong as Haitong Securities and GF Securities gained 3.5% and 5.3% respectively. Elsewhere, real estate stocks lagged with Poly Real Estate sliding 2.1% to pace the sector's decline.

European indices are trading lower as investors await an update from the Monte Paschi Board of Directors. The Board is expected to announce the size of its derivative-related losses later today. Reuters has reported the figure is expected to exceed the October estimate of EUR720 million. Regional economic data was limited to just a handful of notable items. The United Kingdom's Halifax House Price Index slipped 0.2% month-over-month, in-line with expectations. Elsewhere, German factory orders rose 0.8%, slightly short of the 0.9% expected by the general consensus.

Looking at news, President of the European Council, Herman Van Rompuy, said he sees an urgent need for Eurozone leaders to agree on a 7-year budget at the upcoming EU Summit.

The United Kingdom's FTSE is flat. Financials Hargreaves Lansdown is leading the index, up 8.5%. On the downside, Unilever is shedding 0.9%.
In France, the CAC is slipping 1.2% and banks are showing weakness. BNP Paribas is down 2.9% and Societe Generale is sliding 4.1%.
Germany's DAX is down 1.4% with financials underperforming. Commerzbank and Muenchener Re are down 3.2% and 1.8% respectively.
Italy's MIB is shedding 1.3% and banks are displaying weakness as well. Intensa Sanpaolo and UniCredit are seeing respective losses of 3.0% and 3.3%. Meanwhile, shares Monte Paschi are lower by 0.9%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -10.80. Equity futures continue to trade near their pre-market lows with the S&P 500 futures down 0.3%. The cautious sentiment comes as European investors await an update from Banca Monte dei Paschi di Siena regarding the size of its derivative-related losses. The bank is expected to reveal losses in excess of the EUR720 million estimated in October 2012. As investors prepare for the update, the Italian MIB has pushed to fresh lows and is now down 1.5%.

Domestically, major financials are seeing pre-market weakness. Citigroup (C 42.70, -0.22), JPMorgan Chase (JPM 48.52, -0.27), and Morgan Stanley (MS 23.18, -0.22) are all down between 0.5% and 1.0%.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -10.00.

U.S. equity futures are near their pre-market lows as peripheral European markets weigh on sentiment. The S&P 500 futures are off by 0.2%.

Looking at overseas developments:

Asian markets climbed higher. Japan's Nikkei jumped 3.8%, China's Shanghai Composite added 0.1% while Hong Kong's Hang Seng gained 0.5%.
Regional economic data was limited:
Australian retail sales declined 0.2% month-over-month, while an uptick of 0.3% was generally expected.
In news:
Japan's Nikkei spiked after news broke indicating Governor Masaaki Shirakawa would step down three weeks before the end of his term. Mr. Shirakawa's early exit paves the way for more aggressive monetary policy in the immediate term.
Japan's Prime Minister Shinzo Abe said China's targeting of a Japanese vessel was a "one-sided provocation."

European indices are generally lower. Germany's DAX is down 0.9%, France's CAC is shedding 0.8% while the United Kingdom's FTSE is adding 0.3%. On the periphery, Italy's MIB is down 1.1% and Spain's IBEX is lower by 0.5%.
A handful of economic data points crossed the wires:
The United Kingdom's Halifax House Price Index slipped 0.2% month-over-month, in-line with expectations.
German factory orders rose 0.8%, slightly short of the 0.9% expected by the general consensus.
Looking at news:
Italy's MIB is underperforming as investors await an update from Banca Monte dei Paschi di Siena regarding the size of its derivative losses. A statement from the bank is expected later today. Reuters' sources have indicated the final loss is expected to be higher than October estimates of EUR720 million.
President of the European Council, Herman Van Rompuy, said he sees an urgent need for Eurozone leaders to agree on a 7-year budget at the upcoming EU Summit.

In U.S. corporate news:

CH Robinson (CHRW 63.27, -3.74) is slipping 5.6% after reporting mixed earnings. The freight carrier beat on revenue, but its earnings missed the Capital IQ consensus estimate by two cents. Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Buy' following the bottom line miss.
J.C. Penney (JCP 19.20, -0.61) is shedding 3.1% after the New York Post reported the company plans to eliminate a few hundred more jobs.

The weekly MBA Mortgage Index rose 3.4% to follow last week's 8.1% decline.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: flat.

06:30 am : Nikkei...11463.75...+416.80...+3.80%. Hang Seng...23.256.93...+108.40...+0.50%.

06:30 am : FTSE...6305.45...+2267.00...+0.40%. DAX...7644.63...-20.00...-0.20%.

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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