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 @ $1140.00 dollars or +11.40 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 @ $1140.00 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=1434

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, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context 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 : The S&P 500 punctuated a somewhat volatile week by adding 0.6%. Though the benchmark index ended firmly in the black, the bulk of its advance took place during the initial minutes. After notching a session high in the 1518 area, the index spent the remainder of the day in a two point range. While the S&P held its levels, the Dow Jones followed its morning rally with a partial retreat which was halted near the middle of its range.

Quiet trade unfolded as snowstorm Nemo envelops the East Coast. With forecasts calling for up to a foot of snow in New York, and more than 25 inches in Boston, today's volume paced well below average. The final tally indicated less than 600 million shares changed hands on the floor of the New York Stock Exchange.

Storm preparation was also reflected in individual stocks as Briggs & Stratton (BGG 24.37, +0.57) and Generac (GNRC 40.54, +0.80) settled with respective gains of 2.4% and 2.0%. The two manufacturers of power generators saw some buying interest as the Northeast prepares for the possibility of interruptions to power delivery.

Meanwhile, the broader market was powered by the technology sector. The SPDR Technology Select Sector ETF (XLK 29.93, +0.26) ended higher by 0.9% with outperformance largely due to relative strength of top components. Apple (AAPL 474.98, +6.76), Google (GOOG 785.37, +11.42), and International Business Machines (IBM 201.68, +1.94) all climbed between 1.0% and 1.5% with Google settling at a fresh all-time high.

Remaining in the tech sector, LinkedIn (LNKD 150.48, +26.39) soared 21.3% after the company's earnings and revenue eclipsed the Capital IQ consensus estimates. Note that today's surge sent LinkedIn to a fresh all-time high of its own.

Energy stocks outperformed as well, but the strength came despite no change in the price of oil. The energy component settled at $95.79.

On the downside, utilities weighed, but lifted off their lows during the afternoon session. Sector component Entergy (ETR 64.47, -0.49) shed 0.8% after reporting its revenue below analyst estimates.

This morning, the market received two economic data points. The January trade deficit narrowed to $38.5 billion thanks in part to a $3.8 billion increase in industrial supply and material exports. This occurred as imports suffered a $4.2 billion decline in industrial supplies and materials. It should be noted the brief worker strike at the Ports of Los Angeles and Long Beach likely contributed to the lower deficit.

Elsewhere, December wholesale inventories decreased 0.1%, which was worse than the increase of 0.3% expected by the Briefing.com consensus. This report carries negative implications for the upcoming revision to fourth quarter GDP growth as the Bureau of Economic Analysis had estimated an inventory growth of 0.7% in the preliminary reading.

On Tuesday, the January Treasury Budget will be reported at 14:00 ET. While there is no economic data on Monday's docket, earnings reports will continue pouring in. CNA Financial (CNA 31.80, +0.08) and Loews (L 43.85, +0.11) are scheduled to report their quarterly earnings ahead of the opening bell.

Week in Review: S&P 500 Chops Around 1,500

On Monday, the S&P 500 ended lower by 1.2% after European concerns returned to the forefront. Equities began the day with a broad sell-off as a downbeat European trade weighed. Italian and Spanish indices were the source of continent-wide weakness as controversy continued to plague the troubled sovereigns. In Italy the MIB lost 4.5% as authorities continue to investigate several financials, including the world's oldest bank, Banca Monte dei Paschi di Siena. Meanwhile, Spain's IBEX fell 3.8% as 34 of 35 listings ended in the red. The markets were rattled as Prime Minister Mariano Rajoy and other members of the People's Party find themselves in the middle of an alleged kickback scheme uncovered by Spain's largest daily newspaper, El Pais. Recent days have seen Mr. Rajoy face resignation calls from opposition leaders as well as Spanish citizens. European financials saw notable selling pressure with the weakness spilling over to their U.S. counterparts. The SPDR Financial Select Sector ETF (XLF 17.60, +0.04) slipped 1.1%.

Tuesday's session brought resilience to the markets as the key averages recovered the majority of their losses from Monday. The S&P 500 settled higher by 1.0% after spending the duration of the day in a steady climb. The morning sentiment was aided by upbeat European trade where Italian and Spanish markets recovered from Monday's plunge. Domestically, seven of ten S&P 500 sectors registered gains in the neighborhood of 1.0%. Tech shares led the way after the sector felt the brunt of Monday's selling. The largest tech stock, Apple, outperformed the broader market and ended higher by 3.5%.

Wednesday brought little change to the S&P 500 after spending the vast majority of the 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 its derivative-related losses. 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. Reliance Steel (RS 71.44, +1.38) surged 5.9% following an agreement to acquire all outstanding shares of Metals USA (MUSA 20.78, +0.09) 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.

On Thursday, equities ended the day with slim losses causing the S&P 500 to slip 0.2%. Though stocks saw little change at the outset of the session, sellers were able to take control within the first 30 minutes, and drive the major averages to their respective lows. The early broad-based weakness came about as the dollar index spiked to its highs in the 80.20 area. The sharp move took place after European Central Bank President Mario Draghi voiced concerns over the strength of the euro. The common currency weakened immediately following his remarks, falling to its session low near 1.3400 against the greenback. Phillip Morris (PM 90.45, +0.63), rose 2.4% after beating on earnings.DJ30 +48.92 NASDAQ +28.74 SP500 +8.54 NASDAQ Adv/Vol/Dec 1547/1.76 bln/886 NYSE Adv/Vol/Dec 2006/578.1 mln/948

3:30 pm : Commodities mostly ended the day lower as the dollar index continued to inch higher. Mar crude oil ran to its HoD of $96.57/barrel in early morning action. Crude really sold off around 12:20pm ET, falling into negative territory and below the $96 level. At the end of the session, crude had recovered most of its losses, ending down $0.12 at $95.72/barrel.

Natural gas futures slowly sold off from its session high and ended the day two cents lower at $3.27/MMBtu.

Gold and silver sold off in morning activity and finished the day in negative territory. When floor trading ended, Apr gold was down $11.70 at $1666.90/oz and Mar silver declined $0.41 at $31.44/oz.

Grains ended the day mixed following the USDA's February WASDE report. Mar corn lost 1 cent at $7.10/bushel, Mar wheat gained 1 cent to $7.56/bu and Mar soybeans fell 36 cents to $14.52/bu.DJ30 +25.71 NASDAQ +26.70 SP500 +6.14 NASDAQ Adv/Vol/Dec 1498/1493.2 mln/923 NYSE Adv/Vol/Dec 1866/374 mln/1074

3:00 pm : The S&P 500 hovers just one point below its session high as trade enters the final hour. The major averages made the bulk of their moves during the first hour of trade. Since then, the S&P 500 has bounced around a two point range.

Technology stocks have held strong all day. Apple (AAPL 477.40, +9.18) is adding 2.0% after yesterday's comments from the company indicated management may be open to raising its dividend.

Meanwhile, LinkedIn (LNKD 150.30, +26.21) is trading at a fresh all-time high after beating on earnings and revenue.DJ30 +40.61 NASDAQ +27.70 SP500 +7.62 NASDAQ Adv/Vol/Dec 1521/1.35 bln/904 NYSE Adv/Vol/Dec 1875/337.1 mln/1046

2:30 pm : The S&P 500 continues to trade in a narrow afternoon range. Meanwhile, the Nasdaq has notched a fresh high. The tech-heavy index saw a recent uptick which coincided with Apple (AAPL 478.58, +10.36) moving to fresh highs of its own. The largest tech stock is now trades higher by 2.2%.

With a major winter storm headed for New York, today's volume has been pacing below average. In addition, preparation ahead of the storm has translated to outperformance from manufacturers of power generators. Briggs & Stratton (BGG 24.50, +0.70) and Generac (GNRC 41.09, +1.35) are up 3.0% and 3.4% respectively.DJ30 +44.08 NASDAQ +30.54 SP500 +8.04 NASDAQ Adv/Vol/Dec 1498/1.26 bln/922 NYSE Adv/Vol/Dec 1886/316.1 mln/1028

2:00 pm : The major averages continue to trade near their respective highs. Perhaps the best indication of today's action can be seen in the intraday performance of the S&P 500. Since marking its best level of the day at 10:00 ET, the benchmark index has been bound to a two point range. Final hours of trade are expected to be just as quiet with a major snow storm headed for the East Coast.

Technology stocks have been today's standout with the SPDR Technology Select Sector ETF (XLK 29.96, +0.29) higher by 1.0%.

In recent news from across the ocean, European Union leaders have agreed to a preliminary budget, which cuts about EUR12 billion from the last proposal originally presented at the November Summit. Today's deal translates to an approximately 3.0% cut from the November proposal.DJ30 +44.76 NASDAQ +29.71 SP500 +7.48 NASDAQ Adv/Vol/Dec 1520/1.18 bln/890 NYSE Adv/Vol/Dec 1890/292.2 mln/1028

1:30 pm : Quiet afternoon trade continues as the S&P 500 remains just two points below its session high. As expected, afternoon volume has been tracking below average with snow storm Nemo anticipated to greet New York with up to a foot of snowfall.

Technology stocks have held strong all day and the SPDR Technology Select Sector ETF (XLK 29.94, +0.27) is adding 0.9%.

While most sectors have maintained their levels throughout the day, consumer staples, financials, and telecoms have surrendered the bulk of their early gains. Financials are now trading near the middle of their range, while telecoms and staples are testing their respective lows.DJ30 +43.85 NASDAQ +29.07 SP500 +6.98 NASDAQ Adv/Vol/Dec 1518/1.09 bln/872 NYSE Adv/Vol/Dec 1860/269.5 mln/1055

1:00 pm : Equities are trading near their best levels of the session with the S&P 500 up 0.5%. The major averages got off to a strong start after upbeat trade data was reported out of China as well as the United States. However, the two data points may have been distorted by two independent events.

In China, the Lunar New Year occurred in January of last year. Because of this, the January 2013 report includes five additional working days.

Meanwhile, the U.S. trade deficit narrowed thanks in part to a $3.8 billion increase in industrial supply and material exports. This occurred as imports suffered a $4.2 billion decline in industrial supplies and materials. It should be noted the brief strike at the Ports of Los Angeles and Long Beach likely contributed to the lower deficit.

In other economic news, December wholesale inventories decreased 0.1%, which was worse than the increase of 0.3% expected by the Briefing.com consensus. This report carries negative implications for the upcoming revision to fourth quarter GDP growth as the Bureau of Economic Analysis had estimated an uptick of 0.7% in the preliminary reading.

Since making their initial advance, the S&P 500 and Nasdaq have held their levels. Meanwhile, the Dow has spent the first half of the day in a steady slide off its highs.

The S&P 500 has been supported in large part by technology stocks. The sector is the day's top performer as major components display relative strength. Apple (AAPL 475.06, +6.84), Google (GOOG 782.55, +8.60), International Business Machines (IBM 201.62, +1.88), and Microsoft (MSFT 27.58, +0.30) are all seeing gains in the neighborhood of 1.0%.

LinkedIn (LNKD 149.31, +25.25) has been a notable standout as the stock trades higher by 20.3% after beating on earnings and revenue. Today's buying has lifted the professional networking site to a fresh all-time high.

The outperformance from the tech sector is helping the Nasdaq trade with a gain of 0.9%.

While most sectors are registering gains, utilities have spent the day in the red. Earlier, Entergy (ETR 63.78, -1.18) reported its quarterly revenue below analyst estimates. As a result, the electricity provider trades lower by 1.8%.

Today's volume is running below average with the New York area expecting snow storm Nemo to bring up to a foot of snow. Meanwhile, the forecast for the Boston calls for up to 30 inches of snowfall.DJ30 +44.58 NASDAQ +29.37 SP500 +7.07 NASDAQ Adv/Vol/Dec 1533/995.5 mln/841 NYSE Adv/Vol/Dec 1856/248.3 mln/1016

12:30 pm : Equities continue to hover near the top of the day's range with the S&P 500 up 0.5%. Quiet trade continues as the East Coast prepares for a snow storm which is expected to result in a foot of snow for the New York area. Meanwhile, Boston may face up to 30 inches of snowfall.

As the major averages trade near their highs, the technology sector has held its gains throughout the day. Major sector components Apple (AAPL 475.84, +7.62), Google (GOOG 784.05, +10.10), International Business Machines (IBM 201.84, +2.10), and Microsoft (MSFT 27.60, +0.32) are all seeing gains in excess of 1.0%.

Among notable earnings, LinkedIn (LNKD 149.90, +25.80) is soaring 20.8% after beating on earnings and revenue.DJ30 +43.45 NASDAQ +28.11 SP500 +6.77 NASDAQ Adv/Vol/Dec 1522/915.3 mln/835 NYSE Adv/Vol/Dec 1831/228.3 mln/1047

12:00 pm : The S&P 500 has returned to its highs after a brief retreat. Overall, the session is displaying all the hallmarks of a "quiet day" with stocks trading near their recent levels.

The day's economic data was mixed. While the December trade balance surprised to the upside, the wholesale inventories report was a disappointment. The two figures are noteworthy as they will both factor into the calculation of the fourth quarter GDP reading.

S&P 500 sectors have held their recent levels with technology as the clear leader. The SPDR Technology Select Sector ETF (XLK 29.96, +0.29) is rising 1.0% thanks to outperformance from top components, Apple (AAPL 476.53, +8.31) and Google (GOOG 784.96, +11.01).

Additionally, microprocessor manufacturers are seeing relative strength with the PHLX Semiconductor Index up 1.0%.DJ30 +53.08 NASDAQ +29.81 SP500 +7.84 NASDAQ Adv/Vol/Dec 1522/828.9 mln/824 NYSE Adv/Vol/Dec 1876/207.8 mln/971

11:30 am : Equities continue to hover near their early highs with the S&P 500 up 0.5%. Today's session will conclude a week which saw the benchmark index hover around the 1,500 level.

As equities trade near their highs, the tech sector is the clear outperformer. This is taking place as two major components, Apple (AAPL 475.49, +7.27) and Google (GOOG 785.04, +11.08) trade with respective gains of 1.6% and 1.4%.

Among notable tech earnings, LinkedIn (LNKD 147.21, +23.12) is soaring 18.6% following better than expected earnings on strong revenue. In addition, the professional networking site guided first quarter revenue above consensus.

While tech stocks trade broadly higher, utilities are lagging. Sector component Entergy (ETR 64.00, -0.96) is down 1.5% after falling short of revenue expectations.DJ30 +34.98 NASDAQ +25.91 SP500 +6.04 NASDAQ Adv/Vol/Dec 1387/721.3 mln/930 NYSE Adv/Vol/Dec 1739/183.7 mln/1094

11:05 am : The major averages have continued pushing to fresh highs during recent trade. The S&P 500 is adding 0.5% with nine of ten sectors trading in the black.

Today's first hour volume was the lowest since January 16 as snow storm Nemo heads for the Eastern seaboard with forecasts indicating New York may see up to a foot of snow.

The economic data reported today painted a mixed picture as the December trade balance improved while December wholesale inventories declined.

With the major averages hovering near their highs, the technology sector is leading the broader market. The relative strength is due in part to the outperformance of Apple (AAPL 479.06, +7.84). The largest tech stock is adding 1.6% after the company said it will consider proposals for increasing its preferred dividend.

Additionally, Google (GOOG 785.55, +11.60) is adding 1.5% after Morgan Stanley added the stock to its 'Best Ideas' list. Today's buying has lifted Google to a fresh all-time high.DJ30 +52.45 NASDAQ +28.86 SP500 +7.55 NASDAQ Adv/Vol/Dec 1411/596.5 mln/866 NYSE Adv/Vol/Dec 1793/155.7 mln/994

10:35 am : Commodities are mostly higher today with the dollar index showing modest losses. Mar crude oil rose as high as $96.55/barrel and is currently trading +0.7% at $96.49/barrel.

Natural gas has been on an uptrend since the overnight session and just now rose back to its session high of $3.33/MMBtu, now up 1.2%. Precious metals rallied in recent trade, pushing silver futures to a new session high of $31.69/oz.

Gold futures just ran back near its session high. In current trade, Apr gold is +0.1% at $1672.00/oz and Mar silver is +0.9% at $31.68/oz. Mar copper is now +1.1% at $3.77/lb.DJ30 +69.27 NASDAQ +27.09 SP500 +8.07 NASDAQ Adv/Vol/Dec 1375/512.1 mln/83.2 NYSE Adv/Vol/Dec 1885/132 mln/885

10:00 am : Stocks saw little change in reaction to the latest wholesale inventories data. The S&P 500 is firmer by 0.5%.

December wholesale inventories decreased 0.1%, which was worse than the increase of 0.3% expected by the Briefing.com consensus. The prior reading was revised down to 0.4% from 0.6%.DJ30 +67.74 NASDAQ +27.80 SP500 +7.88 NASDAQ Adv/Vol/Dec 1370/279.4 mln/735 NYSE Adv/Vol/Dec 1857/88.1 mln/847

09:45 am : The major averages lifted to fresh highs following an upbeat open. The S&P 500 is adding 0.5%.

The early sector alignment shows technology stocks in the lead. Tech shares are being supported in part by Apple (AAPL 473.71, +5.49), which trades higher by 1.2%. Meanwhile, utilities are registering modest losses.

This morning, both China and the United States reported upbeat trade data. However, both reports may have been somewhat distorted. In China, the Lunar New Year occurred in January of last year. Because of this, today's January 2013 report includes five more working days.

In the U.S., the trade deficit narrowed thanks in part to a $3.8 billion increase in industrial supply and material exports. Meanwhile, imports suffered a $4.2 billion decline in industrial supplies and materials. In addition, the brief strike at the Ports of Los Angeles and Long Beach likely contributed to the lower deficit.

Today's final economic data point will come in the form of December wholesale inventories. This report will be released at 10:00 ET.

Also, keep in mind trading volume may fall on the light side today with a major snowstorm barreling down on the East Coast. The New York area is expected to see up to a foot of snow. Meanwhile, the forecast for the Boston area calls for up to 30 inches of snowfall.DJ30 +47.62 NASDAQ +24.10 SP500 +6.61 NASDAQ Adv/Vol/Dec 1320/180.7 mln/700 NYSE Adv/Vol/Dec 1798/67.3 mln/865

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +9.20. Heading into the open, equity futures are pointing to a slightly higher start. The S&P 500 futures are adding 0.2% after spending the bulk of pre-market trade near their unchanged level.

The pre-market sentiment is being shaped by upbeat trade data out of China as well as the United States. However, both reports may have been skewed by two separate events. In China, the Lunar New Year occurred in January of last year. Because of this, today's January 2013 report includes about five more working days.

In the U.S., the trade deficit narrowed thanks in part to a $3.8 billion increase in industrial supply and material exports. Meanwhile, imports suffered a $4.2 billion decline in industrial supplies and materials. In addition, the brief strike at the Ports of Los Angeles and Long Beach likely contributed to a narrowed deficit.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +9.00.

U.S. equity futures are near their pre-market highs with the S&P 500 futures up 0.1%.

The major Asian bourses ended mostly higher, buoyed by the better than expected Chinese trade data. China's trade surplus widened to $29.15 billion ($24.7 billion expected, $27.1 billion previous) on a 25% jump in exports and 28.8% surge in imports. The Middle Kingdom's CPI climbed 2.0% year-over-year (2.1% expected, 2.5% previous) while its PPI fell 1.6% year-over-year, as expected. Japan's Nikkei (-1.8%) lagged after Finance Minister Taro Aso suggested the depreciation of the yen is happening too quickly. Elsewhere, Australia's ASX (+0.7%) was the top gainer despite the latest Reserve Bank of Australia Monetary Policy Statement showing the central bank lowered its GDP and inflation forecasts. The central bank now projects growth of 2.5% in 2013 (2.75% previous) with inflation likely running at 3.0% (3.25% previous). Data from the rest of the region saw Japan's post a smaller than expected trade surplus (JPY0.10 trillion actual v. JPY0.18 trillion expected) and Malaysia's trade surplus narrow to MYR8.2 billion (MYR9.3 billion previous) while its industrial production climbed a less than expected 3.7% year-over-year (6.3% expected).

In Japan, the Nikkei slipped 1.8%, snapping its 12-week winning streak. Exporters fell as the yen strengthened with Panasonic tumbling 5.0% and Canon giving up 1.5%.
Hong Kong's Hang Seng added 0.2% as shares edged up ahead of the Lunar New Year. Real estate developers were firm as China Overseas Land gained 0.9% and China Resources Land climbed 1.2%.
In China, the Shanghai Composite gained 0.6% with automakers leading the way after data showed auto sales surged 46.4% year-over-year SAIC Motor surged 6.1% and Great Wall Motor jumped 5.2%.

European indices are trading higher as peripheral markets rebound from recent weakness. Looking at economic data, Germany's trade surplus was reported at EUR16.8 billion, ahead of the expected EUR14.8 billion. The French government reported a EUR87.2 billion budget deficit, which was better than the expected deficit of EUR97 billion. Elsewhere, Italy's industrial production rose 0.4% month-over-month, slightly better than the generally expected uptick of 0.3%.

In news, Spain's Attorney General Torres-Dulce will open an investigation of the alleged secret slush fund operated by the ruling People's Party.

In Germany, the DAX is adding 0.2% with consumer names outperforming. Adidas is higher by 1.0% and Henkel AG is rising 1.8%.
The United Kingdom's FTSE is rising 0.4% as miners register gains. Anglo American and Antofagasta are seeing respective gains of 1.9% and 0.9%. On the downside, Imperial Tobacco is sliding 1.5% after receiving a downgrade.
In France, the CAC is higher by 0.6% with financials in the lead. Credit Agricole is jumping 6.1% and Societe Generale is firmer by 1.9%.
Italy's MIB and the Spanish IBEX are seeing respective gains of 0.7% and 0.9%. The two indices are recovering from weakness experienced earlier this week. Today, financials are leading the rebound effort in both Italy and Spain.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +3.70. Equity futures ticked higher in response to the latest trade balance data. However, the S&P 500 futures remain flat.

The trade deficit narrowed to $38.5 billion during December after a downwardly revised prior month deficit of $48.6 billion. Economists polled by Briefing.com had expected that the deficit would come in at $45.4 billion.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +2.70.

U.S. equity futures are mixed amid generally positive overseas trade. The S&P 500 futures are currently flat.

Looking at overseas developments:

Asian markets ended on a mixed note. Japan's Nikkei lost 1.8% while China's Shanghai Composite gained 0.6% and Hong Kong's Hang Seng added 0.2%.
In economic data:
Japan's adjusted current account narrowed to JPY0.10 trillion, worse than the generally expected widening to JPY0.24 trillion. Meanwhile, the country's bank lending rose 1.3% year-over-year, to follow the prior reading of 1.1%. The country's Economy Watchers Current Index was reported at 49.5, ahead of the expected 48.2.
China's January trade balance widened to $29.20 billion, which was better than the expected reading of $22.00 billion. It should be noted the report came in well above expectations as January 2013 had about five more working days when compared to last year due to calendar changes caused by the observance of the Chinese New Year.
In other Chinese data, year-over-year CPI reading was reported at 2.0%, as expected. Meanwhile, month-over-month CPI showed a rise of 1.0%, ahead of the 0.9% uptick expected by the market. Regarding PPI, it slipped 1.6% year-over-year, in-line with expectations.
Looking at news:
The Chinese press reported the country will begin reporting its trade data in yuan. Elsewhere, reports indicated the country may adjust its property policy around the National People's Congress.

European indices are trading higher as markets near midday. Germany's DAX is adding 0.3%, the United Kingdom's FTSE is rising 0.5%, while France's CAC is higher by 0.6%.
Looking at economic data:
Germany's trade surplus was reported at EUR16.8 billion, ahead of the expected EUR14.8 billion.
The French government reported a EUR87.2 billion budget deficit, which was better than the expected deficit of EUR97 billion.
Italy's industrial production rose 0.4% month-over-month, slightly better than the generally expected uptick of 0.3%.
In news:
Spain's Attorney General Torres-Dulce will open an investigation of the alleged secret slush fund operated by the ruling People's Party.

In U.S. corporate news:

Coinstar (CSTR 47.50, -4.60) is sliding 8.8% following a top line miss. In addition, the company guided first quarter earnings and revenue below consensus.
LinkedIn (LNKD 136.40, +12.31) is jumping 9.9% after the company beat on earnings and revenue.
McDonald's (MCD 94.29, -0.34) is shedding 0.4% after reporting a 1.9% January decrease in comparable store sales.

December trade balance will be reported at 8:30 ET while December wholesale inventories will be announced at 10:00 ET.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +3.00.

06:51 am : Nikkei...11153.16...-203.90...-1.80%. Hang Seng...23213.16...+38.20...+0.20%.

06:51 am : FTSE...6262.06...+33.60...+0.50%. DAX...3625.323...+24.20...+0.30%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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