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)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $250.00 dollars or +5.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $250.00 dollars

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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=149&t=2230


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. Simply, my trade method is applicable for position trading, swing trading and day trading.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=277&t=2948 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/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 for price action trading 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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


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


4:10 pm: [BRIEFING.COM] The stock market began the trading week on a modestly lower note with the S&P 500 surrendering 0.4% after spending the day in a 13-point range. Today's session marked the end of November, a month during which the S&P 500 added 0.1% while the Nasdaq Composite (+1.1% month-to-date) outperformed.

Equities held slim gains at the start of the trading day, but the early strength faded quickly, sending the S&P 500 below its flat line where the index remained into the afternoon. The S&P 500 tried to stage a rebound during afternoon action, but that move was followed by a slip to new lows. The benchmark index settled near its worst level of the day, masking gains in five of ten sectors.

For instance, energy (+0.4%) and technology (+0.1%) outperformed from the start, but their strength could not lift the overall market. The energy sector settled in the lead even though crude oil surrendered a solid intraday gain to end lower by 0.2% at $41.63/bbl. For the month, WTI crude tumbled 10.7% while the energy sector lost 0.8%.

As for technology, the top-weighted sector received support from chipmakers, evidenced by a 1.0% spike in the PHLX Semiconductor Index, which gained 2.2% for the month.

Similar to energy and technology, materials (+0.2%), utilities (+0.2%), and telecom services (+0.4%) posted gains, but it is worth noting that together the three sectors account for no more than 9.0% of the entire market.

On the downside, the health care sector (-1.3%) was pressured by daylong weakness in biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 334.37, -6.64) surrendered 2.0%.

Elsewhere, consumer discretionary (-0.8%) and industrials (-0.7%) also struggled throughout the trading day. Retailers endured heavy selling amid reports of sluggish sales growth on Black Friday with SPDR S&P Retail ETF (XRT 44.57, -0.99) falling 2.2%. Even Target (TGT 72.51, -0.93) lost 1.3% despite making upbeat comments about the start of the holiday shopping season.

Staying in the discretionary space, Staples (SPLS 12.07, -0.24) ended lower by 2.0% after the New York Post reported the company's acquisition of Office Depot (ODP 6.59, -0.16) is likely to hit a regulatory road block.

Similar to stocks, Treasuries spent the day in a very narrow range. The 10-yr note held a modest loss during overnight action, but it ticked into the green in the morning to end on its high with the benchmark yield down one basis point at 2.21%.

On a separate note, the International Monetary Fund announced that China's yuan will be added to the special drawing rights basket, meaning five currencies will be represented in the SDR starting from October 1, 2016. Following the move, the yuan will make up almost 11.0% of the SDR, which is a smaller weighting than the currency had been expected to receive.

Today's intraday participation was very light, but a late surge in activity took place just before the closing bell to push the final NYSE floor volume above the 1.1 billion share mark.

Economic data included Chicago PMI and Pending Home Sales:

The Chicago Purchasing Managers Index for November dipped to 48.7 from 56.2 in October while the Briefing.com consensus expected a reading of 55.0
New orders were largely responsible for the pullback as the related index fell to 44.1, its lowest level since March, from 59.4 in October
Other components saw little change with Employment and Supplier Deliveries holding above 50 while Order Backlogs have remained below 50 for the tenth consecutive month, which represents ongoing contraction
Pending home sales for October rose 0.2% while the Briefing.com consensus expected an increase of 0.7%

Tomorrow, October Construction Spending (Briefing.com consensus 0.7%) and the November ISM Index (consensus 50.4) will both be released at 10:00 ET.

Nasdaq Composite +7.9% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average -0.6% YTD
Russell 2000 -0.4% YTD

3:30 pm: [BRIEFING.COM]

The dollar has traded higher all session, currently holding modest gains of +0.2% 100.21 to (down from mid-day highs near 100.30) following an underwhelming Chicago PMI figure this morning (48.7 vs. a 55 consensus) and ahead of tomorrow's ISM index reading- expected to be near 50.4.
Crude rallied mid-morning and into the early afternoon, reaching as high as $42.60/barrel, before slumping back to near-flat into the close.
Sentiment ahead of Friday's OPEC meeting and ahead of tonight's Chinese Manufacturing PMI figure drove sentiment throughout most of the day.
January Crude closed down 0.2% to $41.63/barrel. Meanwhile natural gas closed positive (+0.9% to $2.23/MMBtu)- largely on mildly bullish weather-driven demand sentiment.
Gold closed moderately higher at +0.6% to $1,065.3/oz- following a sustained rally that began in early trade. Silver closed near-flat at +0.1% to $14.09/oz
Copper fell by 1.4% to $2.06/lb

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the final November session. Given its current level, the benchmark index is on track to add 0.3% for the month, extending its year-to-date gain to 1.3%.

Equities held slim gains at the start of the trading day, but the S&P 500 dipped into the red shortly after the opening bell. The index has tried to string a rebound, but a return into the green has proven elusive. The energy sector (+0.6%) remains ahead of its peers even though crude oil ended the pit session with a 0.2% decline at $41.63/bbl.

2:25 pm:

[BRIEFING.COM] Equity indices are back near their flat lines following an uptick off session lows that has been fueled by a rebound in the top-weighted technology sector (+0.5%). The tech sector has benefitted from continued strength among chipmakers that has the PHLX Semiconductor Index trading higher by 0.9% at this juncture.

Elsewhere among cyclical sectors, energy (+0.6%), materials (+0.4%), and financials (+0.1%) also trade in the green while consumer discretionary (-0.5%) and industrials (-0.4%) underperform. It is worth noting that the energy sector remains ahead of the broader market even though crude oil has returned to its flat line at $41.68/bbl with the pit close looming.

1:55 pm:

[BRIEFING.COM] The major averages have ticked up off their lows, but the S&P 500 (-0.1%) remains in the red for the time being.

The stock market has bounced around a narrow range today with the final trading volume likely to come in well below the 200-day average of 850 million shares, considering only 400 million shares have changed hands at the NYSE floor so far today.

Similar to stocks, Treasuries have maintained narrow ranges with the 10-yr note spending the entire cash session just above its flat line with the benchmark yield down a basis point at 2.22%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to rest mildly in negative territory as Wall Street returns to the trading desk following the Thanksgiving holiday.

A look inside the Dow Jones Industrial Average shows that Nike (NKE 131.95, -2.38), Wal-Mart (WMT 59.12, -0.77), and Disney (DIS 113.73, -1.40) are underperforming amid broad weakness in retail and consumer discretionaries on what is being considered disappointing weekend holiday sales, most notably for brick and mortar outlets.

Conversely, Chevron (CVX 91.68, +1.31) is the best-performing Dow component on the heels of widespread strength in the energy space, today's best performing sector.

Ending November, the DJIA is set to close the month up 0.60%.
Related Quotes

12:55 pm:

[BRIEFING.COM] The major averages trade modestly lower at midday with the Nasdaq Composite (-0.4%) lurking behind the S&P 500 (-0.2%).

Equity indices began the final November session with slim gains, but the higher open was followed by a slide into the red. All things considered, today's affair has been very quiet with the S&P 500 maintaining a 12-point range through the early action, which puts the index on track to end the month higher by 0.3%.

The modest midday loss has masked gains in five sectors, including the energy space (+1.0%), which has held the lead since the opening bell. The sector has been underpinned by gains in the oil market as WTI crude trades higher by 0.3% at $41.85/bbl after being up more than 1.0% earlier.

Similar to energy, the technology sector (unch) was among the early leaders, but the top-weighted group has retreated from its high. Large cap components like Alphabet (GOOGL 762.63, -9.34) and Facebook (FB 103.99, -1.46) have contributed to the intraday pullback, masking a 0.5% gain in the PHLX Semiconductor Index.

The relative strength among chipmakers has not translated into gains for other high-beta groups as biotech names lag with the iShares Nasdaq Biotechnology ETF (IBB 333.39, -7.62) trading lower by 2.2%. Furthermore, biotechnology has kept the health care sector (-1.1%) under pressure since the opening bell.

Also of note, the consumer discretionary sector (-0.7%) has retreated behind retail names as the bunch reacts to reports of sluggish sales growth on Black Friday. To that point, the SPDR S&P Retail ETF (XRT 44.64, -0.92) trades down 2.0%.

Treasuries inched into the green during early morning action and they have held a modest gain since then with the 10-yr yield down one basis point at 2.21%.

Economic data included Chicago PMI and Pending Home Sales:

The Chicago Purchasing Managers Index for November dipped to 48.7 from 56.2 in October while the Briefing.com consensus expected a reading of 55.0
New orders were responsible for the pullback as the related index fell to 44.1, its lowest level since March, from 59.4 in October
Other components saw little change with Employment and Supplier Deliveries holding above 50 while Order Backlogs have remained below 50 for the tenth consecutive month, which represents ongoing contraction
Pending home sales for October rose 0.2% while the Briefing.com consensus expected an increase of 0.7%

12:25 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading lower by 0.2%.

Despite the modest loss, six sectors trade in the green with energy extending its gain to 1.3%. The cyclical sector has rallied alongside crude oil, which trades up 1.6% at $42.37/bbl. Elsewhere, the technology sector has returned to its flat line after showing a modest gain in the early going.

On a separate note, the International Monetary Fund has recently announced that China's yuan will be added to the special drawing rights basket, meaning five currencies will be represented in the SDR starting from October 1, 2016. Following the move, the yuan will represent just under 11.0% of the SDR, which is a smaller weighting than the currency had been expected to receive.

11:55 am:

[BRIEFING.COM] Recent action saw the major averages slip to new session lows. The S&P 500 has extended its decline to 0.3% while the Dow (-0.3%) and Nasdaq Composite (-0.3%) trade in line with the benchmark index.

Sector standing has not changed much with health care (-1.0%) remaining well behind its peers as relative weakness in biotechnology takes its toll on the countercyclical sector. To be fair, there are a couple other soft spots in the market, represented by the two consumer sectors. The consumer staples sector (-0.8%) has suffered from broad weakness while the discretionary space (-0.8%) has been pressured by retail names as reports of sluggish Black Friday sales growth filter in. At this juncture, the SPDR S&P Retail ETF (XRT 44.72, -0.84) is lower by 1.8%.

Elsewhere, Treasuries sit just below their highs with the 10-yr yield down one basis point at 2.21%.

11:25 am:

[BRIEFING.COM] Not much change in the market as the S&P 500 (-0.2%) remains trapped just below its flat line.

In some ways, the range-bound action on the final day of the month is fitting, considering the benchmark index is set to finish the month with a slim gain (+0.4%) after recovering off its mid-November low.

Six sectors are on track to end the month with gains between 0.1% (consumer discretionary) and 2.0% (financials) while the utilities sector has surrendered 2.5% in November. The rate-sensitive group has been pressured by higher Treasury yields even though the 10-yr yield has erased the bulk of its November increase, remaining on track to register a six-basis point gain for the month (2.21%).

10:55 am:

[BRIEFING.COM] Equity indices have ticked up off their lows, but the early action has been very similar to the range-bound trade observed last week. The S&P 500 (-0.1%) holds a one-point loss with six sectors trading below their flat lines.

The health care sector has struggled since the start and the group is now down 0.9%, swinging from a modest November gain to a month-to-date decline of 0.1%. Biotechnology has been behind today's underperformance, evidenced by a 1.7% decline in the iShares Nasdaq Biotechnology ETF (IBB 335.55, -5.46).

Similar to health care, consumer staples (-0.3%) and consumer discretionary (-0.4%) also lag while energy (+0.7%) and technology (+0.3%) outperform.

10:35 am: [BRIEFING.COM]

The dollar has trended higher all session, and is currently holding moderate gains (down from early AM highs) following a disappointing Chicago PMI reading
Following the release of Chicago PMI (at 48.7 vs. 55 consensus) the index is now +0.2% to 100.23
Crude oil traded near-flat/slightly negative overnight, before seeing an extended rally in early and recent trade. Sentiment ahead of OPEC's Dec. 4th meeting and tomorrow's Chinese Manufacturing and Non-Manufacturing PMI figures are prime drivers that have pressed oil to gains of +1.5% to $42.35/barrel
Natural gas is modestly higher, +0.6% to $2.23/MMBtu amidst expectations for a cooling-shift in near term weather trends
Gold and silver have rallied higher so far this morning, largely on rate hike sentiment: gold is now +0.6% to $1,062.60/oz and silver is +0.5% to $14.08/oz
Copper is trading in the green so far today, as markets circulate the possibility of potential output cuts by Chinese producers.
January copper is now +0.7% to $2.07/lb

10:00 am:

[BRIEFING.COM] The S&P 500 has widened its decline to 0.2% while the Nasdaq (-0.1%) now trades below its flat line after flashing a slim gain at the start.

Just reported, pending home sales for October rose 0.2% while the Briefing.com consensus expected an increase of 0.7%.

9:45 am:

[BRIEFING.COM] The major averages began the trading day just above their flat lines, but they have struggled to hold their early gains. The Nasdaq remains just above the unchanged level while the S&P 500 (-0.1%) hovers in the red.

Energy (+0.1%) and technology (+0.4%) trade ahead of their peers, but most of the remaining groups hold losses with the health care sector trading lower by 0.4% due to losses in the biotech space. To that point, the iShares Nasdaq Biotechnology ETF (IBB 338.73, -2.28) is lower by 0.6%.

On the economic front, the just released Chicago Purchasing Managers Index for November dipped to 48.7 from 56.2 in October. The November reading was shy of the Briefing.com consensus estimate, which was pegged at 55.0.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +16.90.

The stock market is on track for a modestly higher open as S&P 500 futures trade five points above fair value after inching to pre-market highs during the past hour.

The recent advance followed a relatively quiet overnight session that saw mixed action during Asian trade while European markets hold gains after erasing their opening declines.

This morning has been free of notable corporate news and today's economic data will be limited to the November Chicago PMI (Briefing.com consensus 55.0) and October Pending Home Sales (consensus +0.7%) with the two reports set to be released at 9:45 ET and 10:00 ET, respectively.

Treasuries have reclaimed their overnight losses and the 10-yr yield is currently unchanged at 2.22%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +17.60.

The S&P 500 futures trade six points above fair value.

The Asian equity markets ended Monday on a mixed note. The session saw the Shanghai Composite drop over 3.0% before recovering to gain 0.3% for the session. There was unconfirmed speculation of government intervention occurring in the last hour of trading with the IMF's decision on inclusion of the yuan into its reserve currency basket looming later today. There was early weakness in the financial sector after local reports suggested that non-performing loans hit record levels last month. The drop in Chinese equities sent shivers across the region and had a spill over impact in Japan (the late day buying in the Shanghai occurred shortly after Japan closed). The Nikkei dropped 0.7% with better than expected macro data (Oct Retail Sales +1.1%; expected +0.3%) and comments from the BOJ's Kuroda helping set the tone for the session. The central banker's commentary reaffirmed the commitment to 2.0% inflation, but also suggested no real rush to do so.

In economic data:
Japan's October Industrial Production +1.4% month-over-month (expected 1.9%; previous 1.1%), October Retail Sales +1.8% year-over-year (consensus 0.8%; last -0.2%), and October Housing Starts -2.5% year-over-year (consensus 2.9%; last 2.6%)
New Zealand's October Building Consents +5.1% month-over-month (consensus 3.0%; previous -5.8%) and November ANZ Business Confidence 14.6 (consensus 15.0; prior 10.5)
Australia's October Private Sector Credit +0.7% month-over-month (consensus 0.6%; prior 0.8%)
South Korea's October Industrial Production -1.4% month-over-month (consensus 0.2%; last 2.2%) and Retail Sales +3.1% month-over-month (expected 0.5%)
Hong Kong's October Retail Sales -3.0% year-over-year (consensus -5.3%; last -6.4%)
India's Q2 GDP quarterly +7.4% year-over-year (consensus 7.3%; previous 7.0%)

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Japan's Nikkei declined 0.7%. Japanese shares saw 2 waves of selling pressure during the day, with the first coming right after the open and the second that started in the last 2 hours of trade. The latter put the clamps on any hopes of the index taking back earlier losses, particularly after the comments from Bank of Japan Governor Kuroda, who would not commit to additional easing at this time. Semiconductors were on the move higher with Toshiba gaining 2.9% and Tokyo Electron adding 2.8% with electronic devices continuing to be one of the hot items coming out of the Black Friday weekend. Financials continued to see added pressure that started in the sector last week with the likes of Bank of Yokohama losing 3.5% and Mizuho Financial dropping 1.2% on the day.
Hong Kong's Hang Seng fell 0.3% after a daylong tug of war. Consumer names were under some pressure following Tian Ge Interactive's (-7.6%) release of its third quarter earnings release. Investors shied away from China Mobile today, taking the stock down 0.9% after the company announced a local acquisition.
China's Shanghai Composite rose 0.3%, with investors buying the dip when the index saw an early 3.0% decline. Brokerages remained on the list of laggards today with CITIC Securities (-3.9%) continued to be under scrutiny by regulators, while industry peer Haitong Securities hit its limit move lower (-10.0%) catching similar sentiment. Property stocks outperformed today with China Vanke (+4.8%) and Poly Real Estate (+2.1%) showing strength amid reports that some purchase restrictions may be lifted in some of the mid-tier provinces.

Major European indices trade higher across the board with UK's FTSE (+0.1%) trailing its peers. The European Central Bank will be in focus later this week with some clamoring for additional stimulus measures like a deposit rate cut, an extension of the current program, or an increase in the monthly pace of purchases.

Participants received several data points:
UK's October Mortgage Approvals 69,630 (expected 70,000; previous 69,010) and Net Lending to Individuals GBP4.80 billion, as expected
Germany's October Retail Sales -0.4% month-over-month (expected 0.4%; previous 0.0%); +2.1% year-over-year (consensus 2.9%; prior 3.5%)
Spain's October Retail Sales +5.8% year-over-year (consensus 4.5%; last 4.7%)
Italy's November CPI -0.4% month-over-month (expected -0.2%; last 0.2%); +0.1% year-over-year (consensus 0.3%; prior 0.3%)

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UK's FTSE is higher by 0.1% after erasing an opening loss. Consumer names have fueled the rebound with InterContinental Hotels, Sports Direct, easyJet, and International Consolidated Airlines up between 1.9% and 3.3%. On the downside, financials Aberdeen Asset Management and Lloyds Banking hold respective losses of 4.2% and 0.8%.
France's CAC trades up 0.5% amid strength in exporters and financials. Peugeot, Renault, and Societe Generale hold gains between 1.3% and 2.1%. On the downside, Veolia Environnement is lower by 0.9% while other decliners sport slimmer losses.
Germany's DAX has climbed 0.9% with all but five components showing gains. Volkswagen has spiked 4.9% while BMW, Daimler, Deutsche Bank, and Siemens follow with solid gains between 1.1% and 1.9%. On the flip side, Linde is the weakest performer, down 1.6%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +20.40.

Index futures remain near their best levels of the morning amid relatively quiet action overseas.

With the earnings season in the rear-view mirror, this week will be quiet on the corporate front, but investors will receive several economic data points, including the November Nonfarm Payrolls report, which will be released on Friday at 8:30 ET (Briefing.com consensus 196,000).

Today, however, economic data will be limited to November Chicago PMI (Briefing.com consensus 55.0) and October Pending Home Sales (consensus +0.7%) with the two reports set to be released at 9:45 ET and 10:00 ET, respectively.

Treasuries remain just below their flat lines with the 10-yr yield up one basis point at 2.23%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +19.10.

U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover six points above fair value after spending the night in a 13-point range.

Meanwhile, Treasuries hold modest losses with the 10-yr yield up one basis point at 2.23%.

Today's economic data will be limited to November Chicago PMI (Briefing.com consensus 55.0) and October Pending Home Sales (consensus +0.7%) with the two reports set to be released at 9:45 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Lockheed Martin (LMT 222.50, -3.41): -1.5% after Barclays downgraded the stock to 'Underweight' from 'Equal Weight.'
Transocean (RIG 14.20, +0.08): +0.6% after Guggenheim upgraded the stock to 'Buy' from 'Neutral.'

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -0.7%, Hong Kong's Hang Seng -0.3%, and China's Shanghai Composite +0.3%
In economic data:
Japan's October Industrial Production +1.4% month-over-month (expected 1.9%; previous 1.1%), October Retail Sales +1.8% year-over-year (consensus 0.8%; last -0.2%), and October Housing Starts -2.5% year-over-year (consensus 2.9%; last 2.6%)
New Zealand's October Building Consents +5.1% month-over-month (consensus 3.0%; previous -5.8%) and November ANZ Business Confidence 14.6 (consensus 15.0; prior 10.5)
Australia's October Private Sector Credit +0.7% month-over-month (consensus 0.6%; prior 0.8%)
South Korea's October Industrial Production -1.4% month-over-month (consensus 0.2%; last 2.2%) and Retail Sales +3.1% month-over-month (expected 0.5%)
Hong Kong's October Retail Sales -3.0% year-over-year (consensus -5.3%; last -6.4%)
India's Q2 GDP quarterly +7.4% year-over-year (consensus 7.3%; previous 7.0%)
In news:
Bank of Japan Governor Haruhiko Kuroda spoke overnight, reiterating that the central bank expects the Japanese economy to hit the 2.0% inflation target by the second half of next year

Major European indices trade higher across the board. UK's FTSE +0.2%, France's CAC +0.8%, and Germany's DAX +1.1%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +1.1%
Participants received several data points:
UK's October Mortgage Approvals 69,630 (expected 70,000; previous 69,010) and Net Lending to Individuals GBP4.80 billion, as expected
Germany's October Retail Sales -0.4% month-over-month (expected 0.4%; previous 0.0%); +2.1% year-over-year (consensus 2.9%; prior 3.5%)
Spain's October Retail Sales +5.8% year-over-year (consensus 4.5%; last 4.7%)
Italy's November CPI -0.4% month-over-month (expected -0.2%; last 0.2%); +0.1% year-over-year (consensus 0.3%; prior 0.3%)
Among news of note:
The European Central Bank will be in focus later this week with some clamoring for additional stimulus measures like a deposit rate cut, an extension of the current program, or an increase in the monthly pace of purchases

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +5.50.

5:49 am: [BRIEFING.COM] Nikkei...19747.47...-136.50...-0.70%. Hang Seng...21996.42...-71.90...-0.30%.

5:49 am: [BRIEFING.COM] FTSE...6352.28...-22.90...-0.40%. DAX...11362.33...+69.90...+0.60%.

Special thanks to Bloomberg, Briefing, 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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