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 Post subject: November 10th Wednesday 2010 Emini TF ($TF_F) points +2.10
PostPosted: Thu Nov 11, 2010 6:54 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Only Trading (no indicators)

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Quote:
I missed most of the trading day but did manage to get in a group of trades that exploited a few key changes in supply/demand price areas. One of them exploited the big gap from last Thursday's price action that occurred after several trading days of low volatility tight trading range. Also, as usual, most of my profits are primarily via concepts from the Volatility Trading Report (VTR). With that said, to see each trade for today, you need to review the below #FuturesTrades chat log link and there's more information below about my trade methods.

Trade Performance for Today: +2.10 points or $210 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures.
1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.

In addition, today's #FuturesTrades chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=83&t=676

Also, posted below are direct links to information about my 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).

Image 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/viewforum.php?f=119. However, you must join the TSL Support Forum to access the free study guide. To register...click here.

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=125&t=825

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Image Bloomberg Video - Stocks Advance as Irish Debt Concern Eases, Oil Rallies
Nov. 10 (Bloomberg) -- Bloomberg's Courtney Donohoe reports on the performance of the U.S. equity market today. U.S. stocks advanced, ending two days of declines, as a rally in oil prices boosted energy shares and Ireland's central bank governor said the country may return to bond markets next year, easing concern that Europe's debt crisis will worsen. Bloomberg's Pimm Fox also speaks.

Image CNNMoney.com - Stocks Bounce Back
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By Hibah Yousuf, staff reporter
November 10, 2010: 4:46 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks made a comeback Wednesday afternoon to finish higher, as the dollar turned lower after an earlier rally. But the gains were tepid as investors remained jittery ahead of the G-20 meeting.

The Dow Jones industrial average (INDU) added 10 points, or 0.1%, and the S&P 500 (SPX) rose 5 points, or 0.4%. The tech-heavy Nasdaq (COMP) added 16 points, or 0.6%.

All three major indexes had fallen sharply earlier in the session, with the Dow shedding 92 points, as the dollar soared to a one-month high against the euro and the yen. But stocks clawed higher as the dollar eased.

"We're seeing some abatement in the dollar's rally, which has contributed to the slight lift in the stock market," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

* It's not just the dollar's fault

Investors remain cautious ahead of the G-20 meeting, which starts Thursday. Worries about sovereign debt continue to underpin sentiment and that could keep stocks trading in a tight range this week.

"I suspect stocks will stay in a range, largely directionless, leading into the weekend," Luschini said. He expects that investors will be sitting on their hands as the world's major economies meet in Seoul and discuss currency exchange rates, among other global economic issues.

Stocks ended lower Tuesday, as investors also continued to grapple with the Federal Reserve's latest effort to stimulate the economy.

The Fed unveiled details about its first round of debt buying as part of its $600 billion Treasury buying plan.

Economy: The number of people filing for initial jobless benefits plunged to 435,000 last week, according to the Department of Labor -- the lowest number in four months and much better than expected.

The number of Americans filing new claims for unemployment last week was forecast to fall to 450,000, from 459,000 in the previous week, according to a consensus of economists surveyed by Briefing.com.
0:00 /4:33Greece sees growth next year

U.S. trade balance contracted by 5.3% in September, narrowing to $44 billion, according to the Commerce Department. It was expected to have narrowed to $44.8 billion in September, from $46.3 billion in August.

The October Treasury budget is on tap for Wednesday afternoon.

Companies: Macy's (M, Fortune 500) reported a quarterly profit of 2 cents per share, an improvement from its loss of 8 cents per share a year ago. Macy's increased its earnings guidance for the second half of the year. The stock fell 1.3%.

General Motors, which is readying a $13 billion initial public offering, reported third-quarter net income of $2 billion on revenue of $34.1 billion. The results marked the automaker's best quarter in at least six years. GM also said it expects to "post a solid and profitable first year post-bankruptcy."
0:00 /:55Boeing's Dreamliner snag

Boeing announced that it canceled test flights of its 787 Dreamliner, after one of the new airplanes made an emergency landing in Texas. Boeing's (BA, Fortune 500) stock fell more than 3%.

Campbell Soup Co. (CPB, Fortune 500) lowered its full-year guidance because of weaker-than-expected results for its upcoming quarter. The company said it expects a decline of 1% in net sales for the quarter, along with a 6% drop in earnings per share. For the full year, the company now forecasts net sales growth of 1% to 3%, as well as growth of 2% to 4% in earnings per share. The stock slipped 3.3%.

Shares of Assurant Inc. (AIZ, Fortune 500) plunged more than 11%, making the specialty insurer the biggest loser on the S&P 500. The stock dropped after an article in the American Banker suggested the company is tied to evidence of "abuse" and "conflicts of interest."

After the closing bell, network equipment maker Cisco (CSCO, Fortune 500) reported a quarterly profit Wednesday that rose 8% from year-ago to $1.9 billion, or 34 cents per share. Excluding a one-time charge, the company earned 42 cents per share. That topped Wall Street's forecast for 40 cents per share. Cisco's stock rose 4.2% after-hours.

World markets: European stocks closed lower. Britain's FTSE 100 and the DAX in Germany declined by 1%. France's CAC 40 fell 1.5%.

Asian markets ended the session mixed. The Shanghai Composite dropped 0.6% and the Hang Seng in Hong Kong lost 0.9%, while Japan's Nikkei rose 1.4%.

Currencies and commodities: The dollar lost ground against the British pound and the euro, easing from highs hit earlier in the session. It remained firm against the yen.

Commodity prices, which have been on a tear as investors bet that the Fed's $600 billion boost will weaken the greenback, took a breather thanks to the dollar's surge. A weaker dollar typically supports commodities priced in the U.S. currency, such as oil and gold, while a stronger dollar adds pressure.

Gold futures for December delivery fell $10.80 to settle at $1,399.30 an ounce, backing off from its record high achieved on Tuesday. Silver for December delivery slipped $2.04 to $26.87 an ounce.

Meanwhile, oil for December delivery gained $1.09 to finish at $87.81 a barrel, the highest settlement since Oct. 2008, after a government report showed a surprise decrease in inventories.

Bonds: The price on the benchmark 10-year U.S. Treasury fell slightly, pushing the yield up to 2.67% from 2.66% late Tuesday. Earlier the yield had climbed to 2.74%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Despite the dollar's longest and strongest streak of gains in months, stocks were able to recover from sizable losses to settle with varied gains. The first real dose of data in several days did little to move the market.

Amid rekindled concerns about eurozone sovereign debt the dollar climbed as much as 0.9% before it was backed down to a 0.3% gain at the close of trade. Even though that made for a rather marked retreat, the dollar still booked its fourth consecutive advance for the first time since August. Moreover, the 2.3% gained by the greenback in the past four sessions has made for the dollar's strongest four-session performance since August.

The stock market had been down about 0.8% before the dollar's downturn from its session high attracted buyers back into the market. Some short squeezing in the wake of the prior session's wobbliness aided the move.

Participants showed particular favor for financials after they had dropped more than 2% in the prior session. The sector rebounded to a 1.4% gain this session. Diversified services were especially strong as they advanced 2.3%.

Energy stocks weren't far behind. They climbed 1.3% with help from higher oil prices, which finished pit trade with a 1.3% gain at $87.81 per barrel, its highest close of the year. Though oil's advance was helped by a surprise draw down in weekly inventories, it still flew in the face of a broader pullback among commodities, including a 7.1% drop in the price of silver to $26.89 per ounce after it set a 30-year high of $29.34 per ounce in the prior session.

Research In Motion (RIMM 58.44, +3.44) helped the Nasdaq Composite modestly outperform its counterparts after it unveiled plans for its tablet. Cisco (CSCO 24.49, +0.14) was slow to attract support ahead of its quarterly report, but it still booked a gain.

Small-cap stocks registered some of the strongest gains. Collectively they climbed 1.2%, according to the Russell 2000. Its advancing issues outnumbered decliners by more than 3-to-1.

Treasuries attracted mixed interest this session. They initially sold off following the release of results from a $16 billion auction of 30-year Bonds. The auction drew a bid-to-cover of 2.31 on dollar demand of $37.0 billion and an indirect bidder participation rate of 38.4%. The relatively low bid-to-cover was related more to the increased size of auction than overall investor appetite. After the results were more fully digested Treasuries rallied such that the yield on the benchmark 10-year Note was up as much as 2.77% and down as much as 2.64%, which is about where it was when trade closed. The 30-year Bond yield was up as high as 4.33% before it closed near 4.24%.

Data for the day featured an initial jobless claims count for the week ended November 6. The report was moved a day up on the calendar due to the observance of Veterans Day tomorrow (U.S. equity markets will remain open, but U.S. bond markets will be closed). It featured new initial claims of 435,000, which is down 24,000 week-over-week and less than the 450,000 that had been generally expected among economists polled by Briefing.com. Continuing claims were also down from the prior week. They came in at 4.30 million, down from 4.39 million.

The trade deficit for September totaled $44.0 billion, which is not quite as deep as the $44.8 billion deficit that had been expected, on average, among economists polled by Briefing.com. The September deficit was down a bit from the $46.5 billion deficit recorded for August. The deficits come in stark contrast with the $27 billion surplus recently reported by China for its trade in October -- something that will likely draw discussion during the G-20 meeting that begins tomorrow.

Meanwhile, the Treasury budget for October featured a deficit of $140.4 billion, which is essentially on par with the $140.0 billion budget deficit that had been expected among economists that were polled by Briefing.com.

Advancing Sectors: Financials (+1.4%), Energy (+1.3%), Consumer Discretionary (+0.8%), Materials (+0.5%), Tech (+0.2%)
Declining Sectors: Utilities (-0.6%), Consumer Staples (-0.3%), Industrials (-0.2%), Telecom (-0.1%)
Unchanged: Health CareDJ30 +10.29 NASDAQ +15.80 NQ100 +0.5% R2K +1.2% SP400 +0.9% SP500 +5.31 NASDAQ Adv/Vol/Dec 1780/2.02 bln/867 NYSE Adv/Vol/Dec 1855/1.12 bln/1138

3:30 pm : Commodities took a breather today, as precious metals (-3.4%), soft commodities (-1.6%), grains (-1.3%), and industrials (-0.4%) all closed lower on the day.

Dec silver futures plunged 7.1% to settle at $26.89 per ounce. It was a sharp reversal from yesterday's session, which saw silver prices at fresh 30-yr highs. Strength in the dollar weighed on both silver and gold futures. Dec gold finished lower by 0.7% to $1399.30 per ounce. It traded to its session lows, at $1383.40, in mid-morning trade and spent the remainder of the day bouncing off those lows.

Dec crude oil finished higher by 1.3% to $87.81 per barrel, its highest settlement of the year. It rallied following this morning's bullish inventory data, which showed a draw down vs an expected build. Dec natural gas ended lower by 2.8% to $4.05 per MMBtu. It sold off through out the session to end near its lows at $4.02. DJ30 -3.33 NASDAQ +11.73 SP500 +3.23 NASDAQ Adv/Vol/Dec 1694/1.6 bln/917 NYSE Adv/Vol/Dec 1781/765.3 mln/1205

3:00 pm : The Nasdaq Composite has made its way to a health 0.5% gain. It had been down 0.7% at its session low.

Meanwhile, the broader market continues to trade with a more modest gain. Its underlying action remains mixed as its major sectors are split across those gaining and those declining. DJ30 -7.27 NASDAQ +11.269 SP500 +2.61 NASDAQ Adv/Vol/Dec 1650/1.51 mln/948 NYSE Adv/Vol/Dec 1743/712 mln/1230

2:30 pm : Financials have run ahead to trade with a 1.2% gain. Citigroup (C 4.43, +0.12) is a primary leader among financial issues. Prudential Financial (PRU 55.50, +0.61) is also showing strength following news that it has increased its annual dividend by 64% to $1.15 per share, which is where it was back in 2007 before the financial crisis. DJ30 +0.60 NASDAQ +11.26 SP500 +3.27 NASDAQ Adv/Vol/Dec 1617/1.39 bln/974 NYSE Adv/Vol/Dec 1719/660 mln/1238

2:00 pm : The Treasury budget for October was just released. It showed a deficit of $140.4 billion, which is essentially on par with the $140.0 billion budget deficit that had been expected among economists that were polled by Briefing.com.

Stocks haven't really reacted to the data. They continue to trade in positive territory with only modest gains.

At the same time, Treasuries continue to improve their position. As such, the benchmark 10-year Note is now up about five ticks so that its yield is back down to 2.68% after it had been as high as 2.77% earlier. DJ30 +4.61 NASDAQ +9.88 SP500 +3.29 NASDAQ Adv/Vol/Dec 1540/1.27 bln/1031 NYSE Adv/Vol/Dec 1666/602 mln/1276

1:30 pm : Pressure has picked up against the dollar. That has helped take the stock market to its best level since the start of the session.

Energy and financials now trade with particularly strong gains. Both sectors are up 0.8%, which makes them this session's best performers. Utilities continue to under-perform, though; they are still down 0.7% as a group.

Treasuries recently ran into a stiff bout of selling, but they have since recovered. Fixed income traders initially reacted negatively to results from a $16 billion auction of 30-year Bonds. The auction drew a bid-to-cover of 2.31 on dollar demand of $37.0 billion and an indirect bidder participation rate of 38.4%. For comparison, the prior auction's bid-to-cover ratio came in at 2.49, had dollar demand of $32.4 billion and an indirect bidder participation rate of 32.4%. An average of the past six auctions results in a bid-to-cover of 2.73, dollar demand of $38.1 billion, and an indirect bidder participation rate of 36.7%.

The relatively low bid-to-cover of the latest auction is related more to the increased size of auction than overall investor appetite. DJ30 -12.15 NASDAQ +7.65 SP500 +2.17 NASDAQ Adv/Vol/Dec 1452/1.17 bln/1100 NYSE Adv/Vol/Dec 1564/555 mln/1351

1:00 pm : Stocks have recovered from a marked loss in the early going, but actual strength is still lacking as the dollar makes its way to another gain.

Early selling sent the stock market to a fresh weekly low. Pressure was wide ranging as participants responded negatively to the fourth straight gain by the greenback. The dollar was up as much as 0.9% at its morning high, but it has since pulled back to trade with a 0.5% gain.

Moderated strength in the dollar helped bring some buyers back into the market. Their bid spurred a squeeze against traders that put in short positions after stocks faltered in the prior session. Still, the broader market has been unable to actually make a sustainable push into positive territory.

The Nasdaq Composite is currently clinging to a fractional gain, though. It has been supported by Research In Motion (RIMM 58.05, +3.05), which has made a nice run at a new three-month high amid news of its plans for its tablet. Meanwhile, Cisco (CSCO 24.27, -0.08) continues to plod along ahead of its quarterly report this evening.

Treasuries are lagging again. Fixed income traders await the latest auction results from a 30-year Bond offering that are due at any moment.

Data has had little effect on trade today, though the latest initial jobless claims count declined more than expected to 435,000 and continuing claims eased to 4.30 million.

The trade deficit for September improved modestly to $44.0 billion. That and the $27 billion trade surplus that China recorded for October will likely be topics of discussion at the G-20 meeting, which begins tomorrow.

Sovereign debt concerns will also be in the backdrop of the G-20 meeting. Spreads on the debt of the more fiscally challenged eurozone countries continue to widen.DJ30 -18.82 NASDAQ +1.08 SP500 -1.12 NASDAQ Adv/Vol/Dec 1285/1.08 bln/1238 NYSE Adv/Vol/Dec 1364/505 mln/1557

12:30 pm : The S&P 500 recently poked into positive territory, but it quickly surrendered its gain to retreat back into the red. The resistance near the neutral line comes after stocks squeezed higher from a marked loss.

The Treasury will wrap up this week's auction calendar with the sale of $16 billion of 30-year Bonds. The results are due at 1:00 PM ET. After modest results for the sales of 3-year and 10-year Notes, expectations are tepid. DJ30 -34.97 NASDAQ +1.27 SP500 -1.88 NASDAQ Adv/Vol/Dec 1286/968 mln/1223 NYSE Adv/Vol/Dec 1388/452 mln/1525

12:00 pm : The Dow and S&P 500 have made a nice push toward the neutral line. The Nasdaq Composite has actually pushed into positive territory.

Large-cap tech has been a primary source of strength for the tech-rich Nasdaq. Research In Motion (RIMM 57.43, +2.43) has been especially strong. Cisco (CSCO 24.34, -0.01) has faltered, however, ahead of its quarterly earnings report this evening. DJ30 -14.12 NASDAQ +3.28 SP500 -0.57 NASDAQ Adv/Vol/Dec 1326/878 mln/1165 NYSE Adv/Vol/Dec 1459/416 mln/1432

11:30 am : The dollar has pulled back a bit from its session high, but it is still up a strong 0.7%. Remaining strength in the dollar has kept stocks in the red, though the major averages are slowly trimming their losses.

Consumer discretionary stocks (+0.3%) and energy stocks (+0.1%) have joined financials in higher ground. Financials are currently up 0.2%, but they have failed to provide true leadership to the broader market in recent action. The sector has also struggled to reclaim the gains that they forfeited in the early going. DJ30 -45.07 NASDAQ -4.26 SP500 -3.39 NASDAQ Adv/Vol/Dec 1152/768 mln/1301 NYSE Adv/Vol/Dec 1208/368 mln/1645

11:00 am : Stocks are stuck in the red with some rather marked losses. The slide comes as the dollar extends its rally to a 0.9% gain, which marks its fourth straight advance. Not only is this the longest streak of gains for the greenback since August, but it is also the most robust four-session move (currently 2.9%) since May.

Volatility has increased with the stock market's pullback. As such, the Volatility Index (VIX) is up almost 4% at the moment. That comes after it climbed more than 4% in the prior session. Granted, before it bounced in the prior session, the VIX set a six-month low yesterday morning. DJ30 -57.71 NASDAQ -13.03 SP500 -5.97 NASDAQ Adv/Vol/Dec 932/610 mln/1485 NYSE Adv/Vol/Dec 958/300 mln/1865

10:30 am : The Dollar Index is up for a fourth consecutive session, creating weakness in select commodities.

December silver is pulling back hard after hitting new contract highs yesterday. It fell below the $27.00 level shortly after electronic trading ended yesterday and is currently 7.8% lower at $26.67 per ounce.

December gold is also weak today. The precious metal has been in the red all session and hit fresh session lows of $1389.40 per ounce in recent trade. Gold is currently 1.7% lower at $1385.50 per ounce.

The energy market has been mixed this morning.

December crude rose to its highest level of $87.45 per barrel in the session right at the open. However, it pulled back pretty quickly and was near the flat ahead of today's inventory data. Following the data, which showed a draw of 3.274 million barrels versus a build of 1.5 million barrels, crude ticked higher. it's now 0.5% higher at $87.14 per barrel.

December natural gas was trading along with crude, heading into the open of pit trade. It also lost steam just after the open, but natural gas fell sharply into the red, losing 1.7% and hitting new session lows of $4.17 per MMBtu. It's now 0.6% lower at $4.18 per MMBtu.DJ30 -73.60 NASDAQ -14.95 SP500 -7.63 NASDAQ Adv/Vol/Dec 841/459.1 mln/1485 NYSE Adv/Vol/Dec 818/225.0 mln/1978

10:00 am : Stocks have extended their morning slide. The S&P 500 momentarily steadied itself at the 1208 line, but it has since pushed through that point to a new morning low. The downturn has taken stocks beneath the prior session's low.

Financials continue to stand out, though their gain has been cut to just 0.1%. Still, financials make up the only major sector in positive territory. The sector is currently led by regional banks (+0.3%) and diversified banks (-0.1%). Diversified financial services stocks (+0.4%) are also strong.

Advancing Sectors: Financials (+0.1%)
Declining Sectors: Telecom (-1.0%), Utilities (-1.0%), Materials (-0.9%), Health Care (-0.9%), Consumer Staples (-0.7%), Industrials (-0.7%), Tech (-0.6%), Energy (-0.4%), Consumer Discretionary (-0.3%)DJ30 -63.17 NASDAQ -11.59 SP500 -6.23 NASDAQ Adv/Vol/Dec 890/289 mln/1343 NYSE Adv/Vol/Dec 894/150 mln/1817

09:45 am : The dollar has sprinted ahead to a 0.6% gain, which puts it at a fresh morning high. That has caused the major equity averages to slide off of their opening levels.

Weakness is relatively widespread, but utilities are under some of the most pressure this morning. The sector has already shed 0.7%, despite its defensive-oriented nature.

In contrast to the prior session, financials have attracted significant support this morning. In turn, the sector is up 0.6% after it fell more than 2% in the prior session. DJ30 -27.74 NASDAQ -6.46 SP500 -2.39 NASDAQ Adv/Vol/Dec 1051/163 mln/1103 NYSE Adv/Vol/Dec 1222/98 mln/1424

09:15 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +5.30. The dollar has pared some of its morning gain so that it is now up just 0.2% against a basket of competing currencies. Stock futures have responded by making a modest move higher. The tone among premarket participants also improved modestly with the release of the latest initial jobless claims count, which declined more than expected to 435,000. Continuing claims eased to 4.30 million. The trade deficit for September also improved modestly. It came in at $44.0 billion. Overseas trade has been generally lackluster. Europe's major bourses are in the red and yield spreads have widened on the debt of the more fiscally challenged eurozone countries. Action in Asia was somewhat mixed as the Shanghai Composite and Hang Seng slid while the Nikkei rallied amid a weaker yen. Still on the calendar for today are the results from an auction of 30-year Bonds (1:00 PM ET) and the Treasury's monthly budget statement (2:00 PM ET).

09:00 am : S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +5.30. Futures for the S&P 500 are now up slightly against fair value, but Europe's major bourses are under pressure after putting on a strong performance in the prior session. Germany's DAX is currently down 0.3%. Its weakness comes as Infineon Tech and Deutsche Bank (DB) slide. BMW has also been a drag on action. In France, the CAC has fallen to a 0.6% loss. GDF Suez, Total (TOT), and Sanofi-Aventis (SNY) have had the most detrimental impact on trade. As for data, France had industrial production growth of 0.1% in October. That followed a flat reading for September. Manufacturing production for October slipped 0.1% after a 0.1% increase in September. Britain's FTSE has fallen to a 0.4% loss. Rio Tinto (RIO), BHP Billiton (BHP), BP Plc (BP) and Royal Dutch Shell (RDS.A) are driving the downside action.

In Asia, Japan's Nikkei staged a strong 1.4% rally. Advancers outnumbered declining issues by about 6-to-1. Fast Retailing was a primary leader, thanks partly to a weaker yen. As for data, Japan's Consumer Confidence Index came in at 41.1 for October. That was little changed from the 41.4 that was recorded for September. Mainland China's Shanghai Composite fell to a 0.6% loss amid weakness in China Merchants Bank, Industrial & Commercial Bank, and China Life Insurance. Data indicated that China's trade surplus for October totaled $27.2 billion, up from $16.9 billion in September. Hong Kong's Hang Seng fell 0.9%. Bank stocks had a particularly bad effect on trade as losses were led by China Construction Bank, HSBC (HBC), Bank of China, and Industrial & Commercial Bank.

08:35 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +2.80. Stock futures showed a mildly positive response to the latest dose of data, but they remain mired near the neutral line. Initial jobless claims for the week ended November 6 totaled 435,000, which is down 24,000 week-over-week and less than the 450,000 that had been generally expected among economists polled by Briefing.com. Continuing claims were also down from the prior week. They came in at 4.30 million, down from 4.39 million. The trade deficit for September totaled $44.0 billion, which is not quite as deep as the $44.8 billion deficit that had been expected, on average, among economists polled by Briefing.com. The September deficit was down a bit from the $46.5 billion deficit recorded for August. Separately, import prices for October increased 0.9% month-over-month after a 0.1% monthly decline in September.

08:00 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -0.30. Stock futures are flat this morning, even though the dollar has extended its recent run higher with another 0.4% advance. The dollar is now on track for its fourth straight gain, its strongest streak since August. News flow remains light as there have been no announcements of substance from some of the more widely-held names. There is a flurry of data due at the bottom of the hour, though. Today's economic calendar includes the latest weekly jobless claims count, which is ordinarily released on Thursdays, but this Thursday marks the observance of Veterans Day. Import price data for October and the September trade balance are also due at 8:30 AM ET. The U.S. trade balance, which is expected to show a deficit of about $45 billion, and China's recently reported trade surplus of about $27 billion will likely be topics of discussion at the G-20 meeting. Wider yield spreads on the debt of Ireland and Portugal suggest that sovereign debt concerns will also be part of the backdrop of the G-20 meeting, which begins tomorrow.

06:59 am : S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +4.00.

06:59 am : Nikkei...9830.52...+136.00...+1.40%. Hang Seng...24500.61...-210.00...-0.90%.

06:59 am : FTSE...5850.62...-24.50...-0.40%. DAX...6769.50...-19.20...-0.30%.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Only Trading (no indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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