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 Post subject: October 15th Monday TF, 6E & CL Futures $2400.50
PostPosted: Mon Oct 15, 2012 8:45 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2300.00 dollars or +23.00 points, EuroFX 6E futures @ $50.00 dollars or +0.0004 ticks and Light Crude Oil CL (WTI) futures @ $100.00 dollars or +0.10 points. Total Profit @ $2400.50 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=109&t=1344

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)...regardless if I'm day trading, swing trading or position trading.

Image 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

Image 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).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=192&t=1618

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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. 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 via 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 trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Oct. 15 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, as the Standard & Poor’s 500 Index rebounded from its biggest weekly drop in four months, after American retail sales and Citigroup Inc.’s earnings topped estimates.

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Market Update

4:15 pm : Equities got off to a slow start as the major averages spent the first 90 minutes near their respective unchanged levels. Today's economic data was mixed, and did little to move the markets. After early indecision, the three indices rose to their session highs, and maintained those levels into the afternoon. The S&P 500 saw brief afternoon weakness before late-day buying lifted the index to a gain of 0.8%.

Financial stocks showed strength after Citigroup (C 36.66, +1.91) beat its earnings expectations by $0.07 and reported revenue of $19.4 billion. The shares of the financial giant settled higher by 5.5%, and outperformed the remaining majors. Bank of America (BAC 9.44, +0.32), Goldman Sachs (GS 124.50, +4.30), and Morgan Stanley (MS 17.75, +0.44) also outperformed the sector. The three financials added between 2.5% and 3.6%. Note that Goldman Sachs will report its third quarter earnings before tomorrow's opening bell.

Meanwhile, American Express (AXP 57.59, -0.30) and Wells Fargo (WFC 33.90, -0.35) missed out on the rally, and registered respective losses of 0.5% and 1.0%.

Health care stocks led the broader market. Within the space, drug manufacturers saw the most notable gains. Eli Lilly (LLY 52.53, +2.08) added 4.1% after Leerink Swann upgraded the stock to ‘outperform' from ‘market perform.'

Abbott Labs (ABT 72.05, +2.77) advanced 4.0% after the company released encouraging results from the Phase 2b study of its interferon-free investigational regimen for the treatment of hepatitis C.

Meanwhile, Bristol-Myers Squibb (BMY 33.93, +0.84) gained 2.5%.

On the downside, Amedisys (AMED 12.08, -1.25) sank 9.4% after announcing a new health services agreement with insurer Humana (HUM 74.73, -0.09). Per the updated agreement, Amedisys will generate revenue levels of approximately half of the prior amount earned from Humana.

Telecom stocks were the biggest laggard of the session. The sector underperformance stemmed from weakness demonstrated by an industry leader. AT&T (T 35.21, -0.42) slid 1.2% after SoftBank confirmed its plans to invest $20.1 billion in Sprint Nextel (S 5.69, -0.04). The investment is expected to create tougher competition for both AT&T and Verizon (VZ 44.50, -0.12). In addition Sprint is expected to acquire Clearwire (CLWR 2.69, +0.37).

The Dow Jones Transportation Average trailed the broader market, and settled higher by 0.4%. Within the bellwether group, railroads were mixed. Kansas City Southern (KSU 74.70, -0.45) and Union Pacific (UNP 120.93, -0.12) shed between 0.1% and 0.6% Meanwhile, CSX (CSX 21.45, +0.14) added 0.7% despite being downgraded to ‘peer perform' from ‘outperform' by Wolfe Trahan. Note that CSX will report its third quarter earnings after tomorrow's market close.

September retail sales rose by 1.1%, which was better than the 0.7% increase that had been broadly expected. The prior month's reading was revised up to show an increase of 1.2%. Excluding autos, retail sales rose by 1.1%, which was ahead of the Briefing.com consensus call for a rise of 0.6%.

Separately, the Empire Manufacturing Survey for October registered a reading of -6.2, which was up from the prior month's reading of -10.4. Economists polled by Briefing.com had expected, on average, that the Survey would rise to -2.8.

Lastly, during August, inventories rose by 0.6% which was slightly above the 0.5% that had been expected. This follows prior month's reading of 0.8%.

Tomorrow, September CPI and core CPI will be reported at 8:30 ET. August net long-term TIC flows will be released at 9:00 ET, while September industrial production and capacity utilization will be announced at 9:15 ET. Lastly, the October NAHB Housing Market Index will hit the wires at 10:00 ET.DJ30 +95.38 NASDAQ +20.07 SP500 +11.54 NASDAQ Adv/Vol/Dec 1562/1.53 bln/895 NYSE Adv/Vol/Dec 2016/618.9 mln/999

3:35 pm : After selling off sharply earlier this morning, crude oil made a strong reversal. Off its session high, crude fell as much as $2.41/barrel to its low for the day of $86.79. However, crude managed to recover back near the $92 level and finish the day four cents lower at $91.83/barrel.

Natural gas futures was in negative territory all session and really began to lose steam around 7:45am ET. The energy component fell as low as $3.45. It recovered just mildly and ended the day 3.3% lower at $3.49/MMBtu.

Precious metals were weak all day as well. Dec gold touched a session low of $1729.70, while Dec silver put in a low for the day at $32.57. At the end of today's floor trading session, gold finish 1.3% lower at $1737.70 and silver finished 2.8% lower at $2.8. Dec copper was unchanged at $3.70/lb.DJ30 +86.93 NASDAQ +15.36 SP500 +9.42 NASDAQ Adv/Vol/Dec 1402/1300.4 mln/1036 NYSE Adv/Vol/Dec 1845/410 mln/1122

3:00 pm : Equities have slipped off their session highs. However, the major averages remain firmly in the black and the S&P 500 trades higher by 0.5%.

As the third quarter earnings season enters full force, a handful of notable companies are scheduled to report their earnings between today's close and tomorrow's open.

Following today's close, Packaging Corp (PKG35.67, +0.48) will report its third quarter results.

Ahead of tomorrow's open, Coca-Cola (KO 38.07, -0.16), Domino's Pizza (DPZ 38.04, +0.34), Goldman Sachs (GS 123.75, +3.54), Johnson & Johnson (JNJ 68.70, +0.73), Mattel (MAT 35.48, -0.52), PNC (PNC 62.64, -0.09), and UnitedHealth (UNH 57.36, +0.29) are all scheduled to report.DJ30 +76.10 NASDAQ +8.19 SP500 +6.89 NASDAQ Adv/Vol/Dec 1365/1.15 bln/1066 NYSE Adv/Vol/Dec 1758/359.3 mln/1218

2:30 pm : The major averages are holding their afternoon levels and the S&P 500 trades higher by 0.7%.

Railroad stocks have been in the headlines today. FreightCar America (RAIL 17.67, -0.66) is down 3.6% after UBS downgraded the stock to ‘sell' from ‘neutral' due to company's high exposure to coal.

Meanwhile, Canadian National Rail (CNI 88.90, -0.05) is slipping 0.1% despite being upgraded by Wolfe Trahan to ‘market perform' from ‘underperform.'

Wolfe Trahan also upgraded Canadian Pacific (CP 89.36, +0.65) to ‘outperform' from ‘market perform.' The railroad stock has responded by adding 0.7%.DJ30 +91.44 NASDAQ +12.12 SP500 +9.15 NASDAQ Adv/Vol/Dec 1449/1.06 bln/977 NYSE Adv/Vol/Dec 1840/331.9 mln/1115

2:00 pm : Stocks are holding their recent levels and the S&P 500 is adding 0.6%.

Financial stocks are showing strength after Citigroup (C 36.14, +1.39) beat its earnings expectations by $0.07 and reported revenue of $19.4 billion. The shares of the financial giant trade higher by 4.0% as they outperform the remaining majors. Bank of America (BAC 9.34, +0.22), Goldman Sachs (GS 123.69, +3.49), and Morgan Stanley (MS 17.64, +0.33) are also trading ahead of the sector. The three financials are adding between 1.9% and 3.0%. Note that Goldman Sachs will report its third quarter earnings before tomorrow's opening bell.

Meanwhile, American Express (AXP 57.61, -0.28) and Wells Fargo (WFC 33.71, -0.54) are missing out on the rally as the two stocks trade lower by 0.5% and 1.6%, respectively.DJ30 +90.84 NASDAQ +10.73 SP500 +8.80 NASDAQ Adv/Vol/Dec 1459/996.9 mln/953 NYSE Adv/Vol/Dec 1844/307.7 mln/1094

1:30 pm : The major averages are holding their afternoon levels and the S&P 500 is adding 0.6%.

The Dow Jones Transportation Average trades higher by 0.3% as it underperforms the remaining industrials. Within the bellwether group, railroads are mixed. Kansas City Southern (KSU 74.56, -0.59) and Union Pacific (UNP 120.92, -0.13) are down between 0.1% and 0.8% Meanwhile, CSX (CSX 21.39, +0.09) is adding 0.4% despite being downgraded to ‘peer perform' from ‘outperform' by Wolfe Trahan. Note that CSX will report its third quarter earnings after tomorrow's market close.

Airlines are the top performing group within the transportation average as United Airlines (UAL 20.40, +0.40) and JetBlue Airways (JBLU 5.18, +0.09) show respective gains of 2.0% and 1.8%.DJ30 +80.32 NASDAQ +10.27 SP500 +8.09 NASDAQ Adv/Vol/Dec 1465/924.8 mln/930 NYSE Adv/Vol/Dec 1866/284.2 mln/1074

1:05 pm : Equities showed indecision in the early part of the session as today's economic data did little to inspire investor confidence. However, the major averages rallied to their respective session highs around the European close, and have built on their gains since. At midday, the S&P 500 trades higher by 0.6%.

Citigroup (C 36.28, +1.53) was in focus earlier after the financial giant beat its earnings expectations. Currently, the stock is adding 4.4%.

Health care stocks are leading the broader market. Within the space, drug manufacturers are seeing the most notable gains. Eli Lilly (LLY 52.36, +1.91) is spiking 3.8% after Leerink Swann upgraded the stock to ‘outperform' from ‘market perform.'

Abbott Labs (ABT 71.63, +2.35) is advancing 3.4% after the company released encouraging results from the Phase 2b study of its interferon-free investigational regimen for the treatment of hepatitis C.

Meanwhile, Bristol-Myers Squibb (BMY 34.41, +1.32) trades higher by 4.0%.

On the downside, Amedisys (AMED 12.00, -1.33) is sliding 10.0% after announcing a new health services agreement with insurer Humana (HUM 74.85, +0.03). Per the updated agreement, Amedisys will generate revenue levels of approximately half of the prior amount earned from Humana.

Telecom stocks are the biggest laggard of the session. The sector underperformance stems from weakness demonstrated by an industry leader. AT&T (T 35.30, -0.33) is sliding 0.9% after SoftBank confirmed its plans to invest $20.1 billion in Sprint Nextel (S 5.71, -0.02). The investment is expected to create tougher competition for both AT&T and Verizon (VZ 44.62, 0.00). In addition Sprint is expected to acquire Clearwire (CLWR 2.74, +0.42).

Mortgage real estate investment trusts are seeing considerable weakness as a group. American Capital Agency (AGNC 31.75, -0.84), Cypress Sharpridge Investments (CYS 13.02, -0.25), Two Harbors Investment Corp (TWO 11.50, -0.16), and Invesco Mortgage Capital (IVR 20.23, -0.49) are all down between 1.4% and 2.6%. The stocks have recovered the majority of their losses after several of them were pressured down in excess of 6.0% in early trade.

Earlier, Wunderlich downgraded Cypress Sharpridge to ‘hold' from ‘buy.' In addition, the brokerage lowered its earnings estimates for 13 mortgage REITs under coverage. Also of note, Sterne Agee has come out in defense of American Capital Agency, and has upgraded the shares to ‘short-term buy' with a $34 price target.

September retail sales rose by 1.1%, which was better than the 0.7% increase that had been broadly expected. The prior month's reading was revised up to show an increase of 1.2%. Excluding autos, retail sales rose by 1.1%, which was ahead of the Briefing.com consensus call for a rise of 0.6%.

Separately, the Empire Manufacturing Survey for October registered a reading of -6.2, which was up from the prior month's reading of -10.4. Economists polled by Briefing.com had expected, on average, that the Survey would rise to -2.8.

Lastly, during August, inventories rose by 0.6% which was slightly above the 0.5% that had been expected. This follows prior month's reading of 0.8%.DJ30 +85.96 NASDAQ +13.03 SP500 +8.86 NASDAQ Adv/Vol/Dec 1456/873.4 mln/928 NYSE Adv/Vol/Dec 1863/266.6 mln/1065

12:30 pm : The major averages continue to hold their levels and the S&P 500 is up 0.5%.

Looking at the materials sector, paper stocks are showing broad gains. Louisiana-Pacific (LPX 14.34, +0.34) is advancing 2.4% after RBC Capital upgraded the paper producer to ‘outperform' from ‘sector perform.' Meanwhile, International Paper (IP 37.28, +0.48) and KapStone Paper (KS 22.64, +0.28) are both adding 1.3%.

Among chemical producers, Ecolab (ECL 68.08, +1.84) trades higher by 2.8% after Credit Suisse upgraded the stock to ‘outperform' from ‘neutral.'

Steel stocks are generally higher. AM Castle (CAS 12.68, +0.43) and Cliffs Natural Resources (CLF 41.07, +0.57) are seeing respective gains of 3.5% and 1.4%.DJ30 +84.99 NASDAQ +13.43 SP500 +8.75 NASDAQ Adv/Vol/Dec 1431/793.9 mln/955 NYSE Adv/Vol/Dec 1812/240.8 mln/1091

12:00 pm : The S&P 500 is adding 0.4% as it trades two points below its session high.

Mortgage real estate investment trusts are seeing considerable weakness as a group. American Capital Agency (AGNC 31.28, -1.31), Cypress Sharpridge Investments (CYS 12.94, -0.33), Two Harbors Investment Corp (TWO 11.39, -0.27), and Invesco Mortgage Capital (IVR 20.06, -0.67) are all down between 2.3% and 4.1%. The stocks have recovered a portion of their losses after several of them were pressured down in excess of 6.0% in early trade.

Earlier, Wunderlich downgraded Cypress Sharpridge to ‘hold' from ‘buy.' In addition, the brokerage lowered its earnings estimates for 13 mortgage REITs under coverage.

Lastly, Sterne Agee upgraded AGNC to ‘short-term buy' with a $34 price target.DJ30 +58.08 NASDAQ +8.00 SP500 +5.70 NASDAQ Adv/Vol/Dec 1355/706.1 mln/996 NYSE Adv/Vol/Dec 1647/212.8 mln/1230

11:30 am : The S&P 500 and Dow have rallied to fresh session highs. The Nasdaq, however, trades near the middle of the day's range.

Health care stocks are leading the broader market. Within the space, drug manufacturers are seeing the most notable gains. Eli Lilly (LLY 52.51, +2.06) is spiking 4.1% and Bristol-Myers Squibb (BMY 33.75, +0.66) trades higher by 2.0%. Meanwhile, Abbott Labs (ABT 71.90, +2.62) is advancing 3.8% after the company released encouraging results from the Phase 2b study of its interferon-free investigational regimen for the treatment of hepatitis C.

On the downside, Amedisys (AMED 12.03, -1.30) is sliding 9.8% after announcing a new health services agreement with insurer Humana (HUM 74.06, -0.76). Per the updated agreement, Amedisys will generate revenue levels of approximately half of the prior amount earned from Humana.DJ30 +37.13 NASDAQ +5.53 SP500 +3.67 NASDAQ Adv/Vol/Dec 1303/602.6 mln/1032 NYSE Adv/Vol/Dec 1536/185.5 mln/1325

11:00 am : Stocks have given up their early gains as the S&P 500 hovers near its flat line.

Telecom stocks are the biggest laggard of the session. The sector weakness stems from declines among two industry leaders as AT&T (T 35.04, -0.58) and Verizon (VZ 44.26, -0.36) show respective losses of 1.5% and 0.7%. The two cellular providers are declining after SoftBank confirmed its plans to invest $20.1 billion in Sprint Nextel (S 5.75, +0.03). The investment is expected to create tougher competition for both T and VZ. In addition Sprint is expected to acquire Clearwire (CLWR 2.80, +0.48).DJ30 +9.23 NASDAQ -3.33 SP500 +0.55 NASDAQ Adv/Vol/Dec 1103/489.6 mln/1167 NYSE Adv/Vol/Dec 1301/155.5 mln/1509

10:35 am : Oil, copper, gold and silver all sold off hard this morning to new session lows.

Nov crude oil began to lost steam just before 8am EST after it hit its current session high of $92.20/barrel. Around 9am EST, crude oil really began to sell off and just hit a new session low of $89.79/barrel, about 2.4 pts below its HoD. Nov crude is now -2.0% at $90.01/barrel.

Natural gas has been a big underperformer this morning and fell as low as $3.47, over 5% lower on the day as weather forecasts add selling pressure on this energy commodity. In current trade, Nov natural gas is -3.3% at $3.49/MMBtu.

Gold and silver have been in the red all session and just hit new session lows of (Gold $1730.50, Silver $32.57). Dec gold is now -1.6% at $1731.90 and Dec silver is -3.1% at $32.64/ox.DJ30 +6.48 NASDAQ -5.70 SP500 -0.41 NASDAQ Adv/Vol/Dec 1062/375.2 mln/1158 NYSE Adv/Vol/Dec 1225/129 mln/1543

10:00 am : Equities have shown little reaction to the latest business inventories data. The S&P 500 is higher by 0.1%.

The monthly business inventory data for August was just released. Inventories rose by 0.6% for the month which is slightly above the 0.5% that had been expected. This follows prior month's reading of 0.8%.DJ30 +7.67 NASDAQ +4.08 SP500 +1.30 NASDAQ Adv/Vol/Dec 1127/233.2 mln/1001 NYSE Adv/Vol/Dec 1353/88.5 mln/1335

09:45 am : Equities have maintained their early bullish sentiment and the S&P 500 is higher by 0.2%.

Looking at the initial sector alignment, health care and financial stocks are outperforming in the early going. Telecoms are the biggest laggard of the session, while utilities, energy, and consumer staple stocks trail the broader market as well.

Also of note, crude oil fell over 1.0% prior to the open. The energy component now trades near $90.50.

August business inventories will be reported at 10:00 ET.DJ30 +21.94 NASDAQ +9.41 SP500 +2.04 NASDAQ Adv/Vol/Dec 1329/139.1 mln/743 NYSE Adv/Vol/Dec 1657/65.3 mln/966

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +10.30. As the start of the session nears, equity futures are higher by 0.4%.

Citigroup (C 35.55, +0.77) is higher by 2.2% after beating on earnings. In addition, the remainder of the financial sector looks poised for a higher open as Bank of America (BAC 9.25, +0.13), Goldman Sachs (GS 121.35, +1.15), and Morgan Stanley (MS 17.55, +0.24) all trade higher between 1.0% and 1.4%.

August business inventories will be announced at 10:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.80. U.S. equity futures have slipped off their pre-market highs, but the S&P 500 futures remain firmer by 0.4%.

In Europe, regional markets have been climbing higher since the open. Comments from European Commissioner Olli Rehn may be contributing to the bullish sentiment. Mr. Rehn said talks with Greece should conclude by mid-November, and more time for reforms may be given to the troubled nation. He also commented that Spain is open to a bailout request, and he is confident in Spain's ability to pursue reforms. Lastly, he said the European Stability Mechanism can be leveraged if needed. Elsewhere, Greek 10-yr benchmark yield tumbled 60 basis points to 17.08%, its lowest level since restructuring. Nearing midday, European indices are broadly higher.

In the United Kingdom, the FTSE is higher by 0.5% with financials outperforming. Hargreaves Lansdown and Standard Chartered are showing respective gains of 2.1% and 2.4%. Meanwhile, miners are broadly weaker. Anglo American, Evraz, and Kazakhmys are all down between 1.8% and 2.8%.

Germany's DAX is adding 0.8% and financial stocks are also showing strength. Commerzbank is adding 1.8% and Muenchener Rueckversicherungs trades higher by 1.0%. K+S is the biggest laggard on the session. The stock of the chemical producer is down 2.8% after Liberum Capital cut its recommendation on the shares to ‘sell.'

France's CAC is rising by 1.4%. Vivendi is leading the index with a 2.9% gain after reports indicated the telecom company is in discussions to merge its mobile-phone unit with Numericable. Financials are also on the rise as Credit Agricole and BNP Paribas trade higher by 2.5% and 1.9%, respectively. On the downside, Alcatel-Lucent is down 3.3% as it trails the remainder of the index.

The major Asian averages were mixed in overnight trade after China released its trade balance and PPI numbers. China's trade surplus widened to $27.7 billion ($20.4 billion expected, $26.7 billion previous) on both an increase in exports and a decrease in imports. Elsewhere, Australian home loans increased 1.8% month-over-month (1.4% expected) and new motor vehicle sales advanced 4.7% month-over-month. A revised look at Japan's latest industrial production showed a 1.6% month-over-month decline (-1.3% expected) while India's Wholesale Price Index climbed to 7.8% year-over-year (7.7% expected, 7.6% previous).

In Japan, the Nikkei closed higher by 0.5% after buyers emerged following the strong Chinese data. Heavyweight Softbank tumbled 5.3% as traders feared its deal to acquire Sprint was too pricey. Japanese automakers were strong with Nissan Motor, Toyota Motor, and Honda Motor seeing gains of as much as 3.9%.

Hong Kong's Hang Seng added 0.1% to end at a five-month high. Property developers were strong as Henderson Land and Sun Hung Kai Properties added 2.5% and 0.7% respectively to rebound from last week's losses. Telecom giant ZTE saw significant selling pressure, with the stock closing down almost 16%, after warning of a third quarter net loss of roughly CNY2 billion.

In China, the Shanghai Composite settled lower by 0.3% as profit concerns weighed. Yunnan Copper shed 2.4% and Yunnan Aluminum slipped 2.1% after both companies warned on quarterly results.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +15.00. Equity futures lifted to fresh pre-market highs following the release of the latest retail sales data. The S&P 500 futures are higher by 0.6%.

Retail sales rose during September by 1.1%, which is better than the 0.7% increase that had been broadly expected. The prior month's reading was revised up to show an increase of 1.2%. Excluding autos, retail sales rose by 1.1%, which is ahead of the Briefing.com consensus call for a rise of 0.6%.

Separately, the Empire Manufacturing Survey for October registered a reading of -6.2, which is up from the prior month's reading of -10.4. Economists polled by Briefing.com had expected, on average, that the Survey would rise to -2.8.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +14.00. U.S. equity futures are firmer by 0.5% as they trade near their pre-market highs.

Overnight, the global equity markets began the week on a positive note. In Asia, the markets had a mixed reaction to recent Chinese data. The country's trade surplus expanded, and exports also increased and exceeded expectations, but imports were lighter than expected, reaffirming the notion of a weakening economy. While the Shanghai Composite closed with a loss of 0.3%, it did come off lows set earlier in the session. In addition, Chinese CPI and PPI data was reported in-line, indicating inflation is in-check. Meanwhile, Japan's Nikkei settled higher by 0.5%, despite reporting a larger-than-expected decline in industrial production. Helping sentiment were comments from Nissan which stated sales in China are improving by the day, and are expected to return to normalcy within a couple of months. Elsewhere, Hong Kong's Hang Seng edged higher with a gain of 0.1%.

In Europe, regional markets have been climbing higher since the open. Comments from European Commissioner Olli Rehn may be contributing to the bullish sentiment. Mr. Rehn said talks with Greece should conclude by mid-November, and more time for reforms may be given to the troubled nation. He also commented that Spain is open to a bailout request and he is confident in Spain's ability to pursue reforms. Lastly, he said the European Stability Mechanism can be leveraged, if needed. Elsewhere, Greek 10-yr benchmark yield tumbled 60 basis points to 17.08%, its lowest level since restructuring. Nearing midday, European indices are broadly higher. UK's FTSE is higher by 0.5%, Germany's DAX is adding 0.8%, and France's CAC is rising by 1.3%.

In U.S. corporate news, Sprint Nextel (S 5.85, +0.12) is higher by 2.1% after reports indicated SoftBank is in advanced discussions to buy a majority stake in Sprint. In related news, Clearwire (CLWR 2.60, +0.28) is advancing 12.1% as the company is expected to be acquired by Sprint Nextel.

New Oriental Education & Technology (EDU 19.55, +2.41) is spiking 14.1% after Oppenheimer upgraded the for-profit education stock to ‘outperform' from ‘perform' with a $25 price target.

CONSOL Energy (CNX 34.20, -0.94) is sliding 2.7% after the company announced it expects to incur a net-loss during the third quarter. CNX will report its full third quarter results after the closing bell on Thursday, October 25.

Rio Tinto (47.96, -0.73) is lower by 1.5% after Goldman downgraded the shares of the mining company to ‘neutral' from ‘buy.'

In today's economic data, September retail sales, retail sales ex-auto, and the October Empire Manufacturing Index will all be reported at 8:30 ET. In addition, August business inventories will be announced at 10:00 ET.

06:44 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +11.50.

06:44 am : Nikkei...8577.93...+43.80...+0.50%. Hang Seng...21148.25...+11.80...+0.10%.

06:44 am : FTSE...5820.78...+27.50...+0.50%. DAX...7286.68...+54.20...+0.70%.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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