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 Post subject: October 16th Tuesday TF, 6E & CL Futures $1030.00
PostPosted: Wed Oct 17, 2012 4:34 am 
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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 @ ($180.00) dollars or -1.80 points, EuroFX 6E futures @ $150.00 dollars or +0.0012 ticks and Light Crude Oil CL (WTI) futures @ $1060.00 dollars or +1.06 points. Total Profit @ $1030.00 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=109&t=1345

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. 16 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rallied, giving the Standard & Poor’s 500 Index its biggest gain in a month, as industrial production rose more than forecast and corporate earnings topped estimates.

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Market Update

4:20 pm : Equities opened the session on a higher note after reports indicated Spain may be willing to ask for access to precautionary credit. The reports were followed by comments out of Germany which suggested the country's officials believe additional hurdles remain in Spain's way. Separate reports indicated the old continent's other troubled sovereign, Greece, is far from reaching an agreement with the Troika on its next bailout tranche. The European news did little to curb optimism as buyers lifted the major averages to midday session highs, which were maintained into the close. As a result the S&P 500 registered a gain of 1.0%.

Citigroup (C 37.25, +0.59) advanced 1.6% after announcing Chief Executive Officer, Vikram Pandit, and President and Chief Operating Officer, John Havens, have resigned. The resignations are effective immediately and the company's board has elected Michael Corbat as the new CEO.

Goldman Sachs (GS 123.22, -1.28) slipped 1.0% despite cruising past its earnings and revenue estimates. The financial giant exceeded Capital IQ earnings expectations by $0.58 and reported revenues nearly $1 billion ahead of Capital IQ estimates. In addition, the investment bank increased its dividend to $0.50 from $0.48.

PNC (PNC 60.40, -2.53) fell 4.0% despite beating on earnings and revenues.

Meanwhile, American Express (AXP 58.63, +1.04) outperformed and closed with a gain of 1.8%.

European financials showed considerable strength after earlier reports indicated Spain may ask for precautionary credit. Even though German officials have since come out to cool the speculation, European banks have maintained their gains. Deutsche Bank (DB 45.02, +1.97) rose by 4.6% while Banco Bilbao Vizcaya Argentaria (BBVA 8.24, +0.51) jumped 6.6%.

The materials sector led the broader market. Within the space, steel producers showed notable gains. Cliffs Natural Resources (CLF 44.07, +2.93) and Olympic Steel (ZEUS 18.77, +1.07) advanced 7.1% and 6.1%, respectively.

Packaging stocks also showed strength. Packaging Corp (PKG 36.26, +0.66) rose by 1.9% after reporting mixed earnings. The company reported a slight earnings miss, while its revenues were in-line with Capital IQ estimates. In addition, the management issued upside fourth quarter guidance. Peers Owens-Illinois (OI 20.61, +0.45) and Greif (GEF 44.04, +0.87) registered gains of 2.2% and 2.0%, respectively.

Also of note, provider of construction materials Texas Industries (TXI 44.47, +3.28) surged 8.0% after Sidoti upgraded the stock to ‘buy.'

The Dow Jones Transportation Average outperformed the broader market and settled higher by 1.1%.

Railroads Kansas City Southern (KSU 77.35, +2.65) and Union Pacific (UNP 123.40, +2.47) saw respective gains of 3.6% and 2.0%. Freight carriers were also on the rise. Expeditors International of Washington (EXPD 35.25, +0.25) and CH Robinson (CHRW 60.90, +0.54) both added near 0.8%.

Meanwhile, Overseas Shipholding Group (OSG 3.76, -1.41) was the worst performer among transportation stocks. The shipper sank 27.3% to extend its recent weakness. There did not appear to be any news related to the company and today's selling follows the stock's Friday decline of 13.6%.

In consumer stocks, Coca-Cola (KO 37.90, -0.23) slid 0.6% after the beverage giant reported in-line earnings and revenues.

Avon Products (AVP 17.14, -0.13) slipped 0.8% after the Food and Drug Administration disclosed a letter which warns the cosmetics producer about the marketing of some of its products.

WD-40 Company (WDFC 47.66, -3.39) fell 6.6% after missing on both earnings and revenues . In addition, the company lowered its full-year 2013 earnings and revenue guidance below consensus.

In economic news, the August net long-term TIC flows report indicated a $91.4 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's reading of $67.0 billion.

Industrial production increased during September by 0.4%, which was better than the 0.3% increase that had been widely expected. The reading follows the unrevised 1.2% decrease experienced in the prior month. Capacity utilization hit 78.3%, which was in-line with the Briefing.com consensus, and up from the unrevised prior month reading of 78.2%.

September consumer prices increased by 0.6% which was slightly better than the Briefing.com consensus of a 0.5% increase. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.1% which was slightly cooler than the generally expected increase of 0.2%.

The NAHB Housing Market Index for October registered a reading of 41. That was up from the prior month's reading of 40, and slightly worse than the reading of 42 that had been expected among economists polled by Briefing.com.

Tomorrow, the weekly MBA Mortgage Index will be announced at 7:00 ET, while September housing starts and building permits will be released at 8:30 ET.DJ30 +127.55 NASDAQ +36.99 SP500 +14.79 NASDAQ Adv/Vol/Dec 1584/1.68 bln/874 NYSE Adv/Vol/Dec 2283/641.1 mln/738

3:35 pm : Crude oil oscillated between positive and negative territory as the dollar index weakened. Prices popped to a session high of $92.30 per barrel moments after floor trade opened and brushed a session low of $91.30 per barrel in morning action. A rally heading into the close had crude settle at $92.08 per barrel, or 0.3% higher.

Natural gas extended yesterday's losses as it trended lower into the red on milder weather forecasts. It fell off a session high of $3.47 per MMBtu set in early morning pit trade and eventually closed 1.4% lower at $3.44 per MMBtu.

Precious metals got a boost from a drop in the dollar following headlines out of Europe suggesting that Germany may be open to precautionary credit for Spain. The reports were later refuted by German officials, but both gold and silver continued to trade firmly in the black. Gold climbed as high as $1748.90 per ounce in morning pit action and settled with a 0.5% gain at $1746.20 per ounce. Silver dipped to a session low of $32.79 per ounce and moments later popped to a session high of $33.08 per ounce. It eventually closed with a 0.7% gain at $32.97 per ounce.DJ30 +105.40 NASDAQ +33.97 SP500 +12.75 NASDAQ Adv/Vol/Dec 1476/1428.7 mln/9662 NYSE Adv/Vol/Dec 2155/447 mln/830

3:00 pm : As the markets enter the final hour of trade, the major averages continue to hold their afternoon levels. The S&P 500 is higher by 0.9%.

In today's earnings, the focus will shift to technology stocks as IBM (IBM 210.26, +1.33) and Intel (INTC 22.23, +0.50) are scheduled to report their third quarter results. According to Capital IQ, IBM is expected to report earnings of $3.61 on $25.363 billion in revenue. Meanwhile, the Capital IQ consensus calls for Intel to earn $0.49 on revenue of $13.201. Also of note, railroad operator CSX (CSX 21.75, +0.30) is scheduled to report after the close as well.

Before tomorrow's open, Bank of America (BAC 9.41, -0.03), Bank of New York (BK 23.52, +0.43), Halliburton (HAL 34.56, +0.72), PepsiCo (PEP 70.43, +0.09), Stanley Black & Decker (SWK 71.48, +0.12), and U.S. Bancorp (USB 33.51, -0.12) are all scheduled to report.DJ30 +110.19 NASDAQ +32.42 SP500 +12.59 NASDAQ Adv/Vol/Dec 1486/1.25 bln/950 NYSE Adv/Vol/Dec 2142/389.4 mln/837

2:30 pm : The major averages continue to hold near their session highs and the S&P 500 is adding 0.9%.

First Solar (FSLR 24.20, +1.96) is advancing 8.8% after entering into an agreement with Jawa Bali Services to collaborate on the delivery of 100 megawatts of utility-scale solar power plants in Indonesia. Other solar stocks are also seeing strength. GT Advanced Technologies (GTAT 5.02, +0.30) is climbing 6.4% and MEMC Electronic Materials (WFR 2.48, +0.12) is adding 5.3%. Meanwhile, the Guggenheim Solar ETF (TAN 15.87, +0.16) trades higher by 1.0%.DJ30 +113.25 NASDAQ +30.35 SP500 +12.37 NASDAQ Adv/Vol/Dec 1480/1.17 bln/952 NYSE Adv/Vol/Dec 2109/361.1 mln/860

2:00 pm : The major averages are holding their levels as the S&P 500 trades higher by 1.0%.

Shares of major financials are showing slight underperformance in relation to the broader market.

Citigroup (C 37.00, +0.36) is advancing 1.0% after announcing Chief Executive Officer, Vikram Pandit, and President and Chief Operating Officer, John Havens, have resigned. The resignations are effective immediately and the company's board has elected Michael Corbat as the new CEO.

Goldman Sachs (GS 123.60, -0.90) is adding 0.3% after cruising past its earnings and revenue estimates. The financial giant exceeded Capital IQ earnings expectations by $0.58 and reported revenues nearly $1 billion ahead of Capital IQ estimates. In addition, the investment bank increased its dividend to $0.50.

PNC (PNC 60.59, -2.34) is sliding 3.7% despite beating on earnings and revenues.

Meanwhile, American Express (AXP 58.62, +1.03) and JPMorgan Chase (JPM 42.84, +0.45) are seeing respective gains of 1.8% and 1.1%.

European financials are showing considerable strength after earlier reports indicated Spain may ask for precautionary credit. Even though German officials have since come out to cool the speculation, European banks are maintaining their gains. Deutsche Bank (DB 44.98, +1.93) is rising by 4.5% while Banco Bilbao Vizcaya Argentaria (BBVA 8.26, +0.53) is jumping 6.9%.DJ30 +123.90 NASDAQ +33.05 SP500 +14.45 NASDAQ Adv/Vol/Dec 1518/1.11 bln/884 NYSE Adv/Vol/Dec 2162/333.7 mln/822

1:30 pm : The Dow Jones Transportation Average is higher by 1.3% as it outperforms the broader market.

Overseas Shipholding Group (OSG 4.08, -1.09) is the worst performer among transportation stocks. The shipper is sinking 21.1% to extend its recent weakness. There doesn't appear to be any news related to the company and today's selling follows the stock's 13.6% decline on Friday.

Elsewhere in the space, railroads are showing some strength. Kansas City Southern (KSU 77.45, +2.75) and Union Pacific (UNP 123.19, +2.26) are seeing respective gains of 3.7% and 1.9%.

Providers of freight services are also moving higher. Expeditors International of Washington (EXPD 35.46, +0.46) and CH Robinson (CHRW 61.43, +1.07) are both up near 1.5%.DJ30 +123.68 NASDAQ +32.97 SP500 +14.45 NASDAQ Adv/Vol/Dec 1517/1.01 bln/875 NYSE Adv/Vol/Dec 2142/307.8 mln/810

1:00 pm : Stocks began today's session on a positive note after headlines out of Europe suggested Germany may be open to precautionary credit for Spain. The reports were later refuted by German officials, but the markets continued their steady climb higher. At midday, the S&P 500 is higher by 1.0%.

Citigroup (C 37.20, +0.54) is climbing 1.5% after announcing Chief Executive Officer, Vikram Pandit, and President and Chief Operating Officer, John Havens, have resigned. The resignations are effective immediately, and the company's board has elected Michael Corbat as the new CEO.

Goldman Sachs (GS 124.76, +0.26) is adding 0.2% after cruising past its earnings and revenue estimates. The financial giant exceeded Capital IQ earnings expectations by $0.58 and reported revenues nearly $1 billion ahead of Capital IQ estimates. In addition, the investment bank increased its dividend to $0.50 from $0.48.

The materials sector is outperforming the broader market. Within the space, steel producers are showing notable gains. Cliffs Natural Resources (CLF 43.33, +2.19) and Olympic Steel (ZEUS 18.78, +1.08) are advancing 5.3% and 6.1%, respectively.

Packaging stocks are also showing strength. Packaging Corp (PKG 36.44, +0.84) is rising by 2.4% after reporting mixed earnings. The company reported a slight earnings miss, while its revenues were in-line with Capital IQ estimates. In addition, the management issued upside fourth quarter guidance. Peers Owens-Illinois (OI 20.69, +0.53) and Greif (GEF 44.09, +0.92) are registering respective gains of 2.6% and 2.1%.

Also of note, provider of construction materials Texas Industries (TXI 43.69, +2.50) is surging 6.1% after Sidoti upgraded the stock to ‘buy.'

Consumer staple stocks are the biggest laggard of the day.

Coca-Cola (KO 37.90, -0.23) is sliding 0.6% after the beverage giant reported in-line earnings and revenues.

Avon Products (AVP 17.08, -0.19) is down 1.1% after the Food and Drug Administration disclosed a letter which warns the cosmetics producer about the marketing of some of its products.

WD-40 Company (WDFC 47.10, -3.95) is sliding 7.7% after missing on both earnings and revenues . In addition, the company lowered its full-year 2013 earnings and revenue guidance below consensus.

In today's economic news, the August net long-term TIC flows report indicated a $91.4 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's reading of $67.0 billion.

Industrial production increased during September by 0.4%, which was better than the 0.3% increase that had been widely expected. The reading follows the unrevised 1.2% decrease experienced in the prior month.

Capacity utilization hit 78.3%, which was in-line with the Briefing.com consensus, and up from the unrevised prior month reading of 78.2%.

September consumer prices increased by 0.6% which was slightly better than the Briefing.com consensus of a 0.5% increase. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.1% which was slightly cooler than the generally expected increase of 0.2%.

The NAHB Housing Market Index for October registered a reading of 41. That was up from the prior month's reading of 40, and slightly worse than the reading of 42 that had been expected among economists polled by Briefing.com.DJ30 +118.89 NASDAQ +32.68 SP500 +13.70 NASDAQ Adv/Vol/Dec 1519/942.7 mln/860 NYSE Adv/Vol/Dec 2149/290.1 mln/803

12:30 pm : The major averages are showing little change in recent trade and the S&P 500 is higher by 1.0%.

Fossil (FOSL 91.88, +6.77) is spiking 8.0% after Citigroup upgraded the stock to ‘buy' from ‘neutral.' Shares of other luxury retailers are also seeing strength. Coach (COH 56.08, +0.57), Ralph Lauren (RL 163.01, +3.20), and PVH (PVH 97.35, +2.39) are adding between 1.0% and 2.5%.DJ30 +116.84 NASDAQ +33.71 SP500 +14.12 NASDAQ Adv/Vol/Dec 1537/858.1 mln/836 NYSE Adv/Vol/Dec 2172/266.3 mln/768

12:00 pm : The key indices have shown little change over the last 30 minutes. The S&P 500 is adding 0.9%.

Consumer staple stocks are underperforming the broader market. Within the defensive space, cigarette makers are seeing some interest. Lorillard (LO 116.61, +1.16) and Universal Corporation (UVV 51.31, +0.17) trade higher by 1.0% and 0.3%, respectively.

On the downside, Coca-Cola (KO 37.93, -0.20) is sliding 0.5% after the beverage giant reported in-line earnings and revenues.

Avon Products (AVP 17.07, -0.20) is down 1.2% after the Food and Drug Administration disclosed a letter which warns the cosmetics producer about the marketing of some of its products.

WD-40 Company (WDFC 47.04, -4.01) is sliding 7.9% after missing on both earnings and revenues . In addition, the company lowered its full-year 2013 earnings and revenue guidance below consensus.DJ30 +121.12 NASDAQ +30.15 SP500 +13.42 NASDAQ Adv/Vol/Dec 1547/756.9 mln/799 NYSE Adv/Vol/Dec 2173/241.6 mln/745

11:30 am : The major averages are maintaining their recent levels and the S&P 500 is adding 0.9%.

The materials sector is outperforming the broader market. Within the space, steel producers are showing notable gains. Cliffs Natural Resources (CLF 43.71, +2.57) and Olympic Steel (ZEUS 18.70, +1.00) are advancing 6.3% and 5.7%, respectively.

Packaging stocks are also showing strength. Packaging Corp (PKG 36.49, +0.89) is rising by 2.5% after reporting mixed earnings. The company reported a slight earnings miss, while its revenues were in-line with Capital IQ estimates. In addition, the management issued upside fourth quarter guidance. Peers Owens-Illinois (OI 20.64, +0.48) and Greif (GEF 44.23, +1.06) are registering respective gains of 2.4% and 2.5%.

Also of note, provider of construction materials Texas Industries (TXI 45.51, +4.32) is surging 10.5% after Sidoti upgraded the stock to ‘buy.'DJ30 +122.25 NASDAQ +27.61 SP500 +13.26 NASDAQ Adv/Vol/Dec 1520/650.6 mln/788 NYSE Adv/Vol/Dec 2160/212.4 mln/739

11:00 am : Equities are holding near their session highs and the S&P 500 is adding 0.7%.

The consumer discretionary stocks are trading largely in-line with the broader market. However, a handful of companies within the sector are on the move after reporting their earnings.

Domino's Pizza (DPZ 40.20, +1.96) beat on earnings and reported in-line revenues. In addition, domestic stores posted a same-store sales increase of 3.3%. The stock trades higher by 5.1%, and the strong buying interest has lifted shares of the pizza chain operator to a fresh all-time high.

Mattel (MAT 36.75, +1.33) is rising by 3.7% after reporting mixed earnings. The toy maker beat the Capital IQ earnings estimates while its revenues were in-line with the Capital IQ consensus.

Elsewhere, grocery store operator Kroger (KR 23.92, +0.49) is adding 2.1% after Jefferies upgraded the stock to ‘buy' from ‘hold.'DJ30 +117.95 NASDAQ +21.17 SP500 +11.57 NASDAQ Adv/Vol/Dec 1484/542.5 mln/772 NYSE Adv/Vol/Dec 2113/182.1 mln/752

10:35 am : The dollar index has been in negative territory all session, which has given a boost to select commodities, especially gold and silver. Crude oil is volatile and is heading back to a recent session low. Natural gas has been trending lower all session basically and just hit a new session low of $3.42/MMBtu.

In current action, Nov crude oil is -0.2% at $91.65/barrel, while Nov natural gas is -2.0% at $3.42/MMBtu. In precious metals, Dec gold is +0.58% at $1746.30/oz and Dec silver is +0.7% at $32.98/oz.NASDAQ Adv/Vol/Dec 1510/465.1 mln/739 NYSE Adv/Vol/Dec 2170/161 mln/668

10:00 am : Stocks have shown little change in response to the latest NAHB Housing Market Index. The S&P 500 is higher by 0.7%.

The NAHB Housing Market Index for October registered a reading of 41. That is up from prior month's reading of 40, and slightly worse than the reading of 42 that had been expected among economists polled by Briefing.com.DJ30 +99.24 NASDAQ +14.73 SP500 +9.99 NASDAQ Adv/Vol/Dec 1551/266.5 mln/625 NYSE Adv/Vol/Dec 2222/103.1 mln/546

09:45 am : Equities have maintained their early bullish sentiment as the S&P 500 trades higher by 0.5%.

Citigroup (C 36.82, +0.16) is adding 0.4% after announcing Chief Executive Officer, Vikram Pandit, and President and Chief Operating Officer, John Havens, have resigned. The resignations are effective immediately and the company's board has elected Michael Corbat as the new CEO.

Goldman Sachs (GS 123.60, -0.90) is down 0.7% despite cruising past its earnings and revenue estimates. The financial giant exceeded Capital IQ earnings expectations by $0.58 and reported revenues nearly $1 billion ahead of Capital IQ estimates. In addition, the investment bank increased its dividend to $0.50.

PNC (PNC 60.49, -2.44) is sliding 3.9% despite beating on earnings and revenues.

The October NAHB Housing Market Index will be announced at 10:00 ET.DJ30 +73.14 NASDAQ +8.55 SP500 +7.14 NASDAQ Adv/Vol/Dec 1429/158.9 mln/656 NYSE Adv/Vol/Dec 2097/73.8 mln/583

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +7.50. Heading into the open, equity futures are higher by 0.5%.

In economic news, the August net long-term TIC flows report indicated a $91.4 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's reading of $67.0 billion.

Separately, industrial production increased during September by 0.4%, which is better than the 0.3% increase that had been widely expected. The reading follows the unrevised 1.2% decrease experienced in the prior month.

Capacity utilization hit 78.3%, which is in-line with the Briefing.com consensus, and up from the unrevised prior month reading of 78.2%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +11.50. U.S. equity futures are off their pre-market highs, but they remain firmly in the black.

European markets saw early strength as reports suggested Spain was considering taking a line of credit to oblige with European Central Bank conditions to conduct bond buying. The regional indices doubled their early gains after Bloomberg TV reports indicated Germany is open to precautionary credit for Spain. Periphery yields tightened and the euro advanced back over the 1.30 handle in response to the news. Looking at economic data, the German ZEW Economic Sentiment Survey came in at -11.5 which was ahead of the expected reading of -15.0. It should be noted that the Current Situations component fell short of estimates. Meanwhile, the Eurozone version of the ZEW Survey was reported at -1.4 which was lower than the -1.1 forecast. Following normal protocol after a Sovereign downgrade, S&P cut ratings on 15 Spanish Banks. Lastly, Eurozone leaders will meet at a two-day Eurozone summit which is scheduled for Thursday and Friday of this week.

In the United Kingdom, the FTSE is advancing 0.9%. Financials are showing strength as Lloyds Banking Group and Barclays trade higher by 4.7% and 3.2%, respectively. Car part maker GKN is sliding 3.8% after warning that "macroeconomic conditions have deteriorated in recent weeks and some softening in order books is now evident."

Germany's DAX is rising by 1.3% and financials are pacing the advance. Commerzbank and Deutsche Bank are both up near 3.0% as they lead the index. Tire maker Continental is the biggest laggard, down 4.2%. The weakness comes after European car sales showed the biggest drop in nearly two years.

In France, the CAC is adding 1.3% and financials are also in the lead. Credit Agricole, BNP Paribas, and Credit Agricole are all up between 2.6% and 3.5%. Tire maker Michelin is down 5.0% in response to the slumping car sales.

The major Asian bourses ended mostly higher, taking their cue from yesterday's strong gains on Wall Street. The latest Reserve Bank of Australia minutes were released overnight, suggesting that despite weak mining activity the sector will still be a positive for growth. Data from the region was light as the Philippines' industrial production jumped 3.5% year-over-year (2.9% expected).

In Japan, the Nikkei gained 1.4% as heavyweight Softbank surged 9.6% following the company's announcement its $20 billion acquisition of Sprint Nextel will not dilute existing shareholders. The stock had fallen more than 20% since late last week when rumors of a deal first emerged. Financials who are lending Softbank money for the deal saw solid gains with Mizuho Financial and Mitsubishi UFJ Financial both up more than 1.0%.

Hong Kong's Hang Seng finished higher by 0.3% to end at a five-month high. Insurer Ping An climbed 0.8% after announcing premium income rose 17% year-over-year. Financials underperformed as China Construction Bank slipped 1.6%.

China's Shanghai Composite was unchanged as defensive stocks led the way. Liquor maker Wuliangye Yibin added 1.1% and Chinese medicine manufacturer Beijing Tongrentang tacked on 1.7%. Telecom provider ZTE shed another 4.2% after finishing limit down yesterday following its profit warning.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +12.50. Equity futures have shown little reaction to the latest consumer price data. The S&P 500 futures are higher by 0.5%.

September consumer prices increased by 0.6% which is slightly higher than the Briefing.com consensus of a 0.5% increase. Today's reading follows prior month's 0.6% increase. In addition, core prices rose by 0.1% which was slightly cooler than the generally expected increase of 0.2%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +13.50. After trading in positive territory throughout the morning, U.S. equity futures just moved to morning highs following media reports suggesting Germany is open to precautionary credit for Spain. The S&P 500 futures are currently higher by 0.6%.

Overnight, the global equity markets climbed higher. With little data to digest, particularly in Asia, indices built on the gains observed during the U.S. session. Japan's Nikkei jumped 1.4% and exporters outperformed. Toshiba and Sony saw gains of 3.8% and 2.5%, respectively. In China, traders appeared to take a cautious approach ahead of a slew of data over the next couple of days. Hong Kong's Hang Seng added 0.3% and China's Shanghai Composite was essentially flat.

In Europe, the market saw early strength as reports suggested Spain was considering taking a line of credit to oblige with European Central Bank conditions to conduct bond buying. Periphery yields tightened and the euro advanced back over the 1.30 handle in response to the news. Looking at economic data, the German ZEW Economic Sentiment Survey came in at -11.5 which was ahead of the expected reading of -15.0. It should be noted that the Current Situations component fell short of estimates. Meanwhile, the Eurozone version of the ZEW Survey was reported at -1.4 which was lower than the -1.1 forecast. Following normal protocol after a Sovereign downgrade, S&P cut ratings on 15 Spanish Banks. Lastly, Eurozone leaders will meet at a two-day Eurozone summit which is scheduled for Thursday and Friday of this week. Nearing midday, Germany's DAX and UK's FTSE are both higher by 0.7% while France's CAC is adding 0.6%.

In U.S. corporate news, Goldman Sachs (GS 123.50, -1.00) is slipping 0.8% despite cruising past its earnings and revenue estimates. The financial giant exceeded earnings expectations by $0.58 and reported revenues nearly $1 billion ahead of estimates. In addition, the investment bank increased its dividend to $0.50.

UnitedHealth Group (UNH 59.00, +1.51) is advancing 2.6% after reporting mixed earnings. The health care provider beat on earnings, but missed on revenues. However, the company raised its full-year 2012 earnings guidance above consensus.

Fossil (FOSL 87.72, +2.63) is adding 3.1% after Citigroup upgraded the shares of the luxury retailer to ‘buy' from ‘neutral.'

Clearwire (CLWR 2.00, -0.69) is tumbling 26.0% after reports indicated Sprint Nextel (S 5.72, +0.03) may not be taking over the company in the near term.

Looking at today's economic data, 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.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.00.

06:36 am : Nikkei...8701.31...+123.40...+1.40%. Hang Seng...21207.07...+58.80...+0.30%.

06:36 am : FTSE...5836.42...+30.80...+0.50%. DAX...7308.88...+46.40...+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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