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 Post subject: November 13th Tuesday TF, 6E & CL Futures $700
PostPosted: Tue Nov 13, 2012 9:03 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3181
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 @ $330.00 dollars or +3.30 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $370.00 dollars or +0.37 points. Total Profit @ $700.00 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=110&t=1367

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 or position trade.

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=195&t=1654

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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

Nov. 13 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market today. U.S. stocks fell, halting a two-day gain in the Standard & Poor’s 500 Index, as concern about the federal budget debate erased a rally led by Home Depot Inc.

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Market Update

4:15 pm : Equities began today's session on a lower note. However, the major averages followed the lower open with a steady climb towards session highs. The optimism held the S&P 500 near the 1,385 level for the majority of the session, before late day selling pushed it back into the red. As a result the benchmark average settled lower by 0.4%.

Consumer discretionary stocks outperformed after four retailers reported earnings. Michael Kors (KORS 50.98, +0.40) advanced 0.8% after beating on earnings and revenue. The company reported earnings of $0.49, which was $0.09 better than the Capital IQ consensus estimate. Meanwhile, the revenue of $532.9 million was also ahead of expectations. The company's outlook was mixed as it sees full-year 2013 earnings above consensus, while revenue is forecast to fall short of estimates.

Saks (SKS 9.92, +0.04) added 0.4% after reporting earnings of $0.12, which was in-line with the Capital IQ consensus estimate. However, the company's revenue of $713 million missed expectations. Regarding its outlook, the company said it expects fourth quarter comparable store sales to be relatively flat year-over-year.

TJX (TJX 42.06, +1.09) gained 2.7% after beating on the top line, and reporting earnings in-line with expectations. Note that the company issued downside guidance as it expects fourth quarter earnings to fall below analyst expectations.

Home Depot (HD 63.38, +2.22) rose by 3.6% after reporting upbeat earnings. During the third quarter, the home improvement store operator earned $0.74 on $18.13 billion in revenue. Both figures were ahead of the Capital IQ consensus estimate. In addition to reporting strong earnings, Home Depot raised its guidance as it sees an uptick in the housing recovery. While the management expects strong future results, shares of Home Depot have been pricing in the news for quite some time. The stock has added over 52% since the beginning of this year.

The technology sector underperformed the broader market. Semiconductor shares contributed to the weakness as the PHLX Semiconductor Index settled lower by 1.0%.

Elsewhere in technology, Microsoft (MSFT 27.08, -0.90) lost 3.2% after announcing the departure of Windows and Windows Live President Steven Sinofsky. Following Mr. Sinofsky's departure, Julie Larson-Green will be promoted to lead all Windows software and hardware engineering.

In the materials sector, AK Steel (AKS 4.50, -0.96) issued downside fourth quarter guidance. After reducing its earnings expectations for the current quarter, the company expects to report a loss between $0.34 and $0.39. Meanwhile, the Capital IQ consensus called for a loss of $0.19. In addition to the downside guidance, AK Steel announced a registered offering of 25 million shares of its common stock. Also of note, the company has commenced a private offering of $350 million in senior secured notes. Shares of AK Steel slid 17.6% following the news and other steel producers are seeing mixed performance. United States Steel (X 21.31, -0.22) shed 1.0% while Worthington Industries (WOR 21.93, +0.83) advanced 3.9%.

The October Treasury Budget showed a $120 billion deficit, which was wider than the deficit of $113 billion expected by the Briefing.com consensus.

Looking at tomorrow's economic data, the weekly MBA Mortgage Index will be released at 7:00 ET. In addition, October retail sales, retail sales ex-auto, PPI, and core PPI will all be announced at 8:30 ET. Lastly, September business inventories and the Federal Reserve Open Market Committee minutes will hit the wires at 10:00 ET and 14:00 ET, respectively.DJ30 -58.90 NASDAQ -20.37 SP500 -5.50 NASDAQ Adv/Vol/Dec 805/1.74 bln/1668 NYSE Adv/Vol/Dec 979/676.3 mln/2080

3:30 pm : Commodities began the mixed and ended the day mixed. Natural gas probably the most consistent mover today as it just continued to climb higher and higher.

Dec natural gas futures traded sideways overnight, but gained buying interest around 7:20am ET when nat gas was just below $3.60. The energy component rose as high as $3.74 today and finished the day 5% higher at that high of $3.74.

Crude oil was more choppy and spent almost all session in negative territory. Crude gained steam mid-morning and temporarily surged into positive territory, almost hitting the $86 mark. However, crude rose as high as $85.95.

Precious metals rallied sharply this morning to the current session highs. But from there, both gold and silver slowly inched lower finishing slightly lower.DJ30 -14.63 NASDAQ -12.40 SP500 -1.07 NASDAQ Adv/Vol/Dec 886/1443.4 mln/1547 NYSE Adv/Vol/Dec 1098/466 mln/1939

3:00 pm : The S&P 500 has slipped further off its recent levels, and it now trades higher by 0.2%.

Looking at upcoming earnings, Cisco Systems (CSCO 16.86, 0.00) will report its quarterly results after the closing bell. The Capital IQ consensus expects the tech bellwether to report earnings of $0.46 on $11.78 billion in revenue.

Two retailers will report their earnings ahead of tomorrow's open. Abercrombie & Fitch (ANF 31.44, +0.10) is expected to report bottom line results of $0.59 on revenue of $11.15 billion. Another notable report will come from Staples (SPLS 11.24, +0.15), which is expected to announce $0.45 in earnings, and revenue of $27.11 billion.DJ30 +16.73 NASDAQ -4.33 SP500 +3.06 NASDAQ Adv/Vol/Dec 1010/1.27 bln/1420 NYSE Adv/Vol/Dec 1295/412.8 mln/1716

2:30 pm : Quiet afternoon trade continues and the S&P 500 is higher by 0.3%.

The October Treasury Budget showed a $120 billion deficit, which was wider than the deficit of $113 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 +32.53 NASDAQ -3.03 SP500 +4.76 NASDAQ Adv/Vol/Dec 1081/1.16 bln/1335 NYSE Adv/Vol/Dec 1368/373.8 mln/1626

2:00 pm : The S&P 500 is adding 0.4% as the benchmark average continues to trade near its recent levels.

Today's earnings from Home Depot (HD 63.75, +2.59) revealed strong quarterly results. In addition, the company raised its guidance as it sees an uptick in the housing recovery. However, shares of Home Depot have been pricing in the good news for quite some time as the stock has added over 52.0% since the beginning of this year. The SPDR S&P Homebuilders ETF (XHB 25.45, +0.16) has also taken into account a pick-up in housing as the ETF has rallied nearly 48.0% on the year. Today, XHB trades higher by 0.6%.DJ30 +42.13 NASDAQ +0.66 SP500 +5.76 NASDAQ Adv/Vol/Dec 1093/1.07 bln/1284 NYSE Adv/Vol/Dec 1397/344.8 mln/1586

1:30 pm : The major averages are holding their recent levels and the Dow is higher by 0.3%.

The Dow Jones Transportation Average is outperforming the broader market. The 20-stock complex trades higher by 0.6% and railroad names are seeing strength. Norfolk Southern (NSC 58.97, +0.91) and CSX (CSX 20.14, +0.18) are rising by 1.6% and 0.9%, respectively. However, it should be noted these two names have seen considerable weakness in recent months. Norfolk Southern has slid 21.5% off its September highs in the $75 area while CSX is 14.1% below its mid-September levels.

Airlines are also seeing strength. Alaska Air (ALK 41.87, +0.53) is advancing 1.3% and United Continental (UAL 21.28, +0.24) is adding 1.2%. Southwest Airlines (LUV 9.04, -0.03) is an outlier as it trades lower by 0.3%.DJ30 +32.49 NASDAQ -3.42 SP500 +4.36 NASDAQ Adv/Vol/Dec 1088/977.9 mln/1285 NYSE Adv/Vol/Dec 1351/317.4 mln/1617

1:00 pm : Equities began the session on a lower note as European worries remained in the spotlight. The S&P 500 followed the early weakness with a steady rise towards session highs in the 1,388 area. However, the index has since surrendered the bulk of those gains, and it currently trades higher by 0.3%.

The telecom sector has been battered recently due to worries related to the dividend tax increase. However, major telecom names outperformed the broader market yesterday, and are also seeing strength today. AT&T (T 34.27, +0.40) and Verizon (VZ 43.00, +0.44) are adding near 1.0% each. Earlier, Verizon announced that its Board of Representatives has declared distributions aggregating $8.5 billion to its owners, which are payable on or prior to December 31, 2012. Elsewhere in telecoms, Sprint Nextel (S 5.59, -0.02) is lower by 0.4%.

Consumer discretionary stocks are outperforming after a handful of retailers reported their quarterly results. Michael Kors (KORS 50.86, +0.28) is advancing 0.6% after beating on earnings and revenue. The company reported earnings of $0.49, which was $0.09 better than the Capital IQ consensus estimate. Meanwhile, the revenue of $532.9 million was also ahead of expectations. The company's outlook was mixed as it sees full-year 2013 earnings above consensus, while revenue is forecast to fall short of estimates.

Saks (SKS 9.94, +0.06) is adding 0.6% after reporting earnings of $0.12, which was in-line with the Capital IQ consensus estimate. However, the company's revenue of $713 million missed expectations. Regarding its outlook, the company said it expects fourth quarter comparable store sales to be relatively flat year-over-year.

TJX (TJX 42.20, +1.23) is higher by 3.0% after beating on the top line, and reporting earnings in-line with expectations. Note that the company issued downside guidance as it expects fourth quarter earnings to fall below analyst expectations.

Home Depot (HD 63.79, +2.63) is rising by 4.3% after reporting upbeat earnings. During the third quarter, the home improvement store operator earned $0.74 on $18.13 billion in revenue. Both figures were ahead of the Capital IQ consensus estimate. In addition, the company issued upside full-year 2013 earnings and revenue guidance.

Earlier, AK Steel (AKS 4.63, -0.83) issued downside fourth quarter guidance. After reducing its earnings expectations for the current quarter, the company expects to report a loss between $0.39 and $0.34. Meanwhile, the Capital IQ consensus called for a loss of $0.19. In addition to the downside guidance, AK Steel announced a registered offering of 25 million shares of its common stock. Also of note, the company has commenced a private offering of $350 million in senior secured notes. Shares of AK Steel are sliding 15.4% following the news and other steel producers are seeing mixed performance. United States Steel (X 21.21, -0.32) is down 1.5% while Worthington Industries (WOR 21.34, +0.24) is higher by 1.1%.

The U.S. Treasury will report its October budget at 14:00 ET.DJ30 +29.07 NASDAQ -5.03 SP500 +3.45 NASDAQ Adv/Vol/Dec 1030/892.8 mln/1339 NYSE Adv/Vol/Dec 1273/291.2 mln/1686

12:30 pm : The S&P 500 has slipped off its best levels of the session, but it continues to trade higher by 0.3%.

The technology sector is the only S&P 500 group trading in the red. Semiconductor shares are contributing to the weakness as the PHLX Semiconductor Index trades lower by 0.4%. Looking at notable movers within the group, Power Integrations (POWI 29.95, -0.91) is down 3.0%. Among the advancers, Micron Technology (MU 5.68, +0.12) is higher by 2.3%.

Elsewhere in technology, Apple (AAPL 547.31, +4.48) is higher by 0.8% as it attempts to rebound from recent weakness which saw its share price slide over 22.0% from all-time highs established in September.DJ30 +32.41 NASDAQ -4.96 SP500 +3.63 NASDAQ Adv/Vol/Dec 1024/818.6 mln/1325 NYSE Adv/Vol/Dec 1313/269.6 mln/1625

12:00 pm : The major averages are holding their recent levels and the S&P 500 is adding 0.5%.

The consumer discretionary sector is one of the top performers after a handful of apparel retailers reported their third quarter earnings. Michael Kors (KORS 51.85, +1.27) is advancing 2.5% after beating on earnings and revenue. The company reported earnings of $0.49, which was $0.09 better than the Capital IQ consensus estimate. Meanwhile, the revenue of $532.9 million was also ahead of expectations. The company's outlook was mixed as it expects full-year 2013 earnings above consensus, while revenue is forecast to fall short of estimates.

Saks (SKS 9.84, -0.04) is off by 0.3% after reporting earnings of $0.12, which was in-line with the Capital IQ consensus estimate. However, the company's revenue of $713 million missed expectations. Regarding its outlook, the company said it expects fourth quarter comparable store sales to be relatively flat year-over-year.

TJX (TJX 41.71, +0.74) is higher by 1.8% after beating on the top line and reporting earnings in-line with expectations. Note that the company issued downside guidance as it expects fourth quarter earnings to fall below analyst expectations.DJ30 +55.76 NASDAQ +2.10 SP500 +6.68 NASDAQ Adv/Vol/Dec 1137/718.2 mln/1190 NYSE Adv/Vol/Dec 1460/240.9 mln/1465

11:30 am : Equities are holding their recent levels and the S&P 500 trades higher by 0.5%.

Earlier, AK Steel (AKS 4.98, -0.47) issued downside fourth quarter guidance. After reducing its earnings expectations for the current quarter, the company expects to report a loss between $0.39 and $0.34. Meanwhile, the Capital IQ consensus called for a loss of $0.19. In addition to the downside guidance, AK Steel announced a registered offering of 25 million shares of its common stock. Also of note, the company has commenced a private offering of $350 million in senior secured notes. Shares of AK Steel are down 8.7% following the news and other steel producers are seeing mixed performance. United States Steel (X 21.28, -0.25) is down 1.2% while Worthington Industries (WOR 21.36, +0.26) is higher by 1.2%.DJ30 +64.16 NASDAQ +1.99 SP500 +7.32 NASDAQ Adv/Vol/Dec 1158/620.7 mln/1124 NYSE Adv/Vol/Dec 1495/212.1 mln/1416

11:05 am : After shaking off the early weakness, the major averages have risen to their respective session highs, and the S&P 500 is adding 0.5%.

The Telecom sector has been battered recently due to worries related to the dividend tax increase. However, major telecom names outperformed the broader market yesterday, and are again seeing strength during today's session. AT&T (T 34.39, +0.52) and Verizon (VZ 43.14, +0.58) are both seeing gains near 1.5%. Earlier, Verizon announced that its Board of Representatives has declared distributions aggregating $8.5 billion to its owners, which are payable on or prior to December 31, 2012.

Elsewhere in telecoms, Sprint Nextel (S 5.59, -0.03) is lower by 0.5%.DJ30 +76.30 NASDAQ +1.91 SP500 +7.79 NASDAQ Adv/Vol/Dec 1114/529.2 mln/1138 NYSE Adv/Vol/Dec 1552/183.9 mln/1345

10:30 am : Commodities rallied in recent trade following a pullback in the dollar index. The dollar index still remains in positive territory with a modest gain.

Dec crude has been in the red all session and fell as low as $84.58/barrel. In current trade, Dec crude oil is -0.3% at $85.37/barrel. Natural gas has just been soaring higher this morning and just hit a new session high of $3.71/MMBtu a short while ago. Currently, nat gas is +3.9% at $3.71/MMBtu.

Precious metals have rallied off of session lows recently and are now mixed. Dec gold is -0.2% at $1727.20/oz and Dec silver is +0.2% at $32.59/oz. Dec copper is -0.1% at $3.46/lb.DJ30 +34.45 NASDAQ -6.40 SP500 +2.75 NASDAQ Adv/Vol/Dec 825/733.8 mln/1352 NYSE Adv/Vol/Dec 1138/145 mln/1675

10:00 am : The Dow and S&P 500 have recovered their early losses. The two indices are currently flat while the Nasdaq continues to underperform, down 0.2%.

Looking at stocks reacting to quarterly results, Home Depot (HD 64.00, +2.84) is higher by 4.6% after reporting upbeat earnings. During the third quarter, the home improvement store operator earned $0.74 on $18.13 billion in revenue. Both figures were ahead of the Capital IQ consensus estimate. In addition, the company issued upside full-year 2013 earnings and revenue guidance.

Elsewhere, Xerox (XRX 6.47, +0.14) is adding 2.4% after the company's earnings of $0.25 were in-line with the Capital IQ consensus. However, Xerox revenue of $5.42 billion decreased 2.9% year-over-year and missed expectations. Regarding the future outlook, company management said, "We remain cautious, and we are focused on reducing costs to absorb the impact and improve margins while investing in key areas of growth and delivering strong cash flow."DJ30 +18.82 NASDAQ -5.76 SP500 +0.61 NASDAQ Adv/Vol/Dec 881/225.8 mln/1178 NYSE Adv/Vol/Dec 1121/91.8 mln/1643

09:45 am : The major averages are seeing an extension of the bearish pre-market sentiment. The S&P 500 is lower by 0.3% while the Nasdaq is down 0.6% as it underperforms.

Looking at the early sector alignment, technology and financials are seeing early weakness. The two sectors are lower by 0.8% and 0.5%, respectively. Telecommunication and consumer discretionary stocks are the only two groups trading in the black. The two sectors are seeing marginal gains.

Microsoft (MSFT 27.07, -0.92) is down 3.5% after announcing the departure of Windows and Windows Live President Steven Sinofsky. Following Mr. Sinofsky's departure, Julie Larson-Green will be promoted to lead all Windows software and hardware engineering.DJ30 -23.93 NASDAQ -16.73 SP500 -4.38 NASDAQ Adv/Vol/Dec 650/134.5 mln/1331 NYSE Adv/Vol/Dec 793/64.7 mln/1890

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -21.50. Heading into the open, equity futures continue pointing to a lower start. The S&P 500 futures are down 0.8%.

AK Steel (AKS 4.82, -0.62) is sliding 11.2% after issuing downside fourth quarter guidance. After reducing its earnings expectations for the current quarter, the company expects to report a loss between $0.39 and $0.34. This is well below the loss of $0.19 expected by the Capital IQ consensus. The cautious guidance is weighing on peers Cliffs Natural Resources (CLF 35.93, -0.37) and United States Steel (X 21.12, -0.41), which are down 1.0% and 1.9%, respectively.

Also of note, major financials are seeing pre-market weakness. Bank of America (BAC 9.31, -0.08), Citigroup (C 36.06, -0.36), and Morgan Stanley (MS 16.56, -0.21) are all down between 0.9% and 1.3%.

In today's economic news, the October Treasury Budget will be released at 14:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -17.50. U.S. equity futures continue to trade lower, and the S&P 500 futures are off by 0.6%.

European markets are lower following the latest Eurozone meeting. The Eurozone finance ministers came away from the meeting with an agreement to discuss the issues again next week. This also means the decision regarding the next tranche of Greek aid will also be delayed. During the post-meeting press conference, International Monetary Fund Managing Director Christine Lagarde and Eurogroup President Jean-Claude Juncker publically disagreed on the timing of debt level conditions. Mr. Juncker announced Greece would be given additional two years to meet its debt reduction target of 120% of GDP. Following this statement, a visibly upset Ms. Lagarde said, "We clearly have different views. In our view the appropriate target is 120% by 2020. It is critical that the Greek debt be sustainable." Looking at the region's economic data, Germany's ZEW Economic Sentiment was reported at -15.7, which was well below the expected reading of -9.8. In the United Kingdom, the country's CPI came in at 0.5% month-over-month, which was 30 basis points above expectations. Also of note, the input PPI of 0.1% was ahead of the expected 0.5% decline.

In the United Kingdom, the FTSE is lower by 0.6%. Vodafone is the biggest laggard, down 4.4%. The weakness comes after the company wrote down $9.4 billion related to operations in Spain and Italy. Mining shares are also under pressure. Anglo American, Antofagasta, and Evraz are all down between 1.7% and 3.1%. On the upside, ITV is higher by 7.7% after reporting a 4.0% increase in revenue.

France's CAC is down 0.7% and utilities are underperforming. GDF Suez and Electricite de France are lower by 2.4% and 2.0%, respectively. Financials are seeing relative strength as BNP Paribas, Credit Agricole, and Societe Generale all see gains between 0.1% and 1.3%.

In Germany, the DAX is slipping 0.9% and utility stocks are also seeing weakness. EON is down 9.9% after lowering its 2013 earnings expectations. Peer RWE is down 5.9% in sympathy. Chemical producer, BASF, is among the top advancers as the stock trades higher by 0.6%.

It was a sea of red across Asia as all of the major averages aside from Indonesia's Jakarta Composite (+0.3%) finished in negative territory. Traders remained cautious as worries over the U.S. fiscal cliff and the health of both Greece and Spain weighed on sentiment. Data from the region was light as Australia's NAB Business Confidence report (-1 actual v. 0 previous) saw a slight downtick.

In Japan, the Nikkei slipped 0.2% to see its seventh straight day of losses. Exporters were hit hard as the yen strengthened with Canon and Komatsu losing as much as 2.2%. Elsewhere, Suzuki Motor shed 2.7% as traders booked profits following yesterday's 4.5% advance on solid earnings.

Hong Kong's Hang Seng finished lower by 1.1% as property and energy stocks paced the decline. Shimao Property and Agile Property slumped 2.5% and 2.7% respectively as traders sold shares on renewed concerns Beijing will introduce further property controls. Energy stocks were also weak with Sinopec and PetroChina seeing respective losses of 2.6% and 1.4%.

China's Shanghai Composite lost 1.5% to end at its worst level in almost two months. Property and brokerage names were under pressure with Gemdale falling 3.9% and Sinolink Securities tumbling 6.5%. China's leadership handoff will likely be announced tomorrow.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -15.30. Equity futures continue pointing to a lower start. The S&P 500 futures are off by 0.5%.

Looking further at this morning's quarterly results, Saks (SKS 9.88, 0.00) reported earnings of $0.12, which was in-line with the Capital IQ consensus estimate. However, the company's revenue of $713 million missed expectations. Regarding its outlook, the company said it expects fourth quarter comparable store sales to be relatively flat year-over-year.

Elsewhere, Microsoft (MSFT 27.18, -0.81) is down 2.9% in pre-market after announcing the departure of Windows and Windows Live President Steven Sinofsky. Following Mr. Sinofsky's departure, Julie Larson-Green will be promoted to lead all Windows software and hardware engineering.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -13.30. U.S. equity futures are down amid cautious overseas trade. The S&P 500 futures are lower by 0.4%.

Overnight, equities were pressured by the negative sentiment in most of the major economic regions around the globe. In China, the Shanghai Composite fell 1.5% as press reports suggested the government is set to expand its property tax program. Elsewhere, Australia's business confidence saw its second straight decline. Staying in the region, Japan's industrial production declined 4.1% month-over-month as expected. Also of note, the disapproval rating of Prime Minister Yoshihiko Noda's was reported at 64%. Looking at Asian indices, Hong Kong's Hang Seng slid 1.1% while Japan's Nikkei outperformed and finished lower by 0.1%.

In Europe, the Eurozone finance ministers came away from their meeting with an agreement to discuss the issues again next week. This also means the decision regarding the next tranche of Greek aid will also be delayed. During the post-meeting press conference, International Monetary Fund Managing Director Christine Lagarde and Eurogroup President Jean-Claude Juncker publically disagreed on the timing of debt level conditions. Mr. Juncker announced Greece would be given additional two years to meet its debt reduction target of 120% of GDP. Following this statement, a visibly upset Ms. Lagarde said, "We clearly have different views. In our view the appropriate target is 120% by 2020. It is critical that the Greek debt be sustainable." Looking at the region's economic data, Germany's ZEW Economic Sentiment was reported at -15.7, which was well below the expected reading of -9.8. In the United Kingdom, the country's CPI came in at 0.5% month-over-month, which was 30 basis points above expectations. Also of note, the input PPI of 0.1% was ahead of the expected 0.5% decline. Nearing midday, Germany's DAX is down 0.6%, United Kingdom's FTSE is lower by 0.5%, and France's CAC is off by 0.3%.

In U.S. corporate news, Home Depot (HD 62.32, +1.16) is higher by 1.9% after reporting upbeat earnings. During the third quarter, the home improvement store operator earned $0.74 on $18.13 billion in revenue. Both figures were ahead of the Capital IQ consensus estimate. In addition, the company issued upside full-year 2013 earnings and revenue guidance.

Michael Kors (KORS 48.00, -2.58) is down 5.2% despite beating on earnings and revenue. The company reported earnings of $0.49, which was $0.09 better than the Capital IQ consensus estimate. Meanwhile, the revenue of $532.9 million was also reported ahead of expectations. The company's outlook was mixed as it expects full-year 2013 earnings above consensus, while revenue is forecast to fall short of estimates.

The October Treasury Budget will be released at 14:00 ET.

06:37 am : Nikkei...8661.05...-15.40...-0.20%. Hang Seng...21188.65...-241.70...-1.10%.

06:37 am : FTSE...5715.00...-52.30...-0.90%. DAX...7094.70...-74.10...-1.00%.

06:30 am : S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -13.50.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
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